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Sector Report

Sector Report

Research 360’s sector reports make it easier for you to study, analyze and monitor different sectors in the Indian markets.

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Oil & Gas: Refining bottoming out; marketing margi..
22 May 2024
  • Refining has had a slow start in 1QFY25, but recovery expect..
  • Marketing margins remain robust with oil declining to USD83..
Automobiles: "Parts" is better than "w..
15 May 2024
  • Thematic report on Automobiles for May 2024..
  • Research analysts: Aniket Mhatre, Amber Shukla, Aniket Desa..
Demand moderates; price remained weak..
15 May 2024
  • Cement demand moderates, prices remain weak..
  • Average cement price per 50kg bag down 3.7% YoY..
Capital Market Monthly- Sequentially overall ADTO ..
13 May 2024
  • Overall ADTO declined ~3% MoM to INR446t..
  • NSE active clients increased for the tenth consecutive mont..
Healthcare: IPM exhibits recovery in Apr'24, a..
12 May 2024
  • India pharma market grew 8.8% YoY in Apr24..
  • Chronic category is a key growth driver..
Life Insurance: Individual WRP for private players..
09 May 2024
  • Individual weighted received premium (WRP) for private playe..
  • LIC's Individual WRP grew 22.2% YoY; overall industry grew ..
Insurance: IFRS implementation to aid ROE improvem..
08 May 2024
  • IFRS implementation discussed for improving ROE in insurance..
  • Impact of IFRS on general insurers' financials and regulati..
Agriculture: El Nino left a scare on Indian Agri s..
04 May 2024
  • La Nina possibility to lift hope for Indian agriculture sect..
  • Positive impact on agriculture and related companies..
Retail demand remains steady in 2Ws and PVs…..
28 Apr 2024
  • Retail demand momentum in Apr2024 influenced by last year's ..
  • Steady demand for 2Ws and PVs with healthy YoY growth in re..
Capital Goods: T&D - Benefiting from the new inves..
22 Apr 2024
  • Global and domestic demand for transformers is increasing, s..
  • High-voltage transformers like 765kVA, 440kVA, and 220kVA a..
Automobiles: Electric 2Ws need govt support to sus..
22 Apr 2024
  • The electric 2W (e2W) segment saw a slower growth rate of 30..
  • Multiple headwinds in FY24, including subsidy cuts and safe..
Life Insurance: Individual WRP for private players..
19 Apr 2024
  • Individual weighted received premium (WRP) for private playe..
  • LIC's individual WRP declined 16.1% YoY, while the overall ..
Oil & Gas: OMCs: Earnings volatility a risk; but a..
18 Apr 2024
  • OMCs (HPCL, BPCL, and IOCL) have seen a decline in gross mar..
  • The decline in marketing margins is due to geopolitical hea..
Cables and Wires: Powering the Indian growth story..
15 Apr 2024
  • Indian cables and wires industry estimated to be ~INR1.8t in..
  • Rising exports of cables and wires from India to benefit or..
Oil & Gas: Iran-Israel conflict could lead to a su..
15 Apr 2024
  • The conflict between Iran and Israel has escalated, leading ..
  • The Strait of Hormuz (SoH) is critical for oil, refined pro..
Healthcare: Industry growth weakens sharply in Mar..
14 Apr 2024
  • Alembic Pharmaceuticals' secondary sales declined by 5.0% in..
  • Top 10 drugs registered negative growth, except for one...
Bankning: Regulatory measures on credit cards to e..
12 Apr 2024
  • The RBI has implemented regulatory measures to improve gover..
  • Credit card spends as a percentage of GDP in India are stil..
Capital Market : Overall ADTO declines MoM; NSE ac..
11 Apr 2024
  • Overall ADTO (Average Daily Turnover) declined by 5% MoM in ..
  • NSE (National Stock Exchange) active client base grew by 1...
Infrastructure: Subdued NHAI project awarding in F..
10 Apr 2024
  • NHAI project awarding subdued, impacting order inflows for r..
  • Toll collections improving, with FAStag toll collections sh..
Earnings to remain steady; NIM contraction to ease..
