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Banking Sector Update : IBC: A setback, but not a pullback by Kotak Institutional Equities IBC: A setback, but not a pullback Our conversations with various stakeholders suggest that the recent Supreme Court order to liquidate Bhushan Power and Steel (BPSL) is a setback to the case and the IBC process. However, it is likely that stakeholders will look at other legal options before looking at liquidation. While it appears as a setback to the IBC process, we see these rulings as a means that strengthens the law rather than a reversal of the proces...
Banking Sector Update : IBC: A setback, but not a pullback by Kotak Institutional Equities
Banking Sector Update : IBC: A setback, but not a pullback by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-05-18 11:18:07 am
Automobiles & Components: US auto tariffs: Localization wins by Kotak Institutional Equities US auto tariffs: Localization wins The revised US auto tariff policy incentivizes by exempting highly localized vehicles and offering partial relief to domestically assembled models while imposing 25% tariffs on imported vehicles. We believe domestic-focused automakers are relatively better positioned to gain share. For Indian companies, JLR and commercial/industrial suppliers continue facing status quo exposure without new relief, while PV component makers such as SAMIL and SONACO...
Automobiles & Components: US auto tariffs: Localization wins by Kotak Institutional Equities
Automobiles & Components: US auto tariffs: Localization wins by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-05-18 11:08:48 am
Automobiles Sector Update : Tractor demand steady, other segments remain weak by Motilal Oswal Financial Services Ltd Tractor demand steady, other segments remain weak Overall demand across key segments remained weak in Apr’25. For OEMs reported so far, MM, TVSL and VECV outperformed our estimates. On the other hand, Hyundai, TTMT CV, HMCL and Escorts posted sales below our estimates. In PVs, MM outperformed peers with a strong 28% YoY growth in volumes. Even MSIL started FY26 with a steady 7% YoY growth. However, Hyundai and TTMT PV underperformed peers, with volumes down 5% each. For 2Ws, TVSL pos...
Automobiles Sector Update : Tractor demand steady, other segments remain weak by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Tractor demand steady, other segments remain weak by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-18 10:56:15 am
Banking Sector Update : Easing deposit mobilization efforts through LCR relaxation by Kotak Institutional Equities Easing deposit mobilization efforts through LCR relaxation The final guidelines on LCR come as a net positive compared to the draft regulations. The RBI’s assessment suggests an improvement of six percentage points in the LCR ratio, but at an aggregated level. The changes are harder to calculate for individual banks based on current disclosures. We assess a 2-3% point lower deposit requirement if LCR is moved back to current levels. This would imply that banks can (1) accelerate loan...
Banking Sector Update : Easing deposit mobilization efforts through LCR relaxation by Kotak Institutional Equities
Banking Sector Update : Easing deposit mobilization efforts through LCR relaxation by Kotak Institutional Equities
Source: Kotak Securities Ltd
2025-05-18 10:38:27 am
IT Sector Update : What lies ahead for Indian IT: The good, the bad, and the unlikely by Motilal Oswal Financial Services Ltd What lies ahead for Indian IT: The good, the bad, and the unlikely Of the 11 companies that have reported so far, 7 have missed revenue estimates; margin performance has been relatively decent, with ~70% of the companies beating or meeting expectations. That said, we have seen earnings cuts of 3-4% across our coverage universe, and in the meantime, the NSE IT index has still rallied ~9% since TCS kicked off the results season. Two things have possibly driven this: 1) earnings downgrades ha...
IT Sector Update : What lies ahead for Indian IT: The good, the bad, and the unlikely by Motilal Oswal Financial Services Ltd
IT Sector Update : What lies ahead for Indian IT: The good, the bad, and the unlikely by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-13 02:18:29 pm
Sector-Wise Moving Average Distribution by Axis Securities Ltd How to read the Chart This chart provides a sector-wise distribution of stocks that are trading above specific Exponential Moving Averages (EMAs). EMAs are commonly used indicators that give more weight to the most recent prices, making them more responsive to new information. The chart includes the 5-, 20-, 50-, 100-, and 200-day EMAs. Sectors and Percentages Each row represents a sector, and the information across columns shows what percentage of the sector’s members are abov...
