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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