June, 2013 | Dalal Street

Equity Research

Mahindra and Mahindra Finance – Strength in Rural India

June 24, 2013April 18, 20202 min read

Mahindra and Mahindra Financial Services – MMFSL is a dominant player in rural vehicle finance market. MMFSL has clear advantage vs competition, in that, most competitors have single / fewer product (vs MMFSL’s diversified product offering) or are regionally focused (vs MMFSL’s pan India). Finally, despite slower (~6-10%) underlying volume growth across products. Expect MMFSL to show healthy AUM growth (~30%) in FY14, as it gains market share, with larger distribution in the semi-urban, rural segments and a close-to-customer model and strategic tie-up with other OEM.

Asset Quality Policies like linking a part of employees’ pay to asset quality, (more…)

Economy, Markets and Macro Views

Indian Economy – Slow Reforms, Reluctant to Recover

June 13, 20132 min read

The government of India has pushed through numerous reform measures over the past nine months. However, Policy implementation and announcements have tapered off recently and could slow even further. For example, have a look at the Failure of the FDI Policy in Indian Multi Brand Retail

HSBC cut India’s growth forecast for FY2014 to 5.5% (vs 6.0%) and FY2015 to 6.6% (vs 7.1%). They expect further progress on reforms, it will only materialize slowly. Moreover, the global recovery is likely to come later. The recovery (more…)

Breaking Corporate India Earnings News

Murthy’s Return to Infosys, What are analysts Recommendations ?

June 3, 20133 min read

Narayana Murthy (NRN), Co-Founder Infosys assumed charge as Executive Chairman of Infosys assisted by his son Rohan Murthy, tweaking all the required amendments for the Infosys Rule Book. The Stock is up 7% in early trade and her si what various Research Analysts have to say about the return of NRN.

Mitali Ghosh and Kunal Tayal at BOFA-Merrill Lynch said, (more…)