Assistant Editor, tracks BFSI at CNBC TV 18
Ex - Sell side analyst
Views r personal
RT aren't endorsements
Comments aren't recommendations
F1 fan
Oct 26, 2022 • 4 tweets • 1 min read
.@CNBCTV18Live
Banking Sector Trend as of 7th October’22 – Strong loan growth momentum continues; forex reserves declines
Forex reserves is the lowest since 17th July’20
Forex reserve with RBI is the lowest in last 59 fortnights
Forex reserves are at US$528bn, down 16.3% from
Feb’22 levels
Massive liquidity continues to be sucked out of the system
Robust momentum in loan growth continues
Incremental loan growth in FY23 is ~Rs9.7 lakh cr and incremental deposit momentum is Rs8.1 lakh cr
Incremental CD ratio is at 120%
Sep 7, 2022 • 4 tweets • 1 min read
Brokerage Sales Note
Cement channel checks – hikes attempted to recover monsoon decline; margin outlook continues to improve
Channel checks suggest industry has attempted hike of Rs15-30/bag in East and South
We see this as attempt to recover the price decline seen in monsoon
Absorption of the same however holds the key.
Before the attempted Sep hikes, pan India average price was down Rs14/bag (4%) vs exit June and Rs22/bag (6%) vs Q1FY23 avg. As against Q1FY23, East has seen the biggest decline of Rs40/bag (12%) followed by North at Rs32/bag (8%).
Sep 7, 2022 • 5 tweets • 2 min read
.@CNBCTV18Live
CLSA on #BajajAuto
Downgrade to O-PF from BUY
TP Rs4343 from Rs4677
Exports remain under pressure
We lower our export volume assumptions
Lower our export volume forecasts, leading to 6-9% cuts in our 23-24CL earnings
Post-festive season demand and rural recovery are key factors to look out for
Although we expect the company to recover market share from the lows seen in 1Q22, we are still building in a 230bps YoY decline in motorcycle market share for FY23
Sep 6, 2022 • 5 tweets • 1 min read
.@CNBCTV18Live
Bond mkt actions
NON-CONVERTIBLE DEBENTURES:
HDFC Ltd accepts bids worth Rs9007 cr for 10-year bonds at 7.80% coupon
Arka Finance accepts bids worth Rs50 cr on 18-month bonds at 8.20% coupon
JM Financial Products accepts bids worth Rs50 cr via reissue of 8.65%
July 2032 bonds at 8.45% IRR.
HDFC Bank to raise at least Rs1000 cr via perpetual bonds
SIDBI to raise at least Rs1500 cr via 3-year and 6-month bonds
PFC to raise at:
a. Rs600 cr via 5-year STRPP bonds
b. Rs500 cr via 10-year bonds
Sep 5, 2022 • 4 tweets • 2 min read
.@CNBCTV18Live
Equirus on @cubltd
Downgrade to Reduce from ADD
TP Rs155 from Rs170
Time to reassess CUBK’s capabilities
Recently, the RBI – under the RTI Act – shared its Risk Inspection Report (RAR) on City Union
Bank (CUBK) for FY17 to FY19
Based on the analysis of the RAR, key
takeaways are:
➢ An RTI application was filed by activist Mr. Subhash Agrawal. Earlier too, Mr. Agrawal
had sought copies of RBI’s inspection reports on ICICIBC, AXSB, HDFCB and SBIN for
FY11-FY15 to extract information in the backdrop of mounting bad debts at banks.
Sep 5, 2022 • 6 tweets • 2 min read
.@CNBCTV18Live
Tamilnad Mercantile Bank IPO
RBI has asked them to get listed, which is why they are getting listed
MD retired on 4th Sept’22, new MD in place from 5th Sept’22… on the day of the IPO
Elevated stress assets in the book, 19.6% of loans under SARFAESI
Valuation in line with peers or higher than some more peers
SWOT Analysis
Strength
Adequately capitalized
Return ratios are healthy due to high NIMs
Weakness
Outstanding legal issues on 37.73% equity
Loans
•19.6% of loans are in SARFAESI
•41.6% of loans are in moratorium
