Monetary policy expectations impact stocks more than rate moves: RBI paper
According to a working paper prepared by RBI officials, the regulatory and development measures which are announced along with the monetary policy too impact the stock markets.

YES Bank Q4 net profit grows over 1-fold, total income up 25%
YES Bank reported a net profit of Rs 467.29 crore in Q4 of FY24, an increase of 126.61% from the previous year of the same quarter. The company had reported a net profit of Rs 206.21 crore in Q4 of FY23. 

Deposit growth improves at private banks in Q4, but at higher costs
The deposit growth of banks has resumed after falling behind the growth in advances over the previous few quarters, showed an analysis of the March 2024 quarter results of top private sector banks.

IDFC First Bank Q4 PAT below estimates, down 10%
Private sector lender IDFC First Bank on Saturday reported its Q4FY24 net profit at Rs 724 crore, lower 10% year-on-year (y-o-y), primarily due to lower trading gains and higher provisions in the reporting quarter. The net profit was lower than Bloomberg consensus estimate of Rs 756 crore for Q4.

Target over 30% deposit growth in FY25: IDFC First Bank’s CEO
Private sector lender IDFC First Bank expects to witness over 30% year-on-year (y-o-y) growth in deposits for the current financial year, MD & CEO V Vaidyanathan tells Piyush Shukla in an interaction. Edited excerpts.

ICICI Bank sees moderation in NIM in next few quarters
ICICI Bank, the country’s second-largest private lender, expects its net interest margin (NIM) to remain under pressure in the next few quarters due to higher cost of funds.

RBL reports 30 percent growth in net profit in March quarter
RBL Bank Q4 PAT up 30% on strong loan growth, fall in NPAs
The Hindu Business Line

ICICI Bank Q4 net climbs 17.4% to ₹10,708 cr.; total loans in India rise 16.8%
ICICI Bank Q4 results: Net profit up 18%, board recommends dividend of Rs 10; Read to know more 
The Financial Express

AU SFB to explore universal bank conversion
AU Small Finance Bank could be the first small finance bank to take advantage of the Reserve Bank of India’s recent framework for small finance banks to become a universal bank. Welcoming the guidelines on voluntary transition of small finance banks to universal banks, Uttam Tibrewal, ED & Deputy CEO, AU Small Finance Bank said the bank will soon deliberate converting to universal bank very soon with its board. “The recent RBI Guidelines on voluntary transition of Small Finance Banks to Universal Bank, is a welcome step and provides clarity to all SFBs,” said Tibrewal.

SBI Cards & Payment Services Q4 Results Live : profit rise by 11.05% YOY
SBI Cards & Payment Services Q4 Results Live : SBI Cards & Payment Services declared their Q4 results on 26 Apr, 2024. The topline increased by 15.57% & the profit increased by 11.05% YoY. As compared to the previous quarter the revenue declined by 5.93% and the profit increased by 20.63%.

New upgradable ATMs to be introduced soon; details here
Hitachi Payment Services has announced the launch of an upgradable ATM machine in India. These ATMs can be upgraded to a Cash Recycling Machine (CRM) at any time. Manufactured under the ‘Make in India’ initiative, these ATMs offer flexibility and efficiency to banks. Hitachi Payment Services claims that this is the first upgradable ATM in India. 

ATM deployers may get a boost; higher cash withdrawal may cost more

This is part of the recent deliberations between the Confederation of ATM Industry (Catmi) and the Reserve Bank of India (RBI). It comes amid fresh orders for ATMs and cash recycling machines hitting 45,000 between September 2023 and March 2024.   The figure is nearly a sixfold increase over the preceding comparable period. This is also more than the 225,000 ATMs set up between Demonetisation in November 2016 and the current tally of 260,000.

L&T Finance consolidated PAT rises 11%
The consolidated net profit of L&T Finance rose 11% year-on-year (y-o-y) in January-March due to a growth in its net interest income.

How NBFCs can navigate compliance through technology and collaboration
 

Motilal Oswal Financial Services Q4 Results Live : profit rise by 338.96% YOY
 

CS Ghosh may sell significant stake in Bandhan Financial
Days after announcing his resignation from Bandhan Bank as MD & CEO effective from July 9, 2024, Chandra Shekhar Ghosh is said to be exploring various possibilities with his shareholding in Bandhan Financial Services, including selling a part of stake held by the promoter group.

L&T Finance plans to increase short term, ECB fundraise in FY25
As the interest rate scenario starts turning downwards — perhaps in the second half of the financial year — it opens up avenues.
 

Despite new RBI rules, no small finance bank will apply for a universal banking licence anytime soon
Mumbai: The Reserve Bank of India announced new rules for the conversion small finance banks (SBFs) into universal banks on Friday, but it could be a year or two before an SBF applies for a universal banking licence. 

