Geojit Financial Services announces two senior-level appointments
Geojit Financial Services has announced the appointment of Rahul Roy Chowdhury as the Chief Executive Officer of their Private Wealth Services and Gopinath Natarajan as the Chief Executive Officer of their Portfolio and Managed Assets services.
The Economic Times
• Geojit Financial Services has appointed Rahul Roy Chowdhury as Chief Executive Officer of their Private Wealth Services and Gopinath Natarajan as Chief Executive Officer of their Portfolio and Managed Assets services.
• Chowdhury has 17 years of experien......read more
India's CSB Bank promoter gets RBI nod to retain 26% stake in lender
FIH Mauritius Investments Ltd (FIHM), which currently holds a 49.72% stake in the Thrissur, Kerala-based bank according to BSE data, shall bring down its shareholding within 15 years from the date of completion of investments.
The Economic Times
• FIH Mauritius Investments Ltd. has received approval from the Reserve Bank of India to retain a 26% stake in CSB Bank, instead of the previously advised 15%.
• The RBI earlier required promoters of banks to reduce their shareholding to 15%, but a legal b......read more
Market has figured out bottoms for new age tech cos; look at them long-term: Gautam Trivedi
“Varun Beverages, Landmark, Inox Wind, Sampada are among top five holdings on a mark to market basis. These are actually companies that we are in the special sits (situations) fund. We look for steady compounders as well. Varun Beverages was a special sits which became a steady compounder as did Landmark Cars.”
The Economic Times
• Gautam Trivedi, Co-Founder & Managing Partner of Napean Capital, discusses the market's acceptance of a different valuation metric for new age tech companies.
• Varun Beverages, Landmark, Inox Wind, Sampada, and Spandana Spurthi are among the top five ho......read more
Sensex ends marginally lower in choppy trade; Nifty holds 19,800
The 30-share BSE benchmark Sensex declined 5 points to settle at 66,017. The broader NSE Nifty dropped 10 points or 0.05% to end at 19,802. From the Sensex pack, UltraTech Cement, L&T, Bajaj Finance, TCS, and NTPC ended in the red, while IndusInd Bank, JSW Steel, Bharti Airtel, Wipro, and HDFC Bank closed in the green.
The Economic Times
• The Indian equity indices closed flat on Thursday, with the Sensex declining 5 points and the Nifty dropping 10 points.
• Gains from Reliance Industries and HDFC Bank were offset by losses from L&T, Infosys, and TCS.
• The market is currently tracking mi......read more
RBI nod to appointment of Hinduja directors on Reliance Capital board
The Reserve Bank of India (RBI) has ordered an arms length distance between Hinduja group-run IndusInd Bank Ltd and Reliance Capital, the debt-laden firm the conglomerate is acquiring in an insolvency proceeding. The RBI has given no objection to the transfer of control of Reliance Capital Ltd to IIHL BFSI (India) Ltd and approved the appointment of five Hinduja Group representatives as directors on the Reliance Capital board
The Economic Times
• The Reserve Bank of India has ordered an arms length distance between IndusInd Bank Ltd. and Reliance Capital, as the conglomerate acquires the debt-laden firm in an insolvency proceeding.
• The RBI has given no objection to the transfer of control of Re......read more
India’s move on risky loans to hit banks more than economy
That type of borrowing had surged more than 25% in the past year, according to Macquarie Group, far higher than growth in consumer incomes, potentially creating a debt trap for borrowers and giving rise to defaults.
The Economic Times
• India's central bank is tightening restrictions on risky consumer lending, which may hurt banks but have a limited impact on overall consumption.
• The RBI's measures will increase lending rates and reduce capital adequacy ratios for some banks, but the ......read more
Suzlon Energy shares jump 4%, hit fresh 52-week high. Here’s why!
RLMM or Revised List of Models & Manufacturers listing is an important milestone required for the successful commercialisation of the product, the company filing said. S144 – 3 MW series of wind turbines are extendable to 3.15 MW.
The Economic Times
• Suzlon Energy's S144 wind turbine series has received RLMM listing from the Ministry of New and Renewable Energy, a key milestone for the successful commercialisation of the product.
• The S144 - 3 MW series is designed to be customisable for site-specif......read more
2 buy recommendations from Sharekhan’s Jay Thakkar
“The Reliance stock is looking good from the short covering point of view. A bounce back out here cannot be ruled out with the kind of positive divergence which we are seeing on the daily and the hourly charts. The stock is likely to reach towards the levels of Rs 2360-2380.”
