Banking Sector. Q2FY12 Review

Size: px
Start display at page:

Download "Banking Sector. Q2FY12 Review"

Transcription

1 Banking Sector Q2FY12 Review

2 Banking Sector Q2FY12 Review Varun Bisht Economist Rajrishi Singhal Head Policy & Research Policy & Research Unit, Dhanlaxmi Bank, Trade View, Kamala Mills, PB Marg, Worli, Mumbai

3 B Banking Sector: Earnings Review Q2FY12 anking sector performance in July-September, 2011, improved with improvement in net interest margins and stabilisation of costs. Banking sector gained with increase in net interest income, as banks passed on the higher interest costs. Performance of state-owned banks improved, but private sector banks outperformed public sector banks during the quarter, continuing the trend visible since April-June. Monetary transmission, as desired by the Reserve Bank of India, was followed aggressively by banks with increases in base rates. Our analysis of the banking sector includes only banks listed on stock exchanges a total of 40 banks, of which 24 are public sector banks and 16 from the private sector. The key highlights of the quarter follows: Overall Banking Performance Improved: Overall banking top-line in July-September grew 32.5% from a year ago compared with 31.7% in April-June. Net interest income in July-September grew 7.6% on a sequential basis. Quarterly net profit rose 11.6% on a year-on-year basis as against a 3.1% decline in April-June. Net profit also improved on a sequential basis by 14.1% in July-September compared with 3.8% rise in April-June. Public Sector Banks Recover: Total income grew 31.6% from a year ago, marginally higher compared with 31.1% in April-June. Net interest income grew 16% from a year ago in July-September compared with 19.6% growth in the first quarter of (April-March). Net profit grew 5.5% on a year-on-year basis as against 14.5% decline in growth in April-June. Private Banks Continue To Outperform Public Sector Banks: Total income grew 35.6% from a year ago compared with 33.8% growth in April-June. Net interest income by and large kept up the momentum and grew 18.3% on a year-on-year basis in July-September, but it was lower compared with 19.3% growth in the first quarter. Net profit of private sector bank moderated but continues to be high compared with public sector banks. Net profit growth stood at 27.6% on a year-on-year basis compared with 30.9% growth in the first quarter. NIM Stabilised Or Improved For Majority Of Banks: Net interest margins improved in July- September for majority of banks due to pass-through of higher cost of deposits. Public sector banks recorded higher improvement in NIMs in the second quarter compared with private banks as they passed on the higher interest costs. Major banks, such as State Bank of India and Punjab National Bank, clocked a rise in NIMs. HDFC Bank registered a marginal decline while ICICI Bank posted slight improvement in net interest margins during the quarter. Axis Bank, Dhanlaxmi Bank, Development Credit Bank, Yes Bank and ING Vysya registered sequential improvement in NIMs. Credit Growth Decelerates: Credit growth of scheduled commercial banks in July-September slowed to 19.5% on a year-on-year basis compared with 20.7% a quarter before. Credit growth eased due to slowdown in industrial activity. Credit growth has fallen further since July-September to 17.32% on a year-on-year basis as on November 30. Deposits Growth Eases: Deposits growth of scheduled commercial banks eased to 17.38% on a year on-year basis in the second quarter compared with 18.69% in April-June. Deposits growth has improved post July-September and now stands at 18.02% on a year-on-year basis as of November 30. Credit To Deposit Ratio: Credit to deposit ratio of scheduled commercial banks declined in July- September to 74.01% compared with 74.76% in April-June as credit growth showed larger moderation compared with deposits growth in July-September.

4 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Private Banks Outperform Public Sector Banks in Q2 O verall banking sector performance improved after remaining subdued in previous two quarters. The banking sector s overall performance in July-September registered sequential improvement as public sector banks saw operational costs stabilising. Private sector banks continued to post stellar performance recorded in the past few quarters. On the whole, July-September marked a departure for PSU banks from the under-performance of the past two quarters. The industry s overall top-line in July-September grew 32.5% on a year-on-year basis compared with 31.7% in April-June. Banking sector witnessed rising costs in a period marked by rising interest rates. However, with improving s, due to pass-through of higher interest costs, resulted in income growth of 16.5% on a yearon-year basis in July-September compared with19.5% in the first quarter. Banks net profits also improved by a sharp 11.6% in July-September against a 3.1% fall in April-June. Sequential improvement in both and net profit indicate how banks passed on the higher cost of deposits to customers. All Banks: % YoY % YoY % QoQ % QoQ ` Crore Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q1FY12 Q2FY12 Q1FY12 Q2FY Banking sector trends, % YoY Q3FY11 Q4FY11 Q1FY12 Q2FY12 Banking sector trends, % QoQ

5 Public Vs Private Banks P ublic Sector Banks: Public sector banks improved their performance in Q2FY12 with improvement in net interest income. Also, a majority of PSU banks witnessed a rise in net interest margins. Total income grew 31.6% YoY compared with 31.1% in Q1FY12. Net interest income grew 16% YoY in Q2FY12 compared with 19.6% YoY growth in Q1FY12. saw sequential improvement in Q2 with rise of 7.7% QoQ compared with 0.9% QoQ rise in Q1. Net profit improved after two quarter of negative growth. Net profit growth improved to 5.5% YoY as against decline of 14.1% YoY a quarter ago. Private Sector Banks Total income grew by 35.6% YoY compared with 33.8% YoY in Q1FY12. Net interest income maintained growth momentum by 18.3% YoY in Q2FY12 though lower compared with 19.2% YoY growth in Q1FY11. Net profit saw slight moderation though continues to be high compared with public sector banks. Net profit growth stood at 27.6% YoY compared with 30.9% YoY in Q1. Public Sector % YoY % YoY % QoQ % QoQ `Crore Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q1FY12 Q2FY12 Q1FY12 Q2FY12 Total Income Private Sector Banks % YoY % YoY % QoQ % QoQ Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q1FY12 Q2FY12 Q1FY12 Q2FY12 Total Income Public Sector Banking Trends, % YoY 5 4 Private Sector Banking Trends, % YoY Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY11 Q4FY11 Q1FY12 Q2FY12

