IDBI Capital Broker Research reports

Indian HRC: Indian HRC prices decreased by 1.4% WoW to Rs 50,000/tonne, as buyers pushed for lower rates amid subdued demand, driven by the early onset of the monsoon, which dampened construction and transportation activities. Billet-Ex-Raipur: Billet prices decreased by 0.5% WoW to Rs 36,850/tonne, as prolonged weakness in the finished steel segment...

Due to geopolitical tensions owing to the Iran-Israel war, the price of crude shot up to $74 even touching $75 briefly. This has a direct effect on prices of chemicals. This reflected in June-25 data, where all the chemicals in our coverage universe exhibited minor uptick in prices, barring Acetone and Acetic Acid. Acetone and Acetic Acid are not linked in the production process; hence the downward trajectory could be due to weakening end-use demand. Acetonitrile prices showed the steepest jump of 8% MoM. This does not bode well for Li-Ion battery manufacturers as it is used as a solvent, particularly in high performance...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for June, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 18). After a healthy growth in ADR, the industry witnessed decline in ADR, primarily led by seasonality. Early monsoons in various parts of the country further dented travel plans and weighed on ADR. We anticipate the softness in ADR to continue for a couple of more months. However, we attribute this as a seasonal factor and overall positive momentum of the industry to continue led by demand-supply mismatch,...

Banking sector (non-food) credit growth stood at 9.6% as on 13 Jun'25 vs ~8.8% in May'25 (vs ~11% in FY25). The latest sectoral deployment data showed that credit growth moderated in agri, industry and services sectors in May'25, partly attributable to high base. Agri loans stood to 7.5% in May'25 vs 9.2% in Apr'25. Loans to industries moderated to 4.8% in May'25 vs 6.6% in Apr'25, due to slowdown in particularly large industries. Services sector growth too softened to 8.7% vs 10.5% YoY in Apr'25. Growth in loans to NBFCs declined to -0.3% YoY in May'25 vs +2.9% YoY in Apr'25. However, loan to retail segment slightly moderated...

Sambhv Steel Tubes (SSTL) is a strongly positioned structural steel pipe and tubes producer with an edge of complete backward integration of narrow-width HR coils through the secondary route. SSTL holds 2% market share in the domestic steel tube market. SSTL's recent foray in to value added products such as galvanized, Cold Rolled and Stainless Steel is expected to drive profitability, supported by inhouse production and strong pan India dealership distribution network. SSTL...

HDB Financial Services is one of the leading diversified retail-focused NBFC with an AUM of Rs.1,073bn as of FY25. With a strong parentage of HDFC Bank, the non-bank lender primarily offers loans under 3 main verticals--Enterprise lending, Asset Finance and Consumer Finance. The company had 1,771 branches as of FY25, with over 80% of the branches outside India's 20 largest cities and over 70% are located in tier 4+ towns. Secured loans formed ~73% of the total gross loan portfolio of the company. The company primarily caters to underserved and underbanked customers in low to middle-income households...

Kalpataru Limited is a fully integrated real estate developer based in Mumbai, operating across the entire value chain; from land acquisition and design to execution, sales, and marketing. The company offers a diverse mix of luxury, premium, and mid income residential projects, as well as commercial, retail, township, gated community, and redevelopment developments. Its current portfolio includes 40 ongoing, forthcoming, and planned projects covering approximately 49.77mn square feet. Additionally, the company holds a leadership position in the Mumbai Metropolitan Region and Pune, and is expanding its...

Total Card Spends improved during May'25 (stood at Rs 1.90L Cr Vs Rs.1.85L Cr in Apr'25). Credit Card spends increased by ~3% MoM (v/s -8.6% in Apr'25), while it grew ~15% YoY vs ~18% in Apr'25. Total number of cards in force stood at ~111.2Mn as of May'25 (up by ~8% YoY and ~0.7% MoM). Net New Cards additions stood at ~7.6 lakhs (vs 5.5 lakhs in Apr'25), indicating an improved sentiment among lenders towards unsecured loan. New card issuances were majorly led by HDFCB (~2.8 lakhs), SBI (~1.3 lakhs), and AXIS (~1.1 lakh). Volume of transaction increased by ~4% MoM (vs. -2% in Apr'25), whereas it grew by ~29.7 % YoY (vs ~30.7% in Apr'25). We expect card spends to...