Research Reports

19-Jun-24

First Light | Currency Update

INR faced significant volatility in the 1st fortnight of Jun’24 and depreciated by 0.1% to currently trade near a low of 83.57/$

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18-Jun-24

First Light | Cipla, Deposits Trend, WPI

CIPLA IN: Valuations fully priced in; downgrade to HOLD. Deposits Trend - Higher growth in NRI deposits. WPI Inflation at a 15-month high

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14-Jun-24

First Light | CPI Inflation and IIP, 360 One

CPI Inflation and IIP: Food inflation - A key risk. 360 ONE: ET Money acquisition – beneficial in long term

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13-Jun-24

First Light | Oil & Gas: Range-bound crude price in H2CY24 - Oil Brokerage

Crude price likely to remain range-bound against expectations of spike in H2CY24

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10-Jun-24

First Light | Monetary Policy Review, Building Materials

Monetary Policy Review: RBI retains rates. Building Materials: Q4FY24 Review

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07-Jun-24

First Light | Corporate Performance

Corporate Performance: How have companies fared in Q4FY24?

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06-Jun-24

First Light | Monthly Economic Buffet, Havells India

Monthly Economic Buffet: Economic Round-up – May 2024. HAVL: Annual report analysis – Product innovation driving growth

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04-Jun-24

First Light | Bonds Wrap, Currency Update, Monetary Policy Expectations

Bonds Wrap: Fortnightly review. Currency Update: Fortnightly forex review. Monetary Policy Expectations: RBI to hold rates

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03-Jun-24

First Light | Tata Steel, GDP, Consumer Durables

TATA: Stock price largely captures transition; downgrade to HOLD. GDP: GDP growth soars in FY24. Consumer Durables: Channel checks – Searing heat sparks AC demand surge

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30-May-24

First Light | Alkem Labs, JK Lakshmi Cement, Greenlam Industries, Hindware Home Innovation

ALKEM: Misses estimates; steep sequential margin decline. JKLC: Margins gain, volume flat; no major respite, retain SELL. GRLM: Soft quarter; particleboard project cost revised up again. HINDWARE: In-line quarter; upbeat outlook across segments

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29-May-24

First Light | LIC

LICI: Decent quarter; upgrade to BUY

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28-May-24

First Light | Aurobindo Pharma, Century Plyboards

ARBP: Strong quarter; OAI at Eugia-III an overhang. CPBI: In-line quarter; weak near-term outlook

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27-May-24

First Light | Petronet LNG, Ashok Leyland, Star Cement, Divi's Labs

PLNG: Volume growth visibility still low, downgrade to SELL. AL: Healthy show, all set to continue momentum; retain BUY. STRCEM: Steady show in a trying quarter; growth intact. DIVI: Strong quarter; rich valuations

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24-May-24

First Light | The Ramco Cements, Sun Pharma

TRCL: Steady quarter, aggressive capex plans; upgrade to HOLD. SUNP: Gearing for higher R&D spend

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23-May-24

First Light | JK Cement, RBI Dividend, Shree Cement, Bandhan Bank, Eris Lifesciences, Greenply Industries

JKCE: Focused on growth; earnings intact; upgrade to BUY. RBI Dividend: Record high. SRCM: Cost savings key driver of performance; valuations pricey. BANDHAN: In line with recovery plan. ERIS: Strong revenue growth; integration ongoing. MTLM: Misses estimate on weak plywood margin; upbeat outlook.

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22-May-24

First Light | Apollo Pipes, Capital Formation, Astral, Oil & Gas

APOLP: Another disappointing quarter on all fronts. Capital Formation: How different sectors fared. ASTRA: Weak quarter, strong outlook. Oil & Gas: CGDs demonstrate improved focus on volume growth

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21-May-24

First Light | Mahindra & Mahindra, Eicher Motors, V-Guard Industries, Amber Enterprises, Prince Pipes & Fittings

MM: Growth trajectory captured in the valuations. EIM: Powering growth momentum with new launches. VGRD: Early summer sparks a robust quarter. AMBER: Ongoing challenges; maintain SELL. PRINCPIP: Mixed Q4FY24; positive demand outlook

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17-May-24

First Light | Bonds Wrap, Currency Update, Crompton Greaves

Bonds Wrap: Fortnightly review. Currency Update: Fortnightly forex review. CROMPTON: Healthy quarter, growth ahead

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16-May-24

First Light | Siemens India, Dixon Technologies, VST Tillers Tractors, Somany Ceramics

SIEM: Robust quarter, fresh capex announced. DIXON: Backward integration to fuel growth; maintain BUY. VSTT: Tepid performance; no major stress in the medium term. SOMC: Strong show in a challenging environment

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15-May-24

First Light | WPI, Escorts, Indraprastha Gas, AIA Engineering, Cera Sanitaryware

WPI: WPI inflation accelerates. ESCORTS: Weakness persists and likely to continue – maintain SELL. IGL: Growth focus improving, reiterate BUY. AIAE: Uneventful quarter; capacities lined up. CRS: Another lacklustre quarter on soft demand

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14-May-24

First Light | CPI, FPI Debt Flows, ABB India, TVS Motor, Finolex Industries, Syrma SGS

CPI: Food inflation; still overpowering. FPI Debt Flows: A likely surge in FPI Flow (Debt). ABB: Margins swell; outlook strong. TVSL: Cruising on the right track; maintain BUY. FNXP: Broadly in-line Q4FY24; positive outlook. SYRMA: Strong topline, but margins remain subpar

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13-May-24

First Light | IIP, State Bank Of India, Godrej Consumer Products, Polycab India, Orient Electric

IIP: IIP growth eases in Mar’24. SBIN: Continued strong performance across segment. GCPL: Strong volume-led growth across markets. POLYCAB: Strong quarter, strong outlook. ORIENTEL: Strong revenue; profitability falters

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10-May-24

First Light | Kajaria Ceramics, Monthly Chartbook, Hero Motocorp, Marico, HCL Technologies, Alembic Pharma

KJC: Weak quarter on margin pressure, upbeat outlook. Monthly Chartbook: Monsoon holds the key. HMCL: Healthy performance; await further clarity; maintain HOLD. MRCO: Volume growth to pick up on improving demand scenario. HCLT: Weak guidance leads to subdued outlook. ALPM: Strong margins; positives priced in

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09-May-24

First Light | KEC International, Ambuja Cements, Lupin, Voltas, Mphasis, Britannia Industries, Dr Reddy's Labs

KECI: Good quarter, T&D to pull topline and margins; upgrade to BUY. ACEM: Cost savings key driver; upside priced in, retain HOLD. LPC: Stable margins; higher tax weighs on PAT. VOLT: Margins falter; domestic business promising. MPHL: Modest growth; BFSI yet to pick up. BRIT: Expect strong volume growth ahead. DRRD: Driven by North America; India continues to underperform

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08-May-24

First Light | Kotak Mahindra Bank, Persistent Systems

KMB: Healthy business growth; other income supports rise in PAT. PSYS: A discretionary push to drive the growth trajectory

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06-May-24

First Light | Monthly Economic Buffet, ACC, KEI Industries, Ajanta Pharma, Blue Star, Dabur India, Metals & Mining

Monthly Economic Buffet: Economic Round-up – April 2024. ACC: Healthy performance largely priced in; maintain HOLD. KEII: Addressing capacity limitations; maintain HOLD. AJP: Strong margins; growth momentum to continue. BLSTR: UCP growth strong, margin outlook healthy. DABUR: Steady performance during the quarter. Metals & Mining: Steel margin pick-up beyond Q2CY24: ArcelorMittal

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03-May-24

First Light | ICICI Bank, Orient Cement, Greenpanel Industries

ICICIBC: Higher operational efficiency/lower provision aid PAT. ORCMNT: Listless show; no major performance triggers. GREENP: Dismal quarter; not out of the woods yet

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02-May-24

First Light | Havells India, Gujarat State Petronet, Ultratech Cement

HAVL: Healthy quarter; high valuations – downgrade to HOLD. GUJS: Downgrade to Hold, decoding HP Gas grid tariff order. UTCEM: Strong growth; cost savings drive margins; maintain BUY

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30-Apr-24

First Light | Axis Bank, IndusInd Bank, SBI Card, Aditya Birla Sun Life AMC

AXSB: Moderate business growth; PAT supported by other income. IIB: Stable performance. SBICARD: Trend of lower NIM, higher credit cost persists. ABSLAMC: Better quarter

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29-Apr-24

First Light | Maruti Suzuki, Hindustan Unilever, Bajaj Finance, SBI Life, Supreme Industries, Dalmia Bharat, UTI AMC, Glenmark Life Sciences

MSIL: Steady performance, but steep valuations; downgrade to HOLD. HUVR: Subdued performance; expect gradual recovery. BAF: Obstacles for a powerful player on a protracted journey. SBILIFE: Expect market dominance to continue. SI: In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25. DALBHARA: Disappointments all over; but paving the way for growth. UTIAM: Core profit in line; maintain HOLD. GLS: Weak quarter; maintain HOLD

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26-Apr-24

First Light | Nippon Life India AMC, Nestle India, Reliance Industries, Infosys

NAM: Onward and upward; upgrade to BUY. NEST: Robust growth across portfolio. RIL: Aligned with India growth story through energy/consumer biz. INFO: Muted performance; weak discretionary delays recovery

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25-Apr-24

First Light | 360 One, ICICI Prudential Life, Tata Consumer Products, Power

360ONE: Strong quarter, but price runup limits the upside. IPRU: Strong growth but VNB margin dwindles. TATACONS: Strong performance in international markets. Power Monthly Tracker: Strong RE capacity addition, though below target

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23-Apr-24

First Light | HDFC Bank

HDFCB: Realigning business dynamics in 4Q to improve profitability

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22-Apr-24

First Light | Bajaj Auto, HDFC AMC, Metals & Mining

BJAUT: Spotless performance priced in by rich valuations. HDFCAMC: Another robust quarter but rich valuation caps upside. Metals & Mining: CRU meet takeaways: India steel to gain demand support in H2. Metals & Mining: China’s steel industry needs structural readjustment: Valin Steel

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19-Apr-24

First Light | HDFC Life, Banking

HDFCLIFE: Subdued quarter. Banking: Margin under pressure; lower provision to support PAT

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18-Apr-24

First Light | Tata Consultancy Services

TCS: Strong deal flow but near-term softness to continue

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16-Apr-24

First Light | Monthly Chartbook, Currency Update, IMD Update, Trade, WPI

Monthly Chartbook: Domestic resilience continues. Currency Update: Fortnightly forex review. IMD Update: IMD-Forecast for South West Monsoon. Trade: India’s Foreign Trade in FY24. WPI: WPI inflation picks up pace

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15-Apr-24

First Light | Election 2024

Election 2024: India’s General Election

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10-Apr-24

First Light | Building Materials, IT Services

Building Materials: Q4FY24 Preview – Performance to remain lacklustre. IT Services: Q4FY24 Preview – A couple of quarters of pain seem unavoidable

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08-Apr-24

First Light | Monetary Policy Review, Diversified Financials

Monetary Policy Review: RBI remains on hold. Diversified Financials: Q4FY24 Preview – Steady quarter

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05-Apr-24

First Light | Monthly Economic Buffet

Monthly Economic Buffet: Economic Round-up – March 2024

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04-Apr-24

First Light | Monetary Policy Expectations, Metals & Mining

Monetary Policy Expectations: RBI to remain static. Metals & Mining: Manganese price bottoming but recovery likely modest: Eramet

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03-Apr-24

First Light | Consumption and Credit

Consumption and Credit: CC Dynamics-Consumption and Credit picture

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02-Apr-24

First Light | Bonds Wrap, Currency Update, India Equity Market

Bonds Wrap: Fortnightly review. Currency Update: Fortnightly forex review. India Equity Market: Year End: Equity market performance

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01-Apr-24

First Light | Dalmia Bharat, Pricol, Metals & Mining

DALBHARA: All set for healthy growth; upgrade to BUY. PRICOL: Management meet note: Balancing margins and growth. Metals & Mining: CRU meet takeaways: Outlook for steel and aluminium

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28-Mar-24

First Light | Crompton Greaves, Jai Balaji Industries

CROMPTON: Crompton 2.0 on track. JBIL: Management meet takeaways – Jai Balaji’s new avatar

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27-Mar-24

First Light | Prince Pipes & Fittings

PRINCPIP: Faucetware acquisition to accelerate bathware growth engine

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22-Mar-24

First Light | Rushil Decor

RDL: Management meet takeaways: Aggressive growth plan

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21-Mar-24

First Light | Policy Rates, ICICI Prudential Life

Policy Rates: Global central banks actions in retrospect. IPRU: Green shoots of growth

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20-Mar-24

First Light | Equity Indices

Equity Indices: How has the equity market performed?

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19-Mar-24

First Light | Power

Power: CERC final tariff norms – Maintaining policy continuity

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18-Mar-24

First Light | Currency Update

Currency Update: Fortnightly forex review

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15-Mar-24

First Light | Ownership Of Debt, WPI

Ownership Of Debt: Trends in ownership of government debt. WPI: WPI inflation at its lowest since Oct’23

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13-Mar-24

First Light | CPI and IIP

CPI and IIP: Food inflation a discomfort

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12-Mar-24

First Light | Monthly Chartbook, IDFC First Bank

Monthly Chartbook: India’s growth continues to impress. IDFCBK: Ambitious growth outlook

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11-Mar-24

First Light | BOB Essential Commodities Index, Metals & Mining

BOB Essential Commodities Index: How prices look in Feb’24. Metals & Mining: Aluminium demand recovery a key trigger: Alcoa

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07-Mar-24

First Light | BOBCAPS Unlocking Insights Conference (Capital Goods, Power, Durables)

BOBCAPS Unlocking Insights Conference (Capital Goods, Power, Durables) – Key takeaways

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06-Mar-24

First Light | Capex Trends, Liquidity Deficit

Capex Trends: How has State capex fared in FYTD24? Liquidity Deficit: Analysis of the liquidity deficit

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05-Mar-24

First Light | Bonds Wrap, Crude Imports, Currency Outlook, GDP Forecast, Diversified Financials, Power

Bonds Wrap: Fortnightly review. Crude Imports: India’s crude import-story so far. Currency Outlook: Fortnightly forex review. GDP Forecast: GDP expectations for FY25. Diversified Financials: Sustained, strong demand for mutual funds. Power: Capacity addition quickens but lags annual targets

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04-Mar-24

First Light | Metals & Mining

Metals & Mining: India Ferrous Sector – Read-across from BHP Commodity Outlook

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01-Mar-24

First Light | Q3FY24 GDP

Q3FY24 GDP: GDP growth to ascend to 7.6% in FY24

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27-Feb-24

First Light | Greenlam Industries

GRLM: Management meet: Topline to strengthen post capex drive

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26-Feb-24

First Light | Q3FY24 GDP Projection

Q3FY24 GDP Projection: GDP to grow by 6.4% in Q3FY24

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23-Feb-24

First Light | Corporate Performance, Capital Goods, Consumer Durables

Corporate Performance: How have companies fared in Q3FY24? Capital Goods: Q3FY24 Review – Momentum continues. Consumer Durables: Q3FY24 Review – Cables, wires and EMS lead Q3 growth

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22-Feb-24

First Light | ABB India

ABB: Ends the year on a high note

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21-Feb-24

First Light | Cement

Cement: Q3FY24 Review – Cost savings lift margins

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20-Feb-24

First Light | Currency Outlook, JK Lakshmi Cement, Insurance, Building Materials

Currency Outlook: Fortnightly forex review. JKLC: Volumes slow, headwinds continue – retain SELL. Insurance: Q3FY24 Review – Private insurers dominate the quarter. Building Materials: Q3FY24 Review – Soft quarter on poor demand and margin pressure

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19-Feb-24

First Light | Lifestyle Inflation Index, Trade, Automobiles, IRM Energy

Lifestyle Inflation Index: How lifestyle inflation rate has moved. Trade: Foreign Trade (April-January). Automobiles: Q3FY24 Review – Healthy volumes on strong PV sales, 2W revival. IRMENERG: Management meet takeaways – Volume growth potential

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16-Feb-24

First Light | Mahindra & Mahindra, Crompton Greaves

MM: Healthy volume-led growth. CROMPTON: Slowdown at BGAL weighs on quarter

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15-Feb-24

First Light | Infrastructure Study, WPI

Infrastructure Study: Status of infrastructure projects. WPI: WPI inflation slows down

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14-Feb-24

First Light | Siemens India, Eicher Motors, Aurobindo Pharma, Cera Sanitaryware, Hindware Home Innovation, Power, Power - Q3FY24 Review

SIEM:Strong topline, margins waver. EIM: Launch momentum continues. ARBP:Strong margin uptick. CRS: Weak quarter on soft demand, marketing expense. HINDWARE: Tough quarter but outlook healthy. Power: CERC draft tariff norms: Balancing risk-reward. Power: Q3FY24 Review - Spotlight on capacity additions

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13-Feb-24

First Light | Amber Enterprises, CPI And IIP, Credit Composition, Hero Motocorp, Thermax, Bandhan Bank, Indraprastha Gas, Zydus Wellness

AMBER: Persistent near-term challenges; cut to SELL. CPI and IIP: Still some pain points on inflation. Credit Composition: Study on personal loans. HMCL: Healthy quarter but positives priced in. TMX: Improving order outlook; maintain HOLD. BANDHAN: Recovery on track. IGL: Legacy UP, new GAs can offset slowdown, reiterate BUY. ZYWL: Seasonally weak quarter

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12-Feb-24

First Light | LIC, Alkem Labs, Monthly Chartbook, Power Grid Corp, Tata Consumer Products, Divi's Labs, Torrent Power, Escorts, The Ramco Cements, Metals & Mining

LICI: Solid quarter; valuations overdone – cut to HOLD. ALKEM: Good quarter; cut to SELL on stretched valuations. Monthly Chartbook: Fiscal consolidation to hold key. PWGR: In-line quarter, FY25 capex hiked; maintain BUY. TATACONS: Strong run continues. DIVI: Healthy margin recovery, heady valuations. TPW: Dull quarter; high valuations – maintain HOLD. ESCORTS: Weakness persists - maintain SELL. TRCL: Tepid quarter, high capex overhang – retain SELL. Metals & Mining: Ferrous read-across: Steel recovery in CY24 - ArcelorMittal

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09-Feb-24

First Light | Lupin, Monetary Policy Review, Cummins India, Star Cement, Nestle India

