Market Masala…
Transcript of Market Masala…
Week 23/CY20: 31st May – 5th June 2020 1
Market Masala…The flavors that influenced the market this week
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Headlines this weekUS Jobs data; SC– on waiver of interest; ECB stimulus; Delisting & Deals
06-06-2020 2
Jio announced 6th sale of it's equity, this time to Mubadala, Abu Dhabi based sovereign fund, a 1.85% stake for Rs 9093 cr. A total of 18.9% is sold in last 6 weeks for Rs87655cr.Uday Kotak raised approx Rs6,900cr, selling 2.8% of Kotak Bank in OFS at Rs1240/sh, the higher end of the price band on offer. The issue was subscribed 3x. GIC, Oppenhiemer, CPPIB, Capital International and local MFs were buyers.Standard Life sold 1.98% stake in HDFC Life to raise Rs1986cr. Buyers were Capital World, Societe Generale, Nomura, Morgan Stanley and local MFs.
Delisting – the new normal? Post the announcements by Vedanta and Adani Power, it was the turn of Hexaware to announce intention to delist. Many promoters are using the low stock prices to start the de-listing process; however success will require some solid loosening of the purse strings.
Supreme Court is suo motto examining the issue of interest / interest on delayed interest being charged on loans during moratorium period as announced by the government. A reply from Finance Ministry has been sought. This migth put pressure on government to waiver off interest atleast on some loans.
ECB announced an increase in it's emergency bond purchase program by Euros600bn which was higher than market expectations stroking risk on rally. US Fed is expected to meet next week and hopes are running high, let's see how this high jobs print changes the tone.
US Non-Farm Payrolls data came at surprisingly strong2.5Million jobs added against estimate of 7.5Million job losses.
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Global Markets – risk on trade continuesUS non-farm payroll data surprised positively, pushing markets to all time high
Returns %
06-06-2020 3
Data for year 2020; except as specified
Index 1 Week 1 Month 1 Year YTD
30 May - 6 June 7 May - 6 June 7 June '19 - 6 June '20 1 Jan - 6 June
Dow 30 6.81% 13.55% 4.34% -5.00%
S&P 500 4.91% 10.85% 11.16% -1.14%
Nasdaq 3.42% 9.29% 26.76% 9.38%
FTSE 100 6.71% 9.24% -11.56% -14.03%
Nikkei 225 4.51% 16.21% 9.48% -3.35%
Shanghai 2.75% 2.06% 3.64% -3.91%
Hang Seng 7.88% 3.29% -8.14% -12.13%
KOSPI 7.50% 13.13% 5.29% -0.72%
Nifty 50 5.86% 10.25% -14.56% -16.65%
BSE Sensex 5.75% 9.04% -13.45% -16.89%
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For more information: Click on the image.
Indian Markets for Week Ending 5th June 2020
Indian market – all round bullishnessMid-Caps join the rally; Focus on Opening up 1.0
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Indian Market – rally is broad-basingMarket looking to go back to touch 10500/11000
06-06-2020 5
1. Market closed strongly. More upside on cards to 10500/11000.2. Bank Nifty seems to be buoyed by strong demand for Kotak stock, as well as good results from SBI.
Pharma and Telcos continue to outperform. Small/mid caps are now starting to rally,3. Supports – 9950/98004. Resistances – 10350/10560
NIFTY 50
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06-06-2020
Voices that Matter – disbelief is growing
The current stock market rebound is “out of step with economic reality” –Luca Paolini, Chief Strategist, Pictet Asset Management
The stability in equity markets does not reflect the job losses and the insolvencies ahead of us globally– Danny Yong, Founding Partner, DymonAsia Capital
The market hitting new lows “is possible”…government and central bank stimulus packages have “taken on almost mythical proportions”–Thomas Clarke, Portfilio Manager, William Blair Funds
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RBI Consumer Confidence survey - weakExpectations for year ahead have deteriorated
06-06-2020 Source: RBI 7
Positive sentiments with sign of improvement compared to last round
Negative sentiments with sign of improvement compared to last round
Positive sentiments with sign of deterioration compared to last round
Negative sentiments with sign of deterioration compared to last round
Mar-20 May-20 Change Mar-20 May-20 Change
Economic Situation -23.9 -60.0 15.1 -11.7
Employment -30.5 -48.2 14.7 -5.9
Price Level -84.6 -75.8 -70.4 -66.4
Income -2.2 -40.8 44.2 18.1
Spending 69.2 43.2 72.3 55.6
Consumer Confidence Index 85.6 63.7 115.2 97.9
Current Perception
Compares with One Year Ago
One Year Ahead
Expectations Compared with
Current SituationsMain Variables
Summary Based on Net Responses
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10%
-4%
2%
-4%
14%
-14% -15%
33%
-8%
24%
12%8%
-27%
12%
FY15 FY16 FY17 FY18 FY19 FY20 FY21 so far..
% change in Future Expectation Index BSE 500 Return
06-06-2020 8
Market returns follow the same emotionsHistorically markets have followed the direction of Consumer confidence
Consumer Confidence expectations collapsed in May’20 , will the BSE 500 Index rebound last?
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06-06-2020 9
Major FMCG Companies miss Street EstimatesLockdown disrupted the logistics worse than expected
Results of Major FMCG Companies
All figures in Y0Y%; except as stated
All figures in Y0Y%; except as stated
Companies Godrej HUL Marico Dabur Colgate
Results Below Below Meets Below Below
Consol idate -12% -10% -7% -12% -7%
Employee -17% -12% -8% -5% 22%
A&P Spends -20% 5% -18% 3% 0%
EBITDA -18% -15% -7% -23% -15%
EBITDA -144 -160 60 -260 -236
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Return to growth – rural and hygiene focusLooks possible on low base of FY20
Covid 19 Strategy
Companies partnered with Udaan, Swiggy and Zomato to augment distribution
Adopted Go to Market Strategy by incentivising salesman during lockdowns, launched retailer
apps and took orders via whatsapp
Demand Scenario
Steady demand seen untill mid March; the quarterly sales significantly impacted by lockdown at
the end of the quarter . Expects growth in the rural markets to be ahead of urban on the back of
(a) less Covid-led disruption (b) government stimulus measures and (c) shift of migrant
population.