6 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Quarterly Trends P ublic Sector Banks: Public sector banks fared poorly in Q4FY11 due to rise in cost of deposits and higher provisioning in the sector. However, since then there has been improvement in the following two quarters as they have passed on the higher interest costs and their employee costs have stabilised. Total income in Q2FY12 grew 6.5% QoQ compared with 5.4% QoQ rise in Q1FY12. Net interest income improved by 7.7% QoQ in Q2FY12 compared with 0.9% QoQ growth in Q1FY12. Net profit improved 16.8% QoQ compared with 8.5% QoQ growth in the first quarter. Private Sector Banks performance improved in Q2 FY12 compared with Q1FY12. Total income grew by 8.9% QoQ compared with 6% QoQ in Q3FY11. Net interest income growth improved 7.1% QoQ in Q2FY12 as against a decline of 1.8% QoQ in Q1FY12. Net profit grew 8.7% QoQ compared with decline of 4.5% QoQ in Q1FY12. PSU Banks, Quarterly Trends, QoQ % Private Banks, Quarterly Trends, QoQ %

7 Operating Expenses Stabilised in Jul-Sep Operating expenses stabilised in Q2FY12 for the overall banking sector. Operating expenses growth stood unchanged at 38.3% YoY in Q2FY12. Employee expenses growth came down to 8.6% YoY compared with 17.6% YoY a quarter ago, which helped in stabilisation of overall expenses. Interest costs, on the other hand, grew in Q2FY12 to 48.3% YoY compared with 45.6% YoY in Q1FY12, reflecting the impact of rising interest rates in the system. Other operating expenses declined marginally in Q2FY12 to 19.3% YoY compared with 19.8% YoY a quarter ago. Stable operating expenses growth helped banking sector in improving net profits. With interest rate cycle presumably peaking (if one goes by the RBI s mid-quarter monetary policy review announced on December 16), interest costs should stabilise which would help in capping operating costs. Interest costs account for roughly ~60% of total operating costs of banks under study. Trends in Operating Expenses, % YoY Interest expenses % of total Income 45.0 All Public Private 55.0 All Public Private Q4FY11 Q1FY12 Q2FY12 Q4FY11 Q1FY12 Q2FY12 Employee expenses % YoY Expenses as % Of Total Expenses All Public Private All Public Private Q4FY11 Q1FY12 Q2FY12 Q3FY11 Q4FY11 Q1FY12 Q2FY12

8 NIMs Of Most Banks Improved Net interest margins improved in Q2FY12 for a majority of the banks due to efficient pass-through of higher deposit costs. PSU banks saw NIMs improving in Q2 compared with private banks Both PSU and private banks improved their NIMs alike. Major banks such as SBI and Punjab National Bank registered a rise in NIMs. HDFC Bank posted a marginal decline while ICICI Bank saw a marginal improvement in NIMs over the quarter. Axis Bank, Dhanlaxmi Bank, Development Credit, Yes Bank and ING Vysya registered sequential improvement in NIMs. QoQ Movement in NIMS in Q2FY12, (bps) Oriental Bank City Union Bank S B T HDFC Bank Federal Bank IDBI Bank IndusInd Bank South Ind.Bank Lak. Vilas Bank Karnataka Bank St Bk of Mysore St Bk of Bikaner Pun. & Sind Bank ICICI Bank Andhra Bank Yes Bank Union Bank (I) Punjab Natl.Bank United Bank (I) Dhanlaxmi Bank St Bk of India Bank of Baroda Canara Bank Bank of India Syndicate Bank Allahabad Bank Dev.Credit Bank Dena Bank Indian Bank ING Vysya Bank Corporation Bank UCO Bank Vijaya Bank Axis Bank FY12 Q

9 25/Sep/10 23/Oct/10 20/Nov/10 18/Dec/10 15/Jan/11 12/Feb/11 12/Mar/11 09/Apr/11 07/May/11 04/Jun/11 02/Jul/11 30/Jul/11 27/Aug/11 24/Sep/11 25/Sep/10 23/Oct/10 20/Nov/10 18/Dec/10 15/Jan/11 12/Feb/11 12/Mar/11 09/Apr/11 07/May/11 04/Jun/11 02/Jul/11 30/Jul/11 27/Aug/11 24/Sep/11 Banking Sector Dynamics Credit growth came down in Q2 but stayed above RBI s 18% Target for FY12 Credit growth of scheduled commercial banks in Q2FY12 came down to 19.5% YoY compared with 20.70% YoY in Q1FY12. Credit growth declined due to slowdown in industrial activity caused by policy uncertainty and monetary tightening. Credit growth has dipped further since Q % YoY as of November 30. Scheduled Commercial Banks Position `crore `crore % YoY % YoY Q1 FY12 Q2FY12 Q1 FY12 Q2FY12 Deposit Credit Food Non Food Source: RBI Deposits growth did not pick up in Q2FY12, but stayed higher than RBI s FY12 target of 17% Deposits growth of scheduled commercial banks stood lower at 17.38% YoY in Q2 compared with 18.69% YoY in Q1FY12. Deposits growth has improved post Q2FY12 and now stands at 18.02% YoY as of November 30. This was primarily due to banks raising interest rates on deposits. 25 Credit Growth Trends % YoY 20 Deposits Growth Trends % YoY

10 Disclaimer This report is for customer information only and does not constitute investment advice or an offer to purchase or subscribe for any investment. This document is not intended to provide professional advice and should not be relied upon in that regard. Persons accessing this document are advised to obtain appropriate professional advice where necessary. This document is not directed to or intended for display, downloading, printing, reproducing or for distribution to or use by any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or would subject Dhanlaxmi Bank Limited or its associates or group companies to any registration or licensing requirement within such jurisdiction. If this document is inadvertently sent or has reached any individual in such country, the same may be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published for any purpose without prior written approval of Dhanlaxmi Bank Limited.

