16-Apr-21
Banking: Q4FY21 Preview - NPA recognition begins; provision buffers to cushion earnings
The SC has lifted its stay on tagging of NPAs but we expect slippages to be lower in Q4FY21 as banks have recognised a bulk of the Covid-related stress in their proforma numbers.
View Reports 
13-Apr-21
Banking: Assam, W. Bengal MFI collections yet to pick up
Takeaways from our interactions with non-listed MFI players in the states of Assam and West Bengal for a ground-level perspective on the microfinance climate in these states.
View Reports 
12-Apr-21
Power: Expert meeting takeaways – Spot market to take off
Key takeaways from our meeting with Arun Kumar, CEO of Kreate Energy, a top 3 player in the Indian power trading market.
View Reports 
12-Apr-21
Building Materials: Q4FY21 Preview - Expect strong growth off a tepid base
We expect our building material coverage to report robust YoY growth in Q4FY21 aided by a lockdown-hit base quarter and demand revival.
View Reports 
09-Apr-21
Automobiles: Q4FY21 Preview - Margins to remain under pressure
We expect a mixed revenue performance from our auto universe in Q4FY21.
View Reports 
09-Apr-21
[Sector Report] Internet Technology: Zomato – Leading Indian foodtech play
Zomato’s latest pre-IPO funding round elevates its valuation to US$ 5.4bn vs. US$ 3.9bn in Dec’20, on the back of (1) recovery from the initial Covid-led volume slump, (2) improving unit economics, and (3) successful listing of US counterpart DoorDash.
View Reports 
07-Apr-21
Banking: Rising demand for used CV financing
Key takeaways from our recent interaction with industry players for a perspective on economic activity revival and potential fallout from the renewed lockdown in Maharashtra.
View Reports 
06-Apr-21
IT Services: Q4FY21 Preview – Ending the year on a robust note
We expect a resilient Q4FY21 marked by healthy QoQ dollar revenue growth (2.5-5.3%) for most of our IT coverage, aided by modest cross-currency tailwinds (~60bps).
View Reports 
05-Apr-21
Automobiles: Mar’21 Sales – Healthy dispatches across segments
PV sales continued their upward trajectory in Mar’21 with healthy growth (~2.3x YoY), off a soft base due to the lockdown announced in Mar’20.
View Reports 
01-Apr-21
Cement: Expert meeting takeaways – Demand outlook robust
Key takeaways from our meeting with Sanjay Ladiwala, a renowned cement industry expert associated with the business since 1973.
View Reports 
24-Mar-21
Banking: SC verdict on moratorium dispels overhang for banks
We interacted with the senior management of various banks for a perspective on the Supreme Court's verdict vacating the interim relief on NPA recognition and its directive on the 'interest on interest' issue.
View Reports 
19-Mar-21
IT Services: Accenture posts stellar Q2 performance, raises guidance
Accenture’s (ACN) Q2FY21 dollar revenue surpassed guidance by US$ 140mn, rising 8% YoY and 5.4% CC.
View Reports 
12-Mar-21
IT Services: Reskilling to bridge workforce demand-supply gap
With the acceleration in digital demand post Covid-19, reskilling has gained prominence for IT players.
View Reports 
10-Mar-21
Pharmaceuticals: Multiyear earnings upcycle in sight; prefer Cipla, Aurobindo, Laurus
Pharma valuations have course corrected in last 6M/3M with BSE healthcare index underperforming Nifty by 20%/11% due to sector rotation amid receding Covid headwinds and reemergence of FDA risk while earnings were resilient.
View Reports 
04-Mar-21
Automobiles: Tyre input costs still on the boil – retain negative stance
Prices of natural rubber and crude derivatives have skyrocketed 25% and 55% respectively since Oct’20.
View Reports 
01-Mar-21
Automobiles: Feb’21 Sales – Mixed bag
PV sales continued their upward trajectory in February with healthy YoY growth (+21%).
View Reports 
15-Feb-21
IT Services: Q3FY21 Review – Indian IT shows sustained growth resurgence
Q3FY21 sequential revenue growth and margins for the IT services sector have been robust, surpassing our already-optimistic estimates.
View Reports 
02-Feb-21
Automobiles: Jan’21 Sales – Exports driving 2W sales, CVs reviving, PVs steady
PV sales continued their upward trajectory in January with healthy YoY growth.
View Reports 
18-Jan-21
Automobiles: Spiking RM costs to puncture earnings
Input costs make up 65-70% of revenues for most auto manufacturers.
View Reports 
14-Jan-21
Automobiles: Q3FY21 Preview – Margins to reman stressed despite healthy volume uptick
Given higher quarterly dispatches, we expect Q3FY21 revenues to expand for our auto universe.
View Reports 
13-Jan-21
Banking: Q3FY21 Preview – All eyes on asset quality
Q3FY21 is yet another quarter where management commentary will be watched even more keenly than reported earnings.
View Reports 
13-Jan-21
Logistics: Q3FY21 Preview – Revenue and earnings growth set for recovery in Q3
Aggregate revenue of our logistics coverage universe is forecast to grow 11% YoY in Q3FY21 vs. a 1% uptick in Q2.
View Reports 
13-Jan-21
Banking: Card spends back to pre-Covid levels; stress to gradually subside
Key takeaways from our interaction with an expert on the credit card industry.
