20-Apr-21
First Light | Weekly Eco Wrap, GDP
Weekly Eco Wrap: Global recovery pushes commodity prices higher. GDP: Second wave dents India's growth
View Reports 
19-Apr-21
BOBCAPS First Light | Mindtree, HDFC Bank, Banking Q4FY21 Preview
MTCL: Continued recovery in travel; TCV robust. HDFCB: Asset quality stable despite NPA recognition. Banking: NPA recognition begins; provision buffers to cushion earnings.
View Reports 
16-Apr-21
First Light | WPI, Infosys, Wipro
Wholesale Inflation: WPI inflation accelerates, peak in Q1. INFO: FY22 guidance in line; first signs of supply pressure. WPRO: Good execution; FY22 guidance robust
View Reports 
15-Apr-21
First Light | [Initiation] Bandhan Bank, Coforge, Banking
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
View Reports 
13-Apr-21
First Light | Weekly Eco Wrap, Inflation and IIP, TCS, Power
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
View Reports 
12-Apr-21
First Light | [Sector Report] Internet Technology, Monthly Eco Chartbook, Auto Q4FY21 Preview
Internet Technology: Zomato – Leading Indian foodtech play. Monthly Eco Chartbook: Second wave poses risk to recovery. Auto Q4FY21 Preview: Margins to remain under pressure
View Reports 
08-Apr-21
First Light | [Initiation] AU Small Finance Bank, Monetary Policy Review, Banking
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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07-Apr-21
First Light | IT Services Q4FY21 Preview
Ending the year on a robust note
View Reports 
06-Apr-21
First Light | Weekly Eco Wrap, Automobiles
Weekly Wrap: Manufacturing PMIs signal global recovery. Automobiles: Mar’21 Sales – Healthy dispatches across segments
View Reports 
05-Apr-21
First Light | Trade, Cement
Trade: Non-oil imports surge, Cement: Expert meeting takeaways - Demand outlook robust
View Reports 
01-Apr-21
First Light | Balance of Payments, Interest Rate Outlook
Balance of Payments: Rising imports drive current account to deficit. Interest Rate Outlook: Government borrowing skewed towards long-end
View Reports 
31-Mar-21
First Light | Weekly Eco Wrap
Rising Covid-19 cases a worry
View Reports 
26-Mar-21
First Light | Greenpanel Industries
MDF demand remains robust
View Reports 
25-Mar-21
First Light | Banking
SC verdict on moratorium dispels overhang for banks
View Reports 
23-Mar-21
First Light | Weekly Eco Wrap
US yields rise further
View Reports 
22-Mar-21
BOBCAPS First Light | Greenply Industries, IT Services
Greenply Industries: Demand trends strong. IT Services: Accenture posts stellar Q2 performance, raises guidance
View Reports 
16-Mar-21
First Light | Weekly Eco Wrap, WPI
Weekly Wrap: Global equities and yields inch up. WPI: Rising WPI to find its way into CPI
View Reports 
15-Mar-21
First Light | Inflation and IIP, Balrampur Chini, IT Services
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
View Reports 
12-Mar-21
First Light | Pharmaceuticals
Multiyear earnings upcycle in sight; prefer Cipla, Aurobindo, Laurus
View Reports 
09-Mar-21
First Light | Monthly Eco Chartbook, Weekly Eco Wrap
Monthly Chartbook: Rising oil prices a worry. Weekly Wrap: US yields move up as economy rebounds
View Reports 
08-Mar-21
First Light | Wipro, Eris Lifesciences
WPRO: Bold Capco acquisition. ERIS: NDR takeaways – Execution on track
View Reports 
05-Mar-21
First Light | Automobiles
Tyre input costs still on the boil – retain negative stance
View Reports 
03-Mar-21
First Light | Trade
Imports accelerate, exports dip
View Reports 
02-Mar-21
First Light | Weekly Eco Wrap, Greenpanel Industries, Automobiles
Weekly Wrap: Global yields inch up. GREENP: MDF demand trends robust. Automobiles: Feb’21 Sales – Mixed bag
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01-Mar-21
First Light | Q3FY21 GDP
Growth back in positive territory
View Reports 
23-Feb-21
First Light | Weekly Eco Wrap, February MPC Minutes
Weekly Wrap: Global yields see a leg up. February MPC Minutes: MPC points to medium-term inflation risks
View Reports 
16-Feb-21
First Light | Weekly Eco Wrap, Wholesale Inflation, Mayur Uniquoters, ONGC, Info Edge, IT Services
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
View Reports 
15-Feb-21
First Light | Inflation and IIP, Ashok Leyland, Petronet LNG
Inflation and IIP: IIP rebounds and food inflation falls. AL: Lacklustre quarter – maintain SELL. PLNG: Valuations disconnected from fundamentals – maintain BUY
View Reports 
12-Feb-21
First Light | Greenply Industries, MRF
MTLM: Q3 beat as demand gains traction. MRF: Near-term headwinds persist; maintain SELL
View Reports 
11-Feb-21
First Light | Century Plyboards, SpiceJet, TCI Express, Eicher Motors, GAIL
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
View Reports 
10-Feb-21
First Light | Balkrishna Industries
Healthy Q3 but margin headwinds ahead – maintain SELL
View Reports 
09-Feb-21
First Light | Monthly Eco Chartbook, Weekly Eco Wrap, VRL Logistics
Monthly Chartbook: India’s recovery gaining ground. Weekly Wrap: India’s fiscal impulse drive yields higher. VRLL: Earnings momentum gathering pace
View Reports 
08-Feb-21
