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<ul><li>The two wheeler maker has surprised the market with three back to back launches.</li><li><keyword id="17516871" type="General" weightage="20" keywordseo="harley-davidson-x440" source="Orion">Harley Davidson X440</keyword> and <keyword id="17116192" type="General" weightage="20" keywordseo="karizma-xmr" source="Orion">Karizma XMR</keyword> in the premium segment are expected to help the company take on competition.</li><li>In August, it reported a 5.5% YoY rise in total sales to 488,717 units. </li></ul>In the last three months, Hero MotoCorp has positively surprised the market with three back to back launches of Passion Plus, <keyword id="6357453" type="General" weightage="80" keywordseo="harley-davidson" source="Orion">Harley Davidson</keyword> X440 and Karizma XMR. It also has three more launches in the pipeline across segments — all which brokerages hope will pull up its market share in the two-wheeler segment. The company also launched an entry level scooter Hero Xoom scooter earlier this year. “These launches are driving higher customer footfalls and are expected to have a positive rub-off on the existing and refreshed models,” said <keyword id="4244153" type="General" weightage="80" keywordseo="j-m-financial" source="Orion">J M Financial</keyword>. Just one or two product successes are sufficient to drive positive brand perception about HMCL – and that will enhance its overall appeal across its product portfolio, the brokerage adds. The commentary from the dealers is also encouraging as most of them across 13 states are seeing good sales in higher double digits. The festive season too is around the corner and the new launches should only take things forward. It has already reported a 5.5% rise in total sales in August rose 5.6% to 488,717 units, as compared to a year back. Riding back into the game Hero Moto’s Passion Plus, launched in June, is a refreshed version of one of India’s best selling bikes – and two of the latest launches are the premium segment. While the Harley Davidson X440, which came out in July, will take on the likes of <a href="https://www.businessinsider.in/business/auto/webstories/hero-karizma-xmr-210-vs-bajaj-pulsar-rs200-which-bike-should-you-buy-under-2-lakh/slidelist/103241906.cms">Triumph and Royal Enfield</a>, the latest <a href="https://www.businessinsider.in/business/auto/webstories/hero-karizma-xmr-210-vs-bajaj-pulsar-rs200-which-bike-should-you-buy-under-2-lakh/slidelist/103241906.cms">Karizma XMR</a> will take on Bajaj’s Pulsar. “Passion+ has been received well by customers and there is excitement around new premium launches. Customer enquiries for HD X440 remain high and bookings are further expected to increase with wider availability of the model in the network,” said J M Financial. More than Splendour Hero MotoCorp (HMCL) banked heavily on its biggest hit, the Splendor, which was India’s highest selling bike, for a long time. It was all well for the 39-year-old company until India started shifting towards the slightly more premium bikes being offered by Bajaj, <keyword id="94237" type="General" weightage="100" keywordseo="royal-enfield" source="Orion">Royal Enfield</keyword> and to an extent TVS. The inability to play in that segment (200 cc to 350/400 cc) meant that the competition vroomed ahead. “HMCL’s market share in the 125+cc motorcycle segment declined from 12% in FY13 to 3% in FY23 due to lack of premiumisation-focused new product launches,” said a report by J M Financial. Now, after taking time, and having signed a partnership with Harley Davidson, the bike maker is looking to bounce back. Hero’s launch pipeline has sporty or premium 125 110-125 cc motorcycles in the executive segment and they also plan another 125 cc scooter. All these launches will spell good news, brokerages believe. “New launches in the scooter segment, Super splendor and Passion Plus are getting good traction and HMCL is ramping up Glamour 125 for rural demand and model launches in the premium segment should help market share gains,” said a report by Prabhudas Liladher. The 2W demand pick up The two-wheeler demand itself has been muted for years now due to a muted rural market. Yet, most players have indicated that greenshoots are being seen in demand with steady government spending in rural areas due to general elections next year. As the market itself grows, HMCL with its new launches is expected to grow ahead of its peers. There is a huge replacement demand market in 2-wheelers which is expected to push sales. A few quarters back, the company was seeing replacement demand of 4-5%, and now it has reached 10%. “HMCL is seeing indication of strong demand in the rural market and is aiming to grow ahead of the industry on back of aggressive model launch cycle across categories and gain market share,” said a report by Prabhudas Liladher. It is also expanding the distribution of its EV two-wheeler Vida. It’s already present in 36 cities, and the count is expected to go to 100 by the end of the calendar year. It plans to launch new products from FY25 onwards. Even as EV sales are currently muted, the company expects to reach leadership position in this segment in the coming years — but for the medium term its ICE brands are also expected to gain speed. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Hero MotoCorp set to take on Bajaj and Royal Enfield with fresh launches