Sector-Wise Moving Average Distribution by Axis Securities Ltd
Sector-Wise Moving Average Distribution by Axis Securities Ltd
Source: Axis Securities Ltd
2025-05-12 06:30:44 pm
Aviation Sector Update : PAX rises due to robust demand; IndiGo’s share at ~64% By Motilal Oswal Financial Services Ltd PAX rises due to robust demand; IndiGo’s share at ~64% * Domestic air passenger (PAX) traffic grew ~9% YoY in Mar’25 to 14.5m (up ~3.5% MoM). Though it was above pre-COVID levels, passenger growth decreased for Spicejet MoM. * The average domestic Passenger Load Factor (PLF) declined 420bp MoM in Mar’25. PLF rose MoM for IndiGo, while it declined for Air India (AI), Akasa, and SpiceJet. The OnTime Performance (OTP) increased 980bp MoM for airlines; the domestic average...
Aviation Sector Update : PAX rises due to robust demand; IndiGo’s share at ~64% By Motilal Oswal Financial Services Ltd
Aviation Sector Update : PAX rises due to robust demand; IndiGo’s share at ~64% By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-12 12:24:22 pm
Telecom Sector Update : Subscriber loss significantly moderates for Vi in Feb`25 By Motilal Oswal Financial Services Ltd Subscriber loss significantly moderates for Vi in Feb’25 The Telecom Regulatory Authority of India (TRAI) released the subscriber data for Feb’25. The key highlights are as follows: * Wireless subs (excl. M2M): Subscriber declines moderate sharply for Vi * Industry’s wireless subscribers (excl. M2M subs) increased by a modest ~1.1m in Feb’25, though still down ~29m since the tariff hike (Jun’24). * Vi’s net subscriber declines moderated to a mod...
Telecom Sector Update : Subscriber loss significantly moderates for Vi in Feb`25 By Motilal Oswal Financial Services Ltd
Telecom Sector Update : Subscriber loss significantly moderates for Vi in Feb`25 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-10 11:53:30 am
Monthly Auto Sales - April 2025 by ARETE Securities Ltd In the month of April, India's automotive industry displayed a spectrum of performances across its core segments. The PV market recorded modest growth compared to the previous year, underpinned by MSIL's strategic pricing initiatives and M&M's sustained demand, though entry-level segments faced affordability constraints. The CV segment, encompassing buses, trucks, LCVs, and tractors, experienced a downturn, with AL and TAMO affected by pricing pressures and seasonal declines, ...
Monthly Auto Sales - April 2025 by ARETE Securities Ltd
Monthly Auto Sales - April 2025 by ARETE Securities Ltd
Source: ARETE Securities Ltd
2025-05-07 03:59:56 pm
IT Sector Update : A difficult time by Kotak Institutional Equities IT services companies reported a weak March 2025 quarter led by select cases of delays in project ramp-ups and a cautious spending stance adopted by a few verticals in the run-up to the reciprocal tariff announcement. The revenue growth guidance for FY2026 is an expanded range that accounts for uncertainty in the quantum of tariff hikes by the US. The revised guidance may be a tad optimistic at the upper end of the band. Retail and manufacturing were impacted the most. Mid-tier companies once...
IT Sector Update : A difficult time by Kotak Institutional Equities
IT Sector Update : A difficult time by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-05-06 02:41:09 pm
Sector-Wise Moving Average Distribution by Axis Securities Ltd How to read the Chart This chart provides a sector-wise distribution of stocks that are trading above specific Exponential Moving Averages (EMAs). EMAs are commonly used indicators that give more weight to the most recent prices, making them more responsive to new information. The chart includes the 5-, 20-, 50-, 100-, and 200-day EMAs. Sectors and Percentages Each row represents a sector, and the information across columns shows what percentage of the sector’s members are abo...
Sector-Wise Moving Average Distribution by Axis Securities Ltd
Sector-Wise Moving Average Distribution by Axis Securities Ltd
Source: Axis Securities Ltd
2025-05-05 12:41:17 pm
NBFC Sector Update : RBI releases final LCR guidelines: Another shot in the arm By Motilal Oswal Financial Services Ltd RBI releases final LCR guidelines: Another shot in the arm Systemic LCR to improve by 6%; funding and liquidity pressures to ease * The RBI has released revised guidelines for the LCR framework, which offers a more relaxed stance than the earlier draft and is intended to enhance the overall liquidity position of the banking sector. * In our earlier note from Nov’24 (Link), we had estimated a potential 8.8-17.4% impact on overall LCR if the draft norms were implemented. However,...
