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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Strategy: Indian market reaching an inflection point? [Abhay Laijawala]
Barring oil prices and any systemic risk arising from the fallout of the nuclear accident in Japan, we believe that the sharp underperformance of the Indian equity market (YTD Sensex has underperformed MSCI Asia by 700bps) may be bottoming. We see the markets reaching an inflection point in April-May and a directional shift upwards setting in during 2H11. April-May are likely to be important for the Indian equity markets on account of the release of the Indian monsoon forecast by Meteorological Department.
Asia Economics Special: Monetary tightening continues in India [Taimur Baig]
The Reserve Bank of India raised both the repo and the reverse repo rate by 25bps each to 6.75% and 5.75% respectively in today’s mid-quarter monetary policy review. All other key rates such as cash reserve ratio and statutory liquidity ratio were kept on hold. Acknowledging that inflation risks have accentuated in recent months, with core inflation having risen significantly above its medium term trend, the central bank raised its end-March 2011 inflation target to 8.0% (same as DB forecast) from 7.0%.
Reliance Industries: Hardy Oil’s resource update reiterates KGD3 potential [Harshad Katkar]
Hardy Oil, RIL’s partner in the KGD3 and KGD9 blocks, has indicated drilling at least one exploratory well in each block in CY11, and a total of two each by CY12-end. We expect RIL’s exploration programme to accelerate in its highly prospective eastern offshore blocks as a result of BP picking up a 30% stake in its blocks. This could lead to exploration successes which are not currently factored in RIL’s stock price. Reiterating Buy with a target price of INR1,150/sh.
Banks: Key takeaways from industry NBFC forum [Manish Shukla]
We attended the recently concluded CRISIL NBFC Investor Discussion Forum which featured CEOs of leading NBFCs in India . The key points from the forum are as follows: Over the years some of the large NBFCs have developed domain expertise and carved out a niche for themselves. New asset classes like gold loans, loan against property, etc have grown at a rapid clip over past couple of years and have potential to continue growing at healthy rates.
The Asia Investor Letter: Japan – What’s Priced In? [Brad Jones]
It would be folly to rule out the prospect of further seismic disturbances in Japan given the tendency for aftershocks to continue for months after a major earthquake (a point reinforced across the Asia-Pacific in recent years). For instance an aftershock off the Sumatran coast recording 8.6 on the Richter scale (one of the biggest in history) occurred three months after the devastating 2004 Boxing Day 9.1 quake; Sichuan Province was hit with a major aftershock six days following the main earthquake.
FX Strategy Weekly [Mirza Baig]
We maintain our long-held 75 USD/JPY target, but we believe there are risks of an overshoot towards 70. The market is intensely focused on the impact of repatriation flows, but leaving these aside we also believe valuation, interest rates and the failure of intervention in the past point to further JPY strength. Japanese repatriation unlikely to impact Asia. Reconstruction will benefit Indonesia, Malaysia, Korea and China. SGD NEER (finally) worth buying
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Equity Strategy: Indian market reaching an inflection point? [Abhay Laijawala]
Barring oil prices and any systemic risk arising from the fallout of the nuclear accident in Japan, we believe that the sharp underperformance of the Indian equity market (YTD Sensex has underperformed MSCI Asia by 700bps) may be bottoming. We see the markets reaching an inflection point in April-May and a directional shift upwards setting in during 2H11. April-May are likely to be important for the Indian equity markets on account of the release of the Indian monsoon forecast by Meteorological Department.
Asia Economics Special: Monetary tightening continues in India [Taimur Baig]
The Reserve Bank of India raised both the repo and the reverse repo rate by 25bps each to 6.75% and 5.75% respectively in today’s mid-quarter monetary policy review. All other key rates such as cash reserve ratio and statutory liquidity ratio were kept on hold. Acknowledging that inflation risks have accentuated in recent months, with core inflation having risen significantly above its medium term trend, the central bank raised its end-March 2011 inflation target to 8.0% (same as DB forecast) from 7.0%.
Reliance Industries: Hardy Oil’s resource update reiterates KGD3 potential [Harshad Katkar]
Hardy Oil, RIL’s partner in the KGD3 and KGD9 blocks, has indicated drilling at least one exploratory well in each block in CY11, and a total of two each by CY12-end. We expect RIL’s exploration programme to accelerate in its highly prospective eastern offshore blocks as a result of BP picking up a 30% stake in its blocks. This could lead to exploration successes which are not currently factored in RIL’s stock price. Reiterating Buy with a target price of INR1,150/sh.
Banks: Key takeaways from industry NBFC forum [Manish Shukla]
We attended the recently concluded CRISIL NBFC Investor Discussion Forum which featured CEOs of leading NBFCs in India . The key points from the forum are as follows: Over the years some of the large NBFCs have developed domain expertise and carved out a niche for themselves. New asset classes like gold loans, loan against property, etc have grown at a rapid clip over past couple of years and have potential to continue growing at healthy rates.
The Asia Investor Letter: Japan – What’s Priced In? [Brad Jones]
It would be folly to rule out the prospect of further seismic disturbances in Japan given the tendency for aftershocks to continue for months after a major earthquake (a point reinforced across the Asia-Pacific in recent years). For instance an aftershock off the Sumatran coast recording 8.6 on the Richter scale (one of the biggest in history) occurred three months after the devastating 2004 Boxing Day 9.1 quake; Sichuan Province was hit with a major aftershock six days following the main earthquake.
FX Strategy Weekly [Mirza Baig]
We maintain our long-held 75 USD/JPY target, but we believe there are risks of an overshoot towards 70. The market is intensely focused on the impact of repatriation flows, but leaving these aside we also believe valuation, interest rates and the failure of intervention in the past point to further JPY strength. Japanese repatriation unlikely to impact Asia. Reconstruction will benefit Indonesia, Malaysia, Korea and China. SGD NEER (finally) worth buying
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