Trade Nivesh | Market Live
Citi on Emami
Buy rating, cut target to Rs 340 from Rs 435 per share
See promoter stake sale to avoid any invocation by lenders
CLSA on Realty
Rate cuts & govt support can lift home buyer sentiment
Affordability has improved notably & should help the buyer confidence
Govt support of affordable housing has been strong
Any steps in budget to mid-income segments will be keenly watched
Like Godrej Properties, Sobha & Oberoi Realty
CLSA on steel
Sell call on Tata Steel, target at Rs 395 per share
Sell call on JSW Steel, target at Rs 225 per share
Steel prices under pressure, risk to earnings & steep valuations
Expect ore prices to peak in Q3CY19 & ease materially over Q4CY19 & q1cy20
Rising ore prices should weaken cost support hopes for steel
See downside risk to our below-consensus estimates
Tata Steel & JSW Steel trading at steep EV/EBITDA & PB premium to global peers
Goldman Sachs on metals
Flat steel prices in India & in the region remain soft
Input costs continue to trend up, leading to softer spreads
Regional spreads are now at lowest levels since May 2017
Domestic long steel prices down 9% in 3 months partly on weak demand
Maintain buy on Tata Steel & neutral on JSW Steel
Morgan Stanley on telecom
Jio's broadband subscriber addition rate stabilised at 8- 9 m/Mth
Jio commands 57% share in broadband data subs as of April
Airtel & Vodafone Idea saw weakish trends of broadband subs additions
Jefferies strategy
Unable to extend that enthusiasm towards the markets
Global growth continues to slow, but quality stocks have made a strong comeback
Favourable trade war & FOMC outcome with strong July could boost EM rally
Given the risk to global growth, longer term outlook for equities remains challenging
Consensus expects MSCI AC earnings growth at 2.5% in 2019 & 9.3% in 2020
MSCI Asia Ex-Japan's earnings growth to be -4.2% in 2019
Within Asia, India, Philippines & China will witness the highest earnings growth
Market at pre-open: Indian indices are trading mixed in the pre-opening session with Nifty trading flat.
At 09:02 hrs IST, the Sensex is up 106.72 points or 0.27% at 39229.68, and the Nifty down 2.10 points or 0.02% at 11697.60.
Rupee Opens: The Indian rupee opened marginally higher at 69.32 per dollar on Tuesday versus previous close 69.35.
Citi on Emami
Buy rating, cut target to Rs 340 from Rs 435 per share
See promoter stake sale to avoid any invocation by lenders
CLSA on Realty
Rate cuts & govt support can lift home buyer sentiment
Affordability has improved notably & should help the buyer confidence
Govt support of affordable housing has been strong
Any steps in budget to mid-income segments will be keenly watched
Like Godrej Properties, Sobha & Oberoi Realty
CLSA on steel
Sell call on Tata Steel, target at Rs 395 per share
Sell call on JSW Steel, target at Rs 225 per share
Steel prices under pressure, risk to earnings & steep valuations
Expect ore prices to peak in Q3CY19 & ease materially over Q4CY19 & q1cy20
Rising ore prices should weaken cost support hopes for steel
See downside risk to our below-consensus estimates
Tata Steel & JSW Steel trading at steep EV/EBITDA & PB premium to global peers
Goldman Sachs on metals
Flat steel prices in India & in the region remain soft
Input costs continue to trend up, leading to softer spreads
Regional spreads are now at lowest levels since May 2017
Domestic long steel prices down 9% in 3 months partly on weak demand
Maintain buy on Tata Steel & neutral on JSW Steel
Morgan Stanley on telecom
Jio's broadband subscriber addition rate stabilised at 8- 9 m/Mth
Jio commands 57% share in broadband data subs as of April
Airtel & Vodafone Idea saw weakish trends of broadband subs additions
Jefferies strategy
Unable to extend that enthusiasm towards the markets
Global growth continues to slow, but quality stocks have made a strong comeback
Favourable trade war & FOMC outcome with strong July could boost EM rally
Given the risk to global growth, longer term outlook for equities remains challenging
Consensus expects MSCI AC earnings growth at 2.5% in 2019 & 9.3% in 2020
MSCI Asia Ex-Japan's earnings growth to be -4.2% in 2019
Within Asia, India, Philippines & China will witness the highest earnings growth
Market at pre-open: Indian indices are trading mixed in the pre-opening session with Nifty trading flat.
At 09:02 hrs IST, the Sensex is up 106.72 points or 0.27% at 39229.68, and the Nifty down 2.10 points or 0.02% at 11697.60.
Rupee Opens: The Indian rupee opened marginally higher at 69.32 per dollar on Tuesday versus previous close 69.35.
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