Retail Research

On a medium-term outlook, we prefer 2W OEMs over PV and Tractor; and remain cautiously positive on the CV space. We continue to prefer Hero Motocorp in the 2W segment; and M&M (non-coverage) as a play in the PV/LCV/tractor segment.

Valuation & View

Asian market had a mixed start, tracking gains on Wall Street after the S&P 500 and the Nasdaq Composite rose to new records. Shanghai traded marginally lower by 0.06%, whereas Nikkei and Hang Seng traded higher by 1.73% and 0.03% respectively.

Cement prices continued to decline in Q2FY25, extending the downtrend observed over the past few quarters. The sequential drop in prices can be attributed to several factors, including prolonged monsoons, ongoing sector consolidation, and the traditionally weak seasonality of the quarter.

we recommend the following stocks: HDFC Bank, ICICI Bank, Dalmia Bharat, State Bank of India, HCL Tech, Lupin, Aurobindo Pharma, Healthcare Global, Varun Beverages, Gravita India, Bharti Airtel, Chalet Hotel, J Kumar Infra, Prestige Estates, Sansera Engineering, and Cholam

Retail Research

Asian markets are trading mixed as they started with a data-heavy week with investors focused on economic readings from several countries, including Japan, South Korea and China. Nikkei traded lower by 0.33%, whereas Shanghai and Hang Seng traded higher by 0.57% and 0.94% respectively