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The Indian market has been witnessing volatility in the last few session as the earnings season kicked off for the Indian Inc. Concerns over US-China trade deal, stressed financial sector and expectation of a further stimulus by the government have also added kept investors on their toes.

Analysts expect the earnings to remain tepid this quarter. Meanwhile, some of the companies have already declared their earnings for the quarter ended September 2019.HUL, Infosys and Avenue Supermarts are the three companies which got a pat on the back from the brokerages after their Q2FY20 results.

Avenue Supermarts

D-Mart operator, Avenue Supermarts posted a 47.54 percent year-on-year jump in its net profit at Rs 322.63 crore, while revenue increased 22.26 percent to Rs 5,998.90 crore. Its EBITDA rose 32.3 percent to Rs 515.4 crore and EBITDA margin was up 8.66 percent.

ICICIdirect reiterated reduce rating on the stock with a revised target price to Rs 1,700 from previous target price of Rs 1,450.

On the back of recent corporate tax rate cut, it revises earnings estimates upwards by 15 percent.

Hindustan Unilever

FMCG major Hindustan Unilever (HUL) registered 21 percent year-on-year jump in its net profit at Rs 1,848 crore. Its EBITDA was at Rs 2,443 crore, up 21 percent. The domestic consumer segment of the company grew by 7 percent with underlying volume growth at 5 percent.

Prabhudas Lilladher retained it accumulate rating but raised the target to Rs 2,083 from Rs 1,967 per share.

It has cut company's FY20 and FY21 EPS by 1.1 percent and 2.6 percent despite 5 percent volume growth and strong margin expansion on account of delayed rural recovery despite good monsoons, limited scope to increase margins from the current level and liquidity issues in trade channels.

ICICIdirect maintained its hold rating on stock with a target price of Rs 2,075.

Broking house feels that the company is best placed within the sector to use this windfall to balance between strengthening its competitive position and improving profitability.

Infosys

The company reported a 5.8 percent sequential growth in Q2FY20 with its net profit at Rs 4,019 crore. Revenue during the quarter rose 3.8 percent QoQ to Rs 22,629 crore, while in dollar terms revenue rose 2.5 percent at $3,210 million.

KR Choksey has reiterated accumulate rating on Infosys and revised target price to Rs 893 per share (previous target Rs 792) with an upside potential of 10 percent.

The brokerage house expects the company to continue this momentum

going forward as it plans to invest heavily in the expansion of digital segment in the areas like Data Analytics, Cloud computing and IoT.

ICICIdirect has maintained its hold rating on the stock with a revised target price of Rs 885.

It expect revenue growth to moderately surpass the upper guided band and margins are likely to see an improving trajectory from here on . They expect margins to expand to 23 percent in FY21E.

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Ministry of Corporate Affairs has been investigating three Indiabulls Group companies since about a year and will submit its final report by the end of October, according to people familiar with the matter.

Indiabulls Housing Finance, Indiabulls Ventures, Indiabulls Real Estate are being probed for potential wrongdoing by the Registrar of Companies, which is part of the ministry, the people said, asking not to be identified as the details are private.

The company has disclosed in court documents that the Ministry is inspecting its books, a representative for Indiabulls said.

Separately, the ministry has also imposed travel restrictions on the founders of Housing Development and Infrastructure Ltd. (HDIL), and may start inspecting the developer’s books, the people said. HDIL isn’t aware of any action against the it and its founders, company said in an exchange filing.

Ministry of Corporate Affairs has been investigating three Indiabulls Group companies since about a year and will submit its final report by the end of October, according to people familiar with the matter.

Indiabulls Housing Finance, Indiabulls Ventures, Indiabulls Real Estate are being probed for potential wrongdoing by the Registrar of Companies, which is part of the ministry, the people said, asking not to be identified as the details are private.

The company has disclosed in court documents that the Ministry is inspecting its books, a representative for Indiabulls said.

Separately, the ministry has also imposed travel restrictions on the founders of Housing Development and Infrastructure Ltd. (HDIL), and may start inspecting the developer’s books, the people said. HDIL isn’t aware of any action against the it and its founders, company said in an exchange filing.

Ministry of Corporate Affairs has been investigating three Indiabulls Group companies since about a year and will submit its final report by the end of October, according to people familiar with the matter.

Indiabulls Housing Finance, Indiabulls Ventures, Indiabulls Real Estate are being probed for potential wrongdoing by the Registrar of Companies, which is part of the ministry, the people said, asking not to be identified as the details are private.

The company has disclosed in court documents that the Ministry is inspecting its books, a representative for Indiabulls said.