04 Apr 2024
  • Financial sector banks' earnings expected to remain steady i..
  • Private and PSU banks expected to report healthy earnings g..
Automobiles: PV and CV OEMs likely to see healthy ..
04 Apr 2024
  • PV and CV OEMs likely to see margin expansion QoQ ..
  • Steady demand in PV segment, weakness in other segments ..
Financials - NBFCs: Loan growth strong; rising CoF..
04 Apr 2024
  • Loan growth strong, but rising cost of funds hindering net i..
  • Robust asset quality, but higher credit costs in microfinan..
Consumer: On the course of volume pickup..
04 Apr 2024
  • MOFSL coverage universe expects 5.6%/6.2% YoY growth in reve..
  • Consumer sector demand trends steady, focusing on core port..
Financials - Non Lending: Capital markets-linked c..
04 Apr 2024
  • Capital markets-linked companies expected to perform well in..
  • Price hikes in health segment to improve loss ratios and VN..
Financials: Axis vs ICICI Bank: Revisiting perform..
03 Apr 2024
  • ICICI Bank has consistently outperformed Axis Bank in recent..
  • ICICI Bank has a higher market capitalization compared to A..
Capital Goods: Execution and margin to be key moni..
03 Apr 2024
  • Capital goods sector expected to have 11% YoY revenue growth..
  • Order inflows steady in key verticals like renewable energy..
Cement: Robust volume growth; weak cement prices l..
03 Apr 2024
  • Cement sector to report strong volume growth of 10% YoY in 4..
  • Blended realization declined due to correction in cement pr..
Retail: Retailers witnessing subdued demand..
02 Apr 2024
  • Many lifestyle retail companies are experiencing softness in..
  • Stores are clearing out old inventories and introducing fre..
Consumer: Volume print to improve; risk-reward in ..
01 Apr 2024
  • Staples stocks preferred over discretionary stocks..
  • Top picks: HUL, GCPL, Dabur (staples), Titan (discretionary..
Automobiles: 2W/PV retail growth to be led by prem..
27 Mar 2024
  • Demand for 2-wheelers is recovering, with expected retail gr..
  • Retail growth for passenger vehicles is expected to be 3-5%..
Indian Motor Insurance: Favorable auto sales mix d..
26 Mar 2024
  • Motor insurance premium has seen a CAGR of 5.5% over FY20-23..
  • Rising share of UVs, CNG, automatics, EVs, and top-end mode..
Consumer: Commodity prices stable; gold keeps shin..
22 Mar 2024
  • Commodity prices have stabilized in the consumer sector, wit..
  • Crude oil prices have been range-bound at around USD85/bbl ..
Automobiles: Premiumization trend visible in 2Ws a..
22 Mar 2024
  • Premiumization trend visible in 2-wheelers and passenger veh..
  • Maruti Suzuki and Mahindra and Mahindra outperform in passe..
Technology: Accenture's 2QFY24 commentary poin..
21 Mar 2024
  • Accenture's 2QFY24 revenues were flat YoY and down 2.6% QoQ...
  • Weak 3Q revenue growth guidance and lowered FY24 guidance s..
Oil & Gas: Outlook improving for Oil India and Pet..
15 Mar 2024
  • Outlook for Oil India and Petronet LNG in the upstream secto..
  • Indraprastha Gas faces challenges in competing with incumbe..
General Insurance: Premium growth driven by the He..
15 Mar 2024
  • The general insurance industry in India saw a 13% YoY increa..
  • The growth was driven by the Health and Motor OD segments, ..
Capital Market: Overall ADTO remains buoyant; NSE ..
13 Mar 2024
  • Overall ADTO volume in the financial sector remains buoyant,..
  • Demat account additions surged to 4.3 million in Feb24, com..
Capital Goods: Powergenset demand remains strong..
12 Mar 2024
  • Powergenset demand remains strong, with strong activity acro..
  • Inventory levels for CPCB 2 based gensets will start coming..
Healthcare: Industry growth at high single digit f..
12 Mar 2024
  • India pharma market (IPM) grew 7.7% YoY in Feb24...