LPC: All-round beat; margins sustain – raise to HOLD. Monetary Policy Review: RBI remains on hold. KKC: Powering ahead; maintain BUY. STRCEM: Cost savings commendable, growth intact. NEST: Broad-based growth across product categories

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08-Feb-24

First Light | AIA Engineering, BOB Essential Commodities Index, Syrma SGS, Britannia Industries

AIAE: Soft quarter, volume growth uncertain; cut to HOLD. BOB Essential Commodities Index: How prices look in Jan’24. SYRMA: Margin slide continues; retain HOLD. BRIT: Faster volume growth to boost profitability

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07-Feb-24

First Light | Ashok Leyland, Greenlam Industries, Orient Cement, Prince Pipes & Fittings

AL: Margins continue to improve, maintain BUY. GRLM: Soft quarter on tepid demand environment. ORCMNT: Topline muted as volumes decline. PRINCPIP: Lacklustre quarter on sustained market share loss

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06-Feb-24

First Light | Monthly Economic Buffet, State Bank Of India, JSW Steel, Ambuja Cements, Alembic Pharma, Century Plyboards, VST Tillers Tractors

Monthly Economic Buffet: Economic Round-up – January 2024. SBIN: Pension one-off hurts profitability. JSTL: Progressing on expansion but valuations fair. ACEM: Healthy quarter, sustainability key; retain HOLD. ALPM: Healthy quarter; PAT beat on low tax rate. CPBI: Margin stress across segments. VSTT: Poor demand dampens performance

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05-Feb-24

First Light | Godrej Consumer Products, Jindal Steel & Power, ACC, Bonds Wrap, Currency Outlook, V-Guard Industries, Orient Electric, Somany Ceramics, Greenply Industries, Shree Cement

GCPL: Consistent volume growth; cut to HOLD post rally. JSP: Valuations overdone; downgrade to HOLD. ACC: Strong margins; cut to HOLD on full valuations. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. VGRD: In-line quarter. ORIENTEL: Slow quarter; Hyderabad plant to spur growth. SOMC: Lacklustre demand dulls performance. MTLM: Strong performance on fast ramp-up of MDF plant. SRCM: Healthy quarter, expensive valuations

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02-Feb-24

First Light | FY25 Interim Budget Review, Union Budget Analysis 2024-25, Sun Pharma, Dabur India, Greenpanel Industries, Power

FY25 Interim Budget Review: Boosting growth without breaching deficit targets. Union Budget Analysis 2024-25. SUNP: Strong quarter driven by specialty business. DABUR: Steady growth across portfolios. GREENP: Dismal Q3FY24; No sigh of relief for MDF in near-future. Power: TBCB projects booming

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01-Feb-24

First Light | Maruti Suzuki, Dr Reddy's Labs, Voltas, Dixon Technologies, Kajaria Ceramics, Blue Star, KEC International, Aditya Birla Sun Life AMC, Metals & Mining

MSIL: Healthy all-round performance – raise to BUY. DRRD: Buoyant US sales drive performance. VOLT: UCP improving, Qatar business a dampener. DIXON: Mobile business dials up growth; maintain BUY. KJC: Soft demand, intense competition mar quarter. BLSTR: Purple patch continues; maintain BUY. KECI: Pipeline robust, margin improvement delayed. ABSLAMC: Double-digit growth but market share bleed continues. Metals & Mining: Jindal Stainless: Management meet takeaways

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31-Jan-24

First Light | Nippon Life India AMC, Apollo Pipes, ITC, Larsen & Toubro, NTPC, Marico, UTI AMC, Astral

NAM: Strong growth but upside capped – cut to HOLD. APOLP: Disappointing result on all fronts. ITC: Cigarette and paperboard businesses disappoint. LT: Order inflow guidance raised; maintain BUY. NTPC: Normal quarter, aggressive expansion; maintain BUY. MRCO: Domestic business still lacklustre. UTIAM: Core earnings miss estimates. ASTRA: Mixed quarter, guidance broadly intact

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30-Jan-24

First Light | Consumer Goods, Tata Steel, Bajaj Finance, Dalmia Bharat

Consumer Goods: What production and price data of consumer goods say? TATA: UK transition and TSK2 to bolster growth; maintain BUY. BAF: Mixed quarter; maintain BUY. DALBHARA: Soft prices constrain growth

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29-Jan-24

First Light | Bajaj Auto, TVS Motor, SBI Card, Laurus Labs, Cipla, Mahanagar Gas, DCB Bank, SBI Life

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track – raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore – cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership

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25-Jan-24

First Light | Hitachi Energy, FY25 Budget Preview, Kotak Mahindra Bank, Axis Bank, Havells India, KEI Industries, JK Cement, Glenmark Life Sciences

POWERIND: In-line quarter but valuations overdone; cut to SELL. FY25 Budget Preview: Focus to remain on consolidation. KMB: NIM intact QoQ; higher provisions dull profits. AXSB: Profits subdued despite strong business growth. HAVL: Slow quarter but summer could bring cheer; maintain BUY. KEII: Decent quarter; maintain HOLD. JKCE: Healthy performance but priced in. GLS: Strong margins make up for subdued revenue growth

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24-Jan-24

First Light | Reliance Industries, RBL Bank, ICICI Bank

RIL: Jio 2.0 acceleration vital for next wave of growth. RBK: Healthy business growth, stable asset quality; raise to BUY. ICICIBC: Temporary blip; maintain BUY

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23-Jan-24

First Light | Ultratech Cement, Hindustan Unilever, Supreme Industries

UTCEM: Cost efficiencies in focus; raise to BUY. HUVR: Volume growth subdued in a challenging environment. SI: Results broadly in line; guidance upgraded on strong pipe demand

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20-Jan-24

First Light | 360 One, IndusInd Bank, Polycab India, Finolex Industries

360ONE: Steady quarter; raise to BUY post correction. IIB: Stable performance. POLYCAB: Fair quarter but I-T search clouds multiples. FNXP: Weak quarter on slow recovery in agri pipe demand

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19-Jan-24

First Light | ICICI Prudential Life, Federal Bank

IPRU: Subdued growth. FB: Higher other income supports PAT growth

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18-Jan-24

First Light | [Sector Report] Building Materials, HDFC Bank

Building Materials: Strong foundations HDFCB: Margin pressure dampens performance

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16-Jan-24

First Light | WPI

WPI: WPI inflation creeping up

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15-Jan-24

First Light | Commodity Trends, CPI And IIP, FPI Flows, HDFC Life, Consumer Staples

Commodity Trends: Global commodity price movements in 2023. CPI And IIP: Some degree of comfort on inflation. FPI Flows: Trends in FPI flows in India. HDFCLIFE: Muted quarter; clear growth roadmap a positive. Consumer Staples: Delayed rural recovery to hurt volume growth

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12-Jan-24

First Light | HDFC AMC, Banking

HDFCAMC: Ticks most boxes but upside potential limited. Banking: Expect healthy NII but modest margins

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11-Jan-24

First Light | Household Credit

Household Credit: A stimulus to growth?

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10-Jan-24

First Light | Monthly Chartbook

Monthly Chartbook: Fiscal consolidation to hold key

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08-Jan-24

First Light | GDP, BOB Essential Commodities

GDP: FY24 growth estimated to surge to 7.3%. BOB Essential Commodities: How prices look in Dec’23 INDEX

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05-Jan-24

First Light | Oil & Gas

Oil & Gas: Takeaways from global LNG channel checks

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04-Jan-24

First Light | Diversified Financials

Diversified Financials: Q3FY24 Preview – Expect sustained growth momentum

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03-Jan-24

First Light | Monthly Economic Buffet, LT Foods

Monthly Economic Buffet: Economic Round-up: December 2023. LTFO: Appetite for growth

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02-Jan-24

First Light | Financial Stability Report, Interest Rates, SCBs Deposit And Credit, Sector Growth Rates

Financial Stability Report: Highlights of RBI’s Financial Stability Report. Interest Rates: How transmission has fared? SCBs Deposit And Credit: SCB’s fortnightly performance. Sector Growth Rates: Sectoral growth in Credit – November 2023

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29-Dec-23

First Light | India Strategy, Power

India Strategy: 2024 – another year of hope. Power: Peak demand declines in Nov, but up 9% YoY

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28-Dec-23

First Light | Metals & Mining

Metals & Mining: Ferrous read-across – Investors’ call with ArcelorMittal

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26-Dec-23

First Light | Siemens India, Automobiles

SIEM: Positive outlook continues; Maintain BUY. Automobiles: Auto channel check – steady demand outlook

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22-Dec-23

First Light | Oil & Gas

Oil & Gas: OMCs – Closing the gap

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20-Dec-23

First Light | Consumer

Consumer: Eastern Encounters – Value-driven, price-conscious market

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18-Dec-23

First Light | Thermax

TMX: Focus on energy transition

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15-Dec-23

First Light | WPI, ITC, Nippon Life India AMC

WPI: WPI out of deflation. ITC: Analyst meet takeaways – Multiple levers for growth. NAM: Management call – MF industry to grow at smart clip

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14-Dec-23

First Light | Consumer Durables, Power

Consumer Durables: Channel checks – Premium products, wires and cables shine. Power: Focus shifting to hybrid and RTC power

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13-Dec-23

First Light | Bandhan Bank, CPI And IIP

BANDHAN: Thrust on secured business to aid asset health. CPI And IIP: Sticky food driving inflation higher

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12-Dec-23

First Light | Diversified Financials

Diversified Financials: Equity funds see sustained momentum in November

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11-Dec-23

First Light | Monetary Policy Review, Government Subsidies, Monthly Chartbook

Monetary Policy Review: RBI maintains status quo. Government Subsidies: Trends in general government subsidies. Monthly Chartbook: Growth remains resilient

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08-Dec-23

First Light | Crop Update

Crop Update: Rabi sowing

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06-Dec-23

First Light | Monthly Economic Buffet

Monthly Economic Buffet: Economic Round-up: November 2023

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05-Dec-23

First Light | Currency Outlook, Bonds Wrap, Polycab India

Currency Outlook: Fortnightly forex review. Bonds Wrap: Fortnightly review. Polycab India: Management meet takeaways: Brand refresh underway

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04-Dec-23

First Light | Global GDP Comparison

Global GDP Comparison: India on track to be the fastest growing economy

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01-Dec-23

First Light | Q2FY24 GDP, Fiscal Update, TTK Prestige

Q2FY24 GDP: Q2 GDP growth in 4th gear. Fiscal Update: Fiscal deficit at 45% of BE. TTK Prestige: Management call – Sustained leadership in key categories

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30-Nov-23

First Light | Siemens India, IPO Market, LT Foods

SIEM: Strong quarter, positive outlook – raise to BUY. IPO boom: An analysis. LTFO: Analyst meet takeaways: Eyeing market share gains

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29-Nov-23

First Light | Diversified Financials

Diversified Financials: Credit card spends hit festive high

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28-Nov-23

First Light | Corporate Performance, Axis Bank, Power

Corporate Performance: How have companies fared in Q2FY24? Axis Bank: Analyst meet takeaways: Balancing growth and returns. Power: Capacity additions on track

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24-Nov-23

First Light | Turnover to Asset Ratio, Consumer Staples

Turnover to Asset Ratio: Has capacity utilization for India Inc. improved in H1? Consumer Staples: Lacklustre volume growth but margins improve

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23-Nov-23

First Light | Insurance

Insurance: Q2FY24 Review – Shift in product mix dampens life insurer margins

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20-Nov-23

First Light | SAIL, Automobiles, Cement

SAIL: Profit outlook restrained; maintain HOLD. Automobiles: Q2FY24 Review – Cruising along. Cement: Q2FY24 Review – Cost savings lift Q2 margins; volumes to bolster H2

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17-Nov-23

First Light | Bajaj Finance

BAF: Impact of RBI strictures likely to be marginal

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16-Nov-23

First Light | FPI, Tata Steel, Capital Goods, Consumer Durables, Power

FPI: How FPI flows have moved? TATA: India growth to take centre stage; maintain BUY. Capital Goods: Q2FY24 Review – Order outlook bright. Consumer Durables: Q2FY24 Review – EMS, cables and wires sales buoy quarter. Power: Q2FY24 Review – Uneventful quarter

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15-Nov-23

First Light | CPI, Mahindra & Mahindra, Eicher Motors

CPI: Inflation eased marginally; food remains sticky. MM: Auto segment continues to rev up. EIM: Solid quarter; striving to fend off competition

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13-Nov-23

First Light | Monthly Chartbook, LIC, Lupin, Torrent Power, Star Cement, Orient Cement, Ashok Leyland

Monthly Chartbook: Growth holding ground. LICI: Weak quarter; focus on recouping market share. LPC: Positive surprise from gSpiriva; valuations rich. TPW: Gas trading tapers. STRCEM: Cost relief in an otherwise weak quarter. ORCMNT: Volumes pick up; valuations still expensive. AL: On a winning wicket

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10-Nov-23

First Light | Capex Trends, ABB India, The Ramco Cements, Power Grid Corp

Capex Trends: How has state capex performed in H1FY24? ABB: Sprinting along. TRCL: Quarterly respite, challenges may continue. PWGR: In-line quarter; FY24 capex ramped up

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09-Nov-23

First Light | Shree Cement, Cummins India, Alembic Pharma, VST Tillers Tractors

SRCM: Subpar quarter; earnings chasing valuations. KKC: Strong operating performance; maintain BUY. ALPM: Higher opex from new facilities to keep a lid on margins. VSTT: Healthy performance across segments

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08-Nov-23

First Light | Alkem Labs, JK Cement, Zydus Wellness, JK Lakshmi Cement

ALKEM: Sizeable margin gains; tax guided to reduce – raise to HOLD. JKCE: Healthy performance; positive outlook. ZYWL: Subdued growth in a seasonally weak quarter. JKLC: Some respite but challenges continue

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07-Nov-23

First Light | Divi's Labs, State Elections, State Bank Of India, Jindal Steel & Power, Thermax, AIA Engineering, Hitachi Energy, Crompton Greaves, Escorts

DIVI: Growth remains elusive; cut to SELL. State Elections: State of states as they go for elections. SBIN: Wage provisions weigh on profits. JSP: Last leg of streamlining, reiterate BUY. TMX: Sound operations, measured commentary. AIAE: Volume spillover to FY25. POWERIND: Chip constraints receding. CROMPTON: ECD robust; lighting and kitchen appliances falter. ESCORTS: No major positive surprises; maintain SELL

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06-Nov-23

First Light | BOB Essential Commodities, Monthly Economic Buffet, Credit Trends, Ambuja Cements, ACC, Orient Electric, Dabur India, Godrej Consumer Products, Hero Motocorp, 360 One

BOB Essential Commodities: How prices look in Oct’23. Monthly Economic Buffet: Economic Round-up: October 2023. Credit Trends: Sector-wise credit deployment. ACEM: Relatively weak show. ACC: Cost savings boost margin; upgrade to BUY. ORIENTEL: ECD-led growth; working capital rises on festive inventory. DABUR: Steady growth and market share gains. GCPL: Strong, sustained volume-led growth in India business. HMCL: Poised for growth but upside capped. 360ONE: Yields weak but outlook robust; maintain BUY

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03-Nov-23

First Light | Syrma SGS, Monthly Chartbook, Bonds Wrap, Currency Outlook, Sun Pharma, Petronet LNG, KEC International, Britannia Industries

SYRMA: Miss on margins; downgrade to HOLD. India Strategy: Monthly Chartbook – Nifty 50 valuation now supportive. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. SUNP: Healthy quarter; better mix supports gross margin. PLNG: PDHPP project unlikely to be value accretive. KECI: Interest cost mars quarter; strong pipeline for H2. BRIT: Margin expands despite muted growth

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02-Nov-23

First Light | Tata Consumer Products, KEI Industries, V-Guard Industries, DCB Bank

TATACONS: Strong performance; outlook positive. KEII: Capacity addition to spur growth. VGRD: Average topline, margins improve. DCBB: Steady growth

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01-Nov-23

First Light | Mahanagar Gas, Larsen & Toubro, TVS Motor, Ajanta Pharma, Blue Star

MAHGL: Focus on volume growth a positive, upgrade to BUY. LT: Strong run continues; maintain BUY. TVSL: Continues to deliver. AJP: Buoyant margins but higher tax weighs on PAT. BLSTR: On a purple patch

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31-Oct-23

First Light | Reliance Industries, Dr Reddy's Labs, Nippon Life India AMC, Aditya Birla Sun Life AMC, Marico

RIL: Jio 2.0 key to growth momentum. DRRD: One-offs fuel PAT beat; India business still soft. NAM: Strong show continues. ABSLAMC: Mixed set of numbers; maintain HOLD. MRCO: Muted revenue growth; margins expanded

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30-Oct-23

First Light | Maruti Suzuki, SBI Life, Cipla, SBI Card, Axis Bank, NTPC

MSIL: Robust quarter but positives priced in. SBILIFE: Strong showing. CIPLA: Beat on all fronts. SBICARD: Challenges persist despite spending frenzy. AXSB: Steady growth but costs elevated. NTPC: No surprises; maintain BUY

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27-Oct-23

First Light | Dixon Technologies, Nestle India

DIXON: Strong quarter, even stronger outlook – upgrade to BUY. NEST: Analyst meet – Broader footprint lifting volume growth

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26-Oct-23

First Light | Kotak Mahindra Bank, Sowing Update, RBL Bank

KMB: Mixed Q2; raise to BUY on low valuation, succession clarity. Sowing Update: Projection of Kharif output 2023-24. RBK: Strong growth but priced in

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25-Oct-23

First Light | ICICI Bank, Amber Enterprises, Hindustan Unilever

ICICIBC: Sustained outperformance; raise to BUY. AMBER: Healthy topline; RAC outlook still soft. HUVR: Soft topline but strong margin expansion

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23-Oct-23

First Light | Borrowing Costs, Havells India, Voltas, ITC, Ultratech Cement, JSW Steel, IndusInd Bank, Dalmia Bharat, Glenmark Life Sciences, Cement

Borrowing costs: How have interest costs responded to repo rate cycles? HAVL: Q2 a miss but expect improvement ahead. VOLT: UCP upbeat but EMP plays spoilsport. ITC: FMCG and hotels continue to shine. UTCEM: Steady performance with no big surprises. JSTL: Volume momentum from expansion but near-full valuation. IIB: Strong growth with stable margins and asset quality. DALBHARA: Cost respite in an otherwise muted quarter. GLS: Revenue in line but higher opex dampens margins. Cement: Dealers Day – Positive demand and pricing outlook

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20-Oct-23

BOB Economics | Morning Mocha

Echoing comments made by other Fed officials, Fed Chair signalled that the central bank is likely to pause its rate hike cycle as it assesses the inflation and growth dynamics

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20-Oct-23

First Light | Nestle India, Bajaj Auto, Polycab India, Federal Bank, UTI AMC

NEST: Strong all-round performance. BJAUT: On firm ground. POLYCAB: Impressive run continues. FB: Strong growth with improving return. UTIAM: Equity flows yet to pick up

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19-Oct-23

First Light | ICICI Prudential Life, Currency Outlook, Automobiles, Metals & Mining

IPRU: Growth subdued; raise to HOLD post correction. Currency Outlook: Fortnightly forex review. Automobiles: Q2FY24 Preview – Expect healthy traction. Metals & Mining: Steel demand resilience lowers downside risk to margins

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18-Oct-23

First Light | HDFC Bank, Bajaj Finance, Jio Financial Services

HDFCB: PAT strong despite margin compression. BAF: On a strong wicket; maintain BUY. JIOFIN: Q2 earnings highlights – Fast-tracking growth

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17-Oct-23

First Light | Consumer Staples

Consumer Staples: Q2FY24 Preview – Margin expansion to fuel profitability

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16-Oct-23

First Light | [Sector Report] Power, Cement, Banking, HDFC Life

Power: The bigger the better – BUY NTPC, PWGR. Cement: Q2FY24 Preview - Higher demand, lower fuel cost to aid margins. Banking: Q2FY24 Preview - Growth momentum to continue. HDFCLIFE: Mixed quarter; maintain HOLD

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13-Oct-23

First Light | HDFC AMC, Consumer Durables

HDFCAMC: Robust quarter but upside limited. Consumer Durables: Channel check - Festive season outlook mixed

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12-Oct-23

First Light | Monthly Chartbook, Metals & Mining, Siemens India

Monthly Chartbook: India’s growth to get festive boost. Metals & Mining: Q2FY24 Preview – Q2 to be a range-bound quarter. SIEM: Innovation Day: Digitalisation key for manufacturing takeoff

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11-Oct-23

First Light | State Borrowings, Bigbloc Construction

State Borrowings: Borrowing in H1 FY24. BIGBLOC: Plant visit: Ramping up AAC capacity

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10-Oct-23

First Light | Essential Commodities Index, Asset Turnover, Diversified Financials

Essential Commodities Index: How prices look in Sep’23 and Oct’23. Asset Turnover: A proxy for capacity utilization. Diversified Financials: Expect a robust quarter across segments

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09-Oct-23

First Light | Monetary Policy Review

Monetary Policy Review: RBI maintains status quo

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06-Oct-23

First Light | Monthly Economic Buffet, Investment Trends

Monthly Economic Buffet: September 2023. Investment Trends: What’s the latest on non-government investment?

