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Weekly Wrap
Investment Idea
January 23, 2015
Cadila Healthcare
BUY
CMP `1,645
Cadila Healthcare is poised to accelerate earnings with ~30%
EPS cagr over FY15-17E driven by robust traction in US generics,
revival of domestic growth and margin expansion from c19.2%
in H1 FY15 to ~22% in FY17. US revenues would ramp up to
~28.5% cagr on the back of expected sizable launches from
mesalamine portfolio (Asacol HD, Lialda), transdermals and
chronic therapies (Prevacid, Abilify). Domestic business is set
to revive with 13.7% formulations growth over next two years
as the dual impact of NLEM and discontinued Boehringer JV
sales wears off from Q4 onwards. Slew of product launches
in US and domestic momentum would translate in to 17.4%
revenue cagr accompanied by ~300bps margin expansion with
US responsible for most of the OPM delta. Stock trades at 18x
FY17 earnings and given that profitability metrics and earnings
growth are comparable to larger domestic peers, we believe
stock can rerate further; recommend BUY. Delay in approvals for
US launches and tepid domestic growth key risks to our margin/
earnings forecasts and bullish reco.
Healthy pipeline to drive US revenue momentum
Cadila’s US business posted 18.6% US$ revenue cagr over FY12-14
and we expect a significant step up in US business on the back of
several sizable launches (discussed in table below). Focus would be
on launching complex and niche products in oral solids, injectables,
nasals, topical and transdermals to strengthen its improving position
(8th amongst generic companies in US vs 10th in previous year). It
owns a robust ANDA pipeline with ~250 ANDAs filed so far and
approvals for >90 products; it expects 10-15 product approvals and
about 40 filings in the current fiscal. Between FY11-14, Cadila had
launched just over 30 products in US market including that from
Nesher, a controlled substance manufacturer it had acquired in FY12.
India growth to revive in FY16
Cadila enjoys leading positions in key therapeutic areas like
cardiovascular, gastro intestinal, women’s healthcare and respiratory
segments; notably it climbed up to 4th position in dermatology in
the previous fiscal. It has launched >75 new products including line
extensions in the domestic market in FY14 of which 19 were first time
launches and included launch of Lipaglyn, the first New Chemical
Entity (NCE) developed through in-house R&D. Recent domestic
growth has been impacted by NLEM and discontinuance of BI JV
products whose effects would fade off from Q4 of current fiscal. For
instance, although the headline growth in domestic market was 9%
in Q2 FY15, if one excludes the NLEM and BI impact, growth would
have been much better at 14%. Hence we model in 13.7% cagr for
domestic formulations over FY15-17E.
Mixed outlook for Europe; Brazil lackluster from
lack of approvals
After US and India, Europe and emerging markets are the other
two key contributors to Cadila’s generic growth. Within Europe,
our interaction with the company suggests focus would remain on
France and Spain. In France, company had to bear the impact of
increase in discount on generics from 17% to 40%. To counter this,
company has rationalized its’ distribution so as to protect profitability
though revenues might be under pressure. Spanish growth has been
in line with the market in FY14. The target markets of France Spain
have combined size of ~US$6.5bn of which Zydus share with FY14
Sector: Pharmaceuticals
Sensex:
52 Week h/l (`):
Sector View: Positive
29,278
BSE code:
532321
1,760 / 805
NSE code:
CADILAHC
Market cap (`cr):
33,637
FV (`):
5
Share price chart
Share holding pattern
(%)
Jun14
Sep14
Dec14
Promoters
74.8
74.8
74.8
Insti
14.2
14.5
14.6
Others
11.0
10.7
10.6
Cadila
240
Sensex
200
160
120
80
Jan-14
Jul-14
Jan-15
revenues of `3.9bn stands at ~1%. More importantly, company’s
growth has been faster at 5.5% in FY14 compared to 2-3% for
the relevant markets. In Brazil, Cadila highlighted lack of product
approvals as the biggest challenge that has hindered growth;
Q2 FY15 saw growth of just 1-2% for its branded and generics
businesses. We conservatively factor in no new product approvals
for the Brazilian business and muted revenue growth for the three
geographies.