First Light | Monetary Policy Review, Container Corp of India, Mahindra & Mahindra, Hero MotoCorp, Alkem Labs, Gujarat Gas
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
View Reports 
05-Feb-21
First Light | State Bank of India, Inox Leisure, Transport Corp of India, Somany Ceramics, Apollo Tyres
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
View Reports 
04-Feb-21
First Light | Astral Poly Technik, Cera Sanitaryware, Minda Corporation, PI Industries
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
View Reports 
03-Feb-21
First Light | Trade, Finolex Industries, Ajanta Pharma, Escorts, Automobiles
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
View Reports 
02-Feb-21
First Light | Union Budget 2021-22, Weekly Eco Wrap
Union Budget 2021-22: Big push for investments. Weekly Wrap: Focus shifts to Budget and RBI policy
View Reports 
01-Feb-21
First Light | Economic Survey 2020-21, 1st Re of National Income, ICICI Bank, Sun Pharma, Cipla, IndusInd Bank, UPL, Laurus Labs, Persistent Systems, eClerx Services, Mahindra Logistics, Pidilite Ind, Tech Mahindra, Dr Reddy’s Labs, Lupin
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
View Reports 
29-Jan-21
First Light | InterGlobe Aviation, Canara Bank, RBL Bank, Maruti Suzuki, TVS Motor, Coforge, Eris Lifesciences
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
View Reports 
28-Jan-21
First Light | Axis Bank, Greenpanel Industries
AXSB: Prudent provisioning dampens earnings but fortifies balance sheet. GREENP: Significant all-round beat, outlook bright
View Reports 
27-Jan-21
First Light | Weekly Eco Wrap, Kotak Mahindra Bank, Supreme Industries, V-Mart Retail
Weekly Wrap: All eyes on Budget. KMB: Manageable stress formation in Q3 – maintain BUY. SI: Inventory gains aid higher profitability. VMART: Demand remains lacklustre
View Reports 
25-Jan-21
First Light | Reliance Industries, Mphasis, DCB Bank
RIL: Oil-to-Chemicals outlook remains cloudy. MPHL: DXC revenue contracts further; BFS growth slows. DCBB: Growth remains subdued
View Reports 
22-Jan-21
First Light | Kajaria Ceramics, Bajaj Auto, JK Tyre & Industries
KJC: Margins surprise positively. BJAUT: Operating performance healthy but unsustainable. JKI: Good Q3 but rising RM cost and poor sales mix to hurt margins
View Reports 
21-Jan-21
First Light | FY22 Budget Preview, L&T Infotech, Federal Bank, CEAT
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
View Reports 
20-Jan-21
First Light | Alembic Pharma
Q3 misses estimates but India beat looks sustainable
View Reports 
19-Jan-21
First Light | Weekly Eco Wrap, Mindtree, Automobiles
Weekly Wrap: India yield curve flattens. MTCL: Good growth; onset of a positive cycle, Automobiles: Spiking RM costs to puncture earnings
View Reports 
18-Jan-21
First Light | HDFC Bank, HCL Technologies, PVR
HDFCB: Sailing steady in a storm. HCLT: Growth streak continues; guidance raised. PVRL: Improving content pipeline, cost control measures key positives
View Reports 
15-Jan-21
First Light | Automobiles Q3FY21 Preview, Wholesale Inflation
Automobiles: Q3FY21 Preview – Margins to reman stressed despite healthy volume uptick. Wholesale Inflation: Food inflation drives WPI lower
View Reports 
14-Jan-21
First Light | Infosys, Wipro, Banking Q3FY21 Preview, Logistics Q3FY21 Preview, Banking
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
View Reports 
13-Jan-21
First Light | Monthly Eco Chartbook, Inflation and IIP, Pharmaceuticals Q3FY21 Preview
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
View Reports 
12-Jan-21
First Light | RBI Financial Stability Report (FSR), Weekly Eco Wrap, GNA Axles, Building Materials Q3FY21 Preview
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
View Reports 
11-Jan-21
First Light | Tata Consultancy Services, Media & Entertainment
TCS: Strongest Q3 in nine years – growth and margins outperform. Media & Entertainment: Strong content slate to boost multiplex occupancy in FY22
View Reports 
08-Jan-21
First Light | FY21 GDP
Strong rebound on the cards
View Reports 
05-Jan-21
First Light | Weekly Eco Wrap, Greenpanel Industries, IT Services Q3FY21 Preview, Automobiles
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
View Reports 
04-Jan-21
First Light | Trade
Sharp acceleration in imports
View Reports 
01-Jan-21
First Light | Balance of Payments
External position remains favourable
View Reports 
30-Dec-20
First Light | Balrampur Chini
Enhanced ethanol sales to support profitability
View Reports 
29-Dec-20
First Light | Weekly Eco Wrap, Banking
Weekly Wrap: Year ends with conclusive deals. Banking: Resolution of stress in the power sector still far away
View Reports 
24-Dec-20
First Light | TCI Express
Demand on the mend
View Reports 
23-Dec-20
First Light | Pharmaceuticals
Takeaways from Pharma expert call
View Reports 
22-Dec-20
First Light | Market Outlook, Weekly Eco Wrap, Petronet LNG, PVR
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
View Reports 
21-Dec-20
First Light | December MPC Minutes, IT Services
December MPC Minutes: Balancing growth and inflation. IT Services: Strong outsourcing growth continues; FY21 guidance raised
