Motilal Oswal Fin
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April 29 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MARCH-QUARTER CONSOL NET LOSS 2.21 BILLION RUPEES
MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 26.76 BILLION RUPEES
Further company coverage: MOFS.NS
(([email protected];;))
April 29 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MARCH-QUARTER CONSOL NET LOSS 2.21 BILLION RUPEES
MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 26.76 BILLION RUPEES
Further company coverage: MOFS.NS
(([email protected];;))
March 4 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
UNIT ENTERED INTO AN AGREEMENT WITH ASIAN DEVELOPMENT BANK
UNIT TO RAISE USD 100 MILLION IN FORM OF DEBT THROUGH ISSUANCE OF NON-CONVERTIBLE DEBENTURES
Source text: ID:nBSE7qNTf7
Further company coverage: MOFS.NS
(([email protected];;))
March 4 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
UNIT ENTERED INTO AN AGREEMENT WITH ASIAN DEVELOPMENT BANK
UNIT TO RAISE USD 100 MILLION IN FORM OF DEBT THROUGH ISSUANCE OF NON-CONVERTIBLE DEBENTURES
Source text: ID:nBSE7qNTf7
Further company coverage: MOFS.NS
(([email protected];;))
Updates share levels, adds brokerage comments in paragraphs 3,8
Feb 16 (Reuters) - Shares of Indian bourse BSE BSEL.NS led losses among bourse and brokerage stocks on Monday, dropping as much as 9.9%, after the country's central bank tightened norms for bank lending to stock brokers and other market intermediaries.
On Friday, the Reserve Bank of India issued revised norms regarding banks' lending to capital market participants, including higher collateral requirements for bank guarantees and a ban on lending for proprietary trading by brokers.
Proprietary trading, which involves using a company's own funds to trade, accounts for 50% of equity options premium turnover, according to Jefferies. Stricter collateral requirements for bank financing to such traders would raise costs.
Stock brokers Groww BILO.NS, Angel One ANGO.NS and Motilal Oswal Financial Services MOFS.NS fell as much as 4.8%, 9.5% and 3.3%, respectively.
The revised norms will take effect from April 1.
The new rules, in conjunction with the recently hiked transaction tax on equity futures and options, are expected to dampen derivative trading volumes. India's federal government and financial regulators have taken several steps to cool the derivative trading market, where retail investors have made losses.
Jefferies pegs BSE as the most affected by the new regulations on proprietary trading, which could result in a 10% earnings impact on the exchange operator.
Angel One would need to "immediately relook" its funding for the margin trading facility, JM Financial analysts said in a note, while Groww may need to raise funds from the market.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman)
(([email protected]; Mobile: +91 9591011727;))
Updates share levels, adds brokerage comments in paragraphs 3,8
Feb 16 (Reuters) - Shares of Indian bourse BSE BSEL.NS led losses among bourse and brokerage stocks on Monday, dropping as much as 9.9%, after the country's central bank tightened norms for bank lending to stock brokers and other market intermediaries.
On Friday, the Reserve Bank of India issued revised norms regarding banks' lending to capital market participants, including higher collateral requirements for bank guarantees and a ban on lending for proprietary trading by brokers.
Proprietary trading, which involves using a company's own funds to trade, accounts for 50% of equity options premium turnover, according to Jefferies. Stricter collateral requirements for bank financing to such traders would raise costs.
Stock brokers Groww BILO.NS, Angel One ANGO.NS and Motilal Oswal Financial Services MOFS.NS fell as much as 4.8%, 9.5% and 3.3%, respectively.
The revised norms will take effect from April 1.
The new rules, in conjunction with the recently hiked transaction tax on equity futures and options, are expected to dampen derivative trading volumes. India's federal government and financial regulators have taken several steps to cool the derivative trading market, where retail investors have made losses.
Jefferies pegs BSE as the most affected by the new regulations on proprietary trading, which could result in a 10% earnings impact on the exchange operator.
Angel One would need to "immediately relook" its funding for the margin trading facility, JM Financial analysts said in a note, while Groww may need to raise funds from the market.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Rashmi Aich and Janane Venkatraman)
(([email protected]; Mobile: +91 9591011727;))
** Shares of India's Motilal Oswal Financial Services MOFS.NS jump 9.6% to 802.75 rupees
** Co posted 18% y/y increase in Q3 revenue from operations to 21.12 billion rupees ($230.4 million) on Tuesday
** Stock on track to snap 7 sessions of losses, if gains hold
** Trading vols at 3.3 mln shares, ~3x the 30-day-avg vols of 1.01 mln shares
** MOFS fell ~10% in 2025, stock down 14.5% so far in Jan
($1 = 91.6675 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Shares of India's Motilal Oswal Financial Services MOFS.NS jump 9.6% to 802.75 rupees
** Co posted 18% y/y increase in Q3 revenue from operations to 21.12 billion rupees ($230.4 million) on Tuesday
** Stock on track to snap 7 sessions of losses, if gains hold
** Trading vols at 3.3 mln shares, ~3x the 30-day-avg vols of 1.01 mln shares
** MOFS fell ~10% in 2025, stock down 14.5% so far in Jan
($1 = 91.6675 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Jan 27 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
DIVIDEND OF 6 RUPEES PER SHARE
DEC-QUARTER CONSOL NET PROFIT 5.66 BILLION RUPEES
DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 21.12 BILLION RUPEES
Further company coverage: MOFS.NS
(([email protected];))
Jan 27 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
DIVIDEND OF 6 RUPEES PER SHARE
DEC-QUARTER CONSOL NET PROFIT 5.66 BILLION RUPEES
DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 21.12 BILLION RUPEES
Further company coverage: MOFS.NS
(([email protected];))
Adds background, details and notes throughout
Oct 29 (Reuters) - Shares of Indian asset managers fell as much as 8% on Wednesday, with analysts warning of a potential hit to profitability after the markets regulator proposed lowering the cap on brokerage fees, among other changes, seeking transparency in costs.
Motilal Oswal Financial Services MOFS.NS led losses among pack with a 8% decline. Nippon Asset Management NIPF.NS, dropped 6%.
Aditya Birla Sun Life AMC ADIE.NS and HDFC Asset Management Company HDFA.NS fell 5% and 4%, respectively.
Analysts at Jefferies said that the move could bring down profit before tax by about 30-33% for HFDC AMC and Nippon AMC in 2027.
The Securities and Exchange Board of India (SEBI) has proposed sharply lowering the cap on brokerage fees to 2 basis points from 12 bps for cash market transactions and to 1 bp from 5 bps for derivatives.
Typically, the brokerage's expenses, including fees and transaction costs, among others, are deducted from the fund's net asset value (NAV) and is referred to as the expense ratio. A reduction in fees will mean less money deducted under the expense ratio umbrella, freeing up assets for the investor.
