industry cursor - december 2016 - dun & bradstreet€¦ · n the index of eight ... n steel...

Issue 100 | December 2016Strictly for Private Circulation

MACROECONOMIC UPDATE

n Moderating for the third consecutive quarter India's GVA grew by 7.1% (y-o-y) during Q2 FY17 due to a sharp moderation in the growth of the industrial sector which grew by 5.2% (y-o-y) as against a growth of 6% during Q1 FY17.

n The Index of Eight Core Industries grew by 6.6% (y-o-y) in Oct 16, the highest since May 16, on account of significant growth in petroleum refinery products (15.1%).

n The Index of Industrial Production (IIP) declined by 1.9% in Oct 16 as against a growth of 0.7% in Sep 16. While the pace of decline contracted in the mining sector to 1.1% in Oct 16, growth in the electricity sector moderated to 1.1% from 2.4% in Sep 16.

n WPI inflation continued to moderate for the third consecutive month and stood at 3.2% in Nov 16 marginally below 3.4% in Oct 16.

n Retail inflation moderated sharply to 3.6% in Nov 16 and reached a two-year low on account of significant moderation in the food inflation to around 2.6% in Nov 16 from 3.7% in Oct 16.

n Broad Money (M3) moderated to its record low of 8.5% (y-o-y) in Nov 16.n While aggregate deposits of Scheduled Commercial Banks grew by 15.9% in Nov, the

highest since Jul 12, bank credit moderated to its record low of 6.6%. n Balance of Payments (BOP) recorded a surplus of US$ 8.5 bn during Q2 FY17 as compared to

a deficit of US$ 900 mn during Q2 FY16. Current Account Deficit (CAD) stood at 0.6% of GDP in Q2 FY17 as compared to 0.1% in Q2 FY16.

n During Nov 16, the pace of growth in exports declined significantly and grew by 2.3% (y-o-y) to US$ 20 bn as against a growth of around 9.6% (y-o-y) in Oct 16. Imports increased for the second consecutive month in Nov 16, growing by 10.4% to US$ 33 bn after declining since Dec 14.

F: D&B forecastSource: CSO

Source: Ministry of Commerce and Industry

India's exports & imports (US$ bn) Macroeconomic triad (estimate)

Note: Exchange rate: INR/US$ at month endInterest rate corresponds to yield on T-Bills 15-91 daysSource: D&B Industry Research Service

Dec-16

Inflation3.2% - 3.4%

Interest rate5.9 % - 6.0%

Exchange rate67.7 - 67.9

cursorIndustry

CONTENTS

Logistics & Supply Chain

Commercial Vehicle

Gems & Jewellery

Hi-Tech

Banking

Hospitality

IT-Hardware

Passenger Vehicle

Textile & Garment

Steel

Retail

Two and Three-Wheeler

2

4

5

7

6

8

3

9

10

11

15

14

13

12

Macroeconomic Update

Auto Components

Healthcare & Pharmaceutical

IIP and core infrastructure: Growth (%)

Source: Ministry of Commerce & Industry, CSO

GDP: Growth (%)

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Eight core industries IIP

Exports (LHS) Imports (RHS)

Agriculture Industry Services Real GVA

-2

0

2

4

6

8

10

12

Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17 Q3 FY17 (F)

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

25.0

30.0

35.0

18.0

21.0

24.0

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

AUTO COMPONENTS INDUSTRY

n Bharat Forge Ltd completed acquisition of Walker Forge Tennessee LLC and PMT Holdings, USA through its US subsidiary, Bharat Forge America for US$ 14 mn.

n Mauritius-based Mahindra Forgings Global and Mahindra Forgings International set to amalgamate with the parent company, Mahindra CIE Automotive.

n Bosch entered into automotive electronics with the inauguration of Bosch Centre for Automotive Electronics at Kumaraguru College of Technology in Coimbatore. The Group also plans to invest nearly €400 mn in the US.

n Voestalpine received an order worth around US$ 600 mn in the automotive sector.

n Steel Strips Wheels received orders to supply 18,000 wheels to BMW India and 20,000 caravan steel wheels for trailer market from its Chennai facility.

n Japan-based automotive testing systems company Horiba opened a technical centre at Chakan near Pune with an investment of ₹ 1 bn to offer automotive testing, product customisation workshop and assembly.

n Spain-based car interiors maker Grupo Antolin plans to set up a unit in Amaravati, Andhra Pradesh with 120 employees initially.

Steel prices (Mumbai) (`/tonne)

Rubber prices* (Kottayam)(`/quintal)

*Rss-4

Highlights

Global News

n Faurecia acquired 91.2% stake in Danish company Amminex to accelerate pollutant reduction in diesel engines. The company also signed its third joint venture (JV) agreement with Iran-based MAAD to form The Faurecia Crouse Advanced Exhaust System for emissions control systems. It also entered into an agreement with Germany-based Borgward to create a JV in China to jointly develop and build complete seats for new Borgward vehicles.

n Nissan is selling its 41% stake in auto parts company Calsonic Kansei to US buyout firm KKR for an enterprise value of US$ 4.5 bn.

n Global automotive supplier of engineered components and systems Inteva Products inaugurated a new manufacturing facility in China which currently employs more than 600 people.

n Rheinmetall Automotive through its group subsidiary KS Kolbenschmidt received a contract worth €45 mn to manufacture steel pistons for car diesel engines.

n Germany-based ZF Friedrichshafen AG agreed to sell 20.11% in Swedish brake systems firm Haldex to Knorr-Bremse. Further, ZF Friedrichshafen’s subsidiary ZF Race Engineering GmbH is set to form a joint business unit with UK-based Conekt to operate in the areas of motorsports applications, special series applications, and engineering services.

n Delphi Automotive Plc and Israeli technology firm Mobileye NV plans to use an Intel Corp chip for self-driving car system by 2019.


