AXISBANK

** Shares of Axis Bank AXBK.NS rise 1.5% at 1,389 rupees

** Bank clarifies that it has not submitted nor plans to submit any bid for a stake in CreditAccess Grameen CRDE.NS

** Citi ("Buy"; PT: 1,463 rupees) says confirmation decisively eliminates key market overhang of recent weeks

** Adds, AXBK's update likely removes apprehensions around capital deployment towards microfinance acquisition and earnings volatility associated with that business

** Stock rated "Buy" on average by 40 analysts; median PT at 1,500 rupees - data compiled by LSEG

** YTD, stock up 9.4% vs Nifty Bank index .NSEBANK up 2.7%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Feb 4 (Reuters) - Axis Bank Ltd AXBK.NS:

• CLARIFIES ON REPORT CO IN THE LEAD TO BUY OUT CREDITACCESS GRAMEEN

• EVALUATES VARIOUS OPPORTUNITIES IN ORDINARY COURSE FOR GROWTH, EXPANSION OF BUSINESS

Source text: ID:nNSE3v2q7G

Further company coverage: AXBK.NS

(([email protected];;))

Jan 30 (Reuters) - Axis Bank Ltd AXBK.NS:

• RBI APPROVES AMENDED DEPOSIT AGREEMENT

• AMENDMENTS GRANT VOTING RIGHTS TO GDR HOLDERS

Source text: ID:nBSE1WwYnQ

Further company coverage: AXBK.NS

(([email protected];))

** Axis Bank AXBK.NS extended gains to hit a record high of 1,369.40 rupees, last up 2.8%

** Lender's Q3 standalone net profit rises 3% year-on-year to 64.90 billion Indian rupees ($708.47 million); analysts had expected profit to fall to 60.79 billion rupees

** On Tuesday, AXBK posted its biggest daily percentage rise in 15 months, climbing ~4.6%

** Analysts at Centrum say AXBK's results outperformed expectations; with strong fee income momentum and improving cost-to-income dynamics, margin compression should become less of an issue

** Emkay Research hikes PT to 1,475 rupees from 1,400 rupees, says stock is trading at cheap valuations

** Stock rated "buy" on avg by 40 analysts; median PT is 1,500 rupees, per data compiled by LSEG

** AXBK rose 19.2% in 2025

($1 = 91.6063 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 27 (Reuters) - India's Axis Mutual Fund plans to run a carry-heavy debt strategy in 2026, focusing on one- to three-year corporate bonds while taking judicious exposure to longer maturity federal and state debt, the asset manger's head of fixed income said in an interview last Friday.

The strategy reflects expectations that the Reserve Bank of India is done with rate cuts, limiting the scope for price appreciation in bonds, pushing fund managers to prioritise income from higher-yielding shorter-dated debt.

"In an environment where we do not expect the RBI to cut rates and (for) liquidity infusion to continue, we believe that the theme this year is accrual or carry for building investment portfolios," said Devang Shah, head of fixed income at Axis Mutual Fund.

A carry strategy involves buying higher-yielding bonds and holding them to earn interest income, with the aim of making steady returns while limiting exposure to price swings.

The fund manager, who overlooks debt worth 1.2 trillion rupees ($13.09 billion,) said around 75% of the portfolio could be invested in one-three year corporate bonds, with the remaining 25% in a combination of longer duration state and central government debt in what's known as a "barbell" approach.

"We may selectively add tactical duration through long bonds and state debt," Shah added.

Looking ahead to India's federal budget, that will be presented on Sunday, Shah said he expects fiscal consolidation to take a backseat, predicting a fiscal deficit of about 4.3%–4.4%, compared to 4.4% that was targeted for the current year, and gross borrowing of roughly 16.5–17 trillion rupees for the next financial year.

He added that the "best" phase for bonds may be behind, with inflation likely having passed its lowest point, while banking system liquidity appears to have peaked. Along with his expectation for the pace of fiscal consolidation to slow, these factors together cap the potential for a decline in bond yields.

