HDFCBANK

Feb 18 (Reuters) - Elliott Investment Management L.P.:

• ELLIOTT INVESTMENT MANAGEMENT L.P. REPORTS SHARE STAKE OF 264,850 SHARES IN FS KKR CAPITAL CORP - SEC FILING

• ELLIOTT INVESTMENT MANAGEMENT L.P. REPORTS SHARE STAKE OF 216,756 SPONSORED ADS IN HDFC BANK LTD - SEC FILING

• ELLIOTT INVESTMENT MANAGEMENT L.P. DISSOLVES SHARE STAKE IN OXFORD LANE CAPITAL CORP - SEC FILING

• ELLIOTT INVESTMENT MANAGEMENT : CHANGE IN HOLDINGS ARE AS OF DEC 31, 2025 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF SEPT. 30, 2025

Source for the quarter ended December 31, 2025: https://bit.ly/3OkDOTa

Source for the quarter ended September 30, 2025: https://bit.ly/4oKd0Jk

Updates for market close

By Bharath Rajeswaran and Vivek Kumar M

Feb 16 (Reuters) - India's equity benchmarks snapped a two-session losing streak on Monday on value buying in specific stocks, including heavyweights HDFC Bank and Reliance Industries.

The Nifty 50 .NSEI rose 0.83% to 25,682.75, while the BSE Sensex .BSESN added 0.79% to 83,277.15. They had fallen about 2% in last two sessions, led by IT losses.

India's heaviest-weighted stock HDFC Bank HDBK.NS rose 2.4%, snapping seven-session losing streak, where it lost 5.1%.

Another index heavyweight Reliance Industries RELI.NS rose 1.2% after falling 3.3% in the last two sessions.

"There is some value buying as well as churn from IT towards other sectors," said Anita Gandhi, head of institutional business at Arihant Capital Markets.

"With earnings season behind and U.S. trade deal largely factored in by markets, we expect benchmarks to consolidate in the near-term with positive bias."

Fifteen of the 16 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 0.1% and 0.5%, respectively.

IT stocks .NIFTYIT posted marginal gains, rising 0.2% after last week's sell-off on anxiety around AI automation tools and their impact on traditional software businesses.

IT index lost 8.2% last week, its worst showing in 10 months.

The lingering concerns over tech stocks also weighed on Fractal Analytics' FRAL.NS public market debut on Monday, with shares of the country's first pure-play AI firm falling 5.9%.

The pharma index .NIPHARM rose 0.9%, led by Torrent Pharma TORP.NS which gained 4.5% on an uptick in December-quarter profit.

Among other stocks, stock exchange operator BSE BSEL.NS dropped 7.3%, while brokers such as Groww BILO.NS and Angel One ANGO.NS lost 1.7% and 4.7%, respectively, after the central bank tightened capital market lending norms.

Firstcry BRAE.NS tumbled 11.3% after its quarterly losses widened due to quick-commerce-led discounting, supply disruptions and lower margins.

Natco Pharma NATP.NS climbed 7% after it received approval to launch in India the generic version of diabetes and weight-loss drug semaglutide.

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

(([email protected];))

Feb 11 (Reuters) - India's central bank has given approval to ICICI Prudential Asset Management Company IICL.NS and other ICICI group entities to raise their stake in HDFC Bank HDBK.NS to as much as 9.95%, HDFC said in a filing late on Wednesday.

As of February 6, ICICI group entities held a total 4.07% stake in the lender, it said. HDFC Bank, India's largest bank by market value, has a valuation of about $157 billion.

The Reserve Bank of India's approval, which followed an application by ICICI AMC, is valid for one year. ICICI and its group entities must also ensure their holding in HDFC Bank does not exceed 9.95% at all times.

If ICICI group's stake in the lender falls below 5%, it will need fresh RBI approval to raise the shareholding to 5% or more.