HR coils 2.00 mm CR coils 0.63 mm `

`

Auto Components: Key financial indicators

Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other incomeNet profit: PAT net of P&ESource: CMIE

not done

done

content done

Parameters Units Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17

Net sales ₹ bn 783.6 773.2 837.6 800.2 838.6

y-o-y growth % 8.3 7.8 11.0 8.3 7.0

Operating profi t 113.6 105.4 120.2 114.1 124.7

y-o-y growth % 39.0 45.1 32.2 9.1 9.7

Net profi t 60.7 51.9 68.0 64.5 74.1

y-o-y growth % 111.8 147.1 80.2 9.2 22.1

Operating profi t margin % 14.5 13.6 14.3 14.3 14.9

Net profi t margin % 7.6 6.6 7.9 7.8 8.6

₹ bn

₹ bn

30000

33000

36000

39000

42000

45000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

9,000

10,000

11,000

12,000

13,000

14,000

15,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Industry: Profit margins (%)

CMIESource for all above charts:

6.0

7.0

8.0

9.0

13.4

13.8

14.2

14.6

15.0

Q2

FY1

6

Q3

FY1

6

Q4

FY1

6

Q1

FY1

7

Q2

FY1

7

Operating profit margin (LHS) Net profit margin (RHS)

Deposits, credit and growth rates

Note: Call rates for Dec-16 are up to Dec 14, 2016

Source for all above charts: RBI

Movement in call money rates (%)

BANKING INDUSTRY

Note: Data for Nov-16 is as on Nov 25, 2016

n The Monetary Policy Committee in its fifth bi-monthly monetary policy meeting decided to keep the policy repo rate under the liquidity adjustment facility unchanged at 6.25%.

n The RBI had announced an incremental Cash Reserve Ratio (CRR) of 100% for banks, effective the fortnight beginning November 26, 2016 as a purely temporary measure. This incremental CRR of 100% was decided to be withdrawn effective the fortnight beginning December 10, 2016.

n The RBI relaxed norms for additional factor of authentication (AFA) for payments up to ₹ 2,000.

n The RBI capped banks' exposure limit to a single entity to 20% and that to a business group at 25%.

n Axis Bank completed acquisition of 13.67% stake in Assets Care and Reconstruction Enterprise (ACRE) from IFCI Ltd for ₹ 227.2 mn.

n Federal Bank partnered with Oxigen for cash management services through the bank's e - collection facility.

n DCB Bank launched its own mobile and tab based digital wallet Cippy Wallet app to encourage consumers to experience cash free purchases from the mobile phone for day-to-day needs.

n Yes Bank launched SIMsePAY that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or Internet. The bank also partnered with Crownit to launch digitised meal vouchers.

n Yes Bank partnered with e-grocer Grofers allowing customers to get cash of up to ₹ 2,000 when they order grocery online.

n RBL Bank launched 'Aadhaar Payment Bridge System' (APBS) for small ticket micro-finance loan disbursements. The bank also tied-up with Bajaj Finance to launch a series of co-branded credit cards for Indian customers.

n HDFC Bank partnered with Federation of Retail Traders Welfare Association (FRTWA) to offer cash withdrawal facility at over 50 large and prominent retail stores across major cities. The customers can withdraw cash up to ₹ 2,000 at these stores by swiping their debit cards using the PoS machines deployed at these stores.

n Airtel Payments Bank rolled out its pilot services in Andhra Pradesh and Telangana and plans to expand its presence across the country.

Highlights


Deposits (LHS) Credit (LHS)y-o-y growth rates of deposits (RHS)y-o-y growth rates of credit (RHS)

%` bn

Call money rate- High (%) Call money rate- Low (%)

`

`

not done

done

N.A: Not applicable (Losses incurred)Note: Net profit: PAT net of prior period and extraordinary itemsSource: CMIE

Banking: Key financial indicators

Global News

n The Federal Open Market Committee of the US Federal Reserve raised the target range for the federal funds rate by 25 bps to 0.5-0.75%.


Net sales ₹ bn 2,324.8 2,287.9 2,314.6 2,268.8 2,282.5

y-o-y growth % 6.1 3.0 2.1 -1.5 -1.8

Net profi t ₹ bn 171.8 -34.6 -212.1 64.5 124.4

y-o-y growth % -3.7 N.A N.A -66.3 -27.6

Net profi t margin % 6.6 -1.3 -7.8 2.5 4.5

3

6

9

12

15

18

50,000

60,000

70,000

80,000

90,000

100,000

110,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

0

2

4

6

8

10

12

14

16

18

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

COMMERCIAL VEHICLE INDUSTRY

n Ashok Leyland Ltd completed acquisition of three JVs namely Ashok Leyland Nissan-Vehicles Ltd, Nissan-Ashok Leyland Powertrain Ltd and Nissan-Ashok Leyland Technologies Ltd from its JV partner Nissan Motor Co Ltd.

n Mahindra & Mahindra launched the CNG variant of its mini-truck Jeeto priced at ₹ 3.49 lakh (ex-showroom, Delhi). The CNG variant of the Jeeto will be available on the top end model of Jeeto X716.

n MAN Trucks India unveiled the CLA EVO range of heavy commercial vehicles comprising CLA EVO 25.300 6x4 BS4 Construction Tipper and the CLA EVO 49.300 6X4 BS4 Tractor Head.

n Construction and mining equipment manufacturer, Caterpillar plans to manufacture Cat 777E, 97.98 tonne off-highway trucks in India.

