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RBI's cash influx seen a small relief amid global uncertainty
Global uncertainties hinder corporate investment and loan growth
Banks deposit surplus cash with RBI, indicating limited lending
RBI's liquidity measures may prevent further growth deceleration
Analysts suggest fiscal measures needed alongside monetary easing
By Swati Bhat and Siddhi Nayak
MUMBAI, April 24 (Reuters) - The decision by India's central bank to cut rates and flood the banking system with cash will do little to immediately boost demand in Asia's third-largest economy as global uncertainties restrain corporate investment, bankers and sources said.
The infusion of liquidity, along with two consecutive rate cuts, will at best prevent further deceleration in growth, which probably fell to a four-year low of 6.5% in the financial year ended March 31, 2025, they said.
The Reserve Bank of India's (RBI) rate actions and liquidity measures are a "welcome relief" for banks but the global macroeconomic outlook has become more uncertain due to the recent trade tariff-related measures and the volatility surrounding them, said Sashidhar Jagdishan, CEO of HDFC Bank HDBK.NS, India's largest private lender by assets.
"Corporates have adopted a wait-and-watch stance, and we are waiting for more clarity," he added.
On April 9, the RBI cut rates by 25 basis points to 6%, a second cut in as many meetings, and slashed India's growth forecast for 2025-26 by 20 basis points to 6.5%. Since January, it has also bought bonds and conducted long-term FX swaps, infusing over $70 billion into the banking system.
However, banks are now depositing an average 2 trillion rupees ($23.41 billion) at the RBI's overnight cash parking facility versus 750 billion rupees in January, indicating that most of the surplus cash is not being lent out.
Banks' lending rates have started declining while corporate bond yields too have fallen 45-60 bps across tenors.
Neither the higher liquidity nor rate cuts are enough to "move the needle" for kick-starting corporate loan growth, said Alka Anbarasu, associate managing director, financial institutions at Moody's Ratings.
In fact, private capital spending may slow further amid the global tariff wars, analysts said.
"Private capex is about the future and is always a function of the demand and not so much about the cost of capital," said Gaura Sen Gupta, an economist at IDFC FIRST Bank.
INFLATION COMFORT
The central bank views monetary easing as a means to curb any further downside to growth with softer inflation giving it the leeway to do so, a source aware of the RBI's thinking said. This was evident in the rate panel's minutes.
"The fact that growth needs support is clear but monetary stimulus is one of the many factors that can help revive growth and that too works with a lag of 6-9 months," the source said.
Inflation eased below the RBI's 4% target in February and March and is seen holding around target in 2025-26.
However, most analysts and sources believe that the government will also need to implement fiscal measures to support the economy if the outlook remains uncertain.
The sources declined to be named as they are not authorised to speak to the media.
"Fiscal side is still overall neutral, so RBI's accommodative approach will help reduce the downside to growth. The fiscal side push is also essential if one has to help boost growth, right now it is only the RBI which is doing the heavy lifting," IDFC FIRST's Sen Gupta said.
($1 = 85.4175 Indian rupees)
(Reporting by Swati Bhat and Siddhi Nayak; Editing by Jacqueline Wong)
(([email protected]; x.com/swatibhat22;))
Global uncertainties hinder corporate investment and loan growth
Banks deposit surplus cash with RBI, indicating limited lending
RBI's liquidity measures may prevent further growth deceleration
Analysts suggest fiscal measures needed alongside monetary easing
By Swati Bhat and Siddhi Nayak
MUMBAI, April 24 (Reuters) - The decision by India's central bank to cut rates and flood the banking system with cash will do little to immediately boost demand in Asia's third-largest economy as global uncertainties restrain corporate investment, bankers and sources said.
The infusion of liquidity, along with two consecutive rate cuts, will at best prevent further deceleration in growth, which probably fell to a four-year low of 6.5% in the financial year ended March 31, 2025, they said.
The Reserve Bank of India's (RBI) rate actions and liquidity measures are a "welcome relief" for banks but the global macroeconomic outlook has become more uncertain due to the recent trade tariff-related measures and the volatility surrounding them, said Sashidhar Jagdishan, CEO of HDFC Bank HDBK.NS, India's largest private lender by assets.
"Corporates have adopted a wait-and-watch stance, and we are waiting for more clarity," he added.
On April 9, the RBI cut rates by 25 basis points to 6%, a second cut in as many meetings, and slashed India's growth forecast for 2025-26 by 20 basis points to 6.5%. Since January, it has also bought bonds and conducted long-term FX swaps, infusing over $70 billion into the banking system.
However, banks are now depositing an average 2 trillion rupees ($23.41 billion) at the RBI's overnight cash parking facility versus 750 billion rupees in January, indicating that most of the surplus cash is not being lent out.
Banks' lending rates have started declining while corporate bond yields too have fallen 45-60 bps across tenors.
Neither the higher liquidity nor rate cuts are enough to "move the needle" for kick-starting corporate loan growth, said Alka Anbarasu, associate managing director, financial institutions at Moody's Ratings.
In fact, private capital spending may slow further amid the global tariff wars, analysts said.
"Private capex is about the future and is always a function of the demand and not so much about the cost of capital," said Gaura Sen Gupta, an economist at IDFC FIRST Bank.
INFLATION COMFORT
The central bank views monetary easing as a means to curb any further downside to growth with softer inflation giving it the leeway to do so, a source aware of the RBI's thinking said. This was evident in the rate panel's minutes.
"The fact that growth needs support is clear but monetary stimulus is one of the many factors that can help revive growth and that too works with a lag of 6-9 months," the source said.
Inflation eased below the RBI's 4% target in February and March and is seen holding around target in 2025-26.
However, most analysts and sources believe that the government will also need to implement fiscal measures to support the economy if the outlook remains uncertain.
The sources declined to be named as they are not authorised to speak to the media.
