We recommend the following stocks: HDFC Bank, Bajaj Finance, Shriram Finance, Avenue Supermarts, State Bank of India, Lupin, Hero Motocorp, Max Healthcare, Colgate, Kalpataru Projects, APL Apollo Tubes, Varun Beverages, Bharti Airtel, Prestige Estates, and Sansera Engineer.

Banking sector (non-food) credit growth stood at 9.6% as on 13 Jun'25 vs ~8.8% in May'25 (vs ~11% in FY25). The latest sectoral deployment data showed that credit growth moderated in agri, industry and services sectors in May'25, partly attributable to high base. Agri loans stood to 7.5% in May'25 vs 9.2% in Apr'25. Loans to industries moderated to 4.8% in May'25 vs 6.6% in Apr'25, due to slowdown in particularly large industries. Services sector growth too softened to 8.7% vs 10.5% YoY in Apr'25. Growth in loans to NBFCs declined to -0.3% YoY in May'25 vs +2.9% YoY in Apr'25. However, loan to retail segment slightly moderated...

Asian markets are trading mixed, as investors evaluate the gains on Wall Street and consider the global effects of U.S. President Donald Trump's tariff measures, with his 90-day tariff pause set to expire next week. Nikkei and Hang Seng are trading lower by 1.06% and 0.87%, respectively

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hikes the improvement in margins would either be flat or negligible due to missing operating leverage. We expect median revenue growth to decline by 1.2% QoQ in CC terms & grow 0.5% QoQ in USD terms. Currency volatility continues with major currencies like EUR and GBP having strengthened against USD by 5.9% and 7.6% QoQ, respectively, which will translate into tailwinds to the tune of 60-400bps QoQ in reported terms. Vertical wise, BFSI should continue its growth momentum, while hi-tech and ENU should also support growth for selective names. Manufacturing and...

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