While we expected losses in the standalone business given sharp 45% y-o-y decline in overall volumes and 59% decline in MHCVs, losses were higher than expected partly due to Rs 230-crore write-off related to PV business in ot
We cut EPS by 1.3% for FY20 while largely maintaining our FY 21/22 estimate, trimming margins slightly while building a stronger fee income growth. Build in 25% EPS CAGR and 16% BVPS CAGR over FY19-22. The decline in PT refle
Mix of non salaried HL (100 bps q-o-q) has edged higher, suggesting LICHF may be eyeing this segment to lift core HL growth by taking share from peers facing liquidity issues, protect yields and offset impact of fall in LAP/d
New business for Q2 grew 34% y-o-y, driven by non-par savings (+800% y-o-y), protection (+32%). Par-savings business was down 35% y-o-y, as the focus of SBI shifted to cross-selling protection, return-guarantee & annuities.
DMART continues to execute strongly in discount grocery retailing with cost leadership helped by strong efficiencies. We continue to expect a higher new store opening trajectory ahead and margins to remain range-bound with up
The key from here will be the second-order impact of tax cuts on investment, demand and the economic cycle. Higher hopes for FY21e could support valuations, despite near-term (FY20e) earnings cuts. MSIL and MM remain our pref