Research Reports

INR faced significant volatility in the 1st fortnight of Jun’24 and depreciated by 0.1% to currently trade near a low of 83.57/$

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CIPLA IN: Valuations fully priced in; downgrade to HOLD. Deposits Trend - Higher growth in NRI deposits. WPI Inflation at a 15-month high

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CPI Inflation and IIP: Food inflation - A key risk. 360 ONE: ET Money acquisition – beneficial in long term

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Crude price likely to remain range-bound against expectations of spike in H2CY24

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Monetary Policy Review: RBI retains rates. Building Materials: Q4FY24 Review

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Corporate Performance: How have companies fared in Q4FY24?

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Monthly Economic Buffet: Economic Round-up – May 2024. HAVL: Annual report analysis – Product innovation driving growth

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Bonds Wrap: Fortnightly review. Currency Update: Fortnightly forex review. Monetary Policy Expectations: RBI to hold rates

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TATA: Stock price largely captures transition; downgrade to HOLD. GDP: GDP growth soars in FY24. Consumer Durables: Channel checks – Searing heat sparks AC demand surge

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ALKEM: Misses estimates; steep sequential margin decline. JKLC: Margins gain, volume flat; no major respite, retain SELL. GRLM: Soft quarter; particleboard project cost revised up again. HINDWARE: In-line quarter; upbeat outlook across segments

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LICI: Decent quarter; upgrade to BUY

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ARBP: Strong quarter; OAI at Eugia-III an overhang. CPBI: In-line quarter; weak near-term outlook

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PLNG: Volume growth visibility still low, downgrade to SELL. AL: Healthy show, all set to continue momentum; retain BUY. STRCEM: Steady show in a trying quarter; growth intact. DIVI: Strong quarter; rich valuations

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TRCL: Steady quarter, aggressive capex plans; upgrade to HOLD. SUNP: Gearing for higher R&D spend

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JKCE: Focused on growth; earnings intact; upgrade to BUY. RBI Dividend: Record high. SRCM: Cost savings key driver of performance; valuations pricey. BANDHAN: In line with recovery plan. ERIS: Strong revenue growth; integration ongoing. MTLM: Misses estimate on weak plywood margin; upbeat outlook.

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APOLP: Another disappointing quarter on all fronts. Capital Formation: How different sectors fared. ASTRA: Weak quarter, strong outlook. Oil & Gas: CGDs demonstrate improved focus on volume growth

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MM: Growth trajectory captured in the valuations. EIM: Powering growth momentum with new launches. VGRD: Early summer sparks a robust quarter. AMBER: Ongoing challenges; maintain SELL. PRINCPIP: Mixed Q4FY24; positive demand outlook

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Bonds Wrap: Fortnightly review. Currency Update: Fortnightly forex review. CROMPTON: Healthy quarter, growth ahead

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SIEM: Robust quarter, fresh capex announced. DIXON: Backward integration to fuel growth; maintain BUY. VSTT: Tepid performance; no major stress in the medium term. SOMC: Strong show in a challenging environment

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WPI: WPI inflation accelerates. ESCORTS: Weakness persists and likely to continue – maintain SELL. IGL: Growth focus improving, reiterate BUY. AIAE: Uneventful quarter; capacities lined up. CRS: Another lacklustre quarter on soft demand

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CPI: Food inflation; still overpowering. FPI Debt Flows: A likely surge in FPI Flow (Debt). ABB: Margins swell; outlook strong. TVSL: Cruising on the right track; maintain BUY. FNXP: Broadly in-line Q4FY24; positive outlook. SYRMA: Strong topline, but margins remain subpar

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IIP: IIP growth eases in Mar’24. SBIN: Continued strong performance across segment. GCPL: Strong volume-led growth across markets. POLYCAB: Strong quarter, strong outlook. ORIENTEL: Strong revenue; profitability falters

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KJC: Weak quarter on margin pressure, upbeat outlook. Monthly Chartbook: Monsoon holds the key. HMCL: Healthy performance; await further clarity; maintain HOLD. MRCO: Volume growth to pick up on improving demand scenario. HCLT: Weak guidance leads to subdued outlook. ALPM: Strong margins; positives priced in

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KECI: Good quarter, T&D to pull topline and margins; upgrade to BUY. ACEM: Cost savings key driver; upside priced in, retain HOLD. LPC: Stable margins; higher tax weighs on PAT. VOLT: Margins falter; domestic business promising. MPHL: Modest growth; BFSI yet to pick up. BRIT: Expect strong volume growth ahead. DRRD: Driven by North America; India continues to underperform

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KMB: Healthy business growth; other income supports rise in PAT. PSYS: A discretionary push to drive the growth trajectory

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Monthly Economic Buffet: Economic Round-up – April 2024. ACC: Healthy performance largely priced in; maintain HOLD. KEII: Addressing capacity limitations; maintain HOLD. AJP: Strong margins; growth momentum to continue. BLSTR: UCP growth strong, margin outlook healthy. DABUR: Steady performance during the quarter. Metals & Mining: Steel margin pick-up beyond Q2CY24: ArcelorMittal

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ICICIBC: Higher operational efficiency/lower provision aid PAT. ORCMNT: Listless show; no major performance triggers. GREENP: Dismal quarter; not out of the woods yet

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HAVL: Healthy quarter; high valuations – downgrade to HOLD. GUJS: Downgrade to Hold, decoding HP Gas grid tariff order. UTCEM: Strong growth; cost savings drive margins; maintain BUY

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AXSB: Moderate business growth; PAT supported by other income. IIB: Stable performance. SBICARD: Trend of lower NIM, higher credit cost persists. ABSLAMC: Better quarter

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MSIL: Steady performance, but steep valuations; downgrade to HOLD. HUVR: Subdued performance; expect gradual recovery. BAF: Obstacles for a powerful player on a protracted journey. SBILIFE: Expect market dominance to continue. SI: In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25. DALBHARA: Disappointments all over; but paving the way for growth. UTIAM: Core profit in line; maintain HOLD. GLS: Weak quarter; maintain HOLD

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NAM: Onward and upward; upgrade to BUY. NEST: Robust growth across portfolio. RIL: Aligned with India growth story through energy/consumer biz. INFO: Muted performance; weak discretionary delays recovery

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360ONE: Strong quarter, but price runup limits the upside. IPRU: Strong growth but VNB margin dwindles. TATACONS: Strong performance in international markets. Power Monthly Tracker: Strong RE capacity addition, though below target

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HDFCB: Realigning business dynamics in 4Q to improve profitability

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BJAUT: Spotless performance priced in by rich valuations. HDFCAMC: Another robust quarter but rich valuation caps upside. Metals & Mining: CRU meet takeaways: India steel to gain demand support in H2. Metals & Mining: China’s steel industry needs structural readjustment: Valin Steel

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HDFCLIFE: Subdued quarter. Banking: Margin under pressure; lower provision to support PAT

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TCS: Strong deal flow but near-term softness to continue

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Monthly Chartbook: Domestic resilience continues. Currency Update: Fortnightly forex review. IMD Update: IMD-Forecast for South West Monsoon. Trade: India’s Foreign Trade in FY24. WPI: WPI inflation picks up pace

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Election 2024: India’s General Election

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Building Materials: Q4FY24 Preview – Performance to remain lacklustre. IT Services: Q4FY24 Preview – A couple of quarters of pain seem unavoidable

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Monetary Policy Review: RBI remains on hold. Diversified Financials: Q4FY24 Preview – Steady quarter

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Monthly Economic Buffet: Economic Round-up – March 2024

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Monetary Policy Expectations: RBI to remain static. Metals & Mining: Manganese price bottoming but recovery likely modest: Eramet

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Consumption and Credit: CC Dynamics-Consumption and Credit picture

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Bonds Wrap: Fortnightly review. Currency Update: Fortnightly forex review. India Equity Market: Year End: Equity market performance

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DALBHARA: All set for healthy growth; upgrade to BUY. PRICOL: Management meet note: Balancing margins and growth. Metals & Mining: CRU meet takeaways: Outlook for steel and aluminium

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CROMPTON: Crompton 2.0 on track. JBIL: Management meet takeaways – Jai Balaji’s new avatar

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PRINCPIP: Faucetware acquisition to accelerate bathware growth engine

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RDL: Management meet takeaways: Aggressive growth plan

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Policy Rates: Global central banks actions in retrospect. IPRU: Green shoots of growth

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Equity Indices: How has the equity market performed?

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Power: CERC final tariff norms – Maintaining policy continuity

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Currency Update: Fortnightly forex review

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Ownership Of Debt: Trends in ownership of government debt. WPI: WPI inflation at its lowest since Oct’23

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CPI and IIP: Food inflation a discomfort

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Monthly Chartbook: India’s growth continues to impress. IDFCBK: Ambitious growth outlook

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BOB Essential Commodities Index: How prices look in Feb’24. Metals & Mining: Aluminium demand recovery a key trigger: Alcoa

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BOBCAPS Unlocking Insights Conference (Capital Goods, Power, Durables) – Key takeaways

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Capex Trends: How has State capex fared in FYTD24? Liquidity Deficit: Analysis of the liquidity deficit

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Bonds Wrap: Fortnightly review. Crude Imports: India’s crude import-story so far. Currency Outlook: Fortnightly forex review. GDP Forecast: GDP expectations for FY25. Diversified Financials: Sustained, strong demand for mutual funds. Power: Capacity addition quickens but lags annual targets

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Metals & Mining: India Ferrous Sector – Read-across from BHP Commodity Outlook

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Q3FY24 GDP: GDP growth to ascend to 7.6% in FY24

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GRLM: Management meet: Topline to strengthen post capex drive

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Q3FY24 GDP Projection: GDP to grow by 6.4% in Q3FY24

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Corporate Performance: How have companies fared in Q3FY24? Capital Goods: Q3FY24 Review – Momentum continues. Consumer Durables: Q3FY24 Review – Cables, wires and EMS lead Q3 growth

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ABB: Ends the year on a high note

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Cement: Q3FY24 Review – Cost savings lift margins

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Currency Outlook: Fortnightly forex review. JKLC: Volumes slow, headwinds continue – retain SELL. Insurance: Q3FY24 Review – Private insurers dominate the quarter. Building Materials: Q3FY24 Review – Soft quarter on poor demand and margin pressure

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Lifestyle Inflation Index: How lifestyle inflation rate has moved. Trade: Foreign Trade (April-January). Automobiles: Q3FY24 Review – Healthy volumes on strong PV sales, 2W revival. IRMENERG: Management meet takeaways – Volume growth potential

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MM: Healthy volume-led growth. CROMPTON: Slowdown at BGAL weighs on quarter

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Infrastructure Study: Status of infrastructure projects. WPI: WPI inflation slows down

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SIEM:Strong topline, margins waver. EIM: Launch momentum continues. ARBP:Strong margin uptick. CRS: Weak quarter on soft demand, marketing expense. HINDWARE: Tough quarter but outlook healthy. Power: CERC draft tariff norms: Balancing risk-reward. Power: Q3FY24 Review - Spotlight on capacity additions

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AMBER: Persistent near-term challenges; cut to SELL. CPI and IIP: Still some pain points on inflation. Credit Composition: Study on personal loans. HMCL: Healthy quarter but positives priced in. TMX: Improving order outlook; maintain HOLD. BANDHAN: Recovery on track. IGL: Legacy UP, new GAs can offset slowdown, reiterate BUY. ZYWL: Seasonally weak quarter

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LICI: Solid quarter; valuations overdone – cut to HOLD. ALKEM: Good quarter; cut to SELL on stretched valuations. Monthly Chartbook: Fiscal consolidation to hold key. PWGR: In-line quarter, FY25 capex hiked; maintain BUY. TATACONS: Strong run continues. DIVI: Healthy margin recovery, heady valuations. TPW: Dull quarter; high valuations – maintain HOLD. ESCORTS: Weakness persists - maintain SELL. TRCL: Tepid quarter, high capex overhang – retain SELL. Metals & Mining: Ferrous read-across: Steel recovery in CY24 - ArcelorMittal

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LPC: All-round beat; margins sustain – raise to HOLD. Monetary Policy Review: RBI remains on hold. KKC: Powering ahead; maintain BUY. STRCEM: Cost savings commendable, growth intact. NEST: Broad-based growth across product categories

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AIAE: Soft quarter, volume growth uncertain; cut to HOLD. BOB Essential Commodities Index: How prices look in Jan’24. SYRMA: Margin slide continues; retain HOLD. BRIT: Faster volume growth to boost profitability

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AL: Margins continue to improve, maintain BUY. GRLM: Soft quarter on tepid demand environment. ORCMNT: Topline muted as volumes decline. PRINCPIP: Lacklustre quarter on sustained market share loss

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Monthly Economic Buffet: Economic Round-up – January 2024. SBIN: Pension one-off hurts profitability. JSTL: Progressing on expansion but valuations fair. ACEM: Healthy quarter, sustainability key; retain HOLD. ALPM: Healthy quarter; PAT beat on low tax rate. CPBI: Margin stress across segments. VSTT: Poor demand dampens performance

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GCPL: Consistent volume growth; cut to HOLD post rally. JSP: Valuations overdone; downgrade to HOLD. ACC: Strong margins; cut to HOLD on full valuations. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. VGRD: In-line quarter. ORIENTEL: Slow quarter; Hyderabad plant to spur growth. SOMC: Lacklustre demand dulls performance. MTLM: Strong performance on fast ramp-up of MDF plant. SRCM: Healthy quarter, expensive valuations

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FY25 Interim Budget Review: Boosting growth without breaching deficit targets. Union Budget Analysis 2024-25. SUNP: Strong quarter driven by specialty business. DABUR: Steady growth across portfolios. GREENP: Dismal Q3FY24; No sigh of relief for MDF in near-future. Power: TBCB projects booming

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MSIL: Healthy all-round performance – raise to BUY. DRRD: Buoyant US sales drive performance. VOLT: UCP improving, Qatar business a dampener. DIXON: Mobile business dials up growth; maintain BUY. KJC: Soft demand, intense competition mar quarter. BLSTR: Purple patch continues; maintain BUY. KECI: Pipeline robust, margin improvement delayed. ABSLAMC: Double-digit growth but market share bleed continues. Metals & Mining: Jindal Stainless: Management meet takeaways

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NAM: Strong growth but upside capped – cut to HOLD. APOLP: Disappointing result on all fronts. ITC: Cigarette and paperboard businesses disappoint. LT: Order inflow guidance raised; maintain BUY. NTPC: Normal quarter, aggressive expansion; maintain BUY. MRCO: Domestic business still lacklustre. UTIAM: Core earnings miss estimates. ASTRA: Mixed quarter, guidance broadly intact

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Consumer Goods: What production and price data of consumer goods say? TATA: UK transition and TSK2 to bolster growth; maintain BUY. BAF: Mixed quarter; maintain BUY. DALBHARA: Soft prices constrain growth

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BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track – raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore – cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership

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POWERIND: In-line quarter but valuations overdone; cut to SELL. FY25 Budget Preview: Focus to remain on consolidation. KMB: NIM intact QoQ; higher provisions dull profits. AXSB: Profits subdued despite strong business growth. HAVL: Slow quarter but summer could bring cheer; maintain BUY. KEII: Decent quarter; maintain HOLD. JKCE: Healthy performance but priced in. GLS: Strong margins make up for subdued revenue growth

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RIL: Jio 2.0 acceleration vital for next wave of growth. RBK: Healthy business growth, stable asset quality; raise to BUY. ICICIBC: Temporary blip; maintain BUY

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UTCEM: Cost efficiencies in focus; raise to BUY. HUVR: Volume growth subdued in a challenging environment. SI: Results broadly in line; guidance upgraded on strong pipe demand

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360ONE: Steady quarter; raise to BUY post correction. IIB: Stable performance. POLYCAB: Fair quarter but I-T search clouds multiples. FNXP: Weak quarter on slow recovery in agri pipe demand

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IPRU: Subdued growth. FB: Higher other income supports PAT growth

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Building Materials: Strong foundations HDFCB: Margin pressure dampens performance

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WPI: WPI inflation creeping up

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Commodity Trends: Global commodity price movements in 2023. CPI And IIP: Some degree of comfort on inflation. FPI Flows: Trends in FPI flows in India. HDFCLIFE: Muted quarter; clear growth roadmap a positive. Consumer Staples: Delayed rural recovery to hurt volume growth

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HDFCAMC: Ticks most boxes but upside potential limited. Banking: Expect healthy NII but modest margins

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Household Credit: A stimulus to growth?

