India Strategy- Early Q2 Corporate Updates Confirm Resilient High Frequency Macro Indicators: ICICI Securities
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ICICI Securities Report
Initial business updates for Q2 FY22 by some large and mid-corporates representing the organised sector from diverse parts of the economy such as discount retail (Avenue Supermarts Ltd. – 46.6% revenue growth), high-end jewellery and discretionary retail (Titan Company Ltd. – 78% revenue growth YoY), real estate (strong sales by Sobha Ltd., Macrotech Developers Ltd. and Oberoi Realty Ltd.), non banking financial company retail finance (Bajaj Finance Ltd. - assets under management up 22% YoY and 7% QoQ) and bank advances (QoQ AUM growth of 4.4%, 5.3% and 5.7% by HDFC Bank Ltd., IndusInd Bank Ltd. and Yes Bank Ltd., respectively) indicate economic recovery continues.
IT services growth continue to be steady as per Tata Consultancy Services Ltd.'s Q2 update.
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