(Reporting by Abu Sultan in Bengaluru; Editing by Krishna Chandra Eluri)

(([email protected];))

Jan 27 (Reuters) - Shah Alloys Ltd SHAA.NS:

• SHAH ALLOYS LTD - BOARD APPROVES ONE TIME SETTLEMENT WITH HDFC BANK

• SHAH ALLOYS LTD - APPROVED ONE TIME SETTLEMENT WITH HDFC BANK

• SHAH ALLOYS LTD - AGREED AMOUNT OF 180 MILLION RUPEES TO BE PAID

Source text: ID:nBSEbGK2pf

Further company coverage: SHAA.NS

(([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];))

** HDFC Bank HDBK.NS reported a higher-than-expected Q3 profit on Saturday as loan growth remained strong and margins improved sequentially

** Stock down about 0.9% on the day, tracking drop in the benchmarks

HEALTHY LOAN GROWTH, STABLE ASSET QUALITY

** Jefferies ("Buy"; PT: 1,240 rupees) says bank is among its top picks on stable asset quality and management's move to shed costly deposits to lift NIM

** Says, growth expected to recover and lower the loan-deposit ratio (LDR)

** CLSA ("Outperform"; PT: 1,200 rupees) says asset quality remains "pristine" while net interest margins improve, terms it a "strong alpha idea" for India portfolio

** UBS ("Buy"; PT: 1,175 rupees) terms quarterly performance "inline" and commentary strong as management expects loan growth to accelerate and LDR to decline

** Macquarie ("Outperform"; PT: 1,200 rupees) says LDR no longer a constraint for growth; sees stable asset quality and margin tailwinds on deposit repricing as positives

** Nomura ("Buy"; PT: Cut to 1,080 rupees from 1,120 rupees) terms loan growth in the December quarter "healthy", says asset quality remains stable

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

MUMBAI, Jan 17 (Reuters) - Indian private lender HDFC Bank HDBK.NS reported a higher-than-expected profit for the third quarter on Saturday as loan growth remained strong and margins improved sequentially.

The country's largest private lender by market capitalisation posted a standalone net profit of 186.53 billion Indian rupees ($2.06 billion) for the three months ended December 31, an 11.5% increase from 167.35 billion rupees a year earlier. Analysts had expected a profit of 183.7 billion rupees, according to data compiled by LSEG.

The Mumbai-based lender's net interest income rose 6.4% to 326.2 billion rupees, while its net interest margin improved to 3.35% from 3.27% in the previous quarter.

The Reserve Bank of India cut its benchmark interest rate by a cumulative 125 basis points since February 2025 to spur consumption and investment. Banks are seeing a pick-up in margins, which had been squeezed earlier in the year as loans repriced faster than deposits.

HDFC Bank, which has been shoring up its deposit base after a merger with its parent HDFC two years ago, said deposits grew 11.6% in the quarter from a year earlier.

Loans grew 12%, driven by a pick-up in large corporate and small business loans.

The Mumbai-based lender's asset quality was stable with a gross non-performing asset ratio of 1.24% at the end of December, the same as three months earlier.

Funds set aside for potential bad loans and other losses fell 10% from a year earlier to 28 billion rupees.

($1 = 90.6820 Indian rupees)

(Reporting by Ashwin Manikandan and Ira Dugal in Mumbai; Editing by Ronojoy Mazumdar, Kirsten Donovan)

(([email protected];))

Jan 15 (Reuters) - India's HDFC Life Insurance HDFL.NS reported a marginal rise in third-quarter profit on Thursday, as a higher premium collection driven by tax cuts more than made up for an increase in expenses.

The insurer's net profit rose 1.4% to 4.21 billion rupees ($46.62 million) for the three months ended December 31, up from 4.15 billion rupees a year earlier.

Demand for insurance products grew in the third quarter, supported by the government's move to slash goods and services tax (GST) on life insurance products to zero from 18%.

HDFC Life's net premium income grew 8.8% to 182.42 billion rupees. However, its management expenses rose 30% to 45.33 billion rupees driven by higher employee-related costs and operating expenses.

Annualised premium equivalent sales from individual policies, a key metric that calculates the annualised total value of single and recurring premium policies, rose nearly 13% to 35.17 billion rupees during the quarter, according to Reuters' calculation.

The number of policies sold recorded double-digit growth during the quarter, HDFC Life said.

"We expect this momentum to sustain into Q4, supporting a balanced and healthy full-year outcome," Chief Executive and Managing Director Vibha Padalkar said in a statement.

However, the government's move to do away with GST for insurance products also hurt insurers' margins as they could no longer claim the input tax credit.

HDFC Life's value of new business (VNB), or expected profit from new policies, increased 2.7% to 9.55 billion rupees for the reported quarter, per Reuters' calculation.

