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IN : Constrn & Material - Overall - Structural demand shift to national brands

Demand revival in urban housing/industrial capex is well supported by strong growth in rural consumption; investing to widen reach and new capacities.Higher market cap plastic pipe stocks are pricey today. Relative valuations are attractive for tile....
CGS-CIMB Rahul
Rahul Agarwal @ CGS-CIMB 14 June 2021

IN : Atul Ltd - Gross margins likely to come under pressure

With most of the product price spread over raw materials under pressure, we expect the gross margin to decline in the coming quarters. Bloomberg consensus estimates for PAT and revenue are likely to have negative surprises in the coming quarters, in....
CGS-CIMB Shaily
Shaily Ruparelia @ CGS-CIMB 14 June 2021

ESG INVESTING: TOO GOOD TO BE TRUE?

ESG factors generated positive excess returns since 2009. Show positive exposure to Low Volatility & Quality and negative exposure to Value & Size. Factor exposure is likely structural and not temporary.
FactorResearch Nicolas
Nicolas Rabener @ FactorResearch 11 June 2021

IN : Strategy - Needs to be progressive and countercyclical

India’s tax policy became more regressive in the pandemic year, and the overall fiscal policy stance is proving to be procyclical. The burden of relying more on higher indirect (fuel) taxes falls more on middle- and lower-income classes, putting con....
CGS-CIMB Jay
Jay Shankar @ CGS-CIMB 10 June 2021

IN : GAIL India - Sharp rebound in gas trading

4QFY21 standalone net profit was 30% above expectations due to upside in petchem and gas trading. Recent rise in global oil and gas prices offers upside to medium-term earnings especially given the risk that new fertilizer projects in India could ge....
CGS-CIMB Avadhoot
Avadhoot Sabnis @ CGS-CIMB 10 June 2021

AN ANATOMY OF SMART BETA VALUE ETFS

Smart beta Value ETFs are relatively homogenous. Some show high exposures to other equity factors, which may represent risk. Excess returns from smart beta are significantly lower than long-short factor returns.
FactorResearch Nicolas
Nicolas Rabener @ FactorResearch 10 June 2021