View Reports 
12-Jan-21
Pharmaceuticals: Q3FY21 Preview – Lupin, Sun, Dr Reddy’s to report strong Q3
We expect a strong Q3 for LPC (flu, India recovery), SUNP (specialty) and DRRD (US launches) with QoQ growth in EBITDA and margins, partly aided by cost savings.
View Reports 
11-Jan-21
Building Materials: Q3FY21 Preview – Improving trends across the board
We expect most of our building material coverage to clock YoY growth aided by demand revival.
View Reports 
08-Jan-21
Media & Entertainment: Strong content slate to boost multiplex occupancy in FY22
We hosted Amit Sharma, MD – Miraj Entertainment, on a call with select investors.
View Reports 
04-Jan-21
Automobiles: Dec’20 Auto Sales – 2Ws struggling, CVs reviving, PVs steady
Passenger vehicles continued their upward trajectory in December with healthy YoY and MoM growth.
View Reports 
04-Jan-21
IT Services: Q3FY21 Preview – Q3 to be resilient despite seasonality
We expect Q3FY21 to be resilient with a healthy QoQ dollar growth (2-4%) for most of our IT coverage, helped by modest cross-currency tailwinds (~35bps).
View Reports 
28-Dec-20
Banking: Resolution of stress in the power sector still far away
Key takeaways from our interaction with a power sector expert.
View Reports 
22-Dec-20
Pharmaceuticals: Takeaways from Pharma expert call
We hosted Dr. Deepak Hedge, Chief Technology Officer, EOC Pharma – Shanghai, as part of Pharma expert series (Virtual) last week.
View Reports 
18-Dec-20
IT Services: Strong outsourcing growth continues; FY21 guidance raised
Accenture's (ACN) Q1 dollar revenues beat the guided range by US$ 200mn, up 4% YoY and 2% CC.
View Reports 
17-Dec-20
Logistics: Monthly Tracker – Recovery rolls ahead
Most high frequency indicators maintained their upward trajectory in November.
View Reports 
01-Dec-20
Automobiles: Festive Auto Sales - 4Ws do well, 2Ws steady; tractors strong
Auto sales continued their upward trajectory in November with healthy YoY growth propelled by festive demand.
View Reports 
01-Dec-20
Oil & Gas: Gas consumption surges
Natural gas consumption surged to 160.5mmscmd in October (+5% YoY, +12.6% MoM), boosted by the industrials segment.
View Reports 
26-Nov-20
IT Services: Pickup in digital and blockchain-led deals
Most key deal wins and partnerships in Q3FY21 so far have been in the blockchain and digital transformation space.
View Reports 
20-Nov-20
Market Strategy: Deep Value Picks: PSU – depressed valuations an opportunity or value trap?
PSU stocks have had a most forgettable year in 2020 with the Nifty PSE index declining ~30% since Jan’20.
View Reports 
17-Nov-20
Logistics: Monthly Tracker – Broad-based recovery continues
After a sturdy Sep’20, most high frequency indicators continued on the path of recovery in October as well.
View Reports 
13-Nov-20
Oil & Gas: Petroleum demand soars for first time since lockdown
India's petroleum product consumption jumped 15% MoM (+2% YoY) to 17.8mmt in October as fuels across segments exhibited resurgent growth in tandem with the Indian economy's emergence from the world's strictest lockdown.
View Reports 
13-Nov-20
IT Services: Q2FY21 Review – V-shaped recovery in Q2
Q2FY21 has been a much-awaited recovery quarter for Indian IT, exhibiting a V-shaped rebound marked by growth and margin outperformance across the sector.
View Reports 
03-Nov-20
Oil & Gas: Gas consumption from power sector hits record high
Natural gas consumption declined to 142.6mmscmd (–8% YoY, –4% MoM) in September as lockdowns across states hampered demand.
View Reports 
02-Nov-20
Automobiles: Oct’20 Auto Sales – Encouraging volumes; maintain cautious stance
Auto sales continued their upward trajectory in October with healthy YoY growth, ahead of our estimates.
View Reports 
21-Oct-20
Oil & Gas: OMCs – Depressed valuations overlook earnings traction
The earnings outlook for oil marketing companies (OMC) remains buoyant as marketing margins are holding at elevated levels.
View Reports 
13-Oct-20
Automobiles: Q2FY21 Preview – Inventory buildup ahead of festive season; reduce exposure
During Q2FY21, most OEMs have built up dealer inventory on hopes of a strong revival in the upcoming festive season.
View Reports 
13-Oct-20
Building Materials: Q2FY21 Preview – Unlocking to revive operational performance
We expect building material companies under our coverage to witness significant operational improvement QoQ given the gradual easing of Covid restrictions.
View Reports 
13-Oct-20
Pharmaceuticals: Q2FY21 Preview – Good Q2 for Cipla, Alembic, Alkem, Laurus
We expect positive Q2 surprises from Cipla (led by gProventil, Remdesivir), ALPM (US, EU), Laurus and Alkem (better seasonality).
View Reports 
12-Oct-20
Logistics: Q2FY21 Preview – Early signs of earnings recovery
Aggregate revenue of our logistics coverage universe is expected to decline by 5% YoY in Q2FY21, a marked improvement from the 25% drop in Q1, aided by a gradual easing of lockdown restrictions.
View Reports 
12-Oct-20
Oil & Gas: Q2FY21 Preview – Struggling to return to pre-Covid fundamentals
Q2FY21 has been another volatile quarter for the energy sector, with oil and spot LNG prices recovering from multiyear lows but spreads staying muted for cyclicals.