Utilisation Levels Most of the companies reached 70-80% normative utilisation across India
Foray into New Segments
Most companies like Godrej Consumers, Dabur, Jyothy Labs & Colgate forayed into Healthand
Hygiene Segment by launching Hand Sanitisers and Handwash to cater to high demand. This will
be a soon become a significant part of their product portfolio.
Cost and Cash Flow
Management
Extension of credit period to suppliers seen
Adopting cost cuts across value chains
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06-06-2020 11
Consumer survey – inflationary expectationsDisrupted supply chain is increasing the costs, will margins drop?
Net Responses on Price Levels
-77.3 -78.4-82.8 -83.9
-88.7-84.6
-75.8
-59.3-63.9 -65.6
-70.1-66.7
-70.4-66.4
May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20
Current Perception One Year Ahead Expectations
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06-06-2020 12
Normal Monsoons to boost FMCG Companies IMD Predicts Normal Monsoons in 2020
FMCG Companies Sales with respect to Monsoons
3%
19%20%
16%
10% 11%
-4%
5%
7%
10%
4%
11%
-10%
-5%
0%
5%
10%
15%
20%
25%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E
1 Year Forward Nifty FMCG Sales Growth %
Drought
Normal Monsoon
Normal Monsoon but includes CovidImpact
Drought
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06-06-2020 13
(21,354)
27,814
(56,263)(73,833)
(30,329)
65,872 37,125
90,835 109,646
42,229
83,709
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Note : all above years are CY and not FY.
DIIs –surprisingly missing in a big weekWhere they making room to pay for RIL rights issue?
DII Flows in Indian Equities over the Years (INR Cr)
Weekly DII Flows in Indian Equities in CY20 (INR Cr)
1,203
(1,928) (2,621)
6,389
2,277
(793) (573)
15,986
10,093
17,596 16,472
4,308 6,902
(1,801)(340) (649)
2,459
(20)
1,075 3,939
6,362
(1,600)
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week10
Week11
Week12
Week13
Week14
Week15
Week16
Week17
Week18
Week19
Week20
Week21
ThisWeek
Note : Week 1 starts from January 6th , 2020
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06-06-2020 14
Note : Week 1 starts from January 6th , 2020
133,047
(3,417)
129,319 112,538
97,054
18,356 18,783
52,615
(34,163)
100,150
(17,559)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Note : all above years are CY and not FY
(162)
8,164 5,119
(6,152)
13,147
512 2,307
(13,112)(9,137)
(19,039)(21,442)
(5,388)(9,675)
4,985
(2,744) (2,172)
2,836
18,018
(5,939) (6,894)
7,814
19,669
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week10
Week11
Week12
Week13
Week14
Week15
Week16
Week17
Week18
Week19
Week20
Week21
ThisWeek
FIIs – still to get conviction back on IndiaFIIs flows driven by large blocks namely of HUVL/Bharti/Kotak bank
FII Flows in Indian Equities over the Years (INR Cr)
Weekly FII Flows in Indian Equities in CY20 (INR Cr)
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06-06-2020 15
FIIs – largely sellers since 1st MarchExcept buying the large HUVL block
Sectoral FII Flows in Indian Equities (March 01 - May 15 2020) INR Cr
(5,775)
(25,548)
(2,731)(911) (322)
(3,969)
345
(2,070)(484)
17,669
96 6
(2,284) (2,943) (3,303)(359) (410)
(7,746)
(1,869) (2,303) (1,440) (2,508)
Auto
mo
biles &
Au
to C
omp
on
en
ts
Finan
cial Services
Cap
ital Go
od
s
Ch
em
icals & P
etrochem
icals
Co
al
Co
nstru
ction
Materials
Co
nsu
mer D
urab
les
Foo
d, Beverages &
Tob
acco
Ho
tels, Restau
rants &
Tourism
Ho
useh
old
& P
erson
al Pro
du
cts
Insuran
ce
Media
Metals &
Min
ing
Oil &
Gas
Ph
armaceu
ticals & B
iotech
nolo
gy
Realty
Retailin
g
Softw
are & Services
Telecom Services
Textiles, App
arels & A
ccessories
Transp
ortatio
n
Utilities
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06-06-2020 16
(4,090) (4,490)
919
(904)
8,035 6,059
(4,483)(9,669)
(1,764)
(16,498)
(32,143)
(5,904) (5,845) (4,498)(1,828)
1,933
(6,397)(2,984)
(12,609)
(2,326) (2,588) (1,335)
Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week10
Week11
Week12
Week13
Week14
Week15
Week16
Week17
Week18
Week19
Week20
Week21
ThisWeek
46,478 40,770 36,164
(51,171)
159,882
46,921
(44,297)