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Monthly Chartbook: Fiscal consolidation to hold key

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GDP: FY24 growth estimated to surge to 7.3%. BOB Essential Commodities: How prices look in Dec’23 INDEX

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Oil & Gas: Takeaways from global LNG channel checks

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Diversified Financials: Q3FY24 Preview – Expect sustained growth momentum

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Monthly Economic Buffet: Economic Round-up: December 2023. LTFO: Appetite for growth

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Financial Stability Report: Highlights of RBI’s Financial Stability Report. Interest Rates: How transmission has fared? SCBs Deposit And Credit: SCB’s fortnightly performance. Sector Growth Rates: Sectoral growth in Credit – November 2023

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India Strategy: 2024 – another year of hope. Power: Peak demand declines in Nov, but up 9% YoY

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Metals & Mining: Ferrous read-across – Investors’ call with ArcelorMittal

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SIEM: Positive outlook continues; Maintain BUY. Automobiles: Auto channel check – steady demand outlook

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Oil & Gas: OMCs – Closing the gap

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Consumer: Eastern Encounters – Value-driven, price-conscious market

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TMX: Focus on energy transition

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WPI: WPI out of deflation. ITC: Analyst meet takeaways – Multiple levers for growth. NAM: Management call – MF industry to grow at smart clip

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Consumer Durables: Channel checks – Premium products, wires and cables shine. Power: Focus shifting to hybrid and RTC power

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BANDHAN: Thrust on secured business to aid asset health. CPI And IIP: Sticky food driving inflation higher

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Diversified Financials: Equity funds see sustained momentum in November

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Monetary Policy Review: RBI maintains status quo. Government Subsidies: Trends in general government subsidies. Monthly Chartbook: Growth remains resilient

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Crop Update: Rabi sowing

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Monthly Economic Buffet: Economic Round-up: November 2023

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Currency Outlook: Fortnightly forex review. Bonds Wrap: Fortnightly review. Polycab India: Management meet takeaways: Brand refresh underway

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Global GDP Comparison: India on track to be the fastest growing economy

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Q2FY24 GDP: Q2 GDP growth in 4th gear. Fiscal Update: Fiscal deficit at 45% of BE. TTK Prestige: Management call – Sustained leadership in key categories

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SIEM: Strong quarter, positive outlook – raise to BUY. IPO boom: An analysis. LTFO: Analyst meet takeaways: Eyeing market share gains

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Diversified Financials: Credit card spends hit festive high

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Corporate Performance: How have companies fared in Q2FY24? Axis Bank: Analyst meet takeaways: Balancing growth and returns. Power: Capacity additions on track

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Turnover to Asset Ratio: Has capacity utilization for India Inc. improved in H1? Consumer Staples: Lacklustre volume growth but margins improve

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Insurance: Q2FY24 Review – Shift in product mix dampens life insurer margins

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SAIL: Profit outlook restrained; maintain HOLD. Automobiles: Q2FY24 Review – Cruising along. Cement: Q2FY24 Review – Cost savings lift Q2 margins; volumes to bolster H2

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BAF: Impact of RBI strictures likely to be marginal

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FPI: How FPI flows have moved? TATA: India growth to take centre stage; maintain BUY. Capital Goods: Q2FY24 Review – Order outlook bright. Consumer Durables: Q2FY24 Review – EMS, cables and wires sales buoy quarter. Power: Q2FY24 Review – Uneventful quarter

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CPI: Inflation eased marginally; food remains sticky. MM: Auto segment continues to rev up. EIM: Solid quarter; striving to fend off competition

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Monthly Chartbook: Growth holding ground. LICI: Weak quarter; focus on recouping market share. LPC: Positive surprise from gSpiriva; valuations rich. TPW: Gas trading tapers. STRCEM: Cost relief in an otherwise weak quarter. ORCMNT: Volumes pick up; valuations still expensive. AL: On a winning wicket

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Capex Trends: How has state capex performed in H1FY24? ABB: Sprinting along. TRCL: Quarterly respite, challenges may continue. PWGR: In-line quarter; FY24 capex ramped up

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SRCM: Subpar quarter; earnings chasing valuations. KKC: Strong operating performance; maintain BUY. ALPM: Higher opex from new facilities to keep a lid on margins. VSTT: Healthy performance across segments

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ALKEM: Sizeable margin gains; tax guided to reduce – raise to HOLD. JKCE: Healthy performance; positive outlook. ZYWL: Subdued growth in a seasonally weak quarter. JKLC: Some respite but challenges continue

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DIVI: Growth remains elusive; cut to SELL. State Elections: State of states as they go for elections. SBIN: Wage provisions weigh on profits. JSP: Last leg of streamlining, reiterate BUY. TMX: Sound operations, measured commentary. AIAE: Volume spillover to FY25. POWERIND: Chip constraints receding. CROMPTON: ECD robust; lighting and kitchen appliances falter. ESCORTS: No major positive surprises; maintain SELL

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BOB Essential Commodities: How prices look in Oct’23. Monthly Economic Buffet: Economic Round-up: October 2023. Credit Trends: Sector-wise credit deployment. ACEM: Relatively weak show. ACC: Cost savings boost margin; upgrade to BUY. ORIENTEL: ECD-led growth; working capital rises on festive inventory. DABUR: Steady growth and market share gains. GCPL: Strong, sustained volume-led growth in India business. HMCL: Poised for growth but upside capped. 360ONE: Yields weak but outlook robust; maintain BUY

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SYRMA: Miss on margins; downgrade to HOLD. India Strategy: Monthly Chartbook – Nifty 50 valuation now supportive. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. SUNP: Healthy quarter; better mix supports gross margin. PLNG: PDHPP project unlikely to be value accretive. KECI: Interest cost mars quarter; strong pipeline for H2. BRIT: Margin expands despite muted growth

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TATACONS: Strong performance; outlook positive. KEII: Capacity addition to spur growth. VGRD: Average topline, margins improve. DCBB: Steady growth

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MAHGL: Focus on volume growth a positive, upgrade to BUY. LT: Strong run continues; maintain BUY. TVSL: Continues to deliver. AJP: Buoyant margins but higher tax weighs on PAT. BLSTR: On a purple patch

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RIL: Jio 2.0 key to growth momentum. DRRD: One-offs fuel PAT beat; India business still soft. NAM: Strong show continues. ABSLAMC: Mixed set of numbers; maintain HOLD. MRCO: Muted revenue growth; margins expanded

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MSIL: Robust quarter but positives priced in. SBILIFE: Strong showing. CIPLA: Beat on all fronts. SBICARD: Challenges persist despite spending frenzy. AXSB: Steady growth but costs elevated. NTPC: No surprises; maintain BUY

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DIXON: Strong quarter, even stronger outlook – upgrade to BUY. NEST: Analyst meet – Broader footprint lifting volume growth

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KMB: Mixed Q2; raise to BUY on low valuation, succession clarity. Sowing Update: Projection of Kharif output 2023-24. RBK: Strong growth but priced in

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ICICIBC: Sustained outperformance; raise to BUY. AMBER: Healthy topline; RAC outlook still soft. HUVR: Soft topline but strong margin expansion

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Borrowing costs: How have interest costs responded to repo rate cycles? HAVL: Q2 a miss but expect improvement ahead. VOLT: UCP upbeat but EMP plays spoilsport. ITC: FMCG and hotels continue to shine. UTCEM: Steady performance with no big surprises. JSTL: Volume momentum from expansion but near-full valuation. IIB: Strong growth with stable margins and asset quality. DALBHARA: Cost respite in an otherwise muted quarter. GLS: Revenue in line but higher opex dampens margins. Cement: Dealers Day – Positive demand and pricing outlook

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Echoing comments made by other Fed officials, Fed Chair signalled that the central bank is likely to pause its rate hike cycle as it assesses the inflation and growth dynamics

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NEST: Strong all-round performance. BJAUT: On firm ground. POLYCAB: Impressive run continues. FB: Strong growth with improving return. UTIAM: Equity flows yet to pick up

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IPRU: Growth subdued; raise to HOLD post correction. Currency Outlook: Fortnightly forex review. Automobiles: Q2FY24 Preview – Expect healthy traction. Metals & Mining: Steel demand resilience lowers downside risk to margins

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HDFCB: PAT strong despite margin compression. BAF: On a strong wicket; maintain BUY. JIOFIN: Q2 earnings highlights – Fast-tracking growth

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Consumer Staples: Q2FY24 Preview – Margin expansion to fuel profitability

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Power: The bigger the better – BUY NTPC, PWGR. Cement: Q2FY24 Preview - Higher demand, lower fuel cost to aid margins. Banking: Q2FY24 Preview - Growth momentum to continue. HDFCLIFE: Mixed quarter; maintain HOLD

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HDFCAMC: Robust quarter but upside limited. Consumer Durables: Channel check - Festive season outlook mixed

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Monthly Chartbook: India’s growth to get festive boost. Metals & Mining: Q2FY24 Preview – Q2 to be a range-bound quarter. SIEM: Innovation Day: Digitalisation key for manufacturing takeoff

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State Borrowings: Borrowing in H1 FY24. BIGBLOC: Plant visit: Ramping up AAC capacity

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Essential Commodities Index: How prices look in Sep’23 and Oct’23. Asset Turnover: A proxy for capacity utilization. Diversified Financials: Expect a robust quarter across segments

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Monetary Policy Review: RBI maintains status quo

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Monthly Economic Buffet: September 2023. Investment Trends: What’s the latest on non-government investment?

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Bonds Wrap: Fortnightly review. Impact of World Cup on India: Hitman and King’s cover drives to boost India’s GDP. BAF: Making strides

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India Strategy: Monthly Chartbook – Producers over Processors

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Automobiles: Premiumisation powering demand revival; exports lag

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DCBB: Improving prospects; BUY. Monetary Policy Expectations: RBI – Hawkish while holding horses. Power: Expert call – Gearing up for GNA

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Global Bond Index: Impact of India’s inclusion in JP Morgan bond index. Diversified Financials: Credit card spends buoyant

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Consumer: Southern Sojourn – Premiumisation and urbanisation. PLNG: Cloudy medium-term demand visibility; HOLD. Monsoon Update: Monsoon and Sowing progress. ELCN: Plant visit: Focusing on value addition

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TATA: UK transition to dispel overhang, reiterate BUY

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Metals & Mining: Expert call with Baosteel – Margin outlook cautious

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ORCMNT: Expansion woes, lofty valuations – cut to SELL

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Monsoon Update: Monsoon and Sowing progress. Currency Outlook: Fortnightly forex review

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WPI: WPI at highest since Mar’23

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RBK: Upside capped; HOLD. AVALON: Export-focused EMS player

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CPI and IIP: Inflation eased – Veggie spike cooled a bit

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Monsoon Update: Monsoon and Sowing progress. Certificates of Deposit: The CD market in FY24

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JKLC: AGM takeaways – Challenges persist; maintain SELL

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Ferrous Chartbook: Warming up to recovery in China. TTKPT: Management call – Confident of demand recovery in H2

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BoB-ECI: BoB Essential Commodities Index, Aug 2023

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Monsoon Update: Monsoon and Sowing progress

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BAF: From strength to strength – initiate with BUY. India Strategy: Monthly Chartbook – A month of consolidation but outlook remains positive. Bonds Wrap: Fortnightly review. Crop Production: BoB Forecasts of kharif production. Currency Outlook: Fortnightly forex review. Monthly Economic Buffet: Economic Round-up: August 2023

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GDP growth in Q1: India-fastest growing major economy

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Automobiles: Battery expert call – Abundant growth opportunities in India

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Monsoon Update: Monsoon and Sowing progress. RIL: AGM takeaways – Long growth runway, reiterate BUY

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CROMPTON: Analyst meet – A full revamp

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Monsoon Update: Monsoon and Sowing progress. Crude Imports: India’s crude import-story so far

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Currency Outlook: INR at record low - What’s next? Bond Yields: Why Bond yields are inching up. Consumer Staples: Q1FY24 Review – Rural growth visibility improves. Consumer Durables: Q1FY24 Review – EMS, wires and cables segments shine. Capital Goods: Q1FY24 Review – Robust execution continues. Pharmaceuticals: Chronic therapies continue strong streak

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ITC: Robust growth and margins

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ARBP: Broad-based growth; lower to HOLD post rally. Monsoon Update: Monsoon and Sowing progress. CPI and WPI: Sharp pick-up in inflation – a cautionary call. CROMPTON: Mixed quarter. TRCL: Pressure on operational efficiencies to continue

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LICI: Mixed quarter; maintain BUY. ABB: Strong quarter, margins shine. ACEM: Stepping on the pedal but growth priced in. RIL: FY23 annual report takeaways – Propelling growth. SAIL: Leverage remains an overhang; maintain HOLD. VOLT: UCP growth above industry, EMP losses continue

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Monetary Policy Review: RBI maintains status quo. ALKEML: International sales fuel growth; margin recovery positive. VGRD: Strong quarter all through. IT Services: Q1FY24 Review – Better times ahead

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Capex Trends: How has state capex performed in Q1FY24? SIEM: All-round growth; clarity awaited on LV motors hive-off. ACC: Synergies with Ambuja propel volumes

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Monetary Policy Expectations: RBI likely to stand pat. DALBHARA: Slow start; expected to catch up in H2. 360ONE: Annual report analysis: Forging ahead

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Monthly Economic Buffet: Economic Round-up: July 2023. ERIS: In-line quarter; margins moving back on track. MAHGL: Walking a tightrope; retain HOLD. SBIN: PAT surges on higher other income and cost control. BRIT: Increased regional competition hurts growth. AFFLE: Growth momentum to continue

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LPC: Improvements visible; runup behind downgrade. Monsoon Update: Monsoon and Sowing progress. Price Picture: How prices look in Jul’23. KKC: Strong quarter; primed for rating transition. KECI: Healthy inflows, margin improvement ahead. BLSTR: In-line numbers, steady growth ahead. ZYWL: Poor showing in a seasonally strong quarter. ORIENTEL: Reasonably healthy quarter. DABUR: Volume growth visible in rural markets

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SUNP: gRevlimid buoys performance; upside capped – cut to HOLD

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AIAE: Strong quarter, guidance maintained. TMX: Good quarter, healthy order flows. SYRMA: Margin miss an aberration; guidance intact

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KEII: Capacity constraints mar quarter; lower to HOLD post runup. Bonds Wrap: Fortnightly review. JKLC: Another slow quarter; maintain SELL

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Monsoon Update: Monsoon and Sowing progress. MRCO: Soft performance; outlook remains strong

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Currency Outlook: INR likely to remain range-bound. Fiscal Update: Trends in state fiscal deficits. SBICARD: Higher provisions dent net profit. AL: Healthy growth trajectory; maintain BUY. IGL: Volume outlook soft near-term but healthy medium-term. NAM: On a firm footing. AJP: Q1 beat sparked by sharp margin recovery. NEST: Healthy growth backed by market penetration

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UTCEM: On a strong pitch but positives priced in; revised to HOLD. Corporate debt: Corporate debt structure in India. AXSB: Steady growth but costs elevated. CIPLA: Strong growth coupled with margin expansion. ABSLAMC: Healthy quarter. TATA: Thrust on expansion capex, Europe breakeven key positives. TECHM: Toughest quarter in recent times. TATACONS: Momentum continues; outlook positive

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UTIAM: Equity flows lacklustre; valuations full – downgrade to HOLD. Crude Imports: Growing phase. LT: Stellar quarter; solid outlook. SBILIFE: Mixed quarter; robust FY24 outlook maintained. AMBER: Topline wavers, margins progressing

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DIXON: Good quarter; cut to HOLD on limited upside. POWERIND: Supply side constraints persist; cut to HOLD. KMB: Non-core income drives up profitability. JSTL: Limited upside despite exciting growth ahead

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Monsoon Update: Monsoon and Sowing – Positive changes seen. ICICIBC: High core income and lower provisions buoy PAT. HDFCAMC: Strong quarter but upsides capped; maintain HOLD. PSYS: Resilient quarter but growth guided to soften near term

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MPHL: Tepid Q1; cut to HOLD post runup. GLS: Another good quarter; cut to HOLD post rally. RIL: Steady she goes. HDFCLIFE: Healthy quarter but positives priced in; maintain HOLD. 360ONE: Strong set of numbers. HUVR: Modest quarter but improvement ahead. INFO: Guidance cut a temporary blip. COFORGE: Miss on margins; deal momentum strong. Metals & Mining: Medium-term aluminium outlook strong, near-term soft – Alcoa

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IIB: Strong NII and lower provisions drive PAT. HAVL: Margins falter

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HDFCB: Strong PAT on lower provisions. Metals & Mining: Q1FY24 Preview – Bumpy road to recovery. POLYCAB: Strong momentum continues

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IPRU: Some hits, some misses; maintain SELL

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Monsoon Update: Monsoon and Sowing progress.

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WPI: WPI at lowest since Oct’15. Trade: Q1FY24 performance. WPRO: Another muted quarter; BFSI the biggest drag. FB: Strong business growth but margins under pressure

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TCS: Strong deal flow but near-term softness to continue. HCLT: Weak Q1 but full-year guidance retained – a tall order. Consumer Staples: Q1FY24 Preview – Volume-led growth; margin expansion to continue

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CPI and IIP: Red-hot inflation, IIP growth improves. Banking: Q1FY24 Preview – Expect steady growth but margins could contract

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Monsoon Update: Monsoon and Sowing progress. RIL: Consumer and new energy businesses key catalysts

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IT Services: Q1FY24 Preview – No sign of demand improvement yet. Monthly Chartbook: Hawk-eyes on inflation

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Monthly Economic Buffet: Economic Round-up: June 2023

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Commodity Trends: How prices look in Jun’23. Tomato-nomics: The reason behind spike in tomato prices. Government Borrowing Update: Government Market Borrowing Update. Currency Outlook: INR expected to trade with appreciating bias. Bonds Wrap: Fortnightly review. FPI Flows: India visa vis Globe. Power: Expert call – Sun shining on Indian solar sector

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AL: Analyst meet takeaways – Pursuing market share gains. Diversified Financials: Expert call – AIFs riding high on India’s startup boom

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IPRU: Stock runup unwarranted; cut to SELL. HMCL: Management meet takeaways: Climbing on the premium bandwagon

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Balance of Payments: Developments in India’s BoP in FY23. Investment Trends: How India Inc fared in terms of capital formation? Household Finances: Household savings move towards markets

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Technology & Internet: Accenture guidance signals tepid near-term outlook for India IT

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GUJS: Discount on standalone business excessive

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India Consumer Sector: Rural recovery taking root. NBFCs vs Banks: How have NBFCs fared vis-à-vis Banks.

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IT Services: Outlook cloudy; stay selective in FY24. Monsoon Update: How has Monsoon and Kharif fared in the past?