~30% earnings cagr to support further rerating;
initiate with BUY
Uptick in US business is the key bulwark of our ~30% earnings cagr
over FY15-17 as we factor in approvals for several important ANDAs.
Domestic growth would return to close to mid teens growth for next
two years. Stock trades at 18x FY17 earnings, at a discount to larger
peers; expect the valuation gap to narrow and initiate with BUY
based on 21x FY17E earnings.
Financial summary
Y/e 31 Mar (` m)
Revenues
yoy growth (%)
Operating profit
OPM (%)
FY14
FY15E
FY16E
FY17E
72,240
84,918
99,176
117,005
13.6
17.6
16.8
18.0
12,001
16,375
20,546
25,999
16.6
19.3
20.7
22.2
8,036
10,982
14,278
18,665
yoy growth (%)
23.0
36.7
30.0
30.7
EPS (`)
39.2
53.6
69.7
91.1
Reported PAT
P/E (x)
41.9
30.6
23.6
18.0
EV/EBITDA (x)
15.9
11.4
8.8
6.6
Debt/Equity (x)
ROE (%)
0.8
0.6
0.5
0.4
25.9
29.2
29.9
30.7
20.6
22.5
24.3
ROCE (%)
16.9
Source: Company, India Infoline Research
Click here for the detailed report on the same.
India Infoline Weekly Wrap
Market Outlook
The January jolt has been on the positive side this year and the indices
seem to be racing to new highs every day. While the euphoria could
be attributed to a variety of reasons, consensus seems to hinge on
reforms and a positive sentiment following IMF report that India is
expected to grow at 6.3% this year and 6.5% in 2016. ECB’s decision
to flood the eurozone with freshly created money was the muchawaited stimulus for the market and the indices gave the decision
a thumbs up. ECB announced it will buy at least €1 trillion of the
region’s bonds from March 2015 to September 2016. This was
much better than what the Street or every street was expecting.
In the last two weeks, the NSE Nifty index shot up by over 600
points or 7.6% to race past the 8800 mark while the BSE Sensex
conquered 29000 mark. Steady FII inflows and hopes of reforms in
the upcoming Budget will keep spirits high. Any correction may be
shortlived unless there are major global events.
The coming week being a truncated one will be choppy too. Over
the weekend the developments in Greece will playout and Indian
markets will get a chance to react only on Tuesday. Various sectors
will also react to Obama’s visit and the promises he makes. Moreover,
with the F&O expiry in the coming week, wild swings could well take
place.
FIIs/MFs activity
2,400
Technical View
Market is now clearly driven by momentum as seen in this week’s
trade. When a momentum driven market starts taking control of
the proceedings, traders should not be concerned about upside
target. Because this momentum could easily surpass projected
targets (8920). Follow this uptrend till it continues. Index is in a
sweet spot where it is likely to see new highs every other day and
in case there is retracement or pause, make a fresh entry.
F&O View
Nifty managed 3.5% weekly gains, sharp upside momentum
continued closing on life time high levels above 8800 zone at the
end of the week, Index futures continued to see long buildup from
the FII’s, with long/short in index future moving to 6.46x levels.
PCR moved towards 1.33 levels with heavy put writing visible
across the strikes. Banking leading the rally with HDFC twins taking
bank nifty higher. Global events and F&O January expiry likely keep
markets volatile coming few days.