Without the GST cut and a regulation change regarding surrender charges, VNB growth for the quarter would have been 11%, the company said.

Its margins from new business for the nine months ended December 31 contracted to 24.4% from 25.1% a year earlier.

($1 = 90.2960 Indian rupees)

(Reporting by Hritam Mukherjee and Nishit Navin in Bengaluru)

(([email protected]; X: @MukherjeeHritam;))

Jan 14 (Reuters) - India's HDB Financial Services HDBF.NS posted a near 36% rise in third-quarter profit on Wednesday, aided by improved loan growth.

Net profit rose to 6.44 billion rupees ($71.3 million) for the quarter ended December 31 from 4.72 billion rupees a year earlier.

($1 = 90.3580 Indian rupees)

(Reporting by Nishit Navin; Editing by Ronojoy Mazumdar)

(([email protected];))

By Nishit Navin and Bharath Rajeswaran

Jan 12 (Reuters) - Indian banks are expected to post better annual and sequential earnings in the December quarter, supported by improving loan growth and stable asset quality, though pressure on deposit growth is likely to cap upside, brokerages said.

Analysts expect private sector banks to post average profit after tax growth of about 3.5%–5% year-on-year for October-December, higher than the 2% rise in the year-ago period. State-owned lenders are seen registering a more modest 2.5%–3% rise.

Credit momentum, the pace of loan growth, has strengthened in recent months on festive-season spending and Goods and Services Tax (GST) cuts, signalling a rebound in credit appetite in the world's fastest-growing major economy. Major lenders posted double-digit loan growth in the December quarter.

Net interest income (NII) is expected to improve sequentially as loan growth picks up.

"NII is likely to see a sequential uptick in the December quarter, driven by better loan growth," said Vishal Narnolia, assistant vice-president, research, at ICICI Securities.

Motilal Oswal estimates NII growth of around 6% year-on-year and 4% quarter-on-quarter in the third quarter.

Net interest margins (NIMs) are expected to remain flat, as the benefits of lower term deposit rates and recent cash reserve ratio (CRR) cuts offset the lagged impact of cumulative rate cuts.

The Reserve Bank of India has cut the repo rate by 125 basis points since February 2025. Asset quality is expected to remain stable, with easing stress in unsecured retail and microfinance portfolios, while provisions are expected to fall sequentially.

Among non-bank lenders, a recovery in demand across select segments and stable asset quality should underpin performance in the December quarter.

Gold financiers, such as Manappuram Finance MNFL.NS and Muthoot Finance MUTT.NS, are expected to post about 39% growth in assets under management on strong gold loan demand, while vehicle financiers should benefit from improved disbursement momentum amid pent-up demand, tax cuts and festive tailwinds.

By contrast, housing finance companies may report weaker disbursements due to intense competition from banks.

Outside lending, exchanges and brokers are expected to post robust revenue growth on a recovery in derivatives volumes and a rise in commodity trading activity.

Life insurers are also seen reporting strong earnings, supported by tax cuts that boost protection demand, and lower interest rates.

Looking ahead, Narnolia said the March quarter should benefit from deposit repricing and a pickup in unsecured retail segments such as microfinance and credit cards, though lending yields will remain under pressure after the RBI's latest rate cut.

(Reporting by Nishit Navin and Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

(([email protected];))

** HDFC Bank HDBK.NS drops 1.4% to 933.3 rupees, shedding 6.2% so far this week; among biggest pct losers on Nifty bank .NSEBANK index

** Stock marks biggest weekly drop since mid January 2024

** Weekly drop due to concerns over slow deposit growth after co's quarterly update

** Over 31.7 mln shares traded, 1.7x the 30-day avg

** Stock rated "buy" on avg; median PT is 1,170 rupees, per data compiled by LSEG

** In 2025, HDBK gained 12% vs NSEBANK's ~17% climb

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Jan 7 (Reuters) -

** India's Nifty 50 .NSEI and Sensex .BSESN drop 0.3% each, set for third straight session of losses

** Benchmarks consolidating near record high levels as investors track quarterly business updates from companies and geopolitical tensions, per analysts

** Eleven of the 16 major sectors trade lower; mid-caps .NIFMDCP100 and small-caps .NIFSMCP100 up 0.2% and 0.1%, respectively