A significant reduction in fees is likely to hit brokerages' revenue, ICICI Direct said in a note.
Jefferies added that these rules could also hurt institutional brokers such 360 One Wam ONEW.NS and Nuvama NUVA.NS, which are down about 4.3% and 2.9%, respectively.
Among banks, Kotak Mahindra KTKM.NS could be hit due to higher brokerage-linked revenue, Jefferies said.
(Reporting by Urvi Dugar in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; +91 9558725583;))
Adds background, details and notes throughout
Oct 29 (Reuters) - Shares of Indian asset managers fell as much as 8% on Wednesday, with analysts warning of a potential hit to profitability after the markets regulator proposed lowering the cap on brokerage fees, among other changes, seeking transparency in costs.
Motilal Oswal Financial Services MOFS.NS led losses among pack with a 8% decline. Nippon Asset Management NIPF.NS, dropped 6%.
Aditya Birla Sun Life AMC ADIE.NS and HDFC Asset Management Company HDFA.NS fell 5% and 4%, respectively.
Analysts at Jefferies said that the move could bring down profit before tax by about 30-33% for HFDC AMC and Nippon AMC in 2027.
The Securities and Exchange Board of India (SEBI) has proposed sharply lowering the cap on brokerage fees to 2 basis points from 12 bps for cash market transactions and to 1 bp from 5 bps for derivatives.
Typically, the brokerage's expenses, including fees and transaction costs, among others, are deducted from the fund's net asset value (NAV) and is referred to as the expense ratio. A reduction in fees will mean less money deducted under the expense ratio umbrella, freeing up assets for the investor.
A significant reduction in fees is likely to hit brokerages' revenue, ICICI Direct said in a note.
Jefferies added that these rules could also hurt institutional brokers such 360 One Wam ONEW.NS and Nuvama NUVA.NS, which are down about 4.3% and 2.9%, respectively.
Among banks, Kotak Mahindra KTKM.NS could be hit due to higher brokerage-linked revenue, Jefferies said.
(Reporting by Urvi Dugar in Bengaluru; Editing by Janane Venkatraman)
(([email protected]; +91 9558725583;))
By Bharath Rajeswaran and Haripriya Suresh
BENGALURU, Oct 7 (Reuters) - India's IT firms are set for another lackluster quarter as weak global demand, steep U.S. tariffs and trade jitters weigh on earnings, six brokerages said ahead of results.
Four forecast year-on-year revenue growth of about 6% and a 5.5% profit rise for the September quarter, despite seasonal strength from project cycles.
"September ... will be another muted quarter for IT," said Abhishek Pathak of Motilal Oswal Financial Services.
"As clients reel under macro and tariff uncertainty, there is hesitation to commit additional dollars to any large initiatives."
The projections point to continued single-digit growth, extending an eight-quarter trend as weak U.S. client spending weighs on the sector.
Indian IT firms last saw double-digit revenue growth in the March quarter of 2023, driven by digital transformation, cloud adoption and remote-work demand after the COVID-19 pandemic.
Tata Consultancy Services TCS.NS, India's biggest IT firm, will open the earnings season on October 9 with revenue expected to rise about 2% year on year, compared to up about 8% in the same period last year.
Infosys INFY.NS and HCLTech HCLT.NS are forecast to post revenue growth of about 8% and 9.5% respectively.
Citi Research expects fiscal 2026 to be the third straight sluggish year for IT, while Ambit Capital warned that weak macros and policy uncertainty could cap 2027 rebound.
U.S.-based Accenture ACN.N last month flagged no "meaningful change" in market conditions, while forecasting full-year 2026 revenue below the LSEG-compiled estimate of 5.3%.
Banking and financial services segment is expected to hold up, while manufacturing and retail face tariff and budget pressures, Systematix Institutional Equities said.
A planned $100,000 H-1B visa fee and a proposed 25% U.S. tax on outsourcing have added to industry concerns, with analysts seeing limited near-term impact but potential shifts in delivery models.
Foreign investors have offloaded 678.36 billion rupees ($7.64 billion) of IT stocks in 2025, the biggest sectoral outflow, dragging the Nifty IT index .NIFTYIT down 20% year-to-date against a 6% gain in the Nifty 50 .NSEI.
Still, Axis Securities said the correction in large- and mid-cap IT stocks has improved valuations, offering a better risk-reward even if a sharp rebound takes time.
($1 = 88.7370 Indian rupees)
India's IT stocks see the highest FPI selling among all sectors in 2025 so far https://reut.rs/3KYf1lZ
Brokerages' expectations from September quarter earnings of Indian IT firms https://reut.rs/3IZXNUK
India's IT stocks lag the benchmark Nifty 50 in 2025 so far https://reut.rs/48XbRsC
Indian IT firms are expected to log single digit revenue growth in Q2FY2026 https://reut.rs/4gYnuBR
(Reporting by Bharath Rajeswaran and Haripriya Suresh in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran and Haripriya Suresh
BENGALURU, Oct 7 (Reuters) - India's IT firms are set for another lackluster quarter as weak global demand, steep U.S. tariffs and trade jitters weigh on earnings, six brokerages said ahead of results.
Four forecast year-on-year revenue growth of about 6% and a 5.5% profit rise for the September quarter, despite seasonal strength from project cycles.
"September ... will be another muted quarter for IT," said Abhishek Pathak of Motilal Oswal Financial Services.
"As clients reel under macro and tariff uncertainty, there is hesitation to commit additional dollars to any large initiatives."
The projections point to continued single-digit growth, extending an eight-quarter trend as weak U.S. client spending weighs on the sector.
Indian IT firms last saw double-digit revenue growth in the March quarter of 2023, driven by digital transformation, cloud adoption and remote-work demand after the COVID-19 pandemic.
Tata Consultancy Services TCS.NS, India's biggest IT firm, will open the earnings season on October 9 with revenue expected to rise about 2% year on year, compared to up about 8% in the same period last year.
Infosys INFY.NS and HCLTech HCLT.NS are forecast to post revenue growth of about 8% and 9.5% respectively.
Citi Research expects fiscal 2026 to be the third straight sluggish year for IT, while Ambit Capital warned that weak macros and policy uncertainty could cap 2027 rebound.
U.S.-based Accenture ACN.N last month flagged no "meaningful change" in market conditions, while forecasting full-year 2026 revenue below the LSEG-compiled estimate of 5.3%.
Banking and financial services segment is expected to hold up, while manufacturing and retail face tariff and budget pressures, Systematix Institutional Equities said.
A planned $100,000 H-1B visa fee and a proposed 25% U.S. tax on outsourcing have added to industry concerns, with analysts seeing limited near-term impact but potential shifts in delivery models.