($1 = 91.6575 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)

(([email protected];))

Adds management commentary in paragraphs 5, 10 and 12

By Nishit Navin and Ashwin Manikandan

Jan 26 (Reuters) - India's Axis Bank AXBK.NS reported a surprise rise in quarterly profit on Monday, supported by healthy loan growth, while provisions for potential bad loans fell sharply from the July-September quarter.

The private lender said its standalone net profit rose 3% year on year to 64.90 billion rupees ($709.04 million) for the three months ended December 31, while analysts had expected profit to fall to 60.79 billion rupees, according to data compiled by LSEG.

The profit beat came as advances rose and cost of funds eased, even as the bank's margin narrowed.

Advances jumped 14% year-on-year as the local festive season and sweeping consumption tax cuts spurred consumer spending.

In the medium to long term the bank will aim to "sustainably outpace" industry loan growth, chief executive Amitabh Chaudhry said in an earnings conference.

Deposits also rose 15%, with net interest income climbing 5% to 142.87 billion rupees.

Its provisions and contingencies fell 37% sequentially to 22.46 billion rupees. Provisions were elevated in the first two quarters of the fiscal due to a one-time benchmarking exercise in the first quarter and an additional one-time standard asset provision for discontinued crop loan products following an RBI advisory.

Its gross non-performing-asset ratio improved to 1.40% from 1.46% from the previous quarter, while its net interest margin dropped 9 basis points to 3.64% sequentially.

'ALL OPTIONS OPEN' FOR AXIS FINANCE

The bank is also evaluating "all options" for its consumer lending subsidiary Axis Finance, including a stake sale, the lender's executive director Subrat Mohanty said.

Reuters had reported last week that Axis Bank had put on hold plans to sell a stake in its consumer lending arm, Axis Finance, after the central bank eased proposed restrictions on overlapping business activities between banks and their subsidiaries.

The lender is looking at a combination of options such as capital infusion into the unit or getting a strategic partner through a stake sale to raise funds.

"There is also a possibility of the subsidiary by itself funding for future growth by deleveraging. All options are on the table," Mohanty said.

($1 = 91.5320 Indian rupees)

(Reporting by Nishit Navin; Editing by Janane Venkatraman and Tasim Zahid)

(([email protected];))

By Gopika Gopakumar, Vibhuti Sharma and Ashwin Manikandan

MUMBAI, Jan 23 (Reuters) - India's Axis Bank AXBK.NS has put on hold plans to sell a stake in its consumer lending arm, Axis Finance. after the central bank eased proposed restrictions on overlapping business activities between banks and their subsidiaries, three sources familiar with the matter told Reuters.

India's third-largest lender initiated the stake sale process in Axis Finance last year and appointed merchant bankers, after the Reserve Bank of India in 2024 proposed draft rules that barred banks from having overlapping businesses with subsidiaries.

Morgan Stanley had been appointed as a banker to the deal.

However, following a pushback from the industry, the RBI diluted its proposal in December 2025, permitting banks to continue with potentially overlapping non-bank businesses while ring-fencing them from banks' main operations.

The rules in their original form could have forced large banks, including HDFC Bank HDBK.NS, ICICI Bank ICBK.NS and Axis Bank AXBK.NS to either merge or divest non-bank lending businesses held as subsidiaries.

The change in rules has prompted a rethink at Axis Bank, the sources, directly familiar with the deal, said.

"Axis Finance is well-capitalised and does not need to rush into raising capital," said one of the sources, who declined to be named.

An email sent to Axis Bank and to Morgan Stanley was not answered.

Axis Finance, registered as a non-bank finance company, is set to submit a revised growth plan to the bank's board in April and will reevaluate its capital-raising needs thereafter, the person said.

A separate source, while not confirming that the deal is on hold, said the bank will approach the regulator with options for Axis Finance - including infusing fresh capital itself.

The deal to sell an initial 20% stake in the lender was estimated to be worth $350 million to $400 million, according to local media reports. Reuters could not independently confirm the value of the deal.