View Reports 
18-Dec-20
First Light | Logistics Monthly Tracker
Recovery rolls ahead
View Reports 
17-Dec-20
First Light | eClerx Services
Sizeable like-to-like acquisition to fuel inorganic growth
View Reports 
16-Dec-20
First Light | TVS Srichakra
Upsides capped; downgrade to SELL
View Reports 
15-Dec-20
First Light | [Initiation] Eris Lifesciences, SpiceJet, Weekly Eco Wrap, Wholesale Inflation, Inflation
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
View Reports 
14-Dec-20
First Light | Monthly Eco Chartbook, IIP, L&T Infotech, Cipla
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
View Reports 
11-Dec-20
First Light | UPL
Old whistleblower complaint – steep correction unwarranted
View Reports 
09-Dec-20
First Light | Greenply Industries
Early onset of winter boosting sales
View Reports 
08-Dec-20
First Light | Weekly Eco Wrap, V-Mart Retail
Weekly Wrap: US 10Y moves closer to 1%. BOBCAPS Research | V-Mart Retail (SELL): Early onset of winter boosting sales
View Reports 
07-Dec-20
First Light | Monetary Policy Review, Mindtree
Monetary Policy Review: Monetary Policy Review, Mindtree. MTCL: Analyst meet takeaways – 4×4×4 strategy laid out
View Reports 
04-Dec-20
First Light | Trade, Indraprastha Gas
Trade: Trade deficit expands as exports slip. IGL: Expect volume recovery from FY22
View Reports 
03-Dec-20
First Light | MRF
Rising input cost a key concern amid rich valuations; cut to SELL
View Reports 
02-Dec-20
First Light | Weekly Eco Wrap, Tech Mahindra, Auto, Oil & Gas
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
View Reports 
01-Dec-20
First Light | Q2FY21 GDP, Greenpanel Industries
Q2FY21 GDP: GDP throws a positive surprise. GREENP: MDF growth holds strong
View Reports 
27-Nov-20
First Light | IT Services
Pickup in digital and blockchain-led deals
View Reports 
25-Nov-20
First Light | Apollo Tyres
Positives priced in; downgrade to SELL
View Reports 
24-Nov-20
First Light | Weekly Eco Wrap
All eyes on India’s Q2 GDP print
View Reports 
23-Nov-20
First Light | Market Strategy, GDP Update
Market Strategy: Deep Value Picks: PSU – depressed valuations an opportunity or value trap?. GDP Update: India on recovery path
View Reports 
20-Nov-20
First Light | Wipro
Sweeping structural changes to simplify business model
View Reports 
18-Nov-20
First Light | Weekly Eco Wrap, ONGC, Logistics Monthly Tracker
Weekly Wrap: Equities surge higher on vaccine hopes. ONGC: Worst appears priced in. Logistics: Broad-based recovery continues
View Reports 
17-Nov-20
First Light | IT Services Q2FY21 Review, Wholesale Inflation, Mahanagar Gas, Oil & Gas
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
View Reports 
13-Nov-20
First Light | Government Stimulus, Inflation and IIP, Eicher Motors, Aurobindo Pharma, Petronet LNG, TVS Srichakra
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
View Reports 
12-Nov-20
BOBCAPS First Light | Indraprastha Gas, Century Plyboards, Gujarat State Petronet, Cera Sanitaryware, Mayur Uniquoters, Info Edge, V-Mart Retail, SpiceJet
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
View Reports 
11-Nov-20
First Light | Oil India, VST Tillers Tractors, Mahindra & Mahindra, GAIL
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
View Reports 
10-Nov-20
First Light | Monthly Eco Chartbook, Weekly Eco Wrap, VRL Logistics, Ashok Leyland, Allcargo Logistics
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
View Reports 
09-Nov-20
First Light | Divi’s Labs, Balkrishna Industries, Cipla, Astral Poly Technik, Inox Leisure, Somany Ceramics, Pidilite Industries, Alkem Labs, Container Corp of India, MRF
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
View Reports 
06-Nov-20
First Light | Gujarat Gas, Apollo Tyres, eClerx Services, Greenply Industries, Lupin, Hindustan Petroleum Corp
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
View Reports 
05-Nov-20
First Light | Inflation and Rate Outlook, State Bank of India, PVR, Transport Corp of India, Ajanta Pharma
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
View Reports 
04-Nov-20
First Light | Trade, TCI Express, Sun Pharma, Oil & Gas
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
View Reports 
03-Nov-20
First Light | Weekly Eco Wrap, Indian Oil Corp, Mahindra Logistics, Greenpanel Industries, Escorts, Automobiles
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
View Reports 
02-Nov-20
First Light | Reliance Industries, [Initiation] GNA Axles, ICICI Bank, IndusInd Bank, Laurus Labs, Bharat Petroleum Corp, UPL, DCB Bank
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
View Reports 
30-Oct-20
First Light | Maruti Suzuki, Hero MotoCorp, InterGlobe Aviation, PI Industries, TVS Motor
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
View Reports 
29-Oct-20
First Light | Supreme Industries, CEAT, Axis Bank, Dr Reddy’s Labs, RBL Bank
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
View Reports 
28-Oct-20
First Light | Finolex Industries
Higher PVC resin prices aid profits; valuations fair – cut to ADD
View Reports 
27-Oct-20