Foreign investors have offloaded 678.36 billion rupees ($7.64 billion) of IT stocks in 2025, the biggest sectoral outflow, dragging the Nifty IT index .NIFTYIT down 20% year-to-date against a 6% gain in the Nifty 50 .NSEI.
Still, Axis Securities said the correction in large- and mid-cap IT stocks has improved valuations, offering a better risk-reward even if a sharp rebound takes time.
($1 = 88.7370 Indian rupees)
India's IT stocks see the highest FPI selling among all sectors in 2025 so far https://reut.rs/3KYf1lZ
Brokerages' expectations from September quarter earnings of Indian IT firms https://reut.rs/3IZXNUK
India's IT stocks lag the benchmark Nifty 50 in 2025 so far https://reut.rs/48XbRsC
Indian IT firms are expected to log single digit revenue growth in Q2FY2026 https://reut.rs/4gYnuBR
(Reporting by Bharath Rajeswaran and Haripriya Suresh in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 9769003463;))
By Divya Chowdhury and Shubham Batra
MUMBAI/DELHI, Sept 25 (Reuters) - India's Motilal Oswal Asset Management is betting big on sunrise sectors to deliver strong returns that will outpace broader markets over a medium-term horizon, the company's chief said.
The asset manager is seeking earnings growth of more than 20% over the next three to four years in sectors such as renewables, electronics, new technology and luxury consumption, Prateek Agrawal, its CEO and managing director, told the Reuters Trading India forum.
"Many businesses in (these) spaces would deliver," he said, adding that around 25% of the firm's total portfolio has holdings in these sectors.
Benchmark index earnings are expected to rise about 12% annually, Agrawal said. That compares to a lacklustre 5.5% for the Nifty 50 index .NSEI last year on weaker demand and narrower margins.
"Much more favourable than staples or traditional sectors are spaces like renewables, electronics, GLP-1 drugs in pharma, and even luxury," he said.
Agrawal sees a "spring" of pent-up potential in the broader market that could be released as interest rates ease, GST reforms take effect, and supply-chain diversification drives high-value manufacturing in India.
Although Agrawal anticipates a "softer" September quarter, due to heavy rains and shifting festive demand, he sees stronger market momentum thereafter.
His fund, which manages assets worth over 1.5 trillion rupees ($17.4 billion), is positioned "100% anti-consensus," with an over 95% tracking error against benchmarks, and little exposure to big banks, staples, commodities or large IT stocks.
A high tracking error is common among actively managed funds and reflects a portfolio that is taking meaningful bets away from the benchmark.
Companies with "a glorious past" are represented strongly in the benchmark index, he said. "(They) do not meet our growth criteria. We think markets are about the future, not the past."
($1 = 88.69 Indian rupees)
(Join Trading India and GMF, chat rooms hosted on LSEG Messenger: https://lseg.group/3KFHrhe)
(Reporting by Divya Chowdhury in Mumbai and Shubham Batra in New Delhi; Editing by Anil D'Silva)
(([email protected];))
By Divya Chowdhury and Shubham Batra
MUMBAI/DELHI, Sept 25 (Reuters) - India's Motilal Oswal Asset Management is betting big on sunrise sectors to deliver strong returns that will outpace broader markets over a medium-term horizon, the company's chief said.
The asset manager is seeking earnings growth of more than 20% over the next three to four years in sectors such as renewables, electronics, new technology and luxury consumption, Prateek Agrawal, its CEO and managing director, told the Reuters Trading India forum.
"Many businesses in (these) spaces would deliver," he said, adding that around 25% of the firm's total portfolio has holdings in these sectors.
Benchmark index earnings are expected to rise about 12% annually, Agrawal said. That compares to a lacklustre 5.5% for the Nifty 50 index .NSEI last year on weaker demand and narrower margins.
"Much more favourable than staples or traditional sectors are spaces like renewables, electronics, GLP-1 drugs in pharma, and even luxury," he said.
Agrawal sees a "spring" of pent-up potential in the broader market that could be released as interest rates ease, GST reforms take effect, and supply-chain diversification drives high-value manufacturing in India.
Although Agrawal anticipates a "softer" September quarter, due to heavy rains and shifting festive demand, he sees stronger market momentum thereafter.
His fund, which manages assets worth over 1.5 trillion rupees ($17.4 billion), is positioned "100% anti-consensus," with an over 95% tracking error against benchmarks, and little exposure to big banks, staples, commodities or large IT stocks.
A high tracking error is common among actively managed funds and reflects a portfolio that is taking meaningful bets away from the benchmark.
Companies with "a glorious past" are represented strongly in the benchmark index, he said. "(They) do not meet our growth criteria. We think markets are about the future, not the past."
($1 = 88.69 Indian rupees)
(Join Trading India and GMF, chat rooms hosted on LSEG Messenger: https://lseg.group/3KFHrhe)
(Reporting by Divya Chowdhury in Mumbai and Shubham Batra in New Delhi; Editing by Anil D'Silva)
(([email protected];))
Aug 12 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL - ACQUIRED 75.5 MILLION CONVERTIBLE PREFERENCE SHARES OF ZEPTO FOR 4 BILLION RUPEES
Source text: ID:nBSE62J7V9
Further company coverage: MOFS.NS
(([email protected];))
Aug 12 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL - ACQUIRED 75.5 MILLION CONVERTIBLE PREFERENCE SHARES OF ZEPTO FOR 4 BILLION RUPEES
Source text: ID:nBSE62J7V9
Further company coverage: MOFS.NS
(([email protected];))
MUMBAI, Aug 4 (Reuters) - India's Motital Oswal Financial Services plans to raise 5 billion rupees ($57.17 million) through the sale of bonds maturing in two years, three bankers said on Monday.
It will pay a coupon of 7.85% and has invited commitment bids for the issue on Tuesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 4:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Motilal Oswal Financial Services | 2 years | 7.85 | 5 | August 5 | AA (Crisil) |
Muthoot Finance | 2 years and 3 months | To be decided | 5+10 | August 5 | AA+ (Crisil) |
KIIFB | 10 years | 9.67 (payable quarterly) | 5+10 | August 5 | AA(CE) (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 87.4540 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, Aug 4 (Reuters) - India's Motital Oswal Financial Services plans to raise 5 billion rupees ($57.17 million) through the sale of bonds maturing in two years, three bankers said on Monday.