<ul><li>Market watchers have been hoping that India might head to a <keyword id="1067776" type="General" weightage="20" keywordseo="capex-cycle" source="Orion">capex cycle</keyword> as seen in 2003-08.</li><li>While there are similarities, the global demand scenario is different, say economists.</li><li>In terms of announcements, most of them relate to airlines where the benefits flow to the manufacturers outside India. </li></ul>The Indian markets are hitting new highs every day and the government is hopeful that this will translate to a higher capital expenditure (capex) cycle starting soon. However, even as hopes build for a repeat of 2003-08, the early indicators are mixed, as per economists. “There have been affirmative statements made by several companies on investment in FY24 which is positive as it is premised on a recovery in consumption demand. The picture for the first quarter of the year is, however, quite expectedly mixed. Therefore the announcements are definitely not broad-based and are restricted to a handful of sectors,” say economists at Bank of Baroda. What’s common with 2003-08? Most experts say that levers are in place for a repeat for the 2003-2208 high capex phase, which was led by private investment. Tailwinds for a capex recovery are similar — like higher utilisation levels which are also expected to pick up in demand. Strong bank and corporate balance sheets, an infrastructure push by the Indian government in the form of highways, railways, rural infra, Jal Jeevan Mission and defence spending should augur well for this. Moreover, the Production Linked Incentive (PLI) is also another added positive for domestic manufacturing, in addition to the push for energy transition. The amplified need for data centres and China+1 strategy are providing a fertile ground for revival of the capex cycle, says India Strategy report by Prabhudas Liladher. “This is likely to be the first industrial led capex cycle after the 2003-08 cycle was led by power and infra,” says the Prabhudas Lilladher report. A Kotak Institutional Equities report agrees that the levers are in place but remains cautious, it believes that the space for a sustained pace of <keyword id="4875151" type="General" weightage="20" keywordseo="government-capex" source="Orion">government capex</keyword> is limited. “Private capex cycle would require visibility of long-term high demand growth (including global growth), which is still missing. For now, even as the long-term growth fundamentals remain strong, we remain cautious in calling out for a broad-based sustained capex cycle,” Kotak says. Without a global impetus and visibility of medium to long-term demand, the capex cycle over the next 5-7 years may be much narrower and slower than 2003-08, the report adds. Airlines invest, but where? As much as ₹5.96 lakh crore worth of investments have been announced for Q1FY24 – of which 74% share comes from the airlines sector. “Investments in this industry are unique in so far as it involves purchase of aeroplanes which are imported. Hence while it does add to the capital stock of the country it would not be generating backward linkages with other sectors and hence other related industries may not benefit much from such purchases. The boost is more for the global manufacturers of these aircrafts,” says Bank of Baroda. The share of power sector is 10%, and is from the conventional space. The chemicals sector has a share of 8% followed by machinery with 3% and the auto sector with 2%. ‘Optimism in the long-term’ Data from the funds raised in the corporate bond market also provides a clue into the mood of private investments. As per BoB data, the total amount of funds raised was impressive at ₹2.33 lakh crore as against ₹0.97 lakh crore in the last year. Here too, 89% of the funds mobilised was from the financial sector of which asset financing companies accounted for 72% – indicating limited fund raising by non-finance companies. “Therefore, the investment story looks blurred when looked at from the point of view of the debt market. There could be reasons to be optimistic of the future. However, in the short to medium term the heavy lifting has to be done by the government on investment,” say BoB economists.

India on the brink of witnessing a 2003-08 kind of capex push but challenges remain