Homegrown private equity fund Kedaara Capital was most actively in discussions, the second of the three sources said.

A third source said the bids received were not lucrative enough, which prompted the bank to pull back on the sale after the recent change in regulations.

Axis Bank has invested 23.75 billion Indian rupees ($262.49 million) in Axis Finance over the past decade, according to the company's website. As of March 31, 2025, Axis Finance had assets under management of 415.83 billion rupees.

($1 = 90.4780 Indian rupees)

(Reporting by Gopika Gopakumar, Vibhuti Sharma and Ashwin Manikandan in Mumbai; Editing by Ros Russell)

(([email protected];))

Updates with more details

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 21 (Reuters) - State Bank of India's mutual fund unit has committed to pick up at least 10% of Adani Power's ADAN.NS nearly $820 million rupee-denominated bond issue, likely to be launched later this week, three merchant bankers said on Wednesday.

The mutual fund, India's biggest in terms of assets under management, is acting as one of the anchor investors for the issue, with a commitment of 7.50 billion rupees, the bankers said, requesting anonymity as they are not authorised to speak to the media.

The planned 75 billion-rupee issue would be the group's largest-ever rupee bond sale.

SBI Mutual Fund and Adani Power did not respond to email queries.

Adani Power is looking to raise 28.60 billion rupees through a two-year option and 26.90 billion rupees via a three-year note.

SBI MF will buy 4.50 billion rupees and three billion rupees of these papers as the anchor investor, the bankers said.

The Adani unit will pay a coupon of 8.00% and 8.20% on the two- and three-year bonds, and 8.30% and 8.40% on four- and five-year papers.

The remaining 6.75 billion rupees and 12.75 billion rupees will be raised through four- and five-year papers, respectively, the bankers said.

Trust Investment Advisors, ICICI Bank and Axis Bank are the arrangers for the issue.

The lenders have will also back the issue by providing commitments worth 3.31 billion rupees and 3 billion rupees, respectively, the bankers said.

The banks did not reply to an email seeking comment.

The bonds are rated 'AA' by Crisil and India Ratings, with the coupons set to step up by 25 basis points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone APSE.NS, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of India LIFI.NS.

($1 = 91.5630 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected];))

** Axis Bank AXBK.NS rises as much as 1.5% to 1,304.6 rupees, highest since July 19, 2024

** Co reports 14.1% y/y rise in gross advances, 15% rise in total deposits in Q3

** Citi anticipates corporate segment to have gained traction, recovery in retail segment, fuelled by pent up demand

** Says Q3 not expected to be as pronounced as Q1

** Macquarie Research says co saw strong deposit growth, outpacing loan growth, contrary to trends across peers, system

** Stock rated "buy" on avg; median PT is 1,385 rupees, per data compiled by LSEG

** AXBK last up 1%; gained ~19% in 2025

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Jan 5 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK - GROSS ADVANCES AS OF DEC 31 UP 14.1% Y/Y

• AXIS BANK - TOTAL DEPOSITS AS OF DEC 31 UP 15.0% Y/Y

Source text: ID:nnAZN4RR7FP

Further company coverage: AXBK.NS

(Reporting by Abhirami G from Bengaluru)

(([email protected];))

Dec 29 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK APPROVED OTS OF OUTSTANDING LOAN WITH CO FOR 700 MILLION RUPEES

Source text: ID:nBSEBHWs2

Further company coverage: AXBK.NS

(([email protected];))

MUMBAI, Nov 25 (Reuters) - India's Axis Bank AXBK.NS has accepted bids worth 50 billion rupees ($560.57 million) for infrastructure bonds maturing in 10 years, three bankers said on Tuesday.

The private-sector lender will pay an annual coupon of 7.27%, and had invited coupon and commitment bids from bankers and investors earlier in the day.

The lender did not reply to Reuters' email seeking a comment.

