| Daily Alerts |
| Results |
| BPCL: Lower costs aid results |
| | Higher normalized EBITDA due to lower operating costs | | | Weaker marketing margins offset by higher refining margins and robust growth in volumes | | | Retain REDUCE with no change in estimates and TP | |
| Crompton Greaves: Potential improvements in price |
| | 1QFY17 - mixed-bag performance | | | We already build in several improvements in our estimates | | | Risk-reward is unfavorable at CMP; REDUCE | |
| Company alerts |
| Zee Entertainment Enterprises: Masterstroke |
| | Event: Sale of sports broadcasting business for US$385 mn; impressive deal-making by Zee | | | Implications: 10% to earnings upside and better ability to invest in focus areas | | | Robust growth, solid profitability, adequate investment and good capital allocation merit premium | |
| Reliance Communications: FY2016 AR analysis: a lot of action but not much progress |
| | Net debt status check: Rs450 bn at end-FY2016, up Rs40 bn yoy | | | Action on the 800 MHz spectrum front and 'net' impact reflect RCOM's challenges very well | |
| Sector alerts |
| Cement: Ghosts from the past |
| | CCI imposes penalty of Rs67 bn on 11 cement companies, long delayed judicial process | | | Penalty amount at 1-4% of market cap. for Ultratech, ACC and Ambuja | | | Lofty earnings expectations are predicated on price increases, in the face of sluggish demand | | | Regulatory risk aside, valuations are rich in the face of modest demand | |
| Economy |
| Economy: Building in a consumption-led recovery |
| | 1QFY17 real GDP growth at 7.1%; GVA growth at 7.3% | | | Manufacturing sector leads industrial growth while construction disappoints | | | Services sector gets impetus from government spending | | | Expenditure side mirrors consumption-biased growth mix | | | Banking on consumption-led economic growth in FY2017 | |
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