First Light | Weekly Eco Wrap, Kotak Mahindra Bank, Persistent Systems
Weekly Wrap: RBI’s bond purchases drive yields lower. KMB: Above-expected quarter. PSYS: IP revenues volatile; retain SELL
View Reports 
26-Oct-20
First Light | Mphasis, October MPC Minutes, Tech Mahindra, JK Tyre & Industries
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
View Reports 
23-Oct-20
First Light | Alembic Pharma, Coforge, Bajaj Auto
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
View Reports 
22-Oct-20
First Light | L&T Infotech, Oil & Gas
LTI: Robust growth and pipeline; margin shines. Oil & Gas: OMCs - Depressed valuations overlook earnings traction
View Reports 
21-Oct-20
First Light | Kajaria Ceramics
Good performance but in the price – downgrade to REDUCE
View Reports 
20-Oct-20
First Light | Weekly Eco Wrap
India decides to borrow more
View Reports 
19-Oct-20
First Light | HDFC Bank, HCL Technologies, Federal Bank
HDFCB: Resilient quarter; confident commentary. HCLT: Guidance raised on robust, broad-based performance. FB: Strong operating performance
View Reports 
16-Oct-20
First Light | Mindtree
Robust margin visibility
View Reports 
15-Oct-20
First Light | Wholesale Inflation, Infosys
Wholesale Inflation: Food inflation drives WPI higher. INFO: Stellar recovery based on strong TCV
View Reports 
14-Oct-20
First Light | Wipro, Automobiles Q2FY21 Preview, Pharmaceuticals Q2FY21 Preview, Building Materials Q2FY21 Preview
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
View Reports 
13-Oct-20
First Light | Weekly Eco Wrap, Inflation and IIP, Banking Q2FY21 Preview, Logistics Q2FY21 Preview, Oil & Gas Q2FY21 Preview
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
View Reports 
12-Oct-20
First Light | Monthly Eco Chartbook, Monetary Policy Review
Monthly Chartbook: Green shoots emerging. Monetary Policy Review: Lender of last resort
View Reports 
09-Oct-20
First Light | Oil & Gas
Domestic gas price regime - not much change
View Reports 
08-Oct-20
First Light | Tata Consultancy Services
Demand recovery drives outperformance
View Reports 
07-Oct-20
First Light | Logistics Monthly Tracker
Lead indicators bounce back strongly
View Reports 
06-Oct-20
First Light | Weekly Eco Wrap, IT Services Q2FY21 Preview, Oil & Gas
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
View Reports 
05-Oct-20
First Light | Trade, Market Strategy, Automobiles
Trade: Exports gain traction. Market Strategy: Model Portfolio – Protracted bear market yet to run its course. Automobiles: Sep’20 Auto Sales – Upward trajectory continues
View Reports 
01-Oct-20
First Light | Balance of Payments, Interest Rate Outlook, Banking
Balance of Payments: Current account surplus expands. Interest Rate Outlook: Centre sticks to its borrowing calendar. Banking: Lending rates dip in August
View Reports 
29-Sep-20
First Light | Weekly Eco Wrap
RBI to maintain status quo
View Reports 
28-Sep-20
First Light | [Initiation] Swaraj Engines
Healthy prospects but valuations full – initiate with SELL
View Reports 
25-Sep-20
First Light | [Ground Connect] Automobiles, Cera Sanitaryware, IT Services
Automobiles: Channel check takeaways – Dismal demand climate for MHCVs. CRS: Demand trends improving. IT Services: Stellar outsourcing show- a positive readthrough for Indian IT
View Reports 
22-Sep-20
First Light | Weekly Eco Wrap, Ajanta Pharma, HCL Technologies
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
View Reports 
21-Sep-20
First Light | Allcargo Logistics
Multiple one-offs, Gati consolidation boosts performance
View Reports 
18-Sep-20
First Light | Dr Reddy’s Labs, Greenply Industries
DRRD: US Revlimid settlement – low competition can boost NPV. MTLM: Demand conditions improving gradually
View Reports 
17-Sep-20
First Light | [Initiation] Shriram Transport Finance, Logistics Monthly Tracker
SHTF: Limited pandemic headwinds – initiate with BUY. Logistics: Limping back to normalcy
View Reports 
16-Sep-20
First Light | [Initiation] SpiceJet, PVR, Trade
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
View Reports 
15-Sep-20
First Light | Weekly Eco Wrap, Wholesale Inflation, Inflation, HCL Technologies
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
View Reports 
14-Sep-20
First Light | IIP
IIP improves further
View Reports 
11-Sep-20
First Light | Container Corp of India, Best Agrolife
CCRI: Annual report analysis – FY20 a mixed bag. BESTAGRO: Up-and-coming agrochem player
View Reports 
09-Sep-20
First Light | Monthly Eco Chartbook, Info Edge, V-Mart Retail
Monthly Chartbook: India’s recovery gathers steam. INFOE: Lower billings a cause for concern. VMART: Revival hopes pinned on Q3 festive season
View Reports 
08-Sep-20
First Light | [Initiation] InterGlobe Aviation, Weekly Eco Wrap, Greenpanel Industries
INDIGO: Market leader advantage - initiate with BUY. Weekly Wrap: Indian yields fall after RBI acts. GREENP: MDF segment in strong recovery mode
View Reports 
07-Sep-20
First Light | Oil & Gas
Natural gas consumption in July declined to 144mmscmd (–7% YoY, –16% MoM), as the reinstatement of Covid-19 lockdowns across states hampered demand.