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India Strategy: Stock Valuation – Is value picking really effective? RPGL: Investor day takeaways – Foundation in place; now targeting scale

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HDFCAMC: Annual report analysis – Stable FY23; focus on growth. CROMPTON: Annual report analysis – Difficult year. KECI: Management meet takeaways – Guidance maintained. TTKPT: Navigating troubled times with confidence

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WPI: WPI at 7.5 year low. VOLT: Management meet takeaways – Trying times

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POLYCAB: Annual report analysis – Project Leap well on track. TCS: Annual report analysis – Macro headwinds cloud outlook. Pharmaceuticals: Healthy MAT volume growth; chronic segment outperforms in May

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CPI and IIP: CPI cools, IIP growth improves. INFO: Annual report analysis – Sentiments weak; Cobalt to drive growth. Consumer Staples: Agri expert call – El Nino to have negligible impact. Oil & Gas: Expert call – Progressing on ethanol journey but delays possible

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Monthly Chartbook: Hawkish pause; monsoon to hold key. Oil & Gas: Ceramics expert call – Expect Morbi gas volume recovery in H2. IT Services: Q4FY23 Review – Macro headwinds prompt us to stay selective

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Annual report analysis: Continuity of strategy

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Consumer Staples: Q4FY23 Review – Smooth sailing on rough seas

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JKCE: Outlook intact; downgrade to HOLD on rich valuations. VOLT: Annual report analysis: A challenging year

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Monetary Policy: RBI to maintain status quo. Corporate Results: How have companies fared in Q4FY23? Credit Trends: Bank credit growth in Apr'23. Hindustan Unilever: Annual report analysis – Weathering the storm. Consumer Durables: Margin worries continue

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Indian Economy FY24: A Prognosis, Monthly Economic Buffet: May 2023, GDP: Looking closer at GDP Estimates, Commodity Trends: How prices look in May’23

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Commercial Paper: How funding through CPs have evolved? Currency Outlook: Pressure on INR to be short-lived. Bonds Wrap: Fortnightly review. Capital Goods: Q4FY23 Review – Strong end to FY23; outlook robust

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Monthly Chartbook: Global headwinds the only major concern. Fiscal Update: Fiscal deficit at 6.4% in FY23. GDP: GDP growth in FY23 - Positive surprise. VGRD: Sunflame key for FY24

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SUNP: gRevlimid yields margin surprise; raise to BUY post correction. RBI Annual Report: Key macroeconomic highlights. MM: Healthy performance; strong show to continue

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LICI: Focused on profitable products. SAIL: Production gains momentum, higher debt a concern. MPHL: Dull quarter; sequential recovery guided from Q2. TATACONS: Annual report analysis: On a strong wicket

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AL: Healthy performance continues

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KKC: From strength to strength; upgrade to BUY. AIAE: Robust performance. POWERIND: Improving outlook. JKLC: Challenging road ahead. STRCEM: Moving in the right direction

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SRCM: High-cost fuel inventory weighs on margins

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DIXON: In-line quarter; strong guidance reiterated. ZYWL: Price-led growth in Q4; HFD category a concern

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Bank Liquidity: Impact of withdrawal of 2000 rupee notes. CROMPTON: Mixed quarter. Diversified Financials: Proposed TER overhaul implies steep profit hit for AMCs

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SIEM: Low-voltage deal appears unfavourable; cut to HOLD. Currency Outlook: INR under pressure. ITC: Strong performance amid macro headwinds. SBIN: Sustaining growth and profitability. SYRMA: Strong show; positive outlook intact. TRCL: Strong volume push but pricing pressure persists. ALKEM: Margin improvement key for revival

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TMX: Cautious outlook continues. ERIS: Integration costs weigh on quarter. AFFLE: Seasonality impacts Q4; outlook remains healthy

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JSP: Streamlining painful but useful, maintain BUY. AMBER: Strong performance on new client and capacity addition

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VSTT: Solid quarter

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WPI: WPI at 34-month low. EIM: Overall healthy performance. POLYCAB: Cables business resilient. ORIENTEL: Weak end to a challenging FY23

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CPI and IIP: CPI cools, IIP growth slips. SIEM: Strong momentum continues. CIPLA: Key launches at least a year away. MRCO: Healthy volume-led growth; improved visibility. ESCORTS: Medium-term pain to continue. COFORGE: Stellar quarter; buoyant outlook

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Monthly Chartbook: Is less than 7% the next stop for 10Y yield...? LT: Strong finish; robust outlook for FY24. GCPL: Home and personal care segments perform well. DRRD: Core business remains sluggish

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MAHGL: Slow long-term growth prospects; cut to HOLD

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BoB-ECI: BoB Essential Commodities Index. FB: Strong PAT on higher other income and lower provisions. ALPM: No respite yet

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AJP: Margins appear to have bottomed out; raise to BUY. ABB: Strong showing but priced in. 360ONE: Tough quarter. BLSTR: Momentum continues; outlook bright. DABUR: Steady growth; improving demand visibility. BRIT: Impressive all-around performance. TVSL: Steady quarter; fresh triggers awaited. HMCL: Improved performance; sustainability to be seen. Metals & Mining: Steel margin recovery to continue into Jun quarter – ArcelorMittal

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ACEM: Soft realisations weigh on margins. KECI: Standalone margin remains weak. TATA: Project visibility improving, maintain BUY. ORCMNT: Listless performance

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Monthly Economic Buffet: Economic Round-up: April 2023. HAVL: Moderate quarter; in-line performance. ACC: Realisations soft; stock lacks strong triggers. KEII: Momentum continues; capacity addition to spur growth. Automobiles: PVs and 2Ws grow in April, tractors lose steam

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Bonds Wrap: Fortnightly review. KMB: Healthy quarter but positives priced in

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India Strategy: Monthly Chartbook – Global headwinds cloud near-term outlook, Currency Outlook: INR is likely to remain range-bound, AXSB: Valuations to play catch up, UTCEM: On a strong pitch, Near term challenges fading away, DALBHARA: Volumes rise but realisations weak, LAURUS: Dismal quarter, ABSLAMC: Soft numbers; weakness persists, maintain HOLD, UTIAM: Weak set of numbers, GLS: All-round beat, MSIL: Short-term pricing blip, TECHM: Weak performance; near-term outlook cloudy, SBICARD: Positive surprise; maintain BUY, Metals & Mining: China industry discipline to continue: Baosteel

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WPRO: Consulting business likely to dampen near-term growth. SBILIFE: Strong FY23; maintain BUY. VOLT: EMP underperformance overshadows resilient cooling business. HUVR: Fair performance in a challenging environment

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BJAUT: Rural economy revival key for growth; Maintain HOLD. HDFCLIFE: Strong quarter. PSYS: Growth resilient. NAM: MTM losses mar quarter. TATACONS: Strategic initiatives in place; outlook upbeat

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HDFCAMC: Q4 disappoints; cut to HOLD on multiple headwinds. NEST: Stellar performance; beats estimate. IIB: Gearing up for the next leg of growth

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Stock Indices: Are Macroeconomic variables and Stock Indices related? RIL: Capital discipline targets positive; maintain BUY. ICICIBC: Strong NII and lower provisions aid healthy PAT. Automobiles: Q4FY23 Preview – On a recovery path; rural demand key. HDFCB: RBI clears pitch for merger with HDFC

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IPRU: FY23 ends on a high note; cut to HOLD post rally. Rate Differential: Update on India and US rates

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HCLT: Software seasonality dampens dollar revenue growth. Metals & Mining: Ferrous Chartbook – China’s March economic data supportive of steel margins. Metals & Mining: Aluminium market thinly balanced – Alcoa

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Capex climate: Update on investment scenario and its funding. Diversified Financials: Equity MFs continued to outshine debt funds in FY23

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Currency Outlook: INR to strengthen. RIL: Capex ramp-up likely in sync with structural growth. Cement: Q4FY23 Preview – Strong dispatches, cost benefits to help margins gain gradually

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WPI: WPI continues to decelerate. HDFCB: Q4 healthy despite higher opex. Consumer Staples: Q4FY23 Preview – Early signs of recovery; expect a decent quarter

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INFO: All-round miss; sentiments worsening but Cobalt to drive growth. Pharmaceuticals: Sustained market growth in March

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IMF World Economic Outlook: IMF flags risks to recovery. CPI and IIP: CPI cools, IIP growth stable. Monthly Chartbook: Rate hike off the table; Inflation holds the key. HDFCB: Q4 likely to see sustained growth momentum. TCS: Steady quarter but macro headwinds cloud outlook. ABB: Annual report highlights – Agile business model

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Diversified Financials: Impending TER regulation puts AMCs on edge

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Metals & Mining: Q4FY23 Preview – Modest Q4 gains point to better year ahead. Automobiles: Growing shift towards high-end segment

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LICI: Behemoth at a bargain; initiate with BUY. Monthly Economic Buffet: Economic Round-up: March 2023. Monetary Policy Review: RBI surprises with a pause. IT Services: Global banking crisis dulls outlook. Capital Goods: Impetus to continue. Consumer Durables: A lacklustre end to FY23

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Currency Outlook: Further downside for INR likely. Bonds Wrap: Fortnightly review. Cost of Borrowing: Small Savings. Consumer Durables: Channel Checks – Fans facing the heat but ACs in demand

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Borrowing Calendar: Centre has finely managed its H1FY24 calendar. NEST: Annual report highlights – Stellar performance in a difficult year. Diversified Financials: Q4FY23 Preview – Cautious outlook for NBFCs; AMCs, life insurers to fare better

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External Sector Review: Trade, CAD and capital flows

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Fuel Dynamics: Splitting the petrol pie? Gold Prices: The glitter of gold

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BIKAJI: Appetite for growth

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KAYNES: Expanding footprint. Pharma: Acute therapies propel IPM growth in February

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Currency Outlook: INR is likely to remain range-bound. Consumer Staples: Visible signs of rural revival

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Macro & Micro: Clear mass premiumisation trends. WPI: WPI cools down further

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South Asia Economics: Is South Asia on the brink of a crisis? CPI: CPI remains above RBI’s upper band. Metals & Mining: Expert calls – Steel recovering; aluminium price range-bound

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IIP: Uptick in IIP growth. IT Services: Sustainable growth story

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Disinvestment: Current target and status

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Monthly Chartbook: Inflation rearing its ugly head again. Consumer Durables: Consumer appliances yielding higher energy efficiency. Metals & Mining: Aluminium outlook healthy but limited price upside in FY24E

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State Borrowing: Taking stock

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Bonds Wrap: Fortnightly review. Monthly Eco Buffet: Economic Round-up: February 2023. Capital Goods: A rising tide…

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Policy Rates: What India-US rates tell us? Currency Outlook: INR is likely to remain range-bound. TECHM: Sandstorm a potential game changer. Agrochemicals: Agrochem Summit 2023 – Policy support holds the key. Diversified Financials: Credit cards on a strong growth path

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Q3FY23 GDP: GDP growth slows to 4.4% in Q3FY23. INFO: Private 5G-as-a-Service to see multiyear tailwinds

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Credit Trends: Is credit growth tapering off?

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IT Services: Runaway cloud growth hits a bump; tier-I players a safe haven. GDP Outlook: GDP to grow by 4.6% in Q3FY23. FY24 Currency Outlook: INR to trade in the range of 82-84/$ in FY24

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Bank Liquidity: Can it be a devil in disguise?

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Q3FY23 Review: New quarter, old challenges. SAIL: Higher production positive but legacy issues linger. TVSL: Steady performance; healthy outlook. Pharma: IPM growth slows down in January

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Currency Outlook: INR to remain steady. NEST: Investing for growth. MSIL: Focus shifts to high-margin segment. Capital Goods: Q3FY23 Review – Execution trends robust

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SIEM: Stellar quarter. PI: Strong quarter spurred by custom synthesis business. CESC: Stable performance; DF circles disappoint. Consumer Durables: Q3FY23 Review – Margin recovery delayed

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WPI: WPI at 2-year low. JKLC: Cost overruns remain a concern

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CPI: CPI above RBI’s upper band. ABB: Q4 beat; retain HOLD on full valuations. ALKEM: Quarter buoyed by seasonal tailwinds. TMX: Scaling back on large project bids. LICI: Strong 9MFY23 growth but margins moderate

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IIP: IIP growth moderates. VOLT: Subpar quarter as EMP losses deepen. ARBP: Modest Q3; no respite on margin front. SRCM: Cost efficiencies to aid performance. ACEM: Steady growth continues, maintain HOLD. JKCE: Steep costs likely to soften in Q4; maintain BUY. Metals & Mining: Steel cycle recovery underway – AMNS

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FPI Flows: How have FPIs performed this year? Financial Savings: Bank Deposits or Mutual Funds? KKC: Robust quarter; positives in the price. SYRMA: Strong topline but margins soften

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Monetary Policy Review: RBI to pause most likely in FY24. Monthly Chartbook: Capex to spur growth. TATA: Weaker Q3 does not disrupt upcoming growth, maintain BUY. TRCL: The Ramco Cements

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POWERIND: Chip shortage takes a toll. DALBHARA: Strong quarter; capacity addition on track

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ITC: Stellar show continues; outlook bright. STRCEM: In-line performance; maintain BUY

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Insurance: Budget spoils the insurance party, TATACONS: Subdued quarter; long-term story remains intact. Currency Outlook: INR to remain steady. Monthly Economic Buffet: Economic Round-up: January 2023. DIVI: Big miss on revenue and margins. JSP: Streamlining management processes a positive; BUY. CROMPTON: Weak lighting business dims performance. VGRD: Topline intact while margin pressure persists. TPWR: Growth aided by coal profits again. MAHGL: in medium term; maintain BUY

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Cement: Supply glut clouds prospects. PWGR: Steady quarter; upgrade to BUY post correction. BRIT: Strong performance in a challenging environment. UTIAM: Dull quarter on MTM losses; maintain BUY

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Union Budget Review: Quality over Quantity. Union Budget Analysis 2023-24. KECI: Disappointing quarter – cut to HOLD

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BLSTR: Buoyant performance; UCP margin expansion continues. Economic Survey 2022-23: Leaving no one behind. Bonds Wrap: Fortnightly review. LT: Revenue beat; commentary optimistic. GCPL: Broad-based growth; strong margin recovery. ORIENTEL: Back on track with Q3 rebound

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NTPC: Another strong quarter. TECHM: Weak performance; expect a muted FY23. IGL: Dull quarter; focus shifting to non-bus CNG volumes. NAM: Healthy quarter; retain BUY

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AIAE: Stellar quarter despite challenging macro. GLS: Sequential recovery in API business. ABSLAMC: Challenges persist, maintain HOLD

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HDFCAMC: Muted growth; raise to BUY on price correction. Capex: Spending by states. CIPLA: US-led growth; margins strong. DRRD: Strong US sales; recovery in EM and PSAI businesses. DIXON: Dull Q3 as mobiles business dials down

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FY24 Budget Preview: Balance between populism and consolidation. JSTL: Exciting growth but unfavourable risk-reward; maintain HOLD. SBICARD: Higher costs continue to dent profitability. AMBER: Strong topline but margins remain muted. SIEM: Annual report highlights – Primed for accelerated growth. KEII: Upbeat numbers

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RIL: Entry opportunity; upgrade to BUY. SBILIFE: Upbeat quarter; maintain BUY. Power: Q3FY23 Preview – Demand remains strong

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FY24 Budget Preview: Trade-off between capex and consolidation. HDFCLIFE: Strong growth momentum; maintain BUY. POLYCAB: Buoyant quarter. IIFLWAM: Resilient model; high ROE - maintain BUY. Oil & Gas: Expert call - Morbi gas volumes under pressure near-term

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HUVR: Growth momentum continues; margins improve sequentially. IIB: Recovery plan in play. HAVL: Modest performance amid a challenging environment. Metals & Mining: Constructive outlook despite uncertainty – Alcoa

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MAHGL: Healthy medium-term outlook. IPRU: VNB strong but premium growth disappoints. ERIS: Oaknet continues to drive revenue growth

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WPI: WPI at 22-month low. HDFCB: Steady earnings growth

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Disinvestment: Disinvestment is more a case of misses. WPRO: Consulting business likely to dampen growth in the near term

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CPI and IIP: CPI cools, IIP growth improves. INFO: Cobalt to drive near-term growth. HCLT: Profit beat in seasonally weak quarter. CHEMPLAS: Uptick in PVC prices could aid margin recovery. Pharmaceuticals: Sustained IPM growth momentum in December

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Diversified Financials: Mutual fund industry – Onward and upward

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Macro & Micro: 2023 - Precursor to a breakout. Financial Stability Report: Key highlights. TCS: Demand drivers intact with some pockets of slowdown. Capital Goods: Data centre capex to nudge up product demand

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Monthly Chartbook: All eyes on the Union Budget. GDP: FY23 growth estimated at 7%

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Investment Activity: Is investment set to pick up. IT Services: Q3FY23 Preview – Margins likely to surprise on the upside

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Capital Goods: Q3FY23 Preview – Momentum to continue. Consumer Durables: Q3FY23 Preview – Expect a tepid quarter

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Monthly Economic Buffet: Economic Round-up – December 2022

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Currency Outlook: Where is INR headed in 2023? Bonds Wrap: Fortnightly review. Diversified Financials: Q3FY23 Preview – Healthy quarter likely for NBFCs and life insurers

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IGL: Growth levers intact despite EV

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SOIL: Growth focused

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Consumer Durables: Fan industry – Dynamics set to change post BEE ratings change

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Inflation Impact: Does inflation have any association with sales? IPO Study: Update on performance of IPO market

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Return on Investment: ‘T’ has not been the season of much gain. Effective Tax Rate: Is there a scope for lowering corporate tax rate further? JSTL: Dolvi another growth milestone. SYRMA: Capacity expansion on course

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Metals & Mining: China policies set stage for steel demand recovery – Valin Steel

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Interest Rates: What is the real interest rate? Pharmaceuticals: IPM growth rebounds but volumes remain sluggish

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Currency Outlook: What’s next for INR

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WPI: WPI at 21-month low

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Fiscal Update: Expect fiscal deficit of 6.6-6.7% for FY23

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Credit Growth: Is credit growth impacted by repo rate changes? CPI And IIP: CPI cools, IIP growth falters. VOLT: Competition weighing on margins

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Monthly Chartbook: India facing headwinds. SIEM: Buoyant outlook

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SYRMA: Syrma SGS (BUY): Niche ODM player – initiate with BUY

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Monetary Policy: No surprises – Another 25bps rate hike possibly in Feb and then pause

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GREENP: Long runway before takeoff

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Interest Rates: Impact of monetary policy on rates. Monetary Policy: What to expect in the credit policy

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Currency Outlook - INR strengthened in Nov’22. Bonds Wrap - Fortnightly review. Credit Trends - Where is bank credit growing? NLC: Capacity addition largely on track

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Monthly Strategy Wrap: Market at all-time high but outlook mixed. GDP: GDP growth slows to 6.3% in Q2FY23

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MM: Performance to strengthen

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TTKPT: Banking on brand value to blunt competition

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Trade: Trends in India’s trade and impact of global economy. Interest Cover: Falling interest cover more due to declining profits

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Diversified Financials: Expert call – Bright outlook for credit card industry

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Oil & Gas: Unified gas pipeline tariff to deepen the market

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Logistics: Full throttle ahead. EIM: Volume gains encouraging; ASP revival key

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Capital Goods: On the cusp of a capex supercycle

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AL: Healthy performance all round. Corporate Results: How have companies fared in Q2FY23?