Highlights

M&HCV: Domestic sales (Nos.)

Source for all above charts: CMIE

LCV: Domestic sales (Nos.)

Global News

n Volvo launched new biarticulated chassis, Volvo Gran Artic 300 developed in Brazil especially for Bus Rapid Transit systems and can carry up to 300 passengers.

n BYD Korea along with Ezwelfare signed electric bus deal to supply 21 units of 7m pure electric coaches to Jeju Island in South Korea.

n Daimler plans to invest around US$ 11 bn in developing electric vehicles.


`

`

`

Source: CMIE

Commercial vehicle sales (Nos.)

N.A.: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other incomeNet profit: PAT net of P&ESource: CMIE

Commercial Vehicles: Key financial indicators

Segments Nov-15 Nov-16 y-o-y growth (%)

Apr-Nov FY16

Apr-Nov FY17

y-o-y growth (%)

M&HCV 20,144 17,499 -13.1 181,650 181,097 -0.3

LCV 31,622 28,274 -10.6 243,307 263,676 8.4

Total domestic sales 51,766 45,773 -11.6 424,957 444,773 4.7

Exports 7,137 8,932 25.2 66,054 75,104 13.7

Total sales 58,903 54,705 -7.1 491,011 519,877 5.9


Net sales ₹ bn 166.9 150.3 197.5 157.9 161.0

y-o-y growth % 30.4 14.3 21.1 11.0 -3.5


y-o-y growth % N.A N.A 196.4 19.6 -26.0

Net profi t 0.9 1.9 9.6 4.1 -2.3

y-o-y growth % N.A N.A N.A -17.9 N.A


Net profi t margin % 0.5 1.2 4.7 2.5 -1.4

₹ bn

₹ bn

15,000

20,000

25,000

30,000

35,000

40,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

25,000

30,000

35,000

40,000

45,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

GEMS AND JEWELLERY INDUSTRY

Gold prices in Mumbai market

Gems & Jewellery exports (` bn)


Gems & Jewellery imports (` bn)

n According to the Gems and Jewellery Export Promotion Council, net exports from the gems and jewellery sector during Apr-Oct FY17 stood at US$ 21.4 bn, a growth of 15.5% over the US$ 18.5 bn exported in the same period of the previous year.

n De Beers' International Institute of Diamond Grading & Research (IIDGR) announced investment of US$ 5 mn for expansion of its diamond grading and testing centre in Surat.

n The Gem and Jewellery Skill Council of India (GJSCI) launched its Recognition of Prior Learning (RPL) Goldsmith Program in West Bengal in association with Edujobs Academy, Kolkata.

Highlights


Global News

n As per a report by World Platinum Investment Council (WPIC), global demand for platinum jewellery is likely to decline by 300 koz this year, a drop of 10% (y-o-y) as a result of lower purchases by manufacturers in China and Japan even though demand for jewellery crafted in the white metal will actually grow in markets such as India, North America and Western Europe.

n Lukoil entered into an agreement to sell its 100% stake in JSC Arkhangelskgeoldobycha to Otkritie Holding Group for US$ 1.45 bn in cash.

n The Government of the Northwest Territories (GNWT) in Canada announced that Almod Diamonds Ltd has become an Approved NWT Diamond Manufacturer, giving the Company access to NWT-mined rough diamonds for manufacturing activities in the NWT.

n Lucapa Diamond Company has been granted a new kimberlite exploration license for the Lulo diamond project by Angola's Minister of Mines and Geology.

n Peregrine Diamonds planned to invest a further Canadian Dollars 15-17 mn to conduct bulk sampling, core drilling and pre-feasibility studies at the site of the Chidliak Mine in Nunavut, Canada.

n The Dubai Gold and Commodities Exchange (DGCX) and the Chinese Gold and Silver Exchange Society (CGSE) signed a Memorandum of Understanding (MoU) to boost their presence in the precious metals markets.

Price (LHS) Change (RHS)

`/10 gm %

`

`

`N.A: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other incomeNet profit: PAT net of P&ESource: CMIE

Gems & Jewellery: Key financial indicators


Net sales ₹ bn 218.9 219.9 226.4 207.7 188.5

y-o-y growth % 4.0 2.8 -9.3 7.4 -13.9

Operating profi t ₹ bn 7.1 8.9 2.2 7.1 7.6

y-o-y growth % -25.1 -4.9 -71.8 -18.1 6.7

Net profi t ₹ bn 2.0 4.4 -5.0 3.0 4.5

y-o-y growth % -34.3 N.A N.A -16.1 126.6


Net profi t margin % 0.9 2.0 -2.2 1.4 2.4

-10

-5

0

5

10

15

20

25

24,000

26,000

28,000

30,000

32,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

100

130

160

190

220

250

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

60

80

100

120

140

160

180

200

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

HEALTHCARE & PHARMACEUTICAL INDUSTRY

n The Delhi High Court set aside a government notification that had banned 344 fixed dose combination (FDC) medicines.

