Key Points
In itsQ2FY24 earnings review report, domestic brokerage Nuvama Institutional Equities has retrospectively and prospectively connected the performance of the sector to five trends that have been evident thus far in the second quarter of FY24..
The Nuvama coverage universe exceeded forecasts with a 34% YoY profit growth driven by robust segment growth..
Q2 Results: Nifty earnings have been relatively stable in FY24E earnings per share (EPS), with declines in IT and commodities countered by gains in cement, autos, and pharmaceuticals..
With regard to fast-moving consumer goods (FMCG), information technology, domestic autos, telecom, internet, and pharmaceuticals, the brokerage has"Overweight" (OW) stanceand "Underweight" (UW) callwith regard to banking, financial services and insurance (BFSI), industrials, commodities, and durables..
While industrial companies' top line and order book momentum continued to be strong, cement companies' EBITDA/t was stable on a quarter-over-quarter (YoY) basis..
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