Advance/Decline
(Rs cr)
1,200
Net FIIs inflow
2,000
(No of stocks)
Advance
Decline
Net MFs Inflows
900
1,600
1,200
600
800
300
400
0
0
(400)
15-Jan
16-Jan
19-Jan
20-Jan
21-Jan
Global performance
Shanghai
Realty
Nasdaq
19-Jan
20-Jan
4.1
2.6
Auto
2.2
IT
3.8
1.4
Health Care
Small Cap
3.8
Nikkei
2.8
BSE-200
3.1
Nifty
3.5
3.2
Banks
2.5
1.0
Oil & Gas
Sensex
Metals
4.1
1.0
2.0
5.7
4.8
Power
Hangseng
2
16-Jan
FMCG
1.7
0.0
15-Jan
(%)
Capital Goods
Dow Jones
(1.0)
14-Jan
Sectoral performance
(%)
(0.7)
13-Jan
3.0
4.0
5.0
(0.9)
(4.1)
(6.0) (4.5) (3.0) (1.5) 0.0 1.5 3.0 4.5 6.0 7.5
India Infoline Weekly Wrap
Technical Check
Nifty 50 & CNX 500 top 10 Losers
Nifty 50 & CNX 500 top 10 gainers
NSE Nifty
Company
NSE Nifty
CNX 500
CMP
(`)
%
Chg Company
CMP
(`)
%
Chg
Company
CNX 500
CMP
(`)
CMP
(`)
%
Chg
66
12.0
ITC
349
(3.0) Educomp
26
(7.2)
122
18.9
TECHM
2,781
(1.3) Info Edge
779
(6.9)
9.8 Sunteck Realty
261
17.8
Hero Motor
2,863
(1.2) Dhanlaxmi Bank
38
(6.3)
602
9.4 Muthoot Finance
223
12.9
TCS
2,504
(1.1) Ivrcl
927
9.1 Rajesh Exports
160
12.8
Kotak Bank
1,385
(0.7) Sks Micro
Bharti Airtel
384
12.0 Sterlite Tech
Tata Motors
588
11.9 GSFC
Axis Bank
565
Wipro
Sun Pharma
HDFC
1,290
8.0 Adani Ent
564
12.7
Gail
L&T
1,711
7.5 Shanthi Gears
146
12.0
Maruti
3,607
7.4 Max India
454
11.8
Hcl Tech
1,647
Tata Power
%
Chg Company
89
DLF
157
7.1 -
-
-
ONGC
Cairn India
248
7.1 -
-
-
Bajaj Auto
Technically strong
423
(0.5) STFC
17
(6.2)
441
(6.1)
1,095
(6.0)
(0.3) ENIL
349
2,442
569
(5.9)
0.5 Patel Eng
93
(5.9)
0.5 PFS
64
(5.9)
-
-
0.9 -
Technically weak
Total
Traded Qty
(lacs)
10 days
Average
Traded Qty
(lacs)
CMP
(`)
10 days
Moving
Average (`)
Total
Traded Qty
(lacs)
10 days
Average
Traded Qty
(lacs)
Company
CMP
(`)
10 days
Moving
Average (`)
HCL Tech
1,647
1,619
9.2
11.2
DENA BANK
59
60
24.7
9.3
BPCL
675
660
30.1
12.1
UCO BANK
80
82
13.5
22.6
IFCI
38
37
68.2
41.0
LITL
6
6
34.9
55.7
476
465
92.4
28.9
TATACOMM
416
425
42.5
4.7
1,015
990
12.0
5.5
IOC
331
336
45.9
8.8
RELCAP
JSW STEEL
Bulk deals
Book closure and record date
Qty
(lacs)
Price
(`)
Company
Date
Purpose
TCS
27 Jan 2015
3rd Interim Dividend - `.5.00
B
7.7
132.0
BEL
28 Jan 2015
Interim Dividend
Vindhya Telelinks
B
5.0
510.0
CENTURYPLY
29 Jan 2015
Interim Dividend - `.0.75
Shemaroo Ent
B
4.7
231.5
DBCORP
29 Jan 2015
Interim Dividend - `.3.50
IBSEC
29 Jan 2015
3rd Interim Dividend - `.1.00
Date
Institution
Scrip name
19-Jan
SBI Funds
Shanthi Gears
19-Jan
Reliance MF
21-Jan
JPMSL Mauritius
B/S
Nifty Future VWAP
Bank Nifty Future VWAP
Nifty Futs Close
8900
Company
Nifty Vwap
Bank Nifty Futs Close
8800
20100
8700
19800
8600
19500
8500
19200
8400
18900
8300
18600
8200
18300
19-Jan
20-Jan
21-Jan
22-Jan
23-Jan
Bank Nifty Vwap
20400
19-Jan
20-Jan
21-Jan
22-Jan
23-Jan
3
India Infoline Weekly Wrap
Commodity Corner
Base metals
Precious metals
Base metals traded on a fragile note this week, as markets remain
unimpressed by the slew of macroeconomic numbers from China.
