New Research Reports

Amid rising hopes of a policy rate cut in CY25, we believe SBI Cards with its fixed rate asset portfolio and higher share of borrowings maturing in <1 year, could benefit on the margins front which has stabilized after a prolonged contraction cycle.

Asian Markets are trading positive as investors digest outsized Fed rate cuts. Nikkei, Hang Seng, and Shanghai are all trading positive by 2.53%, 0.75%, and 0.84%, respectively.

In August 2024, Consumer Price Index (CPI) inflation rose MoM, while Wholesale Price Index (WPI) inflation moderated to 1.3%. The Purchasing Managers' Index (PMI) declined compared to the previous month.

The unemployment rate rose in August 2024. Foreign Institutional Investment (FII) witnessed inflows for the third consecutive month, while mutual funds (MFs) saw an outflow during the month. Crude oil prices fell on a MoM basis to its lowest level in the past five months.

End of Day Summary

Retail Research

We upgrade TTMT to BUY from Add, keeping our SoTP-based TP unchanged at Rs1,175/sh (incl. roll-over to Sep-26E). TTMT stock price has corrected 16% from its peak, amid outlook downgrade at peer BMW.

AU Small Finance Bank (AUBANK) is well-positioned for strong growth, demonstrating a steady improvement in operating profitability as it capitalizes on the synergies resulting from the merger.

During the analyst meet, the management highlighted potential for double-digit sales growth, particularly in the feminine hygiene segment, in which per-capita spending is currently only one-sixth of that in China.

We hosted Karur Vysya Bank (KVB) for overseas NDR. The investors seem to have acknowledged the remarkable transformational journey of KVB under the current management with steady growth and superior RoA.

Eying the untapped potential in NCR