NBFC Sector Update : RBI releases final LCR guidelines: Another shot in the arm By Motilal Oswal Financial Services Ltd
NBFC Sector Update : RBI releases final LCR guidelines: Another shot in the arm By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-03 11:40:30 am
Life Insurance Sector Update : Surrender regulations affect FY25 individual WRP growth by Motilal Oswal Financial Services Ltd Surrender regulations affect FY25 individual WRP growth Industry’s individual WRP inches up YoY in Mar’25; new business premium hit by LIC’s weak growth momentum * In Mar’25, the individual weighted received premium (WRP) growth for private players continued to be in single digits at 3.2% YoY. The life insurance industry witnessed a 2.1% YoY growth in WRP, owing to a flattish performance by LIC. For FY25, individual WRP grew 11% YoY (15%/1% for private players/LI...
Life Insurance Sector Update : Surrender regulations affect FY25 individual WRP growth by Motilal Oswal Financial Services Ltd
Life Insurance Sector Update : Surrender regulations affect FY25 individual WRP growth by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-02 04:07:19 pm
Automobiles Sector Report : Two-wheelers outperform other segments in FY25 by Motilal Oswal Financial Services Ltd Two-wheelers outperform other segments in FY25 Growth across segments slowing down in recent months * Auto segmental growth for FY25: 2W ICE at 7.5%, PVs at 2%, and CVs at -1.2%. * Within 2Ws, the ICE scooter segment outperformed with 13% growth in FY25, relative to 5% growth for motorcycles. * For the domestic 2W ICE segment, HMCL’s market share has fallen below 30% for the first time ever in FY25 and the market share gap between HMCL and HMSI has narrowed to just 120bp. ...
Automobiles Sector Report : Two-wheelers outperform other segments in FY25 by Motilal Oswal Financial Services Ltd
Automobiles Sector Report : Two-wheelers outperform other segments in FY25 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-05-02 03:58:14 pm
Insurance Sector Update: Are the winds changing by Kotak Institutional Equities Unconfirmed media sources (link) suggest that the Department of Financial Services (DFS) has indicated that there will be no restrictions imposed on the bancassurance business. In November 2024, media sources had indicated otherwise, leading to underperformance of the sector. The development, if accurate, reduces the overhang of likely changes and augurs well for the stocks. SBI Life, followed by HDFC Life, are key beneficiaries. Media suggests assertive view from DFS Media sources sugg...
Insurance Sector Update: Are the winds changing by Kotak Institutional Equities
Insurance Sector Update: Are the winds changing by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-05-02 02:16:01 pm
Sector-Wise Moving Average Distribution by Axis Securities Ltd Sector-Wise Moving Average Distribution How to read the Chart This chart provides a sector-wise distribution of stocks that are trading above specific Exponential Moving Averages (EMAs). EMAs are commonly used indicators that give more weight to the most recent prices, making them more responsive to new information. The chart includes the 5-, 20-, 50-, 100-, and 200-day EMAs. Sectors and Percentages Each row represents a sector, and the information across columns shows the percent...
Sector-Wise Moving Average Distribution by Axis Securities Ltd
Sector-Wise Moving Average Distribution by Axis Securities Ltd
Source: Axis Securities Ltd
2025-04-28 11:55:41 am
Metal Sector Update: Sluggish demand in domestic markets keeps ferrous prices subdued By Motilal Oswal Financial Services Ltd Safeguard duty provides support to domestic prices amid global tariff war * Domestic HRC prices surged to INR52,000/t by Mar’25-end vs. INR46,500/t in mid-Jan’25, driven by the 12% provisional safeguard duty recommended on March 19. As a result, average domestic HRC prices in Mar’25 rose INR1500/t MoM. * Long steel prices rose INR2,000/t MoM to an average of INR54,600/t amid limited supply and stable demand in Mar’25. Prices were also supported by a seasonal upti...
Metal Sector Update: Sluggish demand in domestic markets keeps ferrous prices subdued By Motilal Oswal Financial Services Ltd
Metal Sector Update: Sluggish demand in domestic markets keeps ferrous prices subdued By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-27 04:39:41 pm
Healthcare Sector Update : Healthy YoY growth in Mar’25 after soft Feb’25 by Motilal Oswal Financial Services Ltd * The India pharma market (IPM) grew 9.3% YoY in Mar’25 (vs. 1% in Mar’24 and 4.1% in Feb’25). * Considering a CAGR of 20% in Mar’24 over Mar’22, YoY growth of 9.3% in Mar’25 seems healthy. * The growth was driven by strong outperformance in Cardiac/Gastro/Urology therapies, which outperformed IPM by 340bp/280bp/780bp. * Acute therapy growth stood at 8% in Mar’25 (vs. -1% in Mar’24 and 3% Feb’25) owing to seasonality. * For the...
