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insolvency resolution plan for Bhushan Power & Steel (BPSL) terming it illegal on account of multiple procedural and substantive lapses found at various levels of the resolution process, ultimately directing the National Company...

KMB saw a mixed quarter as core PPoP missed PLe by 4% though asset quality improved. Despite lifting of embargo and acquiring StanC's PL portfolio of Rs 33bn, loan growth was weak at 13.5% YoY (PLe 15.0%). NII was 3% lower owing to QoQ increase in balance sheet liquidity by Rs377bn leading to softer NIM at 4.5% for FY25 (PLe 4.67%). While we are factoring NIM decline of 10bps YoY in FY26E to 4.4%, levers for upgrade are (1) utilization of excess liquidity (2) faster growth in PL/CC and (3) reduction in fixed SA rate from 3.8%. Asset quality was...

CUB saw a good quarter with beat on core PAT due to stronger fees led by insurance and processing fees. Sales focus has led to better insurance fees and bank sees more scope to enhance this stream. Reported NIM slightly improved QoQ as lower yielding loans were shed. While the bank is targeting stable NIM for FY26E, repo rate cut would impact NIM. CUB met its slippage guidance of Rs8bn for FY25 and it expects slippages for FY26 to be lower at Rs7bn; PCR has touched 60%. This implies that provisions may be steady in near term (54bps...

The Ramco Cements (TRCL) is expected to benefit from the sharp price hikes in the southern region along with a higher pace of consolidation in the region. The average cement price in the South has increased MoM by INR33/bag (~10%) in Apr’25.

Q4FY2025 Consolidated revenue of Rs. 4,988 crore (up 27.5%y-o-y) was ahead of our estimates. Revenues increased due to strong volume growth in the fertilizer and the crop protection business.