BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
We expect brokers to deliver superlative earnings growth, while asset managers and insurers are expected to deliver improved earnings.
Asset managers - Despite active equity flows registering a decline of 177% YoY to Rs (170) billion in Q2 FY21, strong recovery in equity markets (Nifty 50 up 9.2% in Q2) resulted in active equity asset under management growing 6.9%.
Brokers - Despite up-front requirement of cash margins kicking in from August 2020, Q2 FY21 cash average daily trading volumes have grown up 75.6/0.8% YoY/QoQ. We expect family owned smaller scale brokers to be most impacted.
General Insurance - Gross direct premium income (ex. crop) growth for the sector improved in the first two months of Q2 FY21 to Rs 250 billion (up 8.3/3.6% YoY/QoQ).
Life insurance - The sector saw better business growth as private life insurers’ reported a Q2 FY20 individual annual premium equivalent decline of 3.0% YoY, whereas strong sequential recovery at 77.0%.
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This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
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