Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The Reserve Bank of India has given the green light for <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> subsidiaries to jointly buy up to 9.5% of <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> .</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>reached oversold state, according to our model, but this is a bullish trend pattern and so we think this week is a good time to buy.
</li>
<li>The stock could rally, and if the rally unfolds from this week onward it could reach the 1037-1062 profit target zone.
</li>
</ul>


The Reserve Bank of India has given the green light for HDFC Bank (HDFCB IN) subsidiaries to jointly buy up to 9.5% of Indusind Bank (IIB IN) .

HDFC Bank (HDFCB IN)reached oversold state, according to our model, but this is a bullish trend pattern and so we think this week is a good time to buy.

The stock could rally, and if the rally unfolds from this week onward it could reach the 1037-1062 profit target zone.



HDFC Bank (HDFCB IN) Tactical View After RBI OKs 9.5% IndusInd Bank (IIB IN) Stake Buy

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Zubin Mody, Chief Human Resources Officer (CHRO) abruptly quits <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a>
</li>
<li>His resignation adds to the leadership vacuum at the top as the bank has no CEO or any executive directors on the board</li>
<li>Apparently the board of directors wants to reboot the bank with a clean senior executive slate</li>
</ul>


Zubin Mody, Chief Human Resources Officer (CHRO) abruptly quits Indusind Bank (IIB IN)

His resignation adds to the leadership vacuum at the top as the bank has no CEO or any executive directors on the board
Apparently the board of directors wants to reboot the bank with a clean senior executive slate


Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>SEBI's order against IndusInd Bank's ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.</li>
<li>This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.</li>
<li>SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.</li>
</ul>


SEBI's order against IndusInd Bank's ex-CEO and others reveals a 15-month deliberate delay in disclosing critical accounting discrepancies.
This exposes severe corporate governance failures, eroding investor trust due to alleged insider trading.
SEBI fined the company with the INR 20Crs. to IndusInd officials as well as also barred the senior officials from dealing in security market.


A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Having reported multiple irregularities in its financial reporting and witnessed the premature exit of its top two executives over the past couple of months, IndusInd Bank (“IIB”) reported an operating loss for Q4FY25, reflecting large-scale reversals of prior-period incomes and instances of deferred impairment recognition</li><li>Despite the Board’s recent efforts at probing the whistleblower complaints, we believe that IIB deserves to undergo a complete overhaul under greater regulatory scrutiny to regain stakeholder credibility, which is likely to be a long grind</li><li>Given multiple handicaps simultaneously coming to the fore (accounting lapses, succession overhang, sub-par deposit franchise, elevated stress in unsecured book, and depleting margins), we believe it is in IIB’s best interest to calibrate its growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Having reported multiple irregularities in its financial reporting and witnessed the premature exit of its top two executives over the past couple of months, IndusInd Bank (“IIB”) reported an operating loss for Q4FY25, reflecting large-scale reversals of prior-period incomes and instances of deferred impairment recognitionDespite the Board’s recent efforts at probing the whistleblower complaints, we believe that IIB deserves to undergo a complete overhaul under greater regulatory scrutiny to regain stakeholder credibility, which is likely to be a long grindGiven multiple handicaps simultaneously coming to the fore (accounting lapses, succession overhang, sub-par deposit franchise, elevated stress in unsecured book, and depleting margins), we believe it is in IIB’s best interest to calibrate its growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank: Long grind ahead, downgrade to REDUCE

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. </li>
<li>The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. </li>
<li>Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.</li>
</ul>



Indusind Bank (IIB IN) released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. 
The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. 
Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.


India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

HDFC Bank (HDFCB IN) Tactical View After RBI OKs 9.5% IndusInd Bank (IIB IN) Stake Buy

While RBI approved HDFC Bank subsidiaries to buy a 9.5% stake in IndusInd Bank, the stock got oversold, according to our model. Bullish trend...

Nico Rosti

Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank

Indusnd Bank's CHRO exit adds to the leadership vacuum in the bank and though it demonstrates a clean senior executive slate it heightens concerns...

Hemindra Hazari

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Nimish Maheshwari

IndusInd Bank: Long grind ahead, downgrade to REDUCE

We hack our FY26E/FY27E earnings estimates by ~45% each, factoring in a growth slump, drop in yields, and softer fee income trajectory.

HDFC Securities

IndusInd Bank: Auditors Caught Napping

Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Nitin Mangal

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDFC Bank (HDFCB IN) Tactical View After RBI OKs 9.5% IndusInd Bank (IIB IN) Stake Buy

While RBI approved HDFC Bank subsidiaries to buy a 9.5% stake in IndusInd Bank, the stock got oversold, according to our model. Bullish trend...

Nico Rosti

Indian Banking’s Longest-Serving, Highest-Paid HR-Head Quits IndusInd Bank

Indusnd Bank's CHRO exit adds to the leadership vacuum in the bank and though it demonstrates a clean senior executive slate it heightens concerns...

Hemindra Hazari

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

​SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Nimish Maheshwari

IndusInd Bank: Long grind ahead, downgrade to REDUCE

We hack our FY26E/FY27E earnings estimates by ~45% each, factoring in a growth slump, drop in yields, and softer fee income trajectory.

HDFC Securities

IndusInd Bank: Auditors Caught Napping

​Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...

Nitin Mangal

SEBI penalizes IndusInd Bank for 15-month delay in disclosing accounting discrepancies, highlighting corporate governance failures and alleged...

Indusind Bank's Q4 and FY25 results reveal bizarre accounting plays, with INR 26 bn in adjustments and hinting at possible fraud committed against...