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05-Oct-23

First Light | Bonds Wrap, Impact of World Cup on India, Bajaj Finance

Bonds Wrap: Fortnightly review. Impact of World Cup on India: Hitman and King’s cover drives to boost India’s GDP. BAF: Making strides

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04-Oct-23

First Light | Monthly Chartbook

India Strategy: Monthly Chartbook – Producers over Processors

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03-Oct-23

First Light | [Sector Report] Automobiles

Automobiles: Premiumisation powering demand revival; exports lag

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29-Sep-23

First Light | DCB Bank, Monetary Policy Expectations, Power

DCBB: Improving prospects; BUY. Monetary Policy Expectations: RBI – Hawkish while holding horses. Power: Expert call – Gearing up for GNA

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28-Sep-23

First Light | Global Bond Index, Diversified Financials

Global Bond Index: Impact of India’s inclusion in JP Morgan bond index. Diversified Financials: Credit card spends buoyant

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27-Sep-23

First Light | [Sector Report] Consumer, Petronet LNG, Monsoon Update, Elecon Engineering

Consumer: Southern Sojourn – Premiumisation and urbanisation. PLNG: Cloudy medium-term demand visibility; HOLD. Monsoon Update: Monsoon and Sowing progress. ELCN: Plant visit: Focusing on value addition

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26-Sep-23

First Light | Tata Steel

TATA: UK transition to dispel overhang, reiterate BUY

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22-Sep-23

First Light | Metals & Mining

Metals & Mining: Expert call with Baosteel – Margin outlook cautious

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21-Sep-23

First Light | Orient Cement

ORCMNT: Expansion woes, lofty valuations – cut to SELL

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20-Sep-23

First Light | Monsoon Update, Currency Outlook

Monsoon Update: Monsoon and Sowing progress. Currency Outlook: Fortnightly forex review

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15-Sep-23

First Light | WPI

WPI: WPI at highest since Mar’23

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14-Sep-23

First Light | RBL Bank, Avalon Technologies

RBK: Upside capped; HOLD. AVALON: Export-focused EMS player

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13-Sep-23

First Light | CPI and IIP

CPI and IIP: Inflation eased – Veggie spike cooled a bit

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12-Sep-23

First Light | Monsoon Update, Certificates of Deposit

Monsoon Update: Monsoon and Sowing progress. Certificates of Deposit: The CD market in FY24

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11-Sep-23

First Light | JK Lakshmi Cement

JKLC: AGM takeaways – Challenges persist; maintain SELL

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07-Sep-23

First Light | Ferrous Chartbook, TTK Prestige

Ferrous Chartbook: Warming up to recovery in China. TTKPT: Management call – Confident of demand recovery in H2

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06-Sep-23

First Light | Bob-ECI

BoB-ECI: BoB Essential Commodities Index, Aug 2023

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05-Sep-23

First Light | Monsoon Update

Monsoon Update: Monsoon and Sowing progress

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04-Sep-23

First Light | Bajaj Finance, Monthly Chartbook, Bonds Wrap, Crop Production, Currency Outlook, Monthly Economic Buffet

BAF: From strength to strength – initiate with BUY. India Strategy: Monthly Chartbook – A month of consolidation but outlook remains positive. Bonds Wrap: Fortnightly review. Crop Production: BoB Forecasts of kharif production. Currency Outlook: Fortnightly forex review. Monthly Economic Buffet: Economic Round-up: August 2023

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01-Sep-23

First Light | GDP

GDP growth in Q1: India-fastest growing major economy

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31-Aug-23

First Light | Automobiles

Automobiles: Battery expert call – Abundant growth opportunities in India

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30-Aug-23

First Light | Monsoon Update, Reliance Industries

Monsoon Update: Monsoon and Sowing progress. RIL: AGM takeaways – Long growth runway, reiterate BUY

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24-Aug-23

First Light | Crompton Greaves

CROMPTON: Analyst meet – A full revamp

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22-Aug-23

First Light | Monsoon Update, Crude Imports

Monsoon Update: Monsoon and Sowing progress. Crude Imports: India’s crude import-story so far

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21-Aug-23

First Light | Currency Outlook, Bond Yields, Consumer Staples, Consumer Durables, Capital Goods, Pharmaceuticals

Currency Outlook: INR at record low - What’s next? Bond Yields: Why Bond yields are inching up. Consumer Staples: Q1FY24 Review – Rural growth visibility improves. Consumer Durables: Q1FY24 Review – EMS, wires and cables segments shine. Capital Goods: Q1FY24 Review – Robust execution continues. Pharmaceuticals: Chronic therapies continue strong streak

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17-Aug-23

First Light | ITC

ITC: Robust growth and margins

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16-Aug-23

First Light | Aurobindo Pharma, Monsoon Update, CPI and WPI, Crompton Greaves, The Ramco Cements

ARBP: Broad-based growth; lower to HOLD post rally. Monsoon Update: Monsoon and Sowing progress. CPI and WPI: Sharp pick-up in inflation – a cautionary call. CROMPTON: Mixed quarter. TRCL: Pressure on operational efficiencies to continue

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14-Aug-23

First Light | LIC, ABB India, Ambuja Cement, Reliance Industries, SAIL, Voltas

LICI: Mixed quarter; maintain BUY. ABB: Strong quarter, margins shine. ACEM: Stepping on the pedal but growth priced in. RIL: FY23 annual report takeaways – Propelling growth. SAIL: Leverage remains an overhang; maintain HOLD. VOLT: UCP growth above industry, EMP losses continue

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11-Aug-23

First Light | Monetary Policy Review, Alkem Labs, V-Guard Industries, IT Services

Monetary Policy Review: RBI maintains status quo. ALKEML: International sales fuel growth; margin recovery positive. VGRD: Strong quarter all through. IT Services: Q1FY24 Review – Better times ahead

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10-Aug-23

First Light | Capex Trends, Siemens India, ACC

Capex Trends: How has state capex performed in Q1FY24? SIEM: All-round growth; clarity awaited on LV motors hive-off. ACC: Synergies with Ambuja propel volumes

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09-Aug-23

First Light | Monetary Policy Expectations, Godrej Consumer Products, Dalmia Bharat, 360 One

Monetary Policy Expectations: RBI likely to stand pat. DALBHARA: Slow start; expected to catch up in H2. 360ONE: Annual report analysis: Forging ahead

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08-Aug-23

First Light | Monthly Economic Buffet, Eris Lifesciences, Mahanagar Gas, State Bank Of India, Britannia Industries, Affle (India)

Monthly Economic Buffet: Economic Round-up: July 2023. ERIS: In-line quarter; margins moving back on track. MAHGL: Walking a tightrope; retain HOLD. SBIN: PAT surges on higher other income and cost control. BRIT: Increased regional competition hurts growth. AFFLE: Growth momentum to continue

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07-Aug-23

First Light | Lupin, Monsoon Update, Price Picture, Cummins India, KEC International, Blue Star, Zydus Wellness, Orient Electric, Dabur India

LPC: Improvements visible; runup behind downgrade. Monsoon Update: Monsoon and Sowing progress. Price Picture: How prices look in Jul’23. KKC: Strong quarter; primed for rating transition. KECI: Healthy inflows, margin improvement ahead. BLSTR: In-line numbers, steady growth ahead. ZYWL: Poor showing in a seasonally strong quarter. ORIENTEL: Reasonably healthy quarter. DABUR: Volume growth visible in rural markets

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04-Aug-23

First Light | Sun Pharma

SUNP: gRevlimid buoys performance; upside capped – cut to HOLD

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03-Aug-23

First Light | AIA Engineering, Thermax, Syrma SGS

AIAE: Strong quarter, guidance maintained. TMX: Good quarter, healthy order flows. SYRMA: Margin miss an aberration; guidance intact

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02-Aug-23

First Light | KEI Industries, Bonds Wrap, JK Lakshmi Cement

KEII: Capacity constraints mar quarter; lower to HOLD post runup. Bonds Wrap: Fortnightly review. JKLC: Another slow quarter; maintain SELL

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01-Aug-23

First Light | First Light | Monsoon Update, Marico

Monsoon Update: Monsoon and Sowing progress. MRCO: Soft performance; outlook remains strong

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31-Jul-23

First Light | Currency Outlook, Fiscal Update, SBI Card, Ashok Leyland, Indraprastha Gas, Nippon Life India AMC, Ajanta Pharma, Nestle India

Currency Outlook: INR likely to remain range-bound. Fiscal Update: Trends in state fiscal deficits. SBICARD: Higher provisions dent net profit. AL: Healthy growth trajectory; maintain BUY. IGL: Volume outlook soft near-term but healthy medium-term. NAM: On a firm footing. AJP: Q1 beat sparked by sharp margin recovery. NEST: Healthy growth backed by market penetration

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28-Jul-23

First Light | Ultratech Cement, Corporate debt, Axis Bank, Cipla, Aditya Birla Sun Life AMC, Tata Steel, Tech Mahindra, Tata Consumer Products

UTCEM: On a strong pitch but positives priced in; revised to HOLD. Corporate debt: Corporate debt structure in India. AXSB: Steady growth but costs elevated. CIPLA: Strong growth coupled with margin expansion. ABSLAMC: Healthy quarter. TATA: Thrust on expansion capex, Europe breakeven key positives. TECHM: Toughest quarter in recent times. TATACONS: Momentum continues; outlook positive

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27-Jul-23

First Light | UTI AMC, Crude Imports, Larsen & Toubro, SBI Life, Amber Enterprises

UTIAM: Equity flows lacklustre; valuations full – downgrade to HOLD. Crude Imports: Growing phase. LT: Stellar quarter; solid outlook. SBILIFE: Mixed quarter; robust FY24 outlook maintained. AMBER: Topline wavers, margins progressing

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26-Jul-23

First Light | Dixon Technologies, Hitachi Energy, Kotak Mahindra Bank, JSW Steel

DIXON: Good quarter; cut to HOLD on limited upside. POWERIND: Supply side constraints persist; cut to HOLD. KMB: Non-core income drives up profitability. JSTL: Limited upside despite exciting growth ahead

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25-Jul-23

First Light | Monsoon Update, ICICI Bank, HDFC AMC, Persistent Systems

Monsoon Update: Monsoon and Sowing – Positive changes seen. ICICIBC: High core income and lower provisions buoy PAT. HDFCAMC: Strong quarter but upsides capped; maintain HOLD. PSYS: Resilient quarter but growth guided to soften near term

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24-Jul-23

First Light | Mphasis, Glenmark Life Sciences, Reliance Industries, HDFC Life, 360 One, Hindustan Unilever, Infosys, Coforge, Metals & Mining

MPHL: Tepid Q1; cut to HOLD post runup. GLS: Another good quarter; cut to HOLD post rally. RIL: Steady she goes. HDFCLIFE: Healthy quarter but positives priced in; maintain HOLD. 360ONE: Strong set of numbers. HUVR: Modest quarter but improvement ahead. INFO: Guidance cut a temporary blip. COFORGE: Miss on margins; deal momentum strong. Metals & Mining: Medium-term aluminium outlook strong, near-term soft – Alcoa

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21-Jul-23

First Light | IndusInd Bank, Havells India

IIB: Strong NII and lower provisions drive PAT. HAVL: Margins falter

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20-Jul-23

First Light | HDFC Bank, Metals & Mining, Polycab India

HDFCB: Strong PAT on lower provisions. Metals & Mining: Q1FY24 Preview – Bumpy road to recovery. POLYCAB: Strong momentum continues

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19-Jul-23

First Light | ICICI Prudential Life

IPRU: Some hits, some misses; maintain SELL

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18-Jul-23

First Light | Monsoon Update

Monsoon Update: Monsoon and Sowing progress.

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17-Jul-23

First Light | WPI, Trade, Wipro, Federal Bank

WPI: WPI at lowest since Oct’15. Trade: Q1FY24 performance. WPRO: Another muted quarter; BFSI the biggest drag. FB: Strong business growth but margins under pressure

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14-Jul-23

First Light | Tata Consultancy Services, HCL Technologies, Consumer Staples

TCS: Strong deal flow but near-term softness to continue. HCLT: Weak Q1 but full-year guidance retained – a tall order. Consumer Staples: Q1FY24 Preview – Volume-led growth; margin expansion to continue

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13-Jul-23

First Light | CPI and IIP, Banking

CPI and IIP: Red-hot inflation, IIP growth improves. Banking: Q1FY24 Preview – Expect steady growth but margins could contract

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11-Jul-23

First Light | Monsoon Update, Reliance Industries

Monsoon Update: Monsoon and Sowing progress. RIL: Consumer and new energy businesses key catalysts

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10-Jul-23

First Light | IT Services, Monthly Chartbook

IT Services: Q1FY24 Preview – No sign of demand improvement yet. Monthly Chartbook: Hawk-eyes on inflation

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05-Jul-23

First Light | Monthly Economic Buffet

Monthly Economic Buffet: Economic Round-up: June 2023

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04-Jul-23

First Light | Commodity Trends, Tomato-nomics, Government Borrowing Update, Currency Outlook, Bonds Wrap, FPI Flows, Power

Commodity Trends: How prices look in Jun’23. Tomato-nomics: The reason behind spike in tomato prices. Government Borrowing Update: Government Market Borrowing Update. Currency Outlook: INR expected to trade with appreciating bias. Bonds Wrap: Fortnightly review. FPI Flows: India visa vis Globe. Power: Expert call – Sun shining on Indian solar sector

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03-Jul-23

First Light | Ashok Leyland, Diversified Financials

AL: Analyst meet takeaways – Pursuing market share gains. Diversified Financials: Expert call – AIFs riding high on India’s startup boom

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30-Jun-23

First Light | ICICI Prudential Life, Hero Motocorp

IPRU: Stock runup unwarranted; cut to SELL. HMCL: Management meet takeaways: Climbing on the premium bandwagon

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28-Jun-23

First Light | Balance of Payments, Investment Trends, Household Finances

Balance of Payments: Developments in India’s BoP in FY23. Investment Trends: How India Inc fared in terms of capital formation? Household Finances: Household savings move towards markets

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26-Jun-23

First Light | Technology & Internet

Technology & Internet: Accenture guidance signals tepid near-term outlook for India IT

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23-Jun-23

First Light | Gujarat State Petronet

GUJS: Discount on standalone business excessive

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22-Jun-23

First Light | [Sector Report] India Consumer Sector, NBFCs vs Banks

India Consumer Sector: Rural recovery taking root. NBFCs vs Banks: How have NBFCs fared vis-à-vis Banks.

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21-Jun-23

First Light | IT Services, Monsoon Update

IT Services: Outlook cloudy; stay selective in FY24. Monsoon Update: How has Monsoon and Kharif fared in the past?