Healthcare Sector Update : Healthy YoY growth in Mar’25 after soft Feb’25 by Motilal Oswal Financial Services Ltd
Healthcare Sector Update : Healthy YoY growth in Mar’25 after soft Feb’25 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-27 11:25:32 am
Banking Sector Update : Working through a period of uncertainty and high volatility by Kotak Institutional Equities Working through a period of uncertainty and high volatility Given the uncertainties that we are currently surrounded with, it is likely that we may have to rely on two probable paths: (1) valuation and (2) charting the probable course of action but having a flexible view on the possible range of outcomes. In this report, we shall give a perspective on how we are looking at the issues at hand. Valuation, if inexpensive, can obliterate near-term business performance In an u...
Banking Sector Update : Working through a period of uncertainty and high volatility by Kotak Institutional Equities
Banking Sector Update : Working through a period of uncertainty and high volatility by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-24 03:10:14 pm
NBFC Sector Update : RBI draft on gold loans: Stricter norms ahead By JM Financial Services On 9th Apr’25, the RBI released new draft guidelines (Link) which intend to harmonize guidelines for gold loans across regulated entities (banks, NBFCs, UCBs etc.) and also to address various lending practice related concerns as highlighted by the RBI earlier. Comments on draft directions are invited till 12th May’25. We believe that though these guidelines are beneficial over the long-term, it is likely to impact gold loan growth for lenders (especially NBFCs/mid banks) in the ne...
NBFC Sector Update : RBI draft on gold loans: Stricter norms ahead By JM Financial Services
NBFC Sector Update : RBI draft on gold loans: Stricter norms ahead By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:53:30 pm
Hotels Sector Update : 4Q Preview: Strong quarter led by buoyant demand By JM Financial Services With sustained momentum in demand, the hotel industry recorded a robust Feb’25 as panIndia RevPAR grew c.20% YoY to INR 7,446. Occupancy was up 200-400bps YoY to 72- 74%, while ARR grew c.15% YoY to INR 10,200 (source: HVS Anarock). As demand remains bouyant, we expect a strong quarter for our hospitality coverage universe led by low-to-mid double digit RevPAR growth and stable occupancies. We have marginally reduced estimates for IHCL to align them with our 4Q numbers, and for SAMHI we...
Hotels Sector Update : 4Q Preview: Strong quarter led by buoyant demand By JM Financial Services
Hotels Sector Update : 4Q Preview: Strong quarter led by buoyant demand By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:48:39 pm
Consumer Durables Sector Update : 4Q Preview: Large appliances and C&W to drive growth By JM Financial Services The consumer durables sector is expected to post a steady performance in 4QFY25, led by strong growth in Cables & Wires and Large Appliances segments. In Cables & Wires, demand is improving due to channel restocking, better execution of infrastructure projects, and the impact of higher raw material prices. Cooling products like air conditioners and refrigerators are also seeing healthy traction, supported by early summer conditions and active inventory build-up by dealers. While deman...
Consumer Durables Sector Update : 4Q Preview: Large appliances and C&W to drive growth By JM Financial Services
Consumer Durables Sector Update : 4Q Preview: Large appliances and C&W to drive growth By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:44:55 pm
Infrastructure Sector Update : Diversified EPC companies to report strong earnings By JM Financial Services Execution is likely to be a mixed bag, with diversified EPC players such as KPIL and KEC International expected to deliver strong performance, while highway companies like KNR Constructions, PNC Infra and Ashoka Buildcon may face headwinds due to lower executable order backlogs. We expect KNR/PNC’s revenue to decline sharply by 24%/22% YoY while KPIL is likely to post 16% YoY revenue growth led by strong order backlog. Order inflows have been robust for diversified companies but relativ...
Infrastructure Sector Update : Diversified EPC companies to report strong earnings By JM Financial Services
Infrastructure Sector Update : Diversified EPC companies to report strong earnings By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:41:36 pm
Automobiles Sector Update : YoY margin compression for most companies By Elara Capital We expect revenue of our Auto OEM universe (ex-Tata Motors) to improve ~10% YoY and ~3% QoQ in Q4FY25E. Driven by low single-digit production growth across most segments (except CVs), we expect ancillary companies under our coverage to see a revenue growth of 7% YoY and 3% QoQ. Despite a moderation in demand, major PV OEMs undertook price hikes in January 2025 across vehicle range to offset escalating input and operational cost. Overall demand remained muted in Q4FY25 with limited retail e...
