29-Feb-2020Research Reports

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

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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

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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

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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

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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

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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

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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

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05-Feb-20

First Light | TVS Motor, Century Plyboards
TVSL: Margins resilient; outlook challenging. CPBI: In-line quarter

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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

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03-Feb-20

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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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

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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

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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

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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

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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

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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

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24-Jan-20

First Light | [Initiation] Bajaj Finance
BAF 2.0 – Revamped growth engine; initiate with BUY

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23-Jan-20

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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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

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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

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17-Jan-20

First Light | Greenpanel Industries, Logistics Monthly Tracker
GREENP: Firmer pricing, MDF plant ramp-up to boost margins. Logistics: Mixed trends

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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

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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

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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

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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

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10-Jan-20

First Light | Banking Q3FY20 Preview, Building Material Q3FY20 Preview
Banking: Recoveries to aid earnings, Building Material: Tepid quarter

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09-Jan-20

First Light | Oil & Gas Q3FY20 Preview
Pressure on cyclical earnings

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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

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07-Jan-20

First Light | Weekly Eco Wrap
Oil prices to guide Indian Markets

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06-Jan-20

First Light | Infrastructure
Ambitious Rs 102tn infra push – funding holds the key

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02-Jan-20

First Light | Reliance Industries
RJio and Retail neutralise uncertainty over cyclicals

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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

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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

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26-Dec-19

First Light | HG Infra Engineering
Gurgaon-Sohna site visit indicates steady execution progress

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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

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20-Dec-19

First Light | December MPC Minutes, Transport Corp of India
December MPC Minutes: Room for further easing remains. TRPC: NDR takeaways

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19-Dec-19

First Light | Tech Mahindra
Analyst meet takeaways

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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

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16-Dec-19

First Light | Trade
Non-oil-non-gold imports fall sharply

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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

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12-Dec-19

First Light | Monthly Eco Chartbook, L&T Infotech
Monthly Eco Chartbook: Broader recovery still afar. LTI: Analyst meet takeaways

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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

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09-Dec-19

First Light | Kotak Mahindra Bank (Initiation)
In a league of its own – initiate with BUY

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06-Dec-19

First Light | Monetary Policy Review
Rate cuts to resume in Q1FY21

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05-Dec-19

First Light | IT Services
US elections – a potential cyclical risk for Indian IT

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03-Dec-19

First Light | Weekly Eco Wrap
RBI to cut rates to prop growth

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02-Dec-19

First Light | Q2FY20 GDP, Oil & Gas
Q2FY20 GDP: Slowdown intensifies as investments slip. Oil & Gas: Expert meeting takeaways

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29-Nov-19

First Light | VRL Logistics (Initiation), Laurus Labs
VRLL: Robust model, formidable moats – initiate with BUY. LAURUS: NDR takeaways

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28-Nov-19

First Light | Greenply Industries
Upbeat margin guidance

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26-Nov-19

First Light | Weekly Eco Wrap
Markets await Q2 growth print

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22-Nov-19

First Light | Banking Credit Tracker
Loan growth plummets to 8%

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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

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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

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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

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31-Oct-19

First Light | Petronet LNG
Volumes and margins surge

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30-Oct-19

First Light | Weekly Eco Wrap
Awaiting US Fed and BoJ policy decisions

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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

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25-Oct-19

First Light | Oil & Gas
Govt. opens up fuel retailing to non-oil companies

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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

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23-Oct-19

First Light | Weekly Eco Wrap
Markets rally on US-China trade deal

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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

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17-Oct-19

First Light | Mindtree
High attrition, hazy outlook worrying – reiterate SELL

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16-Oct-19

First Light | Wipro, Trade, Logistics Monthly Tracker
WPRO: Puzzling margin beat; unlikely to hold up. Trade: Trade deficit narrows as imports shrink. Logistics: Demand climate deteriorates further