<ul><li>One of India’s largest farm equipment manufacturers, Mahindra &amp; Mahindra is all set to announce its results on August 7. </li><li><keyword id="50805" type="COMPANY" weightage="20" keywordseo="Mahindra-and-Mahindra">Mahindra and Mahindra</keyword>’s share price has rallied over 114% since March 31</li><li>The farm equipment segment contributes around 30% to the overall revenue of the company and is expected to show faster recovery compared to other segments.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Mahindra and Mahindra’s share price has rallied over 114% since March 31 as investors are hoping for better first-quarterly earnings than its peers. <div type="image" title="M&amp;amp;M share" msid="77389237" hostid="261"></div> One of India’s largest farm equipment manufacturers, Mahindra &amp; Mahindra is all set to announce its results on August 7. The farm equipment segment contributes around 30% to the overall revenue of the company. And, it is expected to show faster recovery than other segments, on the back of strong Rabi crop harvest, procurement by state governments at remunerative prices, healthy water levels and timely arrival of monsoon. This expectation is despite the fact that the tractor volume declined 24% YoY to 65,651units in the April to June quarter. <div type="image" title="M&amp;amp;M Revenue" msid="77389263" hostid="261"></div> M&amp;M’s recovery is better than the peers The Mahindra group had the benefit of catering to the farm sector at a time when the coronavirus induced lockdown had brought the urban demand for cars to a standstill during this period, and that’s a reason why it has also been the better performing of the auto stocks this year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">114% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37.39% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66.53% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48.52% </td></tr></tbody></table> After its competitor, Escorts already posted marginal profit in first-quarter earnings; investors are now watching for M&amp;M to show a similar or better trend. However, the brokerages aren’t very optimistic about the company’s prospects, and as per the various analyst reports, M&amp;M is projected to see a profit dip of nearly 81%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit growth (expected) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-77.30% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareKhan </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-78% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-87.70% </td></tr></tbody></table> According to Motilal Oswal report, the company’s main challenge lies in its global subsidiaries, some of which are making significant losses. Although in January to March quarter the lockdown was just for one week, the quarter turned out to be full of losses for M&amp;M — when the company reported a consolidated net loss of ₹3,255 crore, largely because of a one-time charge for global subsidiaries like Ssangyong. However, there’s no such indication of further investment in SsangYong, according to Prabhudas Liladher report. But the lost sales in April and early May might drag the profit. The company sold nearly 56% less vehicles in the first quarter in comparison to what it sold last year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">56,293 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,29,227 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-56.40% </td></tr></tbody></table> SEE ALSO: EXCLUSIVE: <a href="https://www.businessinsider.in/stock-market/news/mahindra-and-mahindra-finance-managing-director-gets-candid-about-the-rights-issue/articleshow/77212386.cms" data-type="tilCustomLink">M&amp;M Financial Managing Director gets candid about the rights issue, the bleak prospects for this year and why there should be no more loan moratorium</a> <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms" data-type="tilCustomLink">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a>

M&M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it

<ul><li>The Tata Group-owned IT giant Tata Consultancy Services’ market valuation on BSE soared beyond $170 billion on Monday. </li><li>However, the euphoria was short-lived. The stock dipped nearly 0.45% by afternoon trade, bringing down its valuation to $167 billion.</li><li>While the world's largest IT company stint was a short one for <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>, it continues to be the largest in India. </li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider.</a></li></ul>The Tata Group-owned IT giant Tata Consultancy Services’ (TCS) market valuation on BSE soared beyond $170 billion on Monday, holding the position of the world’s most valuable IT company for a short period. The company beat American-Irish multinational Accenture, which has a $168 billion market cap on New York Stock Exchange (NYSE). However, the euphoria was short-lived. By afternoon trade, the stock dipped nearly 0.45% to ₹3,314 from an all-time high of ₹3,339. This brought down TCS valuation to $167 billion. <div type="image" title="TCS Share" msid="80446078" hostid="261"></div> While the world's largest IT company stint was a short one for TCS, it continues to be the largest in India. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market Cap </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$167 billion </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$78 billion </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$36 billion </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$33 billion </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$13 billion </td></tr></tbody></table>*Market cap value as of 12:30 pm on Jan 25 <div type="Article" hostid="261" msid="80442243" title="An American electric car maker explains why it took a different route than Elon Musk’s Tesla, Tata Motors or Mahindra" mstype="2" mssubtype="0"></div> Since March 2020, even with the coronavirus pandemic, the TCS stock has gained over 82% in value, and analysts believe that there is more room for a rally ahead. A significant spike in its share price came in the past two weeks led by the company’s <a href="https://www.businessinsider.in/business/corporates/news/tcs-delivers-yet-another-strong-quarter-with-16-growth-in-profit-as-covid-drives-tech-spending/articleshow/80173561.cms">strongest December quarter</a> in at least nine years — thanks to COVID-induced acceleration in tech adoption. According to Geojit Financials, the company’s order book continues to remain strong. Its new product offerings have seen a great response with several new client additions across platforms. It also expects TCS’s topline and profit margins to improve further from current levels in the coming quarters, as revenue is realized from the products that went live during third-quarter. Check out analysts’ recommendation for TCS: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3667 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Direct </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3550 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3586 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms" data-type="tilCustomLink">Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms" data-type="tilCustomLink">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

