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...
Indian HRC: Indian HRC prices decreased by 0.6% WoW to Rs 50,800/tonne, amid weak demand, indicated by a decline in sales inquiries and slower sales conversions. The market expects price support from mills to avoid significant losses. Billet-Ex-Raipur: Billet prices decreased by 1.1% WoW to Rs 37,400/tonne, as steel mills stick to needbased purchasing amid muted demand in the finished product segment. Chinese HRC: Chinese HRC prices remained flat WoW at...
The Monetary Policy Committee (MPC) reduced the policy repo rate by 50 bps to 5.5%. However, the MPC changed its stance to neutral' from accommodative'. After having reduced the policy repo rate by 100 bps in quick succession since February 2025, under the current circumstances, the monetary policy is left with very limited space to support growth which resulted in change in stance. The MPC also decided to reduce the cash reserve ratio by 100 bps to 3.0% to provide durable liquidity. The standing deposit facility (SDF) rate is reduced to 5.25% from 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate is reduced to 5.75% from 6.25%. The stress...
During May-25, Indian steel prices declined 2.1% MoM to Rs51,400/tonne, while Chinese steel prices remained unchanged at $455/tonne. Coking coal prices fell by 2.0% MoM to $148/tonne, amid muted global demand. In Apr-25, Indian steel production declined by 6.5% MoM to 12.9 mn tonnes. Estimated Chinese steel output dropped 7.3% MoM to 86 mn tonnes, while global steel production contracted by 6.3% MoM to 156 mn tonnes. Chinese steel exports remained flat MoM but increased 13.4% YoY to 10.5mn tonnes, as global buyers showed resistance to higher prices offered by Chinese producers. Additionally, the recent...
JK Paper Ltd.'s (JK Paper) Q4FY25 result was broadly in-line with estimates on key parameters. The company reported improved performance on a sequential basis led by higher volume and cost optimization. However, on YoY basis the earnings were subdued, reflecting underline pain in NSR and raw material cost. The management attributed weak earnings to surge in imports at low prices and high wood cost. During Q4FY25, the Company acquired 60% of the Equity Shares of Radhesham Wellpack Private Limited (RWPL) and 62.14% of Equity Shares of Quadragen Vethealth Private Limited (QVPL). We have fine-tuned earnings...
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 May, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry had another month of healthy ADR growth on YoY basis. However, on MoM prices declined as a seasonal phenomenon. We anticipate moderation in ADR as Q1 is a soft quarter compared to rest owing to extreme summer in the country. However, we maintain our positive outlook on domestic...
Cochin Shipyard Limited (CSL), incorporated in 1972, is a prominent player in the construction, repair, and refitting of various types of vessels. This includes periodic upgrades and life extension for ships. CSL has successfully built and repaired some of the largest ships for its esteemed customers...
Century Plyboards' Q4FY25 profitability missed our expectations. Revenue grew by 13% YoY to Rs12bn, driven by strong Plywood (+8% YoY) and MDF (+37% YoY), despite decline in Particle boards (-25% YoY). EBITDA margins contracted by 275bps YoY to 11.2% due to margin pressure across all segments except for plywood. Century plans an 50,000 CBM plywood facility at Hoshiarpur within a year, along with an additional 50,000CBM capacity through brownfield expansions and de-bottlenecking. Century expects its continuous process plant for particle board at Chennai facility to commence operation in Q1FY26,...
Chinese HRC: Chinese HRC prices remained flat WoW at Rs 38,875/tonne, as majority of buyers have either paused their purchases or are offering prices that are too low for Chinese producers to accept,...