In this respect, China's Q4 GDP grew 7.3% (yoy basis), replicating
the growth rate during the prior quarter. The economy during 2014
grew 7.4%, lower than the growth rate of 7.7% in 2013. Industrial
output during December rose 7.9% on yoy basis, much better than
the 7.2% rise in November. Retail sales during December grew 11.9%
on yoy basis, moderately better from an 11.7% increase in November.
Meanwhile, Fixed-asset investment during 2014 rose 15.7%, much
lower than the growth rate of 19.6% in 2013. In the latest, HSBC China
Manufacturing preliminary PMI for November was reported at 49.8,
still below the 50 mark that separates growth from contraction.
The yellow metal steered above US$1,300/oz mark, as economic
headwinds across the globe has reinforced the safe haven appeal for the
metal. IMF slashed its global economic growth forecasts from 3.8% to
3.5% for 2015. IMF expects 2016 growth to clock around 3.7%. Markets
were also concerned with the persistent weakness in the euro. Swiss
national Bank’s decision to the end the peg with euro has changed
the complexion of the currency markets. At the current juncture, Gold
prices are holding around US$1,300/oz amid extreme volatility in the
currency markets influenced by ECB measures. Euro tumbled to an 11
year low against the greenback, with US dollar index advancing well
above 94 levels. In respect with the ECB policy decision, the central
bank announced 1.1 trillion Euros quantitative easing package that
would start in March and extend through September of 2016. The
announcement was well above the market expectations. The bank will
conduct monthly purchases of 60bn Euros that would likely comprise
of about 45bn Euros in sovereign bonds, 5bn Euros in Euro-area public
agencies and 10bn Euros of asset-backed securities
The degree of pessimism in the non-ferrous pack can be manifested
by the fact that it has failed to derive any optimism from the
stimulus measures announced by the European Central Bank. It
seems the market participants are doubtful regarding the efficacy
of the QE program, considering the looming threat of deflation in
the region. Prior monetary easing measures have simply failed to
revive the economic growth trajectory in the region. On outlook,
selling pressure will continue to resurface in most of the base
metals.
On outlook, the focus will shift to the Greece elections, wherein the antiausterity Syriza party has widened its lead over the ruling conservatives
to 6%. A victory for Syriza can increase the probability of Greece exiting
from EU and in the process will destabilize the Euro again. This can
spell in to an extended upside for the precious pack. Charts suggest an
upside target till US$1,325/oz
Note: This market commentary is written at 12:00 PM IST
LME prices
Weekly inventory update
Base Metals (US$/ton)
High
Low
LTP*
Chg(%)
Copper
5,805
5,590
5,665
(0.9)
Tons
Abs Chg.
Chg (%)
Copper (LME)
235,150
34,750
Nickel
15,170
14,401
14,850
17.3
0.5
Nickel (LME)
423,036
4,518
1.1
Zinc
2,159
2,048
Aluminium
1,883
1,787
2,141
2.1
Zinc (LME)
1,866
1.1
Aluminium (LME)
Lead
1,918
1,770
1,890
2.2
Lead (LME)
645,775
(12,325)
(1.9)
4,086,175
(36,425)
(0.9)
215,100
(725)
(0.3)
11,990
(120)
(1.0)
134,137
(2,679)
(2.0)
76,353
(2,491)
(3.2)
186,071
(5,970)
(3.1)
Tin (LME)
Precious Metals (US$/ounce)
Gold
High
Low
LTP*
Chg(%)
1,308
1,255
1,295
1.1
Shanghai Zinc
18.5
16.9
18.2
2.3
Shanghai Aluminium
Silver
* Last Traded Price
LME Copper
10500
Shanghai Copper
COMEX Gold
US$/ ton
2050
Copper (LME)
US$/ ounce
Gold
1900
9500
1750
8500
1600
7500
1450
6500
4
Jan-15
Jul-14
Oct-14
Jan-14
Apr-14
Jul-13
Oct-13
Jan-13
Apr-13
Jul-12
Oct-12
Apr-12
Jan-12
Jul-11
Oct-11
Apr-11
Jan-11
Jan-15
Jul-14
Oct-14
Apr-14
Jan-14
Jul-13
Oct-13
Jan-13
Apr-13
Oct-12
Jul-12
Jan-12
Apr-12
Jul-11
Oct-11
1000
Jan-11
4500
Apr-11
1150
Oct-10
5500
Oct-10
1300
7
0
6
(2)
5
110
100
30
(%)
Six core Ind.
