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.

Thematic (Sector/Industry)

<ul><li>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </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.

A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. 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.

<ul><li>The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stance</li><li>While the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growth</li><li>Although asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few months</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.

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining its neutral stanceWhile the RBI maintained its FY26 forecast for GDP growth at 6.5%, we believe that the RBI’s forecasts are subject to downside risks unless the system sees a meaningful rebound in bank credit growthAlthough asset yields have seen reasonably quick transmission by banks (71bps on fresh loans), aggregate bank credit growth has been clocking at sub-10% over the past few monthsContent 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: Transmission Underway, Searching for Growth Catalysts

<ul><li>Federal Bank: Federal Bank’s (FB) Q1FY26 earnings missed our estimates, owing to elevated provisioning towards the MFI portfolio, coupled with muted growth on both sides of the balance sheet, offset by stronger traction in fee income</li><li>Deposit growth (8% YoY, 1.3% QoQ) was soft, while the CASA ratio was largely stable at 30.3% (+12 bps QoQ), driven by pick-up in savings account balances</li><li>The management indicated that the MFI stress has peaked out, with other asset classes remaining stable</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.

Federal Bank: Federal Bank’s (FB) Q1FY26 earnings missed our estimates, owing to elevated provisioning towards the MFI portfolio, coupled with muted growth on both sides of the balance sheet, offset by stronger traction in fee incomeDeposit growth (8% YoY, 1.3% QoQ) was soft, while the CASA ratio was largely stable at 30.3% (+12 bps QoQ), driven by pick-up in savings account balancesThe management indicated that the MFI stress has peaked out, with other asset classes remaining stableContent 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: Federal Bank, Stylam Industries

<ul><li>The systemic credit growth (as of 13th June, 2025) has derailed to &lt;10%.</li><li>This can be attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.</li><li>We expect the bank under our coverage to deliver ~11% YoY credit growth, marginally ahead of industry 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.

The systemic credit growth (as of 13th June, 2025) has derailed to &lt;10%.This can be attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.We expect the bank under our coverage to deliver ~11% YoY credit growth, marginally ahead of industry 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.

Q1FY26 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

<ul><li>In the past few quarters, rural India has been shouldering the responsibility of consumption growth in the country while urban mass consumption remained soft, impacted adversely by persistent inflation</li><li>Against this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDP</li><li>It demonstrates the strength of rural growth with following inferences, reinforcing the thesis presented in our previous Rural India report Rural India is transitioning swiftly from an agri-centric economy to a services-led economy 112 rural districts representing a population of 291mn have already crossed the threshold of per capita income of USD2,000</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.

In the past few quarters, rural India has been shouldering the responsibility of consumption growth in the country while urban mass consumption remained soft, impacted adversely by persistent inflationAgainst this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDPIt demonstrates the strength of rural growth with following inferences, reinforcing the thesis presented in our previous Rural India report Rural India is transitioning swiftly from an agri-centric economy to a services-led economy 112 rural districts representing a population of 291mn have already crossed the threshold of per capita income of USD2,000Content 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.

Rural India: Shifting economic foundations

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)

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Leveraged Financials: Transmission Underway, Searching for Growth Catalysts

The Reserve Bank of India (RBI), in its latest monetary policy committee (MPC) meeting, maintained status quo on policy rates while also retaining...

HDFC Securities

HSIE Results Daily: Federal Bank, Stylam Industries

Federal Bank’s (FB) Q1FY26 earnings missed our estimates, owing to elevated provisioning towards the MFI portfolio, coupled with muted growth on...

HDFC Securities

Q1FY26 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

The systemic credit growth (as of 13th June, 2025) has derailed to <10%. This can be attributed to a meaningful slowdown in the unsecured loans...

Axis Direct

Rural India: Shifting economic foundations

Against this backdrop, our report is a bottom-up analysis of ~250 rural districts across eight key Indian states, representing ~72% of rural India GDP

HDFC Securities

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