2025-06-12-Jefferies-印度金融日报_2025年6月12日_14页_833kb

Summary of Equity Research Report (India - June 12, 2025)

The report analyzes India's financial markets and institutions, highlighting key trends in liquidity, stock performance, policy changes, and banking outlooks. System liquidity is abundant at approximately Rs2.6 trillion, with Nifty and Nifty Bank indexes nearly flat or showing slight gains. Recent developments include clarification from the Finance Ministry on no plans to impose Minimum Daily Charges (MDR) on UPI transactions, which previously fueled stock rallies in companies like Paytm, though prices have since corrected. Banks collectively support retaining the co-lending model, with RBI considering more frequent use of the Cash Reserve Ratio (CRR) for liquidity management. Positive regulatory updates include SEBI's approval for electricity futures and City Union Bank's approval for a Rs5bn capital raise via a Qualified Institutional Placement (QIP). Niche areas like debt restructuring for MTNL and individual company news (e.g., appointments and performance reports for SBI General Insurance) are discussed. Market performance data indicates credit growth empire ratio stability at ~80%, while valuation matrices provide detailed bu hold or underperform ratings for various lenders, insurers, fintechs, and other financial entities based on future expectations and current metrics.

Key calendar events include upcoming releases of CPI inflation data and industrial production figures. Data shows credit and deposit YoY growth trends, with eight small finance banks participating in valuation assessments. Overall, the report suggests a cautiously optimistic outlook for Indian equities in financial services, supported by improving credit quality and regulatory easing, but with risks from policy uncertainty and market volatility.