Monthly newsletters

May 2025 | 5 min read

May 2025 Newsletter

The recent escalation between Iran and Israel, now with explicit US involvement, has once again put global markets on edge. e Strait of Hormuz- a narrow waterway critical for global energy supplies - has become the focal point of concern. Any disruption here could have far-reaching consequences for oil prices, shipping costs, and the broader world economy.

April 2025 | 5 min read

April 2025 Newsletter

In Q4FY25, Nifty50 (ex-financials) recorded revenue and PAT growth of ~9% and ~5% respectively. NSE500 (ex-financials) revenue grew ~7% YoY, reflecting a subdued consumption environment. However, PAT for the broader NSE500 rose ~8% YoY, driven largely by cyclicals such as Banks, Metals, Industrials, and NBFCs. NSE500 excl. commodity PAT growth in Q4FY25 was ~7% YoY highlighting broad-based strength outside of global cyclicals

March 2025 | 5 min read

March 2025 Newsletter

KEY BUSINESS UPDATES FOR Q4FY25 Bajaj Finance The AUM grew by 26% YoY to Rs. 4,167 bn. Customer franchise stood at 101.82mn v/s 83.64mn, a growth of 21% YoY. New loans grew 36% YoY to 10.70mn, compared to 7.87mn in Q4FY24

FEBRUARY 2025 | 5 min read

FEBRUARY 2025 Newsletter

The Indian Equity market has seen a downturn since the end of Sep’24, with Nifty correcting ~13% from its peak. Factors include the overvaluation in the Mid and Small-cap index, the Global trade war induced by Trump’s tariffs , a slowdown in government capital expenditure, and a lower-than-expected growth in India INC.’s profits. During this period, some key trends have been observed:

January 2025 | 5 min read

January 2025 Newsletter

In Q3FY25, Nifty50 (ex-financials) recorded revenue and PAT growth of 6% YoY and 13% YoY, respectively. NSE200 excl. financials, revenue grew at a subdued 6% YoY due to a slowdown in consumption, but PAT grew by 17 YoY, led by growth in Discretionary, Pharma, and Metals. NSE200 excl. commodity PAT growth in Q3FY25 was 20% YoY.

DECEMBER 2024 | 5 min read

DECEMBER 2024 NEWSLETTER

The Indian benchmark index- Nifty50 closed 2024 with 9% gains. This was the 9th consecutive year of Nifty closing with positive returns. The year was a roller coaster ride as Nifty50 made a lifetime high in September 2024 but then corrected on multiple occasions

November 2024 | 5 min read

November 2024 Newsletter

As we enter 2025, India stands on the cusp of transformative changes that promise to redefine its economic landscape.

October 2024 | 5 min read

October 2024 Newsletter

Quick commerce (Q-commerce) is a revolution within the country’s e-commerce space, fast becoming a prominent trend reflecting the shifting tendencies of consumer behaviour in the retail and last-mile delivery landscape.

September 2024 | 5 min read

September 2024 Newsletter

It’s the time of the year when India’s annual festive season kicks off from late September to early November, when shopping is expected to peak as consumers race to buy products enticed by discounts online and offline retailers offer.

August 2024 | 5 min read

August 2024 Newsletter.

The Indian Real Estate market has witnessed phenomenal growth in the last three calendar years, and the same high growth momentum has continued in H1CY24, too. Sales volumes were at a record high in CY23 for the top 8 cities, and volumes grew at CAGR of ~29% over CY20-23.

July 2024 | 5 min read

July 2024 Newsletter.

In Q1FY25, BSE500 (ex-BFSI) PAT growth was weak at -4.6% YoY due to fading tailwinds from lower input prices. With input Price tailwinds are fading, and demand is soft, so corporations resorted to cost rationalization.

June 2024 | 5 min read

JUNE NEWSLETTER 2024

As per CBRE (Coldwell Banker Richard Ellis) – a global leader in commercial real estate, India's Data Centre industry is projected to grow at 40% CAGR over the next two years.