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19-Jun-23

First Light | Stock Valuation, RPG Life Sciences

India Strategy: Stock Valuation – Is value picking really effective? RPGL: Investor day takeaways – Foundation in place; now targeting scale

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16-Jun-23

First Light | HDFC AMC, Crompton Greaves, KEC International, TTK Prestige

HDFCAMC: Annual report analysis – Stable FY23; focus on growth. CROMPTON: Annual report analysis – Difficult year. KECI: Management meet takeaways – Guidance maintained. TTKPT: Navigating troubled times with confidence

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15-Jun-23

First Light | WPI, Voltas

WPI: WPI at 7.5 year low. VOLT: Management meet takeaways – Trying times

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14-Jun-23

First Light | Polycab India, Tata Consultancy Services, Pharmaceuticals

POLYCAB: Annual report analysis – Project Leap well on track. TCS: Annual report analysis – Macro headwinds cloud outlook. Pharmaceuticals: Healthy MAT volume growth; chronic segment outperforms in May

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13-Jun-23

First Light | CPI and IIP, Infosys, Consumer Staples, Oil & Gas

CPI and IIP: CPI cools, IIP growth improves. INFO: Annual report analysis – Sentiments weak; Cobalt to drive growth. Consumer Staples: Agri expert call – El Nino to have negligible impact. Oil & Gas: Expert call – Progressing on ethanol journey but delays possible

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12-Jun-23

First Light | Monthly Chartbook, Oil & Gas, IT Services

Monthly Chartbook: Hawkish pause; monsoon to hold key. Oil & Gas: Ceramics expert call – Expect Morbi gas volume recovery in H2. IT Services: Q4FY23 Review – Macro headwinds prompt us to stay selective

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09-Jun-23

First Light | Havells India

Annual report analysis: Continuity of strategy

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08-Jun-23

First Light | Consumer Staples

Consumer Staples: Q4FY23 Review – Smooth sailing on rough seas

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07-Jun-23

First Light | JK Cement, Voltas

JKCE: Outlook intact; downgrade to HOLD on rich valuations. VOLT: Annual report analysis: A challenging year

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06-Jun-23

First Light | Monetary Policy, Corporate Results, Credit Trends, Hindustan Unilever, Consumer Durables

Monetary Policy: RBI to maintain status quo. Corporate Results: How have companies fared in Q4FY23? Credit Trends: Bank credit growth in Apr'23. Hindustan Unilever: Annual report analysis – Weathering the storm. Consumer Durables: Margin worries continue

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05-Jun-23

First Light | Indian Economy FY24, Monthly Economic Buffet, GDP, Commodity Trends

Indian Economy FY24: A Prognosis, Monthly Economic Buffet: May 2023, GDP: Looking closer at GDP Estimates, Commodity Trends: How prices look in May’23

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02-Jun-23

First Light | Commercial Paper, Currency Outlook, Bonds Wrap, Capital Goods

Commercial Paper: How funding through CPs have evolved? Currency Outlook: Pressure on INR to be short-lived. Bonds Wrap: Fortnightly review. Capital Goods: Q4FY23 Review – Strong end to FY23; outlook robust

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01-Jun-23

First Light | Monthly Chartbook, Fiscal Update, GDP, V-Guard Industries

Monthly Chartbook: Global headwinds the only major concern. Fiscal Update: Fiscal deficit at 6.4% in FY23. GDP: GDP growth in FY23 - Positive surprise. VGRD: Sunflame key for FY24

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31-May-23

First Light | Sun Pharma, RBI Annual Report, Mahindra & Mahindra

SUNP: gRevlimid yields margin surprise; raise to BUY post correction. RBI Annual Report: Key macroeconomic highlights. MM: Healthy performance; strong show to continue

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30-May-23

First Light | LIC, SAIL, Mphasis, Tata Consumer Products

LICI: Focused on profitable products. SAIL: Production gains momentum, higher debt a concern. MPHL: Dull quarter; sequential recovery guided from Q2. TATACONS: Annual report analysis: On a strong wicket

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29-May-23

First Light | Ashok Leyland

AL: Healthy performance continues

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26-May-23

First Light | Cummins India, AIA Engineering, Hitachi Energy, JK Lakshmi Cement, Star Cement

KKC: From strength to strength; upgrade to BUY. AIAE: Robust performance. POWERIND: Improving outlook. JKLC: Challenging road ahead. STRCEM: Moving in the right direction

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25-May-23

First Light | Shree Cement

SRCM: High-cost fuel inventory weighs on margins

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24-May-23

First Light | Dixon Technologies, Zydus Wellness

DIXON: In-line quarter; strong guidance reiterated. ZYWL: Price-led growth in Q4; HFD category a concern

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23-May-23

First Light | Bank Liquidity, Crompton Greaves, Diversified Financials

Bank Liquidity: Impact of withdrawal of 2000 rupee notes. CROMPTON: Mixed quarter. Diversified Financials: Proposed TER overhaul implies steep profit hit for AMCs

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22-May-23

First Light | Siemens India, Currency Outlook, ITC, State Bank Of India, Syrma SGS, The Ramco Cements, Alkem Labs

SIEM: Low-voltage deal appears unfavourable; cut to HOLD. Currency Outlook: INR under pressure. ITC: Strong performance amid macro headwinds. SBIN: Sustaining growth and profitability. SYRMA: Strong show; positive outlook intact. TRCL: Strong volume push but pricing pressure persists. ALKEM: Margin improvement key for revival

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19-May-23

First Light | Thermax, Eris Lifesciences, Affle (India)

TMX: Cautious outlook continues. ERIS: Integration costs weigh on quarter. AFFLE: Seasonality impacts Q4; outlook remains healthy

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18-May-23

First Light | Jindal Steel & Power, Amber Enterprises

JSP: Streamlining painful but useful, maintain BUY. AMBER: Strong performance on new client and capacity addition

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17-May-23

First Light | VST Tillers Tractors

VSTT: Solid quarter

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16-May-23

First Light | WPI, Eicher Motors, Polycab India, Orient Electric

WPI: WPI at 34-month low. EIM: Overall healthy performance. POLYCAB: Cables business resilient. ORIENTEL: Weak end to a challenging FY23

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15-May-23

First Light | CPI and IIP, Siemens India, Cipla, Marico, Escorts, Coforge

CPI and IIP: CPI cools, IIP growth slips. SIEM: Strong momentum continues. CIPLA: Key launches at least a year away. MRCO: Healthy volume-led growth; improved visibility. ESCORTS: Medium-term pain to continue. COFORGE: Stellar quarter; buoyant outlook

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12-May-23

First Light | Monthly Chartbook, Larsen & Toubro, Godrej Consumer Products, Dr Reddy's Labs

Monthly Chartbook: Is less than 7% the next stop for 10Y yield...? LT: Strong finish; robust outlook for FY24. GCPL: Home and personal care segments perform well. DRRD: Core business remains sluggish

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10-May-23

First Light | Mahanagar Gas

MAHGL: Slow long-term growth prospects; cut to HOLD

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09-May-23

First Light | BoB-ECI, Federal Bank, Alembic Pharma

BoB-ECI: BoB Essential Commodities Index. FB: Strong PAT on higher other income and lower provisions. ALPM: No respite yet

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08-May-23

First Light | Ajanta Pharma, ABB India, 360 One, Blue Star, Dabur India, Britannia Industries, TVS Motor, Hero Motocorp, Metals & Mining

AJP: Margins appear to have bottomed out; raise to BUY. ABB: Strong showing but priced in. 360ONE: Tough quarter. BLSTR: Momentum continues; outlook bright. DABUR: Steady growth; improving demand visibility. BRIT: Impressive all-around performance. TVSL: Steady quarter; fresh triggers awaited. HMCL: Improved performance; sustainability to be seen. Metals & Mining: Steel margin recovery to continue into Jun quarter – ArcelorMittal

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05-May-23

First Light | Ambuja Cements, KEC International, Tata Steel, Orient Cement

ACEM: Soft realisations weigh on margins. KECI: Standalone margin remains weak. TATA: Project visibility improving, maintain BUY. ORCMNT: Listless performance

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04-May-23

First Light | Monthly Economic Buffet, Havells India, ACC, KEI Industries, Automobiles

Monthly Economic Buffet: Economic Round-up: April 2023. HAVL: Moderate quarter; in-line performance. ACC: Realisations soft; stock lacks strong triggers. KEII: Momentum continues; capacity addition to spur growth. Automobiles: PVs and 2Ws grow in April, tractors lose steam

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03-May-23

First Light | Bonds Wrap, Kotak Mahindra Bank

Bonds Wrap: Fortnightly review. KMB: Healthy quarter but positives priced in

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02-May-23

First Light | Monthly Chartbook, Currency Outlook, Axis Bank, Ultratech Cement, Dalmia Bharat, Laurus Labs, Aditya Birla Sun Life AMC, UTI AMC, Glenmark Life Sciences, Maruti Suzuki, Tech Mahindra, SBI Card, Metals & Mining

India Strategy: Monthly Chartbook – Global headwinds cloud near-term outlook, Currency Outlook: INR is likely to remain range-bound, AXSB: Valuations to play catch up, UTCEM: On a strong pitch, Near term challenges fading away, DALBHARA: Volumes rise but realisations weak, LAURUS: Dismal quarter, ABSLAMC: Soft numbers; weakness persists, maintain HOLD, UTIAM: Weak set of numbers, GLS: All-round beat, MSIL: Short-term pricing blip, TECHM: Weak performance; near-term outlook cloudy, SBICARD: Positive surprise; maintain BUY, Metals & Mining: China industry discipline to continue: Baosteel

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28-Apr-23

First Light | Wipro, SBI Life, Voltas, Hindustan Unilever

WPRO: Consulting business likely to dampen near-term growth. SBILIFE: Strong FY23; maintain BUY. VOLT: EMP underperformance overshadows resilient cooling business. HUVR: Fair performance in a challenging environment

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27-Apr-23

First Light | Bajaj Auto, HDFC Life, Persistent Systems, Nippon Life India AMC, Tata Consumer Products

BJAUT: Rural economy revival key for growth; Maintain HOLD. HDFCLIFE: Strong quarter. PSYS: Growth resilient. NAM: MTM losses mar quarter. TATACONS: Strategic initiatives in place; outlook upbeat

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26-Apr-23

First Light | HDFC AMC, Nestle India, IndusInd Bank

HDFCAMC: Q4 disappoints; cut to HOLD on multiple headwinds. NEST: Stellar performance; beats estimate. IIB: Gearing up for the next leg of growth

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25-Apr-23

First Light | Stock Indices, Reliance Industries, ICICI Bank, Automobiles, HDFC Bank

Stock Indices: Are Macroeconomic variables and Stock Indices related? RIL: Capital discipline targets positive; maintain BUY. ICICIBC: Strong NII and lower provisions aid healthy PAT. Automobiles: Q4FY23 Preview – On a recovery path; rural demand key. HDFCB: RBI clears pitch for merger with HDFC

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24-Apr-23

First Light | ICICI Prudential Life, Rate Differential

IPRU: FY23 ends on a high note; cut to HOLD post rally. Rate Differential: Update on India and US rates

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21-Apr-23

First Light | HCL Technologies, Ferrous Chartbook, Metals & Mining

HCLT: Software seasonality dampens dollar revenue growth. Metals & Mining: Ferrous Chartbook – China’s March economic data supportive of steel margins. Metals & Mining: Aluminium market thinly balanced – Alcoa

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20-Apr-23

First Light | Capex climate, Diversified Financials

Capex climate: Update on investment scenario and its funding. Diversified Financials: Equity MFs continued to outshine debt funds in FY23

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19-Apr-23

First Light | Currency Outlook, Reliance Industries, Cement

Currency Outlook: INR to strengthen. RIL: Capex ramp-up likely in sync with structural growth. Cement: Q4FY23 Preview – Strong dispatches, cost benefits to help margins gain gradually

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18-Apr-23

First Light | WPI, HDFC Bank, Consumer Staples

WPI: WPI continues to decelerate. HDFCB: Q4 healthy despite higher opex. Consumer Staples: Q4FY23 Preview – Early signs of recovery; expect a decent quarter

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17-Apr-23

First Light | Infosys, Pharmaceuticals

INFO: All-round miss; sentiments worsening but Cobalt to drive growth. Pharmaceuticals: Sustained market growth in March

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13-Apr-23

First Light | IMF World Economic Outlook, CPI and IIP, Monthly Chartbook, HDFC Bank, Tata Consultancy Services, ABB India

IMF World Economic Outlook: IMF flags risks to recovery. CPI and IIP: CPI cools, IIP growth stable. Monthly Chartbook: Rate hike off the table; Inflation holds the key. HDFCB: Q4 likely to see sustained growth momentum. TCS: Steady quarter but macro headwinds cloud outlook. ABB: Annual report highlights – Agile business model

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12-Apr-23

First Light | Diversified Financials

Diversified Financials: Impending TER regulation puts AMCs on edge

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11-Apr-23

First Light | Metals & Mining, Automobiles

Metals & Mining: Q4FY23 Preview – Modest Q4 gains point to better year ahead. Automobiles: Growing shift towards high-end segment

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10-Apr-23

First Light | [Initiation] LIC, Monthly Economic Buffet, Monetary Policy Review, IT Services, Capital Goods, Consumer Durables

LICI: Behemoth at a bargain; initiate with BUY. Monthly Economic Buffet: Economic Round-up: March 2023. Monetary Policy Review: RBI surprises with a pause. IT Services: Global banking crisis dulls outlook. Capital Goods: Impetus to continue. Consumer Durables: A lacklustre end to FY23

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05-Apr-23

First Light | Currency Outlook, Bonds Wrap, Cost of Borrowing, Consumer Durables

Currency Outlook: Further downside for INR likely. Bonds Wrap: Fortnightly review. Cost of Borrowing: Small Savings. Consumer Durables: Channel Checks – Fans facing the heat but ACs in demand

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03-Apr-23

First Light | Borrowing Calendar, Nestle India, Diversified Financials

Borrowing Calendar: Centre has finely managed its H1FY24 calendar. NEST: Annual report highlights – Stellar performance in a difficult year. Diversified Financials: Q4FY23 Preview – Cautious outlook for NBFCs; AMCs, life insurers to fare better

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31-Mar-23

First Light | External Sector Review

External Sector Review: Trade, CAD and capital flows

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24-Mar-23

First Light | Fuel Dynamics, Gold Prices

Fuel Dynamics: Splitting the petrol pie? Gold Prices: The glitter of gold

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23-Mar-23

First Light | Bikaji Foods International

BIKAJI: Appetite for growth

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17-Mar-23

First Light | Kaynes Technology, Pharma

KAYNES: Expanding footprint. Pharma: Acute therapies propel IPM growth in February

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16-Mar-23

First Light | Currency Outlook, Consumer Staples

Currency Outlook: INR is likely to remain range-bound. Consumer Staples: Visible signs of rural revival

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15-Mar-23

First Light | Macro & Micro, WPI

Macro & Micro: Clear mass premiumisation trends. WPI: WPI cools down further

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14-Mar-23

First Light | South Asia Economics, CPI, Metals & Mining

South Asia Economics: Is South Asia on the brink of a crisis? CPI: CPI remains above RBI’s upper band. Metals & Mining: Expert calls – Steel recovering; aluminium price range-bound

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13-Mar-23

First Light | IIP, IT Services

IIP: Uptick in IIP growth. IT Services: Sustainable growth story

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10-Mar-23

First Light | Disinvestment

Disinvestment: Current target and status

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09-Mar-23

First Light | Monthly Chartbook, Consumer Durables, Metals & Mining

Monthly Chartbook: Inflation rearing its ugly head again. Consumer Durables: Consumer appliances yielding higher energy efficiency. Metals & Mining: Aluminium outlook healthy but limited price upside in FY24E

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06-Mar-23

First Light | State Borrowing

State Borrowing: Taking stock

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03-Mar-23

First Light | Bonds Wrap, Monthly Eco Buffet, Capital Goods

Bonds Wrap: Fortnightly review. Monthly Eco Buffet: Economic Round-up: February 2023. Capital Goods: A rising tide…

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02-Mar-23

First Light | Policy Rates, Currency Outlook, Tech Mahindra, Agrochemicals, Diversified Financials

Policy Rates: What India-US rates tell us? Currency Outlook: INR is likely to remain range-bound. TECHM: Sandstorm a potential game changer. Agrochemicals: Agrochem Summit 2023 – Policy support holds the key. Diversified Financials: Credit cards on a strong growth path

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01-Mar-23

First Light | Q3FY23 GDP, Infosys

Q3FY23 GDP: GDP growth slows to 4.4% in Q3FY23. INFO: Private 5G-as-a-Service to see multiyear tailwinds

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28-Feb-23

First Light | Credit Trends

Credit Trends: Is credit growth tapering off?

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24-Feb-23

First Light | IT Services, GDP Outlook, FY24 Currency Outlook

IT Services: Runaway cloud growth hits a bump; tier-I players a safe haven. GDP Outlook: GDP to grow by 4.6% in Q3FY23. FY24 Currency Outlook: INR to trade in the range of 82-84/$ in FY24

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22-Feb-23

First Light | Bank Liquidity

Bank Liquidity: Can it be a devil in disguise?