View Reports 
12-Oct-20
Banking: Q2FY21 Preview – Seeking clarity on asset quality
Q2FY21 is yet another quarter where clarity on asset quality will be keenly awaited amid pandemic uncertainty.
View Reports 
08-Oct-20
Oil & Gas: Domestic gas price regime – not much change
The Cabinet Committee on Economic Affairs (CCEA) has approved 'Natural Gas Marketing Reforms', with an objective to discover market price of gas from new producing fields through a transparent and competitive process.
View Reports 
06-Oct-20
Logistics: Monthly Tracker – Lead indicators bounce back strongly
Most high frequency indicators posted a strong YoY recovery in Sep’20.
View Reports 
05-Oct-20
Oil & Gas: Macros for gas still below pre covid levels
Natural gas consumption in August declined to 148.8mmscmd (-7.8% YoY, 3.4% MoM), as ensuing lockdowns across states hampered demand.
View Reports 
05-Oct-20
IT Services: Q2FY21 Preview – A positive growth quarter after Q1 slump
We expect Q2FY21 to be the growth recovery quarter with most companies in our coverage universe showing low-mid single digit QoQ growth, barring few exceptions.
View Reports 
01-Oct-20
Market Strategy: Model Portfolio – Protracted bear market yet to run its course
The recent rally across mid- and small-caps is yet to bring about a reversal of the long-term bearish trends that began in Jan’18.
View Reports 
01-Oct-20
Automobiles: Sep’20 Auto Sales – Upward trajectory continues
Auto sales continued their upward trajectory, improving MoM in September.
View Reports 
30-Sep-20
Banking: Lending rates dip in August
As per latest RBI data, the weighted average lending rate (WALR) on fresh rupee loans sanctioned by scheduled commercial banks (SCB) declined 18bps MoM to ~8.4% in August, driven by a ~30bps fall in rates at private banks.
View Reports 
24-Sep-20
IT Services: Stellar outsourcing show- a positive readthrough for Indian IT
Accenture’s (ACN) Q4FY20 dollar revenue was in line with the guided range of US$ 10.6bn-11bn, posting a decline of 1.4% QoQ and 1% CC.
View Reports 
24-Sep-20
[Ground Connect] Automobiles: Channel check takeaways – Dismal demand climate for MHCVs
We interacted with some multi-axle truck fleet owners.
View Reports 
16-Sep-20
Logistics: Monthly Tracker – Limping back to normalcy
Lead logistics indicators continued to improve in August, slowing their pace of decline vs. July – major port cargo fell 10% YoY (vs. –13% in July), container rail volumes dipped 8% (vs. –13%), and e-way bills contracted 3% (vs. –7%) – while IR’s freight volume grew 4% YoY (vs. –5%).
View Reports 
04-Sep-20
Oil & Gas: Gas consumption declines in Jul’20
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 
02-Sep-20
Diversified Financials: AMCs – Product focus and financial advisory taking root
We spoke with Mirae AMC CEO Swarup Mohanty recently.
View Reports 
02-Sep-20
Automobiles: Aug’20 Auto Sales – Recovery led by pre-festive inventory filling
Auto sales clocked an expectedly healthy recovery across segments in Aug’20, barring MHCVs and 3Ws.
View Reports 
01-Sep-20
[Sector Report] IT Services: Deep Dive 3 – Swift BFSI recovery ahead; raise TCS to BUY
While BFSI vertical revenues of Indian IT players contracted in Q1FY21, we expect a swift recovery to pre-Covid growth levels through FY21 on the back of (1) receding supply challenges and (2) steady technology budgets at large US banks.
View Reports 
31-Aug-20
Media & Entertainment: Unlock 4.0 – Cinema shutdown extended to September
After nearly six months of shutdown, movie halls in India were denied permission to reopen in September under the new Unlock 4.0 guidelines issued by the Ministry of Home Affairs (MHA) on 29 August.
View Reports 
19-Aug-20
Pharmaceuticals: Expensive e-pharmacy deals; Neutral impact for pharma majors
Media articles suggest growing consolidation in the e-pharmacy chain, i.e. Reliance-Netmeds and PharmEasy-Medlife.
View Reports 
07-Aug-20
[Sector Report] Media & Entertainment: Opportunity in adversity – BUY INOL
India’s multiplex industry is undergoing unprecedented hardships amid Covid-19 shutdowns.
View Reports 
06-Aug-20
NBFC: New RBI policies offer limited succour
RBI today introduced development policies along with the monetary policy, laying out new guidelines on the restructuring of personal loans – this has historically been a source of slippages and, together with extension of the MSME restructuring scheme, makes for a ticking time bomb in our view.
View Reports 
06-Aug-20
Banking: RBI allows restructuring yet again
The central bank has provided a resolution framework that allows all banks, NBFCs and HFCs to cope with Covid-related stress, wherein all loans including personal (retail) loans can be restructured.
View Reports 
06-Aug-20
Oil & Gas: Low spot prices make natural gas lucrative
Natural gas consumption in June increased to 171.2mmscmd (+6% YoY, +9% MoM).
View Reports 
05-Aug-20
[Sector Report] Automotive Tyres: Safe hub in current storm – BUY APTY, TVSS, JKI
Despite recent setbacks, we expect the Indian tyre industry to grow at a 7% CAGR to ~Rs 720bn during FY20-FY23.
