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S&P is the Indian call centre of equity research. Their business model is to commit to writing a whole bunch of maintenance research and 2-3 sector pieces a year, which they then sell as white label to local banks who stick their own branding on it.
I'm sure there are a couple of notable exceptions but, quite frankly, as a whole their research is not worth the electricity is uses to power the screens to read it.
Exane stuff is decent.
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