Here is the list of deals reported so far on November 25:

* Size includes base plus greenshoe for some issues

($1 = 89.1950 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

(([email protected]))

Nov 6 (Reuters) - Axis Bank Ltd AXBK.NS:

• JSW MG MOTOR INDIA PARTNERS WITH AXIS BANK TO PROMOTE EVS

Further company coverage: 600104.SS

(([email protected];;))

Updates for morning trade

By Bharath Rajeswaran and Vivek Kumar M

Oct 16 (Reuters) - India's benchmark shares rose on Thursday, driven by gains in private banks after Axis Bank's second-quarter results showed improved asset quality and better-than-expected net interest margins.

The Nifty 50 .NSEI rose 0.48% to 25,445.60 and the BSE Sensex .BSESN added 0.51% to 83,025.08 as of 10:23 a.m. IST.

The Nifty and Sensex are trading about 3% and 3.5% below their record high levels hit on September 2024.

Twelve of the 16 major sector logged gains. Private banks .NIFPVTBNK climbed 0.8%, led by a 3% jump in Axis Bank AXBK.NS.

Although the private lender posted a larger-than-expected drop in the September-quarter profit, several analysts pointed to improved operating performance and asset quality as positive factors.

The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gained 0.4% and 0.3%, respectively.

The two highest-weighted stocks - HDFC Bank HDBK.NS and ICICI Bank ICBK.NS - advanced 0.6% each. The third-heaviest stock, Reliance Industries RELI.NS, added 0.3%.

The three companies will report their quarterly results later in the week.

"The demand outlook for the rest of the financial year has brightened after the recent tax cuts, and could spark a virtuous cycle of earnings growth, lifting overall sentiment," said Amnish Aggarwal, director research, institutional equities at PL Capital.

Information technology .NIFTYIT stocks lost 0.4%. Infosys INFY.NS, the country's No. 2 software services provider, declined 0.7% ahead of its quarterly results due post market hours on Thursday.

Among individual stocks, Mangalore Refinery and Petrochemicals MRPL.NS jumped 2.4% after posting quarterly profit from a loss a year ago.

Realty developer Oberoi Realty OEBO.NS jumped 4.1% after reporting a 29% rise in the second-quarter profit.

Packaging solutions provider Huhtamaki India HUHT.NS surged 12% after logging a three-fold increase in quarterly profit.

Westlife Foodworld WEST.NS gained 2% after it maintained a status quo on royalty rate payable to McDonald's, which Investec termed as a positive for its operating profit and free cash flow.

($1 = 87.7440 Indian rupees)

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy and Janane Venkatraman)

(([email protected];))

Oct 15 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK Q2 NET PROFIT 50.9 BILLION RUPEES; IBES PROFIT EST. 58.63 BILLION RUPEES

• AXIS BANK Q2 GROSS NPA 1.46%

• AXIS BANK Q2 PROVISIONS AND CONTINGENCIES 35.47 BILLION RUPEES

• AXIS BANK Q2 NET INTEREST INCOME 137.45 BILLION RUPEES - REUTERS CALCULATION

Further company coverage: AXBK.NS

(([email protected];))

** Axis Bank AXBK.NS rises as much as 2.46% to a three-month high of 1,188 rupees apiece; stock last up 2%

** Morgan Stanley reiterates "overweight" and raises price target to 1,450 rupees from 1,325 rupees, implying an upside of 25%

** Morgan Stanley's price target is the second highest among 40 analysts tracking AXBK with an average rating of "buy" and median PT of 1,350 rupees - data compiled by LSEG

** Brokerage says net interest margins, growth and credit cost trends for AXBK will turn positive in 12 months

** Says margins will bottom out in December quarter and credit costs will improve in second half of fiscal 2026 and FY2027

** Says AXBK trading at discounts of 30% and 40% to peers HDFC Bank HDBK.NS and ICICI Bank ICBK.NS, and the valuation gap will narrow gradually

** AXBK up 8.9% YTD compared with 5% rise in Nifty 50 .NSEI

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Private lender Axis Bank AXBK.NS rises 2.1% to 1,168 rupees

** HSBC reiterates "buy" rating, lifts PT to 1,340 rupees from 1,270 rupees

** Earnings at an inflection point, brokerage says

** Two growth levers, lower credit costs and potential improvement in net interest margins, are expected to drive performance in the medium term - HSBC

