12-May-2021Research Reports

12-May-21

BOBCAPS First Light | Monthly Eco Chartbook, Power

Monthly Eco Chartbook: India’s recovery hit by second wave. Power: Yesterday’s rally likely an overreaction

View Reports PDF

11-May-21

First Light | [#3 Meeting of Minds] Auto, DCB Bank, Weekly Eco Wrap

Auto: Gearing up for EV battery technology. DCBB: Recoveries to improve gradually – upgrade to ADD. Weekly Eco Wrap: Local restrictions impact economic activity

View Reports PDF

10-May-21

First Light | Hero MotoCorp, Bandhan Bank

HMCL: Near-term headwinds; REDUCE. BANDHAN: Aggressive write-offs prop up asset quality

View Reports PDF

07-May-21

First Light | Coforge, CEAT

COFORGE: Bumper FY22 guidance; reiterate BUY. CEAT: Rising raw material costs to impact earnings; SELL

View Reports PDF

06-May-21

First Light | RBI Policy Measures, L&T Infotech, Banking

Policy Measures: RBI measures for Covid 2.0. LTI: Market-leading growth in FY21. Banking: RBI extends relief measures to tackle second Covid wave

View Reports PDF

05-May-21

First Light | RBL Bank

Heading in the right direction – upgrade to ADD

View Reports PDF

04-May-21

First Light | Weekly Eco Wrap, Trade, Supreme Industries, Kotak Mahindra Bank, Ajanta Pharma, Auto

Weekly Eco Wrap: Rising Covid-19 cases a risk to recovery. Trade: Trade deficit widens. SI: Profit boosted by inventory gains, maintain SELL. KMB: Q4 in line; well capitalised for growth. AJP: Another good quarter. Auto: Apr’21 Sales – Sequential decline across segments; outlook cautious

View Reports PDF

03-May-21

First Light | India Currency Watch, [Meeting of Minds] Aviation, AU Small Finance Bank, Persistent Systems, IndusInd Bank, Laurus Labs, Mahindra Logistics

India Currency Watch: Crystal gazing the USD and INR. Aviation: Time for airline fleet consolidation; near-term pain to persist. AUBANK: Miss on asset quality. PSYS: Good execution despite IP seasonality. IIB: Steady operating performance; growth to pick up

View Reports PDF

30-Apr-21

First Light | Bajaj Auto, Mahindra Logistics

BJAUT: In-line Q4; maintain SELL. MLL: Strong quarter as SCM continues to deliver

View Reports PDF

29-Apr-21

First Light | Metals & Mining

Expert call with China’s Valin Steel on ‘new normal’ for industry

View Reports PDF

28-Apr-21

BOBCAPS First Light | Maruti, Axis Bank, TVS Motor

MSIL: Strong growth outlook, attractive valuations – upgrade to BUY. AXSB: Good show on asset quality. TVSL: Upgrade estimates; maintain SELL on rich valuations

View Reports PDF

27-Apr-21

First Light | Weekly Eco Wrap, Tech Mahindra, Banking

Weekly Eco Wrap: Global recovery holds ground. TECHM: Subdued Q4; deal win acceleration lends visibility. Banking: RBI caps tenure of bank CEOs at 15 years

View Reports PDF

26-Apr-21

First Light | [Meeting of Minds] Auto, GNA Axles, ICICI Bank, HCL Tech

Auto: Rubber prices headed for a structural bull run. GNA Axles: In-line operating performance; ADD. ICICI Bank: No negative pandemic surprises. HCL Tech: Q4 in line; deal wins gain momentum

View Reports PDF

23-Apr-21

First Light | [Sector Report] Logistics, April MPC Minutes

Logistics: Pandemic redefining industry landscape – BUY MLL, TCIEXP, VRLL. April MPC Minutes: MPC steadfast on growth

View Reports PDF

22-Apr-21

First Light | Swaraj Engines

Better sales mix to aid earnings; upgrade to ADD

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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