"Fiscal side is still overall neutral, so RBI's accommodative approach will help reduce the downside to growth. The fiscal side push is also essential if one has to help boost growth, right now it is only the RBI which is doing the heavy lifting," IDFC FIRST's Sen Gupta said.
($1 = 85.4175 Indian rupees)
(Reporting by Swati Bhat and Siddhi Nayak; Editing by Jacqueline Wong)
(([email protected]; x.com/swatibhat22;))
India New Issue-HDB Financial Services accepts bids for multiple tenor bonds, bankers say
MUMBAI, April 23 (Reuters) - India's HDB Financial Services has accepted bids worth 16.25 billion rupees ($190 million), for multiple maturity bonds, three bankers said on Wednesday.
The non-banking finance company will issue bonds maturing in five years and 13 days and in four years, and reissue September 2027 bonds, the bankers said. It had invited bids for all the options earlier in the day.
HDB Financial Services did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 5 years and 13 days | 7.6065 | 1.25 | April 23 | AAA (Crisil, Care) |
HDB Financial | 4 years | 7.5519 | 5 | April 23 | AAA (Crisil, Care) |
HDB Financial | 2 years and five months | 7.5197 (yield) | 10 | April 23 | AAA (Crisil, Care) |
NHB | 6 years and 11 months and 8 days | 6.80 | 50 | April 23 | AAA (Care, India Ratings) |
Tata Capital Housing Finance | 3 years | 7.27 | 7.50+8.45 | April 24 | AAA (Crisil) |
Cube Highways Trust | 3 years | To be decided | 5.52 | April 24 | AAA (Crisil) |
Cube Highways Trust | 7 years | To be decided | 6 | April 24 | AAA (Crisil) |
IRFC | 5 years | To be decided | 5+25 | April 24 | AAA (Crisil, Icra, Care) |
* Size includes base plus greenshoe for some issues
($1 = 85.4110 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, April 23 (Reuters) - India's HDB Financial Services has accepted bids worth 16.25 billion rupees ($190 million), for multiple maturity bonds, three bankers said on Wednesday.
The non-banking finance company will issue bonds maturing in five years and 13 days and in four years, and reissue September 2027 bonds, the bankers said. It had invited bids for all the options earlier in the day.
HDB Financial Services did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 5 years and 13 days | 7.6065 | 1.25 | April 23 | AAA (Crisil, Care) |
HDB Financial | 4 years | 7.5519 | 5 | April 23 | AAA (Crisil, Care) |
HDB Financial | 2 years and five months | 7.5197 (yield) | 10 | April 23 | AAA (Crisil, Care) |
NHB | 6 years and 11 months and 8 days | 6.80 | 50 | April 23 | AAA (Care, India Ratings) |
Tata Capital Housing Finance | 3 years | 7.27 | 7.50+8.45 | April 24 | AAA (Crisil) |
Cube Highways Trust | 3 years | To be decided | 5.52 | April 24 | AAA (Crisil) |
Cube Highways Trust | 7 years | To be decided | 6 | April 24 | AAA (Crisil) |
IRFC | 5 years | To be decided | 5+25 | April 24 | AAA (Crisil, Icra, Care) |
* Size includes base plus greenshoe for some issues
($1 = 85.4110 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
India New Issue-HDB Financial Services to issue multiple tenor bonds, bankers say
MUMBAI, April 22 (Reuters) - India's HDB Financial Services plans to raise 28 billion rupees ($329.1 million), which includes a greenshoe option of 20.50 billion rupees, through a sale of multiple maturity bonds, three bankers said on Tuesday.
The non-banking finance company will issue bonds maturing in five years and 13 days and in four years, while it will reissue September 2027 bonds, the bankers said, adding that it has invited bids for all the options on Tuesday.
HDB Financial Services did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 5 years and 13 days | 7.6065 | 1+2 | April 23 | AAA (Crisil, Care) |
HDB Financial | 4 years | 7.5519 | 1.50+3.50 | April 23 | AAA (Crisil, Care) |
HDB Financial | 2 years and five months | 7.53 (yield) | 5+15 | April 23 | AAA (Crisil, Care) |
NHB | 6 years and 11 months and 8 days | To be decided | 10+40 | April 23 | AAA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.0830 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, April 22 (Reuters) - India's HDB Financial Services plans to raise 28 billion rupees ($329.1 million), which includes a greenshoe option of 20.50 billion rupees, through a sale of multiple maturity bonds, three bankers said on Tuesday.
The non-banking finance company will issue bonds maturing in five years and 13 days and in four years, while it will reissue September 2027 bonds, the bankers said, adding that it has invited bids for all the options on Tuesday.
HDB Financial Services did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 5 years and 13 days | 7.6065 | 1+2 | April 23 | AAA (Crisil, Care) |
HDB Financial | 4 years | 7.5519 | 1.50+3.50 | April 23 | AAA (Crisil, Care) |
HDB Financial | 2 years and five months | 7.53 (yield) | 5+15 | April 23 | AAA (Crisil, Care) |
NHB | 6 years and 11 months and 8 days | To be decided | 10+40 | April 23 | AAA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.0830 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India's HDFC Bank, ICICI Bank close higher as quarterly earnings boost investor confidence
Updates with analyst comment in paragraph 12, adds graphic
April 21 (Reuters) - HDFC Bank HDBK.NS and ICICI Bank ICBK.NS closed higher on Monday after strong results over the weekend, as investors bet on their ability to sustain loan growth and margins while managing credit costs.
The Reserve Bank of India's easing stance and liquidity support are expected to spur credit demand and economic growth, helping Indian banks.
However, analysts warned that net interest margins may come under pressure as loan rates typically adjust faster than deposit costs.
HDFC Bank and ICICI Bank reported quarterly results above analyst estimates on Saturday, with the latter reporting a record profit.
