Generic pharma industry is seeing structural changes which along with the increased revenue base ($ 2 bn+) is driving Indian pharma's strategy to transition towards speciality products over the next 3yrs.
Auto industry is one of the most highly taxed sectors. In addition, owing to the long, complex supply chain, there is cascading of taxes and tax costs associated with inter-state transactions. Implementation of GST, even with
Our two-week marketing in US/Europe suggests abundant caution and underweight stance on the sector among investors. Risks of tech transition — cloud, automation and ability to adapt; pricing pressure and its impact on margi
Quarter was weaker than our muted expectation - sharp NIM collapse from interest reversal owing to higher NPLs, continued weak fees. We expect Sept quarter to be even worse operationally and an even higher NPL recognition, bu
Q1 results disappointed, but it mainly reflects rural stress prevailing before monsoon. Also Q1 accounted for only 14-19% of profit in FY15-16. With monsoon progressing on track, visibility around a potential recovery in rura
Reliance reported a large beat in Q1 earnings driven by gross refining margin (GRM) of $11.5/barrel. However, based on management commentary, we believe $2-2.4/barrel of this may not be replicable going forward. Management re
We expect a mixed quarter for the Indian pharma sector. While US business should see strong growth led by exclusivity, base business performance would be muted driven by pricing erosion and increased competition.