View Reports PDF

07-Apr-21

First Light | IT Services Q4FY21 Preview

Ending the year on a robust note

View Reports PDF

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 PDF

05-Apr-21

First Light | Trade, Cement

Trade: Non-oil imports surge, Cement: Expert meeting takeaways - Demand outlook robust

View Reports PDF

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 PDF

31-Mar-21

First Light | Weekly Eco Wrap

Rising Covid-19 cases a worry

View Reports PDF

26-Mar-21

First Light | Greenpanel Industries

MDF demand remains robust

View Reports PDF

25-Mar-21

First Light | Banking

SC verdict on moratorium dispels overhang for banks

View Reports PDF

23-Mar-21

First Light | Weekly Eco Wrap

US yields rise further

View Reports PDF

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 PDF

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 PDF

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 PDF

12-Mar-21

First Light | Pharmaceuticals

Multiyear earnings upcycle in sight; prefer Cipla, Aurobindo, Laurus

View Reports PDF

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 PDF

08-Mar-21

First Light | Wipro, Eris Lifesciences

WPRO: Bold Capco acquisition. ERIS: NDR takeaways – Execution on track

View Reports PDF

05-Mar-21

First Light | Automobiles

Tyre input costs still on the boil – retain negative stance

View Reports PDF

03-Mar-21

First Light | Trade

Imports accelerate, exports dip

View Reports PDF

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

View Reports PDF

01-Mar-21

First Light | Q3FY21 GDP

Growth back in positive territory

View Reports PDF

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 PDF

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 PDF

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 PDF

12-Feb-21

First Light | Greenply Industries, MRF

MTLM: Q3 beat as demand gains traction. MRF: Near-term headwinds persist; maintain SELL

View Reports PDF

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 PDF

10-Feb-21

First Light | Balkrishna Industries

Healthy Q3 but margin headwinds ahead – maintain SELL

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

20-Jan-21

First Light | Alembic Pharma

Q3 misses estimates but India beat looks sustainable

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

08-Jan-21

First Light | FY21 GDP

Strong rebound on the cards

View Reports PDF

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 PDF

04-Jan-21

First Light | Trade

Sharp acceleration in imports

View Reports PDF

01-Jan-21

First Light | Balance of Payments

External position remains favourable

View Reports PDF

30-Dec-20

First Light | Balrampur Chini

Enhanced ethanol sales to support profitability

View Reports PDF

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 PDF

24-Dec-20

First Light | TCI Express

Demand on the mend

View Reports PDF

23-Dec-20

First Light | Pharmaceuticals

Takeaways from Pharma expert call

View Reports PDF

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 PDF

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 PDF

18-Dec-20

First Light | Logistics Monthly Tracker

Recovery rolls ahead

View Reports PDF

17-Dec-20

First Light | eClerx Services

Sizeable like-to-like acquisition to fuel inorganic growth

View Reports PDF

16-Dec-20

First Light | TVS Srichakra

Upsides capped; downgrade to SELL

View Reports PDF

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 PDF

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 PDF

11-Dec-20

First Light | UPL

Old whistleblower complaint – steep correction unwarranted

View Reports PDF

09-Dec-20

First Light | Greenply Industries

Early onset of winter boosting sales

View Reports PDF

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 PDF

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 PDF

04-Dec-20

First Light | Trade, Indraprastha Gas

Trade: Trade deficit expands as exports slip. IGL: Expect volume recovery from FY22