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15-Oct-19

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

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14-Oct-19

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

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11-Oct-19

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

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09-Oct-19

First Light | Weekly Eco Wrap, Aurobindo Pharma
Weekly Eco Wrap: Global activity dips in Sep’19. ARBP: Form 483 for Unit 7: Warning letter risk largely priced in

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07-Oct-19

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

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04-Oct-19

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

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03-Oct-19

First Light | Oil & Gas [Sector Report]
GRM surge on IMO may sustain for long

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01-Oct-19

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

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30-Sep-19

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

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27-Sep-19

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

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26-Sep-19

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

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25-Sep-19

First Light | Pharmaceuticals
Corporate tax cut – bonanza for healthcare services

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24-Sep-19

First Light | Weekly Eco Wrap, Petronet LNG
Weekly Eco Wrap: India corporate tax cut to boost investments. PLNG IN: Concerns seem overstated on investments in Tellurian

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23-Sep-19

First Light | Fiscal Reforms, Future Supply Chain Solutions
Fiscal Reforms: As bold as it gets. FSCSL: Minority stake sale to strategic investor

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19-Sep-19

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

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17-Sep-19

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

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16-Sep-19

First Light | Trade
Global and domestic demand weakens further

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13-Sep-19

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

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12-Sep-19

First Light | ONGC
Oil production targets ambitious

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11-Sep-19

First Light | Petronet LNG (HIGH CONVICTION: BUY), Weekly Eco Wrap
PLNG: Earnings outlook upbeat. Weekly Eco Wrap: All eyes on ECB

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09-Sep-19

First Light | Dilip Buildcon
Successful stake sale to Cube; another deal in the offing

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04-Sep-19

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

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03-Sep-19

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

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30-Aug-19

First Light | RBI Annual Report
RBI dividend to boost growth

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29-Aug-19

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

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27-Aug-19

First Light | Weekly Eco Wrap
Global uncertainty increases

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26-Aug-19

First Light | Mindtree
CEO interaction takeaways: Navigating rough waters

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22-Aug-19

First Light | August MPC Minutes, Blue Dart Express
August MPC Minutes: Focus on growth to continue. BDE: Buffeted by headwinds

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21-Aug-19

First Light | Banking Credit Tracker
Credit growth remains lacklustre

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20-Aug-19

First Light | Weekly Eco Wrap
FOMC and RBI minutes to take centre stage

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19-Aug-19

First Light | Ashoka Buildcon, Sadbhav Engineering, KNR Constructions, Logistics Monthly Tracker
ASBL: Revenue miss; execution to scale up from H2FY20. SADE: Execution challenges cloud FY20 outlook. KNRC: Revenue disappoints but beat on margins; growth visibility intact. Logistics: Major ports, container rail volumes improve; EXIM sluggish

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16-Aug-19

BOB Economics | Macro Daily
RBI purchased US$ 2.5bn in the spot market in Jun’19, same as in May’19.

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16-Aug-19

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

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14-Aug-19

First Light | ONGC, HG Infra, Retail Inflation, Weekly Eco Wrap, Sun Pharma, BPCL, Alkem Labs, Finolex Ind
ONGC: Valuations pricing in the worst case. HGINFRA: Revenue miss; expect steady growth momentum ahead. Retail Inflation: CPI moderates, room to cut rates. Weekly Eco Wrap: Global yields fell, India an outlier

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13-Aug-19

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

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09-Aug-19

First Light | Petronet LNG (HIGH CONVICTION: BUY), Tech Mahindra, Aurobindo Pharma, Lupin, Hexaware Technologies
PLNG: Margins normalise, volumes improve. TECHM: Subsidiary troubles afresh; cut to REDUCE. ARBP: Good beat; progress on facility issues & Sandoz are key catalysts. LPC: Adj. EBITDA in line; US base trend to improve. HEXW: Strong margin showing

