Change in Reco
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Reliance Industries: A nice INR hedge; upgrade to BUY from ADD
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The recent correction offers an opportunity to accumulate the RIL stock
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Refining margins contract, led by a decline in gasoline cracks; diesel cracks remain strong
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Rupee to the rescue, even if margins disappoint
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We raise estimates to factor in weaker Rupee forecasts
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Company alerts
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Bajaj Corp.: Marks a new beginning beyond hair oils
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Acquires NOMARKS anti-marks skin care brand from Ozone Ayurvedics for undisclosed sum
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Small brand now, but huge untapped potential
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Good deal (marginally dilutive in first year) - de-risked portfolio to aid valuations, retain BUY
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Hexaware Technologies: A good opportunity to exit
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Barings Asia buys out promoters and General Atlantic Partners
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Acquisition price values the company at 10.5X CY2014E earnings
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Sector alerts
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Energy: Elevated crude price risks in the near term
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'Temporary' supply tightness to keep crude prices at elevated levels in the near term
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Problems compound for India led by Rupee depreciation
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Economy
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Economy: RBI Annual Report: Focus on macroeconomic stability
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Higher domestic interest income contributes to higher dividends for the Government
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Key issue #1: Currency risks and external sector vulnerability
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Key issue #2: Banking sector concerns
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Key issue #3: Need to address infrastructure bottlenecks to revive growth
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