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21-Feb-23

First Light | Q3FY23 Review, SAIL, TVS Motor, Pharma

Q3FY23 Review: New quarter, old challenges. SAIL: Higher production positive but legacy issues linger. TVSL: Steady performance; healthy outlook. Pharma: IPM growth slows down in January

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17-Feb-23

First Light | Currency Outlook, Nestle India, Maruti Suzuki, Capital Goods

Currency Outlook: INR to remain steady. NEST: Investing for growth. MSIL: Focus shifts to high-margin segment. Capital Goods: Q3FY23 Review – Execution trends robust

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16-Feb-23

First Light | Siemens India, PI Industries, CESC, Consumer Durables

SIEM: Stellar quarter. PI: Strong quarter spurred by custom synthesis business. CESC: Stable performance; DF circles disappoint. Consumer Durables: Q3FY23 Review – Margin recovery delayed

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15-Feb-23

First Light | WPI, JK Lakshmi Cement

WPI: WPI at 2-year low. JKLC: Cost overruns remain a concern

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14-Feb-23

First Light | CPI, ABB India, Alkem Labs, Thermax, LIC

CPI: CPI above RBI’s upper band. ABB: Q4 beat; retain HOLD on full valuations. ALKEM: Quarter buoyed by seasonal tailwinds. TMX: Scaling back on large project bids. LICI: Strong 9MFY23 growth but margins moderate

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13-Feb-23

First Light | IIP, Voltas, Aurobindo Pharma, Shree Cement, Ambuja Cement, JK Cement, Metals & Mining

IIP: IIP growth moderates. VOLT: Subpar quarter as EMP losses deepen. ARBP: Modest Q3; no respite on margin front. SRCM: Cost efficiencies to aid performance. ACEM: Steady growth continues, maintain HOLD. JKCE: Steep costs likely to soften in Q4; maintain BUY. Metals & Mining: Steel cycle recovery underway – AMNS

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10-Feb-23

First Light | FPI Flows, Financial Savings, Cummins India, Syrma SGS

FPI Flows: How have FPIs performed this year? Financial Savings: Bank Deposits or Mutual Funds? KKC: Robust quarter; positives in the price. SYRMA: Strong topline but margins soften

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09-Feb-23

First Light | Monetary Policy Review, Monthly Chartbook, Tata Steel, The Ramco Cements

Monetary Policy Review: RBI to pause most likely in FY24. Monthly Chartbook: Capex to spur growth. TATA: Weaker Q3 does not disrupt upcoming growth, maintain BUY. TRCL: The Ramco Cements

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08-Feb-23

First Light | Hitachi Energy, Dalmia Bharat

POWERIND: Chip shortage takes a toll. DALBHARA: Strong quarter; capacity addition on track

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07-Feb-23

First Light | ITC, Star Cement

ITC: Stellar show continues; outlook bright. STRCEM: In-line performance; maintain BUY

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06-Feb-23

First Light | Insurance, Tata Consumer Products, Currency Outlook, Monthly Economic Buffet, Divi's Labs, Jindal Steel & Power, Crompton Greaves, V-Guard Industries, Tata Power, Mahanagar Gas

Insurance: Budget spoils the insurance party, TATACONS: Subdued quarter; long-term story remains intact. Currency Outlook: INR to remain steady. Monthly Economic Buffet: Economic Round-up: January 2023. DIVI: Big miss on revenue and margins. JSP: Streamlining management processes a positive; BUY. CROMPTON: Weak lighting business dims performance. VGRD: Topline intact while margin pressure persists. TPWR: Growth aided by coal profits again. MAHGL: in medium term; maintain BUY

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03-Feb-23

First Light | [Sector Report] Cement, Power Grid Corp, Britannia Industries, UTI AMC

Cement: Supply glut clouds prospects. PWGR: Steady quarter; upgrade to BUY post correction. BRIT: Strong performance in a challenging environment. UTIAM: Dull quarter on MTM losses; maintain BUY

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02-Feb-23

First Light | Union Budget Review, Union Budget Analysis 2023-24, KEC International

Union Budget Review: Quality over Quantity. Union Budget Analysis 2023-24. KECI: Disappointing quarter – cut to HOLD

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01-Feb-23

First Light | Blue Star, Economic Survey 2022-23, Bonds Wrap, Larsen & Toubro, Godrej Consumer Products, Orient Electric

BLSTR: Buoyant performance; UCP margin expansion continues. Economic Survey 2022-23: Leaving no one behind. Bonds Wrap: Fortnightly review. LT: Revenue beat; commentary optimistic. GCPL: Broad-based growth; strong margin recovery. ORIENTEL: Back on track with Q3 rebound

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31-Jan-23

First Light | NTPC, Tech Mahindra, Indraprastha Gas, Nippon Life India AMC

NTPC: Another strong quarter. TECHM: Weak performance; expect a muted FY23. IGL: Dull quarter; focus shifting to non-bus CNG volumes. NAM: Healthy quarter; retain BUY

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30-Jan-23

First Light | AIA Engineering, Glenmark Life Sciences, Aditya Birla Sun Life AMC

AIAE: Stellar quarter despite challenging macro. GLS: Sequential recovery in API business. ABSLAMC: Challenges persist, maintain HOLD

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27-Jan-23

First Light | HDFC AMC, Capex, Cipla, Dr Reddy's Labs, Dixon Technologies

HDFCAMC: Muted growth; raise to BUY on price correction. Capex: Spending by states. CIPLA: US-led growth; margins strong. DRRD: Strong US sales; recovery in EM and PSAI businesses. DIXON: Dull Q3 as mobiles business dials down

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25-Jan-23

First Light | FY24 Budget Preview, JSW Steel, SBI Card, Amber Enterprises, Siemens India, KEI Industries

FY24 Budget Preview: Balance between populism and consolidation. JSTL: Exciting growth but unfavourable risk-reward; maintain HOLD. SBICARD: Higher costs continue to dent profitability. AMBER: Strong topline but margins remain muted. SIEM: Annual report highlights – Primed for accelerated growth. KEII: Upbeat numbers

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24-Jan-23

First Light | Reliance Industries, SBI Life, Power

RIL: Entry opportunity; upgrade to BUY. SBILIFE: Upbeat quarter; maintain BUY. Power: Q3FY23 Preview – Demand remains strong

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23-Jan-23

First Light | FY24 Budget Preview, HDFC Life, Polycab India, 360 One, Oil & Gas

FY24 Budget Preview: Trade-off between capex and consolidation. HDFCLIFE: Strong growth momentum; maintain BUY. POLYCAB: Buoyant quarter. IIFLWAM: Resilient model; high ROE - maintain BUY. Oil & Gas: Expert call - Morbi gas volumes under pressure near-term

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20-Jan-23

First Light | Hindustan Unilever, IndusInd Bank, Havells India, Metals & Mining

HUVR: Growth momentum continues; margins improve sequentially. IIB: Recovery plan in play. HAVL: Modest performance amid a challenging environment. Metals & Mining: Constructive outlook despite uncertainty – Alcoa

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19-Jan-23

First Light | Mahanagar Gas, ICICI Prudential Life, Eris Lifesciences

MAHGL: Healthy medium-term outlook. IPRU: VNB strong but premium growth disappoints. ERIS: Oaknet continues to drive revenue growth

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17-Jan-23

First Light | WPI, HDFC Bank

WPI: WPI at 22-month low. HDFCB: Steady earnings growth

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16-Jan-23

First Light | Disinvestment, Wipro

Disinvestment: Disinvestment is more a case of misses. WPRO: Consulting business likely to dampen growth in the near term

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13-Jan-23

First Light | CPI and IIP, Infosys, HCL Technologies, Chemplast Sanmar, Pharmaceuticals

CPI and IIP: CPI cools, IIP growth improves. INFO: Cobalt to drive near-term growth. HCLT: Profit beat in seasonally weak quarter. CHEMPLAS: Uptick in PVC prices could aid margin recovery. Pharmaceuticals: Sustained IPM growth momentum in December

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12-Jan-23

First Light | [Sector Report] Diversified Financials

Diversified Financials: Mutual fund industry – Onward and upward

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10-Jan-23

First Light | Macro & Micro, Financial Stability Report, Tata Consultancy Services, Capital Goods

Macro & Micro: 2023 - Precursor to a breakout. Financial Stability Report: Key highlights. TCS: Demand drivers intact with some pockets of slowdown. Capital Goods: Data centre capex to nudge up product demand

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09-Jan-23

First Light | Monthly Chartbook, GDP

Monthly Chartbook: All eyes on the Union Budget. GDP: FY23 growth estimated at 7%

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06-Jan-23

First Light | Investment Activity, IT Services

Investment Activity: Is investment set to pick up. IT Services: Q3FY23 Preview – Margins likely to surprise on the upside

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05-Jan-23

First Light | Capital Goods, Consumer Durables

Capital Goods: Q3FY23 Preview – Momentum to continue. Consumer Durables: Q3FY23 Preview – Expect a tepid quarter

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04-Jan-23

First Light | Monthly Economic Buffet

Monthly Economic Buffet: Economic Round-up – December 2022

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03-Jan-23

First Light | Currency Outlook, Bonds Wrap, Diversified Financials

Currency Outlook: Where is INR headed in 2023? Bonds Wrap: Fortnightly review. Diversified Financials: Q3FY23 Preview – Healthy quarter likely for NBFCs and life insurers

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28-Dec-22

First Light | Indraprastha Gas

IGL: Growth levers intact despite EV

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26-Dec-22

First Light | Solar Industries

SOIL: Growth focused

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23-Dec-22

First Light | Consumer Durables

Consumer Durables: Fan industry – Dynamics set to change post BEE ratings change

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22-Dec-22

First Light | Inflation Impact, IPO Study

Inflation Impact: Does inflation have any association with sales? IPO Study: Update on performance of IPO market

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21-Dec-22

First Light | Return on Investment, Effective Tax Rate, JSW Steel, Syrma SGS

Return on Investment: ‘T’ has not been the season of much gain. Effective Tax Rate: Is there a scope for lowering corporate tax rate further? JSTL: Dolvi another growth milestone. SYRMA: Capacity expansion on course

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20-Dec-22

First Light | Metals & Mining

Metals & Mining: China policies set stage for steel demand recovery – Valin Steel

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19-Dec-22

First Light | Interest Rates, Pharmaceuticals

Interest Rates: What is the real interest rate? Pharmaceuticals: IPM growth rebounds but volumes remain sluggish

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16-Dec-22

First Light | Currency Outlook

Currency Outlook: What’s next for INR

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15-Dec-22

First Light | WPI

WPI: WPI at 21-month low

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14-Dec-22

First Light | Fiscal Update

Fiscal Update: Expect fiscal deficit of 6.6-6.7% for FY23

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13-Dec-22

First Light | Credit Growth, CPI And IIP, Voltas

Credit Growth: Is credit growth impacted by repo rate changes? CPI And IIP: CPI cools, IIP growth falters. VOLT: Competition weighing on margins

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12-Dec-22

First Light | Monthly Chartbook, Siemens India

Monthly Chartbook: India facing headwinds. SIEM: Buoyant outlook

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09-Dec-22

First Light | [Initiation] Syrma SGS

SYRMA: Syrma SGS (BUY): Niche ODM player – initiate with BUY

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08-Dec-22

First Light | Monetary Policy

Monetary Policy: No surprises – Another 25bps rate hike possibly in Feb and then pause

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07-Dec-22

First Light | Greenpanel Industries

GREENP: Long runway before takeoff

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06-Dec-22

First Light | Interest Rates, Monetary Policy

Interest Rates: Impact of monetary policy on rates. Monetary Policy: What to expect in the credit policy

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02-Dec-22

First Light | Currency Outlook, Bonds Wrap, Credit Trends, NLC India

Currency Outlook - INR strengthened in Nov’22. Bonds Wrap - Fortnightly review. Credit Trends - Where is bank credit growing? NLC: Capacity addition largely on track

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01-Dec-22

First Light | Monthly Strategy Wrap, GDP

Monthly Strategy Wrap: Market at all-time high but outlook mixed. GDP: GDP growth slows to 6.3% in Q2FY23

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30-Nov-22

First Light | Mahindra & Mahindra

MM: Performance to strengthen

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29-Nov-22

First Light | TTK Prestige

TTKPT: Banking on brand value to blunt competition

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25-Nov-22

First Light | Trade, Interest Cover

Trade: Trends in India’s trade and impact of global economy. Interest Cover: Falling interest cover more due to declining profits

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24-Nov-22

First Light | Diversified Financials

Diversified Financials: Expert call – Bright outlook for credit card industry

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23-Nov-22

First Light | Oil & Gas

Oil & Gas: Unified gas pipeline tariff to deepen the market

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22-Nov-22

First Light | [Sector Report] Logistics, Eicher Motors

Logistics: Full throttle ahead. EIM: Volume gains encouraging; ASP revival key

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21-Nov-22

First Light | [Sector Report] Capital Goods

Capital Goods: On the cusp of a capex supercycle

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18-Nov-22

First Light | Ashok Leyland, Corporate Results

AL: Healthy performance all round. Corporate Results: How have companies fared in Q2FY23?

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17-Nov-22

First Light | Escorts

ESCORTS: Earnings lag behind valuations

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16-Nov-22

First Light | Q2FY23 Review, Currency Outlook

Q2FY23 Review: Raw material costs cool off. Currency Outlook: INR takes a breather

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15-Nov-22

First Light | CPI, WPI, TVS Motor, Aurobindo Pharma, Alembic Pharma, LIC

CPI: Inflation begins to cool down. WPI: WPI cools down to 19-month low. TVSL: Strong quarter but positives in the price. ARBP: Margin slippage continues; launches key for growth. ALPM: Broad-based growth; margin crunch persists. LICI: Strong growth; focused on raising persistency

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14-Nov-22

First Light | Hero Motocorp, Alkem Labs, Lupin, IIP, Astral

HMCL: Efforts on to capture premium market. ALKEM: Near-term outlook weak – cut to SELL. LPC: Return to double-digit margins. IIP: IIP growth scales up. ASTRA: Inventory loss, one-off expenses drag margin.

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11-Nov-22

First Light | Pidilite Industries, Somany Ceramics, Zydus Wellness, Metals & Mining

PIDI: Margin expansion ahead but valuations lofty; reiterate SELL. SOMC: Gas prices continue to weigh on margins. ZYWL: High commodity prices play spoilsport. Metals & Mining: Aluminium price floor emerging – Alcoa

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10-Nov-22

First Light | VST Tillers Tractors, Divi'S Labs, Cera Sanitaryware, Greenpanel Industries, Consumer Durables

VSTT: Gaining momentum slowly but surely. DIVI: Disappointing quarter. CRS: Steady demand trends. GREENP: Domestic demand remains healthy. Consumer Durables: Q2FY23 Review – Walking a tight rope with margins

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09-Nov-22

First Light | Interest Rates, Monthly Chartbook, Greenply Industries

Interest Rates: Small savings versus bank deposits. Monthly Chartbook: Global growth slowing down; India steady. MTLM: Stable quarter but margins disappoint

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07-Nov-22

First Light | Ajanta Pharma, Fuel & Freight, Quarterly Results, Maruti Suzuki, Cipla, Blue Star, Orient Electric

AJP: No respite from margin pressure; cut to HOLD. Fuel & Freight: What freight data shows. Quarterly Results: Update on Q2FY23 performance. MSIL: Healthy performance. CIPLA: Robust US and India sales. BLSTR: Best Q2 performer among AC pack. ORIENTEL: One-offs mar performance

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03-Nov-22

First Light | Voltas, Kajaria Ceramics

VOLT: Dismal Q2; UCP margins at decadal low. KJC: Demand sluggish; high gas cost weakens margins

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02-Nov-22

First Light | Sun Pharma, Currency Outlook, Bonds Wrap, Credit Trends, Interest Rates, Tata Steel, Consumer Durables

SUNP: Strong Q2 but valuations full – cut to HOLD. Currency Outlook: Focus on Fed. Bonds Wrap: Fortnightly review. Credit Trends: Sectoral deployment of credit. Interest Rates: Pace of deposit and lending rates in H1FY23. TATA: Integrated Indian operations to weather downturn. Consumer Durables: Gujarat electronics policy to boost localisation of appliances

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01-Nov-22

First Light | Monthly Strategy Wrap, Supreme Industries

Monthly Strategy Wrap: Global headwinds plateauing. SI: Muted quarter but H2 revival on track

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31-Oct-22

First Light | Financial Savings, Reliance Industries, JSW Steel, SBI Card, Dr Reddy'S Labs, Crompton Greaves, V-Guard Industries

Financial Savings: Bank Deposits or Mutual Funds? RIL: Windfall tax limits cyclical upside; consumer business shines. JSTL: Aggressive growth policy fuels earnings volatility. SBICARD: Dull quarter on high opex and credit costs. DRRD: US launch of gRevlimid buoys quarter. CROMPTON: Q2 a minor blip; expect swift recovery. VGRD: Margin pressure dampens performance

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27-Oct-22

First Light | Finolex Industries

FNXP: Revival slipped to Q4

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25-Oct-22

First Light | Laurus Labs, Amber Enterprises, Glenmark Life Sciences, SBI Life, HDFC Life

LAURUS: CDMO scale-up masks otherwise dismal Q2; cut to HOLD. AMBER: Structural growth overhang persists. GLS: Slowdown in parent-led business weakens revenue. SBILIFE: Strong margin trajectory; better H2 expected. HDFCLIFE: Merger with Exide Life completed; focus on growth

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21-Oct-22

First Light | State Finances, Havells India, Dixon Technologies, IIFL Wealth, Metals & Mining

State Finances: Cash imbalances of states. HAVL: Margins hit trough; expect recovery in H2. DIXON: Buoyant numbers, bright prospects. IIFLWAM: Guidance maintained despite slower flows. Metals & Mining: Aluminium market in need of supply rebalancing

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20-Oct-22

First Light | Bajaj Auto, Polycab India, V-Mart Retail

BJAUT: Steady performance in a challenging environment. POLYCAB: Beat on all fronts. VMART: LimeRoad deal positive but profitability could suffer

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18-Oct-22

First Light | Currency Outlook

Currency Outlook: INR finds support

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17-Oct-22

First Light | WPI, ICICI Prudential Life, Metals & Mining

WPI: WPI cools further. IPRU: Some hits, some misses - maintain BUY. Metals & Mining: China demand to pick up but margins to take longer – Baosteel

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14-Oct-22

First Light | Pharmaceuticals

Pharmaceuticals: Price hike led growth sustain IPM growth amidst weak volumes

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13-Oct-22

First Light | CPI and IIP

CPI and IIP: A double whammy for the economy

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11-Oct-22

First Light | Metals & Mining, Building Materials

Metals & Mining: Weak quarter; look for margin stabilisation in H2. Building Materials: A bumpy quarter; revival likely in H2

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10-Oct-22

First Light | Investment Cycle, Credit Trends, Monthly Chartbook

Investment Cycle: Investment may start picking up. Credit Trends: Will credit growth slow down due to repo rate hikes? Monthly Chartbook: India’s growth holding ground

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07-Oct-22

First Light | Consumer Durables

Consumer Durables: Q2FY23 Preview – Flat quarter ahead

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06-Oct-22

First Light | Monsoon Update

Monsoon Update: Monsoon and sowing draw to a close

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04-Oct-22

First Light | Currency Outlook, Bond Market Round-up, Household Finances, Monthly Economic Buffet

Currency Outlook: Is 82 the new 80? Bond Market Round-up: Bond Market Round-up – September 2022. Household Finances: Are we saving less? Monthly Economic Buffet: Economic Round-up –September 2022

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03-Oct-22

First Light | Monthly Strategy Wrap, Monetary Policy, Diversified Financials: Q2FY23 Preview, Diversified Financials: Credit Cards, Consumer Durables

Monthly Strategy Wrap: India on a relatively better wicket. Monetary Policy: No new surprise – Another 50bps rate hike. Diversified Financials: Q2FY23 Preview – Expect robust growth traction across segments. Diversified Financials: Credit card spends robust; new measures consumer friendly. Consumer Durables: Sep'22 Roundup - Demand indicators strong

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30-Sep-22

First Light | Metals & Mining

Metals & Mining: Market rebalancing underway – ArcelorMittal

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29-Sep-22

First Light | Plastic Products

Plastic Products: Expect revival in H2 but a muted FY23

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28-Sep-22

First Light | Monetary Policy Expectations, Oil & Gas

Monetary Policy Expectations: RBI to hike again. Oil & Gas: EU Sanctions a plausible upside risk to crude – Breamer

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27-Sep-22

First Light | Consumption Trends, Consumer Durables

Consumption Trends: A silver lining or a dark cloud. Consumer Durables: Vedanta-Foxconn JV to help localization of appliances

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26-Sep-22

First Light | Currency Outlook, Tata Steel

Currency Outlook: INR falls to a record low – From being best to worst performing currency. TATA: Merger to simplify group structure

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23-Sep-22

First Light | Building Materials, Syrma SGS Tech

Building Materials: Expert call – Demand moderation, cost rise may hurt Q2 margins. SYRMA: Niche player in EMS