The Economic Times
• Jay Thakkar, Vice President & Head of Alternate Research at Sharekhan, recommends buying IndusInd Bank futures with a target price of Rs 1500-1520 and a stop-loss at Rs 1440.
• Thakkar also suggests buying Reliance Industries for short covering potential......read more
Ahead of Market: 10 things that will decide D-Street action on Friday
Nifty on Thursday ended 144 points higher to form a high wave type candle pattern on the daily chart. The short-term uptrend trend status of Nifty remains intact and there is a possibility of Nifty moving towards 19200-19300 levels again in the coming sessions before consolidating again from the highs
The Economic Times
• Nifty ended 144 points higher on Thursday, forming a high wave type candle pattern on the daily chart.
• The short-term uptrend trend status of Nifty remains intact and there is a possibility of Nifty moving towards 19200-19300 levels again in the coming......read more
IndusInd Bank, TTK Prestige among 5 stocks with RSI trending down
The Relative Strength Index (RSI) is a vital tool for stock analysis. In this article, ETMarkets dives into the RSI and spotlights four stocks - IndusInd Bank, Infibeam Avenues, TTK Prestige, Kalpataru Projects International, and Amber Enterprises India - experiencing a downward RSI trend.
The Economic Times
• The Relative Strength Index (RSI) is a crucial tool for stock analysis, offering insights into whether a stock is overbought or oversold.
• Four stocks - IndusInd Bank, Infibeam Avenues, TTK Prestige, Kalpataru Projects International, and Amber Enterpris......read more
Avoiding Mamaearth IPO; IT in value zone but near term future clouded: Hemang Jani
According to Hemang Jani, Independent Market Expert, the IT sector has entered a value zone, making it attractive for investors with a medium to long-term view. However, he cautions that the near term will continue to be affected by sluggishness in growth and tech spending sentiment. Jubilant Food's weak demand environment is expected to weigh on margins and earnings growth. Jani advises caution when considering the Honasa IPO, as the company is still loss-making. IndusInd Bank has been a strong performer and is seen as an attractive option in the banking sector.
At the moment, India is the best destination for investment: Gopichand Hinduja
The Hinduja Group is planning to go for an initial public offering (IPO) by the middle of next year, according to Ashok Hinduja, Chairman (India) of the group. The listing would allow global high net worth shareholders to partly exit and generate value. The group is currently reviewing potential listing locations, including Singapore, Dubai, Luxembourg, and Mauritius. Gopichand Hinduja, Chairperson of the group, expressed confidence in India's growth potential and praised Prime Minister Modi's vision, while also emphasizing the importance of implementing that vision effectively.
Hindujas eye $35-40 billion valuation of their BFSI business
The Hinduja group is eying a valuation of $35-40 billion for its banking, financial services, and insurance (BFSI) business. Ashok Hinduja, stated that their promoter company, IndusInd International Holdings Ltd (IIHL), will expand into the BFSI sector to become a full-stack financial giant. The group has already acquired a controlling stake in a bank in the Bahamas and received approval for a banking license in Mauritius. IIHL has successfully bid for buying the debt-ridden Reliance Capital.
Banks adopt different strategies in deposits race: Jefferies
"With gap between credit growth and deposit growth expanding during the year to 6 percentage points at the peak, banks have been pushed to invest in expanding networks with an objective to boost their deposit mobilisation,'' said Prakhar Sharma, analyst at Jefferies. "It is interesting that different banks are adopting different strategies to drive growth in retail deposits."
Nifty’s weakness may continue, 19,500 is key support: Analysts
They caution if this support is breached, there is a likelihood that the index could further decline towards the range of 19,000 to 18,900 in the coming weeks. Analysts suggest traders may want to explore potential opportunities in Reliance, HDFC Bank, IndusInd Bank, and Sun Pharma.
Sensex falls for third day, ends 232 points lower; FMCG stocks drag
From the Sensex pack, ITC, Tata Steel, and HUL were the top laggards, falling over 2% each. SBI, JSW Steel, and Power Grid also ended lower, while Kotak Bank, IndusInd Bank, TCS, and NTPC closed higher. Tata Communication closed 3.7% lower after the firm reported a 58% YoY decline in consolidated profit after tax to Rs 221.26 crore for the second quarter of FY24.