It will pay a coupon of 7.85% and has invited commitment bids for the issue on Tuesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 4:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Motilal Oswal Financial Services | 2 years | 7.85 | 5 | August 5 | AA (Crisil) |
Muthoot Finance | 2 years and 3 months | To be decided | 5+10 | August 5 | AA+ (Crisil) |
KIIFB | 10 years | 9.67 (payable quarterly) | 5+10 | August 5 | AA(CE) (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 87.4540 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Janane Venkatraman)
July 2 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES LTD - UNIT CROSSES 1.50 TRILLION RUPEES IN AUM
Source text: ID:nNSEbmP6sm
Further company coverage: MOFS.NS
(([email protected];;))
July 2 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES LTD - UNIT CROSSES 1.50 TRILLION RUPEES IN AUM
Source text: ID:nNSEbmP6sm
Further company coverage: MOFS.NS
(([email protected];;))
April 18 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES
Source text: ID:nBSEc3yck4
Further company coverage: MOFS.NS
(([email protected];))
April 18 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES - TO CONSIDER ISSUANCE OF NON-CONVERTIBLE DEBENTURES
Source text: ID:nBSEc3yck4
Further company coverage: MOFS.NS
(([email protected];))
Jan 28 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
WITHDRAWS SCHEME OF ARRANGEMENT BETWEEN CO, GLIDE TECH, MOWL
Source text: [ID:]
Further company coverage: MOFS.NS
(([email protected];;))
Jan 28 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
WITHDRAWS SCHEME OF ARRANGEMENT BETWEEN CO, GLIDE TECH, MOWL
Source text: [ID:]
Further company coverage: MOFS.NS
(([email protected];;))
Jan 1 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES LTD - SEBI CONDUCTS THEMATIC INSPECTION OF CO
Source text: ID:nNSE7QlNHY
Further company coverage: MOFS.NS
(([email protected];;))
Jan 1 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES LTD - SEBI CONDUCTS THEMATIC INSPECTION OF CO
Source text: ID:nNSE7QlNHY
Further company coverage: MOFS.NS
(([email protected];;))
By Bharath Rajeswaran, Hritam Mukherjee and Shubham Batra
Nov 11 (Reuters) - Top Indian companies registered their worst quarterly showing in more than four years for the July-September period, raising concerns that a lurking economic slowdown had begun to affect corporate earnings.
More than 50% of the 44 firms in the blue-chip Nifty 50 index .NSEI that have reported earnings so far have either missed analysts' estimates or reported results in line with expectations, according to data compiled by LSEG.
This is their worst performance since the March 2020 quarter at the start of the COVID-19 pandemic, when only about 20% of the Nifty 50 companies beat estimates.
Curbed government spending in April-June, due to the national elections, that spilled over into the September quarter and above-normal rains impacted earnings outcomes, analysts at Jefferies and Bernstein said.
Indian equities have dropped about 8% from their record closing high notched on Sept. 26, with October marking the worst monthly performance for the stock market since March 2020.
The selloff was also exacerbated by foreign investors moving out their investments in the wake of China's recent stimulus.
"It appears the waters may get a bit turbulent for Indian equities in the near term," said Motilal Oswal.
According to Jefferies, the current season has had the highest earnings downgrades since April-June 2020 among the 121 companies under its coverage that have reported results so far.
Motilal Oswal, meanwhile, flagged an 8% decline in earnings growth for the 166 companies it covers - the worst in 17 quarters - compared to a pre-season estimated drop of 4%.
Bernstein, however, added that investors were still considering the weakness over the past several months as an anomaly due to an elongated period of strong growth.
"Once reality hits, we expect a further but limited moderation in the Nifty from current levels."
BLIP OR APPROACHING STORM?
The monsoon or election impact may only be a part of the problem, according to Bernstein, "with a broader economic slowdown seen across IIP, eight core industries, automobile demand or diesel consumption."
Construction firms UltraTech Cement ULTC.NS and Larsen & Toubro LART.NS flagged weak demand, while banks reeled under their inability to recover unsecured loans. FMCG giants Nestle India NEST.NS and Hindustan Unilever HLL.NS also noted dull urban consumption.
Factory growth slowed to an eight-month low in September, while economic growth slowed to 6.7% in April-June. Data for July-September will be released on Nov. 30.
Bernstein moderated its year-on-year growth expectations for September earnings to 0.6% for the top 100 stocks, from its previous 9% forecast, while retaining its full-year consensus earnings growth of 10.2%.
Venkatesh Balasubramaniam, managing director and co-head of research at JM Financial, said one quarter of earnings weakness was not enough to indicate an economic slowdown, saying it was "too soon" to make that call.
"There is a possibility that government capex picks up in the second half."
Jefferies, which also noted the earnings moderation as a reflection of a cyclical slowdown, said that things could pick up in the second half of fiscal 2025.
Government spending on capex has fallen 15% in the first half, it said. With weather disruptions behind, execution and spending will rise by 25% in the second half, supporting an earnings rebound and a bounce-back in markets, it said.
Moderation in earnings of India's Nifty 50 companies https://reut.rs/4hEB8Kf
India's Nifty 50 logs worst monthly performance since March 2020 https://reut.rs/3Cg0n5c
Brokerages view on India's quarterly earnings season so far https://reut.rs/4fJmEaj
(Reporting by Shubham Batra, Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
By Bharath Rajeswaran, Hritam Mukherjee and Shubham Batra
Nov 11 (Reuters) - Top Indian companies registered their worst quarterly showing in more than four years for the July-September period, raising concerns that a lurking economic slowdown had begun to affect corporate earnings.
More than 50% of the 44 firms in the blue-chip Nifty 50 index .NSEI that have reported earnings so far have either missed analysts' estimates or reported results in line with expectations, according to data compiled by LSEG.
This is their worst performance since the March 2020 quarter at the start of the COVID-19 pandemic, when only about 20% of the Nifty 50 companies beat estimates.
Curbed government spending in April-June, due to the national elections, that spilled over into the September quarter and above-normal rains impacted earnings outcomes, analysts at Jefferies and Bernstein said.
Indian equities have dropped about 8% from their record closing high notched on Sept. 26, with October marking the worst monthly performance for the stock market since March 2020.
The selloff was also exacerbated by foreign investors moving out their investments in the wake of China's recent stimulus.
"It appears the waters may get a bit turbulent for Indian equities in the near term," said Motilal Oswal.
According to Jefferies, the current season has had the highest earnings downgrades since April-June 2020 among the 121 companies under its coverage that have reported results so far.
Motilal Oswal, meanwhile, flagged an 8% decline in earnings growth for the 166 companies it covers - the worst in 17 quarters - compared to a pre-season estimated drop of 4%.
Bernstein, however, added that investors were still considering the weakness over the past several months as an anomaly due to an elongated period of strong growth.
"Once reality hits, we expect a further but limited moderation in the Nifty from current levels."
BLIP OR APPROACHING STORM?
The monsoon or election impact may only be a part of the problem, according to Bernstein, "with a broader economic slowdown seen across IIP, eight core industries, automobile demand or diesel consumption."