Gains in India's two largest private banks by assets lifted the benchmark Nifty 50 index .NSEI by 1.2% on the day, while the Nifty Bank .NSEBANK and Nifty Private Bank .NIFPVTBNK indexes rose about 2% each.
Analysts at Nuvama said HDFC Bank's asset quality was the "best in class" as its pool of fresh bad loans was falling, while that of ICICI Bank was improving.
HDFC Bank expects its loan growth to be above that of the industry in fiscal year 2027, Chief Financial Officer Srinivasan Vaidyanathan said in a post-earnings call, without divulging specific targets.
The two banks are Jefferies' top picks in the sector, with analysts highlighting their ability to expand lending margins while maintaining credit costs.
At least 16 analysts hiked their price targets on their shares after the results, per data compiled by LSEG.
The median price targets on ICICI Bank and HDFC Bank have risen to 1,600 rupees and 2,120 rupees, respectively, from 1,495 rupees and 1,970 rupees last month.
Shares of HDFC Bank closed 1% to 1,927.1 rupees on Monday, while ICICI Bank gained 0.2% to 1,409.80 rupees, after climbing as much as 2% earlier in the session.
($1 = 85.1310 Indian rupees)
Nifty Bank index has outperformed Indian benchmarks so far in April https://reut.rs/42K6sAN
(Reporting by Kashish Tandon and Ashish Chandra in Bengaluru, Siddhi Nayak in Mumbai; Editing by Nivedita Bhattacharjee, Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; +91 7982114624;))
Updates with analyst comment in paragraph 12, adds graphic
April 21 (Reuters) - HDFC Bank HDBK.NS and ICICI Bank ICBK.NS closed higher on Monday after strong results over the weekend, as investors bet on their ability to sustain loan growth and margins while managing credit costs.
The Reserve Bank of India's easing stance and liquidity support are expected to spur credit demand and economic growth, helping Indian banks.
However, analysts warned that net interest margins may come under pressure as loan rates typically adjust faster than deposit costs.
HDFC Bank and ICICI Bank reported quarterly results above analyst estimates on Saturday, with the latter reporting a record profit.
Gains in India's two largest private banks by assets lifted the benchmark Nifty 50 index .NSEI by 1.2% on the day, while the Nifty Bank .NSEBANK and Nifty Private Bank .NIFPVTBNK indexes rose about 2% each.
Analysts at Nuvama said HDFC Bank's asset quality was the "best in class" as its pool of fresh bad loans was falling, while that of ICICI Bank was improving.
HDFC Bank expects its loan growth to be above that of the industry in fiscal year 2027, Chief Financial Officer Srinivasan Vaidyanathan said in a post-earnings call, without divulging specific targets.
The two banks are Jefferies' top picks in the sector, with analysts highlighting their ability to expand lending margins while maintaining credit costs.
At least 16 analysts hiked their price targets on their shares after the results, per data compiled by LSEG.
The median price targets on ICICI Bank and HDFC Bank have risen to 1,600 rupees and 2,120 rupees, respectively, from 1,495 rupees and 1,970 rupees last month.
Shares of HDFC Bank closed 1% to 1,927.1 rupees on Monday, while ICICI Bank gained 0.2% to 1,409.80 rupees, after climbing as much as 2% earlier in the session.
($1 = 85.1310 Indian rupees)
Nifty Bank index has outperformed Indian benchmarks so far in April https://reut.rs/42K6sAN
(Reporting by Kashish Tandon and Ashish Chandra in Bengaluru, Siddhi Nayak in Mumbai; Editing by Nivedita Bhattacharjee, Janane Venkatraman and Mrigank Dhaniwala)
(([email protected]; +91 7982114624;))
India's HDFC Bank sees loan-to-deposit ratio at 85%-90% by FY27, CFO says
Recasts with comments from management
By Siddhi Nayak
MUMBAI, April 19 (Reuters) - HDFC Bank HDBK.NS, India's largest private lender, aims to bring its loan-to-deposit ratio (LDR) back down to its pre-merger levels of 85%-90% in 2026-27, its chief financial officer said on Saturday.
HDFC's LDR has been elevated but declining since its merger with parent Housing Development Finance Corporation, which completed on July 1, 2023. LDR was at 96.5% at the end of March, down from 104% a year earlier, CFO Srinivasan Vaidyanathan said in post-earnings call.
The merger added a large pool of loans to its portfolio but a much smaller amount of deposits, putting it under pressure to raise deposits or slow loan growth.
The Mumbai-based lender's gross advances, or loans sanctioned and disbursed, rose around 4% sequentially in the January-March quarter, while deposits rose 5.9% to 27.15 trillion rupees.
HDFC Bank expects its loan growth to be above that of the industry in 2026-27, Vaidyanathan reiterated, without divulging specific targets.
"The opportunity to grow in retail is higher than other segments," the CFO said, while highlighting "intense" pricing pressure in corporate loan segments.
Earlier in the day, HDFC Bank logged a standalone net profit of 176.16 billion rupees ($2.06 billion) for the financial fourth quarter, up from 167.36 billion rupees in the previous three months and sharply above analysts' estimate of 170.27 billion rupees, according to data compiled by LSEG.
Net interest income, the difference between interest earned and paid, rose 4.6% to 320.7 billion rupees, core net interest margin rose to 3.54% from 3.43% on total assets, and to 3.73% from 3.62% on interest-earning assets.
Excluding interest on an income tax refund worth 117 billion rupees, HDFC's core net interest margin was 3.46% on total assets and 3.65% on interest-earning assets.
HDFC Bank's asset quality improved, with its gross non-performing assets ratio falling to at 1.33% at the end of March from 1.42% three months earlier.
($1 = 85.4290 Indian rupees)
(Reporting by Siddhi Nayak
Editing by William Mallard and Peter Graff)
(([email protected]; x.com/siddhiVnayak;))
Recasts with comments from management
By Siddhi Nayak
MUMBAI, April 19 (Reuters) - HDFC Bank HDBK.NS, India's largest private lender, aims to bring its loan-to-deposit ratio (LDR) back down to its pre-merger levels of 85%-90% in 2026-27, its chief financial officer said on Saturday.
