IIFL reported a 27.8 percent profit growth at Rs 137.5 crore in the first quarter on FY17. The sales grew 13.3 percent to Rs 1,026.6 crore year-on-year while the gross non-performing loans marginally rose to 1.97 percent in Q1.
Earnings recovery is likely to be gradual and back-ended in FY16, said Prabodh Agarwal, IIFL.
Prabodh Agarwal, IIFL: The Government's announcements of deregulation of diesel prices, framework for LPG subsidy reduction, and increasing domestic gas prices re-affirm our belief in the present regime's strong reformist credentials.
"FII flows will continue unabated. That is simply because India is shining like a beacon of excellence around the globe," Venkataraman of India Infoline said.
FIIs have neutral view on the Indian market as of now and would wait for elections to be out of market‘s way before taking any investment call on India, Prabodh Agarwal said.
Technology, healthcare and power stocks are on buyers' radar while financials, oil & gas and metals stocks are under pressure.
According to Prabodh Agarwal, President & Head of Research- Institutional Equities at IIFL, Bajaj Finance, LIC Housing Finance, Shriram Transport Finance Corporation and Shriram City Union Finance are looking attractive.
Despite the recent fall, Prabodh Agarwal of IIFL expects the broader market indices to be range-bound, as valuation support will prevent the market from falling further.
Pick Exide Industries, says Prabodh Agarwal, Head of Institutional Research, IIFL.
Prabodh Agarwal, Head of Institutional Research, IIFL is positive on HCL Technologies and Tech Mahindra.