TCS briefly beats Accenture to become the world's largest IT company

<ul><li>According to various analysts reports, Eicher is slated to see a 63% revenue dip and over 90% fall in its profit.</li><li>The commercial vehicle segment declined 84%, with no sales in April. </li><li>For the first time since its renaissance in 2008, <keyword id="94237" type="COMPANY" weightage="20" keywordseo="Royal-Enfield">Royal Enfield</keyword> has witnessed a demand weakness, the management said.</li></ul>A massive drop in the sales of <keyword id="80296" type="COMPANY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword>’ is all set to pinch the company’s first quarterly earnings on Thursday (August 13). The overall industry is already suffering from slowdown due to BS6 transition and a weak economy, “Covid-19 pandemic has further worsened the situation,” the management admitted during its last investor call The company also does not expect any normalcy in sales numbers until the first half of this fiscal year. The COVID-19 induced pessimism around public transport has also impacted sales of new buses, a segment that Eicher motors excel in. Adding to its woes, the lockdown forced labourers and drivers to return to their villages, weighing on the economy as well as impacting the supply chain and operations. And, that is already reflective in its last quarter sales number. The commercial vehicle segment declined 84%, with no sales in April. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY20 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VE Commercial Vehicles </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2100 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-84% </td></tr></tbody></table> Eicher’s business was not immune to the slowdown either. Various analyst reports expect this to take a toll on its profit and revenue. The company is likely to see a 63% revenue dip and over 90% fall in its profit in its first-quarter earnings. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected revenue growth </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected profit growth </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">89% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">63% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86% </td></tr></tbody></table> For the first time since its renaissance in 2008, Royal Enfield has witnessed a demand weakness, the management said. Although they further added that the love for its premium bike Royal Enfield had brought back its customers in the market. But the lost sales in April have already dragged down the overall numbers. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY20 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Royal Enfield </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57,300 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-69% </td></tr></tbody></table> “We believe new products would help expand the addressable markets and drive the next phase of growth for RE,” said Motilal Oswal report dated June 14. However, due to continuous market challenges, the company refrained from launching new products. Despite the challenges, the share price has held its momentum, with some help from the stock split announcement. Since the beginning of the first quarter, the stock has jumped almost 65% to date. <div type="image" title="Eicher share" msid="77497393" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/meet-kamala-harris-joe-bidenaposs-pick-for-vice-president/slidelist/77495266.cms" data-type="tilCustomLink">Meet Kamala Harris, Joe Biden's pick for vice president</a> <a href="https://www.businessinsider.in/india/news/central-vista-project-3-firms-qualify-for-submission-of-financial-bid-for-new-parliament-building/articleshow/77496431.cms" data-type="tilCustomLink">Central Vista project: 3 firms qualify for submission of financial bid for new Parliament building</a>

The power of Eicher’s iconic Royal Enfield to keep profit engine running will be tested

