Latest news with #NuvamaInstitutionalEquities
Economic Times
12 hours ago
- Business
- Economic Times
Housing market shows signs of recovery as sales volumes rise after year-long slump
India's residential property market shows signs of recovery with a 1% YoY sales volume increase in June 2025, ending a year-long decline. Sales value surged 23% driven by larger deals and improved confidence. Delhi-NCR leads the rebound, while western markets face contraction. New launches are up in select cities, but overall volumes remain challenged. Tired of too many ads? Remove Ads Uneven demand recovery across cities Tired of too many ads? Remove Ads Supply side shows strength in select markets Prices climb, inventory stays comfortable Outlook: Opportunities for organised players, affordability a concern Tired of too many ads? Remove Ads After a prolonged slump in housing sales volumes, green shoots of recovery are becoming visible. According to a recent report by Nuvama Institutional Equities , residential sales volumes in India rose 1% year-on-year in June 2025, breaking a 12-month streak of annual marginal, albeit modest, increase is significant as it is aided by a low base and may mark the beginning of a turnaround in market volume growth remains tepid, sales by value surged 23% YoY in June, supported by higher ticket-size deals and improved buyer quarter (Q2CY25) witnessed a 9% YoY rise in sales value, while H1CY25 posted a 5% YoY increase, reflecting gradual momentum despite macro recovery, however, is not broad-based. Delhi-NCR led the demand rebound with a sharp 66% YoY increase in H1CY25, followed by Chennai with a 26% contrast, key western markets like the Mumbai Metropolitan Region (MMR) and Pune saw demand contraction of 12–14%, while Hyderabad slipped 20% YoY. Bengaluru and Kolkata showed moderate by value were up 5% YoY in June, supported by a 153–156% YoY spike in supply in NCR and Bengaluru, according to Nuvama 's launch volumes continued to face challenges, dropping 4% YoY in June and 1% in Q2CY25. Western cities and Kolkata remained weak spots, with new launches falling 19–29% demand disparities, inventory levels remain steady at 18 months pan-India, in line with May 2025 figures. Markets like Pune and NCR continue to be the healthiest, with inventory levels of just 11–13 price appreciation has been robust across cities—up to 26% YoY in NCR and 16–17% in Kolkata and Chennai—largely led by luxury and premium housing report highlights that RERA-driven consolidation is favouring organised developers with stronger pipelines and financial the RBI's recent rate cuts and improving launch activity, leading players like Prestige Estates and Brigade Enterprises (both rated 'BUY') are expected to benefit from the ongoing shift in market a deterioration in housing affordability—driven by rising prices and stagnant incomes—remains a looming to Nuvama, while real estate stocks continue to trade at reasonable valuations, sustained cash flow growth and disciplined expansion will be key to delivering medium-term returns.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
13 hours ago
- Business
- Time of India
Housing market shows signs of recovery as sales volumes rise after year-long slump
Uneven demand recovery across cities Live Events Supply side shows strength in select markets Prices climb, inventory stays comfortable Outlook: Opportunities for organised players, affordability a concern (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel After a prolonged slump in housing sales volumes, green shoots of recovery are becoming visible. According to a recent report by Nuvama Institutional Equities , residential sales volumes in India rose 1% year-on-year in June 2025, breaking a 12-month streak of annual marginal, albeit modest, increase is significant as it is aided by a low base and may mark the beginning of a turnaround in market volume growth remains tepid, sales by value surged 23% YoY in June, supported by higher ticket-size deals and improved buyer quarter (Q2CY25) witnessed a 9% YoY rise in sales value, while H1CY25 posted a 5% YoY increase, reflecting gradual momentum despite macro recovery, however, is not broad-based. Delhi-NCR led the demand rebound with a sharp 66% YoY increase in H1CY25, followed by Chennai with a 26% contrast, key western markets like the Mumbai Metropolitan Region (MMR) and Pune saw demand contraction of 12–14%, while Hyderabad slipped 20% YoY. Bengaluru and Kolkata showed moderate by value were up 5% YoY in June, supported by a 153–156% YoY spike in supply in NCR and Bengaluru, according to Nuvama's launch volumes continued to face challenges, dropping 4% YoY in June and 1% in Q2CY25. Western cities and Kolkata remained weak spots, with new launches falling 19–29% demand disparities, inventory levels remain steady at 18 months pan-India, in line with May 2025 figures. Markets like Pune and NCR continue to be the healthiest, with inventory levels of just 11–13 price appreciation has been robust across cities—up to 26% YoY in NCR and 16–17% in Kolkata and Chennai—largely led by luxury and premium housing report highlights that RERA-driven consolidation is favouring organised developers with stronger pipelines and financial the RBI's recent rate cuts and improving launch activity, leading players like Prestige Estates and Brigade Enterprises (both rated 'BUY') are expected to benefit from the ongoing shift in market a deterioration in housing affordability—driven by rising prices and stagnant incomes—remains a looming to Nuvama, while real estate stocks continue to trade at reasonable valuations, sustained cash flow growth and disciplined expansion will be key to delivering medium-term returns.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
3 days ago
- Business
- Time of India
Valuation pressure: Indian equities remain priciest among peers; Nuvama flags high PE and PB ratios despite strong ROE
