End of Day Summary

Action is back in the primary market, with Ather Energy set to launch the first mainboard IPO in over two months. The SME segment will see even more activity, with four IPOs expected to hit Dalal Street, and one SME IPO listing this week.

Stock Market Volatility amid Geopolitical tensions

Q4FY25 Earnings Wrap - Week I

Retail Research

CANF saw a steady quarter as disbursals were 6.7% higher to PLe at Rs24.6bn although NIM was a slight miss at 3.8%. Credit growth for FY25 was muted at 9.2% YoY due to issues in Karnataka/AP/Telangana which are being resolved. In FY26, company is targeting a disbursal growth of 20% and AuM growth of 13-15% YoY. However, we see a lower AuM CAGR of 11.5% over FY25-27E given (1) LOS/LMS adoption may impact disbursals (2) competition may increase due to falling interest rates. CANF sees a lesser impact of rate cuts on NIM due to faster repricing of liabilities; it has guided a 3.5% NIM for FY26E (vs 3.6% in...

Retail Research

Asian markets mostly trade positive on Fed rate cut hopes and Alphabet results. Nikkei and Hang Seng traded higher at 1.46% and 0.69% respectively, whereas Shanghai traded lower at 0.09%.