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ESCORTS: Earnings lag behind valuations

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Q2FY23 Review: Raw material costs cool off. Currency Outlook: INR takes a breather

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CPI: Inflation begins to cool down. WPI: WPI cools down to 19-month low. TVSL: Strong quarter but positives in the price. ARBP: Margin slippage continues; launches key for growth. ALPM: Broad-based growth; margin crunch persists. LICI: Strong growth; focused on raising persistency

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HMCL: Efforts on to capture premium market. ALKEM: Near-term outlook weak – cut to SELL. LPC: Return to double-digit margins. IIP: IIP growth scales up. ASTRA: Inventory loss, one-off expenses drag margin.

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PIDI: Margin expansion ahead but valuations lofty; reiterate SELL. SOMC: Gas prices continue to weigh on margins. ZYWL: High commodity prices play spoilsport. Metals & Mining: Aluminium price floor emerging – Alcoa

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VSTT: Gaining momentum slowly but surely. DIVI: Disappointing quarter. CRS: Steady demand trends. GREENP: Domestic demand remains healthy. Consumer Durables: Q2FY23 Review – Walking a tight rope with margins

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Interest Rates: Small savings versus bank deposits. Monthly Chartbook: Global growth slowing down; India steady. MTLM: Stable quarter but margins disappoint

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AJP: No respite from margin pressure; cut to HOLD. Fuel & Freight: What freight data shows. Quarterly Results: Update on Q2FY23 performance. MSIL: Healthy performance. CIPLA: Robust US and India sales. BLSTR: Best Q2 performer among AC pack. ORIENTEL: One-offs mar performance

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VOLT: Dismal Q2; UCP margins at decadal low. KJC: Demand sluggish; high gas cost weakens margins

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SUNP: Strong Q2 but valuations full – cut to HOLD. Currency Outlook: Focus on Fed. Bonds Wrap: Fortnightly review. Credit Trends: Sectoral deployment of credit. Interest Rates: Pace of deposit and lending rates in H1FY23. TATA: Integrated Indian operations to weather downturn. Consumer Durables: Gujarat electronics policy to boost localisation of appliances

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Monthly Strategy Wrap: Global headwinds plateauing. SI: Muted quarter but H2 revival on track

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Financial Savings: Bank Deposits or Mutual Funds? RIL: Windfall tax limits cyclical upside; consumer business shines. JSTL: Aggressive growth policy fuels earnings volatility. SBICARD: Dull quarter on high opex and credit costs. DRRD: US launch of gRevlimid buoys quarter. CROMPTON: Q2 a minor blip; expect swift recovery. VGRD: Margin pressure dampens performance

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FNXP: Revival slipped to Q4

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LAURUS: CDMO scale-up masks otherwise dismal Q2; cut to HOLD. AMBER: Structural growth overhang persists. GLS: Slowdown in parent-led business weakens revenue. SBILIFE: Strong margin trajectory; better H2 expected. HDFCLIFE: Merger with Exide Life completed; focus on growth

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State Finances: Cash imbalances of states. HAVL: Margins hit trough; expect recovery in H2. DIXON: Buoyant numbers, bright prospects. IIFLWAM: Guidance maintained despite slower flows. Metals & Mining: Aluminium market in need of supply rebalancing

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BJAUT: Steady performance in a challenging environment. POLYCAB: Beat on all fronts. VMART: LimeRoad deal positive but profitability could suffer

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Currency Outlook: INR finds support

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WPI: WPI cools further. IPRU: Some hits, some misses - maintain BUY. Metals & Mining: China demand to pick up but margins to take longer – Baosteel

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Pharmaceuticals: Price hike led growth sustain IPM growth amidst weak volumes

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CPI and IIP: A double whammy for the economy

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Metals & Mining: Weak quarter; look for margin stabilisation in H2. Building Materials: A bumpy quarter; revival likely in H2

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Investment Cycle: Investment may start picking up. Credit Trends: Will credit growth slow down due to repo rate hikes? Monthly Chartbook: India’s growth holding ground

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Consumer Durables: Q2FY23 Preview – Flat quarter ahead

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Monsoon Update: Monsoon and sowing draw to a close

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Currency Outlook: Is 82 the new 80? Bond Market Round-up: Bond Market Round-up – September 2022. Household Finances: Are we saving less? Monthly Economic Buffet: Economic Round-up –September 2022

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Monthly Strategy Wrap: India on a relatively better wicket. Monetary Policy: No new surprise – Another 50bps rate hike. Diversified Financials: Q2FY23 Preview – Expect robust growth traction across segments. Diversified Financials: Credit card spends robust; new measures consumer friendly. Consumer Durables: Sep'22 Roundup - Demand indicators strong

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Metals & Mining: Market rebalancing underway – ArcelorMittal

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Plastic Products: Expect revival in H2 but a muted FY23

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Monetary Policy Expectations: RBI to hike again. Oil & Gas: EU Sanctions a plausible upside risk to crude – Breamer

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Consumption Trends: A silver lining or a dark cloud. Consumer Durables: Vedanta-Foxconn JV to help localization of appliances

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Currency Outlook: INR falls to a record low – From being best to worst performing currency. TATA: Merger to simplify group structure

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Building Materials: Expert call – Demand moderation, cost rise may hurt Q2 margins. SYRMA: Niche player in EMS

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Yields: Short-term yield spikes. Consumer Durables: Formal jobs data encouraging

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Monsoon Update: Monsoon and sowing progress. Consumer Durables: Real estate uptrend heralds stronger durables demand

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Currency Outlook: All eyes on Fed. LOGISTICS: National Logistics Policy – Spearheading efficiency. Consumer Durables: Powering down – Appliances fuel energy savings

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Fuel Taxes: Understanding the economics of fuel taxes. RPGL: Investor day takeaways - Chronic and specialty launch focus

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IIFLWAM: Annual report analysis: Recurring model bears fruit

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WPI: WPI provides relief. Telecom Study: Telecom sector & 5G Auction. KECI: Analyst meet takeaways: Headwinds abating

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Macro & Micro: Bear up – Stick to the leaders. Ferrous Chartbook: Steel margins to stabilise over H2FY23

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IPO Study: How has the IPO market performed? CPI and IIP: CPI hardens, IIP growth falters. Consumer Durables: Festive cheer likely to revitalise demand

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Monsoon Update: Monsoon and sowing progress

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GREENP: Structural tailwinds intact. Metals & Mining: India Steel Conference 2022 – Demand outlook positive

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Monthly Chartbook: Domestic macros appear to be insulated. Bonds: Corporate bonds market in India

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Financial Soundness: Comparative study on global financial soundness indicators. Metals & Mining: China’s Q2 steel results signal slower demand recovery

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Monthly Economic Buffet: Economic Round-up: August 2022. IIFLWAM: NDR takeaways – Spotlight on recurring revenue and new clients

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Bonds Wrap: Fortnightly review

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Monthly Strategy Wrap: Indian market resilient. Market Performance: India versus global equity markets. Currency Outlook: What’s in store for INR. SAIL: Plodding quest for growth. RIL: AGM takeaways – Growth contours defined

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State Budgets: State finances in FY22 – A recap

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Monsoon Update: Monsoon and sowing progress. ZYWL: Management meet takeaways – Primed for growth

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Housing loans: Study on housing loan market in India. Consumer Durables: Crisil webinar takeaways – Secular growth to continue

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Industry and Capacity Utilization: Turnover to Asset ratio FY22

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Monsoon Update: Monsoon and sowing progress

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Banking Review Q1FY23: Financial highlights of banks. Currency Outlook: Have tables turned?

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Q1FY23 Review: Cost pressures behind us

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ASTRA: Good performance amid challenges; cut to HOLD post rally. CPI and IIP: CPI moderates, IIP growth weakens. Monsoon Update: Monsoon and sowing progress. ARBP: Healthy growth but margin pressure persists. DIVI: No respite in sight for margins

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PIDI: Sound business but valuations lofty; reiterate SELL

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Interest Cover: What does interest cover of India Inc. indicate? Monthly Chartbook: RBI frontloads rate hike. AMBER: Mixed quarter; challenges ahead. SOMC: Good quarter; long term outlook remains positive. Consumer Durables: A bumpy quarter

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MTLM: New capacities to form next leg of growth. VMART: Growth off low base but yet to retrace to pre-Covid levels

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ALKEM: Higher expenses and forex loss dent margins; cut to HOLD. CRS: Strong Q1; upside capped post rally – cut to HOLD, Monetary Policy Review: RBI front-loading rate hikes. Monsoon Update: Monsoon and sowing progress. GLS: Margins improve despite revenue decline. BLSTR: Commendable margin performance

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VOLT: Competitive edge appears blunted; downgrade to HOLD. DIXON: Annual report analysis: Targeting higher EMS share. Power: Expert call – GNA a potential gamechanger

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Policy Rates: Is there a link between Indian and US interest rates? TATA: Preferred pick as we look beyond volatility

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Currency Outlook: INR stages a comeback. Bonds Wrap: Fortnightly review. Monsoon Update: Monsoon and sowing progress. Monthly Economic Buffet: Economic Round-up: July 2022

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Monthly Strategy Wrap: India remains better placed than most markets. Monsoon Update: Monsoon and sowing progress. SBILIFE: Standout performance by the market leader; BUY. AJP: Margin stress continues despite strong revenue growth. ZYWL: First normal quarter post-Covid; retain BUY. VGRD: Margin blip in Q1

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FOMC: US Fed hikes rate again. Employment Study: Job scene in India Inc. SBICARD: Ticks most boxes; maintain BUY. LAURUS: Synthesis business saves the day

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IMF World Economic Outlook: Uncertain and Gloomy. Investment Scenario & Funding: Investment in FY23 started on a weaker note. Banking: Takeaways from BOB Banking Conference – Digitisation is key. RIL: Refining upside capped; roadmap for new energy next catalyst. DIXON: Strong Q1 topline; remains the best PLI play

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JSTL: Aggressive growth policy a risk – cut to HOLD. SI: Healthy topline but margins soft; downgrade to HOLD. FNXP: Near-term pain ahead; downgrade to HOLD. Indian Economy Prognosis: What to expect in FY23. Commodity Trends: Easing pressure on commodity prices. Monsoon Update: Monsoon and sowing progress. CROMPTON: Temporary margin miss; expect swift recovery. IIFLWAM: Decent set of numbers considering headwinds; Maintain ‘BUY’. ORIENTEL: Headwinds in core portfolio, maintain HOLD

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GREENP: MDF remains in the driver's seat

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HAVL: Short-term margin blip, better road ahead. KJC: Margins healthy despite cost inflation; retain BUY. CPBI: Impressive sequential performance. Metals & Mining: Aluminium – Read-across from Alcoa results

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POLYCAB: Resilient margins offset moderation in revenue

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HDFCLIFE: Sustainable growth, high visibility - BUY

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Bonds' Wrap: Fortnightly Review

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Currency Outlook: More depreciation inevitable. Monsoon Update: Monsoon and Sowing. IPRU: Strong APE growth and high margins but low premium growth. JSP: Q1 beats estimates; look beyond uncertainty – BUY. LT: Annual report analysis: In a good place

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WPI: WPI begins to cool down

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IIFLWAM: Juggernaut rolling; initiate with BUY. Monthly Chartbook: Depreciating INR – a major concern. CPI and IIP: CPI sticky, IIP inched up

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Metals & Mining: Buffeted by headwinds

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Monsoon Update: Monsoon and Sowing. Consumer Durables: Q1FY23 Preview – Base effect in play

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Building Materials: Q1FY23 Preview – Unusually challenging times; stick with leaders

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Currency Outlook: Rupee to remain under pressure. Monthly Economic Buffet: Economic Round-up: June 2022. ORIENTEL: Annual report analysis – Strategic initiatives paying off

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Monthly Strategy Wrap: Valuations now in line with long term trends. CRS: Consistent Performer. CROMPTON: Annual Report Analysis – Fortifying its market position

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CALC: An upcoming ODM player in LEDs and fans

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ZYWL: In a sweet spot !!!

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FPI Flows: What is driving FPI flows? Global Inflation: Global inflation boiling up

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Forex Cover: Forex risk of India Inc.

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DRRD: Investor Day – Peek into the future

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GLS: Niche API player with superior margins – initiate with BUY. VMART: Near-term pain gets accentuated

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Fuel Prices: Do states have space to lower VAT on petrol?

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Metals & Mining: Expert call with Alcoa - Supply deficit to prop up aluminium price

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Currency Outlook: Rupee slips to a record-low: What to make of it? WPI: WPI remains elevated

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Pharmaceuticals: Management meet: Rising Covid cases cast cloud over FDA approvals. CPI: Favourable base supported CPI. Consumer Durables: A case for larger companies

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Monthly Chartbook: Central banks on war footing. IIP: Industrial output climbs to 8-month high. HAVL: Annual report analysis: Product innovation focus paying off

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GREENP: On a strong MDF-led growth trajectory – raise to BUY

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Monetary Policy Review: Tackling inflation a priority. POLYCAB: Annual report analysis: W&C well capitalised; FMEG remains key

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FY22 Review: Financial highlights of banks

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SBICARD: A play on India’s cashless revolution – initiate with BUY. Q4FY22 Review: Heightened cost pressures. Monetary Policy Expectations: More rate hikes on the cards. VOLT: Market share partly recouped in April

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Monthly Economic Buffet: Economic Round-up: May 2022

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Currency Outlook: Pressure on INR. Monthly Strategy Wrap: Mixed outlook. Consumer Durables: FY22 Review – Margin gains elusive

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FY22 GDP Growth: GDP growth stands at 8.7% in FY22. Fiscal Update: Fiscal deficit at 6.7% in FY22. ARBP: Launch momentum to gather pace; valuations attractive

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ASTRA: Emerging as a one-stop building materials player; raise to BUY. DIXON: A play on PLI. Market Outlook: Navigating index peaks and troughs. CROMPTON: Prudent cost management aids Q4. SUNP: Strong India growth; cost normalisation impacts margins. VOLT: Annual report analysis: Reinforcing its #1 position. BLSTR: AC industry growth to double amid ‘golden era’

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VMART: Festive demand drives growth

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GDP Expectations: Recovery in FY22. Media: Expert call takeaways – Industry staging a swift recovery

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DIVI: Strong all-round beat but growth unsustainable – cut to HOLD. Fiscal Update: Government cuts excise etc. What are fiscal implications? External Borrowings: Taking stock of ECBs. Metals & Mining: Duty changes put near-term pressure on domestic steel margins

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LPC: Operationally poor quarter; further weighed down by one-offs. VGRD: Margin pressure continues. Crop Production: 3rd Advance Estimates – Rabi and Kharif production. DRRD: Operating performance in line; impairment weighs down profit

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PIDI: Earnings miss, unabated cost inflation; downgrade to SELL. FNXP: Higher volumes drive topline but PVC price volatility persists. SOMC: Another quarter of weak performance

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Investment Trends: Corporate investment in H1-FY22. PI: Healthy quarter. ZYWL: Revival underway; retain BUY

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CPBI: Strong quarter; raise to BUY post correction. Currency Outlook: Pressure on INR. KJC: Muted volume growth and higher gas prices play spoilsport. Consumer Durables: EESL’s retail push unlikely to shake up the market

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MTLM: Steady revenue; new capacities to form next leg of growth

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Petrol Prices: How high is the price of petrol in India? Trade: Trade deficit widens. ALKEM: Q4 revenue in line; margin guidance weak. TECHM: In-line performance; Communication TCV strong. AMBER: Components business remains in focus

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CPI and IIP: Inflation spikes, IIP inching up. Investment Scenario: Have investment intentions turned around?. VOLT: Strong strategy for southern market holds the key. Ceramics: Demand moderation, cost inflation to hit Q1 margins

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CIPLA: Strong India and US growth marred by lower margins. POLYCAB: Wired for growth. ORIENTEL: Premiumisation is key. CRS: Highest-ever EBITDA margin with healthy demand outlook

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Monthly Chartbook: More rate hikes in the offing. RIL: Margin uptick in cyclicals; consumer business to drive growth. AJP: Margin stress continues

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VOLT: Structural story intact. FPI Flows: Trends in FPI flows in India

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BLSTR: Gunning for market share. GREENP: Strong margin expansion despite lower MDF & plywood volumes. Metals & Mining: Expert call with Valin Steel on China steel outlook

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TATA: Results in line; growth allocation to improve – BUY. HAVL: Plenty of positives – BUY

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Monetary Policy: RBI’s Surprise move. ERIS: Launch investments cramp margins; forays into derma

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LIC: Insurance colossus with sharp growth focus – SUBSCRIBE. ALPM: Mixed quarter; cut to HOLD amid rising margin pressure. Currency Outlook: INR to remain range-bound. Employment Study: What employment data suggests?. Monthly Economic Buffet: Economic Round-up: April 2022. Metals & Mining: Ferrous – Read-across from Baosteel and Vale analyst calls

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SI: Healthy volumes but margins soft; raise to BUY post correction. Monthly Strategy Wrap: India likely to outshine Ems. LAURUS: Mixed Q4; non-ARV business guided to drive $1bn in sales. WPRO: In-line performance; maintain BUY

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PSYS: Stellar, all-round performance. Power: Expert call - Power shortage to persist near term

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Metals & Mining: Ferrous – Read-across from production results of iron ore majors

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India Strategy: Climate Action - Coal merely a band-aid for Europe. HCLT: Growth muted; TCV and guidance robust. Metals & Mining: Aluminium – Read-across from Alcoa results

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Rising oil prices: What does the past tell us?

