06-Jun-2020Research Reports


First Light | Bharat Petroleum Corp, Aurobindo Pharma, Lupin, Transport Corp of India

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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First Light | Rating Action, Automobiles

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

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First Light | Weekly Eco Wrap, V-Mart Retail, Banking Credit Tracker

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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First Light | Q4FY20 GDP, Fiscal update, Lupin

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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First Light | Federal Bank, TVS Motor

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

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First Light | Sun Pharma

Q4 miss; near-term outlook subdued – REDUCE

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First Light | Weekly Eco Wrap, Astral Poly Technik

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

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First Light | Supreme Industries, Monetary Policy Review, UPL, IDFC First Bank, DCB Bank, Banking

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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BOBCAPS First Light | Mahindra Logistics

Insipid quarter all around

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First Light | Ajanta Pharma, Dr Reddy’s Labs, Bajaj Auto, L&T Infotech

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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First Light | IT Services

Takeaways from Gartner IT spending quarterly outlook

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First Light | Weekly Eco Wrap, Market Strategy

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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First Light | Economics (Trade and Government Stimulus Measures), IT Services, Cipla, Nippon Life India AMC, Logistics Monthly Tracker

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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First Light | Mphasis, Government Stimulus Measures, Wholesale Inflation, Manappuram Finance

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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First Light | Government Stimulus Measures, Market Strategy, Kotak Mahindra Bank, Maruti Suzuki

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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First Light | Monthly Eco Chartbook, FY21 GDP Update, Inflation and IIP, Banking

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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First Light | Weekly Eco Wrap, TCI Express, Oil & Gas

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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First Light | Interest Rate Outlook, ICICI Bank, HDFC AMC, Reliance Industries, Dr Reddy’s Labs

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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First Light | RBL Bank, HCL Technologies

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

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First Light | NIIT Tech, Persistent Systems, Market Strategy, Oil & Gas

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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First Light | Weekly Eco Wrap

Central Banks extend support as data disappoints

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First Light | Reliance Industries, Tech Mahindra, Laurus Labs, Building Materials

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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First Light | Hexaware Technologies

Cloudy near-term outlook; cut to ADD

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First Light | Axis Bank

Fortifying the balance sheet

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First Light | Weekly Eco Wrap, IndusInd Bank

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

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First Light | Mindtree

Upbeat quarter; upgrade a notch to REDUCE

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First Light | Alembic Pharma

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

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First Light | Auto Q4FY20 Preview, Reliance Industries, Kotak Mahindra Bank

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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First Light | Weekly Eco Wrap, Infosys, Logistics Q4FY20 Preview

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

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First Light | RBI Measures, Container Corp, VRL Logistics, HDFC Bank, NBFC, Banking

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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First Light | Tata Consultancy Services, Oil & Gas Q4FY20 Preview

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

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First Light | Wholesale Inflation, Trade, Wipro, Transport Corp, Petronet LNG, Banking Q4FY20 Preview, Building Materials Q4FY20 Preview, Automobiles

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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First Light | Building Materials, Weekly Eco Wrap, March MPC Minutes, Inflation, Gujarat Gas, Diversified Financials Q4FY20 Preview

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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First Light | Monthly Eco Chartbook, IIP, IT Services

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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First Light | Bajaj Finance, Pharma Q4FY20 Preview

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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First Light | Weekly Eco Wrap

Markets rejoice fewer virus cases

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First Light | Muthoot Finance

Return of pricing power

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First Light | Aurobindo Pharma, ONGC, Automobiles, Oil & Gas

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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First Light | [Sector Report] Banking, [Ground Connect] Logistics, Hero Moto, Interest Rate Outlook, IndusInd Bank

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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First Light | Weekly Eco Wrap, Sun Pharma

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

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First Light | TCI Express, Monetary Policy Review

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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First Light | India Economics: Covid-19 Impact

Pandemic to stunt global growth, delay India’s recovery

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First Light | Cera Sanitaryware

Demand environment anaemic but margins steady

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First Light | India Strategy: Covid-19, Weekly Eco Wrap

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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First Light | [Initiation] UPL, Wholesale Inflation, Weekly Eco Wrap, Bajaj Finance

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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First Light | [Sector Report] Diversified Financials: AMCs, Trade

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

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First Light | [Initiation] Info Edge, Monthly Eco Chartbook, Inflation and IIP, Balance of Payments

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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First Light | India Market Strategy

Unlevered stocks best picks in tremulous market

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First Light | Weekly Eco Wrap

