SBI, HDFC cut home loan rate by 20bps-25 bps
The country's two largest mortgage lenders SBI and HDFC Limited has reduced their home loan rates for retail borrowers. HDFC has brought down its lending rate by 20 basis points with effect from April 13 and following the reduction the company will extend loans at 9.9%.HDFCs cost of funds is likely to decline post reduction in base rate by banks and drop in wholesale borrowings rates and largely neutral for spreads. SBI too reduced home loan rates by upto 25 bps but for new borrowers hence may not have significant impact on NIMs.
Apollo Tyres commences construction in Hungary
Apollo Tyres has commenced construction at its upcoming facility in Hungary. The company plans to invest Euro 442 million in Hungary and the production is expected to commence in early 2017. Positive for the company.
Maruti Suzuki targets growth of 11% in FY16
Maruti Suzuki has targeted a growth of 10-11% in domestic sales for FY16. Along with exports the company targets to sell 1.44million vehicles in FY16 which is in-line with our estimates.The company has lined up a utility vehicles, a compact diesel car, a small commercial vehicle and a premium hatchback for launch during the year. Positive for the company.
Positive surprise on IIP, growth improves to 5% in Feb 2015rts production in Panipat Unit
Industrial production grew at 5% in February, which was higher than market estimates and close to 18 month high.This was mainly on account of improvement in manufacturing activity (up 5.2% Vs 3.3% MoM), a rebound in consumer non-durables (10% Vs -0.1% MoM) and also due to a lower base effect. The pick in IIP suggests, revival in industrial segment which is key to improvement in economic growth.
Hero MotoCorp to launch a new scooter in July
As per media reports, Hero MotoCorp is planning to launch a new metal body scooter in July 2015 which is targeted at the market leader Honda’s Activa. The company has delayed its motorcycle launch so as to focus on the scooter segment. The new scooter will have added features such as telescopic shock absorbers, digital console and integrated braking. View: The added focus of Hero MotoCorp on the scooter segment augurs well for the company. We continue to remain positive on the stock.