With LICHF's GNPA's rising 80 bps to 1.98% over last year in Q1FY10 led by a sharp increase in developer GNPA, a key concern is around potential further rise in developer GNPA given broader stress in the real estate sector.
ONGC’s standalone Q1FY20 net fell 4% y-o-y (+46% q-o-q) to Rs 59.04 bn. Lower other income and higher interest, survey expenses (Rs 8.8 bn) & dry-well write-offs (Rs 14.5 bn) were reasons but Ebitda (Rs 146 bn) was also 7%
Even as we expect TVS to continue outperforming the industry on both volume & Ebitda growth, we maintain Hold given our concerns that consensus expectations are too high given the ongoing challenges in the industry.
In terms of consumer usage, most appliance categories in India are under-penetrated, leaving notable headroom for growth. However, the competitive landscape in durables is characterised by high organised penetration (75%+).
HDFC’s buying out Apollo's stake in Apollo Munich (fourth largest private health insurer) is expected to scale up its general insurance business, making it second largest private health insurer (post merger with HDFC ERGO).