Research
Notes on markets, cycles, and the thinking behind INVasset's quant-driven approach.
With semaglutide’s key patent expected to expire in India around March 2026 and global pricing pressure building, Indian pharma companies may get a structural entry opportunity into the GLP-1 segment. However, complex peptide manufacturing and regulatory barriers mean this is a medium-term execution story, not an immediate earnings trigger.
Continue readingSouth Korea’s KOSPI is emerging as a key beneficiary of the global AI infrastructure boom. With memory semiconductor demand surging and institutional capital rotating into hardware leaders, the rally reflects structural supply-demand rebalancing rather than short-term sentiment.
Continue readingThe government’s accelerated OFS program across PSU stocks may create short-term supply pressure, but it does not alter underlying fundamentals. For companies with stable earnings visibility and execution discipline, OFS events represent technical overhangs — not structural deterioration.
Continue readingThe US has imposed ~125% preliminary countervailing duties on Indian solar cells and modules. While US demand remains strong, the risk shifts to domestic oversupply and margin compression in India. The key question is not survival, but profitability adjustment and export diversification.
Continue readingThe simultaneous rise in copper, gold, and silver reflects more than a cyclical rally. Strategic stockpiling, reserve diversification, and geopolitical realignment are reshaping commodity markets. Physical metals are increasingly being treated as strategic assets rather than simple trade instruments.
Continue readingPSU banks are undergoing a structural re-rating driven by record profitability, improved asset quality, capital strength, and alignment with India’s capex cycle. Institutional flows and earnings visibility suggest the shift is fundamental, not momentum-led.
Continue readingUnlike previous easing cycles, current rate cuts are compressing bank margins more quickly due to faster loan repricing, sticky deposit costs, elevated legacy funding, and intense competition for savings. Early-phase pressure on Net Interest Margins (NIMs) is weighing on earnings before growth benefits materialise.
Continue readingIndia’s silver imports surged 129% YoY in FY26 (Apr–Dec), driven by both rising volumes and higher prices. This rare combination signals structural industrial demand and growing monetary interest, positioning silver as both a strategic metal and a liquidity hedge.
Continue readingIndian equities are shaped by the interplay between liquidity and earnings. Liquidity drives short-term price action, while earnings determine long-term sustainability. With domestic liquidity structurally strong and earnings stabilising, markets appear to be in a multiple-driven phase awaiting broader profit acceleration for a durable bull cycle.
Continue reading
