External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Bandhan’s advances grew by 22% YoY and were flat QoQ (better performance in a seasonally weak quarter vs the historical trend of sharper QoQ de-growth in Q1).</li><li>Credit growth was led by the non-EEB segments (+23/3% YoY/QoQ), while EEB de-grew by 1% QoQ. Deposits grew by 23% YoY but de-grew by ~1.5% QoQ.</li><li>This was owing to a sharp decline in CASA Deposits (-11% QoQ). CASA Ratio stood at 33.4% vs 36/37.1% YoY/QoQ.</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.

Bandhan’s advances grew by 22% YoY and were flat QoQ (better performance in a seasonally weak quarter vs the historical trend of sharper QoQ de-growth in Q1).Credit growth was led by the non-EEB segments (+23/3% YoY/QoQ), while EEB de-grew by 1% QoQ. Deposits grew by 23% YoY but de-grew by ~1.5% QoQ.This was owing to a sharp decline in CASA Deposits (-11% QoQ). CASA Ratio stood at 33.4% vs 36/37.1% YoY/QoQ.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchises</li><li>While we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)</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.

Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchisesWhile we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)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.

Leveraged Financials: The Liquidity Conundrum

<ul><li>Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other income</li><li>Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4</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.

Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other incomeDepreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4Content 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.

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries, Bandhan Bank

<ul><li>Mr Chandra Shekhar Ghosh has resigned from the post of MD &amp; CEO of the bank with the intent to retire and assume a more strategic role at Bandhan HoldCo. level.</li><li>This development comes shortly after the board had recently approved the extension of Mr Ghosh’s term as MD CEO for another 3 years in Nov’23.</li><li>The bank has set up an internal search committee to identify a new MD CEO.</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.

Mr Chandra Shekhar Ghosh has resigned from the post of MD &amp; CEO of the bank with the intent to retire and assume a more strategic role at Bandhan HoldCo. level.This development comes shortly after the board had recently approved the extension of Mr Ghosh’s term as MD CEO for another 3 years in Nov’23.The bank has set up an internal search committee to identify a new MD CEO.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.

Bandhan Bank Ltd - MD CEO’s Resignation Raises Concerns on Future Prospects!

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

Bandhan Bank Ltd. - Good Quarter

Bandhan’s advances grew by 22% YoY and were flat QoQ (better performance in a seasonally weak quarter vs the historical trend of sharper QoQ de...

Axis Direct

Leveraged Financials: The Liquidity Conundrum

Our hypothesis remains anchored around strong retail deposit franchises and declining spreads over the next 12 months, coupled with the...

HDFC Securities

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries

Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional...

HDFC Securities

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries, Bandhan Bank

Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to...

HDFC Securities

Bandhan Bank Ltd - MD CEO’s Resignation Raises Concerns on Future Prospects!

Mr Chandra Shekhar Ghosh has resigned from the post of MD & CEO of the bank with the intent to retire and assume a more strategic role at Bandhan...

Axis Direct

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