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Our analysis of defence sector for May’23 indicates: 1) RFI has been issued for procurement of 5,000 ATGMs and 8x8 HMVs; ii) second export order of Pinaka rocket launcher is likely to be finalised soon; 3) efforts afoot to export LCH- Prachand to Nigeria; 5) development trails of Pralay SRBM are complete while QRSAM is set to undergo its final trails next month.
The monthly data on lending and deposit rates of scheduled commercial banks (SCBs) (excl. regional rural banks and small finance banks) for Apr’23 suggests: 1) SCBs’ outstanding weighted average lending rate (WALR) continues to rise (up 4bps MoM). 2) However, WALR on fresh loans has seen MoM decline (down 23bps) in Apr’23, after 11 months of consecutive rise.
The total value of credit card transactions rose 25.9% YoY but declined 3.3% MoM to Rs 1,33,125 crore. The number of cards outstanding increased by 15.1% YoY. Private sector banks grew by 32.9% YoY in terms of value of transactions.
The Asian Markets are trading in the green while investors await Australia's central bank decision during the day ahead. Nikkei was trading higher by 0.41%, Hang Seng was trading higher by 1.16%, and Shanghai was trading higher by 0.14%.
Post outperforming benchmark Nifty 50 by ~10% in the past six months, India auto index (Nifty Auto), we believe, has limited upside triggers left from a 6 month perspective. We expect volume growth moderation across PVs, CVs, 2Ws and tractors in FY24 along with benefits of reduction in raw material basket cost (RMB) being fully priced in.
