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India - IT Services - Without the crystal ball
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06 May 2013
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Outlook from Gartner and IT services firms do not indicate a material improvement in IT spending. Better clarity on clients’ IT budgets is leading to better management commentary. We expect growth to be modest and structural headwinds like commoditisation of traditional IT services and deteriorating age pyramid to impact margins.
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Cummins India - A bright spot in the power sector mess
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01 Apr 2013
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As a leading diesel engine supplier, KKC is immune to the Indian capex cycle. Outlook for gensets improves with diminishing power capex and need for back-up power boosts demand in an upcycle. Leading product offering and brand franchise would help sustain growth and margins.
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India - UID - Savings on delivery
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01 Apr 2013
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India’s UID project has made commendable progress over two and half years, having enrolled 24% of the population. UID enabled cash transfers has the right ingredients to reform India’s entitlements regime in the long term. On full implementation, it can reduce fiscal deficit by 2ppt of GDP. Attaining adequate UID penetration is the key.
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India - Media - 010101001 - A slow revolution
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15 Feb 2013
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Digitisation would drive structural change in the Indian broadcasting distribution, enabling fair monetisation of content and equitable distribution of pay revenue. However, street’s expectation of large and immediate gains to stake holders in the media value chain, especially MSOs look optimistic. We prefer broadcasters and DTH to MSOs.
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BPCL - Oil is Well !
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12 Feb 2013
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We estimate value of BPCL’s upstream portfolio at $3.4bn (Rs255/share). A possible stake sale by Anadarko, reserve certification, and FID in Mozambique and Brazil should help crystallize this value. Recent subsidy reforms, benefits from lower VAT/octroi, and Bina refinery stabilisation should improve RoE by FY15. BUY with TP Rs540/share.
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