Automobiles Sector Update : YoY margin compression for most companies By Elara Capital
Automobiles Sector Update : YoY margin compression for most companies By Elara Capital
Source: Elara Capital
2025-04-18 11:29:30 am
Infrastructure Sector Update : Slower than usual Q4 By Elara Capital The Infrastructure sector is seeing signs of pick-up – Capex by the central government is up 48% YoY, state capex has normalized with increased focus on irrigation/water supply (rise in new project announcements by Andhra Pradesh and Maharashtra) and initial signs are brewing of a rise in capacity enhancements by large conglomerates indicating potential business for engineering and construction plays. In international markets, projects from the Middle East are buoyant. New awarding witn...
Infrastructure Sector Update : Slower than usual Q4 By Elara Capital
Infrastructure Sector Update : Slower than usual Q4 By Elara Capital
Source: Elara Capital
2025-04-18 11:08:59 am
Metals & Mining Sector Update : Raw material prices continue to ease by By Elara Capital We expect near-term domestic steel demand to be driven by rising infrastructure activity, seasonal uptick in white goods demand, and reduced imports. The proposed 12% safeguard duty on flat steel products may further support domestic prices in the short term. However, upcoming capacity additions could weigh on the sustainability of price hikes. In the medium term, concerns around oversupply —domestic and global — and slowing global GDP amid tariff uncertainty, and the possible dev...
Metals & Mining Sector Update : Raw material prices continue to ease by By Elara Capital
Metals & Mining Sector Update : Raw material prices continue to ease by By Elara Capital
Source: Elara Capital
2025-04-18 10:58:53 am
Transports and Logistics Sector Update : Volume growth to continue in the slow lane By Elara Capital We expect overall volume growth across the sector to slow, led by disruption in global trade, demand weakness across auto, FMCG, apparels, footwear, & sugar industries and downward reset in growth rates in the eCommerce sector (platforms as well as direct to consumer [(D2C]). With Skymet predictions of a normal Monsoon and expected pickup in consumption, we remain hopeful of better volume pickup in FY26. At ports, clarity on tariffs and global supply chain would drive volume. For Q4, we e...
Transports and Logistics Sector Update : Volume growth to continue in the slow lane By Elara Capital
Transports and Logistics Sector Update : Volume growth to continue in the slow lane By Elara Capital
Source: Elara Capital
2025-04-18 10:53:29 am
NBFC Sector Update :Tale of two giants By Elara Capital Back in August 2024 in our report titled ‘Top-up loans–ticking time bomb’, we had underscored credit risk concerns in unsecured retail lending, recommending investor prudence. We are now building in a more optimistic stance, driven by favorable lead indicators. While risk-adjusted growth is on a rebound with fresh delinquency flows being arrested, peak asset quality stress is on the horizon (between Q4FY25 and Q1FY26) for consumer financiers. Such a scenario bodes well for B...
NBFC Sector Update :Tale of two giants By Elara Capital
NBFC Sector Update :Tale of two giants By Elara Capital
Source: Elara Capital
2025-04-18 10:43:38 am
Chemical Sector Update : US tariffs on chemicals - More bark, less bite by Kotak Institutional Equities More than 70% of specialty chemicals by value imported into the US are exempt from reciprocal tariffs. We expect China to continue to export these to the US undisturbed. In the remaining c.30%, other countries could gain market share from China, but increased Chinese aggression outside the US could then exacerbate pricing pressure on these products. Overall, we do not see any reason for optimism around the industry’s near-term prospects.   Over 70% of specialty chemicals impo...
Chemical Sector Update : US tariffs on chemicals - More bark, less bite by Kotak Institutional Equities
Chemical Sector Update : US tariffs on chemicals - More bark, less bite by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-15 12:57:33 pm
Electronic Manufacturing Sector Update : Component PLI - Healthy incentives offered across segments by Kotak Institutional Equities The Indian government has notified the Electronics Component Manufacturing Scheme. Incremental details include the incentives offered to different categories (ranging from 10% for multi-layer PCBs in the 1st year to 1% on display module sub assembly in the 6th year and 25% capital subsidy). We see both Dixon and Amber as favorably placed to achieve the turnover and capex targets and revise Dixon’s FV to Rs15,320 and Amber’s FV to Rs7,900. Based on our analysis, even if we include ...
Electronic Manufacturing Sector Update : Component PLI - Healthy incentives offered across segments by Kotak Institutional Equities
Electronic Manufacturing Sector Update : Component PLI - Healthy incentives offered across segments by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-15 12:35:19 pm
Pharma Sector Update : IPM pulse - the fiscal concludes on an encouraging note by Kotak Institutional Equities IPM reported growth of 9.3% yoy in March 2025, driven by improved growth across both acute and chronic. IPM growth in MAT Mar 2025 stood at 8.0% yoy versus 7.5% yoy growth in MAT Mar 2024, exhibiting slight improvement despite lower NLEM price hikes. We highlight that volume traction in the endmarket is still a bit sluggish, with pricing contributing the bulk of the growth. IPM sales in 4QFY25 grew by 7.3% yoy and 9.7% qoq. While organic domestic growth for most companies would remain in mid-...
