Corporate commentary on the underlying demand scenario and any sequential improvement post government announcements will be the key monitorables.

We estimate MOFSL Universe's PBT/PAT to increase by 1%/9% YoY, led by BFSI (estimated to contribute 81% of incremental profit YoY), Automobile (low base effect) and Consumer (beneficiary of tax cuts). However, Metals and O&G are likely to drag the performance, given the underlying weak commodity prices.

Telecom is expected to sharply reduce losses YoY, which will support earnings. Ex-BFSI, MOFSL Universe's PBT is estimated to decline by 5% and PAT to increase by 2% YoY. We estimate Nifty PBT/PAT to increase 2%/8% YoY. Ex-BFSI, we expect Nifty PBT/PAT to decline 6%/2% YoY.Our FY20 Nifty EPS estimate has been stable at INR532. We now build in EPS growth of 10% for FY20.

Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.

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