Banks Performance Update Q1 FY19

Banks Performance Update Q1 FY19 Banks Performance Update Q1 FY19 Contact: Madan Sabnavis Chief Economist Madan.sabnavis@careratings.com +91-22- 6754 3489 Darshini Kansara Deputy Manager Industry Research darshini.kansara@careratings.com

More information

SUGGESTIONS ARE INVITED FOR IMPROVING PERFORMANCE OF PUBLIC SECTOR BANKS

SUGGESTIONS ARE INVITED FOR IMPROVING PERFORMANCE OF PUBLIC SECTOR BANKS SUGGESTIONS ARE INVITED FOR IMPROVING PERFORMANCE OF PUBLIC SECTOR BANKS N.B: The information provided below highlights the performance of Public Sector Banks vis-à-vis Old Private Sector Banks and New

More information

Indian Economy. Global Economy

Indian Economy. Global Economy January 16, 2012 1 2 Indian Economy *Industrial Growth Rebounds: Industrial growth recovered to 5.9% in November on a year-on-year basis led by better-than-expected manufacturing growth. Index of Industrial

More information

Financials The wait for recoveries is getting longer

Financials The wait for recoveries is getting longer INSTITUTIONAL EQUITY RESEARCH Financials The wait for recoveries is getting longer 4 October 2018 INDIA Financials Q2FY19 Results Preview Our banking universe will see +11% yoy ( 4% qoq) growth in net

More information

Union Bank of India (UNIBAN)

Union Bank of India (UNIBAN) Result Update Rating matrix Rating : Hold Target : 22 Target Period : 12 months Potential Upside : 5 % Key Financials crore FY1 NII 4192 6216 714 8312 PPP 3659 435 496 552 PAT 275 282 1915 2439 Valuation

More information

Indian Economy. Global Economy

Indian Economy. Global Economy December 19, 2011 1 2 Indian Economy *Foreign Investments Inflow Trends: Foreign inflows trend has been mixed so far in April-October 2011 period. While foreign direct investments have been higher by 57%

More information

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector 1QFY218 Result Update Banking August 2, 217 Federal Bank Performance Highlights Particulars (` cr) 1QFY18 4QFY17 % chg (qoq) 1QFY17 % chg (yoy) NII 8.7 842.4 (5.) 692.7 15.6 Pre-prov. profit 557.9 549.2

More information

BHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188

BHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares

More information

Earnings: Companies Clock Profit Rise In Oct-Dec Amid Industry Slowdown

Earnings: Companies Clock Profit Rise In Oct-Dec Amid Industry Slowdown February 15, 2012 Earnings: Companies Clock Profit Rise In Oct-Dec Amid Industry Slowdown Policy & Research Unit Cos Clock Profit Rise In Oct-Dec Amid Industry Slowdown UARTERLY earnings of corporate India

More information

HFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials

HFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials 1QFY2013 Result Update HFC July 11, 2012 HDFC Performance Highlights Particulars (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) NII 1,258 1,681 (25.1) 998 26.0 Preprov. profit 1,420 1,849 (23.2) 1194

More information

Analyzing Data of Pradhan Mantri Jan Dhan Yojana

Analyzing Data of Pradhan Mantri Jan Dhan Yojana Technical Report 217 Analyzing Data of Pradhan Mantri Jan Dhan Yojana Tulika Dutta and Ashish Das Department of Mathematics Indian Institute of Technology Bombay Mumbai-476, India May 217 Indian Institute

More information

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15. Volume No.. 1 Issue No. 28 HDFC Bank Ltd. July 2, 2015 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.BO

More information

CHAPTER 5 DATA ANALYSIS & INTERPRETATION

CHAPTER 5 DATA ANALYSIS & INTERPRETATION CHAPTER 5 DATA ANALYSIS & INTERPRETATION 180 5.1 CAPITAL RISK ADEQUACY RATIO: CRAR is a ratio of Capital Fund to Risk Weighted Assets. Reserve Bank of India prescribes banks to maintain a minimum Capital

More information

Analysis of Non-Performing Assets(Npas) In Priority Sector: A Comparative Study of Public and Private Sector Banks

Analysis of Non-Performing Assets(Npas) In Priority Sector: A Comparative Study of Public and Private Sector Banks ISSN 0974-9977 Analysis of Non-Performing Assets(Npas) In Priority Sector: A Comparative Study of Public and Private Sector Dr. (Mrs.) Paramjit Nanda* Priyanka Mahajan** * Professor in Economics, Punjab

More information

Bank of Baroda Ltd. BUY. March 07, s. Investor s Rationale

Bank of Baroda Ltd. BUY. March 07, s. Investor s Rationale Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14. s. Bank of Baroda Ltd. March 07, 2014 BSE Code: 532134 NSE Code: BOB Reuters Code: BOB.NS Bloomberg Code: BOB:IN

More information

RBL Bank BUY. CMP Target Price `573 `690. Quick take BANK. January 7, year price chart

RBL Bank BUY. CMP Target Price `573 `690. Quick take BANK. January 7, year price chart Nov-15 Jan-16 Apr-16 Jun-16 Sep-16 Nov-16 Feb-17 Apr-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18 Jul-18 Oct-18 Dec-18 RBL RBL (RBL), formerly Ratnakar, was founded in 1943 and is a 75-year old bank now. Post

More information

PROCESS OF ONLINE TENDER FEE AND EMD PAYMENT

PROCESS OF ONLINE TENDER FEE AND EMD PAYMENT PROCESS OF ONLINE TENDER FEE AND EMD PAYMENT SRM ONLINE PAYMENT PROCEDURE Tender fee / EMD payment can be made in NSPCL SRM Tender portal through online module. The detailed procedure is as under;- TENDER

More information

HDFC Bank ACCUMULATE. Performance Highlights. CMP `2,348 Target Price `2,671. 4QFY2011 Result Update Banking. Key financials