** Heavyweight HDFC Bank HDBK.NS down 1.4%, biggest drag on benchmarks; falls for third session on concerns over slow deposit growth

** Jewellers' shares jump 2%-12% after strong sales update for December quarter; Titan TITN.NS hits record high

** IT stocks .NIFTYIT jump 1.5%, among top sectoral gainers

(Reporting by Vivek Kumar M)

(([email protected];))

Updates for markets close

By Bharath Rajeswaran and Vivek Kumar M

Jan 6 (Reuters) - Indian equity benchmarks slipped from near record highs on Tuesday, weighed down by heavyweight stocks Reliance Industries and HDFC Bank, while quarterly business updates drove stock-specific moves.

The Nifty 50 .NSEI fell 0.27% to 26,178.7 and the Sensex .BSESN lost 0.44% to 85,063.34. The indexes are down 0.6% and 0.8% in two sessions.

Ten of the 16 major sectors gained. Small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dropped 0.2% each.

Reliance Industries RELI.NS, the second-heaviest stock on the benchmarks, slid 4.5%, its steepest one-day percentage fall since June 4, 2024, when India's general election results were announced.

The decline followed Reliance's statement that it does not expect Russian crude deliveries in January after U.S. President Donald Trump warned Washington could raise tariffs on India over its oil purchases.

A persistent negative rhetoric from Trump could have a detrimental effect on India's stock market at a time when it has been anticipating the capping of U.S. tariffs to 25% from the current 50% and the subsequent finalisation of a full trade deal, said Vinod Nair, head of research at Geojit Investments.

The concerns over rising competition in retail segment also weighed on Reliance's shares following Trent's TREN.NS weaker-than-expected sales growth for the December quarter.

The apparel retailer's shares slumped 8.6% on the day.

Meanwhile, CLSA removed Reliance from its India model portfolio.

India's largest private lender HDFC Bank HDBK.NS dropped 1.6%, adding to Monday's 2.4% drop, on concerns over slower deposit growth.

ICICI Bank ICBK.NS jumped 2.9% and led financials .NIFTYFIN 0.3% higher on optimism over improvement in credit growth and earnings for the sector in the December quarter.

JSW Steel JSTL.NS dropped 0.8%, while Tata Steel TISC.NS came off highs after Reuters reported that companies breached antitrust law.

Apollo Hospitals APLH.NS jumped 3.7% and topped the gainers list on Nifty after Citi raised price target for the stock on strong earnings visibility.

(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich, Janane Venkatraman and Nivedita Bhattacharjee)

(([email protected];))

Adds details throughout

Jan 5 (Reuters) - IndusInd Bank INBK.NS on Monday reported a sequential decline in loans for a fourth straight quarter, reflecting continued pressure on the private lender's growth.

Loans dropped 2.2% quarter-on-quarter in the October–December period, while deposits rose 1.1%, it said.

On a year-on-year basis, loans fell 13.1%, while deposits dropped 3.8%.

This is in contrast to other major lenders like HDFC Bank HDBK.NS and Kotak Mahindra Bank KTKM.NS, which have reported double digit year-on-year loan growth for the December quarter, signalling a rebound in credit demand in the world's fastest-growing major economy.

IndusInd Bank has been under pressure since disclosing a $230 million hit in the year ended March 31, 2025 due to misaccounting in internal derivative trades, which raised concerns over governance and led to the resignations of the then CEO Sumant Kathpalia and deputy chief Arun Khurana.

Veteran banker Rajiv Anand took the helm at IndusInd in August after receiving regulatory approval from the Reserve Bank of India.

IndusInd shares, which had fallen sharply post the misaccounting disclosure, have largely recovered. However, loan and deposit growth has remained under pressure.

The lender's current account and savings account (CASA) ratio – a key measure of low-cost deposit base and operational efficiency – declined to 30.3% from 30.7% in the previous quarter and 34.9% a year earlier.

(Reporting by Nishit Navin; Editing by Shailesh Kuber)

(([email protected];))

By Aditya Kalra and Miho Uranaka

NEW DELHI/TOKYO, Dec 17 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) 8306.T is set to invest more than $4 billion for a roughly 20% stake in Indian non-bank financial company Shriram Finance SHMF.NS, with the deal to be closed on Friday, two people with knowledge of the matter said.

