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In Q1 FY26, the Indian IT sector delivered a soft performance, with Tier-2 firms like Coforge outperforming large players in both revenue growth and execution. Largecap companies such as TCS, Infosys, and HCLTech were impacted by macroeconomic uncertainty that delayed discretionary spending, leading to muted growth. However, strong deal wins especially at Infosys and HCLTech indicates improvement in demand, prompting both firms to raise the lower end of their FY26 revenue guidance. Tier-2 players meanwhile maintained their strong growth outlooks. GenAI, cloud, and digital transformation remained key drivers of interest but monetization continues to lag as clients focus on pilots rather than scaled adoption. The absence...
Indian HRC: Indian HRC prices increased by 1.0% WoW to Rs 50,200/tonne, as major steel manufacturers have raised their prices for August sale, supported by improved global market sentiments. Billet-Ex-Raipur: Billet prices decreased by 0.8% WoW to Rs 37,500/tonne, as market sentiments continue to remain subdued amid...
During Jul-25, Indian steel prices declined 2% MoM to Rs49,700/tonne, while Chinese steel rose by 10% MoM to $490/tonne. Coking coal prices increased by 9% MoM to $148/tonne, driven by production cuts and a safety crackdown in China. In Jun-25, Indian steel production rose by 1% MoM to 13.7 mn tonnes. Estimated Chinese steel output declined by 4% MoM to 83 mn tonnes, while global steel production contracted by 4% MoM to 151 mn tonnes. Chinese steel exports fell by 8% MoM but rose 11% YoY to 9.6mn tonnes, amid growing speculation of production cuts by Chinese mills. Additionally, USA imposed steep tariffs on imports...
The Monetary Policy Committee (MPC) maintained the policy repo rate at 5.50% and continued with its neutral stance. Having reduced the policy rate by 100 bps since February 2025, the MPC chose to wait for further transmission of these front-loaded cuts to credit markets and the broader economy. A CRR cut announced in the previous policy will be implemented in a staggered manner starting September, aimed at supporting liquidity. Consequently, the standing deposit facility (SDF) rate under the liquidity adjustment facility (LAF) remains unchanged at 5.25%, while the marginal standing facility (MSF) rate and the Bank Rate remain at 5.75%. The financial position of Scheduled Commercial Banks (SCBs) and NBFCs remain healthy, supported...
The Monetary Policy Committee (MPC) voted to maintain the policy repo rate at 5.5%, keeping it unchanged for the current review. Consequently, the Standing Deposit Facility (SDF) rate under the Liquidity Adjustment Facility (LAF) stands steady at 5.25%, while both the Marginal Standing Facility (MSF) rate and the Bank Rate remain aligned at 5.75%.
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 July, 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 improvement in ADR on YoY as well as MoM in key selected markets. After decline in ADR in earlier months (due to seasonality), the trend reversal in ADR is on expected line. We anticipate further strengthening of ADR aided by festive season and long weekends in upcoming months. We remain positive on domestic...
In July 2025, India’s automobile industry navigated an uncertain landscape marked by split dynamics across its segments. Passenger car dispatches were flat or slightly down, reflecting weak demand, high inventory levels, and a cautious retail outlook.