May 2024 | 5 min read

MAY NEWSLETTER 2024

Market has witnessed very high volatility for the past two weeks. Firstly, in the anticipation of the elections, and then with the election results.

April 2024 | 5 min read

April Newsletter 2024

The 18th Indian general election is underway in India, and the first four phases of the polling have concluded.

March 2024 | 5 min read

March Newsletter 2024

The withering western stock market again caught attention after a recent shareholder letter.

February 2024 | 5 min read

February Newsletter 2024

A lot has been said about the health of the financial sector being pristine. We have come a long way from the problems being faced in the last decade.

January 2024 | 5 min read

January Newsletter 2024

RBI Governor Shaktikanta Das commentary on the Red Sea attacks Ongoing wars and conflicts and the emergence of new flashpoints in different parts.

December 2023 | 5 min read

December 2023 Newsletter

The Indian markets closed 2023 up 20%. This was the 8th consecutive year of Nifty closing with positive returns.

November 2023 | 5 min read

November 2023 Newsletter

Our research team, in the past couple of months, has been meeting senior management teams of companies operating across multiple industries to gain detailed.

October 2023 | 5 min read

October 2023 Newsletter

‘Hamare Ghar Lakshmi Aayi Hai’, are generally the first words used to welcome a baby girl in any Indian family.

September 2023 | 5 min read

September 2023 Newsletter

Since Oct-21, equity market performance has been muted, and that led to slowing down of equity market turnover as well.

August 2023 | 5 min read

August 2023 Newsletter

The 18th Head of States and Government summit - G20 summit took place in Delhi on 9-10th September.

July 2023 | 5 min read

July 2023 Newsletter

India’s performance in the past 6 months has been among the top quartile with Nifty giving returns of 7.5% Vs returns of S&P500 at 8.5%, DAX at 1.5%, Shanghai Composite at -2.9%, CAC at -1.3%, FTSE 100 at -7.8%.

June 2023 | 5 min read

June 2023 Newsletter

On 28th June, Nifty50 breached it previous all-time high price of Dec’22 and that marked the creation of new all-time high (ATH).

May 2023 | 5 min read

May 2023 Newsletter

In Q4FY23, Nifty50 recorded double-digit sales growth of 10% YoY and strong double-digit PAT growth of 18% YoY.

April 2023 | 5 min read

April 2023 Newsletter

Artificial Intelligence” or “AI” with the potential to significantly alter our lives and transform the world is one of the most talked about topics in recent times.

March 2023 | 5 min read

March 2023 Newsletter

According to the Federation of Automobile dealers association of India (FADA), which is an apex body of Automobile retail industry in India.

February 2023 | 5 min read

February 2023 Newsletter

In the world where finding a job is much tougher for women than men, this year’s International Women’s Day theme #EmbraceEquity is quite apt, where Equity

January 2023 | 5 min read

January 2023 Newsletter

Budget every year in India is a strong breeding ground for numerous thoughts and discussions across different economic strata where everyone holds an opinion right from the Aam Aadmi to corporate honchos.

2023-24 | 5 min read

Budget Highlights 2023-24

The first budget of Amrit Kaal carried the baton of complementing macro-growth with micro-all-inclusive welfare backed by digital economy and tech-enabled

December 2022 | 5 min read

December 2022 Newsletter

Nifty ended the year with 4% return. This is on the backdrop of subdued returns across indices of all major world economies.

November 2022 | 5 min read

November 2022 Newsletter

Our research team in the past one month has met over 40 corporates across multiple cities and industries.

October 2022 | 5 min read

October 2022 Newsletter

Overall, Nifty50 PAT declined by 3 percent YoY, however, PAT ex-Financials & Commodity registered strong growth at 24 percent YoY, which was 3 percent...