147,825
(46,525)
24,058
(106,059)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
FIIs sell off – continues in Debt Markets
Weekly FII Flows in Indian Debt Market in CY20 (INR Cr)
FII Flows in Indian Debt Market over the Years (INR Cr)
Note : Week 1 starts from January 6th , 2020
Note : all above years are CY and not FY
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06-06-2020 17
Ownership pattern among sectorsWill IT catch fancy of retail investors on improving US
Nifty 500- Sector Wise Ownership Pattern across Key Stakeholders
14% 13% 14% 13% 15%26%
12% 11% 10% 13% 9%18%
17% 16% 14% 13%
29%16%
20%31%
15%16%
13%
17%
54% 55% 59%54%
37%32% 57%
43%
60% 55% 62%
57%
15% 16% 14%19% 19%
26%
11% 16% 15% 17% 15%8%
0%
20%
40%
60%
80%
100%
120%
Auto Basic Materials Capital Goods Consumer Finance Infrastructure IT Media andEntertainment
Miscellaneous Pharma Retailing Utility
DII Fii Promoter Retail
Go India AdvisorsWeekly Newsletter
18
Nifty 50 – earnings trendCompanies focussed on sustaining EBITDA margin
* For Q4 only 27 companies reported their results which were considered
Nifty 50 EBITDA Margin (%)
Nifty 50 PAT YoY (%) Nifty 50 EBITDA YoY (%)
Nifty 50 Sales YoY (%)
32%
37%35%
23%
7%
0% -1% 0%Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
31%
18%
14%
18%
5%7% 8% 9%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
20% 19% 19%21% 20% 21% 20%
28%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
12%
6%
-21%
12%
4%
-5%
46%
-20%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
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19
BSE 500 – earnings trendEBITDA margin at 2year high
* For Q4 only 189 companies reported their results which were considered
BSE 500 EBITDA Margin (%)
BSE 500 PAT YoY (%) BSE 500 EBITDA YoY (%)
BSE 500 Sales YoY (%)
25%
30%28%
15%
7%
2% 0%
-2%Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
28%
17%15%
18%
8%
4%
8%
2%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
20% 19% 19%21% 20% 20% 21%
24%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
18%
-1%
-19%
16%
0%
-45%
26%
-28%
Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20
Go India AdvisorsWeekly Newsletter
BSE 500 - Q4FY20 Sector Wise Result Trend
20
Re
ve
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row
thE
BIT
DA
Gro
wth
PAT
Gro
wth
Bank Finance InsuranceRatings
15%
CRISIL
20%
CRISIL
3%
CRISIL
7%
5%4%
2%
ICICI LombardGeneral
SBI Lifempany ICICIPrudentialLifempany
HDFC Life
15%
7%
-24% -25%SBI Lifempany ICICI Lombard
GeneralHDFC Life ICICI
PrudentialLifempany
24%16%
-15%
-32%ICICI Lombard
GeneralSBI Lifempany HDFC Life ICICI
PrudentialLifempany
55%
35%
24% 23%
14% 13% 11% 10% 9% 9%6%
113%
46%40% 38%
32% 27% 23% 19% 16% 16% 14%
0% 0%
16%6% 3%
-4%-12%
-21% -23%-29%
-50%
40% 38% 36% 33% 31%18% 15%
8% 7% 3% 2% 2%
-2% -5%-17% -20%
-31%-40% -42%
0% 0%
66% 61%43%
25% 17% 11% 4%
-4% -5% -7% -12% -12% -15% -17% -25% -31%
-81%
0% 0% 0%
79% 44%28%
12% 10% 0%
-7% -10% -19% -28% -30%-61% -62% -67%
-97% -97%
Go India AdvisorsWeekly Newsletter
BSE500 - Q4FY20 Sector Wise Result trend
21
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BIT
DA
Gro
wth
PAT
Gro
wth
IT Media
0%
597%
16%
Network 18 Media& Investment
TV18 Broadcast TV Today Network
1256%
267%
15%
Network 18 Media& Investment
TV18 Broadcast TV Today Network
21%
19%
18%
TV18 Broadcast Network 18 Media& Investment
TV Today Network
22% 21%
16% 16%14%
12% 11% 11% 11% 11%8% 8% 7% 5% 4% 4%
-4%-8%
Hexaware LNTInfotech
HCL Mphasis NIIT Firstsource Mindtree Persistent Sonata KPIT Tata Elxsi Infosys TechMahindra
TataConsultancy
Services
Oracle Wipro Zensar Cyient
50%
33% 32%23% 19% 18%
11% 8% 8% 5% 4% 3% 2%
-1%-8% -11%
-22%
-40%
Hexaware Mphasis HCL NIIT LNTInfotech
Firstsource Mindtree Infosys Tata Elxsi Persistent TataConsultancy
Services
Oracle Zensar Sonata Wipro KPIT TechMahindra
Cyient
33% 26% 24% 23%15% 13% 13%
6% 4%
-1% -1% -5% -6% -7%-13% -17%
-37%
-73%Mphasis Hexaware HCL KPIT Tata Elxsi NIIT LNT
InfotechInfosys Mindtree Tata
ConsultancyServices
Persistent Sonata Wipro Firstsource Zensar Oracle TechMahindra
Cyient
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BSE500 - Q4FY20 Sector Wise Result Trend