HDFC Bank ACCUMULATE. Performance Highlights. CMP `2,348 Target Price `2,671. 4QFY2011 Result Update Banking. Key financials 4QFY2011 Result Update Banking April 19, 2011 HDFC Bank Performance Highlights Particulars (` cr) 4QFY11 3QFY11 % chg (qoq) 4QFY10 % chg (yoy) NII 2,839 2,777 2.3 2,351 20.8 Pre-prov. profit 2,097 2,073

More information

Performance of Non-Performing Assets in India Concept, trend and Impact ( )

Performance of Non-Performing Assets in India Concept, trend and Impact ( ) Performance of Non-Performing Assets in Concept, trend and Impact (2005-17) Dr. Shrawan Kumar Mishra, Vivek Rajbahadur Singh H.O.D. of Economics and Ph.D. Research Guide, K.P.B. Hinduja college of Commerce

More information

Government guarantees and bank vulnerability during the Financial Crisis of : Evidence from an Emerging Market

Government guarantees and bank vulnerability during the Financial Crisis of : Evidence from an Emerging Market Government guarantees and bank vulnerability during the Financial Crisis of 2007 09: Evidence from an Emerging Market Viral Acharya NYU, Stern School of Business (with Nirupama Kulkarni, CAFRAL) Research

More information

Punjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking.

Punjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking. 3QFY2011 Result Update Banking January 21, 2011 Punjab National Bank Performance Highlights Particulars (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) NII 3,203 2,977 7.6 2,329 37.5 Pre-prov. profit

More information

CANARA BANK RESEARCH. Canara Bank. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW

CANARA BANK RESEARCH. Canara Bank. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW RESULTS REVIEW Share Data Market Cap Rs. 72.8 mn Price Rs. 177.65 BSE Sensex 13,791.54 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.2 mn 52-Week High/Low Rs. 404.35 / 160.85 Shares Outstanding

More information

HDFC Bank NEUTRAL. Performance Highlights CMP. `511 Target Price - 1QFY2012 Result Update Banking. Investment Period - Key financials

HDFC Bank NEUTRAL. Performance Highlights CMP. `511 Target Price - 1QFY2012 Result Update Banking. Investment Period - Key financials 1QFY2012 Result Update Banking July 19, 2011 HDFC Bank Performance Highlights Particulars (` cr) 1QFY12 4QFY11 % chg (qoq) 1QFY11 % chg (yoy) NII 2,848 2,839 0.3 2,401 18.6 Pre-prov. profit 2,033 2,097

More information

Banks have to necessarily use marginal cost of funds to calculate the change in the base rate

Banks have to necessarily use marginal cost of funds to calculate the change in the base rate BFSI The impending change in banks base rate formula The RBI is shortly expected to announce the new base rate formula, linking banks base rates to their marginal cost of funds. This is notwithstanding

More information

93,707 77,814 90, NIM

93,707 77,814 90, NIM 1QFY18 Result Update Institutional Equities HDFC Bank Reuters: HDBK.BO; Bloomberg: HDFCB IN Higher Fee Income Offsets Higher Provisioning HDFC Bank s net interest income or NII grew 20% in 1QFY18 driven

More information

IDBI Bank RESEARCH. EQUITY RESEARCH July 29, 2008

IDBI Bank RESEARCH. EQUITY RESEARCH July 29, 2008 RESULTS REVIEW IDBI Bank Hold Share Data Market Cap Rs. 53.7 bn Price Rs.74.05 BSE Sensex 13,791.54 Reuters IDBI.BO Bloomberg IDBI IN Avg. Volume (52 Week) 2.4 mn 52-Week High/Low 177.7 / 60.6 Shares Outstanding

More information

X-Efficiency of Indian Commercial Banks and their Determinants of Service Quality: A Study of Post Global Financial Crisis

X-Efficiency of Indian Commercial Banks and their Determinants of Service Quality: A Study of Post Global Financial Crisis 13 th International Conference on Data Envelopment Analysis X- of Indian Commercial Banks and their Determinants of Service Quality: A Study of Post Global Financial Crisis Gagandeep Sharma Dr. Divya Sharma

More information

Bank of Baroda (BANBAR) 156

Bank of Baroda (BANBAR) 156 [ Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Management Meet Note Rating matrix Rating : Buy Target : 200 Target Period : 12 months Potential Upside : 28% What s changed? Target Unchanged

More information

Margin boost through non-core book

Margin boost through non-core book INDUSTRY NBFCs CMP (as on 26 Apr 2017) Rs 676 Target Price Rs 600 Nifty 9,352 Sensex 30,133 KEY STOCK DATA Bloomberg LICHF IN No. of Shares (mn) 505 MCap (Rs bn) / ($ mn) 341/5,319 6m avg traded value

More information

Union Bank of India NEUTRAL. Performance Highlights CMP. `393 Target Price - 2QFY2011 Result Update Banking. Investment Period -

Union Bank of India NEUTRAL. Performance Highlights CMP. `393 Target Price - 2QFY2011 Result Update Banking. Investment Period - 2QFY2011 Result Update Banking October 27, 2010 Union Bank of India Performance Highlights Particulars (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy) NII 1,536 1,348 13.9 863 77.9 Pre-prov. profit

More information

Banking. New MCLR guidelines marginally impact NIM. Event Update. ICICI Securities Ltd Retail Equity Research. December 18, 2015

Banking. New MCLR guidelines marginally impact NIM. Event Update. ICICI Securities Ltd Retail Equity Research. December 18, 2015 Event Update Sector View Underperform December 18, 2015 Banking New MCLR guidelines marginally impact NIM The RBI yesterday released the final set of guidelines on computing interest rates on advances

More information

Muthoot Finance. Institutional Equities. 1QFY18 Result Update. Gold Loan Business Continues To Glitter BUY. 10 August 2017

Muthoot Finance. Institutional Equities. 1QFY18 Result Update. Gold Loan Business Continues To Glitter BUY. 10 August 2017 1QFY18 Result Update Institutional Equities Muthoot Finance 10 August 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Continues To Glitter Strong profitability numbers of Muthoot Finance (MFL)

