Tata Capital Limited (TCL) is the flagship financial services company of the Tata Group and a subsidiary of Tata Sons Private Limited. As of June 30, 2025, TCL is the third-largest diversified NBFC in India, with total Gross Loans of ~Rs. 22,19,504 mn and a customer base of 7.3 mn. Its business spans 25+ lending products catering to retail, SME, and corporate customers, with retail and SME loans accounting for 87.5% of the loan book. The company operates an omni-channel distribution model with 1,516 branches across 27 states/UTs, supported by ~30,000 DSAs, ~400 OEM partnerships, and 60+ digital partners. TCL reported...
The month of September saw chemical prices stay range bound on a monthly basis. From our tracking universe, Caustic Soda Lye registered the highest price spurt of 9% MoM exhibiting a good recovery post a 4% decline in August 2025. This has been on account of some volume improvement in key industries such as aluminium, paper and detergent industries. The global caustic soda market has also exhibited considerable shortage predominantly driven by reduced demand for polyvinyl chloride (PVC) due to a slowdown in construction activity. Heavy soda ash was down 14% MoM last month and was down 13% again MoM...
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 September, 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 witnessed yet another month of improved ADR. Though it is a seasonal phenomenon of firming up ADRs on the onset of festive, we anticipate better than expected ADR growth, primarily supported by domestic travel boost and wedding season. The ADR growth was impressive on lower price bracket in select markets...
During Sep-25, Indian steel prices fell 2% MoM to Rs48,500/tonne, while Chinese steel prices declined by 6% MoM to $470/tonne impacted by seasonal demand weakness and changes in export tax regulations that led to front-loading by exporters. Coking coal prices increased 6% MoM to $164/tonne, driven by supplyside disruptions amid the monsoon. In Aug-25, Indian steel production rose by 0.7% MoM to 14.1 mn tonnes. Estimated Chinese steel output declined by 3% MoM to 77 mn tonnes amid government-mandated environmental sanctions and sluggish domestic demand, while global steel production contracted by 3% MoM to 145 mn tonnes. Chinese steel exports decreased by 3% MoM and were flat YoY to 9.5 mn tonnes, as...
Indian HRC: Indian HRC prices decreased by 0.8% WoW to Rs 48,700/tonne, amid limited purchases as buyers resort to need-based buying due to the slowdown from festive holidays and post-GST cuts traders are still gauging their effect on pricing and demand. Billet-Ex-Raipur: Billet prices decreased by 1.1% WoW to Rs 36,500/tonne, as buying activity remains weak, weighed down by...
Credit card spends moderated in Aug'25, declining by ~1.5% MoM (vs a ~6% increase July'25), while YoY growth stood at ~13.6% (vs ~12.2% in July'25). Cards-in-force reached ~112.3Mn as of Aug'25, up ~6.5% YoY with limited sequential growth. Net new card additions improved to ~6.9 lakhs (vs ~4.2 lakhs in July'25), with HDFCB (~2.2 lakhs), AXISB (~1.4 lakhs) and SBI (~0.7 lakh) leading issuances. Transaction volumes posted a modest ~1.5% MoM rise (vs ~6% increase in July'25) and ~26% YoY growth (vs ~27% in July'25). Looking ahead, we expect September'25 to witness a pickup in spends, supported by festive seasonality, recent GST cuts, and aggressive discounting...
We visited Sambhv Steel Tubes' (SSTL) Tilda and Kuthrel plants and interacted with the senior management team. Sambhv Steel Tubes (SSTL) is a structural steel pipe and tubes producer with the advantage of complete backward integration of narrow-width HR coils through the secondary route. SSTL's recent foray in to value added products such as galvanized, cold rolled and stainless steel is expected to drive profitability, supported by in-house production and strong pan India...