22
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BIT
DA
Gro
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PAT
Gro
wth
Consumer Durables Healthcare Electricals
1%
-13% -15% -19% -21%
-80%
0%
25%16%
-17%
-32%
-62%
0%
32%
11%
-27% -31%
-89%
32% 32% 30%
14%10% 9%
5% 3% 3% 2% 0% 0%
0% -1% -1% -2% -4%
-20%
81% 70% 62% 47%17% 15% 13% 13% 2%
-3% -9% -11% -12% -13% -24% -31% -31%
-93%
0% 0% 0% 0% 0%
155%
75%55% 45%
14%
-2% -2% -6% -8%-31% -32% -34% -35%
60%
-55%Polycab Sterlite
-14%
-35%Polycab Sterlite
31%
-31%Polycab Sterlite
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BSE500 - Q4FY20 Sector Wise Result Trend
23
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BIT
DA
Gro
wth
PAT
Gro
wth
Plastic Product Telecom
20%
15%
0%
Hathway Cable &Datacom
Bharti Airtel Bharti Infratel
63%
44%
14%
Bharti Airtel Hathway Cable &Datacom
Bharti Infratel
NA
255%
18%
Bharti Airtel Hathway Cable &Datacom
Bharti Infratel
-33%
Hindustan Zinc
-27%Hindustan Zinc
-20%
Hindustan Zinc
Non Ferrous Metals
-7%
-19%
-74%SupremeIndustries
Astral PolyTechnik
Essel Propack
33%
-21%
-53%SupremeIndustries
Astral PolyTechnik
Essel Propack
4%
-20%
-37%SupremeIndustries
Astral PolyTechnik
Essel Propack
Hospitality
17%
-3%Lemon Tree Hotels Mahindra Holidays & Resorts
23%
22%
Lemon Tree Hotels Mahindra Holidays & Resorts
0% 0%
Lemon Tree Hotels Mahindra Holidays & Resorts
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BSE 500 - Q4FY20 Sector Wise Result Trend
24
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BIT
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Gro
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PAT
Gro
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Capital Goods Construction Materials Realty
NA NA
-19%
MahindraLifespace
Developers
Indiabulls RealEstate
Godrej Properties
NA NA
-11%MahindraLifespace
Developers
Indiabulls RealEstate
Godrej Properties
10%
-57%
-94%Godrej Properties MahindraLifespace
Developers
Indiabulls RealEstate
26%
8%
-5%
-20% -21%
Nesco L&T GMMPfaudler
Havells India Siemens
17%
8%4%
-23%
-36%L&T Nesco GMM
PfaudlerHavells India Siemens
7%3%
-11% -13%
-38%
L&T Nesco Havells India GMMPfaudler
Siemens
-2%
-6%
-9%
-11% -11%
-13% -13%Shree
CementHeidelberg
CementAmbuja
CementsACC JK Lakshmi
CementOrient
CementUltratechCement
53%
23%
6% 6%
-1%-7%
-16%JK LakshmiCement
ShreeCement
AmbujaCements
HeidelbergCement
UltratechCement
ACC OrientCement
199%
146%
57%
9% 7%
-6%-29%
UltratechCement
JK LakshmiCement
ShreeCement
HeidelbergCement
AmbujaCements
ACC OrientCement
Infrastructure
0%
-4%
-38%Kalpataru PowerTransmission
KEC International NCC
-8%
-25%
-40%
KEC International Kalpataru PowerTransmission
NCC
-3%
-62%
-90%KEC International NCC Kalpataru Power
Transmission
Go India AdvisorsWeekly Newsletter
BSE 500 - Q4FY20 Sector Wise Result Trend
25
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BIT
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Gro
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PAT
Gro
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ChemicalsCrude Oil
8%
Reliance Industries
-37%
-5462%
Reliance Industries Chennai PetroleumCorporation
82%
40%31%
9% 6% 5% 2% 1%
-9% -12% -17% -25%
NA NA
409%
50% 44% 31% 8%
-5% -12% -16% -35% -51%
NA
166% 162% 112%88%
26%
-23% -29% -40% -50% -53% -66%
-2%
-9%
-14%Reliance Rain Chennai Petroleum
Corporation
Power
NA NA NA NA NA
94%
21%
-24%
-60%Adani Green
EnergyTorrentPower
JSW Energy Adani Power Tata PowerCompany
RelianceInfrastructure
Indian EnergyExchange
ReliancePower
AdaniTransmission
31% 15% 12% 11% 10% 6%
-3%
-29%
-82%Adani
TransmissionTorrentPower
Indian EnergyExchange
RelianceInfrastructure
JSW Energy Tata PowerCompany
Adani GreenEnergy
ReliancePower
Adani Power
25% 23%
13%
2% 2%
-7% -8% -8% -9%
AdaniTransmission
Indian EnergyExchange
ReliancePower
Adani GreenEnergy
TorrentPower
JSW Energy Adani Power Tata PowerCompany
RelianceInfrastructure
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BSE 500 - Q4FY20 Sector Wise Result Trend
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Gro
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Retailing
