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Credit card spending activity strengthened in Jul'26, while industry spends increasing to Rs2.08 tn, up 3.4% MoM and 7.4% YoY. Cards-in-force continued to witness healthy traction, reaching 122.86 mn, up 9.88% YoY and 1.0% MoM. Net new card additions accelerated to 1.26 mn from 1.13 mn in Jun'26, led by HDFC Bank (0.23 mn), SBI (0.18 mn) and ICICI Bank (0.17 mn). Transaction volumes also improved to 605.27 mn, growing 4.1% MoM and 24.5% YoY, indicating sustained card usage and consumer spending activity. The sequential recovery in spends, transaction volumes and card...
Artificial intelligence is fundamentally reshaping pharma R&D by potentially reducing the traditional 10–15 year drug development cycle by 60–70% and costs by 25–40%, while improving clinical success rates.
Coking Coal: Coking coal prices increased by 9.2% WoW to $213/tonne, driven by supply side disruption in China, as safety-related production restrictions in Shanxi led to inventory depletion, while seaborne...
In July, CPI inflation rose to 4.5% YoY from 4.4% in the previous month, driven by erratic rainfall and higher food prices due to supply shortages. WPI inflation rose to 9.8% YoY in July, easing a bit from 9.9% in June.
Standard Chartered raised its FY27 CPI inflation forecast to 4.9% from 4.5%, citing higher food and retail fuel prices. It projects food and beverage inflation at 6.3% and expects broader price pressures to persist, excluding gold and silver. The bank expects the MPC to maintain status quo in interest rates in FY27, but a 50-bps+ hike remains a risk if food prices rise further.
In June, CPI inflation rose to 4.4% YoY from 3.9% in the previous month, driven by a delayed monsoon and higher food prices. WPI inflation increased to 9.9% in June from 9.7% in May.
According to an SBI Research report, India's CPI inflation is expected to average around 5% in FY27, with the RBI likely to keep interest rates unchanged for an extended period, supported by a stable rupee and improving foreign inflows. The report forecasts CPI inflation at 5.1% in Q2, 5.7% in Q3, and 5.1% in Q4, resulting in an annual average of 5% for FY27.
India's automotive OEMs posted healthy volume prints for June 2026 with volumes growing double digit on YoY basis for most of the OEMs. GST 2.0 tailwinds continue to drive underlying demand. In terms of segments, CV surprised positively wherein healthy growth was witnessed in MHCV Trucks segment. Tata Motors PV set the bar high, outperforming in the PV space while Tata Motors CV led the growth charge in the CV segment. TVS motors outperformed in the 2W domain. Exports continue to do well. - Wholesale volume prints for the month of...
Banking sector credit growth strengthened in May'26, with gross credit rising 17.7% YoY and 1.4% MoM to Rs215.2 tn. Non-food credit accelerated to 17.4% YoY, led by broad-based growth across industry, services and agriculture. Agriculture credit grew 14.9% YoY, while industrial credit remained robust at 17.5% YoY, supported by strong lending to MSMEs and large corporates. Services credit accelerated to 20.4% YoY, driven by NBFCs, commercial real estate and trade. Retail loan growth remained healthy at 15.4% YoY, supported by vehicle and housing loans, while gold loans continued to witness exceptional growth of 105.5% YoY. Looking ahead, credit...
Zinc: Zinc prices decreased by 2.0% WoW to $3,483/tonne. Indian HRC: Indian HRC prices remained flat WoW at Rs 58,200/tonne, as buyers continued with need-based purchases and avoided inventory build-up amid weak market sentiment, driven by...
Credit card spending activity improved in May'26, recovering from the seasonal moderation witnessed in April. Total industry spends increased to Rs2.03trn from Rs1.98trn in Apr'26, registering 2.8% MoM growth, while YoY growth stood at 6.8%. Cards-in-force continued to witness healthy traction, reaching 120.45 million, up 8.47% YoY and 0.8% MoM. Net new card additions stood at 9.95 lakh, led by SBI (1.8 lakh), HDFC Bank (1.4 lakh) and ICICI Bank (1.6 lakh). Transaction volumes rebounded to 5.91bn, increasing 6.3% MoM and 26.2% YoY, indicating continued strength in card usage and consumer spending. The recovery in spends and transaction volumes suggests normalisation after the post year-end slowdown witnessed...
We met with the management of Can Fin Homes (CANF) and visited branches in Bangalore to assess demand trends, underwriting practices and sourcing dynamics in Karnataka. Our interactions indicate strong growth in disbursals, largely driven by selfconstruction activity and company remains confident of meeting its FY27 target of Rs ~130 bn. We build a loan growth of 14% in FY27E factoring new branches/ manpower addition and e-khaata resolution giving boost to KA/TL run-rate. While larger NBFCs (LIC HF, Bajaj Housing Finance) are key competitors offering lower interest rates, CANF is focusing on direct marketing activities, builder tie-ups, branch expansion and faster TAT to drive growth. Expect FY27/ FY28E NIM to trend in-line with guidance at...
The U.S. Department of Defense (Pentagon) has added WuXi AppTec to its Section 1260H "Chinese Military Companies" (CMC) list, alleging that the company has links to China's military.
Our channel checks indicate Q1FY27 pre-sales across our coverage and non-coverage universe a mix bag reporting. Strong launch momentum was witnessed across companies like Prestige Estate (PEPL IN), Godrej Properties (GPL IN), and SOBHA Ltd (SOBHA IN). Overall, they launch GDV worth of ~INR 276bn in Q1FY27. Our channel checks indicate strong response across these new launches underscoring healthy absorption and EoI conversions in well-located projects, alongside continued pricing power in premium micro-markets. In case of PEPL, pre-sales driven by Golden Grove and a sold-out Gardenia Estate Phase 2, GPL pre-sales aided by Vanantara and Samaris...
The global chemical industry remained caught between two opposing forces: persistent oversupply from China and periodic supply disruptions/tight inventories across select product chains due to the Iran-Israel war. Overall demand recovery has been gradual, with construction, automotive and consumer durables remaining mixed across regions. The key theme has been margin pressure in commoditized chemicals, while specialty segments and...