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22-Sep-22

First Light | Yields, Consumer Durables

Yields: Short-term yield spikes. Consumer Durables: Formal jobs data encouraging

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21-Sep-22

First Light | Monsoon Update, Consumer Durables

Monsoon Update: Monsoon and sowing progress. Consumer Durables: Real estate uptrend heralds stronger durables demand

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20-Sep-22

First Light | Currency Outlook, Logistics, Consumer Durables

Currency Outlook: All eyes on Fed. LOGISTICS: National Logistics Policy – Spearheading efficiency. Consumer Durables: Powering down – Appliances fuel energy savings

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19-Sep-22

First Light | Fuel Taxes, RPG Life Sciences

Fuel Taxes: Understanding the economics of fuel taxes. RPGL: Investor day takeaways - Chronic and specialty launch focus

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16-Sep-22

First Light | IIFL Wealth

IIFLWAM: Annual report analysis: Recurring model bears fruit

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15-Sep-22

First Light | WPI, Telecom Study, KEC International

WPI: WPI provides relief. Telecom Study: Telecom sector & 5G Auction. KECI: Analyst meet takeaways: Headwinds abating

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14-Sep-22

First Light | Macro & Micro, Metals & Mining

Macro & Micro: Bear up – Stick to the leaders. Ferrous Chartbook: Steel margins to stabilise over H2FY23

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13-Sep-22

First Light | IPO Study, CPI and IIP, Consumer Durables

IPO Study: How has the IPO market performed? CPI and IIP: CPI hardens, IIP growth falters. Consumer Durables: Festive cheer likely to revitalise demand

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12-Sep-22

First Light | Monsoon Update

Monsoon Update: Monsoon and sowing progress

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09-Sep-22

First Light | Greenpanel Industries, Metals & Mining

GREENP: Structural tailwinds intact. Metals & Mining: India Steel Conference 2022 – Demand outlook positive

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08-Sep-22

First Light | Monthly Chartbook, Bonds

Monthly Chartbook: Domestic macros appear to be insulated. Bonds: Corporate bonds market in India

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06-Sep-22

BOBCAPS First Light | Financial Soundness, Metals & Mining

Financial Soundness: Comparative study on global financial soundness indicators. Metals & Mining: China’s Q2 steel results signal slower demand recovery

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05-Sep-22

First Light | Monthly Economic Buffet, IIFL Wealth

Monthly Economic Buffet: Economic Round-up: August 2022. IIFLWAM: NDR takeaways – Spotlight on recurring revenue and new clients

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02-Sep-22

First Light | Bonds Wrap

Bonds Wrap: Fortnightly review

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01-Sep-22

First Light | Monthly Strategy Wrap, Market Performance, Currency Outlook, SAIL, Reliance Industries

Monthly Strategy Wrap: Indian market resilient. Market Performance: India versus global equity markets. Currency Outlook: What’s in store for INR. SAIL: Plodding quest for growth. RIL: AGM takeaways – Growth contours defined

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29-Aug-22

First Light | State Budgets

State Budgets: State finances in FY22 – A recap

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26-Aug-22

First Light | Monsoon Update, Zydus Wellness

Monsoon Update: Monsoon and sowing progress. ZYWL: Management meet takeaways – Primed for growth

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25-Aug-22

First Light | Housing loans, Consumer Durables

Housing loans: Study on housing loan market in India. Consumer Durables: Crisil webinar takeaways – Secular growth to continue

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24-Aug-22

First Light | Industry and Capacity Utilization

Industry and Capacity Utilization: Turnover to Asset ratio FY22

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23-Aug-22

First Light | Monsoon Update

Monsoon Update: Monsoon and sowing progress

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19-Aug-22

First Light | Banking Review Q1FY23, Currency Outlook

Banking Review Q1FY23: Financial highlights of banks. Currency Outlook: Have tables turned?

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18-Aug-22

First Light | Q1FY23 Review

Q1FY23 Review: Cost pressures behind us

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16-Aug-22

First Light | Astral, CPI and IIP, Monsoon Update, Aurobindo Pharma, Divi's Labs

ASTRA: Good performance amid challenges; cut to HOLD post rally. CPI and IIP: CPI moderates, IIP growth weakens. Monsoon Update: Monsoon and sowing progress. ARBP: Healthy growth but margin pressure persists. DIVI: No respite in sight for margins

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12-Aug-22

First Light | Pidilite Industries

PIDI: Sound business but valuations lofty; reiterate SELL

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11-Aug-22

First Light | Interest Cover, Monthly Chartbook, Amber Enterprises, Somany Ceramics, Consumer Durables: Q1FY23 Review

Interest Cover: What does interest cover of India Inc. indicate? Monthly Chartbook: RBI frontloads rate hike. AMBER: Mixed quarter; challenges ahead. SOMC: Good quarter; long term outlook remains positive. Consumer Durables: A bumpy quarter

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10-Aug-22

First Light | Greenply Industries, V-Mart Retail

MTLM: New capacities to form next leg of growth. VMART: Growth off low base but yet to retrace to pre-Covid levels

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08-Aug-22

First Light | Alkem Labs, Cera Sanitaryware, Monetary Policy Review, Monsoon Update, Glenmark Life Sciences, BlueStar

ALKEM: Higher expenses and forex loss dent margins; cut to HOLD. CRS: Strong Q1; upside capped post rally – cut to HOLD, Monetary Policy Review: RBI front-loading rate hikes. Monsoon Update: Monsoon and sowing progress. GLS: Margins improve despite revenue decline. BLSTR: Commendable margin performance

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05-Aug-22

First Light | Voltas, Dixon Technologies, Power

VOLT: Competitive edge appears blunted; downgrade to HOLD. DIXON: Annual report analysis: Targeting higher EMS share. Power: Expert call – GNA a potential gamechanger

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04-Aug-22

First Light | Policy Rates, Tata Steel

Policy Rates: Is there a link between Indian and US interest rates? TATA: Preferred pick as we look beyond volatility

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02-Aug-22

First Light | Currency Outlook, Bonds Wrap, Monsoon Update, Monthly Economic Buffet

Currency Outlook: INR stages a comeback. Bonds Wrap: Fortnightly review. Monsoon Update: Monsoon and sowing progress. Monthly Economic Buffet: Economic Round-up: July 2022

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01-Aug-22

First Light | Monthly Strategy Wrap, Monsoon Update, SBI Life, Ajanta Pharma, Zydus Wellness, V-Guard Industries

Monthly Strategy Wrap: India remains better placed than most markets. Monsoon Update: Monsoon and sowing progress. SBILIFE: Standout performance by the market leader; BUY. AJP: Margin stress continues despite strong revenue growth. ZYWL: First normal quarter post-Covid; retain BUY. VGRD: Margin blip in Q1

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29-Jul-22

First Light | FOMC, Employment Study, SBI Card, Laurus Labs

FOMC: US Fed hikes rate again. Employment Study: Job scene in India Inc. SBICARD: Ticks most boxes; maintain BUY. LAURUS: Synthesis business saves the day

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28-Jul-22

First Light | IMF World Economic Outlook, Investment Scenario & Funding, Banking, Reliance Industries, Dixon Technologies

IMF World Economic Outlook: Uncertain and Gloomy. Investment Scenario & Funding: Investment in FY23 started on a weaker note. Banking: Takeaways from BOB Banking Conference – Digitisation is key. RIL: Refining upside capped; roadmap for new energy next catalyst. DIXON: Strong Q1 topline; remains the best PLI play

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27-Jul-22

First Light | JSW Steel, Supreme Industries, Finolex Industries, Indian Economy Prognosis, Commodity Trends, Monsoon Update, Crompton Greaves, IIFL Wealth, Orient Electric

JSTL: Aggressive growth policy a risk – cut to HOLD. SI: Healthy topline but margins soft; downgrade to HOLD. FNXP: Near-term pain ahead; downgrade to HOLD. Indian Economy Prognosis: What to expect in FY23. Commodity Trends: Easing pressure on commodity prices. Monsoon Update: Monsoon and sowing progress. CROMPTON: Temporary margin miss; expect swift recovery. IIFLWAM: Decent set of numbers considering headwinds; Maintain ‘BUY’. ORIENTEL: Headwinds in core portfolio, maintain HOLD

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25-Jul-22

First Light | Greenpanel Industries

GREENP: MDF remains in the driver's seat

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22-Jul-22

First Light | Havells India, Kajaria Ceramics, Century Plyboards, Metals & Mining

HAVL: Short-term margin blip, better road ahead. KJC: Margins healthy despite cost inflation; retain BUY. CPBI: Impressive sequential performance. Metals & Mining: Aluminium – Read-across from Alcoa results

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21-Jul-22

First Light | Polycab India

POLYCAB: Resilient margins offset moderation in revenue

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20-Jul-22

First Light | HDFC Life

HDFCLIFE: Sustainable growth, high visibility - BUY

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19-Jul-22

First Light | Bonds' Wrap

Bonds' Wrap: Fortnightly Review

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18-Jul-22

First Light | Currency Outlook, Monsoon Update, ICICI Prudential Life, Jindal Steel & Power, Larsen & Toubro

Currency Outlook: More depreciation inevitable. Monsoon Update: Monsoon and Sowing. IPRU: Strong APE growth and high margins but low premium growth. JSP: Q1 beats estimates; look beyond uncertainty – BUY. LT: Annual report analysis: In a good place

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15-Jul-22

First Light | WPI

WPI: WPI begins to cool down

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13-Jul-22

First Light | [Initiation] IIFL Wealth, Monthly Chartbook, CPI and IIP

IIFLWAM: Juggernaut rolling; initiate with BUY. Monthly Chartbook: Depreciating INR – a major concern. CPI and IIP: CPI sticky, IIP inched up

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12-Jul-22

First Light | Metals & Mining Q1FY23 Preview

Metals & Mining: Buffeted by headwinds

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11-Jul-22

First Light | Monsoon Update, Consumer Durables Q1FY23 Preview

Monsoon Update: Monsoon and Sowing. Consumer Durables: Q1FY23 Preview – Base effect in play

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08-Jul-22

First Light | Building Materials Q1FY23 Preview

Building Materials: Q1FY23 Preview – Unusually challenging times; stick with leaders

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05-Jul-22

First Light | Currency Outlook, Monthly Economic Buffet, Orient Electric

Currency Outlook: Rupee to remain under pressure. Monthly Economic Buffet: Economic Round-up: June 2022. ORIENTEL: Annual report analysis – Strategic initiatives paying off

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04-Jul-22

First Light | Monthly Strategy Wrap, Cera Sanitaryware, Crompton Greaves

Monthly Strategy Wrap: Valuations now in line with long term trends. CRS: Consistent Performer. CROMPTON: Annual Report Analysis – Fortifying its market position

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01-Jul-22

First Light | Calcom Vision

CALC: An upcoming ODM player in LEDs and fans

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30-Jun-22

First Light | Zydus Wellness

ZYWL: In a sweet spot !!!

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27-Jun-22

First Light | FPI Flows, Global Inflation

FPI Flows: What is driving FPI flows? Global Inflation: Global inflation boiling up

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24-Jun-22

First Light | Forex Cover

Forex Cover: Forex risk of India Inc.

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23-Jun-22

First Light | Dr Reddy's Labs

DRRD: Investor Day – Peek into the future

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21-Jun-22

First Light | [Initiation] Glenmark Life Sciences, V-Mart Retail

GLS: Niche API player with superior margins – initiate with BUY. VMART: Near-term pain gets accentuated

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17-Jun-22

First Light | Fuel Prices

Fuel Prices: Do states have space to lower VAT on petrol?

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16-Jun-22

First Light | Metals & Mining

Metals & Mining: Expert call with Alcoa - Supply deficit to prop up aluminium price

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15-Jun-22

First Light | Currency Outlook, WPI

Currency Outlook: Rupee slips to a record-low: What to make of it? WPI: WPI remains elevated

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14-Jun-22

First Light | Pharmaceuticals, CPI, Consumer Durables

Pharmaceuticals: Management meet: Rising Covid cases cast cloud over FDA approvals. CPI: Favourable base supported CPI. Consumer Durables: A case for larger companies

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13-Jun-22

First Light | Monthly Chartbook, IIP, Havells India

Monthly Chartbook: Central banks on war footing. IIP: Industrial output climbs to 8-month high. HAVL: Annual report analysis: Product innovation focus paying off

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10-Jun-22

First Light | Greenpanel Industries

GREENP: On a strong MDF-led growth trajectory – raise to BUY

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09-Jun-22

First Light | Monetary Policy Review, Polycab India

Monetary Policy Review: Tackling inflation a priority. POLYCAB: Annual report analysis: W&C well capitalised; FMEG remains key

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08-Jun-22

First Light | FY22 Review

FY22 Review: Financial highlights of banks

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07-Jun-22

First Light | [Initiation] SBI Card, Q4FY22 Review, Monetary Policy Expectations, Voltas

SBICARD: A play on India’s cashless revolution – initiate with BUY. Q4FY22 Review: Heightened cost pressures. Monetary Policy Expectations: More rate hikes on the cards. VOLT: Market share partly recouped in April

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03-Jun-22

First Light | Monthly Economic Buffet

Monthly Economic Buffet: Economic Round-up: May 2022

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02-Jun-22

First Light | Currency Outlook, Monthly Strategy Wrap, Consumer Durables

Currency Outlook: Pressure on INR. Monthly Strategy Wrap: Mixed outlook. Consumer Durables: FY22 Review – Margin gains elusive

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01-Jun-22

First Light | FY22 GDP Growth, Fiscal Update, Aurobindo Pharma

FY22 GDP Growth: GDP growth stands at 8.7% in FY22. Fiscal Update: Fiscal deficit at 6.7% in FY22. ARBP: Launch momentum to gather pace; valuations attractive

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31-May-22

First Light | Astral, Dixon Technologies, Market Outlook, Crompton Greaves, Sun Pharma, Voltas, Blue Star

ASTRA: Emerging as a one-stop building materials player; raise to BUY. DIXON: A play on PLI. Market Outlook: Navigating index peaks and troughs. CROMPTON: Prudent cost management aids Q4. SUNP: Strong India growth; cost normalisation impacts margins. VOLT: Annual report analysis: Reinforcing its #1 position. BLSTR: AC industry growth to double amid ‘golden era’

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27-May-22

First Light | V-Mart Retail

VMART: Festive demand drives growth

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26-May-22

First Light | GDP Expectations, Media

GDP Expectations: Recovery in FY22. Media: Expert call takeaways – Industry staging a swift recovery

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24-May-22

First Light | Divi's Labs, Fiscal Update, External Borrowings, Metals & Mining

DIVI: Strong all-round beat but growth unsustainable – cut to HOLD. Fiscal Update: Government cuts excise etc. What are fiscal implications? External Borrowings: Taking stock of ECBs. Metals & Mining: Duty changes put near-term pressure on domestic steel margins

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23-May-22

First Light | Lupin, V-Guard Industries, Crop Production, Dr Reddy's Labs

LPC: Operationally poor quarter; further weighed down by one-offs. VGRD: Margin pressure continues. Crop Production: 3rd Advance Estimates – Rabi and Kharif production. DRRD: Operating performance in line; impairment weighs down profit

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20-May-22

First Light | Pidilite Industries, Finolex Industries, Somany Ceramics

PIDI: Earnings miss, unabated cost inflation; downgrade to SELL. FNXP: Higher volumes drive topline but PVC price volatility persists. SOMC: Another quarter of weak performance

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19-May-22

First Light | Investment Trends, PI Industries, Zydus Wellness

Investment Trends: Corporate investment in H1-FY22. PI: Healthy quarter. ZYWL: Revival underway; retain BUY

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18-May-22

First Light | Century Plyboards, Currency Outlook, Kajaria Ceramics, Consumer Durables

CPBI: Strong quarter; raise to BUY post correction. Currency Outlook: Pressure on INR. KJC: Muted volume growth and higher gas prices play spoilsport. Consumer Durables: EESL’s retail push unlikely to shake up the market

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17-May-22

First Light | Greenply Industries

MTLM: Steady revenue; new capacities to form next leg of growth

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16-May-22

First Light | Petrol Prices, Trade, Alkem Labs, Tech Mahindra, Amber Enterprises

Petrol Prices: How high is the price of petrol in India? Trade: Trade deficit widens. ALKEM: Q4 revenue in line; margin guidance weak. TECHM: In-line performance; Communication TCV strong. AMBER: Components business remains in focus

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13-May-22

First Light | CPI and IIP, Investment Scenario, Voltas, Ceramics

CPI and IIP: Inflation spikes, IIP inching up. Investment Scenario: Have investment intentions turned around?. VOLT: Strong strategy for southern market holds the key. Ceramics: Demand moderation, cost inflation to hit Q1 margins

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12-May-22

First Light | Cipla, Polycab India, Orient Electric, Cera Sanitaryware

CIPLA: Strong India and US growth marred by lower margins. POLYCAB: Wired for growth. ORIENTEL: Premiumisation is key. CRS: Highest-ever EBITDA margin with healthy demand outlook

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11-May-22

First Light | Monthly Chartbook, Reliance Industries, Ajanta Pharma

Monthly Chartbook: More rate hikes in the offing. RIL: Margin uptick in cyclicals; consumer business to drive growth. AJP: Margin stress continues

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10-May-22

First Light | Voltas, FPI Flows

VOLT: Structural story intact. FPI Flows: Trends in FPI flows in India

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09-May-22

First Light | Blue Star, Greenpanel Industries, Metals & Mining

BLSTR: Gunning for market share. GREENP: Strong margin expansion despite lower MDF & plywood volumes. Metals & Mining: Expert call with Valin Steel on China steel outlook

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06-May-22

First Light | Tata Steel, Havells India

TATA: Results in line; growth allocation to improve – BUY. HAVL: Plenty of positives – BUY

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05-May-22

First Light | Monetary Policy, Eris Lifesciences

Monetary Policy: RBI’s Surprise move. ERIS: Launch investments cramp margins; forays into derma

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04-May-22

First Light | LIC, Alembic Pharma, Currency Outlook, Employment Study, Monthly Economic Buffet, Metals & Mining

LIC: Insurance colossus with sharp growth focus – SUBSCRIBE. ALPM: Mixed quarter; cut to HOLD amid rising margin pressure. Currency Outlook: INR to remain range-bound. Employment Study: What employment data suggests?. Monthly Economic Buffet: Economic Round-up: April 2022. Metals & Mining: Ferrous – Read-across from Baosteel and Vale analyst calls

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02-May-22

First Light | Supreme Industries, Monthly Strategy Wrap, Laurus Labs, Wipro

SI: Healthy volumes but margins soft; raise to BUY post correction. Monthly Strategy Wrap: India likely to outshine Ems. LAURUS: Mixed Q4; non-ARV business guided to drive $1bn in sales. WPRO: In-line performance; maintain BUY

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29-Apr-22

First Light | Persistent Systems, Power

PSYS: Stellar, all-round performance. Power: Expert call - Power shortage to persist near term

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25-Apr-22

First Light | Metals & Mining

Metals & Mining: Ferrous – Read-across from production results of iron ore majors

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22-Apr-22

First Light | India Strategy, HCL Technologies, Metals & Mining

India Strategy: Climate Action - Coal merely a band-aid for Europe. HCLT: Growth muted; TCV and guidance robust. Metals & Mining: Aluminium – Read-across from Alcoa results

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21-Apr-22

First Light | Oil Prices

Rising oil prices: What does the past tell us?