24% 21%
8%
-4%-9%
AvenueSupermarts
Trent Vaibhav Global Aditya BirlaFashion and
Retail
Bata
219%
29% 28% 17% 12%
Trent Vaibhav Global Bata AvenueSupermarts
Aditya BirlaFashion and
Retail
0%
302%
42% 22%
-57%Aditya BirlaFashion and
Retail
Trent AvenueSupermarts
Vaibhav Global Bata
FMCG
23%19% 17%
11%4% 3%
-6% -7% -7% -10% -12% -12% -13%
-28%
VarunBeverages
VST GodrejAgrovet
Nestle Jubilant HeritageFoods
P & G Marico Colgate HUL GodrejConsumer
Dabur Gillette VIP
0%
66%
35%
19% 16%1%
-2% -6% -9% -10% -12% -13% -18%
-44%Heritage
FoodsGodrejAgrovet
VarunBeverages
Jubilant VST Nestle Marico HUL P & G VIP Colgate GodrejConsumer
Dabur Gillette
0%
53%33%
14%3% 1%
-4%-24%
-40% -43% -50% -58% -62%-75%
HeritageFoods
VarunBeverages
VST Nestle Colgate P & G HUL Dabur Gillette GodrejAgrovet
Marico Jubilant VIP GodrejConsumer
Agri
35%
12%
TataConsumerProducts
Tata Coffee
58%
25%
TataConsumerProducts
Tata Coffee
NA
35%
Tata ConsumerProducts
Tata Coffee
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BSE500 - Q4FY20 Sector Wise Result Trend
27
Auto & Ancillary Logistics MiscPaper
-13%JK Paper
-18%JK Paper
-9%
JK PaperRe
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row
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BIT
DA
Gro
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PAT
Gro
wth
-5%-7%
-10%
-20%
Adani Ports andSpecial
Economic Zone
Blue DartExpress
TCI Express MahindraLogistics
45%
-4%
-20%
-56%
Blue DartExpress
MahindraLogistics
TCI Express Adani Ports andSpecial
Economic Zone
NA
-13%
-59%
-74%Blue DartExpress
TCI Express MahindraLogistics
Adani Ports andSpecial
Economic Zone
-8% -11% -12%-15% -16% -16% -17% -18% -18% -21%
-23% -24%
-39%
6% 6% 6% 5% 4% 4%
0%
-22% -23% -23%-29% -29%
-37%
10% 6%
-7% -8% -8%-19%
-26% -29%-40% -42%
-65%
-80% -86%
30%
14% 13%
1%
-11%
Quess Corp SyngeneInternational
Security AndIntelligence
Services
Just Dial Delta Corp
61%
24% 24%10%
-40%
Security AndIntelligence
Services
SyngeneInternational
Just Dial Quess Corp Delta Corp
0% 0%
22% 20%
-49%Quess Corp Security And
IntelligenceServices
Just Dial SyngeneInternational
Delta Corp
Go India AdvisorsWeekly Newsletter
Q4FY20 Results - this weekBharti Airtel rings the right bell
28
All Figures In INR Crore, except as stated
Company Name Net Sales YOY QOQ Column1 PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type
Bharti Airtel 23,723 15% 8% -5,069 -1040% -721% -58.99 585 0.0 4.1 3,19,096 Consolidated
Kotak Mahindra Bank 8,434 6% 1% 1,952 -4% -16% 43.43 1340 30.9 3.6 2,65,081 Consolidated
ICICI Bank 21,741 11% 1% 1,613 6% -68% 14.77 357 24.2 1.9 2,31,334 Consolidated
Maruti Suzuki 18,208 -15% -12% 1,280 -29% -18% 187.9 5747 30.6 3.5 1,73,611 Consolidated
Nestle 3,325 11% 6% 525 14% 11% 210.72 17098 81.1 67.1 1,64,850 Standalone
HCL Tech. 18,587 16% 2% 3,172 24% 8% 40.75 576 14.1 3.1 1,56,280 Consolidated
Bajaj Finance 7,227 36% 3% 948 -19% -41% 87.48 2393 27.4 4.5 1,43,978 Consolidated
Ultratech Cement 10,746 -13% 4% 3,241 204% 356% 201.47 3871 19.2 2.9 1,11,736 Consolidated
Bajaj Finserv 13,294 2% -9% 539 -62% -73% 211.43 5235 24.8 2.7 83,417 Consolidated
Bajaj Auto 6,816 -8% -11% 1,205 -8% -4% 180.11 2777 15.4 3.7 80,366 Consolidated
Shree Cement 3,415 -2% 9% 537 57% 72% 425.67 22101 51.9 6.1 79,744 Consolidated
SBI Life Insuran 11,863 5% 1% 531 16% 36% 14.22 797 56.0 9.0 79,682 Standalone
Hindustan Zinc 4,391 -20% -6% 1,339 -33% -17% 16.11 173 10.7 1.8 73,077 Standalone
Adani Ports &Special 2,921 -5% -12% 344 -74% -75% 18.52 341 18.4 2.7 69,293 Consolidated
Dr. Reddys Lab 4,449 10% 1% 771 75% 239% 121.92 4026 33.0 4.3 66,899 Consolidated
Godrej Consumer Prod 2,154 -12% -22% 230 -75% -48% 14.64 650 44.4 8.4 66,399 Consolidated
ICICI Lombard Gen. 2,346 7% -5% 282 24% -4% 26.27 1300 49.5 9.6 59,079 Standalone
SBI Cards AndPayment 2,433 23% 0% 84 -66% 0% 13.26 626 47.2 11.0 58,765 Standalone
HDFC Asset Mngt. Co 476 -2% -9% 250 -10% -29% 59.32 2728 46.0 14.4 58,053 Standalone
Cipla 4,376 -1% 0% 242 -35% -31% 19.18 651 33.9 3.3 52,496 Consolidated
Biocon 1,581 3% -10% 168 -34% -28% 6.24 390 62.5 7.0 46,752 Consolidated