US yields at all-time low

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First Light | Banking

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

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First Light | Weekly Eco Wrap, Balrampur Chini, Automobiles

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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First Light | Q3FY20 GDP, IndusInd Bank

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

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First Light | India's Road to Recovery

Stage set for growth rebound

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First Light | Weekly Eco Wrap

Global monetary loosening on the cards

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First Light | February MPC Minutes, Aurobindo Pharma, Hero MotoCorp, Greenply Industries

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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First Light | Aurobindo Pharma

EIR received for Unit IV – a key sentiment booster

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First Light | Greenpanel Industries

MDF traction to continue

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First Light | Weekly Eco Wrap, Ashok Leyland, Logistics Monthly Tracker

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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First Light | Allcargo Logistics, Wholesale Inflation, Trade, ONGC, BPCL, Sadbhav Engineering, Muthoot Finance, KNR Constructions, Mayur Uniquoters

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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First Light | Finolex Industries, Gujarat State Petronet

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

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First Light | Inflation and IIP, Astral Poly Technik, Greenply Industries

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

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First Light | Hexaware Technologies, Monthly Eco Chartbook, Mahindra & Mahindra, Petronet LNG, Ashoka Buildcon, Somany Ceramics

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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First Light | Future Supply, Weekly Eco Wrap, Oil India, Dilip Buildcon, GAIL, Container Corp, Kajaria Ceramics, VRL Logistics

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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First Light | Alkem Labs, Aurobindo Pharma, Mphasis, Mahanagar Gas

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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First Light | Monetary Policy Review, Indraprastha Gas, Lupin, V-Mart Retail, Greenpanel Ind, Sun Pharma, Eicher Motors, Hero MotoCorp, PNC Infratech, Cera Sanitaryware

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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First Light | Divi's Labs, Hindustan Petroleum Corp, Gujarat Gas, Cipla, Mahindra Logistics

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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First Light | TVS Motor, Century Plyboards

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

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First Light | Weekly Eco Wrap, Automobiles

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

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First Light | Union Budget 2020-21, Infrastructure

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

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First Light | Economic Survey 2019-20, 1st RE of National Income, State Bank of India, Tech Mahindra, Indian Oil Corp, Laurus Labs

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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First Light | eClerx Services, Bajaj Auto, Tata Motors, Pidilite Ind, Transport Corp, Kotak Mahindra Bank, IT Services

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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First Light | NIIT Tech, Bajaj Finance, HG Infra Engineering

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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First Light | Maruti Suzuki, Manappuram Finance, TCI Express

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

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

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First Light | FY21 Budget Preview, ICICI Bank, Supreme Industries

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

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First Light | [Initiation] Bajaj Finance

BAF 2.0 – Revamped growth engine; initiate with BUY

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First Light | Axis Bank, Alembic Pharma

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

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First Light | [Sector Report] Automobiles, Weekly Eco Wrap, Kotak Mahindra Bank

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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First Light | Reliance Industries, Tata Consultancy Services, HCL Technologies, HDFC Bank

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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First Light | Greenpanel Industries, Logistics Monthly Tracker

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

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First Light | Wipro, Trade, L&T Infotech

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

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First Light | Wholesale Inflation, IndusInd Bank, Mindtree

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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First Light | Retail Inflation, Weekly Eco Wrap

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

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First Light | Monthly Eco Chartbook, IIP, Infosys, Infrastructure Q3FY20 Preview, Logistics Q3FY20 Preview

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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First Light | Banking Q3FY20 Preview, Building Material Q3FY20 Preview

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

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First Light | Oil & Gas Q3FY20 Preview

Pressure on cyclical earnings

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First Light | FY20 GDP, Pharmaceuticals Q3FY20 Preview

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

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First Light | Weekly Eco Wrap

Oil prices to guide Indian Markets

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First Light | Infrastructure

Ambitious Rs 102tn infra push – funding holds the key

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First Light | Reliance Industries

RJio and Retail neutralise uncertainty over cyclicals

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First Light | Balance of Payments, Gujarat State Petronet

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

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First Light | Weekly Eco Wrap, Gujarat Gas

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

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First Light | HG Infra Engineering

Gurgaon-Sohna site visit indicates steady execution progress

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First Light | Weekly Eco Wrap, Cera Sanitaryware

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

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First Light | December MPC Minutes, Transport Corp of India

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

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First Light | Tech Mahindra

Analyst meet takeaways

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First Light | Wholesale Inflation, Weekly Eco Wrap, Logistics Monthly Tracker