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08-Aug-19

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

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06-Aug-19

First Light | Weekly Eco Wrap, V-Mart Retail, Dilip Buildcon, Somany Ceramics, Laurus Labs
Weekly Eco Wrap: Fed cuts rate, RBI to follow. VMART: Margins continue to disappoint. DBL: Delayed appointed dates continue to hurt revenue. SOMC: Decent volume growth but lower margins. LAURUS: High opex offsets formulation positives; expect recovery in Q2

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05-Aug-19

First Light | Gujarat State Petronet, eClerx, SBIN, Cera Sanitaryware, Mahindra Logistics, Astral Poly Technik, Banking
GUJS: Volume surge, low LNG prices buoy outlook – upgrade to BUY. ECLX: No sign of respite on margins; cut to SELL. SBIN: Dismal quarter. CRS: Insipid quarter. MAHLOG: Disappointing quarter on all fronts. ASTRA: Piping segment aided by Rex acquisition spurs growth. Banking: June non-food credit growth sluggish at 11%

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02-Aug-19

First Light | Future Supply Chain Solutions, ICICI Bank, Indian Oil Corporation, Container Corp of India
FSCSL: Big earnings miss. ICICIBC: 20F filing highlights. IOCL: GRMs disappoint. CCRI: Volume concerns overshadow otherwise decent quarter

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01-Aug-19

First Light | TCI Express
Macro slowdown derails growth

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31-Jul-19

First Light | Axis Bank, Tech Mahindra, Gujarat Gas, Transport Corp of India, Greenlam Industries
AXSB: Asset quality disappoints. TECHM: Miss on all counts. GUJGA: Volumes and margins surge. TRPC: Slowdown weighs on topline growth; margin expansion stands out. GRLM: Prominent player in India’s laminate market

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30-Jul-19

First Light | Dr Reddy’s Labs, Reliance Industries, Weekly Eco Wrap, Supreme Industries
DRRD: Adj. EBITDA in line; upgrade to ADD on reasonable valuations. RIL: Diversification now bearing fruit. Weekly Eco Wrap: Awaiting US Fed stance. SI: Good volume growth but margins underperform

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29-Jul-19

First Light | ICICI Bank, Mphasis
ICICIBC: Stable on most fronts. MPHL: In-line operating performance

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26-Jul-19

First Light | Persistent Systems, NCC
PSYS: Results first cut – Lacklustre quarter. NJCC: Management call takeaways – A tough FY20; better times ahead

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24-Jul-19

First Light | Kajaria Ceramics, NIIT Technologies
KJC: Modest Q1; upgrade to BUY on reasonable valuations; NITEC: Healthy Q1 despite pockets of weakness in BFS

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23-Jul-19

First Light | Weekly Eco Wrap
Weekly Eco Wrap: Global easing cycle gains steam

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22-Jul-19

First Light: Reliance Industries, HDFC Bank, L&T Infotech
RIL: Concerns on cyclicals | HDFCB: Mixed quarter | LTI: Client-specific challenges to hamper growth in FY20

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19-Jul-19

Banking: Credit Tracker
Banking: Credit growth remains sluggish

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18-Jul-19

29-Feb-2020Research Reports

First Light | India's Road to Recovery Stage set for growth rebound View Reports

First Light | Weekly Eco Wrap Global monetary loosening on the cards View Reports

First Light | Aurobindo Pharma EIR received for Unit IV – a key sentiment booster View Reports

First Light | Greenpanel Industries MDF traction to continue View Reports

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 View Reports

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

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

First Light | TVS Motor, Century Plyboards TVSL: Margins resilient; outlook challenging. CPBI: In-line quarter View Reports

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

First Light | Union Budget 2020-21, Infrastructure Union Budget 2020-21: Counter cyclical Budget. Infrastructure: FY21 Budget – Reduced funding for infrastructure View Reports

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

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

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

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

First Light | [Initiation] Bajaj Finance BAF 2.0 – Revamped growth engine; initiate with BUY View Reports