View Reports 
03-Sep-20
First Light | ONGC, Finolex Industries, Diversified Financials, Automobiles
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
View Reports 
02-Sep-20
First Light | [Sector Report] IT Services,
Deep Dive 3: Swift BFSI recovery ahead – raise TCS to BUY
View Reports 
01-Sep-20
First Light | Weekly Eco Wrap, Q1FY21 GDP, Media & Entertainment
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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31-Aug-20
First Light | Reliance Industries, DCB Bank
RIL: Expanding footprint in retail. DCBB: Clarity on asset quality by Q3FY21
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27-Aug-20
First Light | Indraprastha Gas
Volumes slump; raise to REDUCE post correction
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26-Aug-20
First Light | RBI Annual Report
RBI expects gradual recovery
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25-Aug-20
First Light | Weekly Eco Wrap
Global yields dip, Indian yields rise
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24-Aug-20
First Light | Oil India
Muted volumes
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21-Aug-20
First Light | August MPC Minutes
Rate cut cycle may be behind us
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20-Aug-20
First Light | Muthoot Finance, Pharmaceuticals
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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19-Aug-20
First Light | Petronet LNG
Margins improve, volume outlook brightens
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18-Aug-20
First Light | Weekly Eco Wrap, VRL Logistics, Greenply Industries
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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17-Aug-20
First Light | Mayur Uniquoters, Wholesale Inflation, Trade, Bharat Petroleum Corp, Hero MotoCorp
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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14-Aug-20
First Light | Eicher Motors, Inflation, Aurobindo Pharma, GAIL, Ashok Leyland, Transport Corp of India, Century Plyboards
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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13-Aug-20
First Light | Somany Ceramics, eClerx Services
SOMC: Recovery expected in Q2; upgrade to BUY on cheap valuations. ECLX: Aggressive cost management saves the day
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12-Aug-20
First Light | [Initiation] VST Tillers Tractors, Monthly Eco Chartbook, IIP, V-Mart Retail
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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11-Aug-20
First Light | Container Corp of India, Finolex Industries, Weekly Eco Wrap, Mahanagar Gas, Persistent Systems
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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10-Aug-20
First Light | [Sector Report] Media & Entertainment, Divi’s Labs, Cipla, Lupin, Alkem Labs, Hindustan Petroleum Corp, Greenpanel Industries, Mahindra & Mahindra, Pidilite Industries, Canara Bank, Kajaria Ceramics, DCB Bank
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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07-Aug-20
First Light | PI Industries, Monetary Policy Review, Gujarat State Petronet, Cera Sanitaryware, Banking, NBFC, Oil & Gas
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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06-Aug-20
First Light | [Sector Report] Automotive Tyres, Astral Poly Technik
Automotive Tyres: Safe hub in current storm. ASTRA: Lockdown-hit quarter
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05-Aug-20
First Light | Gujarat Gas, Indian Oil Corp, HDFC Bank
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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04-Aug-20
First Light | Weekly Eco Wrap, Automobiles
Weekly Wrap: RBI decision to guide markets. Automobiles: Jul’20 Auto Sales – Low channel inventory aids wholesale volumes
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03-Aug-20
First Light | [Initiation] Escorts, Laurus Labs, Sun Pharma, Cholamandalam Investment, UPL, Mahindra Logistics, State Bank of India
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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31-Jul-20
First Light | Reliance Industries, Ajanta Pharma
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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30-Jul-20
First Light | Market Strategy, Maruti Suzuki, IDFC First Bank, Manappuram Finance, Dr Reddy’s Labs, TVS Motor, Yes Bank
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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29-Jul-20
First Light | RBL Bank, NIIT Tech, Hexaware Technologies, IndusInd Bank
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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28-Jul-20
First Light | Supreme Industries, Persistent Systems, Weekly Eco Wrap, Tech Mahindra, Kotak Mahindra Bank, TCI Express, Nippon Life India AMC
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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27-Jul-20
First Light | Mphasis, ICICI Bank
MPHL: Strong deal wins; DXC remains soft. ICICIBC: Prudent provisions reassuring
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24-Jul-20
First Light | HDFC AMC
Equity flows remain subdued
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23-Jul-20
First Light | [Initiation] Minda Corp, Bajaj Auto, Alembic Pharma
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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22-Jul-20
First Light | V-Mart Retail, Bajaj Finance, Axis Bank
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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21-Jul-20
First Light | Mahindra & Mahindra Fin Svcs, Weekly Eco Wrap
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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20-Jul-20
First Light | HDFC Bank, HCL Technologies
HDFCB: Strong enough to weather the storm. HCLT: Upbeat margin outlook
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17-Jul-20
First Light | L&T Infotech, Diversified Financials Q1FY21 Preview
LTI: Resilient show in a challenging quarter. Diversified Financials: Q1FY21 Preview – Expect only gold finance NBFCs to shine
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16-Jul-20
First Light | Trade, Infosys, Federal Bank, Reliance Industries, Greenply Industries, Oil & Gas Q1FY21 Preview, Logistics Monthly Tracker
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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15-Jul-20
First Light | Wholesale Inflation, Wipro, Mindtree, Logistics Q1FY21 Preview
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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14-Jul-20
First Light | Weekly Eco Wrap, Inflation, Banking Q1FY21 Preview, Building Materials Q1FY21 Preview
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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13-Jul-20
First Light | Reliance Industries, IIP
RIL: Earnings yet to justify rerating – cut to REDUCE. IIP: First signs of recovery
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10-Jul-20
First Light | Automobiles Q1FY21 Preview, Tata Consultancy Services, Pharmaceuticals Q1FY21 Preview, IT Services
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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09-Jul-20
First Light | Finolex Industries, Banking
FNXP: Demand traction for agri pipes improved in May-June. Banking: Lending rates remain stable in May
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07-Jul-20
First Light | Monthly Eco Chartbook, Weekly Eco Wrap, Allcargo Logistics, eClerx Services, IT Services Q1FY21 Preview
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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03-Jul-20
First Light | Axis Bank, Automobiles, Oil & Gas
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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02-Jul-20
First Light | ONGC, Cera Sanitaryware
ONGC: Concerns abound – cut to ADD. CRS: Lockdown blues – downgrade to ADD
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01-Jul-20
First Light | Balance of Payments, Petronet LNG, Mayur Uniquoters
BoP: Current account turns surplus. PLNG: Margins outperform ex. one-offs. MUNI: Margin expansion aided by exports
