In today’s briefing:
- Strong pricing and volumes augur well
- Pick of the Week – Bank of Baroda
- Strong earnings outlook; trading at
2 Std. Dev. below its 10-year avg. - Supplies from Russia critical for RoH revenues
Strong pricing and volumes augur well
- The process of commissioning of the steel plant has already started and hot metal production is likely to start in 1HFY23. We believe the demerger of the Nagarnar Iron and Steel Company (NISP) will be the key trigger for the stock.
- Thereafter, the government is likely to call for bids from potential suitor, which should likely culminate into sale of the government’s holding in the steel plant to the new owner.
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Pick of the Week – Bank of Baroda
- Established in 1908 by Maharaja Sayajirao Gaekwad of Baroda, BoB was one of the 14 banks that were nationalised in 1969
- The bank has merged with Dena and Vijaya Bank and is now the second largest PSU bank in the country
- It has been one of the early players to have identified the potential and importance of international presence
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Strong earnings outlook; trading at
2 Std. Dev. below its 10-year avg.
- Retail loan growth revives; expect strong traction to sustain HDFCB exhibited robust traction in corporate and commercial banking segments until FY21, which offset the softness in retail lending.
- However, the bank has witnessed a healthy pick-up in retail loans recently, which grew at an average of 5% QoQ over the past two quarters.
- The growth in auto financing business continued to remain tepid due to softer trends in passenger vehicle financing while the twowheeler segment continued to report sequential decline.
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Supplies from Russia critical for RoH revenues
- Hindustan Aeronautics (HAL) procures Rs40-42bn worth of spares and parts (used in ROH) from Russia, for which it has maintained inventory to cater to the requirement for at least next 8-9 months.
- The company is also focusing on indigenous production of Russian supplies to reduce the import dependence.
- Management mentioned that Russia has confirmed to supply critical raw material to the company, but the payment mechanism is yet to be established.
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