Nippon AMC is expected to continue its growth momentum, led by its strong position in the Indian mutual fund industry, diversified product suite and robust growth trajectory. Its ability to capitalise on the growing demand for financial services in India, coupled with its expanding market share and increasing digital presence, positions it for long-term success. Its commitment to launching new products, including alternative investment funds and ETFs, further underscores its growth potential. Although the industry is competitive, we believe Nippon AMC's...

HDFC AMC logged a strong quarter, driven by steady revenue yields and significant growth in AUM. The debt market's outlook remains positive, aided by the Reserve Bank of India's supportive measures, such as interest rate cuts to boost fixedincome investments. HDFC AMC's improved market standing, diversified product portfolio, launch of new specialised investment funds, strong retail presence and digital initiatives position it for sustained growth and long-term value creation. Furthermore, although there has been a temporary decline in the share of equity AUM, a positive turnaround is anticipated in the near future. Therefore, we upgrade...

AXSB: Moderate business growth; PAT supported by other income. IIB: Stable performance. SBICARD: Trend of lower NIM, higher credit cost persists. ABSLAMC: Better quarter

Q4 QAAUM grew 22% YoY to Rs 2.9tn, but equity and hybrid schemes combined saw sustained outflows

We maintain our Hold recommendation on the stock.

Higher equity share drove strong overall QAAUM growth of 36% YoY in FY24; expansion in equity QAAUM market share a key positive

MSIL: Healthy all-round performance raise to BUY. DRRD: Buoyant US sales drive performance. VOLT: UCP improving, Qatar business a dampener. DIXON: Mobile business dials up growth; maintain BUY. KJC: Soft demand, intense competition mar quarter. BLSTR: Purple patch continues; maintain BUY. KECI: Pipeline robust, margin improvement delayed. ABSLAMC: Double-digit growth but market share bleed continues. Metals & Mining: Jindal Stainless: Management meet takeaways

QAAUM grew 11% YoY to Rs 3.1tn in Q3 with equity assets rising even faster at 13%; however, market share inched down

NAM: Strong growth but upside capped cut to HOLD. APOLP: Disappointing result on all fronts. ITC: Cigarette and paperboard businesses disappoint. LT: Order inflow guidance raised; maintain BUY. NTPC: Normal quarter, aggressive expansion; maintain BUY. MRCO: Domestic business still lacklustre. UTIAM: Core earnings miss estimates. ASTRA: Mixed quarter, guidance broadly intact

QAAUM growth robust at 29% YoY in Q3 fuelled by 10%+ share of industry-wide net equity flows (ex-arbitrage and index)

Actively managed equity QAAUM grew 40% YoY, driving 24% AUM growth in Q3; topline growth strong at 23%

A combination of overall industry AUM growth, strong retail franchise and good fund performance has driven significant market share gains for Nippon Life AM (NAM) in equity (30bps in H1FY24), SIP flows (300bps in H1FY24) and SIP book (46bps in H1FY24).

Quarterly Update Q2FY24

QAAUM grew 10% YoY to Rs 3.1tn in Q2 with equity assets rising 9%; however, market share inched down

Aditya Birla Sun Life AMC (ABSL) is likely to benefit from prospects of better fund performance/AUM growth, strong retail franchise and benign revision in TER regulation compared to its earlier announcements. Equity and SIP flow market shares are yet to witness meaningful stabilisation.