J.P. Morgan India FTM 24 Jun 26 India Capital Markets; India Metals; Tata Motors; Tata Motors Passenger Vehicles and More

研报英文原文证据摘录

J.P. Morgan India FTM 24 Jun 26 India Capital Markets; India Metals; Tata Motors; Tata Motors Passenger Vehicles and More

Asia Pacific Equity Research

India First to Market 24 June 2026

Top Stories

Init | | India Capital Markets (Madhukar Ladha)

SIPs > Rs300bn keeps the story compounding: Initiate sector coverage with AngelOne > CAMS >

ICICIAMC our preferred picks

India's capital-markets story remains fundamentally driven by Systematic Investment Plan (SIP)-led financialization, despite

weak equity returns: the Nifty 50 has delivered a 2 yr CAGR: 0.8% in Rs, -3.2% in USD, FPIs sold US$36bn (Rs3.3tn) of Indian

equities over FY25 and FY26, yet monthly industry SIP flows are up 48% to Rs310bn (US$3.3bn) in May 2026 , and cumulative

equity and balanced fund net inflows were Rs9.43tn (US$109bn). The inflows should continue due to tax and policy. Our stock

selection reflects business-model quality, regulatory exposure, and valuation; we prefer: AngelOne > CAMS > ICICI AMC >

NAM > HDFC AMC; Neutral: BSE, KFINTECH (await a better entry point); UW: CDSL, MCX. Our thesis is invalidated if monthly

SIPs fall below Rs250bn for a sustained period or if regulatory action reduces derivative volumes by >20%.

India Metals (Vibhav Zutshi, CFA)

Peak profitability behind? We recommend being selective now – JSW Steel and Hindalco top picks

Indian metal stocks could see profitability tailwinds fading gradually into 2QFY27 as commodity prices have started easing,

while cost pressures in steel could linger on for a while. Against the backdrop of Middle East conflict resolution and

commencement of monsoons, LME Aluminum prices have slipped to $3,360/t (vs a peak of $3,850 on June 2), while domestic

rebar prices are now at Rs52K/t (peak ~Rs61K/t).