Separately, the ministry has also imposed travel restrictions on the founders of Housing Development and Infrastructure Ltd. (HDIL), and may start inspecting the developer’s books, the people said. HDIL isn’t aware of any action against the it and its founders, company said in an exchange filing.

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Ambani further said the four business verticals including roads, metro, energy and airport are fully fundedReliance Infrastructure (RInfra) which is sitting on a debt of Rs 6,000 crore, is on track to reduce leverage even further as it focuses to be an asset-and capital-light entity, the company said on Monday.

Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model.

"Our intent is to reduce the debt further. At present we are have around Rs 6,000 crore of debt but with a large networth," the RInfra chairman said, adding the will focus on the domestic market and take up more complex infrastructure and transportation projects.

"We hope to become one of the top five defence companies among the private players in the country, serving the needs of self-reliance and technological advancement and becoming a global supplier. Our defence business in partnership with global leaders will ensure optimum utilisation," he said.

He further said the four business verticals including roads, metro, energy and airport are fully funded.

"Going forward, both the growth engines of E&C and defence businesses will remain asset and capital light without the need for any further large capital infusion," he said.

On the defence opportunity, he further said the defence budget of Rs 3 trillion is a great opportunity for domestic players. "Of the Rs 3 lakh crore budget, Rs 1 trillion is for purchase of new weapons platforms and military hardware. This is a great opportunity for us to participate." The company has its presence in the defence business through two of its joint ventures with French firms Dassault Aviation and Thales.

"Both these joint ventures are operational and the factories are located in Mihan in Nagpur. Both are exporting high technology and high-value products to global markets in both civil as well as defence and aerospace area," he said.

Sounding bullish on the infrastructure space, given an outlay of Rs 100 trillion over the next five years, he said the country's infrastructure needs are very vast.

The government has announced Rs 100 lakh crore investment in infrastructure over the next five years and RInfra will participate in these large scale opportunities and projects which are complex, he said.

The company has bagged a few large orders including the Rs 7,000 crore Versova-Bandra Sealink project and a few metro projects in the megapolis.

On the Delhi Metro arbitration award which is around Rs 5,000 crore, he said, the company had already won the case five years ago and is still waiting to receive the amount.

The transaction of the proposed sale of Delhi-Agra toll roadway, which is expected to fetch RInfra Rs 3,600 crore, is likely to be closed in the next few weeks, he said.

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The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday reported a 24.4 per cent decline in sales at 1,22,640 units in September.

The company had sold 1,62,290 units in September last year, MSI said in a statement.

Domestic sales declined by 26.7 per cent at 1,12,500 units last month as against 1,53,550 units in September 2018, it added.

Sales of mini cars comprising Alto and WagonR stood at 20,085 units as compared to 34,971 units in the same month last year, down 42.6 per cent.

Sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, fell 22.7 per cent at 57,179 units as against 74,011 cars in September last year.

Mid-sized sedan Ciaz sold 1,715 units as compared to 6,246 units earlier.

Similarly, sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, declined marginally at 21,526 units as compared to 21,639 in the year-ago month, MSI said.

Exports in September were down by 17.8 per cent at 7,188 units as against 8,740 units in the corresponding month last year, the company said.

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The dollar edged lower but held close to its recent highs on Thursday as investors struggled to make sense of U.S. President Donald Trump's mixed signals on a trade deal with China.

Foreign exchange markets were quiet at the European open, with currency pairs little moved but the dollar's resilience this week was a sign of investor nervousness about the global outlook.

"We need new direction," said Neil Mellor, a markets analyst at BNY Mellon, citing a pushback from central banks to markets expecting more monetary stimulus and confusion over whether the United States can strike a deal with China for the current range-bound moves in FX markets.

He said that he favoured the dollar as a safe haven currency in the short-term because of a difficult outlook for the global economy and trade negotiations, especially as central banks signal they "are not prepared to keep on shovelling out liquidity into the market".

"There is a greater downside risk to risk assets," he said.

The dollar index, which measures the greenback against a basket of currencies, was last down 0.1% at 98.985 .DXY but was only a whisker away from a two-week high and the two-year peak of 99.37 hit earlier this month.

Trump stoked hopes for a trade deal by telling reporters in New York that the United States and China were having "good conversations" and that an agreement "could happen sooner than you think". the Trump pump, and it works," said Matt Simpson, senior market analyst at Gain Capital in Singapore.

"But there's not really any major moves either, it's a slight boost to risk," he said, noting traders were also trying to assess the likely direction of a Trump impeachment probe opened by the Democrats on Wednesday.

That initially helped the Australian dollar claw higher, while the New Zealand dollar NZD=D3 kicked ahead further after New Zealand's central bank governor said it was unlikely he would need to use unconventional monetary policy. by 0730 GMT, the Aussie was up only slightly on the day at $0.6753 AUD=D3 , while the yuan was up 0.1% at 7.1241 per dollar in the offshore market CNH=EBS .

