1/ What the Stalwarts are saying!!
a) Next Shiv Nadars, Azim Premji & Narayan Murthys will come from contract manufacturing in pharma and chemicals & specialty chemicals companies sectors - need to find and bet on the right managements- Nilesh Shah. b) Today Apple's market value 2/ is the same as all the listed companies in India. Hypothetically, if you had the money,which would you buy for the next 20 years? For me, if Apple is a good investment, then India is a great Investment-Samit Varthak. c) Compounding is the biggest lesson I have learnt.

1/ "Contraction of real GDP at 23.9% appears to be underestimated, as data collection efforts were hit by the pandemic. The NSO had to use substitutes & proxies to estimate the losses of informal sector. So there is a very high probability that this data will undergo several 2/ revisions in the future. But broader trends are clearly visible. The contraction is primarily led by construction activities, manufacturing and mining sectors that have paid a huge price of the stringent lockdown. Fixed investment spending has collapsed by 47% due to

1/ Dabur India Ltd

Q4FY20 Results Takeaways and con call highlights

Sales decline was at 12.3% vs expectation of a flat revenue growth. EBITDA margin was at 18.9%, decrease of 260bps y-o-y. This is vs expectation of a flat EBITDA margin. Adjusted Net Profit came in at Rs 2/ 3.0bn, decrease of 32.3% y-o-y vs our expectation of 4.9% y-o-y decrease.

1/ Key takeaways from Max Financial Services Concall
Premium growth should be slightly better this quarter as the first grace period given by IRDA for march month expires on May 31 and second one for april month on june 30. If there are no further extensions then revenues should 2/ look better. Renewal premiums in may are already up by 13%. In order to maintain VNB margins the company will look at changing product mix towards more protection and non-par based policies on revenue side and on cost side they will aim for controlling cost over runs and look

1/ DCB Bank –  Con call Highlights

Comments on COVID-19 impact – 

•Once lock-down restrictions are eased, loan demand may pick-up slowly in 3 to 6 months (depending upon type of business/industry). Smaller locations may recover sooner than metropolitan / large cities. The 2/ recovery may not be smooth and there may be further disruptions in the coming months. Gave example of a shop in Karolbagh, where it opened for 2-3 days but then shut down due to hardly any customers. Shops and small businesses will take 3-4 months to reorganize themselves and

Webinar hosted by CII with Mr. Uday Kotak, Mr Sanjeev Bajaj & Mr Subba Rao. Key points-

- Stimulus required to kick start economy. Immediate infusion needed.

- Govt should use its armour right now & not wait.

- Rating downgrade risk would be there if larger stimulus. - Govt already started stimulus to the lower end & should continue. They are providing livelihood support to most vulnerable section of society.

- People require WC/liquidity to restart business. Govt can give some guarantees for loans to corporates.

Agreed. However, why do we keep running to the sovereign for packages and fiscal relief? It's time we pushed policymakers to open up the economy & lift all controls so that we run our business without restrictions. We should insist on labor law changes.....

https://twitter.com/chokhani_manish/status/1254005765523857408

....no restrictions on capital flows, remove red tape and delayed clearances....in many cases we have not shown responsible behavior as capital allocators & misused bank funds and gone bizarre on borrowings and gold plating and then defaulting... it's always two way...

Some key points made by Deepak Parekh (HDFC) in his Webinar (post Covid-19 outbreak)

1. This is a Human Economic Financial (HEF) crisis. Completely different from 2008. Will take minimum 9 months to recover fully from it. 2. Banks to be on tighter leash. Your Bank Sanction letters don’t matter now, only amount in your account does. Banks are going to revise your sanctions & make drastic reductions, if they see a credit risk.

KOTAK BANK concalls takeaways -

1. Economic recovery seems more longish & drawn-out, about 6 to 9 months.
2. Some customers shifted from YES Bank to Kotak Bank.
3. Seen decent increase in saving deposits, marginal increase in current deposit & just stable term deposits...(1/4) 4. Didn't have too much of govt deposits; not seen significant movement there.
5. Been cautious on SME segment for last year or so. Wholesale: have been selective & not taken any bets on the segment. Slammed brakes on retail unsecured loans post COVID-19 outbreak.....(2/4)