2025-05-15-Jefferies-2025年5月15日印度金融日报_13页_833kb

报告摘要

Equity Research Summary - India Financial Daily, May 15, 2025

Market Overview

System Liquidity: At ~Rs1.8tn surplus as of May 14.
Equity Performance: Nifty up 0.4% for the day, with Authum Investment Infrastructure as the top performer (+1%). Nifty Bank fell 0.3%. Over the past month, Nifty rose 8%, and Nifty Bank rose 7%.
Money Market Rates: Call rate at 5.9%, 3-month CD rate at 6.6%, 10-year G-sec yield at 6.3% as of May 14.

Key Banking News

SBI: Executive Committee to consider US$3bn offshore bond issuance during FY26.
FICCI: Urges RBI to retain NBFC-centric co-lending model to avoid disrupting credit access.
IREDA: Filed insolvency against Gensol Engineering for a Rs5.1bn default.
Axis Max Life: Preparing for direct listing post-insurance bill passage.
Apollo 247: Plans to launch insurance products from 12 insurers by June, targeting Rs800mn revenue.

Valuation and Investment Outlook

Lenders: Majority rated BUY (e.g., HDFC Bank, ICICI Bank, SBI). Target prices range from 15-18% upside.
Insurers and NBFCs: Focus on NIM pressures, loan growth, and regulatory changes.
Ratings Distribution: 60.74% BUY, 34.89% HOLD, 4.37% UNDERPERFORM across all sectors.

Key Events

15-May: 4Q results for PB Fintech, India PMI, GDP YoY.
20-May: SBI Executive Committee meeting on funding.
22-May: India Manufacturing and Services PMI.
28-May: Industrial Production YoY.

Regulatory and Sector Insights

Co-Lending Model: RBI's proposal may shift joint lending, but FICCI warns of disruption.
Bank Lending: Credit growth stands at 10% YoY; deposits at 10% YoY.
Easing Measures: RBI may cut rates or adjust liquidity to support banks and NBFCs.

Overall Summary

The Indian financial sector shows mixed performance, with liquidity in surplus and equity markets moderately supported. Banks face NIM pressures and regulatory scrutiny, while NBFCs and insurers grapple with credit risks. Focus on selective investments in high-rated entities and monitoring key regulatory changes.

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