- September quarter order inflows steady; could match-high base of the first quarter of the previous financial year.
- Working capital likely to get stretched; Valuations look fair for mid-cycle capex.
- Earnings estimate unchanged; TP cut on lower valuation multiple.
- Marketing margins stable, inventory loss concerns recede.
- Disinvestment: Could swing either way, but stay prudent.
- Strong fundamentals, positive earnings momentum and attractive valuations.
Nomura on India Insurance: August growth moderates for private insurers.
- Still too early to extrapolate the slower APE growth in August.
- Will need to keep a close watch as most insurers seem to be pricing in sustainable growth.
Source: Media reports