In follow up to our US approvals watch published in mid-August’23, we reassess US approvals...
All demand drivers in a sweet spot We expect India’s hotel industry to clock in 12-15% R...
Demand remains strong; managements remain optimistic We recently made several site visits cove...
The Central Electricity Authority (CEA) has issued final terms and conditions for Tariff Regulati...
Entry barriers lowered for global EV PVs Favorable policy for domestic EV ecosystem developmen...
Ferrous companies in our coverage universe are likely to report sequentially higher spreads on ac...
At the start of this quarter, there was heightened optimism over the industry’s prospects c...
Digital spends see double-digit growth Momentum maintained in ad spen...
Strong quarter ends a bonanza CY23 Residential segment continues to s...
Margins to improve for OEMs, mixed bag for auto ancillary plays Expect Q4FY24E revenue for Ela...
Through the past year, performance of insurance stocks has predominantly been shaped by regulator...
OMCs’ earnings to be driven by better diesel marketing margins and GRMs. Diesel market...
2Ws, SUVs shine in FY 24; Tractors decline the most… The month of March was a mixed bag...
We believe a benign medium-term LNG pricing environment can be conducive for the LNG retail marke...
IB revenue and MTF book drove overall profitability * ICICI Securities (ISEC)’s 3QFY24 r...
Stable and not too exciting RBI’s recent data on housing loan growth (~40% yoy) incorpor...
Our channel checks suggest that pan-India average cement prices witnessed a 1.5-2% MoM dip in Feb...
Residential Real estate is witnessing a goldilocks situation where launches are highly calibrated...
Strategy: Gaining momentum; largecaps outperform midcaps/smallcaps * Market sees elevated vola...
IPM Pulse: Growth recovers from weak Dec * SUNP, CIPLA, TRP, IPCA and DRRD outperform: Base...
NCR hospitals on adrenalin Hospitals at full occupancy; managements remain optimistic Our s...
Feb’24 disbursements grew 13% YoY; asset quality remained stable CE stood at 97% (same l...
Auto sales maintained the trends, with PV and 2W maintaining a positive run, whereas CV and tract...
We have analyzed Q4CY23 earnings calls of key global auto original equipment manufacturers (OEM),...
Jitteriness in personal loans and MFI because of recent developments * In early FY24, NBFCs/HF...
E-commerce penetration plateauing for big-ticket items and rising for long-tail products: In...
* Indian Benchmark HRC price slumped below the Rs 54,000/t mark to Rs 53,800/t. (-0.4% WoW). The ...
We expect Bharti’s consolidated FCF to rise to ~INR 480bn/ INR 545bn in FY25/FY26 (from ~IN...
Hunger games Increased adoption: double-digit growth intact in India’s QSR space Indi...
The recent run-up in stocks just a catchup of two years of strong performance; Growth outlook rem...
PMSY – Rooftop solar to bask in the sun The government announced Pradhan Mantri Suryoday...
Sunny prospects for Refiners and OMCs; gas consumption scales fresh highs After witnessing a h...
We hosted a multi-brand, large distributor of FMCG products based in Uttar Pradesh. He noted that...
Demand robust; IndiGo market share flat MoM * Domestic air passenger (PAX) traffic grew ~8% Yo...
Marine business was muted in Dec’23 * The industry's gross written premium (GWP) inc...
We monitor monthly indicators to assess freight and cargo movement across the road, port, and rai...
In 3QFY24, we expect double-digit domestic growth from IPCA, TRP, CIPLA and SUNP. We expect gRevl...
India’s Real Estate sector continues to move from strength to strength, and we believe the ...
SAHIs: Securing the population About 5x-8x industry size achievable by FY30! * Significant ...
We expect utilities under our coverage to report 6% YoY revenue growth driven by 11% YoY growth i...
In 3QFY24, we expect our NBFC coverage universe to report 28% YoY earnings growth led by 21% YoY ...
Ozempic, Wegovy, at risk due to multiple lawsuits Effectively raises concern on CDMO opportuni...
Strong business growth, while margins will continue to retract albeit at a slower pace Systema...
Underlying metrics for PVs are deteriorating (flattening retail growth, rising inventory and disc...
Gross margin to contract sequentially as RM prices inch up… … however, volumes t...
Given the weak winter and slow recovery in rural demand, Q3FY24 is likely to be lackluster for FM...
After an exceptional performance in Q2FY24, box office collections moderated in Q3, with a strong...
Insurance stocks are currently exposed to a motley of divergent influences, including: 1) moderat...