View Reports 
03-Aug-20
Automobiles: Jul’20 Auto Sales – Low channel inventory aids wholesale volumes
Auto sales improved MoM in July but remained weaker than the year-ago period.
View Reports 
29-Jul-20
Market Strategy: Model Portfolio – Midcaps: Hunting for value amidst uncertainty
The recent rally in broad market indices – reminiscent of a classic V-shaped recovery – has been restricted to select stocks.
View Reports 
16-Jul-20
Diversified Financials: Q1FY21 Preview – Expect only gold finance NBFCs to shine
We expect MUTH and MGFL to register strong AUM growth of 19% and 30% YoY respectively in Q1FY21 as a secular credit crunch and run-up in gold prices act as tailwinds.
View Reports 
15-Jul-20
Logistics: Monthly Tracker – On an arduous path to recovery
Key industry indicators fell at a slower pace in June vs. April/May, implying that the worst of the pandemic may be behind us.
View Reports 
15-Jul-20
Oil & Gas: Q1FY21 Preview – Earnings volatility giving way to green shoots
Oil & Gas appears to be one of the few sectors to have seen faster normalisation in fundamentals by end-Q1FY21.
View Reports 
14-Jul-20
Logistics: Q1FY21 Preview – Management commentary holds key in washout quarter
Q1FY21 will be a non-event as consensus estimates and stock prices already bake in an abysmal quarter.
View Reports 
13-Jul-20
Banking: Q1FY21 Preview – Navigating uncertain waters
We believe the true picture of banks’ asset quality in Q1FY21 will be masked by the loan moratorium as this will rein in slippages.
View Reports 
13-Jul-20
Building Materials: Q1FY21 Preview – Operating performance to crumble amid lockdown
We expect building material companies under our coverage to post an anaemic Q1FY21 as the Covid-19 lockdown has exacted a severe toll on business.
View Reports 
09-Jul-20
Pharmaceuticals: Q1FY21 Preview – India sales firm despite Covid hit; good Q1 for Cipla, LPC, Laurus
We expect a good Q1 for Cipla (led by OTC switch, gProventil), Alkem (deferred India sales) and LPC (Levo ramp-up) – cost savings can further aid higher margins QoQ.
View Reports 
09-Jul-20
Automobiles: Q1FY21 Preview – Negative dealer feedback and rich valuations; reduce exposure
During Q1FY21, PV sales nosedived ~80% YoY and 3W/2W volumes slumped ~70%.
View Reports 
09-Jul-20
IT Services: ISG Q2CY20 Index – Trends and call highlights
The Q2CY20 ISG Index reflects stalled deal activity (ACV down 4.7% YoY) and a drop in managed services deal sourcing due to Covid-19.
View Reports 
08-Jul-20
Banking: Lending rates remain stable in May
As per latest RBI data, the weighted average lending rate (WALR) on fresh rupee loans sanctioned by public sector banks (PSB) declined 26bps MoM to ~8.2% in May, whereas that for scheduled commercial banks (SCB) remained unchanged at 8.5% as private players managed to improve fresh lending rates by 30bps to 9.2%.
View Reports 
06-Jul-20
IT Services: Q1FY21 Preview – Covid-19 to dent Q1; demand recovery cues key to watch
We expect a broad-based demand-led decline in revenue and margins for IT services players in Q1FY21 due to the Covid-19 impact.
View Reports 
02-Jul-20
Oil & Gas: V-shaped recovery in LNG imports
Natural gas consumption in May increased to 157mmscmd (+7% YoY, +21% MoM).
View Reports 
02-Jul-20
Automobiles: Jun’20 Auto Sales – Tractors continue to outshine other segments
Auto sales improved on a sequential basis in June but remained weak versus last year.
View Reports 
24-Jun-20
IT Services: New H1B visa restrictions – anticipated election rhetoric
In a move seen as US election year rhetoric, new H1B visas have been suspended till Dec’20.
View Reports 
20-Jun-20
Market Strategy: Model Portfolio – Realigning to volatility
As the market adjusts to shifting expectations in a Covid-19 world, we maintain our negative stance on leveraged companies.
View Reports 
18-Jun-20
[Sector Report] IT Services: Deep Dive 2 – Telecom tech spends resilient; upgrade TECHM
Global 5G rollout is estimated to offer a mega US$ 10bn business opportunity for Indian IT players.
View Reports 
15-Jun-20
Logistics: Monthly Tracker – Another abysmal month but signs of recovery visible
After unprecedented declines in April, key trade indicators slumped yet again in May – major port traffic nosedived 23% YoY (–21% in Apr) and container rail volumes dropped 19% YoY (–14% in Apr).
View Reports 
12-Jun-20
Agriculture: India’s sugar demand improves post lockdown
We recently hosted a call with Abhinash Verma, Director General of Indian Sugar Mills Association (ISMA).
View Reports 
12-Jun-20
Oil & Gas: Petroleum consumption surges 47% in May
India’s petroleum product consumption surged 47% MoM (–21% YoY) to 14.6mmt in May’20 as fuels across segments exhibited resurgent growth in tandem with the Indian economy’s emergence from the world’s strictest lockdown.
View Reports 
10-Jun-20
[Sector Report] Vehicle Finance NBFCs: Recovery in H2FY22E – BUY CIFC, ADD MMFS
Automotive production and sales are expected to plummet to multi-year lows in FY21 as pressures arising from the Covid-19 crisis engulf both demand and supply channels.