MUFG declined to comment, while Shriram Finance did not respond to Reuters' queries.

It would be the latest in a string of overseas expansion deals by Japanese banks, which are looking for stronger growth than is available in a domestic market where the population is ageing and declining. India has become a popular destination due to its fast-growing economy.

Larger Japanese rival Sumitomo Mitsui Financial Group 8316.T bought 24.2% of Indian lender Yes Bank YESB.NS this year, starting with a 20% stake for $1.6 billion in May.

Japan's Mizuho Securities said on Wednesday it would buy a majority stake in Indian investment bank Avendus from U.S. investment firm KKR KKR.N for up to 81 billion yen ($523 million).

Bloomberg reported on Monday that MUFG may invest more than $3.2 billion in the Shriram Finance deal, but the two sources said the amount will be much higher.

While both said the amount will be in excess of $4 billion, one of the sources put the number at about $4.3 billion, or 390 billion Indian rupees. They declined to be named because the details are confidential.

Shriram Finance late on Tuesday told Indian stock exchanges that its board would meet on Friday to discuss and approve a proposal to raise funds, without elaborating.

Shriram Finance is one of India's biggest retail non-banking financial entities, offering credit solutions for commercial vehicles, cars, scooters and personal loans. Its assets under management stood at 2.8 trillion Indian rupees, or $31 billion, as of the end of September.

(Reporting by Aditya Kalra in New Delhi and Miho Uranaka in Tokyo; Additional reporting by Vibhuti Sharma and Gopika Gopakumar; Editing by Jamie Freed)

(([email protected]; +85228436590; Reuters Messaging: [email protected]))

Oct 30 (Reuters) - HDFC Bank Ltd HDBK.NS:

• HDFC BANK - RE-APPOINTMENT OF MR. KAIZAD BHARUCHA AS DEPUTY MANAGING DIRECTOR

Source text: ID:nBSE1zZC54

Further company coverage: HDBK.NS

(([email protected];))

• India's HDFC Bank expects Oct retail inflation to plunge to its lowest-ever level

• "As per our preliminary estimates, we are tracking the October CPI print in the range of 0.2%-0.5%," principal economist Sakshi Gupta says

• Says if food prices decline faster or if GST rate cut pass-through is higher than 50% on average, there is possibility that CPI may be zero or marginally negative

• CPI ex-gold for Oct already in negative zone

• Bank revised FY inflation forecast to 2%-2.2% from 2.5%, views Nov inflation to be below 1%

• Retail inflation in Sept at 1.54%, lowest level in eight years

• Current and forward-looking inflation trajectory raises chance of 25 bps Dec rate cut - HDFC

(Reporting by Dharamraj Dhutia)

(([email protected]))

BENGALURU, Oct 15 (Reuters) - India's HDFC Life Insurance HDFL.NS reported a higher second-quarter profit on Wednesday, driven by strong demand for retail insurance products and a pickup in market-linked plans.

Net premium income for the quarter rose 13% to 187.77 billion rupees ($2.13 billion), supported by an 11% increase in one-time premiums, and a 17% growth in premiums from older policies which were renewed.

However, commission paid for sales jumped 25%, hitting the bottom line.

The insurer's net profit rose 3.3% year-on-year to 4.47 billion rupees for the quarter ended September 30.

Analysts said that robust retail demand for life insurance helped HDFC Life in July–September while demand for market-linked products also recovered.

Market-linked policies, which generate lower margins, made up 42% of HDFC Life’s product mix at September-end, up from 36% a year earlier, and 38% at the end of June.

The value of new business rose nearly 8% to 10.09 billion rupees, according to a Reuters' calculation. The margin on the new business value stood at 24.5%, down from 25% at June-end.

Annual premium equivalent sales — a key metric of new policy growth — rose 10% to 74.13 billion rupees for the half year.

Analysts have warned that the government's move to cut goods and services tax on life insurance products to 0% from 18% could weigh on insurers' profitability in the coming quarters.

While the tax cut improves affordability for customers and may aid volume growth, it eliminates insurers’ ability to claim input tax credit on services used to deliver these products.

Shares of HDFC Life ended 2.4% higher ahead of the results.