AI image Indian equity markets remain among the most expensive globally despite recent corrections, according to a report by Nuvama Institutional Equities. The brokerage highlighted that India's 12-month forward price-to-earnings (PE) ratio stands at 23.3 --the highest among major developed and emerging markets --and is 1.6 standard deviations above its 10-year average. The country's 12-month forward price-to-book (PB) ratio is also elevated at 3.4, which is 1.3 standard deviations above the long-term average. These indicators suggest Indian stocks are significantly overvalued on both earnings and book value metrics, ANI reported. In comparison, the United States follows with a PE of 22.4 and PB of 4.7. While both India and the US share the same PE deviation from their 10-year averages, the US PB deviation is higher at 1.9. Among other emerging markets, Taiwan (PE 16.1, PB 2.7), Philippines (PE 10.6, PB 1.6), and Indonesia (PE 11.2, PB 1.0) are trading at substantially lower valuation multiples. The broader emerging market (EM) index reflects a forward PE of 12.8 and PB of 1.7 -- underscoring India's premium valuation. Despite these high valuations, India's fundamentals remain robust. The return on equity (ROE) for FY25 is projected at 15.6%, marginally lower than the US forecast of 17.1%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Flexible in AI & Data Science BITS Pilani Digital Apply Now Undo For FY26, ROE is expected to be 14.5% for India versus 18.8% for the US. The average ROE for emerging markets stands at 11.7% for FY25 and 14.4% for FY26. However, India's dividend yield remains among the lowest globally, estimated at 1.2% for FY25 and 1.4% for FY26. This may limit its appeal for income--seeking investors. Nuvama noted that Indian equities have been under pressure for the last 10 months, with the benchmark indices retreating from their peak in September 2024. Despite the correction, valuations remain elevated and could constrain further upside, especially amid global market volatility or domestic policy shifts. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
4 days ago
- Business
- Mint
JSW Steel gets back its lustre in Q1; safeguard duty provides support
JSW Steel Ltd's consolidated Ebitda jumped 38% year-on-year to ₹7,600 crore in Q1FY26, thanks to lower raw material costs, royalties and higher volumes. Ebitda per tonne rose 26% to ₹11,324 when overall revenue was little changed at ₹43,100 crore. Prices haven't recovered fully. While blended realization at ₹64,500 per tonne is up about ₹3,300 from the lows in Q4FY25, it is about 8% down year-on-year. The Indian steel industry got a push after the imposition of safeguard duty in April, which led to a notable 34% sequential drop in imports in Q1. JSW's sales grew by 9% to 6.7 million tonnes, with domestic volumes up by 12%. The management expects sales to reach 29.2 mt in FY26, up 13% year-on-year, backed by strong domestic outlook. While prices moderated in July with lower construction activity, the outlook is better. 'Domestic steel prices bottomed out in mid-July and should recover post-monsoon," Nuvama Institutional Equities said in an 18 July report. It projects JSW's FY26 Ebitda growth at 47%, aided by higher volumes, prices and lower raw material costs. Among sectors, consumer appliances and automotive saw robust growth of 27% and 20%, possibly in anticipation of a sales pick-up in the upcoming festive season. Also, the US business reported positive Ebitda against a loss in the previous year, thanks to 18% volume growth and higher realization. Yet, with 4% contribution to total volumes, its impact on consolidated financials was limited. Expansion projects JSW is undertaking significant capital expenditure towards capacity expansion and backward integration projects to leverage strong domestic demand. The 5 million tonne per annum (mtpa) expansion at Vijayanagar will likely provide incremental Ebitda of about ₹1,500 per tonne with higher operational efficiency. Besides, the commissioning of three iron ore mines this year would help it achieve 40% raw material security against 36% in FY25. JSW's total domestic capacity is expected to reach 41.9 mtpa from the current 34.2 mtpa, with the commissioning of the Dolvi phase III expansion and other smaller projects by September 2027. The FY26 capex plan is ₹20,000 crore, up from ₹14,700 crore in FY25. Still, strong cash flows helped JSW reduce its net debt-to-Ebitda to 3.2x in Q1 from 3.34x in Q4FY25. The stock trades at an enterprise value of 9.4x FY26 estimated Ebitda, near its five-year average, Bloomberg data shows. Post-monsoon price trends and a volume ramp-up should provide further cues for the stock.
Economic Times
6 days ago
- Business
- Economic Times
Economy needs huge booster dose; drastic GST reform, ending tax terrorism imperative: Congress
The Congress on Friday said the economy needs a "huge booster dose" and asserted that will happen only when drastic reform of GST takes place, atmosphere of tax terrorism is ended, and when the fixation on the growth of just one or two big business groups through favouritism is abandoned. Congress general secretary in-charge communications Jairam Ramesh cited a research report issued by Nuvama Institutional Equities on Wednesday, and said it has underscored some concerns on the current state of the Indian economy. "It highlights the following: Key High Frequency Indicators are slowing or remain subdued. These include credit and exports as well as GST collections. Private consumption is also not gathering momentum. These include real estate, 2-wheeler, and 4-wheeler sales," Ramesh said on the report, he said industry is off to a weak start in 2025/26 with a similar trend in electricity and diesel consumption as well as medium and heavy commercial vehicles. Eight core industries are showing poor growth."Agricultural prices, determinants of well-being in rural India, remain weak. Corporates continue to stay cashflow focused and are now cutting wages and capital expenditure to lift their already high free cashflows," he further said, citing the report. "It is abundantly clear that the economy needs a huge booster dose. That will happen only when drastic reform of GST takes place, when the atmosphere of tax terrorism ends, and when the fixation on the growth of just one or two big business groups through favouritism is abandoned," Ramesh said. The Congress has been attacking the government over its handling of the economy, claiming the issues of rising prices, decreasing private investment and stagnating wages were hitting the common people hard.