View Reports 
09-Jun-20
BOBCAPS Research | Banking: Sharp reduction in term deposit rates in April
As per latest RBI data, banks' fresh lending rates declined 52bps MoM to 8.3% in Apr'20, registering the steepest ever fall since Oct'14.
View Reports 
05-Jun-20
Banking: Apex court raises troubling spectre of interest waiver
The SC in a recent hearing expressed concerns over banks charging interest on loans under moratorium but has sought the government's reply on the matter.
View Reports 
02-Jun-20
Automobiles: May’20 Auto Sales – Tractors robust, other segments weak
Auto sales in May remained muted owing to lockdown restrictions across major parts of the country.
View Reports 
01-Jun-20
Banking: Credit Tracker – Lockdown mars retail credit growth
RBI data on sectoral credit deployment indicates that growth in non-food credit remained sluggish at 7.3% in Apr’20.
View Reports 
22-May-20
Banking: Relief measures by RBI extended further
RBI today announced further measures aimed at easing financial stress
View Reports 
19-May-20
IT Services: Takeaways from Gartner IT spending quarterly outlook
As the coronavirus continues to spread, Gartner now expects worldwide IT spends to decline 8% in CY20 vs. growth of 5% forecast earlier.
View Reports 
18-May-20
Market Strategy: Covid-19 Stimulus – Lean fiscal stimulus offers little respite
The Centre’s Rs 20tn stimulus package provides impetus to structural reform initiatives that will bear fruit over the long term, but offer little immediate respite.
View Reports 
18-May-20
IT Services: Vertical deep dive: Retail vertical to bear the brunt – SELL Wipro
While concerns about the travel & transport vertical (<5% revenue share for tier-I India IT) are at the forefront, we believe retail – the second largest vertical with 14% share – will be the worst hit for India IT services.
View Reports 
15-May-20
Logistics: Monthly Tracker – Unprecedented slowdown in extraordinary times
Trade barometers registered unprecedented declines in Apr’20 as manufacturing activity came to a standstill amid the national lockdown.
View Reports 
13-May-20
Market Strategy: Covid-19 Stimulus – First instalment of mega stimulus: spotlight on MSMEs
As part of its Rs 20tn stimulus package, the Centre today unveiled ~Rs 6tn in liquidity-related support, primarily targeting MSMEs and NBFCs.
View Reports 
12-May-20
Banking: Lending yields plummet in March
As per latest RBI data, fresh lending yields continued to decline, with a 40bps MoM drop in Mar'20 to 8.8%.
View Reports 
11-May-20
Oil & Gas: Petroleum consumption plunges in April
India’s petroleum product consumption plunged 46% YoY (–38% MoM) to 10mmt in Apr’20, as all fuels except LPG saw severe demand erosion.
View Reports 
06-May-20
Oil & Gas: Mar’20 natural gas consumption slips
Natural gas consumption in Q4FY20 increased a mere 2.6% YoY to 150mmscmd as offtake inched up across sectors and power demand dropped – CGD (28.6mmscmd, +10% YoY), other industrials (50.6mmscmd, +8.2% YoY) and fertiliser (45.4mmscmd, +4% YoY).
View Reports 
06-May-20
Market Strategy: Macro View – Excise duties on fuel hiked to meet fiscal challenges
The Centre has hiked excise duties on petrol and diesel by Rs 10 and Rs 13 per litre respectively as it strives to balance the fiscal math, translating to an estimated windfall of ~Rs 2tn for the exchequer.
View Reports 
30-Apr-20
Building Materials: Gulf anti-dumping levy to hit ceramic tile producers
The GCC today imposed anti-dumping duty on ceramic tile imports from India and China from 6 June 2020 for five years.
View Reports 
22-Apr-20
Automobiles: Q4FY20 Preview – Covid-19 stalls recovery hopes
Weak dispatches in Q4FY20 due to BS-IV inventory liquidation and the March lockdown saw aggregate FY20 volumes declining at record rates.
View Reports 
20-Apr-20
Logistics: Q4FY20 Preview – Expect an anaemic quarter
Already reeling under a domestic consumption slowdown, the Indian logistics industry has now taken a severe blow from Covid-19-led trade disruptions.
View Reports 
17-Apr-20
NBFC: RBI’s Covid-19 measures positive but half-hearted
RBI has announced key relief measures for NBFCs today, viz. targeted long-term repo operations (TLTRO) 2.0, special refinance facilities for All India Financial Institutions (AIFIs), and a one-year extension for real estate loans.
View Reports 
17-Apr-20
Banking: RBI announces fresh measures to cushion lockdown impact
The RBI today announced the following additional liquidity measures to address near-term concerns amid the Covid-19 pandemic.
View Reports 
16-Apr-20
Oil & Gas: Q4FY20 Preview – Pressure on cyclical earnings
The oil price crash has been a main feature of Q4FY20.
View Reports 
15-Apr-20
Automobiles: Yongda call takeaways – China luxury car demand on the rebound
We hosted a call with China Yongda Automobile Services (Yongda), one of the leading luxury car dealers in China with over 200 outlets catering to marquee brands such as BMW, Porsche, Mercedes Benz, Audi and JLR.
View Reports 
15-Apr-20
Building Materials: Q4FY20 Preview – Expect an insipid quarter
Building material companies under our coverage are likely to post a dull Q4FY20 as tough market conditions have been further accentuated by the lockdown in end-March, thus taking a toll on volumes.
