Investec India

Q4 FY20E results, for most banks, is going to be a continuation of Q3’20 trends – banks reporting stable results will continue to do so and those reporting weak trends, especially on asset quality, will see no relief. The impact of the loss of business in the last fortnight of March due to the lockdown will be minimal for large banks and mostly restricted to select line items like card spends, ban...

COVID-19 has put a halt to the good growth Indian cement mills were enjoying, with volume growth for Jan-Feb’20 at 6.8% year on year. The extent of the current slowdown is anyone’s guess. That said, we take stock of pricing, cost trends, assume half of Q1FY21 as a lost quarter, capture fixed costs, factor gradual recovery and trim estimates/TPs and revisit ratings. Ritesh Shah, Cement – Analyst, I...