Pharma Sector Update : IPM pulse - the fiscal concludes on an encouraging note by Kotak Institutional Equities
Pharma Sector Update : IPM pulse - the fiscal concludes on an encouraging note by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-15 12:26:40 pm
Moving Average Distribution - Axis Securities How to read the Chart This chart provides a sector-wise distribution of stocks that are trading above specific Exponential Moving Averages (EMAs). EMAs are commonly used indicators that give more weight to the most recent prices, making them more responsive to new information. The chart includes the 5-, 20-, 50-, 100-, and 200-day EMAs.   Sectors and Percentages Each row represents a sector, and the information across columns shows what percentage of the sector’s member...
Moving Average Distribution - Axis Securities
Moving Average Distribution - Axis Securities
Source: Axis Securities Ltd
2025-04-15 12:19:55 pm
NBFC Sector Update : Golden age for gold financiers behind by Elara Capital Per our comprehensive analysis of Reserve Bank of India (RBI) guidelines on gold lending, issued on 9 April 2025, expect significant impact on gold financiers, with potential implications for business growth, market share, operating models and compliance and risk management systems. Post these guidelines, we analyze the growth forecast scenario, the base-case of which indicates that the INR 7,100bn (FY24) organized gold lending market may grow at a 12.1% CAGR through FY24-27E, down from the e...
NBFC Sector Update : Golden age for gold financiers behind by Elara Capital
NBFC Sector Update : Golden age for gold financiers behind by Elara Capital
Source: Elara Capital
2025-04-14 04:16:02 pm
NBFC Sector Update : Q4 Preview - A balanced quarter by Emkay Global Financial Services We expect Q4FY25 to be a better quarter in terms of growth, disbursement, and credit cost. The key expectations in Q4 results will be: 1) Despite some QoQ growth acceleration, AUM growth (YoY) is expected to remain moderate and settle at a lower level due to slower disbursements. 2) A marginal improvement in the cost of funds on a sequential basis should support NIM + Fees as a percentage of AUM is likely to remain stable or witness a slight improvement. 3) The Opex ratio should remain broadl...
NBFC Sector Update : Q4 Preview - A balanced quarter by Emkay Global Financial Services
NBFC Sector Update : Q4 Preview - A balanced quarter by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 02:55:05 pm
Transports and Logistics Sector Update : GST E-way Bill Volumes Up 20% YoY in Q4FY25, Boost for B2B Firms by Emkay Global Financial Services We expect quarterly results to be a mixed bag for logistics companies under our coverage, with seasonality partially offsetting the elevated competitive intensity faced by organized players. GST e-way bill volumes have grown 20% YoY in Q4FY25, suggesting a strong uptick in volumes for B2B operators. Accordingly, we bake in Delhivery’s PTL segment reporting 20% YoY revenue growth, followed by Blue Dart Express (10% revenue; +12% volume). We downgrade TCI Express to REDUCE from Add and sl...
Transports and Logistics Sector Update : GST E-way Bill Volumes Up 20% YoY in Q4FY25, Boost for B2B Firms by Emkay Global Financial Services
Transports and Logistics Sector Update : GST E-way Bill Volumes Up 20% YoY in Q4FY25, Boost for B2B Firms by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 11:09:53 am
Oil & Gas Sector Update : Autofuel excise hiked amid weak oil prices; OMCs in sweet spot by Emkay Global Financial Services As Brent prices plummeted to USD65/bbl owing to US-led global tariff wars and OPEC+ accelerating reversal of output cuts, the GoI raised petrol and diesel excise duties by Rs2/ltr each, wef 8-Apr-25, with OMCs absorbing the same. The Petroleum Minister announced a further Rs50/cyl hike in domestic LPG prices and reiterated that LPG compensation for FY25 under-recoveries (amounting to Rs413.4bn) should also come. Autofuel price cuts could be taken if crude stays or falls below USD60/bbl, thoug...