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Currency Outlook: Surge in oil prices remains key risk to INR. Monsoon Impact: Is normal monsoon a good indicator for agriculture?. LTI: Soft growth; maintain BUY on strong TCV

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MTCL: In-line quarter; robust TCV a key positive

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Pharmaceuticals: Domestic business to lead growth in Q4. INFO: Subpar quarter; FY23 guidance robust. Trade: Record-high exports

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CPI and IIP: Industrial output up; inflation firms up. Ceramics & Gas: Demand moderation and cost inflation to persist

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Monthly Chartbook: RBI hints at policy normalisation. Building Materials: Commodity inflation and muted volumes to play spoilsport. TCS: Resilient margins

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Monetary Policy: Inflation back in focus. SRI LANKA: Financial crisis explained

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Technology & Internet: Demand unhindered but margins to contract QoQ

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Plastic Products: Near term pain; but long-term Structural Growth intact. Monetary Policy Expectations: Stance to be changed, rates on hold

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Monthly Economic Buffet: March 2022. Industry Report: Which industries are vulnerable in terms of fuel cost. Currency Outlook: INR to stabilise at 75.5-76.5/$

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Wood Panels: MDF remains a strong growth driver. Monthly Strategy Wrap: Commodity prices appear to have peaked

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Expert call with Baosteel on China steel outlook

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ARBP: Acquisition of Veritaz Healthcare marks India formulations foray

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Pharmaceuticals: Valuations slump as Covid fears ebb; prefer resilient models

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Metals & Mining: Expert call – Impact of Russia-Ukraine conflict on coal markets

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Forex update: What the war has meant?

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Trade: Exports stable; Imports rebound, Sensex and FPI: Does FPI drive the Markets?

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ZYWL: Robust health and wellness portfolio – initiate with BUY, CPI: Inflation remains a concern, Interest Cover: What does interest cover of industries indicate?

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IIP: Industrial growth improves, State of Discoms: DISCOMs under stress

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Macro & Micro: No winners in war

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Monthly Chartbook: All eyes on Russia-Ukraine war

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Oil & Gas: OMCs - Constructive view with a caveat

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GREENP: On a strong growth trajectory

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Commodity Trends: Where are commodity prices headed?

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Monthly Economic Buffet: Economic Wrap – February 2022, Currency Outlook: INR to trade at ~76/$ in Mar’22

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Monthly Wrap: Market correction offers long-term buying opportunity, FY22 GDP: Q3FY22 GDP at 5.4%

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Ukraine crisis: Impact of Ukraine crisis on India

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SUNP: Alchemee acquisition to expand global branded derma portfolio

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BGAL: Fast-growing, pan-India branded play, Oil & Gas: Expert call - Refining and shipping outlook

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AFFLE: Limited impact from Google’s new privacy measures

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Pharmaceuticals: mRNA technology a threat to anti-HIV players, States Update - State elections: Economic status of states, Trade - Exports and imports moderate in Jan’22, MTLM: New capacities to cater the growing demand

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Q3FY22 Review: Growth blunts cost inflation, CPI: CPI touches 6%, RIL: Derisking the O2C business

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DIVI: Remarkable quarter; upgrade to BUY, VMART: Well placed to capture value fashion opportunity; raise to BUY, IIP: Industrial growth disappoints

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RBI policy: Inflation underestimated, growth still a priority, ARBP: Headwinds continue; Plans India formulations foray, ALPM: US business weak but showing signs of stabilising

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Monthly Chartbook: RBI to raise reverse repo rate

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AFFLE: Record revenue growth aided by JAMPP

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LPC: Major benefits remain back ended, 3Q disappoints, RBI: Pre-Policy View - Time to Hike: Reverse Repo, ALKEM: Strong domestic growth; weak margins, ASTRA: Decent quarter; FY24 outlook bright

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Rate: Bond versus Bank finance - An analysis of rates

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ECLX: All-round outperformance; maintain BUY

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FY23 Budget Review: Focus on investment, Union Budget Analysis, Union Budget 2022-23: Investment focused budget, TECHM: Mixed bag - growth outperforms, margin disappoints, AJP: Strong revenue growth but margins contract

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DRRD: Stable quarter, US price erosion continues; cut to HOLD, CPBI: Strong quarter but margin disappoints; raise to BUY post correction, Economic Survey: Economic Survey advocates “Agile” approach, INFOE: Impressive growth led by recruitment business, SUNP: Broad based growth; steady margins

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RIL: Broader growth canvas; raise to HOLD, LAURUS: PAT declines 44% on negative operating leverage, ERIS: Cardio-metabolic segment headwinds hamper growth

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PIDI: Broad-based growth but sharp RM headwinds a drag, Currency Outlook: INR to range between 75-76/$, COFORGE: Robust quarter – beat on margins, FNXP: Tepid earnings outlook; PVC prices volatile

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ICICIBC: Gaining traction; cut to HOLD on fair valuations, CIPLA: Growth led by India business, INMART: Below-expected Q3; retain BUY on deferred revenue growth, CRS: Healthy demand traction with positive outlook

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SI: Disappointing quarter; structural story intact, FY23 Budget Preview: What to watch for?, GREENP: Excellent quarter despite lower MDF volumes, Automobiles: Weak volumes, RM headwinds continue to hamper bottomline

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JSTL: Upgrade to BUY on favourable risk-reward, KJC: Robust volume growth reflects strong demand; raise to BUY, MPHL: Strong growth, lukewarm margins, PSYS: Stellar quarter

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Automobiles: 2Ws - Pent-up demand push but electrification a challenge, FY23 Budget Preview: Trade-off between growth and consolidation, FY22 Fiscal Review: Fiscal consolidation to take a hit

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Building Materials: Growing on a Better Foundation, LTI: Growth spree continues; outperformance on all counts, JUST: Disappointing Q3; Maintain BUY on RRVL led synergy potential

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HDFCB: Balanced Growth

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WPI: WPI eases in Dec’21, HCLT: Major growth beat; mode-3 drives momentum

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MTCL: Margin beat despite supply constraints; upgrade to BUY, Consumer Durables: Volume revival on track but RM and other cost headwinds persist

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CPI and IIP: Inflation and industrial growth: horns of dilemma?, IT Services: Demand strong; Infosys shines, Technology & Internet: ISG Q4CY21 earnings call takeaways

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India Strategy - Macro & Micro: India at takeoff point, Technology & Internet - Q3FY22 Preview: Strong demand to offset seasonality

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FY22 GDP expected at 9.2%

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Automobiles: TTMT gains 2nd position in PVs; CV recovery promising

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Technology & Internet: CL Educate (not rated) - takeaways from management interaction

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Automobiles: Smoother road ahead but drive carefully

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DIAMOND: Emerging contender in booming snacks business

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AMIORG: Emerging pharma intermediate play; riding on Chinese import substitution. Technology & Internet: Significant jump in FY22 growth guidance

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Technology & Internet: Takeaways from BOBCAPS Digital Conference

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Logistics: Mid-term outlook improving; startups not yet a threat

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Metals & Mining: Takeaways from call with NMDC

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ERIS: Foray into India’s insulin market

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TPWR: Stock rally too high, too fast

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Automobiles: TTMT shines in PV/CVs again, headwinds continue for 2Ws

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Consumer Durables: Ride India's middle class boom

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Metals & Mining: Margins to gradually stabilise at healthy cycle average

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WPRO: Transformed model paying off

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INFOE: Strong real estate and recruitment business pickup

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India Strategy: Climate Action - COP26: Gradual tightening of climate targets. SOMC: Strong recovery, positive outlook. AFFLE: Growth shines aided by stellar JAMPP performance

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PID: Broad-based growth but sharp RM headwinds a drag. CESC: Fairly priced but upside if distribution is delicensed. TECHM: Positive commentary instils confidence; 5G outlook optimistic

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INMART: Correction offers a good opportunity; upgrade to BUY. VMART: Well placed to capture value fashion opportunity; raise to HOLD. PWGR: Steady but limited growth drivers

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CPB: Best quarter ever but valuations full. ECLX: Stellar Q2FY22 performance; upbeat demand environment

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India Strategy: Climate Action - Taking the bull by the horns. VRLL: Recovery, expansion and new customers driving growth

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FNXP: Strong realisation and volume growth aid profitability. Automobiles: TTMT strong in PV/CV, 2W remain weak

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GREENP: Strong quarter led by MDF; cut to HOLD on limited upside

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PSYS: Growth outperformance continues. CRS: Healthy demand traction but priced in. CIPLA: Results better than expected; EBITDA margin resilient

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India Strategy: Climate Action – Climate colonialism. TECHM: Growth outperforms; 5G demand outlook robust. COFORGE: Strong Q2 performance coupled with large deals

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SI: Long-term structural story intact; OPM disappoints. MPHL: Mixed bag. KJC: Robust volume growth reflects strong underlying demand. TCIEXP: Strong volume-led growth. INMART: In-line results; on course for growth recovery. Oil & Gas: Expert call – Near-term LNG price likely to stay above US$ 15/mmbtu

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JUST: Strategic refresh post Reliance takeover awaited. Pharmaceuticals: Domestic performance holds the key in Q2FY22. Metals & Mining: Supply cuts in China offsetting demand contraction

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Automobiles: India likely to mirror global EV adoption

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LTI: Outperformance on all counts

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HCLT: Product business a drag on performance

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WPRO: Strong growth and confident commentary; upgrade to BUY. NFO: Operational beat coupled with revenue guidance upgrade. MTCL: Upbeat Q2 but valuations lofty

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INMART: Takeaways from INMART management interaction. Automobiles: Volume uptick QoQ to support revenue but RM headwinds persist

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Technology & Internet: Takeaways from call with recruitment expert

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TCS: Management confident of strong medium-term demand

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IT Services: On a roll

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Automobiles: 4Ws hit by chip shortage; good pickup in CVs

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Power: IndiGrid call takeaways - Rs 120bn+ transmission opportunity

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Expert call - Power markets tight, distribution reforms positive

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Power: Expert call - Legal aspects of draft electricity bill

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Technology & Internet: Accenture's Q4FY21 growth at upper end of guidance

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Metals & Mining: Steel sector may face contagion risk from China property sector

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Steel margins to soften only gradually

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Technology & Internet: Deep Dive 4 - 5G juggernaut gains momentum; BUY TECHM. WPI: WPI inflation at elevated levels, food inflation dips

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Weekly Eco Wrap: Inflation data to guide markets. CPI: Food inflation drives CPI lower

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Monthly Chartbook: India’s improving Vaccination rate to boost growth. IIP: Industrial activity continues to recover

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Logistics: Expert call - Knight Frank on warehousing. Metals & Mining: Aluminium - Key takeaways from China aluminium webinar

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AFFLE: Annual report analysis – Sustained R&D focus. Power: Takeaways from call with Azure Power

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Weekly Eco Wrap: Global markets rally, India’s activity improving

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Trade: Trade deficit widens led by higher gold imports

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Power: Takeaways from call with Renew Power. Automobiles: Aug'21 PV dispatches dip MoM, CVs and 2Ws rise marginally

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Q1FY22 GDP: Growth recovers on a low base

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Weekly Wrap: Global markets rally, India’s activity improving

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Power: Distribution delicensing: A giant leap?

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Weekly Wrap: Risk-off drives DXY to 9-month high. IT SERVICES - Q1FY22 Review: Growth surprise reinforces buoyant demand

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August MPC minutes: Growth remains a priority

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Internet: Key takeaways from digital marketing expert call

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IT Services: On cloud nine. Weekly Eco Wrap: MPC and FOMC minutes hold the key

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Metals & Mining: Disciplined capital allocation key to improving payout - Prefer TATA, JSP. INFOE: Naukri poised for accelerated growth; upgrade to BUY. WPI: Food and Fuel inflation drops, core inches up

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Insurance: Ample headroom for growth - prefer IPRU. ECLX: In-line quarter; robust outlook. HMCL: Lacklustre quarter. AL: Margin stress ahead; maintain SELL. Power: Expert call with Vinay Rustagi, MD, Bridge to India

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Inflation and IIP: Industrial activity slows, inflation eases. PIDI: Raw material pressure hurts gross margin. EIM: Dull quarter as volumes trend down; maintain SELL

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CPBI: In-line quarter

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Monthly Chartbook: Outlook improving, inflation remains a worry

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Weekly Eco Wrap: Inflation back in focus. ASTRA: Pipe volumes muted; valuations rich. MRF: Margins to remain under pressure. AFFLE: Stellar quarter. VRLL: Lower losses; volume recovery and price increase to drive growth

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CIPLA: Strong quarter. TPWR: Strong Q1 led by solar business; transmission reentry announced. SOMC: In-line quarter; outlook stronger. BIL: Valuations rich, maintain SELL. CRS: Growth picks up off a low base. JKI: Weak Q1; maintain SELL. SRTY: Poor demand and high input cost hit profitability

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MUNI: Demand trends improving; upgrade to BUY. HPCL: Q1 muted, project completion the key driver. APTY: Dull quarter; maintain SELL. MTLM: Low base aids Q1; MDF foray to be beneficial in long run

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TRADE: Exports shine, oil and gold imports accelerate. KJC: In-line quarter

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Weekly Eco Wrap: RBI policy to guide markets. IOCL: Q1 muted but core refining earnings have bottomed out. FNXP: Higher PVC resin prices aid profitability. Automobiles: Jul'21 PV and CV dispatches rise MoM, 2Ws flat

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ERIS: Strong quarter; cut to HOLD post recent rally. AJP: Strong earnings growth; reiterate BUY

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TECHM: Positive 5G-led traction in large deals. COFORGE: Yet another positive surprise; maintain BUY. TVSL: Dull quarter; maintain SELL

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MSIL: Weak Q1, volume outlook healthy; cut to HOLD on limited upside. MAHLOG: Recovery in net income; focus on warehousing. GREENP: MDF continues to witness strong growth.

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ALPM: US disappoints; acute-led recovery in domestic business

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Weekly Eco Wrap: Global yields ease with rising Covid-19 cases. GNA: Healthy Q1 but recent rally limits upside; maintain HOLD

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MPHL: Direct business growth negates shortfall in DXC – raise to HOLD. PSYS: An all-round growth beat; upgrade to HOLD. INMAR: Resilient showing in Covid-hit Q1

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BJAUT: Input cost headwinds weaken margins. CEAT: Gross margin pressure and poor demand hit profitability

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SI: Volumes hit by lower agricultural pipe sales

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SWE: Healthy Q1; cut to SELL on recent stock rally. Weekly Eco Wrap: India’s economic activity improves further. HCLT: Second Covid wave hinders growth

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JUST: Reliance Retail to acquire controlling stake; BUY. LTI: Strong start to FY22

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LOGISTICS: Structural drivers yet to take root; prefer MAHLOG, VRLL. WPRO: Simplified operating model pays off

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INTERNET: Looking beyond the dream rally - prefer AFFLE. INFO: Strong start to FY22 fortifies growth leadership; upgrade to BUY. WPI: Peak is behind

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MTCL: Demand robust; margin weighed down by supply constraints

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Weekly Eco Wrap: Eye on CPI. INFLATION AND IIP: Industrial activity slows, inflation eases. Automobiles – Q1FY22 Preview: Rising input cost and lower dispatches to depress earnings. Building Materials – Q1FY22 Preview: Tepid base to enable strong growth YoY

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Monthly Chartbook: Activity improving, inflation a cause of worry

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TCS: India contraction plays spoilsport; core market growth intact

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DFPC: Takeaways from company interaction

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IT Services: Q1FY22 preview – expect a strong start to FY22E

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OIL & GAS: OMCs – Prefer HPCL over BPCL and IOCL. Weekly Eco Wrap: Indian yields inch up, global yields fall

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RBI FSR: Emerging stress in MSMEs and Consumer loans. TRADE: Exports see a stellar recovery

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SJET: Liquidity crisis, rising fuel cost dampen outlook; SELL. Automobiles: June'21 dispatches reflecting opening up of economy

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Balance of Payments: Rising oil prices=wider current account deficit. Metals & Mining: Expert call with Rusal on global aluminium outlook

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Weekly Eco Wrap: Global and Indian yields inching up. Government Stimulus Measures: Stimulus to boost growth. FNXP: Higher PVC prices boost profitability

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CRS: Near-term headwinds but outlook improving. Power: RIL’s Rs 750bn endorsement of renewables. IT Services: Accenture's stellar show to energise Indian tech stocks

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POWER: Proposed reforms positive but state-owned discoms hold the key. VSTT: Limited upside; cut to HOLD. Weekly Wrap: US monetary cycle reversing. NTPC: Renewables target doubled but not giving up on coal yet. INFOE: Higher momentum in other verticals to weigh on profitability. POWER: IEEFA call takeaways: Renewable energy growth to eclipse coal