  • Cardiac/Derma/Neuro therapies drove growth, while Respirato..
Flat steel prices continue to remain under pressur..
11 Mar 2024
  • Indian companies' valuation and price metrics for March 2024..
  • Flat steel prices are under pressure and may remain unchang..
Life Insurance: Individual WRP for private players..
09 Mar 2024
  • Individual weighted received premium (WRP) for private playe..
  • LIC's individual WRP increased 13.3% YoY, while the overall..
Cement prices declined; however, demand was health..
06 Mar 2024
  • Average price of cement per 50kg bag down 4.2% YoY in Feb24..
  • Cement prices declined, but demand was healthy..
Automobiles: Feb'24: Healthy growth across seg..
01 Mar 2024
  • Automobile sector saw healthy growth in February 2024, excep..
  • Two-wheelers performed well, with dispatches growing 24% Yo..
Financials - NBFCs: Benefit of a declining interes..
01 Mar 2024
  • NBFCs facing challenges due to RBI circular on Bank Term Loa..
  • NBFCs calibrating loan growth and cutting down on lower tic..
Indian Health Insurance: Loss ratios likely to mod..
28 Feb 2024
  • Loss ratios in the Indian health insurance sector are expect..
  • Slow growth and high loss ratios have been concerns for STA..
Financials: PSBs: Sustained profitability to drive..
26 Feb 2024
  • Public sector banks (PSBs) have seen sustained profitability..
  • PSBs' market cap contribution has increased to FY14 levels...
Ferrous prices remain in a tight range; Tier-I mil..
26 Feb 2024
  • Domestic steel prices in India have remained range-bound, wi..
  • Tier-I mills have reduced their inventory of long steel pro..
Oil & Gas: India Upstream: Still has more steam le..
21 Feb 2024
  • The India upstream stocks, ONGC and Oil India, have shown st..
  • There is still potential for 15-20% value upside in both st..
EMS: Strong revenue and orderbook growth; margin w..
20 Feb 2024
  • EMS sector revenue growth strong, but margins weakened ..
  • DIXON had highest revenue growth, SYRMA and KAYNES had high..
Hotels: Leveraging favorable demand-supply dynamic..
16 Feb 2024
  • Hotel industry revenue up 21% YoY in 3QFY24...
  • Increase in ARR and OR contributing to strong financial per..
Financials: WALR on fresh loan declines; Pace of T..
10 Feb 2024
  • The weighted average lending rate (WALR) on fresh loans decl..
  • PSU banks reported a decline of 9bp MoM in WALR for fresh l..
Life Insurance: Individual WRP for private players..
07 Feb 2024
  • Individual weighted received premium (WRP) for private playe..
  • LIC's individual WRP grew 6.6% YoY, while the overall indus..
Automobiles: Visible recovery in e2W volumes after..
05 Feb 2024
  • Visible recovery in e2W volumes after a dent in 2QFY24...
  • Ola Electric and TVSL continue to lead the EV market...
Real Estate: Industry dynamics indicate residentia..
29 Jan 2024
  • Prestige Estates surpasses pre-sales guidance for FY24, aimi..
  • Plans to deliver 6.7 million sq ft of office assets, boosti..
Capital Goods: Investor feedback on capital goods ..
29 Jan 2024
  • Investor feedback on capital goods sector remains positive, ..
  • Sectors like renewables, transmission, railways, defense, a..
Ferrous prices remain in a tight range ahead of Un..
29 Jan 2024
  • Indian steel prices remain range-bound due to various factor..
  • The price parity between different steel routes in India ha..
Mutual Funds: Lower revenue growth dents overall p..
25 Jan 2024
  • Strong trends in SIP flows continue, with increasing ticket ..
  • Debt flows remain weak as investors opt for other fixed-inc..
Oil & Gas: Can petrochemicals surprise in 2HFY25-F..
25 Jan 2024
  • The oil and gas sector is experiencing a multi-year upcycle...
  • Petrochemical spreads have been weak in FY24 but may bottom..
Health Insurance: SAHIs: Securing the population..
11 Jan 2024
  • Only 4% of India's population has retail health insurance co..
