Sector Report

Telecom Sector Update - Subscriber run-rate hit by..

Subscriber run-rate hit by second COVID wave led lockdown RJio gained due to its higher promotional offers; recovery in sight The Telecom Regulatory Authority of I..

Consumer Durables Sector - Annual Report Analysis:..

Annual Report Analysis: Hitting the right chords Our analysis of the FY21 annual reports of Havells, Crompton Greaves Consumer, Polycab, V-Guard and Orient Electric (n..

Cement Sector Update - Resilient quarter; profitab..

Resilient quarter; profitability intact despite cost rise While YoY as well as QoQ comparison in Q1FY22E is not meaningful given the varying degree of lockdown / restr..

Consumer Durables Sector - High failure rate in la..

High failure rate in large appliance segment; focus on companies selling smaller appliances The large appliances market in India is dominated by MNCs. Due to consisten..

Oil & Gas Sector Update - CGDs: CNG segment faces ..

CGDs: CNG segment faces the steepest uphill battle ever Domestic gas prices to rise by ~USD1/mmBtu * Since the start of the current domestic APM pricing regime in N..

Banking Sector Update - SBI led consortium recover..

SBI led consortium recovers a further INR58b via sale of UBL shares ED confiscates assets worth ~80% of losses caused by three fugitive borrowers * In a recent deve..

Oil and Gas Sector Update - Output hike on hold on..

Output hike on hold on OPEC+ stalemate; situation fluid Brent had surged to US$78/bbl as OPEC+ proposal for a monthly output hike of 400k b/d from Aug’21 has bee..

Automobiles Sector Update - Retails surge on pent-..

Retails surge on pent-up demand as lockdowns ease In continuation to our monthly series, we are monitoring mobility and retail demand trends as we believe both these d..

Financial Services Sector - Positive trends to sup..

Positive trends to support earnings The overall trends have remained positive for the asset management industry in FY22 thus far. There have been positive flows in equ..

Consumer Durables Sector - Analysis of pressure co..

Analysis of pressure cooker market: TTK Prestige is key beneficiary We believe incumbents like TTK Prestige will be the key beneficiaries of the steady growth in press..

Oil & Gas Sector Upadate - Oil, gas & spot LNG sur..

Oil, gas & spot LNG surge to bring gains for GAIL & OIL JKM spot LNG prices, which fell from record highs in Jan’21 to US$5.6/mmbtu in Mar’21, have..

Telecom Sector Update - Q1FY22 Preview: Muted quar..

Q1FY22 Preview: Muted quarter Wireless revenues for the quarter are anticipated to be relatively tepid, dragged down by 1) sluggish smartphone sales which were hit..