Oil & Gas Sector Update : Autofuel excise hiked amid weak oil prices; OMCs in sweet spot by Emkay Global Financial Services
Oil & Gas Sector Update : Autofuel excise hiked amid weak oil prices; OMCs in sweet spot by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 10:59:00 am
Consumer Durables Sector Update : Cooling curve turning vertical by Emkay Global Financial Services We initiate coverage on the Indian Air Conditioner (AC) space, with BUY on both, Voltas – with TP of Rs1,600 (upside: 23%), and Blue Star (BLSTR) – with TP of Rs2,400 (upside: 19%). We believe the RAC category offers the best longterm/secular growth play, led by benign penetration levels (~14% vs ~208% in China; refer to China Case Study), improving affordability/falling TCOs, rising finance penetration, and improving power availability. Summer 2024 appears to have been a pivotal ...
Consumer Durables Sector Update : Cooling curve turning vertical by Emkay Global Financial Services
Consumer Durables Sector Update : Cooling curve turning vertical by Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 09:41:40 am
NBFC Sector Update : Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive by Motilal Oswal Financial Services Ltd Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive * The RBI has issued revised draft guidelines on gold lending, which will not disrupt or tighten gold-lending activities. It is instead intended to harmonize the guidelines for regulated entities (REs) in gold lending and provide a level playing field for all classes of lenders in this product segment. * The revised guidelines aim to: 1) establish a harmonized and uniform regulatory framework, 2) address concerns re...
NBFC Sector Update : Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive by Motilal Oswal Financial Services Ltd
NBFC Sector Update : Gold-lending guidelines: Harmonization of LTV norms; nothing disruptive by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 05:16:01 pm
Cement Sector Update : Price hikes announced, sustainability remains key by Motilal Oswal Financial Services Ltd Price hikes announced, sustainability remains key Cement spread increase led by pricing tailwinds Our channel checks suggest that the industry announced price hikes in Apr’25. The average price increased by INR40/bag MoM in the South region and by INR20/bag MoM in the East region. In other regions (North, West and Central), the average price increased in the range of INR8-15/bag. The price hikes should alleviate the concern of lower margin for the past few quarters. We estimate th...
Cement Sector Update : Price hikes announced, sustainability remains key by Motilal Oswal Financial Services Ltd
Cement Sector Update : Price hikes announced, sustainability remains key by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 12:46:01 pm
Infrastructure Sector Update : NHAI awarding picks up in 4Q, ends below target in FY25 by Motilal Oswal Financial Services Ltd NHAI awarding picks up in 4Q, ends below target in FY25 * NHAI’s project awarding in FY25 stood at 4,080km, below the 5,000km target, mainly due to general elections in 1QFY25 and subdued activity until 3QFY25. Awarding picked up in 4QFY25, with ~2,600km awarded during the quarter. The overall muted awarding has impacted order inflows for several road construction companies. NHAI exceeded its highway construction target of 5,150km and built 5,614km in FY25. * FASTag toll collectio...
Infrastructure Sector Update : NHAI awarding picks up in 4Q, ends below target in FY25 by Motilal Oswal Financial Services Ltd
Infrastructure Sector Update : NHAI awarding picks up in 4Q, ends below target in FY25 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 10:52:11 am
Oil & Gas Sector Update : Central government focuses on ensuring sustainable returns for OMCs Central government focuses on ensuring sustainable returns for OMCs   * The central government on 7th Apr’25 increased 1) excise duty on petrol (MS) and diesel (HSD) by INR2/lit, and 2) the price of domestic LPG cylinders by INR50. The increase in excise duty will affect OMCs’ marketing margins, though we do not expect any impact on our earnings estimates as the current marketing margins, averaging above ~INR10/lit, are significantly above our assumption of INR3.3/lit f...
Oil & Gas Sector Update : Central government focuses on ensuring sustainable returns for OMCs
Oil & Gas Sector Update : Central government focuses on ensuring sustainable returns for OMCs
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:50:52 am
Diet Report : Pharmaceuticals - Pharma Tariffs - Can India escape? by Elara Capital Late night on April 8, US President Donald Trump announced that tariffs on pharmaceutical product imports will be announced soon. The products have been exempted from the tariffs announced to date (Source: ANI News) The key question is whether India can be exempted from the pharma tariffs, given the better relationship between the countries and the critical nature of India’s generic drug supplies to the US healthcare system.   Country-specific exemption for India unlikely ...