HDFC's LDR has been elevated but declining since its merger with parent Housing Development Finance Corporation, which completed on July 1, 2023. LDR was at 96.5% at the end of March, down from 104% a year earlier, CFO Srinivasan Vaidyanathan said in post-earnings call.
The merger added a large pool of loans to its portfolio but a much smaller amount of deposits, putting it under pressure to raise deposits or slow loan growth.
The Mumbai-based lender's gross advances, or loans sanctioned and disbursed, rose around 4% sequentially in the January-March quarter, while deposits rose 5.9% to 27.15 trillion rupees.
HDFC Bank expects its loan growth to be above that of the industry in 2026-27, Vaidyanathan reiterated, without divulging specific targets.
"The opportunity to grow in retail is higher than other segments," the CFO said, while highlighting "intense" pricing pressure in corporate loan segments.
Earlier in the day, HDFC Bank logged a standalone net profit of 176.16 billion rupees ($2.06 billion) for the financial fourth quarter, up from 167.36 billion rupees in the previous three months and sharply above analysts' estimate of 170.27 billion rupees, according to data compiled by LSEG.
Net interest income, the difference between interest earned and paid, rose 4.6% to 320.7 billion rupees, core net interest margin rose to 3.54% from 3.43% on total assets, and to 3.73% from 3.62% on interest-earning assets.
Excluding interest on an income tax refund worth 117 billion rupees, HDFC's core net interest margin was 3.46% on total assets and 3.65% on interest-earning assets.
HDFC Bank's asset quality improved, with its gross non-performing assets ratio falling to at 1.33% at the end of March from 1.42% three months earlier.
($1 = 85.4290 Indian rupees)
(Reporting by Siddhi Nayak
Editing by William Mallard and Peter Graff)
(([email protected]; x.com/siddhiVnayak;))
India's HDFC Life reports quarterly profit jump on high group insurance demand
April 17 (Reuters) - India's HDFC Life Insurance HDFL.NS reported a 16% year-on-year rise in fourth-quarter profit on Thursday, on high demand for its group insurance offerings.
The insurer said that its profit rose to 4.77 billion rupees ($56 million) for the three months to March end.
Its quarterly net premium income grew 16% to 237.66 billion rupees, driven by a 19% jump in single premiums.
Growth in its market- or unit-linked insurance plans (ULIPs) slowed due to volatility in India's equity markets.
ULIPs accounted for 39% of the company's overall product mix, up from 37% a quarter ago and 35% a year earlier.
A rise in demand for group insurance plans in the January-to-March quarter boosted premium income for insurers, analysts said.
Group insurance policies cover a group of people under one contract and are generally utilised by firms for their employees.
HDFC Life Insurance's value of new business (VNB), or expected profit from new policies, rose 11.5% to 13.76 billion rupees, according to a Reuters calculation.
The company's VNB margin inched lower to 25.6% for the fiscal year that ended March 31 compared with 26.3% in the previous one. The VNB margin stood at 25.1% at December-end.
Annualised premium equivalent (APE) sales, which is the annualised total value of all single- and recurring-premium policies, rose 9.7% to 51.86 billion rupees during the three-month period, according to a Reuters calculation.
Peer ICICI Prudential Life Insurance's ICIR.NS standalone profit more than doubled in the fourth quarter while SBI Life Insurance SBIL.NS is scheduled to post its earnings next week.
($1 = 85.3530 Indian rupees)
(Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected];))
April 17 (Reuters) - India's HDFC Life Insurance HDFL.NS reported a 16% year-on-year rise in fourth-quarter profit on Thursday, on high demand for its group insurance offerings.
The insurer said that its profit rose to 4.77 billion rupees ($56 million) for the three months to March end.
Its quarterly net premium income grew 16% to 237.66 billion rupees, driven by a 19% jump in single premiums.
Growth in its market- or unit-linked insurance plans (ULIPs) slowed due to volatility in India's equity markets.
ULIPs accounted for 39% of the company's overall product mix, up from 37% a quarter ago and 35% a year earlier.
A rise in demand for group insurance plans in the January-to-March quarter boosted premium income for insurers, analysts said.
Group insurance policies cover a group of people under one contract and are generally utilised by firms for their employees.
HDFC Life Insurance's value of new business (VNB), or expected profit from new policies, rose 11.5% to 13.76 billion rupees, according to a Reuters calculation.
The company's VNB margin inched lower to 25.6% for the fiscal year that ended March 31 compared with 26.3% in the previous one. The VNB margin stood at 25.1% at December-end.
Annualised premium equivalent (APE) sales, which is the annualised total value of all single- and recurring-premium policies, rose 9.7% to 51.86 billion rupees during the three-month period, according to a Reuters calculation.
Peer ICICI Prudential Life Insurance's ICIR.NS standalone profit more than doubled in the fourth quarter while SBI Life Insurance SBIL.NS is scheduled to post its earnings next week.
($1 = 85.3530 Indian rupees)
(Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected];))
HDFC Bank Ltd expected to post earnings of 53 cents a share - Earnings Preview
HDFC Bank Ltd HDB.N, HDB is expected to report resultson April 18 (estimated) for the period ending September 30 2024
LSEG's mean analyst estimate for HDFC Bank Ltd is for earnings of 53 cents per share.
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The mean earnings estimate of analysts was unchanged in the last three months.
Wall Street's median 12-month price target for HDFC Bank Ltd is $75.90, above its last closing price of $69.41.
This summary was machine generated April 16 at 11:01 GMT. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact [email protected])
HDFC Bank Ltd HDB.N, HDB is expected to report resultson April 18 (estimated) for the period ending September 30 2024
LSEG's mean analyst estimate for HDFC Bank Ltd is for earnings of 53 cents per share.
