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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...
Accenture's (ACN: NYSE) Q3FY26 revenue growth came in below consensus estimates, while bookings were weaker than anticipated due to delayed closure of large deals amid disruptions caused by the Middle East conflict. Management highlighted a ~US$100mn revenue impact in Q3FY26 from the Middle East conflict, with continued disruption expected in Q4FY26, leading to a 100bps reduction in the upper end of its FY26 revenue growth guidance. The impact was also visible in bookings, particularly within Managed Services, where several large deals were deferred into FY27, highlighting elongated decision-making cycles. The company also...
Expect under recovery of Rs7/10/ltr for MS & HSD in Q1FY27 Restoration of excise duty remains a key risk After 3.5 months of one of the worst energy shocks in recent history, we see some positivity as the US-Iran ceasefire deal finally gets signed, although uncertainty remains, especially over the nuclear deal. Brent crude dropped below ~USD80/bbl, its lowest level since Mar'26, providing a positive respite for OMCs. Q1FY27 is expected to weigh sharply on profitability, impacting earnings for the full year. We expect an under-recovery of Rs7.0/ltr and Rs10/ltr in Q1FY27, after considering a Rs10/ltr excise...
West & South witnessed good demand East remained disrupted till mid may, post elections demand recovers Demand momentum remains healthy, which will enable paint companies to report midteens value growth in 1QFY27. Primary sales continue to outpace secondary demand on dealer stocking ahead of price hikes. Trade channels don't rule out some consumer deferment in repainting amid inflationary pressures, although no material signs are visible so far. Competitive intensity remains elevated, driven by sustained market share push by Birla Opus and JSW Akzo. We estimate Q1FY27 Sales/EBITDA/PAT for APNT & KNPL to grow by 16.5%/17.9%/18.2% & 13.5%/8.6%/1.3%...
Rs 38,800/tonne, as buying interest remained subdued amid weak demand in finished steel segment. HRC-Patra Spread: Primary HRC-Patra spread decreased by Rs100 WoW to Rs 14,700/tonne, trading at 62% premium over ~3-year historical average spread of Rs 9,099/tonne. Chinese HRC: Chinese HRC prices remained flat WoW at Rs 49,239/tonne, as the domestic market remained under pressure from...
Indicators point to falling liquidity, rising CPI and repo hike Higher corporate/MSME share to affect PSBs/MidCs Rate hike to benefit PVBs due to higher retail/EBLR exposure RBI could hike the repo rate in Oct'26 as CPI, which is rising, may firm up to ~6% in Q3FY27. Tight liquidity over Dec'25 to May'26 led to increase in bulk TD rates by 60144bps. As G-Sec to NDTL ratio for system fell to 27% in Mar'26 (H2'25: 30%), RBI has limited headroom to shore up liquidity. While the FCNR scheme may cushion interest rates, system loan growth may decline to 12-13% YoY in Mar'27 from 15-16% in Mar'26. In a tighter credit cycle exposed to growth/asset quality shocks, PSBs/MidCs are more...
In May, CPI inflation rose 3.9% from 3.5% last month. WPI inflation jumped 9.7%, driven by elevated fuel and power costs amid Middle East tensions.
The World Bank raised India’s FY27 growth forecast to 6.6% from 6.5% earlier, citing lower US tariffs and expected gains from upcoming free trade agreements. It said these factors are likely to offset the impact of weaker external demand due to the ongoing Middle East conflict. GDP growth is projected to rise to 7.2% in FY28 and 7% in FY29.
