Sector Updates

Credit card spends moderated in Aug'25, declining by ~1.5% MoM (vs a ~6% increase July'25), while YoY growth stood at ~13.6% (vs ~12.2% in July'25). Cards-in-force reached ~112.3Mn as of Aug'25, up ~6.5% YoY with limited sequential growth. Net new card additions improved to ~6.9 lakhs (vs ~4.2 lakhs in July'25), with HDFCB (~2.2 lakhs), AXISB (~1.4 lakhs) and SBI (~0.7 lakh) leading issuances. Transaction volumes posted a modest ~1.5% MoM rise (vs ~6% increase in July'25) and ~26% YoY growth (vs ~27% in July'25). Looking ahead, we expect September'25 to witness a pickup in spends, supported by festive seasonality, recent GST cuts, and aggressive discounting...

The US Government on Friday, Sept. 19, 2025, announced fee hike to US$100k for applicants to the H-1B visa program for skilled foreign workers starting with FY26 lottery cycle. The one-time fee applicable on all companies (Indian/US) that use the...

Textile companies are focusing on diversification as risk mitigating strategy with focus on diversifying the production base in other countries and improve the regional mix and not to depend on single country/region in the near future....

In August, Consumer Price Index (CPI) inflation rose to 2.1%, while Wholesale Price Index (WPI) inflation reached a four-month high of 0.5%. Food-driven pressures surfaced even as core inflation remained stable, and most of the CPI basket stayed below 4%.

CLSA highlights that inflation in over 70% of the CPI basket has fallen below 4%, marking a record low. The brokerage expects vegetable deflation to persist through November, keeping headline inflation in the 1–2% range before it edges up toward 4% by early 2026. It anticipates the RBI will hold rates in October but may leave room for a cut in December.

The month of August, like the month gone by, continued to be volatile as ever. From our coverage universe, Methanol registered the highest price spurt of 14% MoM. This has been on the back of a recent US clamp down on Iran origin imports. This has led to a supply shortage in the West, while the capacities run in full swing. The prices for methanol are expected to stay elevated in the near term, even as the demand stays lackluster. Indian players (except the ones sanctioned due to Iran origin) stand on solid ground as Chinese excessive supply has led to Chinese Methanol prices melting. TDI prices, which had declined by...

India’s life insurance industry saw a decline in new business premiums in August 2025, with total collections declining by 5.2% YoY to INR 309.6bn compared to INR 326.4bn in August 2024.

During Aug-25, Indian steel prices remained flat MoM at Rs49,500/tonne, while Chinese steel rose by 2% MoM to $500/tonne due to government-led production cuts and anticipation of further output restrictions. Coking coal prices increased by 5% MoM to $155/tonne, driven by supply-side disruptions amid the monsoon. In Jul-25, Indian steel production rose by 3% MoM to 14 mn tonnes. Estimated Chinese steel output declined by 4% MoM to 80 mn tonnes, while global steel production contracted by 1% MoM to 150 mn tonnes. Chinese steel exports increased by 2% MoM and 26% YoY to 9.8 mn tonnes, driven by weak domestic...

Indian HRC: Indian HRC prices remained flat WoW to Rs 49,500/tonne, as market participants adopt wait and watch approach to gain further price clarity for September. Billet-Ex-Raipur: Billet prices increased by 1.6% WoW to Rs 37,200/tonne, supported by positive sentiment spill-over from GST 2.0 reforms, boosting steel demand from consuming industries. Chinese HRC: Chinese HRC prices decreased by 1.0% WoW to Rs 41,857/tonne, driven by concerns of potential domestic oversupply...