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20-Apr-22

First Light | Currency Outlook, Monsoon Impact, L&T Infotech

Currency Outlook: Surge in oil prices remains key risk to INR. Monsoon Impact: Is normal monsoon a good indicator for agriculture?. LTI: Soft growth; maintain BUY on strong TCV

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19-Apr-22

First Light | Mindtree

MTCL: In-line quarter; robust TCV a key positive

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18-Apr-22

First Light | Pharmaceuticals, Infosys, Trade

Pharmaceuticals: Domestic business to lead growth in Q4. INFO: Subpar quarter; FY23 guidance robust. Trade: Record-high exports

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13-Apr-22

First Light | CPI and IIP, Ceramics & Gas: Expert call

CPI and IIP: Industrial output up; inflation firms up. Ceramics & Gas: Demand moderation and cost inflation to persist

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12-Apr-22

First Light | Monthly Chartbook, Building Materials - Q4FY22 Preview, Tata Consultancy Services

Monthly Chartbook: RBI hints at policy normalisation. Building Materials: Commodity inflation and muted volumes to play spoilsport. TCS: Resilient margins

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11-Apr-22

First Light | Monetary Policy, Sri Lanka Crisis

Monetary Policy: Inflation back in focus. SRI LANKA: Financial crisis explained

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07-Apr-22

First Light | Technology & Internet: Q4FY22 Preview

Technology & Internet: Demand unhindered but margins to contract QoQ

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06-Apr-22

First Light | Plastic Products Sector, Monetary Policy Expectations

Plastic Products: Near term pain; but long-term Structural Growth intact. Monetary Policy Expectations: Stance to be changed, rates on hold

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04-Apr-22

First Light | Monthly Economic Buffet, Industry Report, Currency Outlook

Monthly Economic Buffet: March 2022. Industry Report: Which industries are vulnerable in terms of fuel cost. Currency Outlook: INR to stabilise at 75.5-76.5/$

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01-Apr-22

First Light | Wood Panel Sector, Monthly Strategy Wrap

Wood Panels: MDF remains a strong growth driver. Monthly Strategy Wrap: Commodity prices appear to have peaked

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31-Mar-22

First Light | Metals & Mining

Expert call with Baosteel on China steel outlook

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30-Mar-22

First Light | Aurobindo Pharma

ARBP: Acquisition of Veritaz Healthcare marks India formulations foray

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22-Mar-22

First Light | Pharmaceuticals

Pharmaceuticals: Valuations slump as Covid fears ebb; prefer resilient models

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21-Mar-22

First Light | Metals & Mining

Metals & Mining: Expert call – Impact of Russia-Ukraine conflict on coal markets

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17-Mar-22

First Light | Forex Update

Forex update: What the war has meant?

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16-Mar-22

First Light | Trade, Sensex and FPI

Trade: Exports stable; Imports rebound, Sensex and FPI: Does FPI drive the Markets?

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15-Mar-22

First Light | Zydus Wellness, CPI, Interest Cover

ZYWL: Robust health and wellness portfolio – initiate with BUY, CPI: Inflation remains a concern, Interest Cover: What does interest cover of industries indicate?

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14-Mar-22

First Light | IIP, State of Discoms

IIP: Industrial growth improves, State of Discoms: DISCOMs under stress

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11-Mar-22

First Light | Macro & Micro

Macro & Micro: No winners in war

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09-Mar-22

First Light | Monthly Chartbook

Monthly Chartbook: All eyes on Russia-Ukraine war

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08-Mar-22

First Light | Oil & Gas

Oil & Gas: OMCs - Constructive view with a caveat

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07-Mar-22

First Light | Greenpanel Industries

GREENP: On a strong growth trajectory

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04-Mar-22

First Light | Commodity Trends

Commodity Trends: Where are commodity prices headed?

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03-Mar-22

First Light | Monthly Economic Buffet, Currency Outlook

Monthly Economic Buffet: Economic Wrap – February 2022, Currency Outlook: INR to trade at ~76/$ in Mar’22

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02-Mar-22

First Light | Monthly Wrap, FY22 GDP

Monthly Wrap: Market correction offers long-term buying opportunity, FY22 GDP: Q3FY22 GDP at 5.4%

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28-Feb-22

First Light | Ukraine crisis

Ukraine crisis: Impact of Ukraine crisis on India

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25-Feb-22

First Light | Sun Pharma

SUNP: Alchemee acquisition to expand global branded derma portfolio

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21-Feb-22

First Light | Butterfly Gandhimathi Appliances, Oil & Gas

BGAL: Fast-growing, pan-India branded play, Oil & Gas: Expert call - Refining and shipping outlook

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18-Feb-22

First Light | Affle (India)

AFFLE: Limited impact from Google’s new privacy measures

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16-Feb-22

First Light | Pharmaceuticals, States Update, Trade, Greenply Industries

Pharmaceuticals: mRNA technology a threat to anti-HIV players, States Update - State elections: Economic status of states, Trade - Exports and imports moderate in Jan’22, MTLM: New capacities to cater the growing demand

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15-Feb-22

First Light | Q3FY22 Review, CPI, Reliance Industries

Q3FY22 Review: Growth blunts cost inflation, CPI: CPI touches 6%, RIL: Derisking the O2C business

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14-Feb-22

First Light | Divi's Labs, V-Mart Retail, IIP

DIVI: Remarkable quarter; upgrade to BUY, VMART: Well placed to capture value fashion opportunity; raise to BUY, IIP: Industrial growth disappoints

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11-Feb-22

First Light | RBI policy, Aurobindo Pharma, Alembic Pharma

RBI policy: Inflation underestimated, growth still a priority, ARBP: Headwinds continue; Plans India formulations foray, ALPM: US business weak but showing signs of stabilising

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09-Feb-22

First Light | Monthly Chartbook

Monthly Chartbook: RBI to raise reverse repo rate

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08-Feb-22

First Light | Affle (India)

AFFLE: Record revenue growth aided by JAMPP

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07-Feb-22

First Light | Lupin, RBI: Pre-Policy View, Alkem Labs, Astral

LPC: Major benefits remain back ended, 3Q disappoints, RBI: Pre-Policy View - Time to Hike: Reverse Repo, ALKEM: Strong domestic growth; weak margins, ASTRA: Decent quarter; FY24 outlook bright

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04-Feb-22

First Light | India Economics: Rate

Rate: Bond versus Bank finance - An analysis of rates

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03-Feb-22

First Light | eClerx Services

ECLX: All-round outperformance; maintain BUY

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02-Feb-22

First Light | FY23 Budget Review, Union Budget Analysis, Union Budget 2022-23, Tech Mahindra, Ajanta Pharma

FY23 Budget Review: Focus on investment, Union Budget Analysis, Union Budget 2022-23: Investment focused budget, TECHM: Mixed bag - growth outperforms, margin disappoints, AJP: Strong revenue growth but margins contract

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01-Feb-22

First Light | Dr Reddy's Labs, Century Plyboards, Economic Survey, Info Edge, Sun Pharma

DRRD: Stable quarter, US price erosion continues; cut to HOLD, CPBI: Strong quarter but margin disappoints; raise to BUY post correction, Economic Survey: Economic Survey advocates “Agile” approach, INFOE: Impressive growth led by recruitment business, SUNP: Broad based growth; steady margins

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31-Jan-22

First Light | Reliance Industries, Laurus Labs, Eris Lifesciences

RIL: Broader growth canvas; raise to HOLD, LAURUS: PAT declines 44% on negative operating leverage, ERIS: Cardio-metabolic segment headwinds hamper growth

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28-Jan-22

First Light | Pidilite Industries, Currency Outlook, Coforge, Finolex Industries

PIDI: Broad-based growth but sharp RM headwinds a drag, Currency Outlook: INR to range between 75-76/$, COFORGE: Robust quarter – beat on margins, FNXP: Tepid earnings outlook; PVC prices volatile

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27-Jan-22

First Light | ICICI Bank, Cipla, IndiaMart InterMesh, Cera Sanitaryware

ICICIBC: Gaining traction; cut to HOLD on fair valuations, CIPLA: Growth led by India business, INMART: Below-expected Q3; retain BUY on deferred revenue growth, CRS: Healthy demand traction with positive outlook

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25-Jan-22

First Light | Supreme Industries, FY23 Budget Preview, Greenpanel Industries, Automobiles: Q3FY22 Preview

SI: Disappointing quarter; structural story intact, FY23 Budget Preview: What to watch for?, GREENP: Excellent quarter despite lower MDF volumes, Automobiles: Weak volumes, RM headwinds continue to hamper bottomline

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24-Jan-22

First Light | JSW Steel, Kajaria Ceramics, Mphasis, Persistent Systems

JSTL: Upgrade to BUY on favourable risk-reward, KJC: Robust volume growth reflects strong demand; raise to BUY, MPHL: Strong growth, lukewarm margins, PSYS: Stellar quarter

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21-Jan-22

First Light | Automobiles, FY23 Budget Preview, FY22 Fiscal Review

Automobiles: 2Ws - Pent-up demand push but electrification a challenge, FY23 Budget Preview: Trade-off between growth and consolidation, FY22 Fiscal Review: Fiscal consolidation to take a hit

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20-Jan-22

First Light | Building Materials, L&T Infotech, Just Dial

Building Materials: Growing on a Better Foundation, LTI: Growth spree continues; outperformance on all counts, JUST: Disappointing Q3; Maintain BUY on RRVL led synergy potential

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19-Jan-22

First Light | HDFC Bank

HDFCB: Balanced Growth

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17-Jan-22

First Light | WPI, HCL Technologies

WPI: WPI eases in Dec’21, HCLT: Major growth beat; mode-3 drives momentum

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14-Jan-22

First Light | Mindtree, Consumer Durables: Q3FY22 Preview

MTCL: Margin beat despite supply constraints; upgrade to BUY, Consumer Durables: Volume revival on track but RM and other cost headwinds persist

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13-Jan-22

First Light | CPI and IIP, IT Services, Technology & Internet

CPI and IIP: Inflation and industrial growth: horns of dilemma?, IT Services: Demand strong; Infosys shines, Technology & Internet: ISG Q4CY21 earnings call takeaways

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12-Jan-22

First Light | India Strategy, Technology & Internet Q3FY22 Preview

India Strategy - Macro & Micro: India at takeoff point, Technology & Internet - Q3FY22 Preview: Strong demand to offset seasonality

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10-Jan-22

First Light | FY22 GDP

FY22 GDP expected at 9.2%

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04-Jan-22

First Light | Automobiles

Automobiles: TTMT gains 2nd position in PVs; CV recovery promising

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28-Dec-21

First Light | Technology & Internet

Technology & Internet: CL Educate (not rated) - takeaways from management interaction

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27-Dec-21

First Light | Automobiles

Automobiles: Smoother road ahead but drive carefully

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22-Dec-21

First Light | Prataap Snacks

DIAMOND: Emerging contender in booming snacks business

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17-Dec-21

First Light | AMI Organics, Technology & Internet

AMIORG: Emerging pharma intermediate play; riding on Chinese import substitution. Technology & Internet: Significant jump in FY22 growth guidance

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15-Dec-21

First Light | Technology & Internet

Technology & Internet: Takeaways from BOBCAPS Digital Conference

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14-Dec-21

First Light | Logistics

Logistics: Mid-term outlook improving; startups not yet a threat

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08-Dec-21

First Light | Metals & Mining

Metals & Mining: Takeaways from call with NMDC

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07-Dec-21

First Light | Eris Lifesciences

ERIS: Foray into India’s insulin market

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06-Dec-21

First Light | Tata Power

TPWR: Stock rally too high, too fast

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02-Dec-21

First Light | Automobiles

Automobiles: TTMT shines in PV/CVs again, headwinds continue for 2Ws

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29-Nov-21

First Light | [Sector Report] Consumer Durables

Consumer Durables: Ride India's middle class boom

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24-Nov-21

First Light | Metals & Mining: Ferrous Chartbook

Metals & Mining: Margins to gradually stabilise at healthy cycle average

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23-Nov-21

First Light | Wipro

WPRO: Transformed model paying off

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16-Nov-21

First Light | Info Edge

INFOE: Strong real estate and recruitment business pickup

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15-Nov-21

First Light | India Strategy, Somany Ceramics, Affle (India)

India Strategy: Climate Action - COP26: Gradual tightening of climate targets. SOMC: Strong recovery, positive outlook. AFFLE: Growth shines aided by stellar JAMPP performance

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12-Nov-21

First Light | Pidilite Industries, CESC, Tech Mahindra

PID: Broad-based growth but sharp RM headwinds a drag. CESC: Fairly priced but upside if distribution is delicensed. TECHM: Positive commentary instils confidence; 5G outlook optimistic

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11-Nov-21

First Light | IndiaMart InterMesh, V-Mart Retail, Power Grid Corp

INMART: Correction offers a good opportunity; upgrade to BUY. VMART: Well placed to capture value fashion opportunity; raise to HOLD. PWGR: Steady but limited growth drivers

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08-Nov-21

First Light | Century Plyboards, eClerx Services

CPB: Best quarter ever but valuations full. ECLX: Stellar Q2FY22 performance; upbeat demand environment

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03-Nov-21

First Light | India Strategy, VRL Logistics

India Strategy: Climate Action - Taking the bull by the horns. VRLL: Recovery, expansion and new customers driving growth

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02-Nov-21

First Light | Finolex Industries, Automobiles

FNXP: Strong realisation and volume growth aid profitability. Automobiles: TTMT strong in PV/CV, 2W remain weak

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29-Oct-21

First Light | Greenpanel Industries

GREENP: Strong quarter led by MDF; cut to HOLD on limited upside

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28-Oct-21

First Light | Persistent Systems, Cera Sanitaryware, Cipla

PSYS: Growth outperformance continues. CRS: Healthy demand traction but priced in. CIPLA: Results better than expected; EBITDA margin resilient

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26-Oct-21

First Light | India Strategy, Tech Mahindra, Coforge

India Strategy: Climate Action – Climate colonialism. TECHM: Growth outperforms; 5G demand outlook robust. COFORGE: Strong Q2 performance coupled with large deals

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25-Oct-21

First Light | Supreme Industries, Mphasis, Kajaria Ceramics, TCI Express, IndiaMart InterMesh, Oil & Gas

SI: Long-term structural story intact; OPM disappoints. MPHL: Mixed bag. KJC: Robust volume growth reflects strong underlying demand. TCIEXP: Strong volume-led growth. INMART: In-line results; on course for growth recovery. Oil & Gas: Expert call – Near-term LNG price likely to stay above US$ 15/mmbtu

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22-Oct-21

First Light | Just Dial, Pharmaceuticals: Q2FY22 Preview, Metals & Mining: Ferrous Chartbook

JUST: Strategic refresh post Reliance takeover awaited. Pharmaceuticals: Domestic performance holds the key in Q2FY22. Metals & Mining: Supply cuts in China offsetting demand contraction

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20-Oct-21

First Light | Automobiles

Automobiles: India likely to mirror global EV adoption

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19-Oct-21

First Light | L&T Infotech

LTI: Outperformance on all counts

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18-Oct-21

First Light | HCL Technologies

HCLT: Product business a drag on performance

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14-Oct-21

First Light | Wipro, Infosys Mindtree

WPRO: Strong growth and confident commentary; upgrade to BUY. NFO: Operational beat coupled with revenue guidance upgrade. MTCL: Upbeat Q2 but valuations lofty

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13-Oct-21

First Light | IndiaMart InterMesh, Automobiles: Q2FY22 Preview

INMART: Takeaways from INMART management interaction. Automobiles: Volume uptick QoQ to support revenue but RM headwinds persist

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12-Oct-21

First Light | Technology & Internet

Technology & Internet: Takeaways from call with recruitment expert

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11-Oct-21

First Light | Tata Consultancy Services

TCS: Management confident of strong medium-term demand

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05-Oct-21

First Light | IT Services Q2FY22 Preview

IT Services: On a roll

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04-Oct-21

First Light | Automobiles

Automobiles: 4Ws hit by chip shortage; good pickup in CVs

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01-Oct-21

First Light | Power

Power: IndiGrid call takeaways - Rs 120bn+ transmission opportunity

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30-Sep-21

First Light | Power

Expert call - Power markets tight, distribution reforms positive

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28-Sep-21

First Light | Power

Power: Expert call - Legal aspects of draft electricity bill

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24-Sep-21

First Light | Technology & Internet

Technology & Internet: Accenture's Q4FY21 growth at upper end of guidance

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21-Sep-21

First Light | Metals & Mining

Metals & Mining: Steel sector may face contagion risk from China property sector

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16-Sep-21

First Light | Ferrous Chartbook

Steel margins to soften only gradually

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15-Sep-21

First Light | [SECTOR REPORT] Technology & Internet, WPI

Technology & Internet: Deep Dive 4 - 5G juggernaut gains momentum; BUY TECHM. WPI: WPI inflation at elevated levels, food inflation dips

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14-Sep-21

First Light | Weekly Eco Wrap, CPI

Weekly Eco Wrap: Inflation data to guide markets. CPI: Food inflation drives CPI lower

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13-Sep-21

First Light | Monthly Chartbook, IIP

Monthly Chartbook: India’s improving Vaccination rate to boost growth. IIP: Industrial activity continues to recover

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09-Sep-21

First Light | Logistics, Metals & Mining

Logistics: Expert call - Knight Frank on warehousing. Metals & Mining: Aluminium - Key takeaways from China aluminium webinar

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08-Sep-21

First Light | Affle India, Power

AFFLE: Annual report analysis – Sustained R&D focus. Power: Takeaways from call with Azure Power

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07-Sep-21

First Light | Weekly Eco Wrap

Weekly Eco Wrap: Global markets rally, India’s activity improving

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06-Sep-21

First Light | Trade

Trade: Trade deficit widens led by higher gold imports

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02-Sep-21

First Light | Power, Automobiles

Power: Takeaways from call with Renew Power. Automobiles: Aug'21 PV dispatches dip MoM, CVs and 2Ws rise marginally

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01-Sep-21

First Light | Q1FY22 GDP

Q1FY22 GDP: Growth recovers on a low base

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31-Aug-21

First Light | Weekly Eco Wrap

Weekly Wrap: Global markets rally, India’s activity improving

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25-Aug-21

First Light | [Sector Report] Power

Power: Distribution delicensing: A giant leap?