View Reports 
15-Apr-20
Banking: Q4FY20 Preview – Limited lockdown impact in Q4
We expect a modest fourth quarter for our banking coverage followed by a sharp credit slowdown in Q1FY21 as the lockdown impact unravels.
View Reports 
13-Apr-20
Diversified Financials: Q4FY20 Preview – Robust quarter with limited lockdown impact
We expect BAF, MUTH and MGFL to register strong AUM growth in Q4FY20 even as efficient opex and risk management keep profits buoyant.
View Reports 
13-Apr-20
Building Materials: Lockdown to mar near-term prospects; structural drivers intact
We expect the ongoing lockdown to severely hamper demand for building materials in H1FY21 with some revival only from H2.
View Reports 
09-Apr-20
IT Services: ISG Index – Covid-19 to forestall deal activity in Q2CY20
As per ISG, Q1CY20 managed services deals – a more relevant indicator for Indian IT services players – were on track for 9-10% YoY growth pre-Covid-19.
View Reports 
08-Apr-20
Pharmaceuticals: Q4FY20 Preview – Good Q4 for DRRD, LPC, DIVI, Laurus; FY21 guidance key to watch
We expect DRRD, LPC (Levo ramp-up + Losartan/HCTZ), and DIVI (leverage post FDA audit) to report a good quarter, with higher margins QoQ for LPC/DIVI (decline for DRRD on R&D cost increase).
View Reports 
02-Apr-20
Automobiles: Mar’20 Auto Sales – BS-VI shift + Covid-19 drive sharp slump
Mar’20 volume growth was weak for all automotive segments as the Covid-19 outbreak followed by plant shutdowns hit production and sales.
View Reports 
02-Apr-20
Oil & Gas: Feb’20 natural gas consumption surges
Natural gas consumption in Feb'20 increased 10% YoY to 160mmscmd as offtake climbed across sectors (except power) – fertiliser (47mmscmd, +9% YoY), CGD (30.4mmscmd, +17% YoY), and other industrials (52.9mmscmd, +13.7% YoY).
View Reports 
31-Mar-20
[Ground Connect] Logistics: Channel check takeaways – lockdown wreaking havoc
We recently interacted with a number of logistics companies – listed and unlisted – as well as industry experts.
View Reports 
31-Mar-20
[Sector Report] Banking: Large private banks offer safe havens – BUY ICICIBC, AXSB, HDFCB
India’s banking sector is battling lashing headwinds ranging from anaemic credit demand to elevated bad debt and Covid-19 fears.
View Reports 
24-Mar-20
Errata: India Strategy | Covid-19 Pandemic: Market bottom elusive – stick to select cash-rich stocks
Central banks globally are bracing for a worldwide economic shutdown which heightens the risk of a protracted downside in global markets.
View Reports 
13-Mar-20
[Sector Report] Diversified Financials (AMCs): Low-levered, high-ROE and dividend-payout plays – BUY HDFC AMC; SELL NAM
Asset management companies (AMC) are a play on the growing financialisation of savings in India.
View Reports 
11-Mar-20
India Market Strategy: Unlevered stocks best picks in tremulous market
Recent market correction, driven by global turmoil, has put Nifty valuations (at 15.5x one-year forward) at an attractive level.
View Reports 
07-Mar-20
Banking: Yes Bank rescue plan – stake purchase the lesser evil for SBIN
The RBI and government of India have superseded Yes Bank's (YES) board and placed the bank under moratorium from 5 Mar 2020.
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02-Mar-20
Automobiles: Feb’20 Auto Sales – Weak for most segments; PVs, tractors ahead
Feb’20 volume growth remained negative for most key segments, barring tractors.
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17-Feb-20
Logistics: Monthly Tracker – Rail container volumes steady, major port cargo sluggish
Trade indicators exhibited mixed trends in Jan’20.
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03-Feb-20
Automobiles: Jan’20 Auto Sales – PVs ahead of 2W and CVs
Jan’20 volume trends were mixed across segments and players based on stock levels and differing timelines for BS-VI production ramp-up.
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01-Feb-20
Infrastructure: FY21 Budget – Reduced funding for infrastructure
Overall fund allocation for key infrastructure sectors has declined 4% YoY in Union Budget FY21 to Rs 5.5tn, with gross budgetary support at Rs 2.7tn (+10% YoY) – the latter includes Rs 1.6tn (+7% YoY) towards roads and railways.
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30-Jan-20
IT Services: Coronavirus crisis hits global travel industry – likely risk for NITEC
The coronavirus outbreak in China is expected to exact a heavy toll on the global travel, transport and hospitality (TTH) industry.
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20-Jan-20
[Sector Report] Automobiles: Mixed signals – prefer PVs, two-wheelers (BUY Maruti, Eicher)
The auto industry slump over the past five quarters has seen the Nifty Auto Index plunging ~40% over the 12 months to Sep’19.
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16-Jan-20
Logistics: Monthly Tracker – Mixed trends
Trade indicators exhibited mixed trends in Dec’19.
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10-Jan-20
Logistics: Q3FY20 Preview – Insipid quarter beckons
Logistics companies in our coverage are expected to report a tepid Q3 as domestic and EXIM trade headwinds continue unabated.
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10-Jan-20
Infrastructure: Q3FY20 Preview – Execution a mix bag
Moderate execution due to prolonged monsoon and lack of order wards in the past year is expected to contain revenue growth at ~9% YoY for our infrastructure universe in Q3FY20.