(INR/EURO)
(INR/USD)
(INR/GBP)
(INR/JPY)
IIP and Six core Industries
IIP
130
12
8
4
0
(4)
Currency Movements
90
60
40
120
40
95
80
90
70
85
70
Jun-12
Nymex Crude
Dec-12
Dec-14
Sep-14
Jun-14
Mar-14
Dec-13
10yr Gsec yield
3mth CP rate
Sep-13
Jun-13
Mar-13
4
Sep-12
6
Mar-12
8
Sep-11
12
(%)
Dec-11
10
Jun-11
13
Mar-11
14
Dec-10
MFG Products
Sep-10
Dec-14
Sep-14
Jun-14
Mar-14
Monthly Inflation
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
12
(%)
Jun-12
Mar-12
Dec-11
Sep-11
14
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
2
Jun-11
Inflation
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
(8)
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
16
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
India Infoline Weekly Wrap
Chartbook
Interest Rate
5yr AAA bond yield
11
10
9
8
Crude (Brent/ Nymex)
Brent Crude
110
100
90
80
70
60
50
Dollar Index
100
Dollar Index
50
80
75
Source: Bloomberg
5
6
Source: Bloomberg
25
1,575
20
1,570
15
1,565
10
1,560
Sensex PE Band
60,000
24.0
50,000
29x
40,000
24x
30,000
18x
20,000
10,000
13x
7x
0
22.0
PE (x)
Cur. Yr
Sensex
1,580
Nasdaq
30
(Rs)
Mexico Bolsa
VIX
S&P 500
35
Dow Jones
1,590
FTSE
Volatility Index
Straits
250
DAX
40
Taiwan
300
Shanghai
PE Comparision
1-Yr Fwd
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
Jan-15
Oct-14
Jul-14
Apr-14
Jan-14
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Apr-12
Jan-12
Oct-11
Jul-11
50
Apr-11
60
Jan-11
China
1-Nov
3-Nov
5-Nov
7-Nov
9-Nov
11-Nov
13-Nov
15-Nov
17-Nov
19-Nov
21-Nov
23-Nov
25-Nov
27-Nov
29-Nov
1-Dec
3-Dec
5-Dec
7-Dec
9-Dec
11-Dec
13-Dec
15-Dec
17-Dec
PMI
Hang Seng
US
Nov-14
Germany
Oct-13
Euro Zone
Oct-12
India
Sep-11
Sep-10
Aug-09
40
Aug-08
Jul-07
Jul-06
Jun-05
(%)
Jun-04
May-03
May-02
Apr-01
45
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
65
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
India Infoline Weekly Wrap
Chartbook...