Adani Green Energy 696 2% 38% 64 173% 150% -0.15 284 0.0 23.6 44,449 Consolidated
United Spirits 6,419 -12% -18% 50 -57% -78% 9.07 586 64.6 11.4 42,581 Consolidated
Marico 1,496 -7% -18% 200 -50% -28% 7.91 326 41.3 13.9 42,146 Consolidated
Siemens 2,838 -21% 6% 176 -38% -34% 28.8 1149 39.9 4.5 40,934 Consolidated
Bandhan Bank 2,846 55% 5% 517 -21% -29% 18.78 247 13.2 2.6 39,846 Standalone
Colgate Palmol. (I) 1,071 -7% -7% 204 3% 3% 30.02 1360 45.3 23.2 36,983 Standalone
Yes Bank 5,217 -34% -7% -3,632 -141% 80% -18.11 29 0.0 1.7 36,145 Consolidated
Havells India 2,217 -20% -2% 178 -11% -12% 11.75 568 48.3 8.2 35,536 Consolidated
Tata Consumer Produc 2,405 35% 23% -50 -154% -136% 5.02 380 75.7 2.5 34,800 Consolidated
Go India AdvisorsWeekly Newsletter
Q4FY20 Results - this weekL&T Infotech – got the code right
29
All Figures In INR Crore, except as stated
Company Name Net Sales YOY QOQ Column1 PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type
Bosch 2,237 -18% -12% 81 -80% -32% 220.23 11499 52.2 3.7 33,914 Consolidated
Motherson Sumi Sys 15,159 -12% -3% 144 -65% -55% 3.71 104 28.1 2.9 32,827 Consolidated
P&G Hygiene 656 -6% -24% 91 1% -33% 130.82 10055 76.9 30.0 32,639 Standalone
L&T Infotech 3,012 21% 7% 428 13% 13% 87.27 1856 21.3 6.0 32,335 Consolidated
Bajaj Hold & Invest 110 33% 27% -104 -525% -409% 268.84 2435 9.1 1.0 27,097 Consolidated
Piramal Enterprises 3,341 -2% -12% -2,556 -659% -527% 1.07 1127 0.0 0.8 25,409 Consolidated
Glaxosmithkline Phar 776 3% 0% 138 -6% 121% 5.5 1380 250.9 12.8 23,384 Consolidated
Jubilant FoodWorks 909 4% -15% 33 -58% -68% 21.22 1686 79.5 19.8 22,248 Consolidated
Oracle Finl. Service 1,264 4% 9% 269 -17% -41% 170.12 2542 14.9 3.3 21,849 Consolidated
Kansai Nerolac Paint 1,080 -12% -19% 65 -23% -44% 9.67 400 41.3 5.7 21,541 Consolidated
Godrej Properties 1,163 10% 204% 129 -19% 80% 10.6 807 76.1 4.3 20,337 Consolidated
Adani Transmission 3,187 25% 15% 5 -97% -97% 5.45 182 33.5 3.8 20,039 Consolidated
Voltas 2,090 1% 40% 179 11% 68% 15.63 580 37.1 4.5 19,186 Consolidated
Sanofi India 785 9% -5% 85 -8% -12% 176.59 8134 46.1 7.4 18,733 Standalone
ABB India 1,522 -18% -22% 66 -26% 2% 13.18 878 66.6 5.2 18,607 Standalone
Varun Beverages 1,699 23% 37% 60 53% 211% 16.74 633 37.8 5.4 18,268 Consolidated
TVS Motor 4,105 -17% -14% 85 -42% -47% 13.15 359 27.3 5.2 17,068 Consolidated
Nippon Life India As 275 -20% -9% 4 -97% -97% 6.78 276 40.7 6.5 16,907 Consolidated
Adani Enterprises 13,429 1% 23% 19 -91% -94% 10.35 153 14.7 1.0 16,778 Consolidated
Torrent Power 2,984 2% -3% -274 -1205% -165% 24.43 345 14.1 1.8 16,572 Consolidated
Mphasis 2,346 16% 3% 353 33% 20% 63.52 885 13.9 2.8 16,505 Consolidated
Gillette India 407 -13% -11% 52 -40% -26% 70.9 4988 70.4 18.8 16,253 Standalone
Alembic Pharma 1,207 30% 0% 204 55% -11% 43.97 853 19.4 5.0 16,079 Consolidated
Adani Gas 490 -1% -5% 122 61% 7% 3.97 135 34.0 10.1 14,853 Consolidated
AU Small Fin. Bank 1,183 35% 6% 122 3% -36% 22.11 483 21.8 3.4 14,730 Standalone
Syngene Internation. 607 14% 17% 120 20% 31% 10.3 368 35.7 6.8 14,726 Consolidated
Crompt.Greaves Cons. 1,026 -15% -4% 102 -27% -37% 7.91 228 28.8 9.7 14,305 Consolidated
L&T Technology Serv. 1,447 8% 2% 206 7% 0% 78.31 1332 17.0 5.0 13,919 Consolidated
Go India AdvisorsWeekly Newsletter
Q4FY20 Results - this weekOrient cement got the mix right
30
All Figures In INR Crore, except as stated
Company Name Net Sales YOY QOQ Column1 PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type
Mahindra Logistics 812 -20% -11% 10 -59% -37% 7.66 294 38.4 3.9 2,106 Consolidated
Prism Johnson 1,483 -15% 1% -47 -219% -2798% -0.44 42 0.0 2.0 2,099 Consolidated
Elantas Beck India 105 7% 13% 13 12% 26% 64.26 2339 36.4 4.7 1,854 Standalone
NCC 2,334 -38% 2% 67 -62% -35% 5.52 30 5.5 0.4 1,848 Consolidated
Lemon Tree Hotels 176 17% -12% -18 -152% -248% -0.12 23 0.0 1.2 1,798 Consolidated
Advanced Enzyme 110 0% -2% 33 -2% -5% 11.58 156 13.4 2.1 1,737 Consolidated
JK Paper 736 -9% -10% 93 -18% -30% 26.28 96 3.6 0.7 1,704 Consolidated
Equitas Holdings 790 31% 7% 16 -61% -80% 5.99 48 8.1 0.6 1,654 Consolidated
Kennametal India 184 -22% -12% 10 -29% -27% 29.53 733 24.8 2.9 1,612 Consolidated