** Notes, other factors such as stronger deposit growth and closing productivity gaps with larger peers will take longer to materialise

** Still, HSBC sees AXBK's earnings trajectory in FY26–28 as stronger than rivals HDFC Bank HDBK.NS and ICICI Bank ICBK.NS

** Average rating among 40 analysts tracking the stock is "buy"; median PT at 1,340 rupees, LSEG data shows

** AXBK has risen 7.5% in 2025; Nifty 50 .NSEI up 6.6%

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Jefferies removes Reliance Industries RELI.NS and Axis Bank AXBK.NS from its India long-only portfolio

** Adds Ambuja Cements ABUJ.NS, Ixigo LETR.NS and Lemon Tree Hotels with 4 percentage points weight

** RELI and AXBK down 0.6% and 0.2%, respectively, on the day; LETR and LEMO rise 2.4% and 1.2%, respectively

** Jefferies reduces weight of ICICI Bank ICBK.NS, JSW Energy JSWE.NS and REC RECM.NS each by 1 percentage point

** ICBK down 1.25%, JSWE and RECM up 1.7% and 0.6% respectively

** SBI Life Insurance SBIL.NS and Adani Ports APSE.NS have the highest weighting of 6% each in GREED & Fear's India long-only portfolio

(Reporting by Vivek Kumar M and Bharath Rajeswaran)

(([email protected];))

By Aditya Kalra and Tom Sims

NEW DELHI/FRANKFURT, Sept 1 (Reuters) - Deutsche Bank DBKGn.DE is exploring the sale of its Indian retail banking assets and has invited bids from domestic and foreign lenders in the country, two sources told Reuters, making it the latest foreign bank to consider trimming its bets on India.

The Germany-based bank has pledged to make its retail business more profitable. In March, CEO Christian Sewing said headcount at its retail bank will be cut by almost 2,000 people in 2025, with a "significant" reduction in branch numbers.

In India, Deutsche wants to completely sell its retail banking business, which spans 17 branches, according to the two sources with direct knowledge of the matter, who declined to be named as the discussions are private.

A Deutsche Bank DBKGn.DE spokesperson said it does not "comment on rumours or market speculation".

The sources said Deutsche had set an August 29 deadline for non-binding bids from several banks for its retail India assets. Details of any potential bids received were not immediately clear.

The valuation the bank is seeking for its India retail business was also not immediately clear.

(Reporting by Aditya Kalra and Tom Sims; Editing by Jan Harvey)

((Email: [email protected]; X: @adityakalra;))

MUMBAI, Aug 19 (Reuters) - India's Cube Highways Trust plans to raise 8.2 billion rupees ($93.88 million) for the sale of bonds maturing in three years and six months and 10 years, three bankers said on Tuesday.

It will pay a coupon of 6.9300% and 7.3015%, respectively, on a quarterly basis, and has invited commitment bids for the issue later in the day, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 19:

*Size includes base plus greenshoe for some issues

($1 = 87.3440 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia)

(([email protected], [email protected]))

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Aug 5 - By Nidhi C Sai, Editor Online Production, with global Reuters staff

Trump's trade punches on India appear to be heavy. A sweeping 25% tariff on key exports from the nation and a threat to "substantially" raise it over its Russian oil purchases look set to upend months of negotiations and squeeze labour-intensive sectors in the world's fifth-largest economy.

While those moves are making some Indian companies ponder their future, U.S. firms are unlikely to blink. From Apple AAPL.O to Google, big names are doubling down on India and betting on its long-term promise despite the rising geopolitical heat. That's our focus this week.

We also detail how a Chinese missile, an intelligence lapse, and a surprise strike helped Pakistan shoot down a Rafale fighter jet, marking one of the most dramatic air battles in years. Scroll down for more on that.