More information

RBI s Sixth Bi-Monthly Monetary Policy Review ( ) Maintains status quo...neutral Stance

RBI s Sixth Bi-Monthly Monetary Policy Review ( ) Maintains status quo...neutral Stance 7h February 2018 RBI s Sixth Bi-Monthly Monetary Policy Review (2017-18) Maintains status quo...neutral Stance Repo Rate unchanged at Reverse Repo Rate stands at 5.75% Marginal Standing Facility and Bank

More information

Banking Monthly. Manish Agarwalla Sachit Motwani, CFA, FRM

Banking Monthly. Manish Agarwalla Sachit Motwani, CFA, FRM Banking Monthly Manish Agarwalla Sachit Motwani, CFA, FRM 26 February 214 Summary Industrial indicators such as IIP, PMI, and core sector data have improved vs previous months; however, this is only a

More information

BANKING SECTOR. Rationale for report: Banking statistics for January 2017

BANKING SECTOR. Rationale for report: Banking statistics for January 2017 BANKING SECTOR Sector Report 2 March 2017 Kelvin Ong,CFA kelvin-ong@ambankgroup.com 03-20362294 Higher deposit growth with stronger CASA momentum Rationale for report: Banking statistics for January 2017

More information

Banks / Diversified Financials

Banks / Diversified Financials ATTRACTIVE / NEUTRAL APRIL 04, 2019 UPDATE BSE-30: 38,877 Banks recovery on firm track; NBFCs a tad better. We see banks showing further improvement in key metrics. Impairment ratios to decline led by

More information

GIC Housing Finance Ltd.

GIC Housing Finance Ltd. Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15. Volume No.. I Issue No. 12 GIC Housing Finance Ltd. April 17 th, 2015 BSE Code: 511676 NSE Code: GICHSGFIN Reuters

More information

Reliance Capital (RELCAP)

Reliance Capital (RELCAP) Event Update Rating matrix Rating : Buy Target : 466 Target Period : 12 months Potential Upside : 41% Key Financials (Consolidated) crore FY10 FY11 FY12E FY13E Revenues 6141 5499 6452 7129 PBT 592 287.3

More information

Reliance Housing Finance

Reliance Housing Finance Sep-17 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 Jun-16 Apr-16 Jan-16 Nov-15 Sep-15 Management Meet Rating matrix (Reliance Housing Finance) Rating Listing 115-120 Target Period Potential Upside Key financials

More information

Banking Monthly. Underlying macro remains weak. Manish Agarwalla Sachit Motwani CFA, FRM

Banking Monthly. Underlying macro remains weak. Manish Agarwalla Sachit Motwani CFA, FRM Banking Monthly Underlying macro remains weak Manish Agarwalla Sachit Motwani CFA, FRM 18 October 213 Summary After a sharp downward revision of the GDP growth rate for FY14E to 4% from our earlier 5.5%,

More information

State Bank of India PRESS RELEASE 9MFY 2016

State Bank of India PRESS RELEASE 9MFY 2016 State Bank of India PRESS RELEASE 9MFY 2016 SBI STAND ALONE RESULTS HIGHLIGHTS Q3FY16 OVER Q3FY15 Interest Income on Advances increased from Rs.28,646 Crores in Q3FY15 to Rs.28,860 Crores in Q3FY16 (0.75%YOY

More information

Indian Economy. Industrial production declined in Nov 2015 for the first time in last 13 months. Fig1: Industrial Output Growth from April 2014

Indian Economy. Industrial production declined in Nov 2015 for the first time in last 13 months. Fig1: Industrial Output Growth from April 2014 Indian Economy Industrial Production Industrial production declined in Nov 2015 for the first time in last 13 months Industrial growth dropped to negative in Nov 2015 after 12 successive months of increase,

More information

Impact of Securitization on Indian Banks: An Empirical Study

Impact of Securitization on Indian Banks: An Empirical Study 72 Pacific Business Review International Volume 5 Issue 9 (March) Impact of Securitization on Indian Banks: An Empirical Study Dr. Kavita Chavali *, Shemeem S** This paper aims to investigate the extent

More information

State Bank of India PRESS RELEASE FY 2016

State Bank of India PRESS RELEASE FY 2016 State Bank of India PRESS RELEASE FY 2016 SBI STAND ALONE RESULTS HIGHLIGHTS Q4FY16 OVER Q4FY15 Interest Income on Advances increased from Rs.28,269 Crores in Q4FY15 to Rs.29,242 Crores in Q4FY16 (3.45%

More information

Syndicate Bank (SYNBN) 130

Syndicate Bank (SYNBN) 130 Result Update Rating matrix Rating : Hold Target : 141 Target Period : 12 months Potential Upside : 9% What s Changed? Target Changed from 145 to 141 EPS FY15E Changed from 27.7 to 25 EPS FY16E Unchanged

More information

Crompton Greaves Consumer Electricals

Crompton Greaves Consumer Electricals INDUSTRY APPLIANCES CMP (as on 27 Oct 2017) Rs 219 Target Price Rs 268 Nifty 10,323 Sensex 33,157 KEY STOCK DATA Bloomberg CROMPTON IN No. of Shares (mn) 627 MCap (Rs bn)/(us$ mn) 137/2,106 6m avg traded

More information

3,746 2,551 3, NIM

3,746 2,551 3, NIM 4QFY17 Result Update Institutional Equities Capital First 11 May 2017 Reuters: CAPF.BO; Bloomberg: CAFL IN Net Interest Income Up, But Offset By Elevated Credit Costs Although the net interest income or

More information

Eurozone Economic Watch. November 2017

Eurozone Economic Watch. November 2017 Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ

More information

International Journal of Academic Research ISSN: ; Vol.3, Issue-5(2), May, 2016 Impact Factor: 3.656;