Construction firms UltraTech Cement ULTC.NS and Larsen & Toubro LART.NS flagged weak demand, while banks reeled under their inability to recover unsecured loans. FMCG giants Nestle India NEST.NS and Hindustan Unilever HLL.NS also noted dull urban consumption.
Factory growth slowed to an eight-month low in September, while economic growth slowed to 6.7% in April-June. Data for July-September will be released on Nov. 30.
Bernstein moderated its year-on-year growth expectations for September earnings to 0.6% for the top 100 stocks, from its previous 9% forecast, while retaining its full-year consensus earnings growth of 10.2%.
Venkatesh Balasubramaniam, managing director and co-head of research at JM Financial, said one quarter of earnings weakness was not enough to indicate an economic slowdown, saying it was "too soon" to make that call.
"There is a possibility that government capex picks up in the second half."
Jefferies, which also noted the earnings moderation as a reflection of a cyclical slowdown, said that things could pick up in the second half of fiscal 2025.
Government spending on capex has fallen 15% in the first half, it said. With weather disruptions behind, execution and spending will rise by 25% in the second half, supporting an earnings rebound and a bounce-back in markets, it said.
Moderation in earnings of India's Nifty 50 companies https://reut.rs/4hEB8Kf
India's Nifty 50 logs worst monthly performance since March 2020 https://reut.rs/3Cg0n5c
Brokerages view on India's quarterly earnings season so far https://reut.rs/4fJmEaj
(Reporting by Shubham Batra, Bharath Rajeswaran and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
(([email protected];))
** Shares of Motilal Oswal Financial Services MOFS.NS surge 8.1% to 944 rupees
** Co's Q2 consol profit after tax more than doubles to 11.22 bln rupees ($133.5 mln)
** Total rev from ops up 71% Y/Y
** Stock eyes busiest trading day in five sessions, over 3.5 mln shares traded
** MOFS snaps two straight sessions of losses
** Stock up ~202% YTD
($1 = 84.0480 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of Motilal Oswal Financial Services MOFS.NS surge 8.1% to 944 rupees
** Co's Q2 consol profit after tax more than doubles to 11.22 bln rupees ($133.5 mln)
** Total rev from ops up 71% Y/Y
** Stock eyes busiest trading day in five sessions, over 3.5 mln shares traded
** MOFS snaps two straight sessions of losses
** Stock up ~202% YTD
($1 = 84.0480 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of Motilal Oswal Financial Services MOFS.NS jump as much as 10.5% to record high of 913.45 rupees; currently up 7.9%
** Overall, 8 mln shares traded, 5.6x 30-day avg
** Reuters could not immediately ascertain the reason behind day's move
** Relative strength index (RSI) rises to 77.4, suggesting stock might be overbought - LSEG data
** MOFS up ~191% YTD
(Reporting by Vijay Malkar)
(([email protected];))
** Shares of Motilal Oswal Financial Services MOFS.NS jump as much as 10.5% to record high of 913.45 rupees; currently up 7.9%
** Overall, 8 mln shares traded, 5.6x 30-day avg
** Reuters could not immediately ascertain the reason behind day's move
** Relative strength index (RSI) rises to 77.4, suggesting stock might be overbought - LSEG data
** MOFS up ~191% YTD
(Reporting by Vijay Malkar)
(([email protected];))
Corrects spelling of Zerodha co-founder's name in paragraph 9
Oct 3 (Reuters) - Shares of most Indian brokerages settled lower on Thursday after the markets regulator tightened rules for derivatives trading, while an escalating Middle East conflict weighed on broader markets.
The Securities and Exchange Board of India (SEBI) on Tuesday raised the entry barrier and made it more costly to trade in equity derivatives. The changes will be effective from Nov. 20.
SEBI had first proposed tightening derivatives trading in July.
Online trading platforms Aditya Birla Money ABML.NS and SMC Global Securities SMCG.NS fell the most, dropping 3.7% and 3.8%, respectively. They were flat earlier in the session.
Discount broker 5Paisa Capital PAIS.NS, which rose 3.8% earlier in the day, ended down 2.7%.
The benchmark Nifty 50 .NSEI and S&P BSE Sensex .BSESN posted their worst sessions since early August as the widening Middle East conflict dented risk appetite. .BO
Discount broker Angel One ANGO.NS, was the lone gainer, closing 5.5% higher in a choppy session after analysts at Investec raised the price target on the stock to 3,000 rupees, the second-highest on the Street.
Exchange operator BSE's BSEL.NS shares closed up 2.5% after briefly rising nearly 10%. BSE, which has smaller exposure to the derivatives segment, would be affected less by the new rules than the National Stock Exchange of India, Motilal Oswal said in a note.
SEBI's new rules would hurt 60% of all futures and options trades and 30% of overall trades, Nithin Kamath, co-founder of India's largest brokerage Zerodha, said in a post on X, adding that Zerodha would decide on pricing changes on Nov. 20.
Indian authorities have been flagging concerns about the unchecked explosion of retail investor trading in derivatives and the possibility that it could create challenges for the markets, investor sentiment and household finances.
A SEBI study published last month showed that only 7.2% of individual Indian traders made a profit in futures and options in the three years to March 2024.
($1 = 83.9330 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala and Eileen Soreng)
(([email protected]; Mobile: +91 9591011727;))
Corrects spelling of Zerodha co-founder's name in paragraph 9
Oct 3 (Reuters) - Shares of most Indian brokerages settled lower on Thursday after the markets regulator tightened rules for derivatives trading, while an escalating Middle East conflict weighed on broader markets.
The Securities and Exchange Board of India (SEBI) on Tuesday raised the entry barrier and made it more costly to trade in equity derivatives. The changes will be effective from Nov. 20.
SEBI had first proposed tightening derivatives trading in July.
Online trading platforms Aditya Birla Money ABML.NS and SMC Global Securities SMCG.NS fell the most, dropping 3.7% and 3.8%, respectively. They were flat earlier in the session.
Discount broker 5Paisa Capital PAIS.NS, which rose 3.8% earlier in the day, ended down 2.7%.
The benchmark Nifty 50 .NSEI and S&P BSE Sensex .BSESN posted their worst sessions since early August as the widening Middle East conflict dented risk appetite. .BO
Discount broker Angel One ANGO.NS, was the lone gainer, closing 5.5% higher in a choppy session after analysts at Investec raised the price target on the stock to 3,000 rupees, the second-highest on the Street.
Exchange operator BSE's BSEL.NS shares closed up 2.5% after briefly rising nearly 10%. BSE, which has smaller exposure to the derivatives segment, would be affected less by the new rules than the National Stock Exchange of India, Motilal Oswal said in a note.
