Senior investment analyst

Pallavi Deshpande

Equity Bottom-Up

The 2Q18 results of large public sector banks (PSBs), <a href="https://www.smartkarma.com/entities/542" target="_blank" data-smartkarma-citation="entities:542:1">Punjab National Bank (PNB IN)</a> and <a href="https://www.smartkarma.com/entities/160" target="_blank" data-smartkarma-citation="entities:160:1">State Bank Of India (SBIN IN)</a>, saw a significant decline in slippages QoQ. However, we believe with the PSBs planning to raise capital through Qualified Investor Programme (QIPs) over the next few months, NPL recognition may take a backseat. We believe this is a set back for the sector, which benefited from RBI's asset quality reviews instituted in 2015 and the setting up of the National Company Law Tribunal…

The 2Q18 results of large public sector banks (PSBs), Punjab National Bank (PNB IN) and State Bank Of India (SBIN IN), saw a significant decline in slippages QoQ. However, we believe with the PSBs planning to raise capital through Qualified Investor Programme (QIPs) over the next few months, NPL recognition may take a backseat. We believe this is a set back for the sector, which benefited from RBI's asset quality reviews instituted in 2015 and the setting up of the National Company Law Tribunal…

Large Public Banks: NPL Recognition to Take a Breather

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Thematic (Sector/Industry)

Three recent important quarterly results from industry leaders indicate that there are no strong recovery signals in Indian economy. These companies are the largest lender <a href="https://www.smartkarma.com/entities/160" target="_blank">State Bank Of India (SBIN IN)</a>, largest Engineering &amp; Construction company <a href="https://www.smartkarma.com/entities/2499" target="_blank">Larsen &amp; Toubro Ltd (LT IN)</a> and FMCG major <a href="https://www.smartkarma.com/entities/16495" target="_blank">Britannia Industries Ltd (BRIT IN)</a>. This means that the recovery in Indian economy will be slow and data points will continue to be erratic. For example, the recent data on Industrial Production, Inflation, Auto Sales, the Core Industries and the Business Confidence Indices. The most keenly watched next data points will be Q2 FY18 GDP growth and what RBI will do on interest rates in the month of December.

Three recent important quarterly results from industry leaders indicate that there are no strong recovery signals in Indian economy. These companies are the largest lender State Bank Of India (SBIN IN), largest Engineering &amp; Construction company Larsen &amp; Toubro Ltd (LT IN) and FMCG major Britannia Industries Ltd (BRIT IN). This means that the recovery in Indian economy will be slow and data points will continue to be erratic. For example, the recent data on Industrial Production, Inflation, Auto Sales, the Core Industries and the Business Confidence Indices. The most keenly watched next data points will be Q2 FY18 GDP growth and what RBI will do on interest rates in the month of December.

India: Three Important Recent 2Q Results and What Do They Tell Us About State of Indian Economy?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Asia is leading EM higher.  In this week's Chart Book, we highlight the following themes and actionable charts: <ul><li>Overweight Asia. In today’s report we highlight a broad array of actionable names within the Asia region ... see pages 3-6</li><li>Indian banks are breaking out. India’s state banks broke out last week in response to the government’s announcement of a $32.5 billion recapitalization plan. Actionable ideas: Punjab National Bank (532461-IN), State Bank of India (500112-IN), ICICI Bank (532174-IN)... see page 2</li><li>Leading Sectors. EM sectors exhibiting attractive relative strength trends include: consumer discretionary, energy, financials, health care, materials, and tech. This (mostly) cyclical line-up supports a risk-on outlook. When defensive sectors exhibit improving relative strength, then we’ll turn cautious on EM’s advance.</li></ul>

Asia is leading EM higher.  In this week's Chart Book, we highlight the following themes and actionable charts: Overweight Asia. In today’s report we highlight a broad array of actionable names within the Asia region ... see pages 3-6Indian banks are breaking out. India’s state banks broke out last week in response to the government’s announcement of a $32.5 billion recapitalization plan. Actionable ideas: Punjab National Bank (532461-IN), State Bank of India (500112-IN), ICICI Bank (532174-IN)... see page 2Leading Sectors. EM sectors exhibiting attractive relative strength trends include: consumer discretionary, energy, financials, health care, materials, and tech. This (mostly) cyclical line-up supports a risk-on outlook. When defensive sectors exhibit improving relative strength, then we’ll turn cautious on EM’s advance.