THIS WEEK IN ASIA

** South Korea, US prepare for summit with details of trade deal unresolved

** China's independent oil firms elbow into Iraq's majors-dominated market

** Japan ready to compile extra budget to cushion US tariff blow, PM Ishiba says

** China's solar giants quietly shed a third of their workforces last year

** Old trees and ageing farmers worsen outlook for top palm oil exporters

KICKED IN THE TEETH BY US TARIFFS

India is bracing for fresh pain on trade as U.S. President Donald Trump imposed 25% tariffs on a wide range of its goods, treating Asia's third-largest economy more harshly than other major U.S. partners.

And in a move that India said was unjustified, Trump threatened to raise tariffs again over its purchase of oil from Russia.

The tariff imposition is expected to ripple through India's export engine. High-employment sectors, especially readymade garments, gems, jewellery, electronics and marine products, face steep duties in their crucial U.S. market.

"While further trade talks may bring the tariff rate down, it appears unlikely that India will secure a significantly better outcome than its eastern neighbours," said Priyanka Kishore, an economist at Asia Decoded.

Economists warn of a near-term hit to India's growth and sentiment. The rupee weakened after last week's announcement, and some analysts expect up to 40 basis points shaved off GDP in the year to March 2026 if the tariffs stay.

"If these tariffs remain in place, they could undermine India's growing appeal to businesses seeking trade diversion in low-value-added manufacturing sectors," said Raphael Luescher, Co-Head of EM equities at Vontobel.

India's $45.7 billion trade surplus with the U.S., which is equivalent to 1.2% of GDP in 2024, has been a major source of resilience amid global slowdowns. Halving that, some analysts say, could dent the 'safe haven' narrative that's helped India attract global capital even as China cools.

The most immediate pain is in workforce-heavy sectors. Apparel exporters such as Welspun Living WLSP.NS, Gokaldas Exports GOKL.NS, and Indo Count ICNT.NS, who send up to 70% of their output to the U.S., have warned of potential order losses and delayed expansion. Diamond and jewellery firms too are forecasting a slump in shipments ahead of the vital holiday season. The U.S. is India's largest market for garments and jewellery, with nearly $22 billion in exports in 2024.

"A blanket tariff of this magnitude will inflate costs, delay shipments, distort pricing, and place immense pressure on every part of the value chain, from lower-level worker to large manufacturers," said Kirit Bhansali, chair of the Gem & Jewellery Export Promotion Council.

The Indian government, under pressure to protect farmers ahead of elections in a key state, has refused to concede on agricultural access - a major U.S. demand. That has stalled trade talks despite months of backchannel engagement. In Parliament, trade minister Piyush Goyal said India remains committed to "protecting and promoting the welfare" of its farmers and entrepreneurs.

US FIRMS LIKELY TO STAY THE COURSE

Even as Trump's latest tariffs threaten to disrupt India's China-plus-one ambitions, U.S. corporate confidence in the country is expected to remain firm, driven by its vast consumer market and limited manufacturing and investment ties to Beijing.

Apple has become more reliant than ever on India to feed its U.S. supply chain. Nearly all of Foxconn's 2317.TW $3.2 billion worth of iPhones exported from India between March and May went to the U.S. Between April and June, 71% of iPhones sold in the U.S. were India-made, up from just 31% a year ago.

"Making supply chain adjustments, particularly with new iPhone models nearing release, is unlikely due to the complex factors involved," said Tarun Pathak of Counterpoint Research. "It is expected to be business as usual."

Apple is not alone. Alphabet's GOOGL.O Google is investing $6 billion in Andhra Pradesh to build Asia's largest data center by capacity, including $2 billion in renewable energy. Drugmaker Amgen's AMGN.O CEO said in February the company will invest about $200 million in an AI-driven innovation hub in southern India, and Tesla TSLA.O launched its Model Y SUV in Mumbai just last month, despite import tariffs in India that can exceed 100% on cars.

U.S. retailer Costco COST.O is also joining the fray, with plans to open its first Global Capability Centre in Hyderabad, focused on technology and research operations that will initially employ 1,000 people and scale up.

