BofAML expects muted returns also because the market is not fully appreciating the impact of demonetisation.
Credit growth of banks is likely to remain subdued at 10-12% compounded annual growth rate over FY18-FY19 as real estate and informal economy will stay under pressure for some time.
Analysing financials of Dish TV and Tata Sky, Macquarie said that while the latter is ahead of Dish TV in terms of revenues.
The outlook for India is favourable given that it is less exposed to protectionist policies in the US and the impact from demonetisation is fading, said Greenberg.
Vedanta Plc has an annual interest outgo of Rs 0.4 billion and since it does not generate any cash of its own, it depends on Vedanta Ltd and Konkola Copper Mines (KCM) to service this interest payment.
Macquarie said the deal marks the entry of Havells into the big-ticket segments like air conditioning, televisions, washing machines etc but prima facie, the deal would be neutral for Havells in the near term.
The bank said that it sees limited downside to earnings expectations in co, as more than 60% of the profits are from branded generic markets.
The brokerage said there is no certainty that any further formal proposal will be made to Unilever or that an offer will be made at all or as to the terms of any transaction.
HDFC Bank trades a price-tobook value of 4.57, the highest among private banks, which trade at an average P/B of 2.2 times.
"Its combined market cap would be US$40bn; we see a share-swap ratio of 0.6:1 for Axis," said CLSA.
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