FASTag KYC updation deadline: The NHAI has taken this action in response to recent reports of the issuance of numerous FASTags for a single vehicle and the issuance of FASTags without KYC, which is against RBI requirement. Here is how to update FASTag KYC.
Rishi Kohli, Managing Partner & CIO – Hedge Fund Strategies at InCred Alternative Investments Pvt Ltd., believes that banking and IT sectors will continue to offer opportunities to buy on dips due to volatility. He is most bullish on the infra and metals sectors for the next 3-5 years, and predicts that PSU banks will outperform private banks.
In the last year, the differential in valuation between, mid and largecap stocks has increased very sharply. This differential is even more striking given the fact it has come even in spaces like private sectors which have been getting premium valuation for decades. If the market remains under the control of bulls there is a probability that over the next few quarters, markets may see a mean reversion. It might happen both ways, midcap witnessing some profit booking and large caps doing relatively well in the corrective phase of the markets. The first indications of that appear to be already in place with some largecap companies from the manufacturing space doing well. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.
HDFC Bank received RBI approval to sell 90% stake in HDFC Credila, boosting Q4 income. The sale was approved by RBI and CCI. Details of credit rating report, stake divestment, and fresh equity infusion were mentioned. Availability of balance amount not specified. On July 1, last year, HDFC Ltd, the parent housing finance company, was amalgamated with HDFC Bank. Thus, the entire investment was transferred from the parent to the bank.
Sanjiv Bhasin advises investing in private banks like HDFC Bank and is optimistic about HDFC, ICICI, and Kotak. Zee Entertainment's merger talks are back on and he is hopeful that after pain, gain is going to be very much on the cards. Auto sector remains strong with top picks being Maruti, Bosch, Ashok Leyland, and Hero Moto.
Macquarie maintained underperform on United Spirits, CLSA downgraded Sun TV. Pernod India saw ~7% sales growth in Q3. United Spirits saw market share losses to Radico. Sun TV's subscriptions-led revenue was a surprise. Morgan Stanley remained overweight on M&M and HDFC Bank. HDFC Bank announced plans for new product launches.
HDFC Bank disclosed that its home loan book reached Rs 6.84 lakh crore in the December quarter, nearly catching up with SBI's Rs 6.94 lakh crore home loan portfolio. SBI had overtaken HDFC in February 2021 in this segment.
HDFC Bank’s market share in the retail home loan segment has risen by 20% on incremental disbursem*nt, and it is seeing 3.6% growth sequentially – the highest amongst peers.
The rating agency expects system-level credit growth to moderate to 14% in FY25, starting April 1, from about 16% annual growth in the first three quarters of FY24, with margins also set to fall.
The S&P BSE Sensex rose over 200 points while the Nifty50 closed above 21,800 level. Sectorally, buying was seen in oil & gas, public sector, energy and metal stocks while selling was seen in IT and healthcare stocks.
Consulting attracted 25% of the total offers, while the finance cohort made up 19% of the total offers. Recruitments in the sales & marketing function formed 19% of the total offers and 12% of the batch opted for IT/analytics roles. 25% of the batch was extended offers for roles in general management, HR & operations.
After peaking at Rs 65,986.9 crore in the March 2021 quarter, these provisions have gradually cooled off since then. In the March 2023 quarter, they had dropped to Rs 17,956 crore, the lowest in five years, aided by a reversal in provisioning from IDBI Bank.
Financial metrics that stood out in the industry gave HDFC Bank a premium valuation that was competitors’ envy. Now that it resembles its peers, the valuation may also remain aligned.
HDFC Bank, India's largest private sector lender, anticipates a 4-5 year period of consolidation following its merger with parent company HDFC in July 2023. The bank aims to restore return on equity to pre-merger levels, with a focus on profitable growth. Concerns were raised after the bank's recent quarterly earnings showed a decline in lending margins and sluggish deposit growth.
Sanjiv Bhasin highlights the performance of the midcap index and the earnings of companies like REC, PFC, NBCC, GAIL, IREDA, and Colgate. He expresses optimism about the Bank Nifty and the stellar performance of ICICI Bank and PSU stocks. He mentions the underperformance of HDFC and the potential impact on its stock price. He also discusses the merger cancellation of Zee Entertainment and predicts changes in its ownership. He suggests considering largecap banks like ICICI Bank and identifies potential opportunities in stocks like Dhanlaxmi Bank and Indus Tower.
HDFC Bank, India's largest private sector lender, is seeking approval for a banking license in Singapore. The bank aims to tap into the Indian diaspora in Singapore for savings and term deposits, as well as cross-sell products like mortgages. HDFC Bank already has a presence in London, Hong Kong, and Bahrain. With a customer base of 93 million, the bank is expanding its reach overseas after a merger with Housing Development Finance Corp. last year.
Shares of HDFC Bank crashed over 7% to Rs 1,560 on Wednesday following its Q3 results. Despite a 34% uptick in net profit, investors were unimpressed by loan growth and margins. Top brokerages red-flagged loan growth and lower liquidity coverage ratio (LCR) while maintaining their ratings. HDFC Bank reported a good set of numbers with net profit rising 34% YoY to Rs 16,372.54 crore. Net interest income (NII) rose 24% YoY to Rs 28,471.34 crore. CLSA maintained a buy view, Morgan Stanley remains overweight, Kotak Equities retained buy, and Nuvama downgraded to hold.
HDFC Bank reported a 34% year-on-year (YoY) growth in net profit for the December quarter to Rs 16,372.54 crore. The bottomline was higher than an ETNow poll of Rs 15,846 crore.
HDFC Bank is expected to report a double-digit year-on-year growth in net profit for Q3. Net interest income is likely to grow 21% YoY. The bank's net profit is seen rising 28.4% YoY to Rs 15,739 crore. Sequentially, net interest income will see a moderate 6% growth while profit may drop 1.5%.
The government has hiked the interest rates of a few small savings schemes for the fourth quarter of fiscal year 2023-24, which will be effective from January 1, 2024 to March 31, 2024.
The Reserve Bank of India (RBI) has granted approval for the reverse merger of IDFC Ltd with its banking subsidiary, IDFC First Bank. The composite scheme involves the merger of IDFC Financial Holding Company with IDFC and then the merger of IDFC into IDFC First Bank. The scheme is subject to various approvals, including from the National Company Law Tribunal and shareholders
It is quite a big task when two banks are being merged either forcibly or voluntarily. There has been few cases of bank mergers in India and some of them were due to Reserve Bank of India's direction and some were due to business needs. Regardless of the reason of merger, the deposit insurance amount would get impacted once the merger between two or more banks happen.
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