17-Oct-2019Research Reports

17-Oct-19

First Light | Mindtree

High attrition, hazy outlook worrying – reiterate SELL

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16-Oct-19

First Light | Wipro, Trade, Logistics Monthly Tracker

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

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15-Oct-19

First Light | Wholesale Inflation, Retail Inflation, Weekly Eco Wrap

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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14-Oct-19

IIP, Infosys, Cipla, Oil & Gas, Pharma, Infra, Logistics, Building Materials, Credit Tracker

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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11-Oct-19

First Light | Monthly Eco Chartbook, IndusInd Bank, TCS, IT Services

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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09-Oct-19

First Light | Weekly Eco Wrap, Aurobindo Pharma

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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07-Oct-19

First Light | Monetary Policy Review, IT Services Q2FY20 Preview

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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04-Oct-19

First Light | Gold Finance NBFCs [Sector Report], Infrastructure, Banking Credit Tracker

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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03-Oct-19

First Light | Oil & Gas [Sector Report]

GRM surge on IMO may sustain for long

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01-Oct-19

First Light | Balance of Payments, Interest Rate Outlook, Weekly Eco Wrap

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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30-Sep-19

First Light | Greenply Industries, IT Services, Infrastructure

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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27-Sep-19

First Light | Banking, Midcaps, Mahindra Logistics, Banking Credit Tracker

Banking: Tax cut to bolster earnings. Midcaps: Tax cut benefits capped by demand headwinds. MAHLOG: Meeting takeaways: Reiterates growth plan; technology to the fore. Banking Credit Tracker: Business momentum remains sluggish

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26-Sep-19

First Light | Oil & Gas, Infrastructure, Logistics

Oil & Gas: Gains from tax cuts – PSUs, gas utilities top bets. Infrastructure: Corporate tax cut an earnings booster; HG Infra to gain the most. Logistics: Tax cut may have limited benefits; demand challenges persist

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25-Sep-19

First Light | Pharmaceuticals

Corporate tax cut – bonanza for healthcare services

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24-Sep-19

First Light | Weekly Eco Wrap, Petronet LNG

Weekly Eco Wrap: India corporate tax cut to boost investments. PLNG IN: Concerns seem overstated on investments in Tellurian

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23-Sep-19

First Light | Fiscal Reforms, Future Supply Chain Solutions

Fiscal Reforms: As bold as it gets. FSCSL: Minority stake sale to strategic investor

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19-Sep-19

First Light | Cera Sanitaryware, Logistics

Cera Sanitaryware: Margins resilient despite soft demand. Logistics: Slowdown continues to take a toll

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17-Sep-19

First Light | BFSI & Midcaps Conference, Wholesale Inflation, Weekly Eco Wrap

BOBCAPS BFSI & Midcaps Conference – Key takeaways. Wholesale Inflation: Food prices rise, oil and commodity prices fall. Weekly Eco Wrap: Central Banks in focus

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16-Sep-19

First Light | Trade

Global and domestic demand weakens further

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13-Sep-19

First Light | Monthly Eco Chartbook, Inflation and IIP

Monthly Eco Chartbook: Transmission of lower rates to drive recovery. Inflation and IIP: Food accelerates, core stable

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12-Sep-19

First Light | ONGC

Oil production targets ambitious

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11-Sep-19

First Light | Petronet LNG (HIGH CONVICTION: BUY), Weekly Eco Wrap

PLNG: Earnings outlook upbeat. Weekly Eco Wrap: All eyes on ECB

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09-Sep-19

First Light | Dilip Buildcon

Successful stake sale to Cube; another deal in the offing

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04-Sep-19

First Light | Weekly Eco Wrap, Oil & Gas, Banking

Weekly Eco Wrap: US-China tariffs in focus. Oil & Gas: Jul’19 natural gas consumption robust. Banking: Credit Tracker – July non-food credit growth

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03-Sep-19

First Light | Q1FY20 GDP, Banking

Q1FY20 GDP: Reforms and liquidity to drive recovery. Banking: Blockbuster merger – 10 PSBs fused into 4

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30-Aug-19

First Light | RBI Annual Report

RBI dividend to boost growth

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29-Aug-19

First Light | India Economic Outlook, Plastic Products

India Economic Outlook: Lower rates, liquidity to drive cyclical recovery. Plastic Products: Anti-dumping duty on CPVC – Astral Poly a key beneficiary

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27-Aug-19

First Light | Weekly Eco Wrap

Global uncertainty increases

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26-Aug-19

First Light | Mindtree

CEO interaction takeaways: Navigating rough waters

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22-Aug-19

First Light | August MPC Minutes, Blue Dart Express

August MPC Minutes: Focus on growth to continue. BDE: Buffeted by headwinds

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21-Aug-19

First Light | Banking Credit Tracker

Credit growth remains lacklustre

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20-Aug-19

First Light | Weekly Eco Wrap

FOMC and RBI minutes to take centre stage

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19-Aug-19

First Light | Ashoka Buildcon, Sadbhav Engineering, KNR Constructions, Logistics Monthly Tracker

ASBL: Revenue miss; execution to scale up from H2FY20. SADE: Execution challenges cloud FY20 outlook. KNRC: Revenue disappoints but beat on margins; growth visibility intact. Logistics: Major ports, container rail volumes improve; EXIM sluggish

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16-Aug-19

BOB Economics | Macro Daily

RBI purchased US$ 2.5bn in the spot market in Jun’19, same as in May’19.