Huhtamaki PPL 575 -9% -15% 27 -35% -60% 20.57 211 10.3 2.2 1,595 Standalone
KPIT Technologies 556 11% 1% 38 23% -7% 5.35 58 10.8 1.5 1,586 Consolidated
Supreme Petrochem 663 -19% 7% 24 -40% 1034% 10.64 163 15.3 2.3 1,574 Standalone
Swaraj Engines 175 -9% 3% 16 -5% 23% 58.56 1295 22.1 6.7 1,571 Standalone
Solara Active Pharma 297 -23% -14% 18 -32% -57% 42.68 556 13.0 1.4 1,494 Consolidated
Tata Coffee 517 12% 3% 24 35% -43% 4.41 79 18.0 1.2 1,480 Consolidated
Astec Lifesciences 181 35% 45% 31 145% 156% 24.28 736 30.3 5.8 1,440 Consolidated
Accelya Solutions 114 7% 0% 24 -11% -12% 73.47 943 12.8 5.4 1,408 Consolidated
Gabriel India 425 -17% -7% 27 54% 51% 5.9 93 15.8 2.1 1,334 Standalone
GHCL 750 -17% -11% 85 -29% -12% 41.74 129 3.1 0.6 1,230 Consolidated
Orient Cement 655 -13% 16% 44 -29% 877% 4.23 58 13.6 1.1 1,180 Standalone
R Systems Intl. 209 7% -2% 10 -23% -59% 4.62 98 21.3 3.4 1,176 Consolidated
TV Today Network 208 18% -6% 28 16% -26% 23.36 190 8.1 1.3 1,135 Consolidated
Heritage Foods 653 3% -3% -210 -1133% -1855% -34.55 241 0.0 2.4 1,117 Consolidated
IIFL Securities 197 -5% 4% 37 0% -20% 7.32 34 4.7 1.2 1,093 Consolidated
Mahindra Life. Dev 101 -57% 29% -175 -1311% -745% -37.66 203 0.0 0.6 1,044 Consolidated
Majesco 277 6% 4% 31 195% 4% 24.05 354 14.7 1.5 1,018 Consolidated
LT Foods 1,198 19% 20% 61 186% 25% 5.77 30 5.2 0.7 960 Consolidated
Chennai Petrol. Corp 8,585 -14% -28% -1,638 -5462% -25294% -138.1 63 0.0 0.7 937 Consolidated
Ugro Capital 32 105% 11% 20 1915% 195% 2.77 126 45.7 1.0 892 Standalone
Go India AdvisorsWeekly Newsletter
Q4FY20 Results - this weekRadico Khaitan 0n a high
31
All Figures In INR Crore, except as stated
Company Name Net Sales YOY QOQ Column1 PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type
Radico Khaitan 2,209 12% 10% 38 -2% -31% 17.04 346 20.3 3.0 4,622 Standalone
Rallis India 346 2% -35% 1 -50% -98% 9.51 236 24.8 3.3 4,587 Consolidated
Sterlite Technologie 1,160 -35% -4% 77 -53% 49% 10.74 110 10.2 2.3 4,438 Consolidated
Persistent Systems 926 11% 0% 84 -1% -5% 44.53 572 12.9 1.8 4,375 Consolidated
Quess Corp 2,995 30% 2% -621 -838% -918% -30.13 283 0.0 1.8 4,171 Consolidated
Heidelberg Cement 510 -6% -7% 66 9% 3% 11.83 173 14.6 3.0 3,915 Standalone
CEAT 1,573 -11% -11% 49 -19% 3% 57.17 929 16.3 1.3 3,759 Consolidated
Tata Invest Corp 21 -17% -13% -10 -149% -175% 17.89 743 41.5 0.5 3,758 Consolidated
Trident 991 -30% -13% 39 -57% 0% 0.67 7 11.1 1.2 3,756 Consolidated
Vaibhav Global 498 8% -12% 40 22% -39% 58.81 1097 18.7 4.7 3,548 Consolidated
NESCO 118 26% 2% 53 3% -23% 33.19 463 13.9 2.4 3,259 Consolidated
JK Lakshmi Cement 1,137 -11% 6% 99 146% 94% 21.08 249 11.8 1.7 2,925 Consolidated
Wockhardt 687 -20% -21% 49 278% 154% -6.25 257 0.0 1.1 2,843 Consolidated
Tasty Bite Eatables 115 35% 1% 9 6% -38% 159.24 10951 68.8 17.2 2,810 Standalone
Maharashtra Scooters 6 87% 34% 107 15656% 4748% 157.45 2379 15.1 0.3 2,719 Standalone
Zensar Technologies 1,018 -4% 0% 72 -13% 75% 11.69 117 10.0 1.3 2,633 Consolidated
Delta Corp 181 -11% -12% 29 -50% -48% 6.85 96 14.0 1.3 2,594 Consolidated
TCI Express 238 -10% -11% 19 -13% -26% 23.22 658 28.3 7.5 2,522 Standalone
Rain Industries 2,898 -9% 2% 114 22% -6% 12.76 75 5.8 0.5 2,507 Consolidated
Cyient 1,074 -8% -3% 47 -73% -58% 31.14 220 7.1 1.0 2,424 Consolidated
Sonata Software 929 11% -25% 62 -5% -19% 26.33 222 8.4 3.5 2,338 Consolidated
Capri Global Capital 182 3% 0% 35 -28% -29% 9.21 133 14.4 1.5 2,328 Consolidated
Aarti Drugs 450 -2% -5% 59 115% 112% 60.69 997 16.4 3.6 2,324 Consolidated
Mahindra Holi.&Resor 617 -3% 5% 38 -27% 1797% 5.07 172 34.0 -4.2 2,302 Consolidated
Tata Steel BSL 4,274 -23% -15% 6 103% 101% -5.75 21 0.0 0.1 2,285 Consolidated
Birlasoft 907 15% 9% 69 5% -5% 8.1 82 10.1 1.2 2,262 Consolidated
Hawkins Cookers 146 -21% -24% 9 -31% -58% 137.09 4258 31.1 16.1 2,252 Standalone
Indiabulls Real Est. 116 -94% -91% -110 -196% -323% 2.65 47 17.7 0.6 2,130 Consolidated
Go India AdvisorsWeekly Newsletter
Q4FY20 Results - this weekShree Digvijay cement – rising from the phoenix
32
All Figures In INR Crore, except as stated