The New Zealand dollar was last up 0.4% at $0.6297.

The euro rose 0.1% to $1.0947 EUR=EBS .

The Japanese yen, perceived as a safe haven currency, rose 0.1% to 107.68 yen per dollar JPY=EBS .

Sterling steadied at $1.2354 GBP=D3 after plunging more than 1% on Wednesday as traders fretted about the deepening confrontation in the British parliament over Brexit.

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HDFC Bank beat the crowds to top the list of 75 most valued brands in India, keeping its position intact from the previous year. At second and third spots, too, the old order held its grip. Public sector insurer Life Insurance Corporation of India (LIC) and IT major Tata Consultancy Services (TCS) retained their second and third ranks in the list of most valued Indian brands.

The big change, however, has been in the overall growth of brand values in the BrandZ 2019 Most Valuable Indian Brands, a report by WPP and Kantar Millward Brown. The total value of the top 75 brands increased to $228.2 billion, growing at a moderate 6 per cent over 2018, far slower than 34 per cent recorded the previous year. The report calculates valuations and ranking by combining companies’ financial data with consumer insight and opinion.

While brands grappled with many challenges this year, a few managed to push valuations up significantly. With a 34 per cent jump in brand valuations, Jio led the band of top risers, a diverse set of brands on the list. Preeti Reddy, CEO South Asia, Insights Division, Kantar, said, “They (Reliance Jio) have built an entire ecosystem around Jio which is feeding into each other and they continue to be disruptive.” Among the other brands that increased their valuations at a significant clip are Infosys, TCS, Maggi, Ola, and others.

HDFC Bank saw its brand value increases five per cent, growing slow but at a steady clip, to keep the top spot. “HDFC has utilised the digital ecosystem well and secondly they were very prudent about their business decisions. 

Banking brands make up the largest share of the BrandZ Top 75, with 23 per cent of the total brand value tied up in that sector. However, in comparison to other countries, where one category dominates the brand ranking (such as France with luxury goods,

US with technology, or Indonesia with banking), India’s top brands are much more evenly dispersed.

Consumer tech, retail are the fastest-growing categories with brand values increasing 30 per cent. Among the high performers in this category, Flipkart saw a sharp 14 per cent spike in its valuations while newcomers to the list, Oyo, Swiggy and Zomato also took a big leap forward. Vodafone was the top ranked newcomer to the list of most valued brands that saw eight new entries in 2019. This is much lower than the 30 newcomers that debuted the list in 2018.

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The Reserve Bank of India (RBI) has expressed disagreement over the Securities and Exchange Board of India’s (Sebi) proposed framework enabling credit rating agencies (CRAs) to legally access borrower database, helping them in timely recognition of default.

A panel of financial regulators, including the Pension Fund Regulatory and Development Authority and the Insurance Regulatory and Development Authority of India as well as the RBI and Sebi, met last month and discussed a proposal to give CRAs limited access to the RBI’s Central Repository of Information on Large Credits (CRILC).

The CRILC is a borrower-level data set focusing on systemically important credit exposures. Banks report to the CRILC credit information on all their borrowers having aggregate fund-based and non-fund-based exposure of Rs 50 million and above.

Sources said the central bank had cited sensitivity and confidentially issues for allowing third-party access to large credit data information. The RBI had also assured that it would ask lenders to improve the information sharing under the current mechanism of Credit Information Company (CIC).

Currently, the rating agencies can access the CIC that is an independent, third-party institution collecting financial data regarding loans, credit cards, and more about individuals and shares it with its members. Banks and non-banking financial institutions usually take data from the CIC.

Sebi argued rating agencies cannot decide ratings based on the CIC, as it is not rapid, clean and accurate. It also said the CIC did not provide the updated data about the history of borrowers, repayment dues and so on.

The market regulator said there was a substantial difference in the default data disclosed by rating agencies and the one available with the CRILC. Even the central bank has raised this concern over divergence in default rates identified by the CRAs and the CRILC.

“Banks are mandated to provide all updates about borrowers to the RBI’s repository. But, the lenders have been reluctant on sharing the same with CRAs due to their confidentiality clause with the said borrower,” said the source cited above.

To address this, Sebi recently amended its regulations on rating agencies by adding a clause in the agreement between an issuer and a rater to provide an “explicit consent” from the issuer to obtain information related to loans, repayment, delay, etc. from banks or other lending institutions.

Sources said banks are miffed with this amendment as giving individual borrower data is a tedious job which would increase their workload. The RBI, too, is not willing to allow banks to give individual credit account information.