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24-Aug-21

First Light | Weekly Eco Wrap, IT Services Q1FY22 Review

Weekly Wrap: Risk-off drives DXY to 9-month high. IT SERVICES - Q1FY22 Review: Growth surprise reinforces buoyant demand

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23-Aug-21

First Light | August MPC minutes

August MPC minutes: Growth remains a priority

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20-Aug-21

First Light | Internet

Internet: Key takeaways from digital marketing expert call

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18-Aug-21

First Light | [SECTOR REPORT] IT Services, Weekly Eco Wrap

IT Services: On cloud nine. Weekly Eco Wrap: MPC and FOMC minutes hold the key

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17-Aug-21

First Light | [Sector Report] Metals & Mining, Info Edge, WPI

Metals & Mining: Disciplined capital allocation key to improving payout - Prefer TATA, JSP. INFOE: Naukri poised for accelerated growth; upgrade to BUY. WPI: Food and Fuel inflation drops, core inches up

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16-Aug-21

First Light | Insurance, eClerx Services, Hero MotoCorp, Ashok Leyland, Power

Insurance: Ample headroom for growth - prefer IPRU. ECLX: In-line quarter; robust outlook. HMCL: Lacklustre quarter. AL: Margin stress ahead; maintain SELL. Power: Expert call with Vinay Rustagi, MD, Bridge to India

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13-Aug-21

First Light | Inflation and IIP, Pidilite Industries, Eicher Motors

Inflation and IIP: Industrial activity slows, inflation eases. PIDI: Raw material pressure hurts gross margin. EIM: Dull quarter as volumes trend down; maintain SELL

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12-Aug-21

First Light | Century Plyboards

CPBI: In-line quarter

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11-Aug-21

First Light | Monthly Chartbook

Monthly Chartbook: Outlook improving, inflation remains a worry

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10-Aug-21

First Light | Weekly Eco Wrap, Astral, MRF, Affle (India), VRL Logistics

Weekly Eco Wrap: Inflation back in focus. ASTRA: Pipe volumes muted; valuations rich. MRF: Margins to remain under pressure. AFFLE: Stellar quarter. VRLL: Lower losses; volume recovery and price increase to drive growth

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09-Aug-21

First Light | Monetary policy review, Cipla, Tata Power, Somany Ceramics, Balkrishna Industries, Cera Sanitaryware, JK Tyre & Industries, TVS Srichakra

CIPLA: Strong quarter. TPWR: Strong Q1 led by solar business; transmission reentry announced. SOMC: In-line quarter; outlook stronger. BIL: Valuations rich, maintain SELL. CRS: Growth picks up off a low base. JKI: Weak Q1; maintain SELL. SRTY: Poor demand and high input cost hit profitability

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06-Aug-21

First Light | Mayur Uniquoters, Hindustan Petroleum Corp, Apollo Tyres, Greenply Industries

MUNI: Demand trends improving; upgrade to BUY. HPCL: Q1 muted, project completion the key driver. APTY: Dull quarter; maintain SELL. MTLM: Low base aids Q1; MDF foray to be beneficial in long run

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04-Aug-21

First Light | Trade, Kajaria Ceramics

TRADE: Exports shine, oil and gold imports accelerate. KJC: In-line quarter

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03-Aug-21

First Light | Weekly Eco Wrap, Indian Oil Corp, Finolex Industries, Automobiles

Weekly Eco Wrap: RBI policy to guide markets. IOCL: Q1 muted but core refining earnings have bottomed out. FNXP: Higher PVC resin prices aid profitability. Automobiles: Jul'21 PV and CV dispatches rise MoM, 2Ws flat

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02-Aug-21

First Light | Eris Lifesciences, Ajanta Pharma

ERIS: Strong quarter; cut to HOLD post recent rally. AJP: Strong earnings growth; reiterate BUY

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30-Jul-21

First Light | Tech Mahindra, Coforge, TVS Motor

TECHM: Positive 5G-led traction in large deals. COFORGE: Yet another positive surprise; maintain BUY. TVSL: Dull quarter; maintain SELL

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29-Jul-21

First Light | Maruti Suzuki, Mahindra Logistics, Greenpanel Industries

MSIL: Weak Q1, volume outlook healthy; cut to HOLD on limited upside. MAHLOG: Recovery in net income; focus on warehousing. GREENP: MDF continues to witness strong growth.

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28-Jul-21

First Light | Alembic Pharma

ALPM: US disappoints; acute-led recovery in domestic business

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27-Jul-21

First Light | Weekly Eco Wrap, GNA Axles

Weekly Eco Wrap: Global yields ease with rising Covid-19 cases. GNA: Healthy Q1 but recent rally limits upside; maintain HOLD

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26-Jul-21

First Light | Mphasis, Persistent Systems, IndiaMart Intermesh

MPHL: Direct business growth negates shortfall in DXC – raise to HOLD. PSYS: An all-round growth beat; upgrade to HOLD. INMAR: Resilient showing in Covid-hit Q1

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23-Jul-21

First Light | Bajaj Auto, Ceat

BJAUT: Input cost headwinds weaken margins. CEAT: Gross margin pressure and poor demand hit profitability

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22-Jul-21

First Light | Supreme Industries

SI: Volumes hit by lower agricultural pipe sales

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20-Jul-21

First Light | Swaraj Engines, Weekly Eco Wrap, HCL Technologies

SWE: Healthy Q1; cut to SELL on recent stock rally. Weekly Eco Wrap: India’s economic activity improves further. HCLT: Second Covid wave hinders growth

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19-Jul-21

First Light | Just Dial, L&T Infotech

JUST: Reliance Retail to acquire controlling stake; BUY. LTI: Strong start to FY22

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16-Jul-21

First Light | [Sector Report] Logistics, Wipro

LOGISTICS: Structural drivers yet to take root; prefer MAHLOG, VRLL. WPRO: Simplified operating model pays off

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15-Jul-21

First Light | [Sector Report] Internet, Infosys, WPI

INTERNET: Looking beyond the dream rally - prefer AFFLE. INFO: Strong start to FY22 fortifies growth leadership; upgrade to BUY. WPI: Peak is behind

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14-Jul-21

First Light | Mindtree

MTCL: Demand robust; margin weighed down by supply constraints

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13-Jul-21

First Light | Weekly Eco Wrap, Inflation and IIP, Automobiles Q1FY22 Preview, Building Materials Q1FY22 Preview

Weekly Eco Wrap: Eye on CPI. INFLATION AND IIP: Industrial activity slows, inflation eases. Automobiles – Q1FY22 Preview: Rising input cost and lower dispatches to depress earnings. Building Materials – Q1FY22 Preview: Tepid base to enable strong growth YoY

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12-Jul-21

First Light | Monthly Chartbook

Monthly Chartbook: Activity improving, inflation a cause of worry

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09-Jul-21

First Light | Tata Consultancy Services

TCS: India contraction plays spoilsport; core market growth intact

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08-Jul-21

First Light | Deepak Fertilisers

DFPC: Takeaways from company interaction

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07-Jul-21

First Light | IT Services Q1FY22 Preview

IT Services: Q1FY22 preview – expect a strong start to FY22E

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06-Jul-21

First Light | Oil & Gas, Weekly Eco Wrap

OIL & GAS: OMCs – Prefer HPCL over BPCL and IOCL. Weekly Eco Wrap: Indian yields inch up, global yields fall

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05-Jul-21

First Light | RBI FSR, Trade

RBI FSR: Emerging stress in MSMEs and Consumer loans. TRADE: Exports see a stellar recovery

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02-Jul-21

First Light | Spicejet, Automobiles

SJET: Liquidity crisis, rising fuel cost dampen outlook; SELL. Automobiles: June'21 dispatches reflecting opening up of economy

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01-Jul-21

First Light | Balance of Payments, Metals & Mining

Balance of Payments: Rising oil prices=wider current account deficit. Metals & Mining: Expert call with Rusal on global aluminium outlook

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29-Jun-21

First Light | Weekly Eco Wrap, Government stimulus measures, Finolex Industries

Weekly Eco Wrap: Global and Indian yields inching up. Government Stimulus Measures: Stimulus to boost growth. FNXP: Higher PVC prices boost profitability

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25-Jun-21

First Light | Cera Sanitaryware, Power, IT Services

CRS: Near-term headwinds but outlook improving. Power: RIL’s Rs 750bn endorsement of renewables. IT Services: Accenture's stellar show to energise Indian tech stocks

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22-Jun-21

First Light | Power, VST Tillers Tractors, Weekly Eco Wrap, NTPC, Info Edge, Power Flash

POWER: Proposed reforms positive but state-owned discoms hold the key. VSTT: Limited upside; cut to HOLD. Weekly Wrap: US monetary cycle reversing. NTPC: Renewables target doubled but not giving up on coal yet. INFOE: Higher momentum in other verticals to weigh on profitability. POWER: IEEFA call takeaways: Renewable energy growth to eclipse coal

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21-Jun-21

First Light | June MPC Minutes, RPG Life Sciences

June Mpc Minutes: MPC to emphasise on inflation in next meeting. RPGL: Annual investor conference takeaways

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18-Jun-21

First Light | Somany Ceramics, Ceat

SOMC: Strong operational performance, BUY remains. CEAT: Endeavouring to gain market share in non-core segments

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16-Jun-21

First Light | Greenply Industries, Kajaria Ceramics

MTLM: Decent quarter; cut to ADD on limited upside. KJC: Strong quarter; maintain REDUCE due to rich valuations

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15-Jun-21

First Light | Weekly Eco Wrap, CPI, WPI, Banking

Weekly Wrap: India's economic recovery continues. CPI: CPI springs a negative surprise. WPI: Rising oil and commodity prices push WPI higher. Banking: Framework to harmonise microfinance regulations

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14-Jun-21

First Light | Century Plyboards, Cera Sanitaryware, Mayur Uniquoters, IIP

CPBI: Strong quarter; downgrade to SELL on rich valuations. CRS: Good quarter; cut to REDUCE on limited upside. MUNI: Stellar quarter; recent rally caps upside – downgrade to ADD. IIP: Industrial output steady over a 2-year horizon

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11-Jun-21

First Light | Monthly Chartbook, eClerx Services

Monthly Chartbook: India on path to recovery. eClerx Services: Upbeat FY22 outlook; upgrade to BUY

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10-Jun-21

First Light | India Strategy, InterGlobe Aviation, Power

India Strategy: Climate Action – Clean your way up. InterGlobe Aviation: Strong balance sheet, leadership premium – upgrade to ADD. Power: Stay selective – sustained rally requires reforms

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08-Jun-21

First Light | Weekly Eco Wrap, MRF

Weekly Eco Wrap: Domestic economic activity improving. MRF: Margin headwinds to persist; maintain SELL

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07-Jun-21

First Light | [#5 Meeting of Minds] Auto, Monetary Policy Review

Auto: Tractors continue to witness steady demand, outlook stable. Monetary Policy Review: RBI extends liquidity to support growth

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03-Jun-21

First Light | Trade

Non-oil-non-gold imports resilient over 2 years

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02-Jun-21

First Light | Automobiles

Lockdowns and plant shutdowns dent May'21 dispatches

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01-Jun-21

First Light | Weekly Eco Wrap, Q4FY21 GDP, V-Mart Retail, Banking

Weekly Eco Wrap: Indian states to begin phased reopening. Q4FY21 GDP: GDP surprises positively. VMART: Anaemic quarter, near-term outlook remains bleak – SELL. Banking: Lending rates increase marginally in April

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31-May-21

First Light | M&M, Power

MM: Adverse sales mix and rising input cost to hurt earnings. Power: Asian utilities say ESG critical and India a key market

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28-May-21

First Light | RBI Annual Report, Eicher Motors, IT Services, Banking

RBI Annual Report: Large surplus despite shorter accounting period. Eicher Motors: In-line quarter; maintain SELL. IT Services: Indian IT performs in line with consensus. Banking: Home loan asset quality deteriorates marginally

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27-May-21

First Light | Alkem Labs, Greenpanel Industries

ALKEM: Poor US sales and inventory provision affect Q4. GREENP: Lockdown to subdue near-term demand but outlook upbeat

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26-May-21

First Light | TVS Srichakra

Bleak volume and margin outlook; SELL

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25-May-21

First Light | [#4 Meeting of Minds] Auto, Weekly Eco Wrap, Power

Auto: Transforming India into a global cell manufacturing hub. Weekly Eco Wrap: India’s second wave plateauing. Power: Regulators want lower ROE – NTPC, PWGR most at risk

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24-May-21

First Light | JK Tyre, SBI, Torrent Power

JKI: Balance sheet concerns, margin headwinds ahead; maintain SELL. SBIN: Strong show on asset quality – retain BUY. TPW: Good results; hopeful on DNH, selective on renewable bids

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20-May-21

First Light | Minda Corp, Astral, Canara Bank

MDA: Healthy Q4; upgrade to BUY. ASTRA: Good performance but valuations lofty – SELL. CBK: Operating performance stable

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19-May-21

First Light | [Sector Report] Power

Cleaning up its act – BUY TPWR

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18-May-21

First Light | Federal Bank, Weekly Eco Wrap, Wholesale Inflation, GDP Update

FB: Balance sheet resilient – upgrade to BUY. Weekly Wrap: India’s second wave flattening. WPI: Base effect, rising commodity prices push WPI higher. GDP: Growth to take a further hit

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17-May-21

First Light | Escorts, Balkrishna Industries, Greenpanel Industries, Mphasis

ESC: Fundamentals in place; valuations attractive – upgrade to BUY. BIL: Valuations rich; maintain SELL. GREENP: Stellar performance, maintain BUY. MPHL: DXC drag to continue; cut to SELL

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14-May-21

First Light | Inflation and IIP, Pidilite Industries, Apollo Tyres

Inflation and IIP: Industrial activity rebounds, inflation eases. Pidilite Industries: Higher RM cost to crimp margins; maintain SELL. Apollo Tyres: Margin headwinds ahead; maintain SELL

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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

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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

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10-May-21

First Light | Hero MotoCorp, Bandhan Bank

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

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07-May-21

First Light | Coforge, CEAT

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

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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

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05-May-21

First Light | RBL Bank

Heading in the right direction – upgrade to ADD

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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

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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

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30-Apr-21

First Light | Bajaj Auto, Mahindra Logistics

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

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29-Apr-21

First Light | Metals & Mining

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

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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

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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

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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

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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

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22-Apr-21

First Light | Swaraj Engines

Better sales mix to aid earnings; upgrade to ADD

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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

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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.

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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

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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

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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

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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

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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

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07-Apr-21

First Light | IT Services Q4FY21 Preview

Ending the year on a robust note

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06-Apr-21

First Light | Weekly Eco Wrap, Automobiles

Weekly Wrap: Manufacturing PMIs signal global recovery. Automobiles: Mar’21 Sales – Healthy dispatches across segments

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05-Apr-21

First Light | Trade, Cement

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

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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

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31-Mar-21

First Light | Weekly Eco Wrap

Rising Covid-19 cases a worry

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26-Mar-21

First Light | Greenpanel Industries

MDF demand remains robust

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25-Mar-21

First Light | Banking

SC verdict on moratorium dispels overhang for banks

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23-Mar-21

First Light | Weekly Eco Wrap

US yields rise further

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22-Mar-21

BOBCAPS First Light | Greenply Industries, IT Services

Greenply Industries: Demand trends strong. IT Services: Accenture posts stellar Q2 performance, raises guidance

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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

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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

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12-Mar-21

First Light | Pharmaceuticals

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

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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

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08-Mar-21

First Light | Wipro, Eris Lifesciences

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

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05-Mar-21

First Light | Automobiles

Tyre input costs still on the boil – retain negative stance

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03-Mar-21

First Light | Trade

Imports accelerate, exports dip

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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

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01-Mar-21

First Light | Q3FY21 GDP

Growth back in positive territory

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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

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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

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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

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12-Feb-21

First Light | Greenply Industries, MRF

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

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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

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10-Feb-21

First Light | Balkrishna Industries

Healthy Q3 but margin headwinds ahead – maintain SELL

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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20-Jan-21

First Light | Alembic Pharma

Q3 misses estimates but India beat looks sustainable

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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

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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

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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

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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

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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

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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

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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

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08-Jan-21

First Light | FY21 GDP

Strong rebound on the cards

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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

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04-Jan-21

First Light | Trade

Sharp acceleration in imports

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01-Jan-21

First Light | Balance of Payments

External position remains favourable

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30-Dec-20

First Light | Balrampur Chini

Enhanced ethanol sales to support profitability

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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

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24-Dec-20

First Light | TCI Express

Demand on the mend

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23-Dec-20

First Light | Pharmaceuticals

Takeaways from Pharma expert call

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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

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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

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18-Dec-20

First Light | Logistics Monthly Tracker

Recovery rolls ahead

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17-Dec-20

First Light | eClerx Services

Sizeable like-to-like acquisition to fuel inorganic growth

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16-Dec-20

First Light | TVS Srichakra

Upsides capped; downgrade to SELL

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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

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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

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11-Dec-20

First Light | UPL

Old whistleblower complaint – steep correction unwarranted

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09-Dec-20

First Light | Greenply Industries

Early onset of winter boosting sales

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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

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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

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04-Dec-20

First Light | Trade, Indraprastha Gas

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

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03-Dec-20

First Light | MRF

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

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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

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01-Dec-20

First Light | Q2FY21 GDP, Greenpanel Industries

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

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27-Nov-20

First Light | IT Services

Pickup in digital and blockchain-led deals

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25-Nov-20

First Light | Apollo Tyres

Positives priced in; downgrade to SELL

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24-Nov-20

First Light | Weekly Eco Wrap

All eyes on India’s Q2 GDP print

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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

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20-Nov-20

First Light | Wipro

Sweeping structural changes to simplify business model

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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

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