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June Mpc Minutes: MPC to emphasise on inflation in next meeting. RPGL: Annual investor conference takeaways

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SOMC: Strong operational performance, BUY remains. CEAT: Endeavouring to gain market share in non-core segments

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MTLM: Decent quarter; cut to ADD on limited upside. KJC: Strong quarter; maintain REDUCE due to rich valuations

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Weekly Wrap: India's economic recovery continues. CPI: CPI springs a negative surprise. WPI: Rising oil and commodity prices push WPI higher. Banking: Framework to harmonise microfinance regulations

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CPBI: Strong quarter; downgrade to SELL on rich valuations. CRS: Good quarter; cut to REDUCE on limited upside. MUNI: Stellar quarter; recent rally caps upside – downgrade to ADD. IIP: Industrial output steady over a 2-year horizon

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Monthly Chartbook: India on path to recovery. eClerx Services: Upbeat FY22 outlook; upgrade to BUY

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India Strategy: Climate Action – Clean your way up. InterGlobe Aviation: Strong balance sheet, leadership premium – upgrade to ADD. Power: Stay selective – sustained rally requires reforms

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Weekly Eco Wrap: Domestic economic activity improving. MRF: Margin headwinds to persist; maintain SELL

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Auto: Tractors continue to witness steady demand, outlook stable. Monetary Policy Review: RBI extends liquidity to support growth

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Non-oil-non-gold imports resilient over 2 years

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Lockdowns and plant shutdowns dent May'21 dispatches

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Weekly Eco Wrap: Indian states to begin phased reopening. Q4FY21 GDP: GDP surprises positively. VMART: Anaemic quarter, near-term outlook remains bleak – SELL. Banking: Lending rates increase marginally in April

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MM: Adverse sales mix and rising input cost to hurt earnings. Power: Asian utilities say ESG critical and India a key market

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RBI Annual Report: Large surplus despite shorter accounting period. Eicher Motors: In-line quarter; maintain SELL. IT Services: Indian IT performs in line with consensus. Banking: Home loan asset quality deteriorates marginally

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ALKEM: Poor US sales and inventory provision affect Q4. GREENP: Lockdown to subdue near-term demand but outlook upbeat

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Bleak volume and margin outlook; SELL

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Auto: Transforming India into a global cell manufacturing hub. Weekly Eco Wrap: India’s second wave plateauing. Power: Regulators want lower ROE – NTPC, PWGR most at risk

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JKI: Balance sheet concerns, margin headwinds ahead; maintain SELL. SBIN: Strong show on asset quality – retain BUY. TPW: Good results; hopeful on DNH, selective on renewable bids

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MDA: Healthy Q4; upgrade to BUY. ASTRA: Good performance but valuations lofty – SELL. CBK: Operating performance stable

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Cleaning up its act – BUY TPWR

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FB: Balance sheet resilient – upgrade to BUY. Weekly Wrap: India’s second wave flattening. WPI: Base effect, rising commodity prices push WPI higher. GDP: Growth to take a further hit

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ESC: Fundamentals in place; valuations attractive – upgrade to BUY. BIL: Valuations rich; maintain SELL. GREENP: Stellar performance, maintain BUY. MPHL: DXC drag to continue; cut to SELL

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Inflation and IIP: Industrial activity rebounds, inflation eases. Pidilite Industries: Higher RM cost to crimp margins; maintain SELL. Apollo Tyres: Margin headwinds ahead; maintain SELL

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Monthly Eco Chartbook: India’s recovery hit by second wave. Power: Yesterday’s rally likely an overreaction

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Auto: Gearing up for EV battery technology. DCBB: Recoveries to improve gradually – upgrade to ADD. Weekly Eco Wrap: Local restrictions impact economic activity

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HMCL: Near-term headwinds; REDUCE. BANDHAN: Aggressive write-offs prop up asset quality

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COFORGE: Bumper FY22 guidance; reiterate BUY. CEAT: Rising raw material costs to impact earnings; SELL

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Policy Measures: RBI measures for Covid 2.0. LTI: Market-leading growth in FY21. Banking: RBI extends relief measures to tackle second Covid wave

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Heading in the right direction – upgrade to ADD

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Weekly Eco Wrap: Rising Covid-19 cases a risk to recovery. Trade: Trade deficit widens. SI: Profit boosted by inventory gains, maintain SELL. KMB: Q4 in line; well capitalised for growth. AJP: Another good quarter. Auto: Apr’21 Sales – Sequential decline across segments; outlook cautious

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India Currency Watch: Crystal gazing the USD and INR. Aviation: Time for airline fleet consolidation; near-term pain to persist. AUBANK: Miss on asset quality. PSYS: Good execution despite IP seasonality. IIB: Steady operating performance; growth to pick up

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BJAUT: In-line Q4; maintain SELL. MLL: Strong quarter as SCM continues to deliver

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Expert call with China’s Valin Steel on ‘new normal’ for industry

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MSIL: Strong growth outlook, attractive valuations – upgrade to BUY. AXSB: Good show on asset quality. TVSL: Upgrade estimates; maintain SELL on rich valuations

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Weekly Eco Wrap: Global recovery holds ground. TECHM: Subdued Q4; deal win acceleration lends visibility. Banking: RBI caps tenure of bank CEOs at 15 years

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Auto: Rubber prices headed for a structural bull run. GNA Axles: In-line operating performance; ADD. ICICI Bank: No negative pandemic surprises. HCL Tech: Q4 in line; deal wins gain momentum

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Logistics: Pandemic redefining industry landscape – BUY MLL, TCIEXP, VRLL. April MPC Minutes: MPC steadfast on growth

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Better sales mix to aid earnings; upgrade to ADD

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Weekly Eco Wrap: Global recovery pushes commodity prices higher. GDP: Second wave dents India's growth

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MTCL: Continued recovery in travel; TCV robust. HDFCB: Asset quality stable despite NPA recognition. Banking: NPA recognition begins; provision buffers to cushion earnings.

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Wholesale Inflation: WPI inflation accelerates, peak in Q1. INFO: FY22 guidance in line; first signs of supply pressure. WPRO: Good execution; FY22 guidance robust

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BANDHAN: Near-term headwinds cloud prospects – initiate with ADD. COFORGE: SLK Global acquisition to derisk travel business. Banking: Assam, W. Bengal MFI collections yet to pick up

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Weekly Eco Wrap: Second wave a risk to recovery. Inflation and IIP: Industrial output falls, inflation inches up. TCS: Strong contract wins lend a head start for FY22. Power: Expert meeting takeaways – Spot market to take off

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Internet Technology: Zomato – Leading Indian foodtech play. Monthly Eco Chartbook: Second wave poses risk to recovery. Auto Q4FY21 Preview: Margins to remain under pressure

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AUBANK: A budding, high-quality franchise – initiate with BUY. Monetary Policy Review: Growth remains centre point of monetary policy. Banking: Rising demand for used CV financing

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Ending the year on a robust note

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Weekly Wrap: Manufacturing PMIs signal global recovery. Automobiles: Mar’21 Sales – Healthy dispatches across segments

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Trade: Non-oil imports surge, Cement: Expert meeting takeaways - Demand outlook robust

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Balance of Payments: Rising imports drive current account to deficit. Interest Rate Outlook: Government borrowing skewed towards long-end

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Rising Covid-19 cases a worry

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MDF demand remains robust

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SC verdict on moratorium dispels overhang for banks

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US yields rise further

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Greenply Industries: Demand trends strong. IT Services: Accenture posts stellar Q2 performance, raises guidance

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Weekly Wrap: Global equities and yields inch up. WPI: Rising WPI to find its way into CPI

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Inflation and IIP: IIP falls and inflation inches up. BRCM: Sugar prices subdued; ethanol sales to support profitability. IT Services: Reskilling to bridge workforce demand-supply gap

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Multiyear earnings upcycle in sight; prefer Cipla, Aurobindo, Laurus

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Monthly Chartbook: Rising oil prices a worry. Weekly Wrap: US yields move up as economy rebounds

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WPRO: Bold Capco acquisition. ERIS: NDR takeaways – Execution on track

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Tyre input costs still on the boil – retain negative stance

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Imports accelerate, exports dip

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Weekly Wrap: Global yields inch up. GREENP: MDF demand trends robust. Automobiles: Feb’21 Sales – Mixed bag

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Growth back in positive territory

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Weekly Wrap: Global yields see a leg up. February MPC Minutes: MPC points to medium-term inflation risks

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Weekly Wrap: Global yields rise, Indian yields fall. Wholesale Inflation: Rising commodity and oil prices push WPI higher. MUNI: All-round beat – upgrade to BUY. ONGC: Q3 weak; rising oil prices offer respite. INFOE: Core businesses fail to revive

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Inflation and IIP: IIP rebounds and food inflation falls. AL: Lacklustre quarter – maintain SELL. PLNG: Valuations disconnected from fundamentals – maintain BUY

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MTLM: Q3 beat as demand gains traction. MRF: Near-term headwinds persist; maintain SELL

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CPBI: Strong operational performance; MDF expansion to spur growth. SJET: Lower yields amidst rising fuel costs; maintain SELL. TCIEXP: Operating excellence continues to offset volume weakness. EIM: In-line quarter; maintain SELL. GAIL: Cyclicals bolster earnings

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Healthy Q3 but margin headwinds ahead – maintain SELL

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Monthly Chartbook: India’s recovery gaining ground. Weekly Wrap: India’s fiscal impulse drive yields higher. VRLL: Earnings momentum gathering pace

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Monetary Policy Review: Rates on hold, focus on liquidity. CCRI: Earnings in line; LLF remains a key monitorable. MM: Healthy Q3, valuations expensive – maintain SELL. HMCL: Optimism priced in – maintain SELL. ALKEM: Q3 in line; strong free cash to support rerating

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SBIN: Asset quality outlook remains upbeat. INOL: Light at the end of the tunnel. TRPC: A lot to like. SOMC: Strong operational performance, outlook improving. APTY: Positives priced in; maintain SELL

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ASTRA: Good quarter but valuations rich – downgrade to SELL. CRS: Supply disruptions hit Q3 but demand outlook strong – raise to BUY. MDA: Q3 results in line; upside limited – downgrade to ADD. PI: Q3 above estimates on better execution; robust outlook intact

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Trade: Exports recover, non-oil-non-gold imports stable. FNXP: Higher PVC prices aid profitability. AJP: Another good quarter; resilient outlook to drive stock upside. ESC: Management cautious on margins; maintain SELL

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Union Budget 2021-22: Big push for investments. Weekly Wrap: Focus shifts to Budget and RBI policy

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Economic Survey 2020-21: Double digit growth in FY22. 1st Re of National Income: FY20 growth revised to 4%. ICICIBC: Stress manageable and provisioning comfortable. SUNP: EBITDA beat ex-Taro; sustaining specialty recovery is key

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INDIGO: Rising fuel costs to burn earnings; cut to SELL. CBK: Earnings beat but asset quality risks persist. RBK: Weak asset quality; elevated provisions – maintain SELL. MSIL: Operational performance along expected lines; maintain SELL

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AXSB: Prudent provisioning dampens earnings but fortifies balance sheet. GREENP: Significant all-round beat, outlook bright

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Weekly Wrap: All eyes on Budget. KMB: Manageable stress formation in Q3 – maintain BUY. SI: Inventory gains aid higher profitability. VMART: Demand remains lacklustre

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RIL: Oil-to-Chemicals outlook remains cloudy. MPHL: DXC revenue contracts further; BFS growth slows. DCBB: Growth remains subdued

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KJC: Margins surprise positively. BJAUT: Operating performance healthy but unsustainable. JKI: Good Q3 but rising RM cost and poor sales mix to hurt margins

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FY22 Budget Preview: Reviving growth with fiscal consolidation. LTI: Large deals accelerate; margins shine. FB: Operating performance remains strong. CEAT: Healthy Q3 but long-term woes remain; maintain SELL

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Q3 misses estimates but India beat looks sustainable

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Weekly Wrap: India yield curve flattens. MTCL: Good growth; onset of a positive cycle, Automobiles: Spiking RM costs to puncture earnings

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HDFCB: Sailing steady in a storm. HCLT: Growth streak continues; guidance raised. PVRL: Improving content pipeline, cost control measures key positives

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Automobiles: Q3FY21 Preview – Margins to reman stressed despite healthy volume uptick. Wholesale Inflation: Food inflation drives WPI lower

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INFO: Guidance upgraded on strong growth. WPRO: Growth outperforms estimate, but lags behind peers. Banking: Q3FY21 Preview – All eyes on asset quality. Logistics: Q3FY21 Preview – Revenue and earnings growth set for recovery in Q3

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Monthly Chartbook: Recovery holding ground. Inflation and IIP: Inflation ebbs, industrial activity slips. Pharmaceuticals: Q3FY21 Preview – Lupin, Sun, Dr Reddy's to report strong Q3

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RBI Financial Stability Report (FSR): RBI’s FSR points to higher NPAs. Weekly Wrap: Global yields inch up led by US. GNA: Strong Q3; estimates upgraded. Building Materials: Q3FY21 Preview – Improving trends across the board

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TCS: Strongest Q3 in nine years – growth and margins outperform. Media & Entertainment: Strong content slate to boost multiplex occupancy in FY22

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Strong rebound on the cards

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Weekly Wrap: Domestic recovery gains steam. GREENP: Strong showing in MDF to continue – we raise estimates. IT Services: Q3FY21 Preview – Q3 to be resilient despite seasonality. Automobiles: Dec’20 Auto Sales – 2Ws struggling, CVs reviving, PVs steady

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Sharp acceleration in imports

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External position remains favourable

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Enhanced ethanol sales to support profitability

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Weekly Wrap: Year ends with conclusive deals. Banking: Resolution of stress in the power sector still far away

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Demand on the mend

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Takeaways from Pharma expert call

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Market Outlook: Year of rollercoaster ride. Weekly Wrap: Risk-on sentiment improves. PLNG: At an inflection point. PVRL: Capital raise to bolster liquidity, new content sparks revival hopes

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December MPC Minutes: Balancing growth and inflation. IT Services: Strong outsourcing growth continues; FY21 guidance raised

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Recovery rolls ahead

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Sizeable like-to-like acquisition to fuel inorganic growth

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Upsides capped; downgrade to SELL

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ERIS: Chronic franchise, FCF growth underappreciated; initiate with BUY. SJET: Valuations full – downgrade to SELL. Weekly Wrap: Inflation, RBI minutes in focus. Wholesale Inflation: Core inflation drives WPI higher. Inflation: Food inflation moderates, core persists

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Monthly Chartbook: India’s Covid curve tapering off. IIP: Broad based expansion in industrial activity. LTI: Strong pipeline to carry the momentum. CIPLA: Revlimid settlement: Cipla gains but limited NPV loss for Dr Reddy’s

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Old whistleblower complaint – steep correction unwarranted

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Early onset of winter boosting sales

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Weekly Wrap: US 10Y moves closer to 1%. BOBCAPS Research | V-Mart Retail (SELL): Early onset of winter boosting sales

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Monetary Policy Review: Monetary Policy Review, Mindtree. MTCL: Analyst meet takeaways – 4×4×4 strategy laid out

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Trade: Trade deficit expands as exports slip. IGL: Expect volume recovery from FY22

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Rising input cost a key concern amid rich valuations; cut to SELL

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Weekly Wrap: RBI to maintain status quo. TECHM: Analyst meet takeaways – Growth acceleration ahead. Auto: Festive Auto Sales – 4Ws do well, 2Ws steady; tractors strong. Oil & Gas: Gas consumption surges

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Q2FY21 GDP: GDP throws a positive surprise. GREENP: MDF growth holds strong

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Pickup in digital and blockchain-led deals

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Positives priced in; downgrade to SELL

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All eyes on India’s Q2 GDP print

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Market Strategy: Deep Value Picks: PSU – depressed valuations an opportunity or value trap?. GDP Update: India on recovery path

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Sweeping structural changes to simplify business model

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Weekly Wrap: Equities surge higher on vaccine hopes. ONGC: Worst appears priced in. Logistics: Broad-based recovery continues

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IT Services: Q2FY21 Review – V-shaped recovery in Q2. Wholesale Inflation: Core drives WPI higher, food moderates. MAHGL: Margins surge but volume recovery lags peers. Oil & Gas: Petroleum demand soars for first time since lockdown

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Government Stimulus: Stimulus to boost growth. Inflation and IIP: Growth improves; inflation firms up. EIM: Q2 in line; maintain SELL. ARBP: Q2 beat; growing balance sheet comfort merits higher multiple. PLNG: Margins buoyant, volumes normalise

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IGL: Margin surge leads earnings beat – upgrade to BUY. CPBI: Healthy quarter; upside limited – cut to ADD. GUJS: Upbeat volume outlook; tariff risks appear priced in. CRS: Decent performance in a tough environment. MUNI: Good performance, outlook improving

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OINL: Concerns priced in – raise to BUY. VSTT: Strong Q2; price target revised upwards. MM: Tractor sales upbeat; valuations expensive – maintain SELL. GAIL: Operating parameters return to normalcy

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Monthly Chartbook: India’s recovery gains traction. Weekly Wrap: Equity markets rejoice US election results. VRLL: Strong quarter; volume growth slated to revive in H2. AL: Weak macros, rich valuations – maintain SELL. AGLL: MTO segment spurs robust operating performance

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DIVI: Flawless execution drives Q2 beat – upgrade to ADD. BIL: Upbeat volume outlook – upgrade to ADD. CIPLA: Comprehensive Q2 beat; India drives good surprise. ASTRA: Reasonably good quarter; outlook improving

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GUJGA: Strong beat on margins and volumes; upgrade to BUY. APTY: Strong Q2; earnings estimates upgraded. ECLX: Strong growth driven by sharp CLX recovery. MTLM: Results in line; balance sheet improves significantly