US Initial Jobless Claims
550
500
Initial Jobless Claims ('000)
55
450
400
350
Sensex Earning Estimates
FY15
1,585
India Infoline Weekly Wrap
News Recap
The Union Budget for financial year 2015-16 will be presented
on Saturday, February 28. (BL)
After four years of introducing the base rate, the rate below
which the banks cannot lend, the Reserve Bank of India has
indicated that it may be lenient on its practice with market
borrowings by companies and banks buying them, making it
nearly irrelevant. (ET)
Ahead of Budget 2015-16, Finance Minister Arun Jaitley said
more fuel subsidy reforms were on the anvil to cut the Centre's
fiscal deficit.(BS)
India is expected to grow at 6.3 per cent this year and 6.5
per cent in 2016 by when it is likely to cross China’s projected
growth rate, the IMF said while terming the new government’s
reforms as “promising” but insisted that their implementation
is key. (BL)
Road projects worth `500bn would be started in Uttar Pradesh
by the year-end, Union Surface Transport Minister Nitin Gadkari
said. (ET)
The government initiated the coal block re-allocation process
by starting allotment of 36 coal mines to state run entities
from Jan 23. (BS)
Emami did not diclose the size of the deal, but said that the
acquisition would give it a foothold in the natural and organic
personal care market, pegged globally at nearly `470bn. (BL)
Oil India Ltd (OIL) and Oil and Natural Gas Corporation (ONGC)
may not get a full exemption from sharing the oil subsidy. This
is because the government is reworking the subsidy sharing
formula to cope up with difficult situation posed by falling
crude prices, only as a temporary relief. (BS)
Government has sought expression of interest from reputed
merchant bankers for divesting 10% stake in iron ore miner
NMDC that could fetch about `55bn to the exchequer. (BS)
The half a dozen public interest litigations (PIL) filed in various
courts across the country against the proposed launch of
four-wheeled transport vehicle called quadricycle has been
instigated, claims Pune-based bike major Bajaj Auto. (BS)
Auto major Maruti and consumer durables maker Lloyd Electric
(brand to be promoted will be Lloyd Air Conditioners) will be
on-air sponsors of the month-and-a-half-long cricket world
cup. (BS)
ECB will pump EUR60bn per month till September 2016
towards its fiscal stimulus measures. (BS)
Tata Consultancy Services (TCS), India's largest IT services
provider announced that it has been selected by Virgin Atlantic
Airways (VAA), one of the UK's leading airlines, to provide fully
managed services to transform and optimise its IT processes,
applications and infrastructure. (BS)
SpiceJet opened flight bookings beyond March 29 till October
24 this year, though the troubled low-cost carrier refrained
from offering any deep discounts, pricing its tickets at par with
key rivals IndiGo and Go Air. (BS)
Mahindra Two Wheelers (MTWL), part of the Mahindra &
Mahindra group, announced that they have completed the
necessary formalities for the 51% acquisition in France-based
Peugeot Motocycles (PMTC). (BL)
Mumbai-based Tata Motors has priced its new-age hatchback
Bolt attractively at ` 4.65 lakh (ex-showroom, Mumbai) for the
petrol version. (BS)
Strides Arcolab Limited has entered into a licensing agreement
with Gilead Sciences, Inc for marketing HIV drugs. (BL)
Kolkata-based Emami Ltd has made its third acquisition in
six months by buying a controlling stake (66.67%) in Fravin
Pty Ltd, an Australian organic personal care products maker.
The Competition Commission of India (CCI) will soon decide
on the proposed merger of French cement maker Lafarge and
Swiss peer Holcim. (ET)
Event Calendar
Period: 26th Jan – 31st Jan 2015
US
• Dec Durable Goods Orders (27 Jan)
China
• Dec Industrial Profits YoY (27 Jan)
•
Dec New Home Sales MoM (27 Jan)
•
•
FOMC Rate Decision(29 Jan)
•
Q4 GDP Annualized QoQ (30 Jan)
Europe
• Dec Unemployment Rate (30 Jan)
Dec Leading Index (28 Jan)
India
• Dec Fiscal Deficit INR (30 Jan)
•
•
Euro Area Third Quarter Government Deficit (22 Jan)
•
•
Jan CPI Core YoY (30 Jan)
Q1 GDP Annual Estimate YoY (30 Jan)
Jan CPI Estimate YoY (30 Jan)
IIFL, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013
The information in this newsletter is generally provided from the press reports, electronic media, research, websites and other media. The information also includes information from interviews
conducted, analysis, views expressed by our research team. Investors should not rely solely on the information contained in this publication and must make their own investment decisions based on their
specific investment objectives and financial position and using such independent advisors as they believe necessary. The materials and information provided by this newsletter are not, and should not be
construed as an advice to buy or sell any of the securities named in this newsletter. India Infoline may or may not hold positions in any of the securities named in this newsletter as a part of its business.
Past performance is not necessarily an indication of future performance. India Infoline does not assure for accuracy or correctness of information or reports in the newsletter.
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