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09-Jan-20
Banking: Q3FY20 Preview – Recoveries to aid earnings
Q3FY20 is likely to be a soft quarter in terms of business momentum as systemic loan growth has remained lackluster.
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09-Jan-20
Building Material: Q3FY20 Preview – Tepid quarter
Building material companies under our coverage are expected to post a tepid Q3FY20 as market conditions remained challenging, thus taking a toll on volumes.
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09-Jan-20
Oil & Gas: Q3FY20 Preview – Pressure on cyclical earnings
Cyclical business fundamentals aggravated in Q3FY20 – Singapore GRMs crashed to US$ 1.63/bbl (-75% QoQ), and petrochemical cracks declined ~20% QoQ.
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07-Jan-20
Pharmaceuticals: Q3FY20 Preview – Q3 strong for DRRD, LPC, SUN, Alkem & Laurus
DRRD, LPC, Sun & Alkem to report strong quarters both for US and India.
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03-Jan-20
Infrastructure: Ambitious Rs 102tn infra push – funding holds the key
The finance ministry’s Rs 102tn National Infrastructure Pipeline (NIP) for India over FY20-FY25 comes as a major boost for the sector.
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16-Dec-19
Logistics: Monthly Tracker – Container rail volumes tick up in incrementally better month
High frequency indicators for the logistics industry remained subdued in Nov’19, but have improved incrementally vis-à-vis the past few months.
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04-Dec-19
IT Services: US elections – a potential cyclical risk for Indian IT
Our analysis of growth trends over the last 12 years indicates a risk of protracted near-term softness for India’s IT services industry in the runup to US presidential elections in Nov’20.
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29-Nov-19
Oil & Gas: Expert meeting takeaways
We hosted Kaushik Deb – Research Fellow at KAPSARC (King Abdullah Petroleum Studies and Research Center), Riyadh, for investor meetings in Mumbai.
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21-Nov-19
Banking: Credit Tracker – Loan growth plummets to 8%
Credit growth for the fortnight ended 8 November slipped to a two-year low of 8.1% YoY, as per RBI data.
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18-Nov-19
Logistics: Monthly Tracker – Slump in port volumes and container rail lead distance
High frequency indicators, a harbinger of the logistics industry’s performance, worsened further in Oct’19, indicating a deepening slowdown.
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11-Nov-19
Oil & Gas: OMCs Q2 FY20– tepid GRMs, marketing earnings sustain
All the three OMCs – IOCL, BPCL and HPCL – reported Q2 FY20 earnings well below estimates, impacted by low GRMs (US$3.8-US$3/bbl), under- performing the benchmark Singapore (US$6.5/bbl).
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07-Nov-19
IT Services: Infosys and HCL Tech: Analyst meet takeaways
At analyst meetings hosted separately by INFO and HCLT, we noted evolving digital capabilities and growing digital contract sizes at both players.
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24-Oct-19
Oil & Gas: Govt. opens up fuel retailing to non-oil companies
The government has eased fuel retailing norms, allowing non-oil companies to set up petrol pumps in India to increase investment and competition in the sector.
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18-Oct-19
Agriculture: Maharashtra’s sugar production to nearly halve in 2019-20
We met senior officials of the Maharashtra State Co-Operative Sugar Factories Federation (MSCSFF) which has 190 co-operative sugar mills operating in the state as members.
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15-Oct-19
Logistics: Monthly Tracker - Demand climate deteriorates further
High frequency indicators, a harbinger of the logistics industry’s performance, worsened in Sep’19, marking the end of a sedate Q2FY20.
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12-Oct-19
Oil & Gas: Q2FY20 Preview - GRMs rise but economic slowdown weighs on cyclicals
Cyclical business fundamentals showed mixed trends in Q2FY20 – Singapore GRMs surged to US$ 6.5/bbl (+88% QoQ), while petrochemical cracks declined ~10% QoQ.
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12-Oct-19
Banking: Credit Tracker - Loan growth drops below 9%
RBI data shows that credit growth for the fortnight ended 27 September slipped to a three-year low of 8.8% YoY.
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11-Oct-19
Infrastructure: Q2FY20 Preview - Execution slackens; order flow a key monitorable
Poor project execution due to the extended monsoons is expected to contain revenue growth at ~15% YoY for our infrastructure universe in Q2FY20.
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11-Oct-19
Logistics: Q2FY20 Preview - Expect a weak quarter all around
High frequency indicators (EXIM trade, rail freight and major port traffic), corroborated by industry checks, signal a feeble demand environment for logistics services.
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11-Oct-19
Building Materials: Q2FY20 Preview - Modest quarter
Building material companies under our coverage are expected to post a modest Q2FY20 as tough market conditions exact a toll on volumes.
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11-Oct-19
Pharma: Q2FY20 Preview - India seasonality, stable US good for Alkem, DRRD; Cipla weak
We expect Alkem and DRRD to report a good quarter with largely stable US sales QoQ.
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10-Oct-19
IT Services: ISG Index call takeaways: Mixed signals for Q3CY19
ISG's Q3 Index reflects an uptick in deal activity and a return to double-digit growth.
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04-Oct-19
IT Services: Q2FY20 Preview – Q2 to set tone for second-half and beyond
Despite global trade, revenue growth for tier-I Indian IT services players has held steady for the last three quarters.