n Strides Shasun, a Bengaluru-based pharmaceuticals company, agreed to acquire Perrigo API India for ₹ 1 bn.

n Strides Shasun, through its UK-based subsidiary, Strides Arcolab International entered into an agreement with Swedish Moberg Pharma to acquire the latter's 'PediaCare' brand. The acquisition is for a total consideration of US$ 5 mn plus inventory value at closing.

n Cipla's UK subsidiary sold its entire 16.7% stake in US-based Chase Pharmaceuticals Corp to Allergan Plc. As part of the deal, Allergan agreed to pay US$ 125 mn for the acquisition, in addition to potential regulatory and sales milestone payments of up to US$ 875 mn.

n Suven Life Sciences has been granted one-product patent from India corresponding to the new chemical entities for the treatment of disorders associated with neurodegenerative diseases. The patents are valid till 2024.

n Sun Pharma and Israel-based Moebius Medical entered into an exclusive worldwide licensing deal to develop MM-II, an intra-articular bio lubricant injection for pain relief in osteoarthritis.

n Sun Pharma acquired 85.1% stake in Biosintez, a Russian company making and marketing pharmaceutical products in the Common Wealth of Independent Countries for US$ 24 mn and would also assume a debt of approximately US$ 36 mn as part of this transaction.

n Sun Pharma plans to launch its first branded ophthalmic drug BromSite in the US market through Sun Ophthalmics, its dedicated division to market drugs related to eye related disorders.

n Lupin and Eli Lilly launched Eglucent, a new brand of rapid-acting insulin analog Lispro.

n Lupin received approval from USFDA for its hydrocodone bitartrate and acetaminophen tablets, which are generic version of Allergan Sales LLC's Norco tablets in the same strengths and are used for pain relief.

n Pinfold Overseas increased its stake in Morepen Laboratories, from 2.14% to 8.56%. The company purchased the 6.42% shares in an off-market transaction.

n Aurobindo Pharma agreed to acquire select commercial products in France from Teva, through its French subsidiary Arrow Generiques SAS. The company will acquire the right, title and interest in products calcium and calcium vitamin D3, including the use of the Orocal trademark from Teva.

n Bliss GVS Pharma's Kenyan wing received a three-year contract worth US$ 111.4 mn from Aon Kenya Insurance Brokers for provision of medical healthcare services in Kenya. This contract covers outpatient services for over 304,060 members.

Trend in Drugs and Pharmaceuticals export

Trend in Drugs and Pharmaceuticals import

Highlights



Value (LHS) Growth (RHS)

` bn %

Value (LHS) Growth (RHS)

` bn %

`

`

`

`

N.A: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other income Net profit: PAT net of P&ESource: CMIE

Drugs & Pharmaceuticals: Key financial indicators


Net sales ₹ bn 337.9 333.0 341.5 343.4 352.2

y-o-y growth % 10.5 13.7 9.4 4.7 4.2


y-o-y growth % 74.6 423.8 23.5 -5.1 -3.8

Net profi t 48.7 44.2 35.8 47.6 50.5

y-o-y growth % 81.6 N.A 58.0 -3.8 3.7



₹ bn

₹ bn

-15

-5

5

15

25

70

80

90

100

110

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

-25

-15

-5

5

15

25

20

25

30

35

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

HI-TECH INDUSTRY

Civil Aviation: Cargo statistics(freight tonne km and mail tonne km in mn)

Civil Aviation: Load factor (%)

n Videotex International partnered with Usha Shriram Enterprises to enter into LED televisions under the Usha Shriram brand.

n Panasonic India plans to manufacture air purifiers in the country by next year and also build a facility in Haryana for production of refrigerators.

n Spicejet along with Musafir & Kiwi partnered with ixigo, a travel search marketplace, for distribution of their flights content through its app. SpiceJet also launched a daily direct flight from Hyderabad connecting Jabalpur.

n Air India Express received its Board's approval to enter into a one-way codeshare agreement with the parent Air India for select destinations.

n AirAsia Berhad, a JV partner with Tata Sons in AirAsia (India) made an investment of ₹ 1.15 bn into the airline.

n Jet Airways entered into a codeshare agreement with Air France, KLM and Delta to expand its international business as well as added 6 new international destinations and created new international gateways at Singapore, London and Paris.

n Indonesian national carrier Garuda Indonesia marked its entry in Mumbai with the launch of tri-weekly flight to Mumbai from Jakarta via Bangkok.

Civil aviation: Airport traffic statistics (October 2016)

Highlights


Source: CMIE


Passenger load factor Weight load factor

N.A: Not applicable (Losses incurred) Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other incomeNet profit: PAT net of P&ESource: CMIE

Consumer Electronics: Key financial indicators

`

`

Freight tonne km (LHS) Mail tonne km (RHS)

Global News

n The Etihad Aviation Group received its Board’s approval to create a new European leisure airline group in a JV with TUI AG, with a fleet of around 60 aircraft, offering 15 mn seats capacity per year, to connect key European markets.