International Journal of Academic Research ISSN: ; Vol.3, Issue-5(2), May, 2016 Impact Factor: 3.656; M. Sravani, Asst Professor, Dept. of MBA, Krishna University, Machilipatnam The banking sector of India has been dominating the Indian financial system. Banking sector plays a very vital role in fulfilling

More information

RBI Q1 FY11 Monetary Policy Review

RBI Q1 FY11 Monetary Policy Review RBI Q1 FY11 Monetary Policy Review The Policy Measures In Brief In its First Quarter Review of the Annual Monetary Policy for 2010-11, the Reserve Bank of India increased its policy rates with immediate

More information

ALTMAN MODEL AND FINANCIAL SOUNDNESS OF INDIAN BANKS

ALTMAN MODEL AND FINANCIAL SOUNDNESS OF INDIAN BANKS International Journal of Accounting and Financial Management Research (IJAFMR) ISSN 2249-6882 Vol. 3, Issue 2, June 2013, 55-60 TJPRC Pvt. Ltd. ALTMAN MODEL AND FINANCIAL SOUNDNESS OF INDIAN BANKS NISHI

More information

STATE BANK OF INDIA RESEARCH

STATE BANK OF INDIA RESEARCH RESULTS REVIEW Share Data Market Cap Rs. 1120.6 bn Price BSE Sensex Rs. 1,765.10 14,785.74 Reuters SBI.BO Bloomberg SBIN IN Avg. Volume (52 Week) 0.98 mn 52-Week High/Low Rs. 1,935 / 894 Shares Outstanding

More information

review Market Aviva Group Investor February 2012 EQUITY

review Market Aviva Group Investor February 2012 EQUITY Aviva Group Investor Market review EQUITY Equity markets extended gains in the month of, as huge inflow from foreign institutional investors (FII) and positive data from global economies bolstered investor

More information

Online Exam Fee Payment Instructions

Online Exam Fee Payment Instructions Online Exam Fee Payment Instructions Semester Exam Fees for April 2016 will be collected through online payments in the college website www.sdnbvc.com from 1st april 2016 to 10th april 2016. Follow the

More information

Institutional Equities

Institutional Equities Economy Update August CPI Inflation/ July IIP 14 September 2018 CPI Inflation Moderates To 3.69% YoY; IIP Growth Slows To 6.6% YoY Consumer Price Index or CPI inflation stood at 3.69% in August 2018, below

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `279 `348. 2QFY2016 Result Update Banking. 3-year price chart. Key financials (Standalone)

ICICI Bank BUY. Performance Highlights. CMP Target Price `279 `348. 2QFY2016 Result Update Banking. 3-year price chart. Key financials (Standalone) 2QFY2016 Result Update Banking November 3, 2015 ICICI Bank Performance Highlights Particulars (` cr) 2QFY16 1QFY16 % chg (qoq) 2QFY15 % chg (yoy) NII 5,251 5,115 2.7 4,657 12.8 Pre-prov. profit 5,158 5,038

More information

Quant Pick: Punjab National Bank

Quant Pick: Punjab National Bank July 6, 2017 Quant Pick: Punjab National Bank Quant Pick Stock Action Initiation Range Target Stoploss Time Frame Punjab National Bank Buy 139-142 167 126 3 months Research Analyst Amit Gupta amit.gup@icicisecurities.com

More information

Bank of Maharashtra ACCUMULATE. Performance Highlights CMP. `48 Target Price `55. 4QFY2012 Result Update Banking. Investment Period 12 Months

Bank of Maharashtra ACCUMULATE. Performance Highlights CMP. `48 Target Price `55. 4QFY2012 Result Update Banking. Investment Period 12 Months 4QFY2012 Result Update Banking May 10, 2012 Bank of Maharashtra Performance Highlights Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) NII 647 645 0.3 575 12.6 Preprov. profit 250 425 (41.2)

More information

Mutual Fund Screener For the quarter ended Mar-18

Mutual Fund Screener For the quarter ended Mar-18 Mutual Fund Screener For the quarter ended Mar-18 Mutual Fund Screener What s Inside 01 Industry 02 Investor 03 Inflow Outflow 04 Sector Size Trends Analysis Update 05 Category Performance 06 Industry

More information

Mutual Fund Screener For the quarter ended Jun -18

Mutual Fund Screener For the quarter ended Jun -18 Mutual Fund Screener For the quarter ended Jun -18 Mutual Fund Screener What s Inside 01 Industry Size 02 Investor Trends 03 Inflow Outflow Analysis 04 Sector Update 05 Category Performance 06 Industry

More information

systemic liquidity. Alpesh Mehta Sohail Halai

systemic liquidity. Alpesh Mehta Sohail Halai June Results Preview 7 July 2014 Financials Technology - Banks Company name Axis Bank Bank of Baroda Bank of India Canara Bank Federal Bank HDFC Bank ICICI Bank Indian Bank Indusind Bank ING Vysya Bank

More information

LIC Housing Finance. Improvement in RoA to drive valuation re-rating. Company Report

LIC Housing Finance. Improvement in RoA to drive valuation re-rating. Company Report Improvement in RoA to drive valuation re-rating Loan book to witness healthy CAGR of 18% LIC Housing Finance (LICHF), 3 rd largest player in the mortgage market with ~13% share, is witnessing growth moderation

More information

Net Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, %

Net Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, % RESULTS REVIEW Share Data Market Cap Rs. 83 bn Price Rs. 202.5 BSE Sensex 15,566.10 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.1 mn 52-Week High/Low Rs. 421.45 / 198.05 Shares Outstanding

More information

L&T Finance Holding Ltd. (LTFH)

L&T Finance Holding Ltd. (LTFH) Result/Concall Update October 23, 2012 L&T Finance Holding Ltd. (LTFH) CMP STOCK INFO BSE 533519 NSE L&TFH Bloomberg LTFH IN Reuters LTFH.BO Sector NBFC Face Value (Rs) 10 Equity Capital (Rs Mn) 17148

More information

Page. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017

Page. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017 1. RESULT UPDATE 30 th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 30th October, 2017 2 Stress situation continues to improve

