Observation
HDFC Bank — the deposit mix is doing more work than the loan book
Loan growth is easy to narrate. The quieter question is whether CASA and term-deposit pricing can hold NIMs without leaning on wholesale funds.
Archive
Every note in one place. Filter by type or sector, sort by date, and click a ticker to narrow the list.
5 notes
Data
TCS — deal TCV is loud; utilisation and pyramid are the actual note
Large-deal TCV keeps the conversation going. I am mapping it against utilisation, subcon, and the junior-heavy pyramid to see whether growth is turning into margin.
Blog
Reliance — O2C spreads, retail throughput, and the same balance sheet
The energy cycle still sets the quarterly noise. The longer note is how O2C cash, retail scale, and digital cash flows share one balance sheet.
Observation
Metals — China demand is the weather; domestic spreads are the crop
Index-level metals moves still track China headlines. Underneath, Indian steel spreads, coking coal, and inventory days decide whether the sector print is real.
Experience
Sitting through a bank holding when the multiple compresses
A personal note on watching a public-sector bank holding lose multiple while the credit book still looked ordinary. The lesson was about process, not about the ticker.