  • Standalone health insurance companies dominate the market a..
Healthcare: IPM grew moderately for second consecu..
11 Jan 2024
  • Secondary sales of top healthcare companies grew moderately ..
  • Indian pharma market (IPM) grew 5.1% YoY in Dec23...
Financials: CY23: All's Well That Ends Well..
07 Jan 2024
  • The banking sector had a muted year in CY23 but recovered in..
  • Return ratios for the sector were robust, but margins and l..
Automobiles: Gross margin to contract sequentially..
07 Jan 2024
  • Automobiles sector to see growth in volumes, except tractors..
  • 2Ws outperforming with 20% YoY growth...
Financials - Non Lending: Capital markets-linked c..
03 Jan 2024
  • Capital markets-linked companies expected to perform well in..
  • Price hikes in health segment to improve loss ratios and VN..
Financials - NBFCs: Healthy profitability despite ..
03 Jan 2024
  • Expect healthy AUM growth in financial sector, particularly ..
  • Anticipate robust credit demand and loan growth for HFCs, v..
Financials: Banks and Insurance: Earnings growth t..
03 Jan 2024
  • Earnings growth expected to moderate, with focus on NIMs..
  • Controlled slippages to improve asset quality..
Technology: Furloughs: A headwind over and above a..
01 Jan 2024
  • IT services sector to face headwinds from furloughs and weak..
  • Tier 1 companies like HCL Technologies and Persistent Syste..
Higher imports and New Year holidays keep metal p..
01 Jan 2024
  • Lower-than-expected offtake during the New Year holiday seas..
  • Higher inventory at mills and parity between the IF and BF ..
Automobiles: 2W demand driven by growth in key mot..
27 Dec 2023
  • 2W demand remained strong in Dec23, while tractor demand was..
  • Retails for 2Ws are expected to grow 13-15% YoY in Dec23...
Consumer: Oil, VAM and tea prices cooling off; oth..
25 Dec 2023
  • Prices of oil, VAM, and tea have cooled off, while other agr..
  • Crude oil prices have declined due to sluggish demand and e..
General Insurance: Premium growth driven by Retail..
19 Dec 2023
  • The general insurance industry in India saw a 9% YoY increas..
  • The growth in premium was driven by the retail health and m..
Technology: Accenture's 1QFY24 commentary poin..
19 Dec 2023
  • Accenture reported 1QFY24 revenue growth of 1.0% YoY CC, mee..
  • However, the company expects near-term weakness with Q2 rev..
Capital Market: Retail ADTO sees a strong comeback..
19 Dec 2023
  • Retail ADTO (Average Daily Turnover) in the financial sector..
  • NSE (National Stock Exchange) active clients increased for ..
Financials: Public Sector Banks: Well poised for R..
18 Dec 2023
  • Public sector banks (PSBs) have improved earnings quality an..
  • PSBs are expected to sustain earnings growth through loan g..
Consumer: Value pack drives growth; volume recover..
12 Dec 2023
  • FMCG sector in India has seen lower volume growth in the las..
  • Middle-income group accounts for the majority of FMCG consu..
Record monthly imports keep ferrous prices in chec..
11 Dec 2023
  • Indian steel companies' valuation metrics for FY23 and FY24 ..
  • Record monthly imports have kept ferrous prices in check in..
Healthcare: Weak seasonality drags overall growth ..
11 Dec 2023
  • Healthcare market in India grew 3.5% YoY in Nov23, impacted ..
  • All therapy sectors experienced mid-to-high single-digit gr..
Oil & Gas: Volume growth in focus for ONGC, GAIL a..
09 Dec 2023
  • ONGC, GAIL, and Oil India (OINL) are focusing on volume grow..
  • ONGC plans to increase production to 50mmtoe by FY28 throug..
Life Insurance: Individual WRP for private players..
07 Dec 2023
  • Individual weighted received premium (WRP) for private playe..
  • WRP for the industry declined 4% YoY in Nov23...
Capital Goods: Winds of change: Powering up for su..
03 Dec 2023
  • Capital goods sector experiencing sustainable growth opportu..
