Dalal Street

Bank of Baroda reported PAT growth of 61% YoY to INR10.2bn, mainly due to lower than expected credit costs. While loan and margin expansion was on expected lines, BoB surprised positively on its robust asset quality as against other PSU peers that have disappointed this quarter on this front.

BOB’s loans have expanded 30% yoy (well above industry), is fairly broad-based, (more…)

Biocon has entered into a global commercialization deal with Pfizer for its biosimilar insulins (incl analogs) pipeline viz. Recombinant Human Insulin, Glargine, Aspart & Lispro. Pfizer will pay Biocon US$200m upfront & US$150m by way of development & regulatory milestone payments in addition to manufacturing-related income & royalties on launch.

The upfront payment of $200mn translates into a per share value of Rs45 (pre-tax) for Biocon. Mgmt indicated that a meaningful (more…)

Even though Silicon Valley companies like Google and Apple beat Analysts forecasts by Teens Margins, Infosys and other IT Services Company suffer as they fail to innovate and are often struck at the point of inflection.

Infosys reported a 2Q with revenue growth of ~10% qoq to $1496m (our exp: $1464b). Cross currency boosted reported growth by ~1%. Volume growth was 7.2% qoq while onsite pricing witnessed a improvement of ~2.5% qoq. Offshore pricing was down ~0.4% (more…)