New Research Reports

ABB, in its annual report, highlighted its focus on high-growth segments and deeper penetration into Tier 2 cities, along with new product development. During the year, the company continued to benefit from demand for premium products and increased penetration into Tier 2 and Tier 3 cities.

ICICIGI’s gross written premium was 10% up YoY in 4QFY25 to INR69b (in line), impacted by 1/n regulation implementation for long-term products. NEP grew 20% YoY to INR52.3b (15% beat). For FY25, it grew 17% YoY to INR198b.

ICICI Prudential Life Insurance (IPRU) reported a slight decline of 3% YoY in new business APE to INR35b (in line) in 4QFY25. For FY25, APE grew 15% YoY to INR104.1b.

Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20-25) while its improved scale and assets under management should help improve margins and earnings growth ahead (expect IFRS PAT CAGR of 53% over FY25-27E).

Asian markets are trading mixed following recent tariff exemptions and dovish remarks by Fed's Waller. Nikkei is trading higher by 1%, while Hang Seng and Shanghai are trading lower by 0.18% and 0.36%, respectively.

We recommend a BUY with a near-term TP of Rs 405, implying an upside of 10% from the CMP.

Commissioned 200-bed multispecialty hospital in Guntur (Q3FY25) under O&M model.

Home First Finance (Home First) was listed in Feb’21. Ever since, it has managed to stand out among peers in the affordable housing finance space, consistently delivering 6–8% QoQ growth every quarter.