India's growing local component ecosystem, wage levels around half of China's, and federal incentives make it more cost-competitive than ever, especially in tech and electronics manufacturing. In sectors such as pharmaceuticals and chemicals, exposure to the U.S. remains high, but players are already seeking workarounds or shifting supply chains to protect earnings.

In this standoff, short-term pain may sting India, but long-term positioning is still in play. Talks are expected to resume in mid-August, and while a quick breakthrough may not materialise, analysts say the fundamentals of India's economic story remain intact.

Sign up for the Reuters Tariff Watch newsletter here.

Can India shield its politically sensitive farm sector and stop its Russian oil purchases while keeping its trade ties with Washington from unravelling? Or will economic pragmatism force a compromise in the face of Trump's tariff shock? Write to me at [email protected].

THE WEEK'S MUST READ

A Chinese-made missile and an intelligence lapse helped Pakistan shoot down a Rafale fighter jet during a major India-Pakistan aerial clash in May, officials said. The Pakistani J-10C fired a PL-15 missile from around 200 km (124.3 miles), farther than Indian pilots had expected, after Delhi underestimated the missile's true range. The hour-long battle, involving about 110 aircraft, followed Indian strikes on Pakistan after a deadly militant attack in Indian Kashmir.

Pakistan used a "kill chain" linking Chinese jets, radar, and surveillance planes to track Indian aircraft without detection.

The incident raised doubts over Western fighter jets' dominance and boosted interest in Chinese alternatives like the J-10.

Dive into this insight by Reuters journalists Saeed Shah and Shivam Patel on how Pakistan brought down India's top fighter jet with Chinese tech.

MARKET MATTERS

Indian banks are tightening consumer lending just as rate cuts kick in, raising fears that cautious credit and weak household finances could dampen a consumption-led recovery.

Lenders are slowing disbursals for personal loans, credit cards, and vehicle financing. Growth in these segments slipped to single-digit percentage in May, from between 15% and 26% a year earlier, Reserve Bank of India data showed.

Top privately owned banks such as HDFC Bank HDBK.NS, ICICI Bank ICBK.NS, Axis Bank AXBK.NS, and Kotak Mahindra Bank KTKM.NS as well as large non-bank lender Bajaj Finance BJFN.NS have seen bad loans rise in the April-June quarter, hitting their bottom lines.

Read this in-depth report by Reuters journalists Jaspreet Kalra and Ashwin Manikandan.

(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)

(([email protected]; +91 70456 55251))

Adds details in paragraph 4; background in paragraphs 3, 6 and 7

Aug 4 (Reuters) - India's IndusInd Bank S> said on Monday that its board has appointed Rajiv Anand as chief executive officer for a three-year term starting August 25.

Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank AXBK.NS, and has held key management positions at leading global financial institutions.

He was one of three candidates shortlisted by the bank's board, Reuters reported last month. The two other candidates were Rahul Shukla and Anup Saha.

Anand's appointment was confirmed following the Reserve Bank of India's (RBI) clearance, which has the final authority on senior banking appointments.

IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

In the absence of a chief executive, the bank has been steered by the board and a panel of two senior officials.

Last week, the Mumbai-based bank said its "financials have returned to profitability", as it swung back to profit in the first quarter after its biggest-ever loss in the previous three months.

(Reporting by Mrinmay Dey in Bengaluru and Ira Dugal in Mumbai; Editing by Vijay Kishore and Shailesh Kuber)

(([email protected]; +91 7362903319;))

** Shares of Axis Bank AXBK.NS are up 0.5% at 1078 rupees

** Stock is down 10% in July, set for its worst month since November 2021

** Earlier this month, the private-lender reported a fall in first-quarter profit hurt by higher provisions for bad loans

** Since then, stock has lost 7%

** AXBK up 1% so far in 2025 vs a 14% rise in the Nifty Financial Services index .NIFTYFIN

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

July 19 (Reuters) - HDFC Bank HDBK.NS, India's largest private bank by market capitalisation, reported higher-than-expected quarterly profit on Saturday due to a surge in interest income from loans and treasury gains, even as provisions for bad loans spiked.