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Inflation and Rate Outlook: Rates seem to have bottomed out. SBIN: Stress disclosures reassuring – upgrade to BUY. PVRL: Another washout quarter; content availability key for turnaround. TRPC: Healthy show continues. AJP: Exceptional Q2 beat; H2 momentum to moderate

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Trade: Domestic demand improves in Oct’20. TCIEXP: Stellar operational performance amid weak externalities. SUNP: Q2 beat led by specialty sales; margin beat not fully sustainable. Oil & Gas: Gas consumption from power sector hits record high

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Weekly Wrap: PMIs, US Fed and US elections. IOCL: Valuations at a disconnect to earnings resilience. MAHLOG: Strong recovery in non-auto SCM drives operational beat. GREENP: Strong performance; margin traction to continue

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RIL: Earnings traction lagging multiple expansion. GNA: Undisputed market leader in rear axles; initiate with BUY. ICICIBC: Solid provisioning buffer. IIB: Credit buffer buildup nearly complete; growth in focus next

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MSIL: Q2 along expected lines; upside limited – downgrade to SELL. HMCL: Optimism priced in – downgrade to SELL. INDIGO: Weak Q2 as expected; macro uptick to support growth. PI: Q2 beat; management retains healthy CSM outlook. TVSL: Valuations rich; maintain SELL

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SI: Margin expansion largely inventory-led; cut to SELL. CEAT: Healthy Q2 but long-term woes remain; cut to SELL. AXSB: Positive readthrough on asset quality parameters. DRRD: All-round beat; H2 catalysts tracking well

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Higher PVC resin prices aid profits; valuations fair – cut to ADD

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Weekly Wrap: RBI’s bond purchases drive yields lower. KMB: Above-expected quarter. PSYS: IP revenues volatile; retain SELL

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MPHL: DXC remains soft but pipeline healthy – raise to REDUCE. October MPC Minutes: Emphasis on forward guidance. TECHM: Communication vertical recovers; TCV robust. JKI: Strong Q2FY21; focus on debt reduction continues

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ALPM: Good beat (ex-US) fuels earnings upgrade. COFORGE: Executable order book hits record high. BJAUT: Hazy near-term 2W outlook, 3Ws continue to lag

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LTI: Robust growth and pipeline; margin shines. Oil & Gas: OMCs - Depressed valuations overlook earnings traction

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Good performance but in the price – downgrade to REDUCE

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India decides to borrow more

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HDFCB: Resilient quarter; confident commentary. HCLT: Guidance raised on robust, broad-based performance. FB: Strong operating performance

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Robust margin visibility

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Wholesale Inflation: Food inflation drives WPI higher. INFO: Stellar recovery based on strong TCV

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WPRO: Upbeat Q2 but mid-term growth outlook weak. Automobiles: Q2FY21 Preview – Inventory buildup ahead of festive season; reduce exposure. Pharmaceuticals: Q2FY21 Preview – Good Q2 for Cipla, Alembic, Alkem, Laurus

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Weekly Wrap: RBI’s moves drive Indian yields lower. Inflation and IIP: Inflation remains uncomfortably high, IIP improves. Banking: Q2FY21 Preview – Seeking clarity on asset quality. Logistics: Q2FY21 Preview – Early signs of earnings recovery

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Monthly Chartbook: Green shoots emerging. Monetary Policy Review: Lender of last resort

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Domestic gas price regime - not much change

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Demand recovery drives outperformance

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Lead indicators bounce back strongly

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Weekly Wrap: Uphill climb for global recovery. IT Services: Q2FY21 Preview – A positive growth quarter after Q1 slump. Oil & Gas: Macros for gas still below pre covid levels

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Trade: Exports gain traction. Market Strategy: Model Portfolio – Protracted bear market yet to run its course. Automobiles: Sep’20 Auto Sales – Upward trajectory continues

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Balance of Payments: Current account surplus expands. Interest Rate Outlook: Centre sticks to its borrowing calendar. Banking: Lending rates dip in August

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RBI to maintain status quo

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Healthy prospects but valuations full – initiate with SELL

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Automobiles: Channel check takeaways – Dismal demand climate for MHCVs. CRS: Demand trends improving. IT Services: Stellar outsourcing show- a positive readthrough for Indian IT

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Weekly Wrap: Central Banks on hold, India expands fisc support. AJP: NDR takeaways – Earnings drivers tracking well. HCLT: Acquisition spree on; DWS to expand footprint in Australia

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Multiple one-offs, Gati consolidation boosts performance

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DRRD: US Revlimid settlement – low competition can boost NPV. MTLM: Demand conditions improving gradually

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SHTF: Limited pandemic headwinds – initiate with BUY. Logistics: Limping back to normalcy

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SJET: Deep value BUY despite steep discount to market leader. PVRL: Cost control only positive in washout quarter; cut to REDUCE. Trade: Trade deficit expands on higher gold imports

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Weekly Wrap: Indian yields rise on inflation and fiscal concerns. Wholesale Inflation: WPI inflation turns positive. Inflation: Food inflation moderates, core persists. HCLT: Favourable quarter ahead; earnings upgraded

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IIP improves further

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CCRI: Annual report analysis – FY20 a mixed bag. BESTAGRO: Up-and-coming agrochem player

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Monthly Chartbook: India’s recovery gathers steam. INFOE: Lower billings a cause for concern. VMART: Revival hopes pinned on Q3 festive season

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INDIGO: Market leader advantage - initiate with BUY. Weekly Wrap: Indian yields fall after RBI acts. GREENP: MDF segment in strong recovery mode

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Natural gas consumption in July declined to 144mmscmd (–7% YoY, –16% MoM), as the reinstatement of Covid-19 lockdowns across states hampered demand.

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ONGC: Pricing in the worst – upgrade to BUY. FNXP: Demand situation steadily improving. Diversified Financials: AMCs – Product focus and financial advisory taking root. Automobiles: Aug’20 Auto Sales – Recovery led by pre-festive inventory filling

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Deep Dive 3: Swift BFSI recovery ahead – raise TCS to BUY

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Weekly Wrap: India’s GDP and fiscal health in focus. Q1FY21 GDP: Investment and consumption drive record fall in GDP. Media & Entertainment: Unlock 4.0 – Cinema shutdown extended to September

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RIL: Expanding footprint in retail. DCBB: Clarity on asset quality by Q3FY21

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Volumes slump; raise to REDUCE post correction

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RBI expects gradual recovery

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Global yields dip, Indian yields rise

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Muted volumes

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Rate cut cycle may be behind us

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MUTH: Opex levers played out, valuations hit peak - cut to ADD. Pharma: Expensive e-pharmacy deals; Neutral impact for pharma majors

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Margins improve, volume outlook brightens

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Weekly Wrap: Global yields rise as recovery continues. VRLL: Insipid Q1 but steady recovery bodes well. MTLM: Q1 revenues slump; outlook improving

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MUNI: Tepid quarter, upside limited; downgrade to ADD. Wholesale Inflation: WPI contracts, food inflation soars. Trade: Imports catching up, non-oil exports improve. BPCL: GRMs outperform but marketing to aid earnings growth. HMCL: Optimism priced in – maintain REDUCE

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EIM: Downtrading could dent volumes – cut to SELL. Inflation: Accelerating inflation, RBI to maintain status quo. ARBP: In-line Q1; earnings, balance sheet comfort merit higher multiple. GAIL: Marketing losses sink earnings

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SOMC: Recovery expected in Q2; upgrade to BUY on cheap valuations. ECLX: Aggressive cost management saves the day

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VSTT: Power tillers to steer growth – initiate with BUY. Monthly Chartbook: India to recover with a lag. IIP: IIP showing signs of recovery. VMART: Lockdown blues; near-term outlook remains murky

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CCRI: Increased land licence fee a massive blow; downgrade to SELL. FNXP: Tough quarter but outlook healthy; raise to BUY on low valuations. Weekly Wrap: Global recovery continues. MAHGL: Muted volume outlook. PSYS: CEO resigns after short stint; reiterate SELL

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Media & Entertainment: Opportunity in adversity. DIVI: Q1 beat due to lumpiness – retain REDUCE on full valuations. CIPLA: Strong Q1 beat; stock catalysts intact – BUY. LPC: Weak quarter; multiple near-term catalysts. ALKEM: Gross margin beat sustainable; stronger FCF to support rerating

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PI: Q1 beat; Growing CSM mix can drive rerating – raise to BUY. Monetary Policy Review: RBI allows restructuring while holding rates. GUJS: Swiftly returning to normal. CRS: Weak Q1 due to lockdown, but ahead of estimates. Banking: RBI allows restructuring yet again

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Automotive Tyres: Safe hub in current storm. ASTRA: Lockdown-hit quarter

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GUJGA: Muted Q1 but volumes have normalised; cut to ADD on low upside. IOCL: Improved outlook on marketing margins. HDFCB: Elevation of Sashi Jagdishan as MD & CEO a big positive

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Weekly Wrap: RBI decision to guide markets. Automobiles: Jul’20 Auto Sales – Low channel inventory aids wholesale volumes

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ESC: Growth levers priced in; initiate with SELL. LAURUS: All-round beat; multiple positives spur big upgrade - TP Rs 1,200. SUNP: Mixed Q1; margin beat unlikely to sustain – REDUCE. CIFC: Business activity picking up in pockets. UPLL: Mixed results; FY21 growth guidance healthy

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RIL: Cyclicals and retail sink; RJio saves the day - downgrade to SELL. AJP: Solid beat on margins - set to normalise in coming quarters

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Market Strategy: Model Portfolio - Midcaps: Hunting for value amidst uncertainty. MSIL: Weak Q1; upsides limited - downgrade to ADD. IDFCFB: High moratorium in corporate portfolio a risk – cut to SELL. MGFL: MFI and vehicle finance to see incremental stress – cut to ADD

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RBK: Potential stress to keep ROE subdued – cut to SELL. NITEC: Strong guidance despite weak quarterly performance. HEXW: Results outperform of estimates. IIB: Profit beats estimates; moratorium share drops

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SI: Demand uncertainty persists; downgrade to REDUCE. PSYS: Good quarter but valuations rich; downgrade to SELL. Weekly Wrap: All eyes on Fed. TECHM: Performance surpasses expectations. KMB: Moratorium share dips; asset quality slips on prudent measures

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MPHL: Strong deal wins; DXC remains soft. ICICIBC: Prudent provisions reassuring

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Equity flows remain subdued

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MDA: Key beneficiary of BSVI implementation – initiate with BUY. BJAUT: Margin disappoints; 3Ws worst hit after CVs – cut to SELL. ALPM: Strong beat (ex-India) drives earnings upgrade

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VMART: Tough times ahead – downgrade to SELL. BAF: Opex control a positive surprise, liquidity buffers strong. AXSB: Balance sheet continues to strengthen

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MMFS: Buoyant rural activity, fund raising brighten outlook – raise to BUY. Weekly Wrap: RBI to focus on growth as inflation surprises negatively

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HDFCB: Strong enough to weather the storm. HCLT: Upbeat margin outlook

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LTI: Resilient show in a challenging quarter. Diversified Financials: Q1FY21 Preview – Expect only gold finance NBFCs to shine

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Trade: Exports recover, imports falter. INFO: Guidance reinstated backed by strong deal pipeline. FB: Stable operating performance. RIL: AGM highlights – Expanding lateral offerings. MTLM: Management meet takeaways – Demand yet to pick up

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Wholesale Inflation: WPI contracts, but at a slower pace. WPRO: Strong operational performance despite all odds. MTCL: Cloudy revenue visibility. Logistics: Q1FY21 Preview – Management commentary holds key in washout quarter

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Weekly Wrap: Global macros improving despite rising cases. Inflation: CPI surprises negatively led by core. Banking: Q1FY21 Preview – Navigating uncertain waters. Building Materials: Q1FY21 Preview – Operating performance to crumble amid lockdown

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RIL: Earnings yet to justify rerating – cut to REDUCE. IIP: First signs of recovery

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Automobiles: Q1FY21 Preview – Negative dealer feedback and rich valuations; reduce exposure. TCS: Dull quarter with few bright spots. Pharmaceuticals: Q1FY21 Preview – India sales firm despite Covid hit; good Q1 for Cipla, LPC, Laurus

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FNXP: Demand traction for agri pipes improved in May-June. Banking: Lending rates remain stable in May

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Monthly Chartbook: Consumption reviving, capex to recover in FY22. Weekly Wrap: Economic recovery continues despite COVID. AGLL: Robust MTO show offset by insipid CFS & P&E segments. ECLX: Announces Rs 1.09bn buyback – a transient trigger

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AXSB: Capital raising to fortify balance sheet. Automobiles: Jun’20 Auto Sales – Tractors continue to outshine other segments. Oil & Gas: V-shaped recovery in LNG imports

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ONGC: Concerns abound – cut to ADD. CRS: Lockdown blues – downgrade to ADD

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BoP: Current account turns surplus. PLNG: Margins outperform ex. one-offs. MUNI: Margin expansion aided by exports

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OINL: Gloomy outlook – cut to REDUCE. Weekly Wrap: COVID spike worries markets. Greenply Ind: Lockdown saps Q4 performance. CPBI: Core business declines but MDF, laminates prop up margins

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Interest Rate Outlook: RBI and Banks to finance fiscal deficit. CCRI: Decent quarter but headwinds ahead – downgrade to REDUCE. AL: Weak macros, rich valuations – downgrade to SELL. KJC: Lockdown hits hard – downgrade to ADD

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IOCL: Upbeat operating performance. GAIL: Trading margins surprise. CBK: Core operating performance remains weak

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FNXP: Lockdown dents performance – cut to ADD. IT Services: New H1B visa restrictions – anticipated election rhetoric

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Bleak outlook for core businesses

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Weekly Wrap: Equity markets and oil prices resist rising COVID cases. VRLL: Insipid quarter

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Market Strategy: Model Portfolio – Realigning to volatility. GREENP: Strong operational performance marred by MTM losses

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IT Services: Deep Dive 2: Telecom tech spends resilient – upgrade TECHM. PIDI: Lockdown weighs on growth

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IGL: Volume concerns worsen – downgrade to SELL. MUTH: All that glitters is gold. HPCL: Marketing advantage in challenging times

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Weekly Wrap: Risk-off drives markets lower. Wholesale Inflation: Lower fuel prices drives sharp reduction in WPI inflation. Trade: Exports recover faster than imports. SUNP: Ilumya out-licensed to Hikma for MENA region

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EIM: Downtrading fears could dent volumes – cut to ADD. Inflation and IIP: Food inflation falls, industrial output contracts sharply. Oil & Gas: Petroleum consumption surges 47% in May. Agriculture: India’s sugar demand improves post lockdown

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MAHGL: Margins expand but volume outlook weak – cut to SELL. DCBB: Potential capital raise entails high dilution – cut to SELL

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Vehicle Finance NBFCs: Recovery in H2FY22E. HMCL: Optimism priced in – downgrade to REDUCE

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ECLX: Valuation inexpensive but lacks catalysts. Banking: Sharp reduction in term deposit rates in April

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PI: Stable outlook; stretched valuation limits stock upside. Monthly Chartbook: Recovery has begun, normalcy will take time. Weekly Wrap: Equity markets gain as global economies recover. GUJS: Volumes buoyant

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SBIN: Core operating profitability remains weak – cut to ADD. DIVI: Q4 disappoints – downgrade to REDUCE. May MPC Minutes: Room for another 25bps rate cut. GUJGA: Robust margin outlook. IOCL: Covid-19 update – operations fast returning to normal

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BPCL: Inventory losses sink earnings. ARBP: Strong Q4; upside risk to EPS can support higher multiple. LPC: Lupin/Mylan win approval for biosimilar Enbrel in Europe. TRPC: Difficult Q4; growth recovery a few quarters away

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Rating Action: Moody’s downgrades India. Automobiles: May’20 Auto Sales – Tractors robust, other segments weak

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Weekly Wrap: Better macro prints supported markets. VMART: Lockdown exacts severe toll on business. Banking Credit Tracker: Lockdown mars retail credit growth

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Q4FY20 GDP: FY20 GDP growth drops; Q4 surprises positively. Fiscal update: FY20 fiscal deficit at 4.6% of GDP. LPC: In-line quarter; broader FY21 outlook intact

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FB: Expect profitability to come under pressure; cut to ADD. TVSL: Solid performance; valuations cap upside

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Q4 miss; near-term outlook subdued – REDUCE

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Weekly Wrap: Global data shows world economy improving. ASTRA: Volumes hit due to lockdown, maintain REDUCE

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SI: Lockdown erodes volumes; cut to ADD on limited upside. Monetary Policy Review: RBI cuts rates, extends measures to ease financial stress. UPLL: Margin miss but resilient outlook in tough environment. IDFCFB: Retailisation trend continues

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Insipid quarter all around

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AJP: Near-term growth concerns but demand outlook intact. DRRD: EBITDA miss; risk-reward fair – TP raised to Rs 4,210. BJAUT: Strong operational performance. LTI: Impressive show despite challenging times

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Takeaways from Gartner IT spending quarterly outlook

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Weekly Wrap: China expands; US, Europe and India yet to see recovery. Market Strategy: Covid-19 Stimulus – Lean fiscal stimulus offers little respite

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Trade and Government Stimulus Measures: Exports plunge by 60.3%, FM announces agri stimulus. Government Stimulus Measures: Ushering in private investments. Government Stimulus Measures: PSE privatisation, state borrowing raised by 2% of GDP

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MPHL: HP-DXC business losing steam; downgrade to SELL. Government Stimulus Measures: Stimulus for farmers, real estate, migrants and vendors. Wholesale Inflation: WPI food and fuel inflation eases. MGFL: Gold finance on steady wicket, MFI to face Covid-19 overhang

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Government Stimulus Measures: Aatmanirbhar package for MSMEs, NBFCs and Power. Market Strategy: Covid-19 Stimulus – First instalment of mega stimulus: spotlight on MSMEs. KMB: Liability franchise remains strong. MSIL: Near-team outlook hazy; maintain faith on solid franchise

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Monthly Chartbook: Co-ordinated fiscal and monetary response. FY21 GDP Update: Charting India’s growth trajectory. Inflation and IIP: Growth contracts, food inflation rises. Banking: Lending yields plummet in March

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Weekly Wrap: India steps up borrowing for stimulus. TCIEXP: Solid fundamentals to help navigate turbulent waters. Oil & Gas: Petroleum consumption plunges in April

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Interest Rate Outlook: Government alters H1 borrowing calendar. ICICIBC: Upfronting provisions to brace for impact. HDFCAMC: In-line results, FY21-FY22 equity flows to be subdued. RIL: RJio spearheads deleveraging. DRRD: EIR for Srikakulam (CTO-VI) API unit

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RBK: Operational beat but Covid-19 poses risks. HCLT: First among equals

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NITEC: Good quarter with confident commentary – upgrade to ADD. PSYS: IP business spoils the show yet again. Market Strategy: Macro View – Excise duties on fuel hiked to meet fiscal challenges. Oil & Gas: Mar’20 natural gas consumption slips

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Central Banks extend support as data disappoints

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RIL: RJio, Retail drive earnings; cut to ADD on limited upside. TECHM: Miss on all counts. LAURUS: Good beat; firm FY21 outlook - target raised to Rs 630. Building Materials: Gulf anti-dumping levy to hit ceramic tile producers

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Cloudy near-term outlook; cut to ADD

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Fortifying the balance sheet

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Weekly Wrap: Fed, ECB meet in focus. IIB: No respite from asset quality challenges

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Upbeat quarter; upgrade a notch to REDUCE

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Consecutive beat – we raise FY21/FY22 EPS by 11-17%

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Auto Q4FY20 Preview: Covid-19 stalls recovery hopes. RIL: RJio creates India profile for Facebook. KMB: Quality franchise; capital raising adds buffer – reiterate BUY

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Weekly Wrap: Oil falls, equities recover. INFO: Subpar operating performance, annual guidance suspended. Logistics Q4FY20 Preview: Expect an anaemic quarter

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RBI Measures: RBI strikes again. CCRI: Trade slowdown, ICD land purchase to remain overhangs. VRLL: Correction offers attractive entry point. HDFCB: Turning to wholesale for growth. NBFC: RBI’s Covid-19 measures positive but half-hearted

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TCS: Prelude to darker Q1FY21. Oil & Gas: Q4FY20 Preview – Pressure on cyclical earnings.