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16-Aug-19

First Light | Container Corp, Wholesale Inflation, Trade, IGL, PNCL, Century Plyboards, Greenply Ind

CCRI: Annual report analysis: Well-rounded FY19 – raise to ADD. Wholesale Inflation: WPI inflation sees a steep fall. Trade: Gold and oil imports decline. IGL: Volumes robust, margins improve. PNCL: Execution par excellence; momentum to pick up further in H2

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14-Aug-19

First Light | ONGC, HG Infra, Retail Inflation, Weekly Eco Wrap, Sun Pharma, BPCL, Alkem Labs, Finolex Ind

ONGC: Valuations pricing in the worst case. HGINFRA: Revenue miss; expect steady growth momentum ahead. Retail Inflation: CPI moderates, room to cut rates. Weekly Eco Wrap: Global yields fell, India an outlier

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13-Aug-19

First Light | RIL, MAHGL, Monthly Eco Chartbook, IIP, GAIL, Divi's Labs, Mphasis, Oil India, Allcargo Logistics

RIL: AGM highlights – Deleveraging via stake sale in cash cows. MAHGL: Margins surge, volumes drag; raise to ADD on positive risk-reward. Monthly Eco Chartbook: Global easing cycle on the way. IIP: IIP growth moderates. GAIL: Pricing in the worst case. DIVI: Lacklustre Q1, normalcy expected from Q3. MPHL: Analyst meet takeaways – Staying agile amid structural demand shift. OINL: Low costs drive earnings, but volumes remain a drag. AGLL: In-line quarter

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09-Aug-19

First Light | Petronet LNG (HIGH CONVICTION: BUY), Tech Mahindra, Aurobindo Pharma, Lupin, Hexaware Technologies

PLNG: Margins normalise, volumes improve. TECHM: Subsidiary troubles afresh; cut to REDUCE. ARBP: Good beat; progress on facility issues & Sandoz are key catalysts. LPC: Adj. EBITDA in line; US base trend to improve. HEXW: Strong margin showing

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08-Aug-19

First Light | HCL Tech, Pidilite Industries, Monetary Policy Review, Mayur Uniquoters, Cipla, HPCL

HCLT: Organic growth trending up; upgrade to BUY on cheap valuations. PIDI: In-line quarter; cut to SELL on rich valuations. Monetary Policy Review: Unconventional rate cut. MUNI: Auto demand slump, margin contraction mar Q1. CIPLA: Core EBITDA miss; recovery ahead. HPCL: Near-term outlook remains bleak

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06-Aug-19

First Light | Weekly Eco Wrap, V-Mart Retail, Dilip Buildcon, Somany Ceramics, Laurus Labs

Weekly Eco Wrap: Fed cuts rate, RBI to follow. VMART: Margins continue to disappoint. DBL: Delayed appointed dates continue to hurt revenue. SOMC: Decent volume growth but lower margins. LAURUS: High opex offsets formulation positives; expect recovery in Q2

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05-Aug-19

First Light | Gujarat State Petronet, eClerx, SBIN, Cera Sanitaryware, Mahindra Logistics, Astral Poly Technik, Banking

GUJS: Volume surge, low LNG prices buoy outlook – upgrade to BUY. ECLX: No sign of respite on margins; cut to SELL. SBIN: Dismal quarter. CRS: Insipid quarter. MAHLOG: Disappointing quarter on all fronts. ASTRA: Piping segment aided by Rex acquisition spurs growth. Banking: June non-food credit growth sluggish at 11%

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02-Aug-19

First Light | Future Supply Chain Solutions, ICICI Bank, Indian Oil Corporation, Container Corp of India

FSCSL: Big earnings miss. ICICIBC: 20F filing highlights. IOCL: GRMs disappoint. CCRI: Volume concerns overshadow otherwise decent quarter

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01-Aug-19

First Light | TCI Express

Macro slowdown derails growth

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31-Jul-19

First Light | Axis Bank, Tech Mahindra, Gujarat Gas, Transport Corp of India, Greenlam Industries

AXSB: Asset quality disappoints. TECHM: Miss on all counts. GUJGA: Volumes and margins surge. TRPC: Slowdown weighs on topline growth; margin expansion stands out. GRLM: Prominent player in India’s laminate market

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30-Jul-19

First Light | Dr Reddy’s Labs, Reliance Industries, Weekly Eco Wrap, Supreme Industries

DRRD: Adj. EBITDA in line; upgrade to ADD on reasonable valuations. RIL: Diversification now bearing fruit. Weekly Eco Wrap: Awaiting US Fed stance. SI: Good volume growth but margins underperform

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29-Jul-19

First Light | ICICI Bank, Mphasis

ICICIBC: Stable on most fronts. MPHL: In-line operating performance

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26-Jul-19

First Light | Persistent Systems, NCC

PSYS: Results first cut – Lacklustre quarter. NJCC: Management call takeaways – A tough FY20; better times ahead

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24-Jul-19

First Light | Kajaria Ceramics, NIIT Technologies

KJC: Modest Q1; upgrade to BUY on reasonable valuations; NITEC: Healthy Q1 despite pockets of weakness in BFS

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23-Jul-19

First Light | Weekly Eco Wrap

Weekly Eco Wrap: Global easing cycle gains steam

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22-Jul-19

First Light: Reliance Industries, HDFC Bank, L&T Infotech

RIL: Concerns on cyclicals | HDFCB: Mixed quarter | LTI: Client-specific challenges to hamper growth in FY20

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19-Jul-19

Banking: Credit Tracker

Banking: Credit growth remains sluggish

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18-Jul-19

Mindtree, Yes Bank, Wipro

MINDTREE: TGT: Rs 670 (SELL) YESBANK: TGT: Rs 90 (SELL) WIPRO: TGT: Rs 230 (SELL)

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