The bank's standalone net profit rose 12.2% to 181.55 billion rupees ($2.11 billion) in the April-to-June quarter, above the average analyst forecast of 172.84 billion rupees, according to data compiled by LSEG.

The bank's net interest income - the difference between interest earned on loans and paid on deposits - rose 5.4% to 314.38 billion rupees.

Other income, typically backed by treasury gains and fees on services, more than doubled to 217.29 billion rupees in the quarter.

HDFC Bank's provisions for bad loans, however, jumped five-fold to 144 billion rupees.

The bank, in its exchange filing, said most of these provisions were not linked to any actual bad loans but instead acted as a "countercyclical buffer for making the balance sheet more resilient."

Indian lenders have been grappling with an increase in bad loans in segments such as microfinance and unsecured portfolio, which have forced them to set aside more funds for potential defaults and to strengthen their balance sheets.

On Thursday, HDFC Bank peer Axis Bank AXBK.NS saw its new bad loans double due to a market benchmarking exercise.

While overall bank credit growth has slowed in India, HDFC Bank posted growth of 6.7% for its overall loan book, driven by a 17.1% rise in loans to small and medium businesses.

The private lender also approved its first ever bonus share issue on Saturday, meaning each of its shareholders will be eligible to receive an extra bonus share for every share held. The date of issuance is still to be determined, the bank said.

In a bonus issue, a company distributes additional stock to shareholders as a proportion of their holdings at no cost. It is typically a sign of confidence in financial performance and growth trajectory.

The board has also approved a special dividend of 5 rupees per share.

($1 = 86.1450 Indian rupees)

(Reporting by Ashwin Manikandan; Editing by Joe Bavier)

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July 18 (Reuters) - India's Axis Bank AXBK.NS shed 4.6% on Friday, a day after the private lender reported an unexpected drop in June quarter profit, with analysts citing higher credit costs and margin pressures as key concerns.

The stock was the top loser on Nifty Bank .NSEBANK and Nifty Private Bank .NIFPVTBNK, which were trading 0.4% and 0.9% lower, respectively.

It also fell the most on benchmark Nifty 50 .NSEI, which was trading flat.

India's fourth-largest private lender by market value reported a surprise lower quarterly profit drop on Thursday, as its bad loans surged after a one-time industry benchmarking exercise. Its net interest margin also contracted to 3.8% from 4.05%.

The bank's new asset recognition norms weighed on asset quality, with high credit costs adversely impacting the profit, BOBCaps analysts said.

(Reporting by Kashish Tandon in Bengaluru)

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BENGALURU, July 17 (Reuters) - Indian private lender Axis Bank AXBK.NS reported a fall in first-quarter profit on Thursday, hurt by higher provisions for bad loans.

The country's fourth-largest private lender by market capitalisation reported a standalone net profit of 58.06 billion rupees ($674.8 million) for the quarter ended June 30, compared with a profit of 60.35 billion rupees a year earlier.

($1 = 86.0460 Indian rupees)

(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)

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Adds details, background from paragraph 2 onwards

July 2 (Reuters) - India's Max Financial Services MAXI.NS said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender.

The company has initiated a security assessment and data log analysis, Max Financial said.

"A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary" the company said in a statement.

Axis Max Life Insurance is a joint venture between private lender Axis Bank AXBK.NS and Max Financial.

Indian firms such as Angel One ANGO.NS, Niva Bupa Health Insurance NIVA.NS and Star Health STAU.NS and HDFC Life Insurance HDFL.NS have reported high-profile security breaches in the past 10 months.

The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems.

Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year.

Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021.

(Reporting by Manvi Pant; Editing by Shreya Biswas and Tasim Zahid)

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June 27 (Reuters) - Axis Bank Ltd AXBK.NS:

• AXIS BANK LTD - FINE REDUCED FROM 26.4 MILLION RUPEES TO 3.9 MILLION RUPEES

Source text: ID:nNSESHl3k

Further company coverage: AXBK.NS

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