Daily Brief India: Trent Ltd, Greaves Cotton, HDFC Bank, JSW Cement Limited, Greentown China and more

• In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
• As things stand, there could be two index changes for the SENSEX index.
• There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.

• Greaves Cotton (GRV IN) is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.
• Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.
• The company’s core business remains profitable and on a growth path. New funds will improve the mobility arm’s operations and support current business growth would be from ongoing capex investments.

• Deposit growth has been decent and exceeded loan growth, allowing HDFCB to bring down its credit-deposit ratio. Average deposits grew 15%+ YoY, while loans grew at 7%+ YoY in Q3FY25.
• Despite tough macro environment, HDFCB was able to gain market share in deposits. Despite headwinds from tight liquidity leading to competitive pricing, HDFCB was able to maintain its NIM.
• HDFCB is benefitting from its productivity and technology-led enhancements with costs growing at just 7% YoY. Despite weak macro-economic environment, HDFCB’s asset quality has remained pristine, barring seasonality in Agri-loans.

• JSW Cement Limited (9858514Z IN)  is looking to raise about US$480m in its upcoming India IPO.
• JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
• In this note, we talk about the company’s historical performance.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China Vanke
• Greentown China
• UPL Ltd