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy," no "hold" and no "sell" or "strong sell."
The mean earnings estimate of analysts was unchanged in the last three months.
Wall Street's median 12-month price target for HDFC Bank Ltd is $75.90, above its last closing price of $69.41.
This summary was machine generated April 16 at 11:01 GMT. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact [email protected])
India's HDFC Bank set for best day in 10 months after deposit rate cut
** India's HDFC Bank HDBK.NS jumps nearly 4% to four-month high of 1,876.80 rupees
** Stock set for biggest single-day percentage gains in 10 months
** HDFC cut savings interest rate by 25 bps to 2.75% for sub-5 mln rupee deposits, its first cut in five years
** Macquarie estimates the cut to add 5 bps to HDFC's margins from Q1 FY26
** HDBK up 6% YTD, vs 3% rise in Nifty Bank index .NSEBANK
(Reporting by Vivek Kumar M)
(([email protected] ;))
** India's HDFC Bank HDBK.NS jumps nearly 4% to four-month high of 1,876.80 rupees
** Stock set for biggest single-day percentage gains in 10 months
** HDFC cut savings interest rate by 25 bps to 2.75% for sub-5 mln rupee deposits, its first cut in five years
** Macquarie estimates the cut to add 5 bps to HDFC's margins from Q1 FY26
** HDBK up 6% YTD, vs 3% rise in Nifty Bank index .NSEBANK
(Reporting by Vivek Kumar M)
(([email protected] ;))
India New Issue-HDB Financial Services accepts bids for multiple tenor bonds, bankers say
MUMBAI, April 9 (Reuters) - India's HDB Financial Services has accepted bids worth 11 billion rupees ($127 million) for the sale of multiple tenor bonds, three bankers said on Wednesday.
The non-banking finance company will reissue September 2027 bonds at a yield of 7.6184%, and do a fresh issue of bonds maturing in three years and one month at 7.65% coupon, according to the bankers.
HDB Financial Services did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 9:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 3 years and 1 month | 7.65 | 10 | April 9 | AAA (Crisil, Care) |
HDB Financial Sept 2027 reissue | 2 years and 5 months | 7.6184 (yield) | 1 | April 9 | AAA (Crisil, Care) |
NABARD Sept 2028 reissue | 3 years and 5 months | To be decided | 20+50 | April 15 | AAA (Crisil, India rating) |
Axis Finance | 3 years and 2 months | 7.7320 | 4.65 | April 9 | AAA (India Ratings) |
Axis Finance | 5 years | 7.74 (yield) | 2.01 | April 9 | AAA (India Ratings) |
Bajaj Finance April 2035 reissue | 10 years | 7.55 (yield) | 12.50 | April 8 | AAA (Crisil) |
Bajaj Housing Finance | 10 years | 7.50 | 15 | April 8 | AAA (Crisil) |
LIC Housing Fin Feb 2030 reissue | 4 years and 10 months | 7.20 (yield) | 10 | April 8 | AAA (Crisil, Care) |
Cholamandalam Investment | 7 years | 8.75 | 5 | April 8 | AA+ (Icra, India Ratings) |
L&T Finance | 3 years and 2 months | 7.5934 | 1+4 | April 11 | AAA (India Ratings, Icra) |
L&T Finance | 5 years | To be decided | 1+4 | April 11 | AAA (Care, IcRA) |
*Size includes base plus greenshoe for some issues
($1 = 86.6170 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
MUMBAI, April 9 (Reuters) - India's HDB Financial Services has accepted bids worth 11 billion rupees ($127 million) for the sale of multiple tenor bonds, three bankers said on Wednesday.
The non-banking finance company will reissue September 2027 bonds at a yield of 7.6184%, and do a fresh issue of bonds maturing in three years and one month at 7.65% coupon, according to the bankers.
HDB Financial Services did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 9:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 3 years and 1 month | 7.65 | 10 | April 9 | AAA (Crisil, Care) |
HDB Financial Sept 2027 reissue | 2 years and 5 months | 7.6184 (yield) | 1 | April 9 | AAA (Crisil, Care) |
NABARD Sept 2028 reissue | 3 years and 5 months | To be decided | 20+50 | April 15 | AAA (Crisil, India rating) |
Axis Finance | 3 years and 2 months | 7.7320 | 4.65 | April 9 | AAA (India Ratings) |
Axis Finance | 5 years | 7.74 (yield) | 2.01 | April 9 | AAA (India Ratings) |
Bajaj Finance April 2035 reissue | 10 years | 7.55 (yield) | 12.50 | April 8 | AAA (Crisil) |
Bajaj Housing Finance | 10 years | 7.50 | 15 | April 8 | AAA (Crisil) |
LIC Housing Fin Feb 2030 reissue | 4 years and 10 months | 7.20 (yield) | 10 | April 8 | AAA (Crisil, Care) |
Cholamandalam Investment | 7 years | 8.75 | 5 | April 8 | AA+ (Icra, India Ratings) |
L&T Finance | 3 years and 2 months | 7.5934 | 1+4 | April 11 | AAA (India Ratings, Icra) |
L&T Finance | 5 years | To be decided | 1+4 | April 11 | AAA (Care, IcRA) |
*Size includes base plus greenshoe for some issues
($1 = 86.6170 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
India New Issue-HDB Financial Services to issue multiple tenor bonds, bankers say
MUMBAI, April 8 (Reuters) - India's HDB Financial Services plans to raise 20 billion rupees (nearly $233 million), including a greenshoe option of 9 billion rupees, through the sale of multiple tenor bonds, three bankers said on Tuesday.
