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India - Economy - Rough patch
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10 May 2013
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We expect India’s household consumption growth to decelerate sharply over the next 1-2 years as four key tailwinds wane or turn into headwinds. These include sustained agri-commodity inflation, unprecedented asset price inflation, acceleration in government expenditure, and a sharp increase in wages due to a tight labour market.
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India - Economy - Rough patch
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10 May 2013
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We expect India’s household consumption growth to decelerate sharply over the next 1-2 years as four key tailwinds wane or turn into headwinds. These include sustained agri-commodity inflation, unprecedented asset price inflation, acceleration in government expenditure, and a sharp increase in wages due to a tight labour market.
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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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