SEBI's new rules would hurt 60% of all futures and options trades and 30% of overall trades, Nithin Kamath, co-founder of India's largest brokerage Zerodha, said in a post on X, adding that Zerodha would decide on pricing changes on Nov. 20.
Indian authorities have been flagging concerns about the unchecked explosion of retail investor trading in derivatives and the possibility that it could create challenges for the markets, investor sentiment and household finances.
A SEBI study published last month showed that only 7.2% of individual Indian traders made a profit in futures and options in the three years to March 2024.
($1 = 83.9330 Indian rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala and Eileen Soreng)
(([email protected]; Mobile: +91 9591011727;))
Sept 24 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES- TO BUY GLEITEN TECH FOR 5 MILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: MOFS.NS
(([email protected];))
Sept 24 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES- TO BUY GLEITEN TECH FOR 5 MILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: MOFS.NS
(([email protected];))
Aug 19 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
TO ISSUE NON-CONVERTIBLE DEBENTURES WORTH UP TO 1 BILLION RUPEES
GREENSHOE OPTION FOR ISSUE OF NCDS WORTH 1 BILLION RUPEES
Further company coverage: MOFS.NS
(([email protected];))
Aug 19 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
TO ISSUE NON-CONVERTIBLE DEBENTURES WORTH UP TO 1 BILLION RUPEES
GREENSHOE OPTION FOR ISSUE OF NCDS WORTH 1 BILLION RUPEES
Further company coverage: MOFS.NS
(([email protected];))
Aug 13 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
TO CONSIDER FUND RAISING
Source text for Eikon: ID:nBSE3GbZzK
Further company coverage: MOFS.NS
(([email protected];))
Aug 13 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
TO CONSIDER FUND RAISING
Source text for Eikon: ID:nBSE3GbZzK
Further company coverage: MOFS.NS
(([email protected];))
Repeats story published on July 19 with no changes to text
By Bharath Rajeswaran
BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.
After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.
While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.
Here are some of their winners and losers.
RURAL-LINKED SECTORS
The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.
A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.
REAL ESTATE
The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.
Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.
AUTOMAKERS
India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.
That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.
Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.
MANUFACTURING
The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.
That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.
Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.
TRADING
Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.
But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.
It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.
The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.
The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.
Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.
What brokerages expect from India's national budget https://reut.rs/4fmBJ2f
India's Nifty 50 outperforms other emerging markets https://reut.rs/4bORE67
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 9769003463;))
Repeats story published on July 19 with no changes to text
By Bharath Rajeswaran
BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.
After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.
While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.
Here are some of their winners and losers.
RURAL-LINKED SECTORS
The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.
A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.
REAL ESTATE
The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.
Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.
AUTOMAKERS
India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.
That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.
Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.
MANUFACTURING
The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.
That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.
Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.
TRADING
Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.
But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.
It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.
The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.
The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.
Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.
What brokerages expect from India's national budget https://reut.rs/4fmBJ2f
India's Nifty 50 outperforms other emerging markets https://reut.rs/4bORE67
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.
After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.
While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.
Here are some of their winners and losers.
RURAL-LINKED SECTORS
The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.
A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.
REAL ESTATE
The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.
Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.
AUTOMAKERS
India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.
That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.
Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.
MANUFACTURING
The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.
That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.
Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.
TRADING
Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.
But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.
It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.
The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.
The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.
Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.
What brokerages expect from India's national budget https://reut.rs/4fmBJ2f
India's Nifty 50 outperforms other emerging markets https://reut.rs/4bORE67
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.
After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.
While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.
Here are some of their winners and losers.
RURAL-LINKED SECTORS
The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.
A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.
REAL ESTATE
The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.
Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.
AUTOMAKERS
India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.
That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.
Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.
MANUFACTURING
The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.
That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.
Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.
TRADING
Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.
But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.
It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.
The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.
The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.
Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.
What brokerages expect from India's national budget https://reut.rs/4fmBJ2f
India's Nifty 50 outperforms other emerging markets https://reut.rs/4bORE67
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)
(([email protected]; +91 9769003463;))
BENGALURU, July 2 (Reuters) - Shares of Indian brokers fell on Tuesday, a day after India's markets regulators asked market institutions like exchanges to levy uniform charges on brokers that are not based on volumes.
Brokerages like Angel One ANGO.NS, 5Paisa Capital PAIS.NS, SMC Global Securities SMCG.NS and Motilal Oswal MOFS.NS fell between 6%-2% in early trade.
Exchange operator BSE BSEL.NS was down 1%.
Exchanges often charge a lower fee to brokers if they generate high volumes, contributing to a surge in trading across segments like derivatives, which the regulator wants to curb.
While retail customers are charged the standard slab rate, brokers were benefiting from a lower fee due to high turnover, Tejas Khoday, cofounder and CEO of FYERS, a discount broking firm said.
The exchange transaction charge revenue stream, which constitutes between 15%-30% of large brokers' revenues and more than 50% of discount brokers', is crucial for their sustainability, Khoday said.
(Reporting by Sethuraman NR in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
BENGALURU, July 2 (Reuters) - Shares of Indian brokers fell on Tuesday, a day after India's markets regulators asked market institutions like exchanges to levy uniform charges on brokers that are not based on volumes.
Brokerages like Angel One ANGO.NS, 5Paisa Capital PAIS.NS, SMC Global Securities SMCG.NS and Motilal Oswal MOFS.NS fell between 6%-2% in early trade.
Exchange operator BSE BSEL.NS was down 1%.
Exchanges often charge a lower fee to brokers if they generate high volumes, contributing to a surge in trading across segments like derivatives, which the regulator wants to curb.
While retail customers are charged the standard slab rate, brokers were benefiting from a lower fee due to high turnover, Tejas Khoday, cofounder and CEO of FYERS, a discount broking firm said.
The exchange transaction charge revenue stream, which constitutes between 15%-30% of large brokers' revenues and more than 50% of discount brokers', is crucial for their sustainability, Khoday said.
(Reporting by Sethuraman NR in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Bharath Rajeswaran
BENGALURU, May 27 (Reuters) - Indian Prime Minister Narendra Modi returning to power for a rare third consecutive term will boost shares of defence, infrastructure, railway and capital goods companies, the head of brokerage Motilal Oswal Financial Services said.
"These were areas where the government has focussed on, invested money. High probability that the ruling government will continue. If they return... they'll go (with) much more vigor," Raamdeo Agrawal, chairman and co-founder of the brokerage, said on Saturday.
"In the next 5 years, you'll see major action from the government, powering these sectors."
India's weeks-long general elections end on Saturday, with the ballots set to be counted on June 4.
Narendra Modi's ruling Bharatiya Janata Party (BJP) is expected to return to power, according to opinion polls, although low voter turnout has led to some concerns about the margin of victory.