<ul><li>According to various analyst reports, <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> is likely to see a 66% revenue dip and over 88% fall in its profit in its first-quarter earnings. </li><li>The sales were down nearly 54% in the first quarter due to weak market sentiments.</li><li>However, the company is seeing some signs of recovery. According to the lobby of auto manufacturers FADA, Hero’s India market share has risen to 41% for July.</li></ul>Rural demand may cushion Hero MotoCorp's first quarterly earnings, but the loss of sales in April may take a toll on its profit. India’s largest two-wheeler manufacturer will announce its first-quarter results tomorrow. The lost sales account more than what the company sold during the quarter under review. The sales were down nearly 54% in the first quarter due to weak market sentiments. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,26,394 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,63,426 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-54% </td></tr></tbody></table> According to various analyst reports, the company is slated to see a 66% revenue dip, and over 88% fall in its profit in its first-quarter earnings. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage on Hero Moto </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected profit growth </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expected revenue growth </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-76.20% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share Khan </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-95.40% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-65% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">93.80% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66.40% </td></tr></tbody></table> The company also informed investors that the full demand recovery is only expected as early as in the second half of the year — driven by buoyancy in rural sentiments, pent-up demand, and preference for personal transport to ensure safety in a post-COVID era. COVID-19 has hurt the automobile sector in India, and Hero’s story is no different. But Hero MotoCorp was one of the first few companies that emerged stronger from the lockdown as compared to its peers. Despite the lost sales, according to the lobby of auto manufacturers FADA, Hero’s market share has increased up to 41% in India — all thanks to the normal monsoon, a bumper Rabi crop, and its greater reach in the rural market. <div type="image" title="market share" msid="77505773" hostid="261"></div> And, that is what the investors have been betting on, the share price is trading higher than its pre-COVID level. The stock has multiplied investor wealth over 74% since the beginning of the first quarter. <div type="image" title="Hero 1" msid="77505801" hostid="261"></div> However, analysts at Dolat Capital still believe that the short-term business outlook remains uncertain due to the COVID-19 pandemic. Brokerages are expecting the numbers to be better than what its competitor TVS posted last week. But it is pertinent to note that TVS Motor reported a standalone net loss of ₹139.1 crore for the first quarter ended June 30. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages on Hero </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recos </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareKhan </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,100 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,875 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,100 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/business/news/meet-the-makers-of-motera-stadium-the-same-company-that-designed-melbourne-cricket-ground-and-sections-of-lords/articleshow/77499104.cms" data-type="tilCustomLink">EXCLUSIVE: Meet the makers of Motera Stadium — the same company that designed Melbourne Cricket Ground and sections of Lord’s</a> <a href="https://www.businessinsider.in/india/news/interglobe-aviation-indigo-shares-gained-over-9-after-the-company-decides-to-lease-back-12-of-its-aircrafts/articleshow/77500385.cms" data-type="tilCustomLink">IndiGo shares rally over 9% after the company decides to lease back 12 of its aircrafts</a>

Hero Moto’s lost sales will take a toll on its earnings — profit likely to fall over 88% in the first quarter

<ul><li>The world's most valuable two-wheeler company <keyword id="6359783" type="ORGANIZATION" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> is slated to report its third-quarterly earnings tomorrow. </li><li>The top brokerages expect the company to lose margin as three-wheeler sales have been tepid in the Oct-Dec quarter.</li><li>Meanwhile, the stock has jumped 28% since Sep-end and the market capitalization crossed the ₹1 trillion mark in Dec on the Indian stock exchanges. </li><li><a href="https://www.businessinsider.in/budget">Check out the latest stories on Business Insider</a>. </li></ul>Bajaj Auto, the world's most valuable two-wheeler maker, has already reported the number of vehicles it sold in the October-December quarter. Investors are now waiting to see how much profit it made from those sales. Analysts fear the margin may get squeezed by high raw material cost and the discounts offered in the last couple of months. While the company may be more popular for its Pulsar model of motorbikes, Bajaj Auto makes a much bigger profit margin on every auto-rickshaw that it sells. The three wheeler sales haven’t recovered yet. “Volumes increased by 9% YoY primarily led by 26% YoY increase in export motorcycle volumes offset by 36% YoY decline in three-wheeler segment volumes,” noted the Axis Securities report. Therefore, according to various brokerage reports, the automaker is slated to see at least 12% growth in its profit-after-tax. Street’s view: Bajaj Auto Q3 expectations <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue Growth (estimate) </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit Growth (estimate) </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BP Wealth </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.60% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.90% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.60% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr></tbody></table>Source: Brokerage reports Meanwhile, the share price of Bajaj Auto has risen nearly 28% since September 30, as the investors cheered robust sales growth during the quarter. The stock achieved a milestone in December after its market value crossed the ₹1 lakh crore ($14 billion) mark on the Indian stock exchanges. <div type="image" title="Bajaj Auto share (1)" msid="80363407" hostid="261"></div> Here’s what to expect from Bajaj Auto in Q3 While the three-wheeler continued to stay under pressure, Bajaj’s third quarter sales were 9% better than the same period last year. The analysts’ reports credit the year-end offers and the festive demand for the spike in revenue aside from the sharp jump in exports. <div type="image" title="Bajaj Auto (1)" msid="80363436" hostid="261"></div> Discounts eat into the margin, and input costs have risen too The Axis Securities report highlighted that the gross margin is expected to be slightly lower than last year on account of inflationary pressures on input costs. The coronavirus came at a time when the automakers were already battling with new emission norms and passing on the high input cost during that period wasn’t an option for the already reeling industry. According to a BP Wealth report, “earnings before interest, taxes, depreciation, and amortization (EBITDA) margin is expected to get contracted by 110 bps due to higher input costs and limited pass on of BS-VI costs.” Although the <a href="https://www.indiacarnews.com/news/bajaj-tvs-and-royal-enfield-motorcycles-get-expensive-43814/#:~:text=Bajaj%20Auto%20Price%20Hike,3%2C480%20and%20Rs%203%2C500%20respectively.">company did hike prices to offset the</a> cost, it was too late for it to impact the earnings. The analysts believe that the margins may improve over the next quarter after the recent price hike. “Gradual pass-through of BS-VI costs and tight cost controls are expected to offset RM cost inflation and negative impact of removal of MEIS benefit,” said the Nirmal Bang preview report. Exports to have a bigger share of the revenue pie this time With its exports growing at a higher pace top brokerages remain optimistic about its growth trajectory. The company is witnessing a faster recovery in key international markets of Africa, Latin America and others. Being the largest exporter in the three-wheeler category, the company is deemed to grow, according to ICICI Securities report dated December 16. Bajaj Auto has also been a beneficiary of rupee depreciation, with reported operating margins at industry-leading levels. Here’s what the top brokerages recommend Given all the positives around the brokerages remain Bullish on its stocks. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3850 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3920 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target met </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3500 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4000 </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms" data-type="tilCustomLink">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms" data-type="tilCustomLink">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a>

