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>Rate Cuts Largely Priced In; Lower NIM Compression in Q2: With the bulk of the repo rate cut impact reflecting in the yields (given pass-on is on a T+1 basis), the quantum of NIM compression in Q2 is expected to be significantly lower at 5-10bps.</li><li>Resultantly, NIMs will bottom out in Q2, assuming no further rate cuts.</li><li>The SA rate cut taken in mid-Jun’25 is yet to reflect in the CoF, and should enable the bank to cushion the dent on margins. </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.

Rate Cuts Largely Priced In; Lower NIM Compression in Q2: With the bulk of the repo rate cut impact reflecting in the yields (given pass-on is on a T+1 basis), the quantum of NIM compression in Q2 is expected to be significantly lower at 5-10bps.Resultantly, NIMs will bottom out in Q2, assuming no further rate cuts.The SA rate cut taken in mid-Jun’25 is yet to reflect in the CoF, and should enable the bank to cushion the dent on margins. 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.

Pick of the Week: Federal Bank Limited - 13th September, 2025

<ul><li>FY25 was the year of transition of the bank under the new management spearheaded by Mr KVS Manian.</li><li>The bank’s strategic focus shifted towards scaling Federal Bank (FB) to new heights, placing it amongst the top banks over the next 3-5 years as the bank identified key growth drivers to ensure sustainable, strong growth as a part of its ‘Project Breakthrough’.</li><li>Throughout the year, the bank continued to make progress on the strategy laid out, with green shoots visible as it exit FY25. </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.

FY25 was the year of transition of the bank under the new management spearheaded by Mr KVS Manian.The bank’s strategic focus shifted towards scaling Federal Bank (FB) to new heights, placing it amongst the top banks over the next 3-5 years as the bank identified key growth drivers to ensure sustainable, strong growth as a part of its ‘Project Breakthrough’.Throughout the year, the bank continued to make progress on the strategy laid out, with green shoots visible as it exit FY25. 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.

Federal Bank Ltd. - Resilient Today, Readying for Tomorrow

<ul><li>Rate Cuts Largely Priced In; Lower NIM Compression in Q2: FB’s NIMs declined sharply by 18bps sharply owing to a 27bps drop in yields and a 4-5bps impact of interest reversals.</li><li>This was partially offset by a 20bps decline in CoD.</li><li>With the bulk of the repo rate cut impact reflecting in the yields (given pass-on is on a T+1 basis), the quantum of NIM compression in Q2 is expected to be significantly lower at 5-10bps. </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.

Rate Cuts Largely Priced In; Lower NIM Compression in Q2: FB’s NIMs declined sharply by 18bps sharply owing to a 27bps drop in yields and a 4-5bps impact of interest reversals.This was partially offset by a 20bps decline in CoD.With the bulk of the repo rate cut impact reflecting in the yields (given pass-on is on a T+1 basis), the quantum of NIM compression in Q2 is expected to be significantly lower at 5-10bps. 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.

Federal Bank Ltd. - Navigating Near-Term Challenges; On Track to Deliver 1.4% RoA by FY28

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>
<a href="https://www.smartkarma.com/entities/karnataka-bank-ltd" target="_blank" data-smartkarma-citation="entities:281:1" rel="noopener">Karnataka Bank (KBL IN)</a>'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.</li>
<li>Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.</li>
<li>The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.</li>
</ul>



Karnataka Bank (KBL IN)'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.


Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

India

Federal Bank is a major Indian private sector commercial bank offering a comprehensive suite of banking and financial services, including retail banking, wholesale banking, and treasury operations. It provides products such as savings and current accounts, loans, credit and debit cards, insurance, and wealth management. The bank is headquartered in Aluva, Kochi, Kerala, India, and was founded on April 23, 1931.

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Federal Bank (FB IN)

Pick of the Week: Federal Bank Limited - 13th September, 2025

Rate Cuts Largely Priced In; Lower NIM Compression in Q2: With the bulk of the repo rate cut impact reflecting in the yields (given pass-on is on a...

Axis Direct

Federal Bank Ltd. - Resilient Today, Readying for Tomorrow

FY25 was the year of transition of the bank under the new management spearheaded by Mr KVS Manian. The bank’s strategic focus shifted towards...

Axis Direct

Federal Bank Ltd. - Navigating Near-Term Challenges; On Track to Deliver 1.4% RoA by FY28

Rate Cuts Largely Priced In; Lower NIM Compression in Q2: FB’s NIMs declined sharply by 18bps sharply owing to a 27bps drop in yields and a 4-5bps...

Axis Direct

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

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Pick of the Week: Federal Bank Limited - 13th September, 2025

Rate Cuts Largely Priced In; Lower NIM Compression in Q2: With the bulk of the repo rate cut impact reflecting in the yields (given pass-on is on a...

Axis Direct

Federal Bank Ltd. - Resilient Today, Readying for Tomorrow

FY25 was the year of transition of the bank under the new management spearheaded by Mr KVS Manian. The bank’s strategic focus shifted towards...

Axis Direct

Federal Bank Ltd. - Navigating Near-Term Challenges; On Track to Deliver 1.4% RoA by FY28

Rate Cuts Largely Priced In; Lower NIM Compression in Q2: FB’s NIMs declined sharply by 18bps sharply owing to a 27bps drop in yields and a 4-5bps...

Axis Direct

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

​Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.