Parameters

Aircraft traffic Passenger traffic Cargo traffic

Nos.y-o-y

growth (%)Nos.

y-o-y growth (%)

Tonnesy-o-y

growth (%)

Domestic traffi c 143,015 18.7 17,148,100 23.6 107,600 10.5

International traffi c 34,303 4.7 4,682,700 7.4 159,600 15.6

Total airport traffic 177,318 15.7 21,830,800 19.7 267,200 13.5


Net sales ₹ bn 36.5 36.5 33.6 34.1 31.6

y-o-y growth % -5.2 -2.0 -9.3 -8.5 -13.3


y-o-y growth % 6.7 -26.9 -51.2 -49.6 -63.1

Net profi t -0.2 -1.2 -2.5 -3.7 -5.0

y-o-y growth % N.A N.A N.A N.A N.A


Net profi t margin % -0.5 -3.1 -6.9 -10.6 -15.6

₹ bn

₹ bn

2.2

2.6

3.0

3.4

3.8

8,000

12,000

16,000

20,000

24,000

28,000

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

60

65

70

75

80

85

90

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

HOSPITALITY INDUSTRY

Foreign tourist arrivals in India('000 nos.)

Foreign exchange earnings

Growth in foreign tourist arrivals (%)

Source for all charts: CMIE

n The Union Cabinet gave its approval for signing a Memorandum of Understanding between the Ministry of Tourism, Government of the Republic of India and Ministry of Cultural, Information & Tourism of the Government of the Kyrgyz Republic for strengthening cooperation in the field of tourism.

n Global restaurant company Dine Equity Inc signed a franchisee agreement with food services provider Kwal's Group, to launch breakfast chain IHOP in India. Jointly, the companies will invest around ₹ 1 bn and set up 20 stores in cities across the country over the next decade.

n Marriott International announced plans to open around 30 luxury hotels in 2017 and has a total of 180 luxury hotels in its development pipeline, representing 20 new countries, from Iceland and Nepal to Cuba.

n Carlson Rezidor Hotel group plans to add 30 more properties, including 4-5 in South India. With this, the total number of units will be 170 by 2020.

n Luxury Hotel Groups Taj and Shangri-La entered into an agreement to launch a new guest loyalty program called Warmer Welcomes. The program will integrate Taj Group's InnerCircle and Shangri-La's Golden Circle rewards program.

n Treebo Hotels aims to have 1,500 properties across 150 cities in India by 2018. The budget hospitality chain is planning to take its room count to 35,000-40,000 over this period, and is looking to expand in a mix of tier I, II and III cities.

Highlights


Foreign exchange earnings (LHS) Growth (RHS)

` bn %

2013 2014 2015 2016

`

`

`


Hospitality: Key financial indicators

Global News

n Banyan Tree Holdings entered into an agreement with AccorHotels under which, AccorHotels picked up a 5% stake in Banyan Tree and will invest an initial Singapore Dollar 24 mn in Singapore-based Banyan Tree and both parties will then co-develop the brands owned by Banyan Tree around the world.

n AccorHotels finalized the acquisition of concierge company John Paul for US$ 150 mn.


Net sales ₹ bn 31.7 28.3 29.1 39.7 33.3

y-o-y growth % 47.3 5.3 6.2 5.1 5.2

Net profi t ₹ bn -0.3 1.5 2.2 0.2 0.2

y-o-y growth % N.A 177.1 -41.1 -6.9 N.A

Net profi t margin % -1.0 5.0 7.2 0.5 0.6

450

550

650

750

850

950

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

0.0

5.0

10.0

15.0

20.0

25.0

100.0

110.0

120.0

130.0

140.0

150.0

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

0

2

4

6

8

10

12

14

16

18

20

Jan

Feb

Mar

Ap

r

May Jun

Jul

Au

g

Sep

Oct

No

v

Dec

Domestic Computer Hardware& Peripheral production (` bn)

IT HARDWARE INDUSTRY

n Lenovo India supplied 6,000 units of ThinkPad Yoga 460 convertible laptops to Kalinga Institute of Industrial Technology (KIIT) in Bhubaneswar to empower students. The convertible laptops are expected to help students prepare for classroom sessions and online tests in an efficient way.

n With a view to provide relief to cash-strapped customers in the wake of demonetization, Lenovo partnered with Paytm to facilitate hassle-free cashless transactions for its laptop buyers. The company has covered its entire notebook portfolio under this initiative and is presently offered in 40 cities at its 350 retail partner outlets.

n HP Inc launched a new program, 'HP World on Wheels' with a view to drive digital literacy in rural India. The company aims to build 48 self-contained, Internet-enabled digital inclusion and learning labs across the rural areas, under the program.

n HCL Infosystems signed a Memorandum of Understanding with Omantel, telecom services provider in the Middle East, to provide a host of services including enhancement of Internet of Things (IoT) and Machine to Machine (M2M) infrastructure, delivering e-services, portal content management, and enhanced levels of network optimization and security. HCL Infosystems will also become Omantel's strategic partner for executing its IoT business objectives and will help in imparting skills training to Omani nationals.