Bajaj Auto’s Pulsar bikes are still selling fast but its auto rickshaws aren’t⁠— it may squeeze the margin

<ul><li>Antony Waste Handling Cell is all set to float its ₹300-crore initial public offer (IPO) for the second time on December 21.</li><li>This will be the first and the biggest IPO by a solid <keyword id="6359012" type="UNKNOWN" weightage="20" keywordseo="waste-management">waste management</keyword> and transportation company as there are no listed peers of the company.</li><li>Antony Waste Handling Cell Limited has an established track record of 17 years and is among the top five players in its space. </li><li>There are various risk factors highlighted in the company’s red herring prospectus, which investors must consider before they decide to invest in the company.</li></ul>India's second-largest Municipal Solid Waste Management (MSW) company, Antony Waste Handling Cell is all set to float its ₹300-crore initial public offer (IPO) for the second time on December 21. The company earlier in March launched a ₹200 crore IPO but had to withdraw it following a tepid response from investors. But it looks like it is all geared up this time, and the company has revised the price band to ₹313-315 per share. The grey market premium for its shares is hovering at ₹45-50 — suggesting an upside of 15% over the issue price band. This will be the first and the biggest IPO by an MSW collection and transportation company as there are no listed peers on the Indian stock exchanges as of now. The company said the proceeds from the issue would be utilised for part-financing for its PCMC WTE project through investment in its subsidiaries, and for the reduction of the consolidated borrowings. Here’s are the Investment experts recommendations for <keyword id="8862926" type="UNKNOWN" weightage="20" keywordseo="antony-waste-handling-ipo">Antony Waste Handling IPO</keyword> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendations </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Capital </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit Financials </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financials </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Not Rated </td></tr></tbody></table> Strong track record and marquee clients Antony Waste Handling Cell Limited has an established track record of 17 years and is among the top five players in the Indian MSW management industry. It is indulged in providing a full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities. The company has few of the marquee clients in its kitty including the Municipal Corporation of Greater Mumbai (MCGM), the Navi Mumbai Municipal Corporation (NMMC), the Thane Municipal Corporation (TMC), Pimpri Chinchwad Municipal Corporation (PCMC), the North Delhi Municipal Corporation (NDMC), and other municipal corporations. Significant growth in revenue Just like its strong client base, the company also has a strong track record of profitability in the past fiscals. Antony Waste Handling Cell profit has grown over 35% in the past three years. <div type="image" title="Antony Waste Handling Cell" msid="79791059" hostid="261"></div> And, its long-term nature of projects (ranging from 5-25 years) gives visibility for consistent revenue generation in future. De-risked business model with a diverse portfolio of projects According to Axis Capital, in this industry, the number, size and duration, of simultaneously ongoing projects is considered an indicator of future performance since they provide an indication of anticipated future revenue. Company’s project portfolio is diversified across services provided, counterparties, project duration, nature of contracts and geographical areas where they operate. And, the growing MSW industry will ensure growth in its business. According to the Frost &amp; Sullivan Report, The MSW Management market is estimated at ₹50,000 million for FY2020 and is expected to reach ₹98,000 million by FY 2025 at a CAGR of 14.4%. Risk factors to consider before subscribing Despite its established track record, there are various risk factors highlighted in the company’s red herring prospectus which investors must consider before they decide to invest in the company. Here a brief look at the top risk factors. Majority portion of the revenue comes from limited clients The company said it had derived a significant portion of our revenue from a limited number of clients and it may continue to derive a significant portion of its revenue from such clients. According to RHP, the top five clients contributed 81.76% in FY 2020. And, any adverse development with any of its top clients, including as a result of a dispute with or disqualification by any major customers, may result in a significant reduction in its cash flows and liquidity. Dependent on municipalities for budgets The company is largely dependent on municipalities for a substantial proportion of its business and revenue. And, the company highlighted that many municipalities have been struggling to fund various solid waste management projects from their own revenue receipts and are highly dependent on the government's budget allocation. And, any decline in the budgetary allocation towards MSW projects will have a material adverse impact on its business, financial condition, and results of operations. Out of 18 ongoing projects, 17 of its projects have been awarded by municipal corporations, according to the prospectus. Limited reach The company has its clients based out of limited geographies including Maharashtra, Delhi and other states. And, its exposure to projects in new geographies and with other municipal corporations may not yield much profit as its current contracts. SEE ALSO: <a href="https://www.businessinsider.in/science/news/fda-says-it-will-rapidly-work-toward-authorizing-modernas-covid-19-vaccine/articleshow/79789544.cms" data-type="tilCustomLink">FDA says it will 'rapidly work toward' authorizing Moderna's COVID-19 vaccine</a> <a href="https://www.businessinsider.in/tech/news/facebook-and-google-have-been-accused-of-striking-a-secret-illegal-advertising-deal/articleshow/79778780.cms" data-type="tilCustomLink">Facebook and Google have been accused of striking a secret, illegal advertising deal</a>