More information

Near-term pressure, but long-term outlook positive

Near-term pressure, but long-term outlook positive INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)

More information

Healty cigarette-driven growth

Healty cigarette-driven growth INDUSTRY FMCG CMP (as on 27 Jul 2017) Rs 289 Target Price Rs 353 Nifty 10,021 Sensex 32,383 KEY STOCK DATA Bloomberg ITC IN No. of Shares (mn) 12,161 12,162 MCap (Rs bn)/(us$ mn) 3,509/54,743 6m avg traded

More information

Praj Industries (PRAIN)

Praj Industries (PRAIN) Result Update October 18, 211 Rating matrix Rating : Buy Target : 96 Target Period : 12-15 months Potential Upside : 25% WHAT S CHANGED Praj Industries (PRAIN) 77 Key Financials Crore FY1 FY11 FY12E FY13E

More information

LIC Housing Finance BUY. Performance Highlights. CMP Target Price `532 `630. 3QFY2017 Result Update HFC. 3-Year Daily Price Chart

LIC Housing Finance BUY. Performance Highlights. CMP Target Price `532 `630. 3QFY2017 Result Update HFC. 3-Year Daily Price Chart 3QFY2017 Result Update HFC January 17, 2017 LIC Housing Finance Performance Highlights Particulars (` cr) 3QFY17 2QFY17 % chg (qoq) 3QFY16 % chg (yoy) NII 915 866 5.7 747 22.6 Pre-prov. profit 811 791

More information

Mutual Fund Screener For the quarter ended Sep-17

Mutual Fund Screener For the quarter ended Sep-17 Mutual Fund Screener For the quarter ended Sep-17 Mutual Fund Screener What s Inside 01 Industry Size 02 Investor Trends 03 Inflow Outflow Analysis 04 Sector Update 05 Category Performance 06 Industry

More information

Equity Market Outlook. May, 2016

Equity Market Outlook. May, 2016 Equity Market Outlook May, 2016 Global Economy Update Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Global Central Bank Monetary Policies

More information

Mutual Fund Screener For the quarter ended Dec-17

Mutual Fund Screener For the quarter ended Dec-17 Mutual Fund Screener For the quarter ended Dec-17 Mutual Fund Screener What s Inside 01 Industry Size 02 Investor Trends 03 Inflow Outflow Analysis 04 Sector Update 05 Category Performance 06 Industry

More information

Cement, Metals & Mining

Cement, Metals & Mining Cement, Metals & Mining 4QFY17E Results Preview 13 Apr 2017 Ankur Kulshrestha, CFA ankur.kulshrestha@hdfcsec.com +91-22-6171 7346 Sarfaraz Singh sarfaraz.singh@hdfcsec.com +91-22-6171 7331 Mar-15 Apr-15

More information

Earnings Presentation. Annual Results FY16-17

Earnings Presentation. Annual Results FY16-17 Earnings Presentation Annual Results FY16-17 1 Safe Harbor Except for the historical information contained herein, statements in this release which contain words or phrases such as will, aim, will likely

More information

Page. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017

Page. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017 1. RESULT UPDATE 31 st July, 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 India Equity Institutional Research II Result Update Q1FY18 II 31st July, 2017 2 Asset quality still worrisome, slippages

More information

LIC Housing Finance Ltd

LIC Housing Finance Ltd 4 Recommendation BUY In line results; asset quality improves CMP (27/4/215) Rs. 421 Target Price Rs. 518 Sector Stock Details Housing Finance BSE Code 5253 NSE Code Bloomberg Code LICHSGFIN LICF IN Market

More information

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone) Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Q3FY2019 Result Update Banking Jan 22, 2019 HDFC Bank Performance Highlights BUY CMP `2,145 Target Price `2,500 Particulars (` cr)

More information

Andhra Bank NEUTRAL. Performance Highlights CMP. `110 Target Price - 4QFY2012 Result Update Banking. Investment Period -

Andhra Bank NEUTRAL. Performance Highlights CMP. `110 Target Price - 4QFY2012 Result Update Banking. Investment Period - 4QFY2012 Result Update Banking May 9, 2012 Andhra Bank Performance Highlights Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) NII 914 984 (7.1) 862 6.1 Preprov. profit 661 768 (13.9) 712

More information

Managed by ICICI Prudential Asset Management Company Ltd.

Managed by ICICI Prudential Asset Management Company Ltd. Bharat 22 ETF A long-term investment opportunity Managed by ICICI Prudential Asset Management Company Ltd. NFO Period: The NFO for Anchor investor is on November 14, 2017 and Non-Anchor shall be between

More information

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter.

The real change in private inventories added 0.15 percentage points to the second quarter GDP growth, after subtracting 0.65% in the first quarter. QIRGRETA Monthly Macroeconomic Commentary United States The U.S. economy rebounded in the second quarter of 2007, growing at an annual rate of 3.4% Q/Q (+1.8% Y/Y), according to the GDP advance estimates

More information

A Study on Non Performing Assets of Select Public and Private Sector Banks Challenges, Innovations & Strategies

A Study on Non Performing Assets of Select Public and Private Sector Banks Challenges, Innovations & Strategies A Study on Non Performing Assets of Select Public and Private Sector Banks Challenges, Innovations & Strategies Prof I.Babu Rathinam, Associate Professor and Head, Department of Corporate Secretaryship,

More information

Indian Economy. Industrial output grew highest in four months in June 2015 but volatility continued

Indian Economy. Industrial output grew highest in four months in June 2015 but volatility continued Indian Economy Industrial Production Industrial output grew highest in four months in June 2015 but volatility continued After a slowdown in May 2015, industrial production grew by 3.8% during the month

More information

ECOWRAP A RATE PAUSE MOST LIKELY FROM RBI BUT DON T RULE OUT A SURPRISE ON FEB 7 F E B R U A R Y 0 4, I S S U E N O : 8 5, F Y 1 9

