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We attended Adani Annual Conference 2026, where they showcased the plan for Dharavi Redevelopment, the project covers ~600 acres in central Mumbai and impacts over 1 million residents, making it one of the largest urban regeneration projects globally. The project involves redevelopment of one of the world's most densely populated informal settlements into a modern mixed-use urban district. It is not merely as a...
PVs see strong growth in both domestic and export market Growth in 2Ws driven by scooters, EVs and exports Auto dispatches in May'26 saw sustained volume growth across most segments, although some sub-segments saw moderation. PVs reported growth in 20s, while 2Ws saw stable growth as most OEMs are in the midst of increasing capacities to meet the sustained retail demand while mitigating labor shortages, and disruptions in logistics and supply chain. CV industry reported mixed performance with subdued growth seen for MHCVs, while LCVs continued strong momentum. CV industry is expected to see...
India’s auto industry sustained its positive growth momentum through May 2026, navigating the traditionally softer May period with steady replacement demand, improving rural sentiment, and structural tailwinds from GST reforms and rising incomes.
We prefer Bajaj Auto and Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs. We also like Tata Motors (non-coverage) in the CV space, followed by a close watch on Eicher (VECV) for any market share gains.
India's automotive OEMs posted healthy volume prints for May 2026 with volumes growing double digit on YoY basis. GST 2.0 tailwinds continue to drive underlying demand. In terms of segments, PV, 2W & Tractors did well while CV space did see some moderation with LCV segment outperforming the M&HCV domain. TMPV set the bar high, outperforming in the PV space while M&M led the growth charge in the Tractor segment and also outperformed in the CV segment. TVS motors outperformed in 2W domain. - Wholesale volume prints for the month of...
During May-26, Indian steel prices remained largely stable at Rs58,500/tonne, as demand continued to be subdued amid need-based purchasing and rising inventory levels. In contrast, Chinese steel prices increased by 3% MoM to $520/tonne, supported by higher input and logistics costs amid geopolitical tensions in the Middle East. In Apr-26, Indian steel production declined 9.8% MoM to 13.8mn tonnes. Estimated Chinese steel output also fell 3.9% MoM to 84mn tonnes, while estimated global steel production dropped 4.1% MoM to 153mn tonnes. Chinese steel exports rose 4% MoM to 9.5mn tonnes amid weak domestic demand and seasonal slowdown in China as mills...
Coking Coal: Coking coal prices increased by 5.7% WoW to $185/tonne, driven by supply concerns as several mines across China were suspended for safety inspections following the fatal mine explosion in Shanxi's Qinyuan County. The shutdowns are expected to tighten domestic coal...
BFSI coverage closed FY26 on a constructive footing. Q4FY26 results were marked by (a) NIM compression at private banks as EBLR books absorbed the RBI repo-rate cuts ahead of deposit re-pricing, (b) multi-year best asset quality across banks and NBFCs with pre-emptive provisioning buffers built against the West Asia / oil-price overlay, (c) sustained 20%+ AUM growth at affordable HFCs and a structural surge in gold-loan NBFCs, (d) resilient growth in secured lending across banks and SFBs despite a broader slowdown in system credit growth, and (e) continued stress in unsecured and MFI portfolios, although improving collection efficiencies and moderating credit costs indicate a gradual recovery in 2HFY26. We maintain a constructive stance 17 BUYs and 1 HOLD across the 18-stock universe....
The Three Body Problem - Oil Prices & OMCs The Three Body Problem is an unsolved scientific challenge where predicting orbital movements of three planetary bodies exhibiting significant gravitational pull on each other has been impossible. The term was popularized in the masses through Cixin Liu's fiction series by the same name, one of the best-selling science fiction of all times. The world has also been facing a similar chaotic scenario with conflicting interests of three super-powers- the US, Russia and China. In a bipolar world post World War II, tensions remained largely localized with parts of the world being theatres of the US-Russia cold war. However, with the...
Credit card spends moderated in Apr'26 after the sharp year-end rebound seen in March, with total spends declining to 1.98L Cr from 2.20L Cr in Mar'26. Spends declined ~10.1% MoM (vs ~23.8% growth in Mar'26), while YoY growth softened to ~7.1% (vs ~8.9%), reflecting normalisation after financial year-end spending. Cards-in-force continued to expand, reaching ~119.44 Mn, up ~8.1% YoY and ~0.8% MoM. Net new card additions remained stable at ~9.7 lakh, led by SBI (~1.4 lakh), HDFCB (~1.3 lakh) and AXISB (~0.6 lakh). Transaction volumes also moderated, declining ~3.3% MoM (vs ~16.8% growth in Mar'26), though YoY growth remained healthy at ~23.4% (vs ~25.2%). March spending was aided by year-end transactions and...
In April, CPI inflation rose 3.5%, from 3.4% last month. WPI inflation jumped 8.3%, driven by elevated fuel and power costs amid the US-Iran war.
Morgan Stanley raised its FY27 base-case GDP growth forecast for India to 6.7% from 6.2% projected in April 2026, despite global geopolitical risks. The brokerage said growth risks remained tilted to the downside from cyclical and external headwinds, but added that faster-than-expected normalisation in global commodity prices could support profitability, sentiment and a broader capex cycle in India.
We met the management of Mu Sigma, a data analytics and decision sciences company, to understand the AI-led structural changes underway in the industry. The management indicated that the nature of enterprise engagement, scope, and delivery has become more dynamic, which requires quality judgment at scale while embedding AI into the enterprise decision framework. The decision framework is deeply integrated and has built broader institutional dependency' instead of relying upon individual deliveries', aided by decision ontologies and knowledge graphs. Hence, the intensity of multi-faceted domain depth that the company has garnered over decades...