View Reports PDF

03-Dec-20

First Light | MRF

Rising input cost a key concern amid rich valuations; cut to SELL

View Reports PDF

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 PDF

01-Dec-20

First Light | Q2FY21 GDP, Greenpanel Industries

Q2FY21 GDP: GDP throws a positive surprise. GREENP: MDF growth holds strong

View Reports PDF

27-Nov-20

First Light | IT Services

Pickup in digital and blockchain-led deals

View Reports PDF

25-Nov-20

First Light | Apollo Tyres

Positives priced in; downgrade to SELL

View Reports PDF

24-Nov-20

First Light | Weekly Eco Wrap

All eyes on India’s Q2 GDP print

View Reports PDF

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 PDF

20-Nov-20

First Light | Wipro

Sweeping structural changes to simplify business model

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

28-Oct-20

First Light | Finolex Industries

Higher PVC resin prices aid profits; valuations fair – cut to ADD

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

21-Oct-20

First Light | Kajaria Ceramics

Good performance but in the price – downgrade to REDUCE

View Reports PDF

20-Oct-20

First Light | Weekly Eco Wrap

India decides to borrow more

View Reports PDF

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 PDF

16-Oct-20

First Light | Mindtree

Robust margin visibility

View Reports PDF

15-Oct-20

First Light | Wholesale Inflation, Infosys

Wholesale Inflation: Food inflation drives WPI higher. INFO: Stellar recovery based on strong TCV

View Reports PDF

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 PDF

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 PDF

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 PDF

09-Oct-20

First Light | Oil & Gas

Domestic gas price regime - not much change

View Reports PDF

08-Oct-20

First Light | Tata Consultancy Services

Demand recovery drives outperformance

View Reports PDF

07-Oct-20

First Light | Logistics Monthly Tracker

Lead indicators bounce back strongly

View Reports PDF

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 PDF

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 PDF

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 PDF

29-Sep-20

First Light | Weekly Eco Wrap

RBI to maintain status quo

View Reports PDF

28-Sep-20

First Light | [Initiation] Swaraj Engines

Healthy prospects but valuations full – initiate with SELL

View Reports PDF

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 PDF

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 PDF

21-Sep-20

First Light | Allcargo Logistics

Multiple one-offs, Gati consolidation boosts performance

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

14-Sep-20

First Light | IIP

IIP improves further

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

02-Sep-20

First Light | [Sector Report] IT Services,

Deep Dive 3: Swift BFSI recovery ahead – raise TCS to BUY

View Reports PDF

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

View Reports PDF

31-Aug-20

First Light | Reliance Industries, DCB Bank

RIL: Expanding footprint in retail. DCBB: Clarity on asset quality by Q3FY21

View Reports PDF

27-Aug-20

First Light | Indraprastha Gas

Volumes slump; raise to REDUCE post correction

View Reports PDF

26-Aug-20

First Light | RBI Annual Report

RBI expects gradual recovery

View Reports PDF

25-Aug-20

First Light | Weekly Eco Wrap

Global yields dip, Indian yields rise

View Reports PDF

24-Aug-20

First Light | Oil India

Muted volumes

View Reports PDF

21-Aug-20

First Light | August MPC Minutes

Rate cut cycle may be behind us

View Reports PDF

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

View Reports PDF

19-Aug-20

First Light | Petronet LNG

Margins improve, volume outlook brightens

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

06-Aug-20

First Light | [Sector Report] Automotive Tyres, Astral Poly Technik

Automotive Tyres: Safe hub in current storm. ASTRA: Lockdown-hit quarter

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

27-Jul-20

First Light | Mphasis, ICICI Bank

MPHL: Strong deal wins; DXC remains soft. ICICIBC: Prudent provisions reassuring

View Reports PDF

24-Jul-20

First Light | HDFC AMC

Equity flows remain subdued

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

20-Jul-20

First Light | HDFC Bank, HCL Technologies

HDFCB: Strong enough to weather the storm. HCLT: Upbeat margin outlook

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

13-Jul-20

First Light | Reliance Industries, IIP

RIL: Earnings yet to justify rerating – cut to REDUCE. IIP: First signs of recovery

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

02-Jul-20

First Light | ONGC, Cera Sanitaryware

ONGC: Concerns abound – cut to ADD. CRS: Lockdown blues – downgrade to ADD

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

24-Jun-20

First Light | Info Edge

Bleak outlook for core businesses

View Reports PDF

23-Jun-20

First Light | Weekly Eco Wrap, VRL Logistics

Weekly Wrap: Equity markets and oil prices resist rising COVID cases. VRLL: Insipid quarter

View Reports PDF

22-Jun-20

First Light | Market Strategy, Greenpanel Industries

Market Strategy: Model Portfolio – Realigning to volatility. GREENP: Strong operational performance marred by MTM losses