  • Government and private sector capex expected to increase du..
Automobiles: Nov'23: Volumes miss estimates ac..
01 Dec 2023
  • Automobile volumes in November 2023 missed estimates across ..
  • Two-wheelers performed relatively better compared to other ..
Cement: Cement prices rise QoQ despite softness in..
01 Dec 2023
  • Average price of cement per 50kg bag decreased by 2% MoM in ..
  • Cement prices rose QoQ despite a softness in November 2023...
Indian Insurance: Non-Par products continue to dri..
01 Dec 2023
  • The banca channel dominates the distribution mix for private..
  • Non-par products are driving growth in the banca channel...
Real Estate: Pre-sales to witness 30% YoY growth i..
30 Nov 2023
  • Real estate pre-sales expected to grow 30% YoY in FY24E...
  • Launches to double in the second half of FY24...
Oil & Gas: Upstream: A multi-year upcycle underway..
29 Nov 2023
  • Global oil demand growth supports oil and gas sector...
  • Upstream companies like ONGC and OINL are recommended...
Automobiles: Post-festival demand momentum sustain..
28 Nov 2023
  • The replacement market for trucks and commercial vehicles is..
  • Demand for newer trucks is strong due to their ability to r..
Ferrous prices continue to decline; copper and alu..
27 Nov 2023
  • Indian steel prices have decreased for both flat and long st..
  • Steel spreads are at their lowest levels, and market partic..
Automobiles: Navigating 2W resurgence amid initial..
23 Nov 2023
  • Auto sector rebounded with strong demand, supply chains, and..
  • Nifty Auto index outperformed Nifty, reflecting robust sect..
EMS: 2QFY24 a mixed bag, but 2H outlook bright..
22 Nov 2023
  • Mixed performance in 2QFY24, positive outlook for second hal..
  • Strong revenue growth, but margin pressure due to company-s..
General Insurance:: Premium growth driven by Retai..
21 Nov 2023
  • The general insurance industry in India saw a 13% YoY increa..
  • The growth was driven by the Motor OD segment, which expand..
Aviation: Demand strong; IndiGo loses market share..
17 Nov 2023
  • Domestic air passenger growth increased 11% YoY in Oct23, su..
  • IndiGo experienced a dip in market share for the first time..
Retail: Value Retail: Unlocking the vast potential..
17 Nov 2023
  • Value fashion segment in retail industry growing with big pl..
  • Trent's Zudio successful with high store productivity and l..
Financials: RBI increases risk weight on consumer ..
16 Nov 2023
  • The RBI has increased risk weight on consumer loans, which w..
  • The increase in risk weight will lead to a 2-5% increase in..
Capital Market: Overall ADTO moderates MoM; NSE ac..
15 Nov 2023
  • Overall ADTO volume declined 1.5% MoM to INR330t, with F&O A..
  • Demat account additions stood at 2.7m in Oct23 vs. average ..
Healthcare: Growth momentum fortifies in Oct'2..
15 Nov 2023
  • Indian pharma market grew 16.5% YoY in Oct23, driven by anti..
  • IPCA, Macleods, and Intas recorded higher growth rates than..
Logistics activity robust in Oct'23 as festive..
14 Nov 2023
  • Logistics activity experienced a surge in October 2023 due t..
  • Daily average e-way bill generations increased by 6% month-..
Festive mood keeps metal prices in check for fifth..
14 Nov 2023
  • Indian companies in the steel and non-ferrous sectors have d..
  • Steel companies like Tata, JSW, JSP, and SAIL have varying ..
Loan yields showing stickiness; rising CoF to keep..
11 Nov 2023
  • The weighted average lending rate (WALR) on fresh loans decl..
  • PSU banks reported a decline of 17bp in WALR on fresh loans..
Life Insurance: Individual WRP for private players..
08 Nov 2023
  • Individual weighted received premium (WRP) for private playe..
  • Industry growth for individual WRP stood at 13.1% YoY in Oc..
Prices increased in October; sustainability is the..
31 Oct 2023
  • Cement prices increased in October, with the average price p..
  • All-India average cement price also increased 4.5% MoM in O..

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