If capital comes in from promoters, will look to move to para-banking: Sumant Kathpalia, IndusInd Bank
If you look at it, we are naturally hedged but 58% of a book is fixed rate and 42% is floating rate and you will start seeing the advantage of a fixed rate book with the declining interest rate and you will see NIMs expansion as a consequence of that.
We should be able to grow for next 4-7 quarters without raising any fresh capital: Sumant Kathpalia, IndusInd Bank
If you look at microfinance, we are not dependent on JLG. 15% of the book comes from merchant acquiring business. So, we have started to diversifying that businesses so that the business continues to go up.
Don’t go hunting for multibaggers now; chance may come later in the year: Jigar Mistry
“FIIs are reducing their exposure to India, they will sell only what they own but then a time will come when the share prices will catch up with fundamentals and in comparison to other runups in the small and midcap space, financials still make reasonable sense. We are increasing exposure in the entire BFSI space.”
IndusInd Bank shares jump over 2% on strong Q2 show. Should you buy the stock?
Among the ones who came out with their post-earnings review of the stocks were BofA, Kotak Institutional Equities and Nuvama and all of them have a buy view on the counter. Meanwhile, Motilal Oswal chose to take a neutral stance on the counter.
Buy IndusInd and HDFC at current price or slight dips: Sanjiv Bhasin
“The Bank Nifty is going to be one of the forecasters to rise because I would expect underperformance to be over in both IndusInd and HDFC Bank and say PSU banks could take a little breather. So, IndusInd and HDFC, are both buys around this period or on slight declines.”
IndusInd Q2 profit grows 22% on strong core income growth
"The Indian economy continues to show resilience aided by effective fiscal and monetary actions despite increasing global geo-political uncertainty," said Sumant Kathpalia, MD , IndusInd Bank. "Economic activity is expected to pick up pace with upcoming festive demand and robust consumption."
Financials send Sensex crashing down by 550 points; investors lose Rs 2.42 lakh crore
High-weightage financials lost 1.3%. Bajaj Finance shed as much as 2.85% and was the top Nifty50 loser. Bajaj Finserv also declined over 2%.Nifty Bank also fell 1.2%. Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank and Kotak Bank plunged 1-1.5%.
IndusInd Bank Q2 Preview: Profit likely to grow 20% YoY on solid loan growth, stable asset quality
IndusInd Bank Q2 Preview: The bank's net interest income (NII) is expected to grow 16% year-on-year (YoY), while the net profit is seen rising 20% YoY, according to an average estimate of five brokerages. The lender reported loan and deposit growth of 4% quarter-on-quarter (QoQ) in its business update.
Sandip Sabharwal on why he sees no challenge for financial stocks
“We could see Jio Financial stock for a long time not doing anything. And then, if they are able to establish a business which is seen as sustainable and profitable, then at that time, the stock will perform. But I do not think it is going to happen in the near future.”
Ahead of Market: 10 things that will decide D-Street action on Monday
Rupak De, Senior Technical analyst at LKP Securities, said, "The bulls were able to protect the level of 19,600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600. Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy-on-dips strategy to favor the market. On the higher end, resistance is visible at 19,850; above this, the index might move towards 20,000."
Indian banks assess carbon risk of loan book amid investor, cenbank push
India's largest banks are conducting audits to assess their own and borrowers' carbon footprints as they face increasing pressure from regulators and investors to align their ESG reporting with global standards. India, the world's third-highest greenhouse gas polluter, aims to achieve net-zero emissions by 2070. The country's financial sector lags behind others in reporting on lending-related emissions. About 25%-35% of Indian bank loans are exposed to carbon-intensive sectors.
Incredible India earns upgrade from CLSA. 8 reasons, 20 stock picks behind the U-turn
Last month, Nomura had also upgraded the Indian equity market to overweight status saying that valuations may remain expensive. In August, Morgan Stanley had upgraded India to overweight rating and ranked India as the No. 1 market in its basket of Asian emerging markets ex-Japan on the back of a structural uptrend and secular leadership.
Bank profits to show impact of higher deposit rates, rising treasury yields
The profitability of banks is likely to be affected in the second quarter due to higher deposit rates and rising treasury yields. This will slow profit growth as the higher cost of funds impacts banks' net interest margins. The advantage that banks had on net interest margins will decrease as deposit rates reprice higher. US-based brokerage Jefferies expects banks' profit growth to slow to 12% as margins contract.