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30-Jun-20
First Light | Oil India, Weekly Eco Wrap, Greenply Industries, Century Plyboards
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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29-Jun-20
First Light | Interest Rate Outlook, Container Corp of India, Ashok Leyland, Kajaria Ceramics, Somany Ceramics, V-Mart Retail
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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26-Jun-20
First Light | Indian Oil Corp, GAIL, Canara Bank
IOCL: Upbeat operating performance. GAIL: Trading margins surprise. CBK: Core operating performance remains weak
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25-Jun-20
First Light | Finolex Industries, IT Services
FNXP: Lockdown dents performance – cut to ADD. IT Services: New H1B visa restrictions – anticipated election rhetoric
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24-Jun-20
First Light | Info Edge
Bleak outlook for core businesses
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23-Jun-20
First Light | Weekly Eco Wrap, VRL Logistics
Weekly Wrap: Equity markets and oil prices resist rising COVID cases. VRLL: Insipid quarter
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22-Jun-20
First Light | Market Strategy, Greenpanel Industries
Market Strategy: Model Portfolio – Realigning to volatility. GREENP: Strong operational performance marred by MTM losses
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19-Jun-20
First Light | [Sector Report] IT Services, Pidilite Industries
IT Services: Deep Dive 2: Telecom tech spends resilient – upgrade TECHM. PIDI: Lockdown weighs on growth
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18-Jun-20
First Light | Indraprastha Gas, Muthoot Finance, Hindustan Petroleum Corp
IGL: Volume concerns worsen – downgrade to SELL. MUTH: All that glitters is gold. HPCL: Marketing advantage in challenging times
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16-Jun-20
First Light | Weekly Eco Wrap, Wholesale Inflation, Trade, Sun Pharma, Logistics Monthly Tracker
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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15-Jun-20
First Light | Eicher Motors, Inflation and IIP, Oil & Gas, Agriculture
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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12-Jun-20
BOBCAPS First Light | Mahanagar Gas, DCB Bank
MAHGL: Margins expand but volume outlook weak – cut to SELL. DCBB: Potential capital raise entails high dilution – cut to SELL
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11-Jun-20
First Light | [Sector Report] Vehicle Finance NBFCs, Hero MotoCorp
Vehicle Finance NBFCs: Recovery in H2FY22E. HMCL: Optimism priced in – downgrade to REDUCE
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10-Jun-20
BOBCAPS First Light | eClerx Services, Banking
ECLX: Valuation inexpensive but lacks catalysts. Banking: Sharp reduction in term deposit rates in April
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09-Jun-20
First Light | PI Industries, Monthly Eco Chartbook, Weekly Eco Wrap, Gujarat State Petronet
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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08-Jun-20
First Light | State Bank of India, Divi’s Labs, May MPC Minutes, Gujarat Gas, Indian Oil Corp, Alkem Labs, Banking
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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05-Jun-20
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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03-Jun-20
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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02-Jun-20
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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01-Jun-20
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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29-May-20
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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28-May-20
First Light | Sun Pharma
Q4 miss; near-term outlook subdued – REDUCE
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27-May-20
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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26-May-20
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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22-May-20
BOBCAPS First Light | Mahindra Logistics
Insipid quarter all around
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21-May-20
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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20-May-20
First Light | IT Services
Takeaways from Gartner IT spending quarterly outlook
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19-May-20
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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18-May-20
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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15-May-20
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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14-May-20
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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13-May-20
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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12-May-20
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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11-May-20
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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08-May-20
First Light | RBL Bank, HCL Technologies
RBK: Operational beat but Covid-19 poses risks. HCLT: First among equals
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07-May-20
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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05-May-20
First Light | Weekly Eco Wrap
Central Banks extend support as data disappoints
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04-May-20
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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30-Apr-20
First Light | Hexaware Technologies
Cloudy near-term outlook; cut to ADD
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29-Apr-20
First Light | Axis Bank
Fortifying the balance sheet
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28-Apr-20
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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27-Apr-20
First Light | Mindtree
Upbeat quarter; upgrade a notch to REDUCE
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24-Apr-20
First Light | Alembic Pharma
Consecutive beat – we raise FY21/FY22 EPS by 11-17%
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23-Apr-20
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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21-Apr-20
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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20-Apr-20
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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17-Apr-20
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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16-Apr-20
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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15-Apr-20
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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13-Apr-20
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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09-Apr-20
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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08-Apr-20
First Light | Weekly Eco Wrap
Markets rejoice fewer virus cases
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07-Apr-20
First Light | Muthoot Finance
Return of pricing power
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03-Apr-20
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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01-Apr-20
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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31-Mar-20
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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30-Mar-20
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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27-Mar-20