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

10-Jun-20

BOBCAPS First Light | eClerx Services, Banking

ECLX: Valuation inexpensive but lacks catalysts. Banking: Sharp reduction in term deposit rates in April

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

03-Jun-20

First Light | Rating Action, Automobiles

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

28-May-20

First Light | Sun Pharma

Q4 miss; near-term outlook subdued – REDUCE

View Reports PDF

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

View Reports PDF

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

View Reports PDF

22-May-20

BOBCAPS First Light | Mahindra Logistics

Insipid quarter all around

View Reports PDF

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

View Reports PDF

20-May-20

First Light | IT Services

Takeaways from Gartner IT spending quarterly outlook

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

08-May-20

First Light | RBL Bank, HCL Technologies

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

View Reports PDF

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

View Reports PDF

05-May-20

First Light | Weekly Eco Wrap

Central Banks extend support as data disappoints

View Reports PDF

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

View Reports PDF

30-Apr-20

First Light | Hexaware Technologies

Cloudy near-term outlook; cut to ADD

View Reports PDF

29-Apr-20

First Light | Axis Bank

Fortifying the balance sheet

View Reports PDF

28-Apr-20

First Light | Weekly Eco Wrap, IndusInd Bank

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

View Reports PDF

27-Apr-20

First Light | Mindtree

Upbeat quarter; upgrade a notch to REDUCE

View Reports PDF

24-Apr-20

First Light | Alembic Pharma

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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.

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

08-Apr-20

First Light | Weekly Eco Wrap

Markets rejoice fewer virus cases

View Reports PDF

07-Apr-20

First Light | Muthoot Finance

Return of pricing power

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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

View Reports PDF

27-Mar-20

First Light | India Economics: Covid-19 Impact

Pandemic to stunt global growth, delay India’s recovery

View Reports PDF

25-Mar-20

First Light | Cera Sanitaryware

Demand environment anaemic but margins steady

View Reports PDF

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

View Reports PDF

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

View Reports PDF

16-Mar-20

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

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

View Reports PDF

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

View Reports PDF

12-Mar-20

First Light | India Market Strategy

Unlevered stocks best picks in tremulous market

View Reports PDF

11-Mar-20

First Light | Weekly Eco Wrap

US yields at all-time low

View Reports PDF

09-Mar-20

First Light | Banking

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

View Reports PDF

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

View Reports PDF

02-Mar-20

First Light | Q3FY20 GDP, IndusInd Bank

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

View Reports PDF

28-Feb-20

First Light | India's Road to Recovery

Stage set for growth rebound

View Reports PDF

25-Feb-20

First Light | Weekly Eco Wrap

Global monetary loosening on the cards

View Reports PDF

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

View Reports PDF

20-Feb-20

First Light | Aurobindo Pharma

EIR received for Unit IV – a key sentiment booster

View Reports PDF

19-Feb-20

First Light | Greenpanel Industries

MDF traction to continue

View Reports PDF

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

View Reports PDF

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

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

05-Feb-20

First Light | TVS Motor, Century Plyboards

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

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

24-Jan-20

First Light | [Initiation] Bajaj Finance

BAF 2.0 – Revamped growth engine; initiate with BUY

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

10-Jan-20

First Light | Banking Q3FY20 Preview, Building Material Q3FY20 Preview

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

View Reports PDF

09-Jan-20

First Light | Oil & Gas Q3FY20 Preview

Pressure on cyclical earnings

View Reports PDF

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 PDF

07-Jan-20

First Light | Weekly Eco Wrap

Oil prices to guide Indian Markets

View Reports PDF

06-Jan-20

First Light | Infrastructure

Ambitious Rs 102tn infra push – funding holds the key

View Reports PDF

02-Jan-20

First Light | Reliance Industries

RJio and Retail neutralise uncertainty over cyclicals

View Reports PDF

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 PDF

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 PDF

26-Dec-19

First Light | HG Infra Engineering

Gurgaon-Sohna site visit indicates steady execution progress

View Reports PDF

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 PDF

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 PDF

19-Dec-19

First Light | Tech Mahindra

Analyst meet takeaways

View Reports PDF

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 PDF

16-Dec-19

First Light | Trade

Non-oil-non-gold imports fall sharply

View Reports PDF

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 PDF

12-Dec-19

First Light | Monthly Eco Chartbook, L&T Infotech

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

View Reports PDF

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 PDF

09-Dec-19

First Light | Kotak Mahindra Bank (Initiation)