"While RBI is expected to hold rates, the global factors like the rising bond yields and higher interest rates have led to negativity in the banking space," said Andrew Holland, CEO-Avendus Capital Alternate Strategies. "The support levels for the banking index are hovering over at 42,000 levels." The Nifty Bank index closed at 43,964.
CNTL, wholly owned by IL&FS Transportation Networks (ITNL), is likely to be resolved through transfer to an InvIT structure as part of its restructuring plan. This transaction follows Edelweiss' previous acquisition in 2021 when it purchased CNTL's loan of Rs 750 crore, recovering 75%-80% of the loan's value, originally sold by IndusInd Bank. CNTL currently has a total debt of Rs 5,454 crore, with Rs 4,195 crore owed to lenders and the remaining Rs 1,295 crore from IL&FS group entities.
HDFC Bank posts strong overall deposit growth in Q2 post merger
The bank's overall deposit growth remained strong in the second quarter of this financial year, showed performance data published at the end of the quarter. Deposits climbed 30% year-on-year to reach ₹21.7 lakh crore. On a quarterly basis, there was a 14% increase.
ICC may earn up to $150 million in World Cup sponsorship fee
The world cricket governing body has 20 sponsors and partners for ICC World Cup 2023. It has six global partners that are paying $8-10 million for these sponsorship slots. The global partners include MRF Tyres, Booking.com, IndusInd Bank, MasterCard, Aramco and Emirates. IndusInd and MasterCard have come in as global partners following the exit of Byju's and BharatPe. Both Byju's and BharatPe gave up ICC sponsorship due to their financial woes.
HDFC Bank set to get a boost from a wider branch network
HDFC Bank, India's most valued lender, has seen a decline in its stock value in the past three months, raising concerns about its impact in the banking sector. The bank's performance has been relatively subdued compared to public-sector lenders, and uncertainties surrounding its merger with its home-financing parent have weighed on the stock. However, HDFC Bank has been focusing on expanding its branch network in areas with limited competition from private banks, allowing it to compete with public-sector banks for deposits. This strategy is expected to benefit the bank in the coming years and drive earnings growth.
RIL, banks drive Sensex over 100 points higher; Nifty near 19,600
From the Sensex pack, NTPC, Tata Steel, JSW Steel, and L&T were the top gainers, rising 1-2%. Tata Motors, Sun Pharma, and SBI also rose in early trade. On the flip side, Asia Paints, Tech Mahindra, Infosys, Wipro, and IndusInd Bank declined.
The company has engaged PhonePe, Mahindra, Coca-Cola (Charged), HUL (Glow and Lovely), IndusInd Bank, Mondelez and Jindal Panther as broadcast sponsors. For digital, the sponsors are Mahindra, Booking.com, Hindustan Unilever (Surf Excel), Louis Philippe, Kingfisher, Coca-Cola (Thums-Up), Black & White and MRF.
IndusInd Bank, Voltas among 10 stocks with RSI trending down
On September 26, Tuesday, StockEdge reported that 26 stocks had experienced a declining trend in the Relative Strength Index (RSI). ETMarkets has selected 10 stocks from this group that are currently facing a downward RSI trend.
Poonawalla Fincorp gets RBI nod to issue credit cards with IndusInd Bank
Poonawalla Fincorp received RBI's approval to issue co-branded credit cards with IndusInd Bank, the company said in a press release on Tuesday. The partnership will enable the company to usher in a new age of flexible and versatile retail credit, said the company in a statement.
Falling household savings a risk to India’s world-beating growth
Indian households' net financial savings have decreased, posing a threat to the government's capital investments. This decline in savings limits resources for the rest of the economy and could require the government to rely on volatile foreign capital. Rising debt levels and stagnant income contribute to this trend, potentially indicating rising inequality.
IDFC First Bank or IndusInd Bank? Chakri Lokapriya answers
According to Chakri Lokapriya, CIO & MD of TCG AMC, IndusInd Bank is a favorable choice due to its fewer issues and efforts to improve its margin profile. The stock may see further improvement if credit costs decrease and if the bank is nearing the peak of the interest rate cycle. Regarding JSW Energy, Lokapriya believes it is a good investment due to its restructuring, debt reduction plans, and potential for adding more megawatts. However, in the paints segment, competition and declining margins make him cautious, and he recommends staying away from Berger Paints and other companies in the industry.