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• Real GDP growth was weighed down by a sharp slowdown in gross fixed capital formation
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• We go into April with adequate banking system liquidity.
• It could increase from forecast levels receipts/revenues show further decline
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The earnings yield (which is the inverse of the P/E ratio) shows the percentage of how much a company earned per share. This yield maybe used to determine optimal asset allocation for debt and equity. The earnings yield of a broad market index (such as the S&P Sensex) is compared to prevailing interest rates, such as the current 10-year G-sec yield. If the earnings yield is less than the 10-year G-sec yield, stocks as a whole may be considered overvalued. If the earnings yield is higher, stocks may be considered undervalued relative to bonds.
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-15%
-10%
-5%
0%
5%
10%
CY14 CY15 CY16 CY17 CY18 CY19e CY20e
IT Services Growth
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
TCV Of deals (US$ bn)
5.0%
7.0%
9.0%
11.0%
13.0%
15.0%
FY14 FY15 FY16 FY17 FY18 FY19
IT Revenue growth
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FY2020- A year to forget for auto sector:
Units Mar-20 Mar-19 YoY % FY20 FY19 YoY % 2 WheelersHero Motocorp 3,34,647 5,81,279 -42% 64,09,719 78,20,739 -18%HMSI 2,61,699 2,49,136 5% 50,31,297 59,00,658 -15%TVS Motors 1,33,988 3,10,885 -57% 30,89,335 37,57,274 -18%Bajaj Auto 2,10,976 3,23,538 -35% 39,47,568 42,36,873 -7%Eicher Motors 35,814 60,831 -41% 6,95,947 8,26,098 -16%
Passenger VehiclesMaruti Suzuki 83,792 1,58,076 -47% 15,63,297 18,62,449 -16%Hyundai Motors 32,279 61,150 -47% 6,55,170 6,99,338 -6%Honda Cars 3,913 17,240 -77% 1,05,842 1,88,585 -44%Tata Motors 5,676 17,810 -68% 1,31,197 2,10,143 -38%M&M 3,384 27,646 -88% 1,86,978 2,54,701 -27%Toyota Kirloskar 8,022 13,662 -41% 1,25,784 1,59,468 -21%
Wholesale volumes of OEMs for the month of March 2020 (including exports):
Wholesale volumes of OEMs for the month of March 2020 (including exports):
Units Mar-20 Mar-19 YoY % FY20 FY19 YoY % Commercial VehiclesTata Motors 5,336 50,917 -90% 3,10,855 4,68,692 -34%Ashok Leyland 2,179 21,535 -90% 1,25,253 1,97,366 -37%M&M 2,325 24,423 -90% 1,99,135 2,48,601 -20%Eicher Motors 1,499 8,676 -83% 48,721 72,969 -33%
3 WheelersBajaj Auto 31,599 69,813 -55% 6,67,644 7,82,630 -15%TVS Motors 10,751 14,438 -26% 1,74,000 1,56,428 11%M&M 421 6,943 -94% 62,187 66,699 -7%Atul Auto 1,091 4,612 -76% 44,082 50,049 -12%
TractorsM&M 13,613 19,688 -31% 3,01,915 3,30,436 -9%Escorts 5,444 11,905 -54% 86,018 96,412 -11%
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