The non-banking finance company will reissue September 2027 bonds and do a fresh issue of bonds maturing in three years and one month, according to the bankers.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 8:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years and 5 months | 7.6184 (yield) | 1+4 | April 9 | AAA (Crisil, Care) |
HDB Financial | 3 years and 1 month | 7.65 | 10+5 | April 9 | AAA (Crisil, Care) |
Axis Finance | 3 years and 2 months | 7.73 | 3+5 | April 9 | AAA (India Ratings) |
Axis Finance | 5 years | 7.75 (yield) | 2+4 | April 9 | AAA (India Ratings) |
Tata Capital July 2028 reissue | 3 years and 3 months | 7.6005 (yield) | 11.75 | April 7 | AAA (Crisil, Icra) |
Tata Capital | 5 years | 7.62 | 15 | April 7 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.8940 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
MUMBAI, April 8 (Reuters) - India's HDB Financial Services plans to raise 20 billion rupees (nearly $233 million), including a greenshoe option of 9 billion rupees, through the sale of multiple tenor bonds, three bankers said on Tuesday.
The non-banking finance company will reissue September 2027 bonds and do a fresh issue of bonds maturing in three years and one month, according to the bankers.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on April 8:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years and 5 months | 7.6184 (yield) | 1+4 | April 9 | AAA (Crisil, Care) |
HDB Financial | 3 years and 1 month | 7.65 | 10+5 | April 9 | AAA (Crisil, Care) |
Axis Finance | 3 years and 2 months | 7.73 | 3+5 | April 9 | AAA (India Ratings) |
Axis Finance | 5 years | 7.75 (yield) | 2+4 | April 9 | AAA (India Ratings) |
Tata Capital July 2028 reissue | 3 years and 3 months | 7.6005 (yield) | 11.75 | April 7 | AAA (Crisil, Icra) |
Tata Capital | 5 years | 7.62 | 15 | April 7 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.8940 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
India's HDFC Bank gains as quarterly deposit growth outpaces loan growth
** Shares of India's HDFC Bank HDBK.NS climb 2.1% to 1,832.25 rupees, top boost to benchmark Nifty 50 index .NSEI, which is down 0.6%
** India's top private lender by assets says its Q4 deposits grew 5.9% vs a 2.5% growth in Q3; gross advances, or loans sanctioned and disbursed, climbed 4%
** HDBK merged with parent HDFC in July 2023, adding a large pool of loans but a much smaller volume of deposits, putting the lender under pressure to either raise more deposits or scale back loan growth
** Loan mix improvement could mean another quarter of stable net interest margin and profitability, says Bernstein
** Bank is continuing on its path to to normalise loan-to-deposit ratio while maintaining stable margins - Bernstein
** Jefferies analysts say while growth appears modest, it is the first improvement after four quarters and could move towards 11% by March 2026
** Stock gains 3% YTD vs a 2.3% decline in benchmark Nifty
(Reporting by Kashish Tandon in Bengaluru)
** Shares of India's HDFC Bank HDBK.NS climb 2.1% to 1,832.25 rupees, top boost to benchmark Nifty 50 index .NSEI, which is down 0.6%
** India's top private lender by assets says its Q4 deposits grew 5.9% vs a 2.5% growth in Q3; gross advances, or loans sanctioned and disbursed, climbed 4%
** HDBK merged with parent HDFC in July 2023, adding a large pool of loans but a much smaller volume of deposits, putting the lender under pressure to either raise more deposits or scale back loan growth
** Loan mix improvement could mean another quarter of stable net interest margin and profitability, says Bernstein
** Bank is continuing on its path to to normalise loan-to-deposit ratio while maintaining stable margins - Bernstein
** Jefferies analysts say while growth appears modest, it is the first improvement after four quarters and could move towards 11% by March 2026
** Stock gains 3% YTD vs a 2.3% decline in benchmark Nifty
(Reporting by Kashish Tandon in Bengaluru)
HDFC Bank Gross Advances Up 4% Q/Q At March-End
April 3 (Reuters) - HDFC Bank Ltd HDBK.NS:
HDFC BANK GROSS ADVANCES UP 4% Q/Q AT MARCH-END
HDFC BANK DEPOSITS UP 5.9% Q/Q AT MARCH-END
SECURITISED/ASSIGNED LOANS 107 BILLION RUPEES IN MARCH 2025 QUARTER
Source text: ID:nnAZN3NPV46
Further company coverage: HDBK.NS
(([email protected];))
April 3 (Reuters) - HDFC Bank Ltd HDBK.NS:
HDFC BANK GROSS ADVANCES UP 4% Q/Q AT MARCH-END
HDFC BANK DEPOSITS UP 5.9% Q/Q AT MARCH-END
SECURITISED/ASSIGNED LOANS 107 BILLION RUPEES IN MARCH 2025 QUARTER
Source text: ID:nnAZN3NPV46
Further company coverage: HDBK.NS
(([email protected];))
HDFC Bank Says SEBI Issues Administrative Warning Letter
April 2 (Reuters) - HDFC Bank Ltd HDBK.NS:
HDFC BANK LTD - SEBI ISSUES ADMINISTRATIVE WARNING LETTER TO HDFC BANK
Source text: ID:nBSE6ccBXJ
Further company coverage: HDBK.NS
(([email protected];))
April 2 (Reuters) - HDFC Bank Ltd HDBK.NS:
HDFC BANK LTD - SEBI ISSUES ADMINISTRATIVE WARNING LETTER TO HDFC BANK
Source text: ID:nBSE6ccBXJ
Further company coverage: HDBK.NS
(([email protected];))
India's financial stocks fuel Nifty 50's March comeback, set for strong FY2026
By Bharath Rajeswaran
March 28 (Reuters) - Shares of India's financial services sector companies recovered in March, leading the benchmark Nifty 50 index's comeback from a historic downturn and setting the stage for a robust fiscal year 2026.
With the Reserve Bank of India's interest rate cuts looming, credit growth surging, and foreign inflows returning, financials are once again the market's hottest bet.
