| Special Reports |
| Strategy |
| Strategy: New (accounting standards) and old (valuations) |
| | Adoption of Ind-AS from 1QFY17 | | | Revenues, EBITDA and EPS will be different in several cases; cash flows will not change | | | Revenues (excise duty), EBITDA (JV accounting), interest costs and EPS (treasury shares) different | | | Valuation methodologies already largely capture the likely changes to earnings | |
| Daily Alerts |
| Change in Reco |
| Hexaware Technologies: Baring bond issue: a significant constraint |
| | Baring issues senior notes of US$300 mn supported by 71% holding in Hexaware | | | Implications: impacts Hexaware's ability to invest and grow the business | | | Downgrade a notch to ADD (from BUY) on relatively modest upside | |
| Company alerts |
| Ashok Leyland: Annual report analysis |
| | Key takeaways from the annual report | |
| Havells India: Management meeting notes |
| | Greater accountability with vertical focus; division management given P&L responsibility | | | Strengthening the management team; fortifying management bandwidth | | | Several initiatives taken to rev up demand | |
| Economy |
| Economy: 7CPC: Small but necessary stimulus |
| | Stimulus of 30 bps of GDP through central government employees and pensioners | | | States will amplify the stimulus effect but spread over 2-3 years | | | Upside risks of 15 bps to average inflation if government accepts allowances recommendations | | | Positive for consumer durables; rural consumption boost depends on monsoon | |
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