Source: CMIE

Highlights


`

`

`

`


IT-Hardware: Key financial indicators


Net sales ₹ bn 1.6 1.6 2.1 2.1 1.8

y-o-y growth % -55.2 -49.8 -34.8 -5.2 12.2

Operating profi t ₹ bn -0.4 -0.3 -0.1 -0.1 -0.1


Net profi t ₹ bn -1.0 -1.1 -1.1 -0.8 -0.8


Operating profi t margin % -21.9 -18.4 -6.7 -3.0 -4.6


0.5

1.0

1.5

2.0

2.5

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

LOGISTICS & SUPPLY CHAIN INDUSTRY

n TM International Logistics sold its wholly-owned subsidiary TM Harbour Services to Adani Ports and Special Economic Zone for ₹ 1.06 bn.

n The Mumbai airport launched a new cargo terminal for bonded and heavy export cargo which is likely to enhance its export handling capacity by 300,000 tonnes annually.

n DHL eCommerce through its subsidiary Blue Dart Express plans to invest €70 mn to expand its air hubs in Delhi and Mumbai, which are part of its network of 13 air hubs in India.

Highlights

Global News

n NYK signed a JV agreement with Vietnam Ocean Shipping Agency Corporation to establish NYK Auto Logistics (Vietnam), a logistics company for finished cars.

n Air Canada Cargo commenced weekly freight service between Frankfurt and Toronto.

n K Line expanded its Asia Chennai Express to link Korea and China to Chennai. K Line also enhanced its ro-ro service between Thailand and Australia by launching a new service route which would be an "anti-clockwise" loop, in addition to its existing "clockwise" loop, to tap rising demand in Australia for imported automobiles.

n Agility received a six-year warehousing and logistics contract from Sweden-based Amring.

n DHL eCommerce plans to open an outbound cross-border eCommerce distribution centre in Japan by April 2017 to widen the range of e-commerce logistics services available to e-tailers and marketplaces operating in the country.

n Maersk Line plans to acquire German container shipping line Hamburg Sud to grow its market share and increase volumes.


`

`

`

*Transport Logistics Services;Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other income Net profit: PAT net of P&E Source: CMIE

Logistics*: Key financial indicators


Net sales ₹ bn 34.9 36.3 36.7 34.2 33.1

y-o-y growth % 0.6 -0.5 0.7 1.2 -5.3

Net profi t ₹ bn 3.3 3.0 2.7 2.8 2.6

y-o-y growth % 21.4 -12.2 -22.6 3.5 -23.7


PASSENGER VEHICLE INDUSTRY

Utility vehicles: Domestic sales (Nos.)

Passenger cars: Domestic sales (Nos.)

n Maruti Suzuki India Ltd plans to set up an industrial training institute in the name of The Japan - India Institute of Manufacturing in Mehsana, Gujarat with an investment of ₹ 32 mn.

n Volkswagen launched the first special edition of Ameo - The Crest collection, in India available across all trims of the car, the Comfortline and Highline Polo and the Highline Vento.

n Nissan inaugurated its first high-performance centre in Noida primarily to cater sales and after sales service of GT-R.

Highlights

Global News

n Volkswagen formed a JV with Algeria's SOVAC for local assembly of cars at its US$ 170 mn plant in Algeria.

n Suzuki Motor Corporation launched the new variants of Solio and Solio Bandit equipped with lightweight, compact, and high-efficiency parallel hybrid system, in Japan.

n Mazda Motor Corporation unveiled the all-new Mazda CX-5 crossover SUV to be launched in Japan in February.

n Toyota Motor Corp's Brazilian subsidiary plans to invest Reais 600 mn to expand annual production to 174,000 engines from 108,000 currently at its engine factory in Brazil.

n Lucid Motors plans to build an electric car factory in Arizona which is expected to begin production in 2018 and have 2000 workers by 2022.

New Launches

D:Diesel, P: Petrol; *In ` crore


Passenger vehicle sales (Nos.)

Source: CMIE

`

`

`

Source for above charts: CMIE

Variant Company Price (In ₹ lakh) (ex-showroom) Segment

Wagon R Felicity limited edition Maruti Suzuki 4.4 Hatchback

CLA Mercedes Benz 31.4 (CLA 200 d Style)33.68 (CLA 200 Sport)

34.68 (CLA 200 d Sport)

Compact Luxury Sedan

Macan Porsche 76.84 Compact SUV

GT-R Nissan 1.99* Luxury Sedan

Lodgy Stepway Renault 9.43 MPV

X3 xDrive28i BMW 54.9 Luxury SUV

X5 xDrive35i BMW 73.5 Luxury SUV

AMG C 43 4MATIC Mercedes Benz 74.35 Luxury Sedan

Segments Nov-15 Nov-16 y-o-y growth (%)

Apr-Nov FY16

Apr-Nov FY17

y-o-y growth (%)

Micro 2,263 525 -76.8 15,884 5,710 -64.1

Mini & Compact 148,371 153,461 3.4 1,145,953 1,223,718 6.8

Super Compact and Mid Size 21,275 18,825 -11.5 169,633 155,050 -8.6

Executive 1,087 641 -41.0 10,870 8,327 -23.4

Premium 115 153 33.0 1,515 2,360 55.8

Vans 14,673 13,573 -7.5 117,973 122,679 4.0

Passenger cars 187,784 187,178 -0.3 1,461,828 1,517,844 3.8

Multi-utility vehicles 48,880 53,800 10.1 373,340 497,848 33.3

Domestic sales 236,664 240,978 1.8 1,835,168 2,015,692 9.8

Exports 51,705 64,160 24.1 429,388 499,037 16.2

Total sales 288,369 305,138 5.8 2,264,556 2,514,729 11.0

160,000

170,000

180,000

190,000

200,000

210,000

220,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

40,000

45,000

50,000

55,000

60,000

65,000

70,000

75,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

RETAIL INDUSTRY

n Reliance Brands Ltd formed a joint venture with Swiss luxury brand Bally, which gives the company exclusive distribution and marketing rights for Bally in India. The two companies plan to open a store in New Delhi in 2017 with further expansions planned in cities of Mumbai, Chennai and Kolkata.