Amid surging cases of debt defaults including in IL&FS, the role of rating agencies have come under the regulatory glare. The market regulator has been making constant changes in the CRA rules for better monitoring and improving performance.

CRAs have been complaining they are dependent on the information provided by the borrowers as banks never disclose borrowing and lending information.

In 2017, Sebi had proposed it make it mandatory for listed companies to make disclosure of their loan defaults to the stock exchanges if they fail to make repayment of dues and interest within 24 hours. However, the proposal was then turned down by the government, as the central bank was of view that banks would need another Rs 26,000 crore capital if the measure was implemented.

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The Election Commission of India (EC) on September 24 announced that bypoll to the Satara Lok Sabha seat will be held on October 21.

Voting will happen along with the Maharashtra Legislative Assembly election.

The decision to hold the bypoll was taken after the Bombay High Court decided on an election petition on Satara Lok Sabha elections. The order reached the Commission on September 23.

The bypoll was necessitated after Member of Parliament (MP) from the Nationalist Congress Party (NCP), Udayanraje Bhosale, recently joined the Bharatiya Janata Party (BJP) after resigning from Lok Sabha.

Counting of votes will happen on October 24 when the Assembly election votes are counted.

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A country that faces nine crashes every 10 minutes has decided to act tough on drivers who cause accidents. Drivers who have so far been worried about shelling a large amount on traffic violations, would soon be dealing with another concern: ‘How would this traffic law violation impact the insurance premium on the vehicle?’

While the nine-member committee headed by Anurag Rastogi, Chief Actuary & Chief Underwriting Officer, HDFC Ergo General Insurance, charts the road-map for mapping traffic violations to the cost of insurance and tried to gauge the new parameters on which vehicle insurance are likely to be pegged.Such a linkage of insurance premium to traffic violations is expected to reduce accidents and bring about a change in driving behaviour as per the Insurance Regulatory Development Authority (IRDA), which has formed a working group to examine the system of linking premiums to traffic law violations.

Commenting on the move Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com, says, “The overall environment is being altered to make people more responsible when they are in public spaces. So, good drivers would be definitely paying a lower premium versus bad drivers and that is the ideal scenario any insurer would aim for.”Currently, motor insurance premiums are primarily decided by insurance companies based on the historical loss experienced for a particular category of vehicle, including the make in a specific region. But the insurance industry has been waiting for insured/driver-specific information for understanding the risk better to help in improved underwriting, according to Amitabh Jain, Head-Motor & Health underwriting and Claims at ICICI Lombard General Insurance Company (ILGIC).

Whatever changes and developments insurers have undertaken in terms of understanding the claims history of a particular vehicle category would be incomplete without gauging the circumstances under which the vehicle damage occurred. And, driving behaviour is a key parameter, giving them a peek into the probability of claim from a particular person, based on his/her driving behaviour.

“While insurance companies consistently try to improve the pricing for a vehicle by incorporating additional risk parameters such as previous claims history, vehicle safety features (such as an anti-theft device), vintage of the vehicle, and a customer’s association with an insurance company, the ideal way to price a risk would be the individual driving behaviour,” reveals Rakesh Jain, ED & CEO, Reliance General Insurance (RGIC).

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The tax authorities are faced with a steep revenue collection target for 2019-20, with advance tax mop-up posting dismal growth in the first half of the financial year, indicating a deepening economic slowdown.

The overall advance tax collection, including corporate and personal income tax, grew by 6 per cent between April and mid-September as against 18 per cent in the year-ago period, according to sources in the know.

Direct tax collection has seen a growth rate of mere 5 per cent so far this year, which means that collections will need to expand by at least 27 per cent in the remaining half to achieve the Budget target of 17.3 per cent growth.

Advance tax collection after the second instalment stood at Rs 2.2 trillion. The gross direct tax collection has touched Rs 5.5 trillion as against the full-year target of Rs 13.35 trillion.

Within the advance tax collection, corporation tax mop-up grew by 6.5 per cent and personal income tax by 3.5 per cent.

“The revenue situation remains grim on account of the economy expanding slower than expected and key industries being impacted. If the situation does not improve, meeting the collection target will be impossible,” said a government official.

India’s gross domestic product (GDP) growth plummeted to a 25-quarter low of 5 per cent in the first quarter of FY20.

The tax buoyancy estimated this year at 1.44 is higher than 1.21 achieved last year. In simple terms, it means if nominal GDP expands by 10 per cent, direct tax collection will grow by 14.4 per cent, which appears near impossible in the current situation. Nominal GDP grew by just 8 per cent in the first quarter as against 12 per cent budgeted for FY20. Several institutions, including the International Monetary Fund (IMF) and the Reserve Bank of India (RBI), have cut India’s growth forecast.