September 2022 | 5 min read

September 2022 Newsletter

A lot has been spoken of the rising interest rates this year and where it is headed. In this article, we will compare India v/s US and see how these two countries......

August 2022 | 5 min read

August 2022 Newsletter

Indian equities have outperformed most of the global indices over the past one month (between 12 Aug to 13 Sep 2022) and for the month of Aug-22.

July 2022 | 5 min read

July 2022 Newsletter

India’s freedom fighters did not just free us from British rule. While the Indian freedom struggle teaches patriotism, grit and sacrifice, we can also learn valuable.

June 2022 | 5 min read

June 2022 Newsletter

As you can see, much of what we read has been scary enough to reach for the stop button in the equity markets. But let’s pause for a moment and try to sift through the noise. Yes, it is true that commodity prices have corrected and in some cases, the correction has been fairly steep. The Bloomberg Commodity Spot Index, which tracks 23 energy, metal and crop futures contracts has lost more than 20% since touching a multi-year high in Jun-22.

May 2022 | 5 min read

May 2022 Newsletter

India’s GDP growth slowed for the fourth consecutive quarter to stand at 4.1% in Q4 FY22, reflecting a combination of reducing favorable.

April 2022 | 5 min read

April 2022 Newsletter

The RBI on 4th May ’22, surprised the market by raising the policy repo rate by 40bps to 4.4% and the CRR by 50bps to 4.5%.

March 2022 | 5 min read

March 2022 Newsletter

The banking industry is the backbone of any economy. When the pandemic struck, there was concern and uncertainty among the stress formation.

February 2022 | 5 min read

February 2022 Newsletter

Since the past two years, a sequence of unprecedented events transpired and disrupted the global economic balance considerably.

01-Feb-2022 Budget | 5 min read

Budget Highlights 2022-23

Indias growth currently is the highest among all major economies; we are now in a strong position to withstand challenges.

January 2022 | 5 min read

January 2022 Newsletter

Q3FY22 earnings saw companies largely delivering on the earnings front, despite the inflationary pressures from rising commodity and energy prices.

December 2021 | 5 min read

December 2021 Newsletter

2021 was quite an eventful year for the world. From achieving the distant goal of Covid vaccination to second Covid wave to creating history in the Olympics, India’s journey in 2021 was a story of ups and downs. As a whole, it was a year when people finally started returning to their normal lives. Let's take a quick recap of events that made headlines in the country in 2021.

November 2021 | 5 min read

November 2021 Newsletter

Amid the rising concern over the surge in cases related to the new variant in some countries, World Health Organization (WHO) classified Omicron.....

October 2021 | 5 min read

October 2021 Newsletter

Q2FY22 earnings season has almost come to an end and overall results were above expectations within the NSE 200 universe with 86 beats vs 48 misses.

September 2021 | 5 min read

September 2021 Newsletter

Early business updates for Q2FY22 by some large and mid-corporates suggest continuing economic recovery.

August 2021 | 5 min read

August 2021 Newsletter

‘India reports highest ever quarterly GDP growth’, read the headlines in some newspapers. The headlines sound very exciting and worth grabbing eyeballs.

July 2021 | 5 min read

July 2021 Newsletter

The recently concluded, Tokyo Olympics has been exceptional in so many ways. Held in the midst of uncertainties and fear brought on by the pandemic.

June 2021 | 5 min read

June 2021 newsletter

Do you remember going to a restaurant not knowing what the menu is like or how the reviews are? Or hunting for menus of a restaurant, placing an order.

May 2021 | 5 min read

May 2021 Newsletter

India’s Q4FY21 GDP growth at 1.6% YoY was positive for the 2nd consecutive quarter. However, FY21 GDP de-grew by 7.3%.

April 2021 | 5 min read

April 2021 Newsletter

The above quote by American author Hal Borland exudes a lot of optimism. The quote states that despite the current gloomy situation, we can still have hope and faith that good will come to us.