n Godrej's premium food retail chain, Nature's Basket is targeting ₹ 10 bn in revenue by 2020 and is expecting to double its store count over the period.

n Spencer's Retail plans to enter into grocery online retailing segment with its own food and grocery ecommerce venture in the National Capital Region and Kolkata. The retailing major is in talks with three leading marketplaces, including Amazon, to list itself as a seller.

n German online food takeaway service Delivery Hero Holding GmbH acquired online marketplace for food delivery, Foodpanda, for an undisclosed amount. Rocket Internet SE received newly issued shares in Delivery Hero in exchange for all its shares in Foodpanda, which takes its total stake in Delivery Hero to 37.7% on a fully diluted basis.

n German retailer Metro AG is splitting its India operations into two divisions and plans to increase store count to 50 by 2020 from 19 now.

Highlights


`

`

`


Retail trading: Key financial indicators


Net sales ₹ bn 71.6 74.9 46.5 86.3 97.3

y-o-y growth % 31.9 40.7 -14.3 38.2 35.9

Net profi t ₹ bn 1.3 1.2 -0.8 3.8 1.4

y-o-y growth % N.A 264.9 N.A - 13.8

Net profi t margin % 1.7 1.6 -1.7 4.3 1.5

Trend in HRC and CRC prices- Mumbai (`/tonne)

STEEL INDUSTRY

n According to the latest data from the Joint Plant Committee (JPC), part of the Steel Ministry, total finished steel consumption in Nov 2016 stood at 6.1 mn tonnes up by 3.8% (y-o-y). During Apr-Nov FY17, finished steel consumption registered a growth of 3.0% to 54.2 mn tonnes.

n Finished steel imports during Apr-Nov FY17 declined by 39.2% (y-o-y) to 4.7 mn tonnes, while exports of total finished steel increased by 53.3% (y-o-y) to 4.2 mn tonnes during Apr-Nov FY17, according to the JPC.

n The government provided in principle approval for strategic disinvestment in three special steel plants under Steel Authority of India Ltd namely VISL Bhadrawati, Salem Steel Plant and Alloy Steels Plant, Durgapur.

n In order to protect domestic steel industry from below-cost imports, the government extended further the minimum import price (MIP) on 19 products for two months, till February 4, 2017.

n Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended imposition of definitive anti-dumping duty on imports of steel tubes and pipes from China.

n The Ministry of Steel gave two months' extension for the implementation of Stainless Steel Products (Quality Control) Order.

n Tata Steel's 55,000 tonne per annum (TPA) ferro-chrome plant was inaugurated in Gopalpur Industrial Park in Ganjam district of Odisha.

Finished Steel production

Highlights



HR Coils (2.00 mm) CR Coils (1 mm)

Production (LHS) Growth (RHS)

'000 Tonnes %

`

`

`


Steel: Key financial indicators

Global News

n According to World Steel Association, world crude steel production grew by 3.3% y-o-y in Oct 2016 to 136.5 mn tonnes.

n Tata Steel UK decided to sell its Speciality Steels business to Liberty House.

n Tata Steel entered into an agreement with trade unions of Tata Steel UK plant to invest Pounds 1 bn in Port Talbot steel plant over the next 10 years, and also to avoid any compulsory job redundancies.

30,000

33,000

36,000

39,000

42,000

45,000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

-10

-5

0

5

10

15

20

25

6,800

7,300

7,800

8,300

8,800

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16


Net sales ₹ bn 434.9 387.2 464.2 429.3 462.4

y-o-y growth % -21.6 -26.1 -13.1 -1.9 6.3


y-o-y growth % -61.4 -78.8 -44.0 40.0 53.9

Net profi t ₹ bn -24.7 -44.5 -22.8 -1.8 -12.4




n The government approved reforms to boost employment generation and exports in the made-ups sector with a budget of ₹ 60 bn. The reform initiatives include:

1) providing production incentive through enhanced Technology Upgradation Fund Scheme subsidy of additional 10%.

2) extension of Pradhan Mantri Paridhan Rozgar Protsahan Yojana (PMPRPY) Scheme (for apparel) to made-ups sector.

3) extension of Rebate of State Levies (ROSL) (for apparel) Scheme to made-ups sector for enhanced Duty Drawback on exports of made-ups.

4) simplification of labour laws like increasing permissible overtime up to 100 hours per quarter and making employees' contribution to EPF optional for employees earning less than ₹ 15,000 per month.

n The government extended the export entitlement quota for readymade garments and knitwear, yarn and fabrics and made-ups to the US, Canada and European Union for one year, effective January 1, 2017.

n Raymond Group partnered with Khadi and Village Industries Commission (KVIC) to launch a new line of clothing under the brand Khadi by Raymond. The fabrics and apparel will carry the Khadi mark, certified by KVIC, and will be available at KVIC and Raymond outlets across the nation.

n Reliance Industries Ltd's textile brand, 'Only Vimal' has been granted a patent by the US Patent and Trademark Office for its DEO2 process technology that helps fight perspiration odour. The DEO2 process technology had received a patent from the Indian government in July 2015.

n Welspun India is investing ₹ 6.0 bn to set up a facility for manufacturing carpets, area rugs and carpet tiles at Anjar in Kutch district. The annual capacity of the facility is approximately 7 mn square metres.