EM Technicals: Overweight Asia; Indian Banks Are Breaking Out; Bottom-Up Ideas

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

A rundown of the interesting items to come out over the past 24 hours and their impact on stocks, commodities, markets, and currencies.<div class="content-highlight">1. Infosys ( <a href="https://www.smartkarma.com/entities/267" target="_blank" data-smartkarma-citation="entities:267:1">Infosys Ltd (INFO IN)</a> ) cut guidance and the new board stamped their authority on the company clearing the severance pay to the ex CFO and the acquisition of Panaya.  Mixed bag for Infosys - something for the bulls and something for the bears.</div><div class="content-highlight">2. Freeport McMoran Inc ( <a href="https://www.smartkarma.com/entities/12491" target="_blank" data-smartkarma-citation="entities:12491:1">Freeport Mcmoran Inc (FCX US)</a> ) - staling discussions with the Indonesian…</div>

A rundown of the interesting items to come out over the past 24 hours and their impact on stocks, commodities, markets, and currencies.1. Infosys ( Infosys Ltd (INFO IN) ) cut guidance and the new board stamped their authority on the company clearing the severance pay to the ex CFO and the acquisition of Panaya.  Mixed bag for Infosys - something for the bulls and something for the bears.2. Freeport McMoran Inc ( Freeport Mcmoran Inc (FCX US) ) - staling discussions with the Indonesian…

<h2>
<a href="https://www.smartkarma.com/entities/2499" target="_blank" data-smartkarma-citation="entities:2499:1">Larsen &amp; Toubro Ltd (LT IN)</a> is up more than 7% in two days</h2>After moving in a very tight range for almost four weeks, <a href="https://www.smartkarma.com/entities/2499" target="_blank" data-smartkarma-citation="entities:2499:1">Larsen &amp; Toubro Ltd (LT IN)</a> or L&amp;T is up more than 7% in just two days. There have been two primary reasons for this, a) Massive recapitalization plan for PSU (Government owned) banks announced by Ministry of Finance worth more than US$ 30 billion which is expected to revive capex in the country, b) Huge road construction plan of Ministry of Road Transport &amp; Highways worth more…


Larsen &amp; Toubro Ltd (LT IN) is up more than 7% in two daysAfter moving in a very tight range for almost four weeks, Larsen &amp; Toubro Ltd (LT IN) or L&amp;T is up more than 7% in just two days. There have been two primary reasons for this, a) Massive recapitalization plan for PSU (Government owned) banks announced by Ministry of Finance worth more than US$ 30 billion which is expected to revive capex in the country, b) Huge road construction plan of Ministry of Road Transport &amp; Highways worth more…

Larsen & Toubro: Is 'Bharatmala' Really that Big or Is It the Time to Book Profits?

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

Large Public Banks: NPL Recognition to Take a Breather

The 2Q18 results of large public sector banks (PSBs), Punjab National Bank (PNB IN) and State Bank Of India (SBIN IN), saw a significant decline in...

Pallavi Deshpande

India: Three Important Recent 2Q Results and What Do They Tell Us About State of Indian Economy?

Three recent important quarterly results from industry leaders indicate that there are no strong recovery signals in Indian economy. These...

Pankaj Sharma

EM Technicals: Overweight Asia; Indian Banks Are Breaking Out; Bottom-Up Ideas

Asia is leading EM higher. In this week's Chart Book, we highlight the following themes and actionable charts: Overweight Asia. In today’s...

Vermilion Research

21 Things Worth Knowing Today

A rundown of the interesting items to come out over the past 24 hours and their impact on stocks, commodities, markets, and currencies.1. Infosys (...

Mark Artherton

Larsen & Toubro: Is 'Bharatmala' Really that Big or Is It the Time to Book Profits?

Larsen & Toubro Ltd (LT IN) is up more than 7% in two daysAfter moving in a very tight range for almost four weeks, Larsen & Toubro Ltd...

Pankaj Sharma

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