Antony Waste Handling Cell ₹300-crore IPO opens today — these are the risks and opportunities

<ul><li>The IT sector has been projecting the highest salaries in the US. </li><li>India ranks sixth on the global charts for the highest-paid salaries in India. </li><li>According to World Economic Forum, the IT sector is expected to create nearly 133 million new jobs by 2022.</li></ul> Driven by demand for skilled workforce in emerging <keyword id="28128" type="DOMAIN" weightage="20" keywordseo="Technologies">technologies</keyword> including Big Data, <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">Artificial Intelligence</keyword> and cyber security, the information technology sector has been projecting higher salaries to fill its talent pool. On an average, salaries of full-time employees in the IT industry ranges from $17,641(nearly ₹1.23 million) to $1,18,836 (₹8.25 million), according to a stock broking firm Prabhudas Liladher— with the US extending highest salaries to its employees. While India ranks sixth in terms of employee remuneration. <table style="border-width: initial; border-style: none; width: 468pt;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Highest paying countries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Average Salary offered(USD) per annum in 2018 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">USA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">1,18,836 ( ₹8.25 million) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">UK </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">80,244 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Canada </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">96,785 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">China </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">40,038 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Philippines </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">23,500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">17,641 ( ₹1.23 million) </td></tr></tbody></table> According to the data accumulated over the last seven years, US working professionals have been offered the highest and consistently growing salaries in the IT sector. Overall, the country has an average take home salary as $60,717( nearly ₹4.2 million), as per the data by Management Development Institute (MDI) <a href="https://www.msn.com/en-in/money/photos/the-30-countries-where-people-get-paid-the-most/ss-AAyNHX0#image=1">World Talent Ranking</a>. Following the trend, China and Canada have also shown a positive growth in salaries, owing to the new technologies fueling the job market. However, Indian working professionals witnessed a significant dip in salaries in the last seven years — from $20,372( ₹1.41 million) in 2012 to $17,641 (₹1.23 million) in 2018. The noted drop in salaries may be due to the reduction in manpower as automation took over majority of tasks. 
 
 
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 The trend shows the gap among the leading countries for the IT job roles, compared to India. However, the IT sector seems to be bracing up for extensive hirings in India. The emerging digitalisation will eventually lead to a rise in demand for workforce skilled in automation tools including artificial intelligence and machine learning. According to World Economic Forum, the IT sector is expected to create nearly 133 million new job opportunities by 2022. See also: <a href="https://www.businessinsider.in/hiring-tcs-infosys-wipro-and-others-up-12-months-in-a-row/articleshow/69019342.cms">Hiring by Indian IT companies has grown 12 months in a row, up over three-fold</a> <a href="https://www.businessinsider.in/amazon-facebook-apple-google-face-low-h1b-rejection-rate-while-deloitte-capgemini-suffer/articleshow/69734189.cms">H-1B visas: US immigration seems to like certain companies more than others</a> <a href="https://www.businessinsider.in/us-h-1b-visa-rejection-rate-may-trigger-tech-ma/articleshow/69721592.cms">Rise in US H-1B visa rejection may force Indian tech companies to look at M&amp;A</a>