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Wholesale Inflation: WPI slips. Trade: Trade contraction shows impact of lockdown. WPRO: Weak quarter; guidance and dividends suspended. TRPC: Fundamentals intact, valuations compelling. PLNG: Resilient earnings from long-term contracts

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Building Materials: Lockdown to mar near-term prospects; structural drivers intact. Weekly Eco Wrap: Markets hopeful of a flattening COVID curve. March MPC Minutes: Growth concerns warranted a larger cut. Inflation: Inflation falls, will ease further

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Monthly Eco Chartbook: A few more weeks before visibility improves. IIP: Industrial growth rebounds in Feb, will slip in March. IT Services: ISG Index – Covid-19 to forestall deal activity in Q2CY20

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BAF: Covid-19 to hurt loan growth; recovery only in H2FY22. Pharmaceuticals: Q4FY20 Preview – Good Q4 for DRRD, LPC, DIVI, Laurus; FY21 guidance key to watch

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Markets rejoice fewer virus cases

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Return of pricing power

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ARBP: Sandoz deal called off; upgrade to BUY. ONGC: Riding the storm. Automobiles: Mar’20 Auto Sales – BS-VI shift + Covid-19 drive sharp slump. Oil & Gas: Feb’20 natural gas consumption surges

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Banking: Large private banks offer safe havens. Logistics: Channel check takeaways – lockdown wreaking havoc. HMCL: Valuations attractive – upgrade to BUY. Interest Rate Outlook: Government sticks to borrowing calendar. IIB: Concerns priced in

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Weekly Eco Wrap: Early indicators point to sharp dip in growth. SUNP: USFDA classifies Halol site as OAI

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TCI Express: Equipped to weather the Covid-19 storm; upgrade to BUY. Monetary Policy Review: RBI takes a bold move, more to follow

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Pandemic to stunt global growth, delay India’s recovery

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Demand environment anaemic but margins steady

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India Strategy: Covid-19 - Market bottom elusive – stick to select cash-rich stocks. Weekly Eco Wrap: COVID-19 cases jump, so does volatility

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UPL: Deleveraging to aid potential rerating – initiate with BUY. Wholesale Inflation: WPI eases. Weekly Eco Wrap: RBI likely to ease by 50bps. Bajaj Finance: Management meet takeaways – Business prospects robust

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AMCs: Low-levered, high-ROE and dividend-payout plays. Trade: Trade deficit narrows

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INFOE: On a slippery slope – initiate with SELL. Monthly Eco Chartbook: RBI’s rate cut to support growth. Inflation and IIP: Inflation falls, growth rebounds. Balance of Payments: Favourable outlook on CAD

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Unlevered stocks best picks in tremulous market

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US yields at all-time low

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Yes Bank rescue plan – stake purchase the lesser evil for SBIN

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Weekly Eco Wrap: Markets jittery as virus spreads. BRCM: Higher ethanol sales to support profitability. Automobiles: Feb’20 Auto Sales – Weak for most segments; PVs, tractors ahead

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Q3FY20 GDP: Growth to recover in FY21. IIB: Leadership overhang recedes

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Stage set for growth rebound

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Global monetary loosening on the cards

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February MPC Minutes: Policy space to open in Q3FY21. ARBP: USFDA error on Unit IV to erase recent stock gains. HMCL: Visit to HMCL’s R&D centre – key takeaways. MTLM: Demand slows but margins resilient

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EIR received for Unit IV – a key sentiment booster

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MDF traction to continue

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Weekly Eco Wrap: Fed, RBI minutes expected to be dovish. AL: Weak Q3FY20; recovery still some time away. Logistics: Rail container volumes steady, major port cargo sluggish

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AGLL: Soft quarter; downgrade to ADD on limited upside. Wholesale Inflation: WPI edges up to 9-month high. Trade: Trade deficit expands as oil imports increase. ONGC: Earnings miss, pricing in the worst. BPCL: Pricing in stake sale

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FNXP: Better PVC-EDC delta aids profitability – upgrade to BUY. GUJS: EBITDA underperforms; volume outlook improving

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Inflation and IIP: Inflation moves up, growth lower. ASTRA: Pipe segment continues to lead growth. MTLM: Gabon operations disappoint

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HEXW: Client-specific challenges receding; upgrade to BUY. Monthly Eco Chartbook: Growth seems to have bottomed out. MM: Healthy core performance; subsidiaries a drag again. PLNG: Margins improve, volumes underperform

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FSCSL: Limited growth visibility; cut to REDUCE. Weekly Eco Wrap: RBI policy lifts sentiment. OINL: Volumes remain a drag. DBL: Lacklustre quarter; order inflows key to watch. GAIL: Operationally robust; demerger uncertainty priced in

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ALKEM: Solid beat – moving to street-high TP of Rs 2,870. ARBP: Q3 in line; facility resolution, Sandoz key stock catalysts. MPHL: Cloudy DXC/HP visibility overshadows strong operating beat. MAHGL: Volumes drag and margins peak out

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Monetary Policy Review: RBI signals banks to lend. IGL: Margins expand, volume growth stable. LPC: Weak result; healthy FY21 outlook. VMART: Margins surprise positively. GREENP: Strong performance marred by forex losses

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DIVI: Earnings miss but expect recovery from Q4. HPCL: Earnings muted but largely priced in. GUJGA: Volumes and margins robust. CIPLA: EBITDA a tad lower but India/US deliver a good beat; retain BUY. MAHLOG: Auto weakness persists, non-auto on steady footing

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TVSL: Margins resilient; outlook challenging. CPBI: In-line quarter

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Weekly Eco Wrap: Over to RBI now. Automobiles: Jan’20 Auto Sales – PVs ahead of 2W and CVs

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Union Budget 2020-21: Counter cyclical Budget. Infrastructure: FY21 Budget – Reduced funding for infrastructure

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Economic Survey 2019-20: Pro-Growth. 1st RE of National Income: FY19 growth revised to 6.1%. SBIN: Recoveries aid earnings growth. TECHM: Good quarter buoyed by communications vertical. IOCL: Uncertainties abound but look priced in

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ECLX: Good show but repeat act unlikely – downgrade to SELL. BJAUT: Strong operational performance. TTMT: Underwhelming Q3 print; outlook better on cost control efforts. PIDI: Margins surprise positively, CBP volumes disappoint

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NITEC: Risk-reward unfavourable; cut to SELL. BAF: Healthy performance in secular slowdown. HGINFRA: Subdued execution; order inflow and AD award hold key

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MSIL: Operational miss largely led by transient impact. MGFL: Steady growth in gold and microfinance businesses. TCIEXP: Growth lacklustre but margin beat yields in-line EBITDA

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Weekly Eco Wrap: Awaiting a growth oriented Budget. DRRD: Margin beat to sustain; TP raised to Rs 3,350

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FY21 Budget Preview: Investment revival a priority. ICICIBC: Core profitability remains strong. SI: Margins surprise positively, volumes disappoint

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BAF 2.0 – Revamped growth engine; initiate with BUY

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AXSB: Stressed book still elevated. ALPM: Good beat – we raise EPS estimates by 5-7%

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Automobiles: Mixed signals – prefer PVs, two-wheelers. Weekly Eco Wrap: Union Budget to take centre-stage. KMB: Growth slips while credit cost spikes

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RIL: RJio and Retail drive earnings; cyclicals struggle. TCS: Margins resilient. HCLT: IP business drives robust Q3. HDFCB: Better retail asset quality trends

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GREENP: Firmer pricing, MDF plant ramp-up to boost margins. Logistics: Mixed trends

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WPRO: Tepid performance; soft outlook. Trade: Non-oil imports decline as demand remains weak. LTI: Stellar show

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Wholesale Inflation: WPI also inches up-Rate cut off the table. IIB: Asset quality amiss. MTCL: Impressive margin show but growth grounds weak ahead

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Retail Inflation: A big negative surprise. Weekly Eco Wrap: US-China trade deal at the epicentre

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Monthly Eco Chartbook: Gradual recovery on the cards. IIP: IIP improves marginally. INFO: Commentary lack new growth impetus. Infrastructure: Execution a mix bag. Logistics: Insipid quarter beckons

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Banking: Recoveries to aid earnings, Building Material: Tepid quarter

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Pressure on cyclical earnings

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FY20 GDP: Gradual revival seen in FY21. Pharmaceuticals: Q3 strong for DRRD, LPC, SUN, Alkem & Laurus

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Oil prices to guide Indian Markets

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Ambitious Rs 102tn infra push – funding holds the key

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RJio and Retail neutralise uncertainty over cyclicals

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Balance of Payments: Lower CAD and higher inflows to support INR. GUJS: Power demand could be a dark horse

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Weekly Eco Wrap: Indian 10Y yield falls, but oil prices may limit gains. GUJGA: Improving outlook on volumes

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Gurgaon-Sohna site visit indicates steady execution progress

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Weekly Eco Wrap: ‘Operation twist’ to guide Indian bonds. CRS: Near-term demand outlook remains challenging

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December MPC Minutes: Room for further easing remains. TRPC: NDR takeaways

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Analyst meet takeaways

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Wholesale Inflation: Food inflation drives WPI higher. Weekly Eco Wrap: US-China trade deal lifts sentiments. Logistics: Container rail volumes tick up in incrementally better month

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Non-oil-non-gold imports fall sharply

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Inflation and IIP: Food inflation at 70-month high. AGLL: Gati acquisition – deriving synergies an uphill task

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Monthly Eco Chartbook: Broader recovery still afar. LTI: Analyst meet takeaways

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ALPM: Entering into new multi-year earnings cycle – initiate with BUY; Weekly Eco Wrap: Spotlight on Fed and ECB

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In a league of its own – initiate with BUY

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Rate cuts to resume in Q1FY21

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US elections – a potential cyclical risk for Indian IT

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RBI to cut rates to prop growth

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Q2FY20 GDP: Slowdown intensifies as investments slip. Oil & Gas: Expert meeting takeaways

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VRLL: Robust model, formidable moats – initiate with BUY. LAURUS: NDR takeaways

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Upbeat margin guidance

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Markets await Q2 growth print

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Loan growth plummets to 8%

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Weekly Eco Wrap: Slowdown led by China and India. SADE: Execution challenges continue to cloud growth. Logistics: Slump in port volumes and container rail lead distance

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MPHL: Cut to ADD on HP/DXC channel uncertainty. Trade: Imports see a sharp dip, exports steady. KNRC: Strong quarter; revenue guidance cut on project delays. ASBL: Subdued execution, growth to pick up in H2. PNCL: Strong quarter, momentum to continue

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Wholesale Inflation: WPI inflation eases to more than 3-year low. ONGC: Low costs drive profitability. PIDI: Volumes and margins disappoint. DBL: Subdued execution drives guidance cut. CRS: Weak product mix crimps margins

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Retail Inflation: CPI accelerates but core moderates. MUNI: Demand slowdown deepens. ARBP: Q2 beat; facility resolution, Sandoz key stock triggers. MUTH: Demand uptick to offset lower liability mobilisation. FNXP: Lower PVC-EDC delta hurts profitability

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MAHGL: Volumes drag and margins peak out – downgrade to SELL. IIP: IIP nosedives, case for another rate cut. Weekly Eco Wrap: India's inflation to rise above 4%. LPC: Kyowa divestment – good value unlocking.

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Oil & Gas: OMCs Q2 FY20– tepid GRMs, marketing earnings sustain. Monthly Eco Chartbook: Government spending to offset weak consumption. GAIL: Trading earnings slump. OINL: Operationally strong. GUJS: EBITDA above estimates; volume outlook improving

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ECLX: Cost control saves margins; no respite from structural challenges. GREENP: Healthy quarter; better capacity utilisation to fuel growth. SUNP: Headline beat on low R&D, US base ex-Taro weaker; REDUCE. IGL: Margins expand, volume growth robust

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CIPLA: All-round beat – India drives 6-11% EPS upgrade; retain BUY. MGFL: Healthy growth in gold and microfinance businesses. LPC: Q2 a slight miss; US to improve in H2. TRPC: Growth subdued across segments

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TCIEXP: In line quarter; downgrade to ADD on limited upside. TECHM: Enterprise business stage surprising growth. DIVI: Good Q2 beat; FY20 margin guidance cut is negative. GUJGA: Margins decline, robust volumes

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Weekly Eco Wrap: US-China trade deal to remain in focus. VMART: Higher expenses drive operating loss

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YES: No respite from asset quality woes. FSCSL: Dull Q2 as demand slowdown deepens. DRRD: Multiple one-offs – US to recover from Q3. LAURUS: All-round beat – formulations turn EBITDA positive; BUY

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IOCL: GRMs remain a drag, other segments outperform. CCRI: Decent operating performance in tough demand climate

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Volumes and margins surge

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Awaiting US Fed and BoJ policy decisions

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SBIN: Slippages abate but stressed book remains high. ASTRA: Operational performance in line. SI: Healthy volume growth

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Govt. opens up fuel retailing to non-oil companies

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NITEC: Solid Q2; cut to ADD on full valuations. KJC: Tepid quarter; upsides capped – downgrade to ADD. HCLT: Organic growth trending higher. HEXW: In-line operating show; near-term outlook cloudy

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Markets rally on US-China trade deal

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October MPC Minutes: Growth concerns imply another 25bps cut. RIL: Cyclicals a mixed bag, RJio and Retail surge ahead. LTI: On course for a rebound. Ather Energy: Key call takeaways. Agriculture: Maharashtra’s sugar production to nearly halve in 2019-20

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High attrition, hazy outlook worrying – reiterate SELL

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WPRO: Puzzling margin beat; unlikely to hold up. Trade: Trade deficit narrows as imports shrink. Logistics: Demand climate deteriorates further

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Wholesale Inflation: WPI inflation eases to a 39-month low. Retail Inflation: Core moderates, food accelerates. Weekly Eco Wrap: US-China trade deal lifts sentiment

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IIP: Broad based slowdown. Infosys: Guidance signals industrywide growth headwinds. Cipla: Goa 483s – no data integrity concerns but many procedurals; BUY. Oil & Gas Q2FY20 Preview: GRMs rise but economic slowdown weighs on cyclicals.

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Monthly Eco Chartbook: Sentiment improves, growth to follow. IndusInd Bank: Asset quality blip, loan growth drops. TCS: Disappoints for second consecutive quarter. IT Services: ISG Index call takeaways: Mixed signals for Q3CY19

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Weekly Eco Wrap: Global activity dips in Sep’19. ARBP: Form 483 for Unit 7: Warning letter risk largely priced in

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Monetary Policy Review: Room for another rate cut. IT Services Q2FY20 Preview: Q2 to set tone for second-half and beyond

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Gold Finance NBFCs: Turning a corner. Infrastructure: NHAI analyst meet update – upbeat on BMP awards. Banking Credit Tracker: August non-food credit growth plummets to <10%.

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GRM surge on IMO may sustain for long

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Balance of Payments: CAD expands in Q1, but will moderate. Interest Rate Outlook: Adherence to borrowing glide path implies lower yields. Weekly Eco Wrap: RBI policy and H2 borrowing to drive yields

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MTLM: India business steady; Gabon to lend growth impetus. IT Services: Positive readthrough from Accenture results. Infrastructure: NHAI call takeaways – Order awards to gather pace from Q3

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