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Broker Research reports: Sector Updates
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In May, Consumer Price Index (CPI) inflation eased to 2.8%, while Wholesale Price Index (WPI) inflation declined to 0.4%. This sequential drop in CPI inflation was mainly driven by a sharp decline in food prices.
Goldman Sachs retained its GDP growth forecast for India at 6.1% for FY26, despite increasing global trade tensions. The firm believes lower oil prices could help reduce India's import bill and boost demand if the savings are passed on via price cuts.
We recently interacted with an expert in the Indian ceramic industry, who provided deep insights into the current landscape of the tile industry in Morbi. The discussion covered critical aspects such as gas pricing trends, export and...
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...
companies. The project companies saw better execution and increasing Defence companies outperformed on the back better execution amid push for defence indigenization. Cumulative order intake growth of 10.2% to ~Rs1.7trn...
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...
Does <26% BAT shareholding indicate strategic shift? BAT (British American Tobacco) has cut its shareholding in ITC from 25.5% to 22.9% last week. BAT was the largest shareholder (Non promoter) in ITC and was known to be keen on control of this crown jewel till the mid-nineties. BAT cut its stake in March 2024 by 3.6% and general perception was that BAT will retain >25% stake to have a say in specific resolutions. BAT has been on record with the intent of selling its stake in recently demerged ITC Hotels (15.4% stake valued at Rs 68bn), however sales of ~2.5% stake in ITC Ltd have come as a surprise, as it has brought its stake to below 26%. We see little impact of this event on the business operations of ITC, which have been working as a professionally run organization for many decades. ITC controls the entire supply chain, technology, brands and distribution unlike many MNC...
Dealers expect prices to remain flat in Jun'25 with the onset of the monsoon. We interacted with cement dealers across regions in India to assess the demand and pricing scenario in May'25. Our discussions indicate mixed demand scenario across regions. Prices declined in certain markets due to extreme heatwaves affecting labor availability. Early onset of monsoon further added pressure, leading to a slowdown in construction activities in some...
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,...
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 market share gains.