Analysts see a shock defeat for Modi as an unlikely event, but fear a market correction - like one witnessed two decades ago - in the event of an 'unclear' mandate.
India's benchmark Nifty 50 .NSEI had slumped 17% in two sessions after the 2004 election results, when the then ruling BJP-led coalition lost, despite being tipped to retain power.
In his two terms, Modi has focussed on improving India's ramshackle infrastructure and boosting domestic manufacturing, including in the defence sector. The government has proposed a record infrastructure spending of $133 billion in the financial year 2025.
Shares of top defence, infrastructure and capital goods companies have risen between 64% and 480% over the last 12 months, outperforming the Nifty 50's one-fourth rise.
"If, for whatever reason, there is no clear mandate to the ruling party, then it's scary. The correction will be pretty sharp because the expectation built for policy continuity is very high," Motilal Oswal's Agrawal said.
Any changes to the country's capital gains tax regime in the post-election budget could also hurt the market, he said.
"The issue of capital gains tax tweaks is definitely there on the table. The government has not denied it. It is a major unknown," Agrawal said.
India's defence, railway, infra, capital goods stocks outperform Nifty 50 https://reut.rs/4dU7Y82
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
BENGALURU, May 27 (Reuters) - Indian Prime Minister Narendra Modi returning to power for a rare third consecutive term will boost shares of defence, infrastructure, railway and capital goods companies, the head of brokerage Motilal Oswal Financial Services said.
"These were areas where the government has focussed on, invested money. High probability that the ruling government will continue. If they return... they'll go (with) much more vigor," Raamdeo Agrawal, chairman and co-founder of the brokerage, said on Saturday.
"In the next 5 years, you'll see major action from the government, powering these sectors."
India's weeks-long general elections end on Saturday, with the ballots set to be counted on June 4.
Narendra Modi's ruling Bharatiya Janata Party (BJP) is expected to return to power, according to opinion polls, although low voter turnout has led to some concerns about the margin of victory.
Analysts see a shock defeat for Modi as an unlikely event, but fear a market correction - like one witnessed two decades ago - in the event of an 'unclear' mandate.
India's benchmark Nifty 50 .NSEI had slumped 17% in two sessions after the 2004 election results, when the then ruling BJP-led coalition lost, despite being tipped to retain power.
In his two terms, Modi has focussed on improving India's ramshackle infrastructure and boosting domestic manufacturing, including in the defence sector. The government has proposed a record infrastructure spending of $133 billion in the financial year 2025.
Shares of top defence, infrastructure and capital goods companies have risen between 64% and 480% over the last 12 months, outperforming the Nifty 50's one-fourth rise.
"If, for whatever reason, there is no clear mandate to the ruling party, then it's scary. The correction will be pretty sharp because the expectation built for policy continuity is very high," Motilal Oswal's Agrawal said.
Any changes to the country's capital gains tax regime in the post-election budget could also hurt the market, he said.
"The issue of capital gains tax tweaks is definitely there on the table. The government has not denied it. It is a major unknown," Agrawal said.
India's defence, railway, infra, capital goods stocks outperform Nifty 50 https://reut.rs/4dU7Y82
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; +91 9769003463;))
** Shares of Motilal Oswal Financial Services MOFS.NS climb nearly 9% to 2,678.10 rupees after March-qtr results
** MOFS says qtrly consol profit surges over four-fold to 7.23 bln rupees ($86.76 mln)
** Stock set to advance for third straight session, if levels hold
** More than 1.2 mln shares trade in stock's most active session since late Jan
** Stock more than doubled YTD vs Nifty financial services index's .NIFTYFIN 0.7% decline
($1 = 83.3316 Indian rupees)
(Reporting by Rama Venkat in Bengaluru)
** Shares of Motilal Oswal Financial Services MOFS.NS climb nearly 9% to 2,678.10 rupees after March-qtr results
** MOFS says qtrly consol profit surges over four-fold to 7.23 bln rupees ($86.76 mln)
** Stock set to advance for third straight session, if levels hold
** More than 1.2 mln shares trade in stock's most active session since late Jan
** Stock more than doubled YTD vs Nifty financial services index's .NIFTYFIN 0.7% decline
($1 = 83.3316 Indian rupees)
(Reporting by Rama Venkat in Bengaluru)
MUMBAI, April 23 (Reuters) - India's Motilal Oswal Financial Services plans to raise up to 10 billion rupees ($120 million), including a greenshoe of 5 billion rupees, through its maiden public issue of bonds, three bankers said on Tuesday.
The issue opened for subscription on Tuesday and will close on May 7, they said.
The financial services company is offering bonds maturing in 24 months, 36 months, 60 months and 120 months at annual coupon rates of 8.85%, 9.10%, 9.35% and 9.70%, respectively.
Around 75% of the proceeds will be used to meet working capital requirements and repay existing liabilities, with the balance to be used for general corporate purposes, bankers said.
CRISIL and India Ratings have rated the bonds "AA".
The company has allotted 40% of the issue size each for high networth individuals and retail investors, and 10% each for institutional and non-institutional investors.
Trust Investment Advisors, Nuvama Wealth Management and Motilal Oswal Investment Advisors are the lead managers for this issue.
($1 = 83.3322 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Mrigank Dhaniwala)
MUMBAI, April 23 (Reuters) - India's Motilal Oswal Financial Services plans to raise up to 10 billion rupees ($120 million), including a greenshoe of 5 billion rupees, through its maiden public issue of bonds, three bankers said on Tuesday.
The issue opened for subscription on Tuesday and will close on May 7, they said.
The financial services company is offering bonds maturing in 24 months, 36 months, 60 months and 120 months at annual coupon rates of 8.85%, 9.10%, 9.35% and 9.70%, respectively.
Around 75% of the proceeds will be used to meet working capital requirements and repay existing liabilities, with the balance to be used for general corporate purposes, bankers said.
CRISIL and India Ratings have rated the bonds "AA".
The company has allotted 40% of the issue size each for high networth individuals and retail investors, and 10% each for institutional and non-institutional investors.
Trust Investment Advisors, Nuvama Wealth Management and Motilal Oswal Investment Advisors are the lead managers for this issue.