First Light | Axis Bank, Alembic Pharma AXSB: Stressed book still elevated. ALPM: Good beat – we raise EPS estimates by 5-7% View Reports

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

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

First Light | Greenpanel Industries, Logistics Monthly Tracker GREENP: Firmer pricing, MDF plant ramp-up to boost margins. Logistics: Mixed trends View Reports

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

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

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

First Light | Banking Q3FY20 Preview, Building Material Q3FY20 Preview Banking: Recoveries to aid earnings, Building Material: Tepid quarter View Reports

First Light | Oil & Gas Q3FY20 Preview Pressure on cyclical earnings View Reports

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

First Light | Weekly Eco Wrap Oil prices to guide Indian Markets View Reports

First Light | Infrastructure Ambitious Rs 102tn infra push – funding holds the key View Reports

First Light | Reliance Industries RJio and Retail neutralise uncertainty over cyclicals View Reports

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

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

First Light | HG Infra Engineering Gurgaon-Sohna site visit indicates steady execution progress View Reports

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

First Light | December MPC Minutes, Transport Corp of India December MPC Minutes: Room for further easing remains. TRPC: NDR takeaways View Reports

First Light | Tech Mahindra Analyst meet takeaways View Reports

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

First Light | Trade Non-oil-non-gold imports fall sharply View Reports

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

First Light | Monthly Eco Chartbook, L&T Infotech Monthly Eco Chartbook: Broader recovery still afar. LTI: Analyst meet takeaways View Reports

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

First Light | Kotak Mahindra Bank (Initiation) In a league of its own – initiate with BUY View Reports

First Light | Monetary Policy Review Rate cuts to resume in Q1FY21 View Reports

First Light | IT Services US elections – a potential cyclical risk for Indian IT View Reports

First Light | Weekly Eco Wrap RBI to cut rates to prop growth View Reports

First Light | Q2FY20 GDP, Oil & Gas Q2FY20 GDP: Slowdown intensifies as investments slip. Oil & Gas: Expert meeting takeaways View Reports

First Light | VRL Logistics (Initiation), Laurus Labs VRLL: Robust model, formidable moats – initiate with BUY. LAURUS: NDR takeaways View Reports

First Light | Greenply Industries Upbeat margin guidance View Reports

First Light | Weekly Eco Wrap Markets await Q2 growth print View Reports

First Light | Banking Credit Tracker Loan growth plummets to 8% View Reports

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

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

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

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

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

First Light | Petronet LNG Volumes and margins surge View Reports

First Light | Weekly Eco Wrap Awaiting US Fed and BoJ policy decisions View Reports

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

First Light | Oil & Gas Govt. opens up fuel retailing to non-oil companies View Reports

First Light | Weekly Eco Wrap Markets rally on US-China trade deal View Reports

First Light | Mindtree High attrition, hazy outlook worrying – reiterate SELL View Reports

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

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

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

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

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

First Light | Oil & Gas [Sector Report] GRM surge on IMO may sustain for long View Reports

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

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

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

First Light | Pharmaceuticals Corporate tax cut – bonanza for healthcare services View Reports

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

First Light | Fiscal Reforms, Future Supply Chain Solutions Fiscal Reforms: As bold as it gets. FSCSL: Minority stake sale to strategic investor View Reports

First Light | Cera Sanitaryware, Logistics Cera Sanitaryware: Margins resilient despite soft demand. Logistics: Slowdown continues to take a toll View Reports

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

First Light | Trade Global and domestic demand weakens further View Reports

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

First Light | ONGC Oil production targets ambitious View Reports

First Light | Petronet LNG (HIGH CONVICTION: BUY), Weekly Eco Wrap PLNG: Earnings outlook upbeat. Weekly Eco Wrap: All eyes on ECB View Reports

First Light | Dilip Buildcon Successful stake sale to Cube; another deal in the offing View Reports

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