Fabrics production(Million sq. metres)

Cotton and synthetic yarn production ('000 tonnes)

TEXTILE & GARMENT INDUSTRY


Highlights


Cotton yarn production Synthetic yarn production

`

`

`

`

N.A: Not applicable (Losses incurred)Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other incomeNet profit: PAT net of P&ESource: CMIE

Textiles & Garments: Key financial indicators


Net sales ₹ bn 356.0 351.7 366.3 339.8 351.9

y-o-y growth % -12.4 -10.2 -8.9 -0.9 -1.2


y-o-y growth % -4.8 -29.8 -42.6 -10.9 -6.1

Net profi t ₹ bn 2.7 -11.4 -33.5 -8.7 1.3

y-o-y growth % -29.0 N.A N.A N.A -52.0


Net profi t margin % 0.7 -3.2 -8.9 -2.5 0.4

4,700

4,900

5,100

5,300

5,500

5,700

5,900

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

180

210

240

270

300

330

360

390

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

Three-wheeler: Domestic salesvolume (Nos.)

Two-wheeler: Domestic sales volume (mn)

TWO-WHEELER AND THREE-WHEELER INDUSTRY


Highlights

n Mahindra & Mahindra received approval of its Board for the de-merger of Mahindra Two Wheelers Ltd's two-wheeler undertaking, which manufactures and sells two wheelers.

n Bajaj Auto launched New Bajaj Pulsar 220F BS4 compliant priced at ₹ 91,201 (ex-showroom Delhi).

n Polaris India launched the Indian Chieftain Dark Horse motorcycle priced at ₹ 31.99 lakh (ex-showroom Delhi). Polaris India owned Indian Motorcycle launched the all new Springfield motorcycle priced at ₹ 31.08 lakh (ex-showroom Gurugram).

n MV Agusta launched limited edition F3 800 RC priced at ₹ 19.73 lakh (ex-showroom Bengaluru). The company also entered the South Indian market with a showroom in Bengaluru.

nthThe Piaggio Group launched the Vespa 946 Emporio Armani and Vespa 70

anniversary special edition in India, priced at ₹ 12.05 lakh and ₹ 96,500 (all prices ex-showroom Pune), respectively.

n American custom-made bike manufacturer Big Dog Motorcycles introduced K9 Chopper motorcycle priced at ₹ 59 lakh (ex-showroom Delhi).

n UM Motorcycles India, in collaboration with Lohia Autos opened its first dealership in Indore, MP taking the total dealership network in India to 12.

n Honda Motorcycles and Scooters India unveiled a limited edition variant of the CBR250R, the 'Repsol Honda Racing Replica Limited Edition'.

n Triumph Motorcycles India opened new outlet, One Triumph in Delhi taking the total dealership network in the country to 14.

Two Wheelers & Three Wheelers

Source: CMIE


`

`

`

Note: Operating profit: PBDIT net of prior period and extra-ordinary items (P&E) & Other incomeNet profit: PAT net of P&ESource: CMIE

Two & three wheelers: Key financial indicatorsTwo & three wheelers: Key financial indicators

Global News

n Japan-based Honda introduced the Rebel 500 and Rebel 300 motorcycles in US to be launched in April 2017.

n Royal Enfield opened its first exclusive brand store in Melbourne, Australia which will house Royal Enfield’s motorcycle range along with its complete range of apparels and accessories.

SegmentsNov-16 Apr-Nov FY17

Vol (Nos) y-o-y growth (%) Vol (Nos) y-o-y growth (%)

Domestic Sales

Two wheelers 1,243,251 -5.9 12,583,514 13.4

Three wheelers 33,662 -25.9 376,053 7.0

Exports

Two wheelers 188,906 -0.3 1,556,204 -10.1

Three wheelers 23,350 -15.5 201,404 -34.4


Net sales ₹ bn 172.4 173.1 174.4 177.3 192.1

y-o-y growth % 3.9 6.9 15.2 8.5 11.4


y-o-y growth % 23.8 19.8 44.0 16.6 16.0

Net profi t 21.9 20.5 23.0 23.0 26.8

y-o-y growth % 14.0 23.8 48.4 15.6 22.2



₹ bn

₹ bn

1.0

1.2

1.4

1.6

1.8

2.0

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

30000

34000

38000

42000

46000

50000

54000

58000

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Auto Components

Passenger vehicle

Commercial vehicle

2 & 3- wheeler

For more information, please contact - Ankur Singh: 022 6680 1368Dun & Bradstreet Information Services India Pvt. Ltd., ICC Chambers, Saki Vihar Road, Powai, Mumbai 400 072. CIN - U74140MH1997PTC107813Tel: 91-22-28574190 / 92 / 94 | Fax: 91-22-28572060 | Email: [email protected] | www.dnb.co.in

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DISCLAIMER:

The contents of this Newsletter are solely meant to inform. The information contained in this Newsletter should be independently verified before placing relianceor taking anydecision on the basis of the information. Dun & Bradstreet and FedEx Express expressly disclaim all responsibility and accept no liability for the consequences of any person acting,or refraining from acting, on such information. Copyright © 2016, Dun & Bradstreet, All rights reserved.

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`

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