Here’s how much an IT employee makes in different countries

<ul><li>All of SBI’s windfall from SBI Life stake sale went into provisioning for bad loans.</li><li>ICICI Bank stock could be re-rated based on its exposure to latest list of troubled firms.</li><li>HDFC Bank’s retail loan quality has not deteriorated but slow pick up in auto loans might affect it in the future.</li><li>Kotak Mahindra Bank is already affected by slow uptake in loans and its credit costs are also growing.</li></ul>There has been a lot of fear around the health of Indian banks, including the large ones, for a while now⁠— largely due to rising bad loans. However, if you look at some of the top banks in the country⁠— like the State Bank of India (SBI), ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Yes Bank⁠— one would find that the factors that affect the earnings are largely different. Yes Bank’s gross non-performing assets or basically loans where recovery is tough stands at ₹17,134 crore which is more than four times what it was in the same quarter last year-- ₹3,866 crore. And it might have <a href="https://www.business-standard.com/article/finance/yes-bank-stock-falls-by-15-as-investors-worry-over-hdil-dhfl-exposure-119093001180_1.html">more to come </a>because of its extensive exposure to troubled shadow banks like Housing Development Infrastructure (HDIL) and Deewan Housing Finance (DHFL). Not just that, it also has exposure to Anil Dhirubhai Ambani Group and Essel Group as well. In this regard, SBI has more to worry about the crisis in the country’s shadow banks, whereas Kotak and HDFC Bank are largely untouched by the same crisis because they lend more to individuals than corporates, while ICICI Bank too has managed to curb its exposure to troubled sectors like telecom and real estate financiers. The same cannot be said for Yes Bank, whose bad loans have been consistently rising over the last one year. 
 
 
 
 
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 The SBI story The fortunes of India’s largest bank State Bank India depends on the survival of the shadow banks that it has lent to. After the IL&amp;FS debacle last year, a lot more are in the line and it has an exposure to Dewan Housing Finance which has not yet sunk but on thin ice. Yet this quarter has been better than expected for SBI as its profits went up three times over from the same quarter last year. But that is not the best news it has received this quarter. Its slippages which is basically the extent of loans that have turned bad---have come down by half. Going ahead, its health will depend on how it holds onto this number and DHFL’s survival is extremely important. But the bank is confident that its slippages will not go down below 2%. For a bank with a vast loan book, it is as high as ₹8,000 crore. Basically, it’s a good enough quarter for SBI if its loans worth this ₹8,000 crore turn bad, and not more! ICICI Bank has corrected its course over time The country’s largest private bank ICICI Bank too has an asset quality problem and its extent of slippage is lower too. Its slippages came at ₹2,480 crore for the quarter -- at around 1.7% of its total loans. The improving asset quality has helped the stock price which has gained 17.2% in the last six months. “Importantly, it displays no large stress exposure to some downgraded groups or emerging stress groups, while also has lower exposure to telecom, housing finance companies, non-banking financial companies and builders,” said a report by Prabhudas Liladher. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 As much as ₹1,260 crore worth loans recovered to get off the ‘dud’ category and that is much better news. When banks have fewer bad loans on their books, they have to keep less amount aside -- as per regulations. It means they will have more amount at their disposal to lend, which also doubles as growth money in case of banks. This will help the bank compete with other private banks on a war path of growth like Kotak Mahindra and HDFC Bank which are exhibiting double digit growth. Individual borrowers in India are better in repaying loans than companies⁠— and that helps HDFC Bank and Kotak Mahindra. While HDFC’s loan growth is at 15% from last year, in spite of the fact that this bank which lends to individuals instead of corporates is seeing lack of interest for two good segments -- auto and housing. The loan book of Kotak Mahindra which has a mix of retail and corporate clients grew by 20%. But these banks will see the effect of slowdown that is lulling the economy. “Slower-than-expected loan growth will likely delay the leveraging up process and higher than expected slippages and credit costs given weaker macros. Weakness in capital markets would impact the flow businesses,” said Nomura in a report on Kotak Mahindra Bank. While other banks are offering lower rates for deposits, an aggressive Kotak Bank is offering rates as high as 8% to ensure it has enough money to lend to its borrowers. But that has also meant that it has a narrower profit margin.

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