BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Equity markets made a strong comeback in Q1 FY24, with the Nifty50 reaching its all time high mark of 19,000 in the later part of June 2023. Similarly, a strong performance is reflected in most parameters (volumes, orders, client additions etc.). Futures and Options volumes remained buoyant in Q1 FY24, while cash volumes saw a strong comeback.
Commodity option volumes for Multi Commodity Exchange of India Ltd. were healthy (highest monthly volumes in June-23). Futures volumes for natural gas grew strongly, whereas gold and crude oil volumes moderated in Q1 FY24.
Improved F&O activity is positive for Angel One Ltd., while the recovery in the cash segment and robust activity in primary markets are positive for ICICI Securities Ltd.
Growth momentum in general insurance picked up in Q1 FY24 (post moderate YoY growth in March 2023), with 20%/18% YoY cumulative gross written premium growth in April-23/May-23.
The health segment posted strong cumulative growth of 24%/21% YoY in April-23/May-23, primarily backed by strong growth in group health and GWP growth for private players.
The competitive pricing environment is beginning to ease in the motor industry. Thus, the motor segment grew strongly by 23% YoY in April-23 and May-23.
The health claim ratios are likely to improve as well, due to a decline in the number of claims. We expect Star Health and Allied Insurance Company Ltd. and ICICI Lombard and General Insurance Company Ltd. to report improvement in profitability.
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