Potential rate cuts and liquidity injection by the central bank are likely to improve the overall credit and deposit environment and earnings for banks in FY2026, Anand Rathi Research's analyst Kaitav Shah said.
Financials .NIFTYFIN, accounting for 37% weight in the Nifty 50 .NSEI, jumped about 9% in March after three straight monthly losses. It helped the NSE benchmark index reverse losses in the fiscal year, after about $1 trillion in investor wealth was wiped out during a downturn in the second half. The Nifty 50 had touched a record high in September.
In FY2025, financials gained nearly 20% and banks .NSEBANK rose 9%, outperforming the Nifty 50's 5% rise.
The sector has also benefited from foreign inflows returning in March after sustained selling.
Still, foreign portfolio investors (FPIs) have offloaded Indian shares worth a record $26 billion since October, marking the highest outflows in a six-month period, pushing benchmark indexes into a correction territory in November and the broader markets into a bear market last month.
BANKING AND FINANCE GAINS TO CONTINUE
For FY2026, the banking sector is expected to remain strong, with projected credit growth of 12-13% on strong services and retail demand.
"Since banking is the ideal proxy to economic growth, it should see better credit and deposit growth in FY2026," said Mayuresh Joshi of financial services firm William O'Neil and Company.
BNP Paribas analyst Santanu Chakrabarti echoed Joshi's sentiment. "Besides liquidity infusion, changes in non-bank lenders' risk weights, relaxed priority sector lending norms, and reduced foreign selling pressure keep our bullish FY2026 outlook intact."
The RBI is widely expected to cut rates by 25 basis points in April and again in August, easing funding costs and supporting credit expansion.
Despite FPIs selling financial stocks worth $6.7 billion in FY2025, roughly 41% of total outflows, the sector ended the year higher on attractive valuations.
The Nifty financial services index trades at a 12-month forward price-to-earnings (P/E) ratio of 20x, below the 10-month average of 20.6x, suggesting undervaluation which could lead to further investments.
($1 = 85.5850 Indian rupees)
Financials outperform India's Nifty 50 in fiscal year 2025 https://reut.rs/4i9Ck7D
Performance of companies in India's financial services index in FY2025 https://reut.rs/43Zit7o
What FPIs sold in fiscal year 2025 in Indian markets https://reut.rs/3FLD8lq
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
March 28 (Reuters) - Shares of India's financial services sector companies recovered in March, leading the benchmark Nifty 50 index's comeback from a historic downturn and setting the stage for a robust fiscal year 2026.
With the Reserve Bank of India's interest rate cuts looming, credit growth surging, and foreign inflows returning, financials are once again the market's hottest bet.
Potential rate cuts and liquidity injection by the central bank are likely to improve the overall credit and deposit environment and earnings for banks in FY2026, Anand Rathi Research's analyst Kaitav Shah said.
Financials .NIFTYFIN, accounting for 37% weight in the Nifty 50 .NSEI, jumped about 9% in March after three straight monthly losses. It helped the NSE benchmark index reverse losses in the fiscal year, after about $1 trillion in investor wealth was wiped out during a downturn in the second half. The Nifty 50 had touched a record high in September.
In FY2025, financials gained nearly 20% and banks .NSEBANK rose 9%, outperforming the Nifty 50's 5% rise.
The sector has also benefited from foreign inflows returning in March after sustained selling.
Still, foreign portfolio investors (FPIs) have offloaded Indian shares worth a record $26 billion since October, marking the highest outflows in a six-month period, pushing benchmark indexes into a correction territory in November and the broader markets into a bear market last month.
BANKING AND FINANCE GAINS TO CONTINUE
For FY2026, the banking sector is expected to remain strong, with projected credit growth of 12-13% on strong services and retail demand.
"Since banking is the ideal proxy to economic growth, it should see better credit and deposit growth in FY2026," said Mayuresh Joshi of financial services firm William O'Neil and Company.
BNP Paribas analyst Santanu Chakrabarti echoed Joshi's sentiment. "Besides liquidity infusion, changes in non-bank lenders' risk weights, relaxed priority sector lending norms, and reduced foreign selling pressure keep our bullish FY2026 outlook intact."
The RBI is widely expected to cut rates by 25 basis points in April and again in August, easing funding costs and supporting credit expansion.
Despite FPIs selling financial stocks worth $6.7 billion in FY2025, roughly 41% of total outflows, the sector ended the year higher on attractive valuations.
The Nifty financial services index trades at a 12-month forward price-to-earnings (P/E) ratio of 20x, below the 10-month average of 20.6x, suggesting undervaluation which could lead to further investments.
($1 = 85.5850 Indian rupees)
Financials outperform India's Nifty 50 in fiscal year 2025 https://reut.rs/4i9Ck7D
Performance of companies in India's financial services index in FY2025 https://reut.rs/43Zit7o
What FPIs sold in fiscal year 2025 in Indian markets https://reut.rs/3FLD8lq
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
(([email protected]; +91 9769003463;))
India New Issue-HDB Financial Services to issue multiple tenor bonds, bankers say
MUMBAI, March 26 (Reuters) - India's HDB Financial Services plans to raise 10 billion rupees ($116.47 million), including a greenshoe option of 7 billion rupees through the sale of multiple tenor bonds, three bankers said on Wednesday.
The non-banking finance company will issue bonds with maturities of two years as well as two years and eight months, according to the bankers.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years | To be decided | 2+2 | March 27 | AAA (Crisil, Care) |
HDB Financial | 2 years and 8 months | To be decided | 1+4 | March 27 | AAA (Crisil, Care) |
NaBFID | 10 years | To be decided | 10+20 | March 27 | AAA (Crisil, Icra) |
IndiGrid Infra Trust | 3-year and 6 months | To be decided | 5 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 0.7 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 6.3 | March 26 | AAA (Icra, Crisil) |
Cholamandalam Investment | 2 years | 8.19 | 11.75 | March 25 | AA+ (Icra, India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 85.8575 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
MUMBAI, March 26 (Reuters) - India's HDB Financial Services plans to raise 10 billion rupees ($116.47 million), including a greenshoe option of 7 billion rupees through the sale of multiple tenor bonds, three bankers said on Wednesday.
