New Research Reports

We resume our coverage with a HOLD rating on the stock.

We maintain our BUY recommendation on the stock

Asian Markets are trading mixed after China kept key lending rates steady. Nikkei is down by 0.21%, whereas Hang Seng and Shanghai are up by 0.51% and 0.48%, respectively.

We recommend a BUY rating on the stock with a target price of Rs 657/share, implying an upside of 10% from the CMP.

Newsletter

Primary market activity is picking up again, with eleven IPOs set to open this week, including five mainboard IPOs, one of which is a real estate investment trust (REIT). Monika Alcobev is scheduled to list on the stock exchange next week, while five others made their debut last week.

In Q1FY26, Axis Bank’s Net Interest Income (NII) grew by 0.8% YoY (-1.8% QoQ) to INR 135,598 Mn., in-line with our estimates. The NIM declined by 17bps sequentially to 3.80%, (-25bps YoY).

Techno-Derivative Outlook

RBL Bank (RBL) reported a weak set of results with a sharp ~40bps QoQ dip in NIM, double-digit NII de-growth and unchanged slippages. Reported PAT of INR 2bn (RoA of 0.5%) was supported by massive treasury gains (INR 2.7bn or ~0.7% of assets), INR 2.3bn utilisation of buffer and 500bps QoQ dip in PCR.

Management dialled up ad spends, targeting buyers on the platform. This led to ~7% YoY increase in traffic and ~17% YoY growth in unique business enquiries.