First Light | India Economics: Covid-19 Impact
Pandemic to stunt global growth, delay India’s recovery
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25-Mar-20
First Light | Cera Sanitaryware
Demand environment anaemic but margins steady
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24-Mar-20
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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17-Mar-20
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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16-Mar-20
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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13-Mar-20
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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12-Mar-20
First Light | India Market Strategy
Unlevered stocks best picks in tremulous market
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11-Mar-20
First Light | Weekly Eco Wrap
US yields at all-time low
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09-Mar-20
First Light | Banking
Yes Bank rescue plan – stake purchase the lesser evil for SBIN
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03-Mar-20
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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02-Mar-20
First Light | Q3FY20 GDP, IndusInd Bank
Q3FY20 GDP: Growth to recover in FY21. IIB: Leadership overhang recedes
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28-Feb-20
First Light | India's Road to Recovery
Stage set for growth rebound
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25-Feb-20
First Light | Weekly Eco Wrap
Global monetary loosening on the cards
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24-Feb-20
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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20-Feb-20
First Light | Aurobindo Pharma
EIR received for Unit IV – a key sentiment booster
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19-Feb-20
First Light | Greenpanel Industries
MDF traction to continue
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18-Feb-20
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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17-Feb-20
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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14-Feb-20
First Light | Finolex Industries, Gujarat State Petronet
FNXP: Better PVC-EDC delta aids profitability – upgrade to BUY. GUJS: EBITDA underperforms; volume outlook improving
View Reports 
13-Feb-20
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
View Reports 
12-Feb-20
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
View Reports 
11-Feb-20
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
View Reports 
10-Feb-20
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
View Reports 
07-Feb-20
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
View Reports 
06-Feb-20
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
View Reports 
05-Feb-20
First Light | TVS Motor, Century Plyboards
TVSL: Margins resilient; outlook challenging. CPBI: In-line quarter
View Reports 
04-Feb-20
First Light | Weekly Eco Wrap, Automobiles
Weekly Eco Wrap: Over to RBI now. Automobiles: Jan’20 Auto Sales – PVs ahead of 2W and CVs
View Reports 
03-Feb-20
First Light | Union Budget 2020-21, Infrastructure
Union Budget 2020-21: Counter cyclical Budget. Infrastructure: FY21 Budget – Reduced funding for infrastructure
View Reports 
01-Feb-20
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
View Reports 
31-Jan-20
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
View Reports 
30-Jan-20
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
View Reports 
29-Jan-20
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
View Reports 
28-Jan-20
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
View Reports 
27-Jan-20
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
View Reports 
24-Jan-20
First Light | [Initiation] Bajaj Finance
BAF 2.0 – Revamped growth engine; initiate with BUY
View Reports 
23-Jan-20
First Light | Axis Bank, Alembic Pharma
AXSB: Stressed book still elevated. ALPM: Good beat – we raise EPS estimates by 5-7%
View Reports 
21-Jan-20
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
View Reports 
20-Jan-20
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
View Reports 
17-Jan-20
First Light | Greenpanel Industries, Logistics Monthly Tracker
GREENP: Firmer pricing, MDF plant ramp-up to boost margins. Logistics: Mixed trends
View Reports 
16-Jan-20
First Light | Wipro, Trade, L&T Infotech
WPRO: Tepid performance; soft outlook. Trade: Non-oil imports decline as demand remains weak. LTI: Stellar show
View Reports 
15-Jan-20
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
View Reports 
14-Jan-20
First Light | Retail Inflation, Weekly Eco Wrap
Retail Inflation: A big negative surprise. Weekly Eco Wrap: US-China trade deal at the epicentre
View Reports 
13-Jan-20
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
View Reports 
10-Jan-20
First Light | Banking Q3FY20 Preview, Building Material Q3FY20 Preview
Banking: Recoveries to aid earnings, Building Material: Tepid quarter
View Reports 
09-Jan-20
First Light | Oil & Gas Q3FY20 Preview
Pressure on cyclical earnings
View Reports 
08-Jan-20
First Light | FY20 GDP, Pharmaceuticals Q3FY20 Preview
FY20 GDP: Gradual revival seen in FY21. Pharmaceuticals: Q3 strong for DRRD, LPC, SUN, Alkem & Laurus
View Reports 
07-Jan-20
First Light | Weekly Eco Wrap
Oil prices to guide Indian Markets
View Reports 
06-Jan-20
First Light | Infrastructure
Ambitious Rs 102tn infra push – funding holds the key
View Reports 
02-Jan-20
First Light | Reliance Industries
RJio and Retail neutralise uncertainty over cyclicals
View Reports 
01-Jan-20
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
View Reports 
31-Dec-19
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
View Reports 
26-Dec-19
First Light | HG Infra Engineering
Gurgaon-Sohna site visit indicates steady execution progress
View Reports 
24-Dec-19
First Light | Weekly Eco Wrap, Cera Sanitaryware
Weekly Eco Wrap: ‘Operation twist’ to guide Indian bonds. CRS: Near-term demand outlook remains challenging
View Reports 
20-Dec-19
First Light | December MPC Minutes, Transport Corp of India
December MPC Minutes: Room for further easing remains. TRPC: NDR takeaways
View Reports 
19-Dec-19
First Light | Tech Mahindra
Analyst meet takeaways
View Reports 
17-Dec-19
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
View Reports 
16-Dec-19
First Light | Trade
Non-oil-non-gold imports fall sharply
View Reports 
13-Dec-19
First Light | Inflation and IIP, Allcargo Logistics
Inflation and IIP: Food inflation at 70-month high. AGLL: Gati acquisition – deriving synergies an uphill task
View Reports 
12-Dec-19
First Light | Monthly Eco Chartbook, L&T Infotech
Monthly Eco Chartbook: Broader recovery still afar. LTI: Analyst meet takeaways
View Reports 
10-Dec-19
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
View Reports 
09-Dec-19
First Light | Kotak Mahindra Bank (Initiation)
In a league of its own – initiate with BUY
View Reports 
06-Dec-19
First Light | Monetary Policy Review
Rate cuts to resume in Q1FY21
View Reports 
05-Dec-19
First Light | IT Services
US elections – a potential cyclical risk for Indian IT
View Reports 
03-Dec-19
First Light | Weekly Eco Wrap
RBI to cut rates to prop growth
View Reports 
02-Dec-19
First Light | Q2FY20 GDP, Oil & Gas
Q2FY20 GDP: Slowdown intensifies as investments slip. Oil & Gas: Expert meeting takeaways
View Reports 
29-Nov-19
First Light | VRL Logistics (Initiation), Laurus Labs
VRLL: Robust model, formidable moats – initiate with BUY. LAURUS: NDR takeaways
View Reports 
28-Nov-19
First Light | Greenply Industries
Upbeat margin guidance
View Reports 
26-Nov-19
First Light | Weekly Eco Wrap
Markets await Q2 growth print
View Reports 
22-Nov-19
First Light | Banking Credit Tracker
Loan growth plummets to 8%
View Reports 
19-Nov-19
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
View Reports 
18-Nov-19
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
View Reports 
15-Nov-19
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
View Reports 
14-Nov-19
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
View Reports 
13-Nov-19
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.