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03-Oct-19
Infrastructure: NHAI analyst meet update – upbeat on BMP awards
We attended an analyst meet hosted by NHAI on Bharatmala Pariyojana phase-I (BMP).
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03-Oct-19
Banking: Credit Tracker – August non-food credit growth plummets to <10%
RBI data on sectoral credit deployment indicates that growth in non-food credit slowed to a 17-month low of 9.8% in Aug’19, hobbled by lower growth across segments.
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03-Oct-19
Gold Finance NBFCs: Turning a corner
Gold loans being self-liquidating and well-collateralised, India’s top-2 gold finance NBFCs, MUTH and MGFL, have found favour with debt/liquid funds post the IL&FS crisis.
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02-Oct-19
Oil & Gas: GRM surge on IMO may sustain for long
The global transition to electric vehicles is a potent threat to oil demand growth over the long term, estimated to shrink oil consumption from road transportation at a ~0.5% CAGR over 2018-40.
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27-Sep-19
IT Services: Positive readthrough from Accenture results
Accenture posted record bookings worth US$ 12.9bn in Q4FY19, including 16 US$ 100mn+ TCV deals, besides guiding for 5-8% YoY CC revenue growth for FY20.
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27-Sep-19
Infrastructure: NHAI call takeaways – Order awards to gather pace from Q3
We spoke with V K Sharma – CGM (Land Acquisition) and Siba Narayan Nayak, CGM (Finance) of NHAI, for an update on land acquisition and order award targets for FY20.
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26-Sep-19
Banking: Tax cut to bolster earnings
The corporate tax cut provides much needed cheer for banks under our coverage – we raise FY21-FY22 earnings by 2-14% and ROE estimates by 30-220bps, but believe the near-term impact is already in the price.
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26-Sep-19
Banking: Credit Tracker – Business momentum remains sluggish
RBI data shows that credit and deposit growth for the fortnight ended 13 September were both weak at 10% YoY.
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26-Sep-19
Midcaps: Tax cut benefits capped by demand headwinds
We upgrade FY20 earnings by 2-11% for midcap companies under our coverage post the recent corporate tax cut.
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25-Sep-19
Logistics: Tax cut may have limited benefits; demand challenges persist
Our industry interactions suggest that while the recent corporate tax sop will aid earnings of select logistics companies within our coverage, the benefits may not be proportional to the cut as large corporate clients likely negotiate for better pricing.
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25-Sep-19
Oil & Gas: Gains from tax cuts – PSUs, gas utilities top bets
The tax rate cut announced by the government will be earnings accretive by 6-15% for energy companies in our coverage universe.
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25-Sep-19
Infrastructure: Corporate tax cut an earnings booster; HG Infra to gain the most
The corporate tax reduction announced last week will bump up standalone EPS by 2-13% for our infrastructure universe over FY20-FY22, with HGIEL benefiting the most.
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24-Sep-19
Pharmaceuticals: Corporate tax cut – bonanza for healthcare services
The corporate tax cut from 30% to 22% (including surcharge from 34.9% to 25.2%) effective FY20 could spur an 8-15% earnings upgrade for pharma MNCs (Not Rated) and Diagnostic players/hospitals (Not Rated), as well as a marginal 3-4% benefit for Divi’s Labs among our Indian pharma coverage.
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18-Sep-19
Logistics: Monthly Tracker – Slowdown continues to take a toll
High frequency indicators for logistics remained dull in Aug’19. Cargo volume growth at major ports softened to 1.2% YoY as a weak EXIM trajectory (–10.6% YoY) took a toll.
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16-Sep-19
BFSI & Midcaps: BOBCAPS BFSI & Midcaps Conference – Key takeaways
We hosted 23 corporates from the BFSI and midcap sectors for meetings with 50+ institutional clients at our conference in Mumbai on 13 September.
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03-Sep-19
Banking: Credit Tracker – July non-food credit growth feeble at 11%
RBI data on sectoral credit deployment indicates that non-food credit growth remained subdued at 11.4% YoY in Jul’19.
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03-Sep-19
Oil & Gas: Jul’19 natural gas consumption robust
Natural gas consumption in Jul'19 increased 4.8% YoY to 155.1mmscmd, as offtake increased across sectors (with the exception of power).
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30-Aug-19
Banking: Blockbuster merger – 10 PSBs fused into 4
In a mega move towards consolidation, the Finance Minister has announced the merger of 10 PSBs into 4 new entities, albeit with no definite timelines or swap ratios.
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28-Aug-19
Plastic Products: Anti-dumping duty on CPVC – Astral Poly a key beneficiary
India's finance ministry has imposed provisional anti-dumping duty (ADD) on CPVC resin/compounds imported from China and Korea for a period of six months starting 26 August.
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20-Aug-19
Banking: Credit Tracker – Credit growth remains lacklustre
RBI data shows subdued 12% YoY credit growth for the fortnight ended 02 August and stable 10% deposit growth.
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16-Aug-19
Logistics: Monthly Tracker – Major ports, container rail volumes improve; EXIM sluggish
High frequency indicators exhibited a mixed trend in Jul’19.
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02-Aug-19
Banking: Credit Tracker – June non-food credit growth sluggish at 11%
RBI data on sectoral credit deployment for Jun’19 indicates that non-food lending increased at a subdued 11.1% YoY for the month.
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18-Jul-19
Banking: Credit Tracker – Credit growth remains sluggish
RBI data shows that credit growth for the fortnight ended 05 July...
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