ECOWRAP A RATE PAUSE MOST LIKELY FROM RBI BUT DON T RULE OUT A SURPRISE ON FEB 7 F E B R U A R Y 0 4, I S S U E N O : 8 5, F Y 1 9 F E B R U A R Y 0 4, 2 0 1 9 I S S U E N O : 8 5, F Y 1 9 ECOWRAP Be the Bank of Choice for a Transforming India A RATE PAUSE MOST LIKELY FROM RBI BUT DON T RULE OUT A SURPRISE ON FEB 7 We now expect RBI

More information

Jammu and Kashmir Bank

Jammu and Kashmir Bank 1QFY2012 Result Update Banking August 9, 2011 Jammu and Kashmir Bank Performance Highlights Particulars (` cr) 1QFY12 4QFY11 % chg (qoq) 1QFY11 % chg (yoy) NII 437 416 5.2 366 19.5 Pre-Prov. Profit 316

More information

Help Manual for Skill Knowledge Provider. Process Overview.2. User Registration and Payment Process.3

Help Manual for Skill Knowledge Provider. Process Overview.2. User Registration and Payment Process.3 Table of Contents Process Overview.2. User Registration and Payment Process.3 Login to AICTE web portal with the User ID and Password provided on e-mail... 12.12 Creating New Application...15 Attachment

More information

Syndicate Bank NEUTRAL. Performance Highlights CMP. `81 Target Price - 2QFY2014 Result Update Banking. Investment Period -

Syndicate Bank NEUTRAL. Performance Highlights CMP. `81 Target Price - 2QFY2014 Result Update Banking. Investment Period - 2QFY2014 Result Update Banking November 1, 2013 Syndicate Bank Performance Highlights Particulars (`cr) 2QFY14 1QFY13 % chg (qoq) 2QFY13 % chg (yoy) NII 1,411 1,337 5.5 1,391 1.5 Preprov. profit 811 949

More information

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014 Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections

More information

CRISIL - AMFI Diversified Equity Fund Performance Index. Factsheet September 2017

CRISIL - AMFI Diversified Equity Fund Performance Index. Factsheet September 2017 CRISIL - AMFI Diversified Equity Fund Performance Index Factsheet September 2017 Table of Contents About the Index... 3 Features and Characteristics... 3 Methodology... 3 CRISIL - AMFI Diversified Equity

More information

Slower take-up but most prices continue to rise

Slower take-up but most prices continue to rise PROPERTY INSIGHTS Singapore Quarter 1, 211 Slower take-up but most prices continue to rise Market Overview Following a 14.5% GDP growth in 21, the economy is forecasted to grow by 4-6% in 211. While interest

More information

Eurozone. Economic Watch FEBRUARY 2017

Eurozone. Economic Watch FEBRUARY 2017 Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an

More information

Balanced Funds. Mix of stability and performance. Mutual Funds. Robust long term performance track record

Balanced Funds. Mix of stability and performance. Mutual Funds. Robust long term performance track record Mutual Funds Mix of stability and performance funds are hybrid funds that invest in a mix of equity and debt instruments. Most balanced funds predominantly maintain 65-70% exposure to equities while the

More information

JV CAPITAL SERVICES PVT. LTD PNB

JV CAPITAL SERVICES PVT. LTD PNB JV CAPITAL SERVICES PVT. LTD PNB PNB CMP: 99 BUY INDUSTRY: Banking RISK PROFILE Low TARGET:13 CMP(Rs) 99 Target price(rs) 13 Upside (%) 31 2 Week h/l (Rs) 144/43 Market cap (Rs. Cr) 31696 6m Avg vol (

More information

CREDIT DEPOSIT RATIO AS ON JUNE 30, 2018 Amount in crore

CREDIT DEPOSIT RATIO AS ON JUNE 30, 2018 Amount in crore CREDIT DEPOSIT RATIO AS ON JUNE 30, 2018 Amount in crore SR. IMPORTANT INDICATORS June-17 June-18 Y-o-Y variation Y-o-Y variation % ALL BANKS 1 (i) Aggregate Deposits 3,40,488 3,68,859 28,371 8.33 Rural

More information

Spheria Australian Smaller Companies Fund

Spheria Australian Smaller Companies Fund 29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771

More information

Muthoot Finance. Institutional Equities. 2QFY18 Result Update BUY

Muthoot Finance. Institutional Equities. 2QFY18 Result Update BUY 2QFY18 Result Update Institutional Equities Muthoot Finance 10 November 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Really Glitters Strong profitability numbers of Muthoot Finance (MFL)

More information

Executive Summary. July 17, 2015

Executive Summary. July 17, 2015 Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates

More information

NIIT Technologies. NEUTRAL Higher capex weighing on FCF RESULTS REVIEW 2QFY15 16 OCT 2014

NIIT Technologies. NEUTRAL Higher capex weighing on FCF RESULTS REVIEW 2QFY15 16 OCT 2014 RESULTS REVIEW 2QFY15 16 OCT 2014 NIIT Technologies NEUTRAL INDUSTRY IT SERVICES Higher capex weighing on FCF CMP (as on 14 Oct 2014) Rs 394 Target Price Rs 406 Nifty 7,864 Sensex 26,349 KEY STOCK DATA

More information

Marico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015

Marico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015 RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap

More information

State Bank of India. Institutional Equities. 1QFY18 Result Update

State Bank of India. Institutional Equities. 1QFY18 Result Update 1QFY18 Result Update Institutional Equities State Bank of India 14 August 2017 Reuters: SBI.BO; Bloomberg: SBIN IN Merger With Associate Banks Accentuates The Pain State Bank of India s (SBI) annualised

More information

APOLLO TYRES LTD. October 19 th, CMP (Rs.) 194. Key Developments

APOLLO TYRES LTD. October 19 th, CMP (Rs.) 194. Key Developments Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 s. APOLLO TYRES LTD.. October 19 th, 2015 BSE Code: 500877 NSE Code: APOLLOTYRE Reuters Code: APLO.NS Bloomberg

More information