New Research Reports

Asian markets are trading lower as sentiment weakened following U.S. President Donald Trump's imposition of hefty reciprocal tariffs on over 180 countries and territories. Nikkei is down 2.75%, Hang Seng is down 1.81%, and Shanghai Composite is down 0.37%.

Our Top Picks: HDFC Bank, ICICI Bank, Dalmia Bharat Ltd, State Bank of India, Lupin, Trent Ltd, Hero Motocorp, Max Healthcare, Indian Hotels, Kalpataru Projects, APL Apollo Tubes, Varun Beverages, Bharti Airtel, Prestige Estates, Cholamandalam Invest and Finance.

End of Day Summary

Retail Research

Hindustan Aeronautics Limited (HAL) has clocked revenue of INR 304bn in FY25 (vs INR 303.8bn in FY24).
Revenue was ~6% below our estimate of INR 322.4bn, mainly because of shortfall in delivery of ALH-Dhruv and other manufacturing revenue.

We attended Hindalco Industries’ (HNDL) Investor Day. Long-term capacity growth aspirations in India, focus on value-added products dovetailing with domestic requirements.

Retail Research

Retail Research

Diagnostic Chains

The life insurance sector is poised to deliver a strong performance in Q4FY25E, supported by a
seasonal surge in new business volumes and steady growth in renewal premiums. However,
margins are expected to remain broadly stable or may see slight compression due to product mix
and pricing dynamics.

High Conviction Stocks Ideas

In the long term, we prefer TVS Motors and Hero Motocorp in 2Ws; M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also keep a close watch on Ashok Leyland and Eicher (VECV) in the CV space for potential volume growth