Diet Report : Pharmaceuticals - Pharma Tariffs - Can India escape? by Elara Capital
Diet Report : Pharmaceuticals - Pharma Tariffs - Can India escape? by Elara Capital
Source: Elara Capital
2025-04-13 09:49:57 am
IT Sector Update : Liberation Day and Indian IT: Breaking point or turning point? by Motilal Oswal Financial Services Ltd Liberation Day and Indian IT: Breaking point or turning point? * The fallout from the Liberation Day tariffs has wreaked havoc on Indian IT service stocks, pushing the sector into the eye of the storm. While the full impact will take time to unfold, discretionary spend is likely to be put on hold again. We expect the next 3-6 months to bring negative news flow—including earnings cuts and potential pullbacks in FY26 guidance. In this note, we break down short-term risks across vertica...
IT Sector Update : Liberation Day and Indian IT: Breaking point or turning point? by Motilal Oswal Financial Services Ltd
IT Sector Update : Liberation Day and Indian IT: Breaking point or turning point? by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:16:14 am
Healthcare Sector Update : Healthy YoY growth in Mar`25 after soft Feb`25 by Motilal Oswal Financial Services * The India pharma market (IPM) grew 9.3% YoY in Mar’25 (vs. 1% in Mar’24 and 4.1% in Feb’25). * Considering a CAGR of 20% in Mar’24 over Mar’22, YoY growth of 9.3% in Mar’25 seems healthy. * The growth was driven by strong outperformance in Cardiac/Gastro/Urology therapies, which outperformed IPM by 340bp/280bp/780bp. * Acute therapy growth stood at 8% in Mar’25 (vs. -1% in Mar’24 and 3% Feb’25) owing to seasonality. * For the...
Healthcare Sector Update : Healthy YoY growth in Mar`25 after soft Feb`25 by Motilal Oswal Financial Services
Healthcare Sector Update : Healthy YoY growth in Mar`25 after soft Feb`25 by Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2025-04-12 05:24:43 pm
Automobiles Sector Update : Uneventful quarter by Motilal Oswal Financial Services Ltd Uneventful quarter Weak domestic outlook; global outlook marred with uncertainty * Auto OEMs within our coverage universe are expected to deliver ~6% YoY volume growth in 4QFY25. However, the end-market demand in 4Q has been weaker than the headline number suggests. Overall, growth was largely driven by new launches from MM, TVS and RE, while HMCL, BJAUT, HMI and MSIL posted subdued growth. CVs continued to witness weak demand. * For our OEM coverage universe (excl. JLR), we expect r...
Automobiles Sector Update : Uneventful quarter by Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Uneventful quarter by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-12 11:08:19 am
Capital Goods Sector Update : Awaiting a broad-based activity revival by Motilal Oswal Financial Services Ltd Awaiting a broad-based activity revival During 4QFY25, Defense and Transmission emerged as key growth drivers for order inflows in the sector. However, a broad-based revival in order inflows was notably absent, especially from central government and private sector players. Defense sector approvals from the Defence Acquisition Council (DAC) and continued focus from the Ministry of Defence (MoD) emphasized the intent of the government on the Make-in-India initiative and expedited finalizatio...
Capital Goods Sector Update : Awaiting a broad-based activity revival by Motilal Oswal Financial Services Ltd
Capital Goods Sector Update : Awaiting a broad-based activity revival by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-12 09:50:47 am
ESG: ICM progresses with carbon offset plan by Kotak Institutional Equities The recent notification of the detailed procedure for the offset mechanism and eight methodologies represents a major advancement in the operationalization of the Indian Carbon Market (ICM) by mid-2026. The proposed MRV process under the offset mechanism is poised to ensure accuracy and integrity. However, for its effective implementation, the adoption of a nimble and transparent approach will be crucial, in our view.   Offset mechanism to incentivize climate action by non-obligate...
ESG: ICM progresses with carbon offset plan by Kotak Institutional Equities
ESG: ICM progresses with carbon offset plan by Kotak Institutional Equities
Source: Kotak Institutional Equities
2025-04-11 02:57:12 pm
Banking Sector Update : Repo cut to hurt NIMs; other measures seem bank positive by Emkay Global Financial Services Ltd In its Apr-25 monetary policy review, RBI cut repo rate further by 25bps to 6%, and changed policy stance to ‘Accommodative’ from ‘neutral’. This raises hopes for more rate cuts, albeit contingent on evolving macro-economic dynamics amid ongoing tariff wars. Separately, RBI released guidelines to allow stressed asset securitization, expanded co-lending arrangement between banks and even for non-PSL category, partial credit enhancement (PCE) by regulated entities to sup...
Banking Sector Update : Repo cut to hurt NIMs; other measures seem bank positive by Emkay Global Financial Services Ltd
Banking Sector Update : Repo cut to hurt NIMs; other measures seem bank positive by Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-04-11 02:41:21 pm