RIL’s Q3FY19 Ebitda was in line with our estimate as a surprisingly wide refining margin was offset by lower contribution from petchem and Jio; higher other income boosted net income.
Orders from states/PSUs should continue based on past history of capex spending by states (fiscal targets a limited constraint) and reasonable leverage/capex plans of PSUs.
Private sector players reported improvement in individual Annualised Premium Equivalent (APE) growth, up 14% year-on-year (y-o-y) in December 2018 after remaining flat in November 2018.
BoB Has made an announcement on the swap ratios (every 1,000 shares of each bank) for the merger with Vijaya Bank (402 shares) and Dena Bank (110 shares).
Sales, however, remained upbeat with 6 million sq. ft (+7% y-o-y) residential area being sold during September 2018, contributed by both Mumbai (2.2 million sq. ft) and Thane (2.9 million sq. ft).
The government’s ad-hoc interventions in fuel prices and subsidy sharing historically suppressed earnings and return ratios for these companies, while limiting visibility on profits until the end of every year during that t