($1 = 88.0190 Indian rupees)

(Reporting by Nishit Navin; Editing by Eileen Soreng and Mrigank Dhaniwala)

(([email protected];))

By Bharath Rajeswaran and Nishit Navin

BENGALURU, Oct 9 (Reuters) - Indian banks are poised to report subdued earnings for the September quarter, weighed down by tepid loan demand across retail and corporate segments and margin contraction due to rate cuts by the central bank, analysts said.

The Reserve Bank of India has lowered its interest rate by 100 basis points this year to revive consumption and investment amid a slowing economy. Rate cuts tend to squeeze banks' margins in the short term, as lenders reduce loan rates faster than they adjust deposit rates.

Analysts forecast private banks to post a year-on-year decline in profit in the September quarter, while net interest income (NII) may see only a marginal uptick.

Sector-wide profit is forecast to fall 7%-12% year-on-year in the quarter, with state-owned banks underperforming larger peers.

Jefferies estimates profits of large banks will fall 12% year-on-year, after posting an 8% growth in the year-ago quarter and a marginal 2% growth in the June quarter.

The brokerage forecasts 5% drop in profit for private lenders and a 20% decline for public sector banks. It expects loan growth at roughly 11% and a flat NII.

Axis Bank AXBK.NS will kick off the banking sector earnings on October 15, followed by Federal Bank FED.NS, ICICI Bank ICBK.NS, IDFC Bank IDFB.NS, IndusInd Bank INBK.NS later in the week.

"Asset quality trends are likely to remain stable due to controlled slippages and robust provision coverage ratios," said Nitin Aggarwal of Motilal Oswal.

Nomura added that stress in unsecured retail and microfinance portfolios remains elevated but delinquency trends are improving, although a gradual profit recovery is likely from the second half of fiscal 2026.

Loan growth is expected to remain muted at around 10% in the September quarter, with corporate and big-ticket retail demand still soft.

Rising bond yields are also likely to weigh on treasury income. "With bond yields rising, treasury gains will not cushion earnings in the September quarter," Axis Securities said.

Analysts expect a recovery from the second half of fiscal year 2026, driven by stronger consumption, government tax relief, and faster growth in unsecured credit.

"We expect the September quarter to mark a turning point, with earnings momentum improving from the December quarter onwards as margin pressure eases and asset quality trends strengthen," said Ankit Bihani, analyst at Nomura.

With the RBI keeping rates unchanged in recent meetings, banks' margins are expected to get some relief from the ongoing quarter as borrowing costs fall and deposit rates adjust.

Banks .NSEBANK, private lenders .NIFPVTBNK and state-owned banks .NIFTYPSU have gained 10.1%, 10.6% and 15% year-to-date, outperforming the Nifty 50's .NSEI 6% rise.

(Reporting by Nishit Navin and Bharath Rajeswaran; Editing by Eileen Soreng)

(([email protected]; +91 8340791532))

-- Source link: https://tinyurl.com/2bu9kmyq

-- Note: Reuters has not verified this story and does not vouch for its accuracy

((Bengaluru newsroom, [email protected]))

** Shares of top private lender HDFC Bank HDBK.NS rise as much as 1.2% to 976.45 rupees, leading gains in Nifty .NSEI and Sensex .BSESN

** Nifty, Sensex up about 0.4% each

** Gross advances up 9.9% Y/Y in September quarter, while AUM jumps 8.9% - HDBK in pre-quarter business update

** HDBK's loan growth improved further to 10%, showing a reasonable improvement of 5% in 2 quarters, say Prakhar Sharma and Vinayak Agrawal, analysts at Jefferies

** Gross advances growth demonstrates significant momentum and exceeded expectations - Citi Research

** Stock rated "buy" on average by 38 analysts; median PT is 1,145 rupees - data compiled by LSEG

** YTD, HDBK up 9.2% vs 5.7% rise in Nifty

(Reporting by Bharath Rajeswaran in Bengaluru)

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

Oct 1 (Reuters) - HDFC Bank Ltd HDBK.NS:

• HDFC BANK LTD - RAHUL SHYAM SHUKLA RESIGNS AS SENIOR MANAGEMENT PERSONNEL

Source text: ID:nNSE74ygT6

Further company coverage: HDBK.NS

([email protected])

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 29 (Reuters Breakingviews) - India's financial technology startups are lining up for credit. Among them is Walmart-backed WMT.N payments champion PhonePe, which on Wednesday said it has confidentially filed for an initial public offering in Mumbai. A mooted $15 billion valuationlooks punchy, but its shot at grabbing the ultimate fintech prize in the country is half decent.