Company Name Net Sales YOY QOQ Column1 PAT YOY QOQQOQ 3 EPS (TTM) CMP PE (TTM) P/BV MCAP Result Type
Matrimony.Com 94 9% 5% 7 -4% 22% 12.97 359 27.7 3.6 818 Consolidated
Cigniti Technologies 233 13% 8% 29 -2% 4% 43.67 289 6.6 3.0 805 Consolidated
JMC Projects (India) 976 0% 1% -50 -221% -297% 0.07 45 633.8 1.4 761 Consolidated
Monnet Ispat &Energy 617 16% 6% -104 30% 24% -10.48 16 0.0 1.1 728 Consolidated
Foseco India 72 -14% -2% 6 -29% -5% 50.07 1074 21.5 3.9 686 Standalone
Reliance Power 1,798 13% 8% -4,383 -23% -9164% -14.53 2 0.0 0.1 682 Consolidated
Quick Heal Tech 64 -25% -2% 8 -71% -55% 11.59 106 9.1 1.1 677 Consolidated
Paushak 29 -24% -24% 6 -34% -42% 113.27 2153 19.0 4.4 664 Standalone
Tata Teleservice(Mah 259 -18% 1% -874 -251% -216% -19 3 0.0 0.0 618 Standalone
Wendt India 26 -29% -23% -1 -7800% -135% 50.15 3027 60.4 4.4 605 Consolidated
ADF Foods 80 24% 13% 13 320% 21% 21.36 293 13.7 2.9 587 Consolidated
Apcotex Inds 116 -24% 6% 3 -80% 315% 3.21 108 33.5 2.2 557 Standalone
Reliance Infra 3,626 -9% -8% -122 93% -134% 29.32 21 0.7 0.1 554 Consolidated
Xchanging Solutions 46 -6% -1% 18 9% 189% 4.91 46 9.5 1.0 517 Consolidated
Neuland Laboratories 192 11% -6% -9 -240% -184% 12.64 402 31.8 0.7 516 Consolidated
Shree DigvijayCement 128 17% 6% 23 1132% 145% 3.99 36 9.1 1.9 515 Standalone
MPS 76 -16% -9% 9 -58% -27% 32.15 257 8.0 1.3 479 Consolidated
Muthoot Capital Serv 147 7% -3% 14 -39% -27% 36.77 291 7.9 0.9 478 Standalone
Saint-Gobain Sekurit 26 -35% -31% 2 -42% -53% 1.47 50 34.3 3.6 460 Standalone
NELCO 61 19% 9% 6 36% 59% 6.3 196 31.2 6.8 448 Consolidated
5Paisa Capital 35 69% 33% -2 -132% 21% -3.1 168 0.0 3.1 428 Consolidated
Apollo Pipes 94 5% -6% 6 17% -7% 21.76 323 14.8 1.4 423 Standalone
Subex 104 2% 9% 32 148% 110% -4.79 7 0.0 0.8 418 Consolidated
GNA Axles 181 -25% -16% 5 -74% -39% 24.56 193 7.9 6.5 415 Consolidated
Mahindra EPC Irrigat 83 12% 0% 10 75% 23% 8.29 137 16.6 2.2 381 Consolidated
JP Associate 1,876 -19% -10% 3,068 661% 555% 4.5 1 0.3 0.2 362 Consolidated
Udaipur Cement Works 159 -20% 0% -2 36% -354% 0.5 10 20.5 1.7 317 Standalone
Datamatic Global Ser 310 1% 1% 3 -87% -78% 10.83 52 4.8 0.4 304 Consolidated
Go India AdvisorsWeekly Newsletter
What GIA Analysts are Saying
33
GIA Analysts are young, energetic people who
are deeply passionate about research. They
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Featured Analysts:
06-06-2020
[email protected] and MBA. Rajat is a typical ‘Delhi Boy’ and a foodie. A Marwari by design but Punjabi by default.
NBFCs – business under COVID – 19…
This week, Rajat dwells on the key priorities for NBFC under Covid 19 and how they are dealing with it. Read full note here.
[email protected] and CFA, loves good Marwari food. Has an amazing sense of humour.
IRON ORE: Two sectors buck COVID-19
This week, Ankit scout rising iron ore prices globally and how it is helping company's getting better realisation in exports. Read full note here.
Go India AdvisorsWeekly Newsletter
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Go India AdvisorsWeekly Newsletter
08 June 2020
Germany – Industrial Production
Singapore – Foreign Reserves
France – 3m, 6m, 12m BTF Auction
USA – 3m, 6m, 3y Bill Auction
Japan – M2, M3 Money Supply
10 June 2020
France – Industrial Production
India – M3 Money Supply
Important Upcoming Events…
35
09 June 2020
South Korea – Unemployment Rate, M2 Money Supply
Eurozone – Employment Change, GDP
Japan - PPI
China – CPI, PPI
Switzerland, South Africa –Unemployment Rate
12 June 2020
UK – Industrial Production, GDP, Trade Balance
India – FX Reserves, CPI, Industrial Production, Manufacturing Output
USA – Export and Import Price Index
11 June 2020
Italy – 3y, 7y, 30y BTP Auction
USA – PPI, 4-week, 8-week Bill and 30y Bond Auction
Russia – Trade Balance
New Zealand - FPI
South Korea – Import and Export Price Index
Singapore – Unemployment Rate
Germany, France – Imports, Exports and Trade Balance
USA, Brazil - CPI
Japan, Eurozone – Industrial Production
France, Spain – CPI, HICP
Go India AdvisorsWeekly Newsletter
Thank You
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06-06-2020 36