How to mitigate identity theft for financial apps with zero trust device and SIM binding tech
 

Broking industry aims to double customer count in 2 years: Dhiraj Relli
HDFC Securities, launched as a joint venture between HDFC Bank, HDFC, and Indocean eSecurities, celebrates its 25th-year milestone. Over the past decades, the domestic broking industry has undergone several structural shifts, with one of the most prominent being investors gravitating towards low-cost brokerages. Traditionally a full-service brokerage, HDFC Securities recently introduced HDFC Sky — a flat-price broking application — as a strategic response to the emerging threat from discount brokerages. DHIRAJ RELLI, managing director and chief executive officer of HDFC Securities, in an email interview with Sundar Sethuraman, delves into the broking house’s journey and highlights key trends in the broking industry.

Edited excerpts:

One-year return of Nifty’s PSU Bank Index outperforms Private Bank Index in FY24
Mumbai: FY24 has been a bumper year for public sector bank (PSB) shares, with the Nifty PSU Bank Index soaring 88.56 per cent in FY24 versus 14.25 per cent increase in the Nifty Private Bank Index. The aforementioned indices reflect the performance of public sector banks (PSBs) and private sector banks (PVBs). They provide investors and market intermediaries with a benchmark that captures the capital market performance of these banks.

MFs close in gap with bank deposit on back of strong growth, new investor addition
Mumbai: Thanks to uninterrupted bull run and renewed interest in equity investment, the quantum of assets under management of the mutual fund industry accounts for 26 per cent of the bank deposit as of March-end against 21 per cent logged in FY23.

Fund Pick: Nippon India Large Cap Fund leads from the front, says CRISIL
Mumbai: Nippon India Large Cap Fund, launched in August 2007, featured in the top 30th percentile of the largecap funds category of CRISIL Mutual Funds Ranking (CMFR) for the three consecutive quarters through March 2024. The fund’s month-end assets under management (AUM) increased from Rs 10,069 crore in March 2021 to Rs 24,378 crore in March 2024. 

UTI Asset Management Company Q4 Results Live : profit rise by 97.43% YOY
 

MFs plan to oppose Embassy REIT’s proposal to raise ₹3,000 cr
 

‘Some parts of market little overvalued, rest is at very good valuation’: Swarup Anand Mohanty
Swarup Anand Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers, the Indian arm of Mirae Asset of South Korea, says some parts (of the stock market) may be a little overvalued but enough companies are available at great prices for a fund manager to build a portfolio. In an interview to Hitesh Vyas & George Mathew, Mohanty, who manages assets worth Rs 1.61 lakh crore, says, “there is a shift (of money) to financial assets. But not at the cost of the banks. Maybe people have realised that this (financial asset) is a good area for investing.”

Equity fund managers to get sky-high bonuses amid stellar asset growth
Mutual fund houses are likely to dole out higher bonuses and increments this year in a bid to retain and reward top performers. Equity fund managers will be in the spotlight given the fast clip at which assets have grown in the past year, especially for the mid- and small-cap schemes. The managers may pocket bonuses in the range of 80-100 per cent of annual salary, on average, much higher than previous years.

Entrepreneurial bug bites top VC bosses
Peak XV Partners’ managing director Piyush Gupta, recently put in his papers. Earlier during the month, Abhishek Nag and Vaibhav Agrawal quit Lightspeed Venture Partners. In March, Nexus MD Sameer Brij Verma quit after a 13-year stint at the firm.

FPIs selling in equities continue unabated in April, withdrawing ₹6,300 crore till April 26
Foreign Portfolio Investors (FPIs) remained bearish on Indian equities going by the net outflows of ₹6,300 crore so far this month (till April 26) amid concerns around Mauritius Tax Treaty and US Bond Yield surge. 

Everstone Capital returned $345mn to LPs last year

Everstone Capital is the private equity business of Everstone Group that focuses on investments in India and Southeast Asia. The firm booked an exit from IT services company Everise in October by selling its stake to Warbug Pincus, where the latter's invest-ment valued Everise at $1 billion. Everstone also sold its entire stake in India's Servion Global Solutions to UK-based private equity fund EMK Capital. Besides these exits, Everstone Capital also invested in several companies last year including Media Mint,which focuses on out-sourcing of ad and media operations of global agencies, and IT company C-prime. The firm is currently investing from its fourth fund of $300 million, which was raised as an interim fund. Mehra added that the fund usually looks to make two to three investments a year of $100 million each, besides the co-invest capital. "Typically for every dollar we invest of our own capital, we are able to generate at least $1 of co-invest. So if we do that, then we should be able to get $400-600 million deployed," he said. Ever-stone Capital, which primarily invests in mid-market companies making Rs.100-200 core of Ebitda, is now looking to raise about $1 billion for its fifth fund that aims to make eight to 10 deals of about $ 100-million each. The focus for the new fund will continue to be healthcare, manufacturing and IT BPO companies Within IT, the firm looks to focus on areas such as data engineering and product engineering, while in the healthcare space, the focus will be on medical devices. The fund already has a major manufacturer of cardiac devices and implants, Translumina, in its portfolio. In the private equity space in India,Mehra said, buy outs or controlled deals have increased significantly and are now about 40% of the market by value. Control deals are where a PE firm acquires a majority stake in a company and works along with the promoters or management to further build the business. "I think that's an encouraging trend and it's spurred by generation change; he added. 

PEs drive up value even as volumes dip