View Reports 
11-Nov-19
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
View Reports 
08-Nov-19
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
View Reports 
07-Nov-19
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
View Reports 
06-Nov-19
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
View Reports 
05-Nov-19
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
View Reports 
04-Nov-19
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
View Reports 
01-Nov-19
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
View Reports 
31-Oct-19
First Light | Petronet LNG
Volumes and margins surge
View Reports 
30-Oct-19
First Light | Weekly Eco Wrap
Awaiting US Fed and BoJ policy decisions
View Reports 
29-Oct-19
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
View Reports 
25-Oct-19
First Light | Oil & Gas
Govt. opens up fuel retailing to non-oil companies
View Reports 
24-Oct-19
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
View Reports 
23-Oct-19
First Light | Weekly Eco Wrap
Markets rally on US-China trade deal
View Reports 
22-Oct-19
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
View Reports 
17-Oct-19
First Light | Mindtree
High attrition, hazy outlook worrying – reiterate SELL
View Reports 
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
View Reports 
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
View Reports 
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.
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
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%.
View Reports 
03-Oct-19
First Light | Oil & Gas [Sector Report]
GRM surge on IMO may sustain for long
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
25-Sep-19
First Light | Pharmaceuticals
Corporate tax cut – bonanza for healthcare services
View Reports 
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
View Reports 
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
View Reports 
19-Sep-19
First Light | Cera Sanitaryware, Logistics
Cera Sanitaryware: Margins resilient despite soft demand. Logistics: Slowdown continues to take a toll
View Reports 
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
View Reports 
16-Sep-19
First Light | Trade
Global and domestic demand weakens further
View Reports 
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
View Reports 
12-Sep-19
First Light | ONGC
Oil production targets ambitious
View Reports 
11-Sep-19
First Light | Petronet LNG (HIGH CONVICTION: BUY), Weekly Eco Wrap
PLNG: Earnings outlook upbeat. Weekly Eco Wrap: All eyes on ECB
View Reports 
09-Sep-19
First Light | Dilip Buildcon
Successful stake sale to Cube; another deal in the offing
View Reports 
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
View Reports 
03-Sep-19
First Light | Q1FY20 GDP, Banking
Q1FY20 GDP: Reforms and liquidity to drive recovery. Banking: Blockbuster merger – 10 PSBs fused into 4
View Reports 
30-Aug-19
First Light | RBI Annual Report
RBI dividend to boost growth
View Reports 
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
View Reports 
27-Aug-19
First Light | Weekly Eco Wrap
Global uncertainty increases
View Reports 
26-Aug-19
First Light | Mindtree
CEO interaction takeaways: Navigating rough waters
View Reports 
22-Aug-19
First Light | August MPC Minutes, Blue Dart Express
August MPC Minutes: Focus on growth to continue. BDE: Buffeted by headwinds
View Reports 
21-Aug-19
First Light | Banking Credit Tracker
Credit growth remains lacklustre
View Reports 
20-Aug-19
First Light | Weekly Eco Wrap
FOMC and RBI minutes to take centre stage
View Reports 
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
View Reports 
16-Aug-19
BOB Economics | Macro Daily
RBI purchased US$ 2.5bn in the spot market in Jun’19, same as in May’19.
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
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
View Reports 
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%
View Reports 
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
View Reports 
01-Aug-19
First Light | TCI Express
Macro slowdown derails growth
View Reports 
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
View Reports 
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
View Reports 
29-Jul-19
First Light | ICICI Bank, Mphasis
ICICIBC: Stable on most fronts. MPHL: In-line operating performance
View Reports 
26-Jul-19
First Light | Persistent Systems, NCC
PSYS: Results first cut – Lacklustre quarter. NJCC: Management call takeaways – A tough FY20; better times ahead
View Reports 
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
View Reports 
23-Jul-19
First Light | Weekly Eco Wrap
Weekly Eco Wrap: Global easing cycle gains steam
View Reports 
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
View Reports 
19-Jul-19
Banking: Credit Tracker
Banking: Credit growth remains sluggish
View Reports 
18-Jul-19
Mindtree, Yes Bank, Wipro
MINDTREE: TGT: Rs 670 (SELL)
YESBANK: TGT: Rs 90 (SELL)
WIPRO: TGT: Rs 230 (SELL)
View Reports 