The U.S. retailer owns about 84% of the startup, which it acquired as part of its 2018 acquisition of e-commerce platform Flipkart. PhonePe's target valuation would imply a multiple of 13 times sales for the year to end March 2026, assuming its topline grows at the same 40% pace as it did in the previous year. That compares to 9 times Paytm-owner One97 Communications PAYT.NS commands among investors.

PhonePe is superior in multiple ways. Though Paytm swung to profit in the June quarter, PhonePe's losses are narrowing and it has faced none of the regulatory heat that has mired its rival. The Walmart unit also enjoys a 46% share in transactions passing through India's homegrown bank-to-bank mobile payments system, where its closest competitor is an application owned by Alphabet's GOOGL.O Google.

Yet simple payment transactions earn no fees in India. To profit, PhonePe needs to gradually convert its 200 million monthly active users and 40 million-strong merchant network into customers of financial products, from loans to insurance and mutual funds.

It's a promise that Paytm is starting to realise. Its revenue from financial services distribution doubled during the year to end June and accounted for 29% of its quarterly topline. PhonePe, by virtue of its bigger share of payments, ought to have a larger database spanning utility bill payments to restaurant outings that it can leverage to decide who is creditworthy.

The upstart will probably churn out a different, slightly lower, class of customer to those chased by India's traditional lenders, including HDFC Bank HDBK.NS and ICICI Bank ICBK.NS. They already have strong digital sourcing engines, however, so there will be some overlap in who they target. And the $72 billion Bajaj Finance BJFN.NS has a formidable grip on the consumer loan market too that's proven hard to break.

Yet if India is to produce anything like a real fintech winner, PhonePe is more than likely to be it.

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CONTEXT NEWS

Walmart-backed Indian fintech firm PhonePe on September 24 said it has confidentially filed for a Mumbai initial public offering.

The company plans to raise around 120 billion rupees ($1.35 billion) through a sale of existing shares, Moneycontrol reported on the same day, citing unnamed industry sources. Walmart, Tiger Global and Microsoft could sell a combined 10% stake in the IPO, the report added.

PhonePe narrowed losses during the year ended March 31 to 17.3 billion rupees ($194.7 million) from 19.96 billion rupees ($225 million) in the previous 12-month period, the company said in a regulatory filing on September 22.

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

NEW DELHI, Sept 27 (Reuters) - HDFC Bank HDBK.NS said that its Dubai International Financial Centre (DIFC) branch has been ordered to stop onboarding or soliciting new clients by a United Arab Emirates regulator.

Dubai Financial Services Authority's order has been in effect from September 26 and will remain "until otherwise amended or revoked," the bank said late on Friday.

"The bank has already initiated necessary steps to comply with the directives in the above-referred notice and is committed to work with the DFSA to promptly remediate and address the DFSA concerns at the earliest," HDFC said in a statement.

As on September 23, the its DIFC Branch has

1,489 customers, including joint holders, it said.

The bank said the order does not have any "material impact" with respect to the overall operations or financial position of the bank.

HDFC Bank said the prohibition does not apply to

the continued servicing of existing customers of the DIFC Branch.

(Reporting by Aftab Ahmed; Editing by Kim Coghill)

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MUMBAI, Sept 23 (Reuters) - India's HDB Financial Services plans to raise up to 5 billion rupees ($56.45 million), including a greenshoe option of 4 billion rupees, through the reissue of its 7.3274% August 2028 bond, three bankers said on Tuesday.

It will offer a yield of 7.3150%, and has invited commitment bids for the issue on Wednesday, they said.

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

Here is the list of deals reported so far on September 23:

*Size includes base plus greenshoe for some issues

($1 = 88.5770 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia)

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

MUMBAI, Sept 11 (Reuters) - India's HDB Financial Services HDBF.NS accepted bids worth 5 billion rupees ($56.54 million)for bonds maturing in two years and 11 months, three bankers said on Thursday.

It will pay a coupon of 7.3274%, and had invited commitment bids for the issue earlier 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 September 11:

* Size includes base plus greenshoe for some issues

($1 = 88.4330 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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