($1 = 83.3322 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Mrigank Dhaniwala)
** Motilal Oswal Financial Services MOFS.NS jumps 9.8% to record high of 2,074.30
** Reuters could not immediately ascertain the reason for the move
** Stock trading above its 50, 100 and 200-day moving averages
** MOFS' fwd 12-month P/E is 15x, below industry avg of 16x and rival Angel One's ANGO.NS 19x, per Jefferies
** Indian wealth managers are well-placed to ride on country's economic growth & financialization of savings into capital mkts, where MOFS get 60% rev, Jefferies says
** MOFS up 63% YTD vs 18.4% drop in ANGO and 26.4% drop in IIFL Finance IIFL.NS
(Reporting by Sethuraman NR in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** Motilal Oswal Financial Services MOFS.NS jumps 9.8% to record high of 2,074.30
** Reuters could not immediately ascertain the reason for the move
** Stock trading above its 50, 100 and 200-day moving averages
** MOFS' fwd 12-month P/E is 15x, below industry avg of 16x and rival Angel One's ANGO.NS 19x, per Jefferies
** Indian wealth managers are well-placed to ride on country's economic growth & financialization of savings into capital mkts, where MOFS get 60% rev, Jefferies says
** MOFS up 63% YTD vs 18.4% drop in ANGO and 26.4% drop in IIFL Finance IIFL.NS
(Reporting by Sethuraman NR in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Feb 19 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES- LAST WEEK, CO DETECTED A CYBER-INCIDENT IN FORM OF SOME MALICIOUS ACTIVITY ON A FEW EMPLOYEES' PCS
MOTILAL OSWAL- ACTIVATED CYBERSECURITY INCIDENT RESPONSE PROCESS TO INVESTIGATE, CONTAIN, REMEDIATE INCIDENT IN AN HOUR
MOTILAL OSWAL- INCIDENT HAS NOT AFFECTED ANY OF BUSINESS OPERATIONS AND IT ENVIRONMENT
MOTILAL OSWAL- ENGAGED CONSULTANTS TO GO THROUGH SYSTEMS, CONFIDENT ABOUT IT SECURITY
(([email protected];))
Feb 19 (Reuters) - Motilal Oswal Financial Services Ltd MOFS.NS:
MOTILAL OSWAL FINANCIAL SERVICES- LAST WEEK, CO DETECTED A CYBER-INCIDENT IN FORM OF SOME MALICIOUS ACTIVITY ON A FEW EMPLOYEES' PCS
MOTILAL OSWAL- ACTIVATED CYBERSECURITY INCIDENT RESPONSE PROCESS TO INVESTIGATE, CONTAIN, REMEDIATE INCIDENT IN AN HOUR
MOTILAL OSWAL- INCIDENT HAS NOT AFFECTED ANY OF BUSINESS OPERATIONS AND IT ENVIRONMENT
MOTILAL OSWAL- ENGAGED CONSULTANTS TO GO THROUGH SYSTEMS, CONFIDENT ABOUT IT SECURITY
(([email protected];))
** Shares of Motilal Oswal Financial Services MOFS.NS up 1.2% after strong Q3 results, trading at record high levels
** MOFS on track for fourth straight month of gains, and also best month since May 2014 with ~40% gains so far
** Co reports Q3 consolidated net profit more than doubled YoY to 6.60 bln rupees ($79.4 mln); interest income rose 45.1%
** More than 672,000 shares changed hands by 12:05 p.m. IST, 1.5x 30-day avg
** Stock hit an all-time high of 1,860.60 rupees and posted a record close of 1,712.32 rupees on Wednesday
($1 = 83.1100 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru)
(([email protected]; +91 8805175330 ;))
** Shares of Motilal Oswal Financial Services MOFS.NS up 1.2% after strong Q3 results, trading at record high levels
** MOFS on track for fourth straight month of gains, and also best month since May 2014 with ~40% gains so far
** Co reports Q3 consolidated net profit more than doubled YoY to 6.60 bln rupees ($79.4 mln); interest income rose 45.1%
** More than 672,000 shares changed hands by 12:05 p.m. IST, 1.5x 30-day avg
** Stock hit an all-time high of 1,860.60 rupees and posted a record close of 1,712.32 rupees on Wednesday
($1 = 83.1100 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru)
(([email protected]; +91 8805175330 ;))
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What does Motilal Oswal Fin do?
Motilal Oswal Financial Services (MOFSL) is an integrated technology-based Financial Services Sector Organization offering a wide range of services including retail & institutional broking, margin trading funding, research & investment recommendations, depository operations, distribution of financial products and investor education. MOFSL execute transactions in capital markets /equity derivatives /commodity derivatives /currency derivatives segments on behalf of its clients which include retail customers (including high net worth individuals), mutual funds, institutional investors, foreign institutional investors, financial institutions and corporate clients. It also offers a bouquet of financial products and services like insurance, mutual funds, bonds etc. to its client base.
Who are the competitors of Motilal Oswal Fin?
Motilal Oswal Fin major competitors are Angel One, Choice International, IIFL Capital Service, Share India Sec., Monarch Networth Cap, Geojit Finl. Service, 5Paisa Capital. Market Cap of Motilal Oswal Fin is ₹54,792 Crs. While the median market cap of its peers are ₹3,895 Crs.
Is Motilal Oswal Fin financially stable compared to its competitors?
Motilal Oswal Fin seems to be less financially stable compared to its competitors. Altman Z score of Motilal Oswal Fin is 1.89 and is ranked 7 out of its 8 competitors.
Does Motilal Oswal Fin pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Motilal Oswal Fin latest dividend payout ratio is 19.32% and 3yr average dividend payout ratio is 13.28%
How has Motilal Oswal Fin allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Motilal Oswal Fin balance sheet?
Balance sheet of Motilal Oswal Fin is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Motilal Oswal Fin improving?
The profit is oscillating. The profit of Motilal Oswal Fin is ₹1,869 Crs for Mar 2026, ₹2,502 Crs for Mar 2025 and ₹2,441 Crs for Mar 2024
Is the debt of Motilal Oswal Fin increasing or decreasing?
Yes, The net debt of Motilal Oswal Fin is increasing. Latest net debt of Motilal Oswal Fin is -₹4,673.65 Crs as of Mar-26. This is greater than Mar-25 when it was -₹6,214.41 Crs.
Is Motilal Oswal Fin stock expensive?
Yes, Motilal Oswal Fin is expensive. Latest PE of Motilal Oswal Fin is 29.31, while 3 year average PE is 14.8. Also latest EV/EBITDA of Motilal Oswal Fin is 16.3 while 3yr average is 6.14.
Has the share price of Motilal Oswal Fin grown faster than its competition?
Motilal Oswal Fin has given better returns compared to its competitors. Motilal Oswal Fin has grown at ~36.36% over the last 5yrs while peers have grown at a median rate of 29.09%
Is the promoter bullish about Motilal Oswal Fin?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Motilal Oswal Fin is 67.54% and last quarter promoter holding is 67.62%
Are mutual funds buying/selling Motilal Oswal Fin?
The mutual fund holding of Motilal Oswal Fin is decreasing. The current mutual fund holding in Motilal Oswal Fin is 4.94% while previous quarter holding is 5.48%.