In a league of its own – initiate with BUY

View Reports PDF

06-Dec-19

First Light | Monetary Policy Review

Rate cuts to resume in Q1FY21

View Reports PDF

05-Dec-19

First Light | IT Services

US elections – a potential cyclical risk for Indian IT

View Reports PDF

03-Dec-19

First Light | Weekly Eco Wrap

RBI to cut rates to prop growth

View Reports PDF

02-Dec-19

First Light | Q2FY20 GDP, Oil & Gas

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

View Reports PDF

29-Nov-19

First Light | VRL Logistics (Initiation), Laurus Labs

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

View Reports PDF

28-Nov-19

First Light | Greenply Industries

Upbeat margin guidance

View Reports PDF

26-Nov-19

First Light | Weekly Eco Wrap

Markets await Q2 growth print

View Reports PDF

22-Nov-19

First Light | Banking Credit Tracker

Loan growth plummets to 8%

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

31-Oct-19

First Light | Petronet LNG

Volumes and margins surge

View Reports PDF

30-Oct-19

First Light | Weekly Eco Wrap

Awaiting US Fed and BoJ policy decisions

View Reports PDF

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 PDF

25-Oct-19

First Light | Oil & Gas

Govt. opens up fuel retailing to non-oil companies

View Reports PDF

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 PDF

23-Oct-19

First Light | Weekly Eco Wrap

Markets rally on US-China trade deal

View Reports PDF

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 PDF

17-Oct-19

First Light | Mindtree

High attrition, hazy outlook worrying – reiterate SELL

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

03-Oct-19

First Light | Oil & Gas [Sector Report]

GRM surge on IMO may sustain for long

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

25-Sep-19

First Light | Pharmaceuticals

Corporate tax cut – bonanza for healthcare services

View Reports PDF

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 PDF

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 PDF

19-Sep-19

First Light | Cera Sanitaryware, Logistics

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

View Reports PDF

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 PDF

16-Sep-19

First Light | Trade

Global and domestic demand weakens further

View Reports PDF

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 PDF

12-Sep-19

First Light | ONGC

Oil production targets ambitious

View Reports PDF

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 PDF

09-Sep-19

First Light | Dilip Buildcon

Successful stake sale to Cube; another deal in the offing

View Reports PDF

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 PDF

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 PDF

30-Aug-19

First Light | RBI Annual Report

RBI dividend to boost growth

View Reports PDF

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 PDF

27-Aug-19

First Light | Weekly Eco Wrap

Global uncertainty increases

View Reports PDF

26-Aug-19

First Light | Mindtree

CEO interaction takeaways: Navigating rough waters

View Reports PDF

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 PDF

21-Aug-19

First Light | Banking Credit Tracker

Credit growth remains lacklustre

View Reports PDF

20-Aug-19

First Light | Weekly Eco Wrap

FOMC and RBI minutes to take centre stage

View Reports PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

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 PDF

01-Aug-19

First Light | TCI Express

Macro slowdown derails growth

View Reports PDF

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 PDF

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 PDF

29-Jul-19

First Light | ICICI Bank, Mphasis

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

View Reports PDF

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 PDF

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 PDF

23-Jul-19

First Light | Weekly Eco Wrap

Weekly Eco Wrap: Global easing cycle gains steam

View Reports PDF

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 PDF

19-Jul-19

Banking: Credit Tracker

Banking: Credit growth remains sluggish

View Reports PDF

18-Jul-19

Mindtree, Yes Bank, Wipro

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

View Reports PDF