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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First Light | Trade

Non-oil-non-gold imports fall sharply

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First Light | Inflation and IIP, Allcargo Logistics

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

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First Light | Monthly Eco Chartbook, L&T Infotech

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

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First Light | [Initiation] Alembic Pharma, Weekly Eco Wrap

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

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First Light | Kotak Mahindra Bank (Initiation)

In a league of its own – initiate with BUY

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First Light | Monetary Policy Review

Rate cuts to resume in Q1FY21

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First Light | IT Services

US elections – a potential cyclical risk for Indian IT

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First Light | Weekly Eco Wrap

RBI to cut rates to prop growth

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First Light | Q2FY20 GDP, Oil & Gas

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

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First Light | VRL Logistics (Initiation), Laurus Labs

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

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First Light | Greenply Industries

Upbeat margin guidance

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First Light | Weekly Eco Wrap

Markets await Q2 growth print

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First Light | Banking Credit Tracker

Loan growth plummets to 8%

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First Light | Weekly Eco Wrap, Sadbhav Engineering, Logistics Monthly Tracker

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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First Light | Mphasis, Trade, KNR Constructions, Ashoka Buildcon, PNC Infratech

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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First Light | Wholesale Inflation, ONGC, Pidilite Industries, Dilip Buildcon, Cera Sanitaryware

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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First Light | Retail Inflation, Mayur Uniquoters, Aurobindo Pharma, Muthoot Finance, Finolex Industries

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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First Light | MAHGL, IIP, Weekly Eco Wrap, Lupin, ALKEM, Century Plyboards, Allcargo Logistics, HGINFRA, SOMC

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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First Light | Oil & Gas, Monthly Eco Chartbook, GAIL, Oil India, Gujarat State Petronet, Greenply Industries

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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First Light | eClerx Services, Greenpanel Industries, Sun Pharma, Indraprastha Gas, IT Services

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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First Light | Cipla, Manappuram Finance, Lupin, Transport Corp of India

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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First Light | TCI Express, Tech Mahindra, Divi's Labs, Gujarat Gas, Mahindra Logistics

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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First Light | Weekly Eco Wrap, V-Mart Retail

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

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First Light | Yes Bank, Future Supply Chain Solutions, Dr Reddy’s Labs, Laurus Labs

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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First Light | Indian Oil Corp, Container Corp of India

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

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First Light | Petronet LNG

Volumes and margins surge

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First Light | Weekly Eco Wrap

Awaiting US Fed and BoJ policy decisions

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First Light | State Bank of India, Astral Poly Technik, Supreme Industries

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

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First Light | Oil & Gas

Govt. opens up fuel retailing to non-oil companies

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First Light | NIIT Technologies, Kajaria Ceramics, HCL Technologies, Hexaware Technologies

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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First Light | Weekly Eco Wrap

Markets rally on US-China trade deal

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First Light | October MPC Minutes, Reliance Industries, L&T Infotech, Ather Energy, Agriculture

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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First Light | Mindtree

High attrition, hazy outlook worrying – reiterate SELL

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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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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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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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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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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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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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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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First Light | Oil & Gas [Sector Report]

GRM surge on IMO may sustain for long

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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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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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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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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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First Light | Pharmaceuticals

Corporate tax cut – bonanza for healthcare services

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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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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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First Light | Cera Sanitaryware, Logistics

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

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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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First Light | Trade

Global and domestic demand weakens further

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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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First Light | ONGC

Oil production targets ambitious

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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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First Light | Dilip Buildcon

Successful stake sale to Cube; another deal in the offing

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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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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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First Light | RBI Annual Report

RBI dividend to boost growth

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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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First Light | Weekly Eco Wrap

Global uncertainty increases

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First Light | Mindtree

CEO interaction takeaways: Navigating rough waters

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First Light | August MPC Minutes, Blue Dart Express

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

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First Light | Banking Credit Tracker

Credit growth remains lacklustre

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First Light | Weekly Eco Wrap

FOMC and RBI minutes to take centre stage

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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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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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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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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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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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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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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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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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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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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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First Light | TCI Express

Macro slowdown derails growth

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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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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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First Light | ICICI Bank, Mphasis

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

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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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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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First Light | Weekly Eco Wrap

Weekly Eco Wrap: Global easing cycle gains steam

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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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Banking: Credit Tracker

Banking: Credit growth remains sluggish

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Mindtree, Yes Bank, Wipro


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