The non-banking finance company will issue bonds with maturities of two years as well as two years and eight months, according to the bankers.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial | 2 years | To be decided | 2+2 | March 27 | AAA (Crisil, Care) |
HDB Financial | 2 years and 8 months | To be decided | 1+4 | March 27 | AAA (Crisil, Care) |
NaBFID | 10 years | To be decided | 10+20 | March 27 | AAA (Crisil, Icra) |
IndiGrid Infra Trust | 3-year and 6 months | To be decided | 5 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 0.7 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 6.3 | March 26 | AAA (Icra, Crisil) |
Cholamandalam Investment | 2 years | 8.19 | 11.75 | March 25 | AA+ (Icra, India Ratings) |
* Size includes base plus greenshoe for some issues
($1 = 85.8575 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
Indian benchmarks muted as gains in HDFC Bank, IT offset ICICI Bank losses
** India's benchmarks off day's highs; Nifty 50 .NSEI up 0.1%, BSE Sensex .BSESN flat
** Both rose as much as 1% earlier, adding to 5.6% gains in last six sessions
** Gains in Nifty heavyweight HDFC Bank HDBK.NS and IT .NIFTYIT offset by ICICI Bank ICBK.NS and energy stocks .NIFTYENR
** HDFC Bank jumps over 2% as lender seen as key beneficiary of RBI's revised regulations for priority sector lending
** IT index up 1.5% as President Donald Trump indicates not all U.S. trading partners will be hit with tariffs on April 2
** ICICI down 2%, snapping six sessions of gains
** Reliance Industries RELI.NS down 1%, while Oil India OILI.NS falls 3% as Trump threatens tariffs on countries importing Venezuelean oil and gas
** Broader mid .NIFMDCP100 and smallcaps .NIFSMCP100 down 1.1% and 1.6%, respectively, on profit booking after six sessions of gains, according to analysts
(Reporting by Vivek Kumar M)
(([email protected];))
** India's benchmarks off day's highs; Nifty 50 .NSEI up 0.1%, BSE Sensex .BSESN flat
** Both rose as much as 1% earlier, adding to 5.6% gains in last six sessions
** Gains in Nifty heavyweight HDFC Bank HDBK.NS and IT .NIFTYIT offset by ICICI Bank ICBK.NS and energy stocks .NIFTYENR
** HDFC Bank jumps over 2% as lender seen as key beneficiary of RBI's revised regulations for priority sector lending
** IT index up 1.5% as President Donald Trump indicates not all U.S. trading partners will be hit with tariffs on April 2
** ICICI down 2%, snapping six sessions of gains
** Reliance Industries RELI.NS down 1%, while Oil India OILI.NS falls 3% as Trump threatens tariffs on countries importing Venezuelean oil and gas
** Broader mid .NIFMDCP100 and smallcaps .NIFSMCP100 down 1.1% and 1.6%, respectively, on profit booking after six sessions of gains, according to analysts
(Reporting by Vivek Kumar M)
(([email protected];))
Jupiter Life Line Hospitals Enters Loan Agreement With HDFC Bank
March 24 (Reuters) - Jupiter Life Line Hospitals Ltd JUPE.NS:
JUPITER LIFE LINE HOSPITALS LTD - ENTERS LOAN AGREEMENT WITH HDFC BANK
JUPITER LIFE LINE HOSPITALS - AVAILS 3.50 BILLION RUPEES TERM LOAN, 100 MILLION RUPEES OVERDRAFT
Source text: ID:nBSEcggD7V
Further company coverage: JUPE.NS
(([email protected];;))
March 24 (Reuters) - Jupiter Life Line Hospitals Ltd JUPE.NS:
JUPITER LIFE LINE HOSPITALS LTD - ENTERS LOAN AGREEMENT WITH HDFC BANK
JUPITER LIFE LINE HOSPITALS - AVAILS 3.50 BILLION RUPEES TERM LOAN, 100 MILLION RUPEES OVERDRAFT
Source text: ID:nBSEcggD7V
Further company coverage: JUPE.NS
(([email protected];;))
India's HDFC Life says earlier data theft had no 'material impact'
March 13 (Reuters) - India's HDFC Life Insurance HDFL.NS said on Thursday that a data theft it reported in November did not result in any adverse material impact and has been resolved.
"The unauthorized exploitation was confined to a specific, identified issue," the insurer said in an exchange filing, without disclosing further details.
HDFC Life, in November, said that an unknown source shared certain customer data with the company with "mala fide intent".
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; 8800437922;))
March 13 (Reuters) - India's HDFC Life Insurance HDFL.NS said on Thursday that a data theft it reported in November did not result in any adverse material impact and has been resolved.
"The unauthorized exploitation was confined to a specific, identified issue," the insurer said in an exchange filing, without disclosing further details.
HDFC Life, in November, said that an unknown source shared certain customer data with the company with "mala fide intent".
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; 8800437922;))
BREAKINGVIEWS-India's banks face a new credibility test
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 12 (Reuters Breakingviews) - One of India's top private banks is setting a fresh test for the sector. On Monday IndusInd Bank INBK.NS reported it had discovered an accounting discrepancy in the way it booked currency derivatives stretching back at least six years. The resulting estimated $175 million impact roughly equates to an entire quarter's earnings. It's the latest in a series of slip-ups by the firm run by Sumant Kathpalia, and the ensuing 27% drop in its shares shows its credibility is tanking. It's also likely to bring tighter scrutiny of its peers.
The bank backed by the Hinduja Group has had a turbulent few months. Microloan delinquencies are surging and governance looks wobbly. Its chief financial officer abruptly resigned in January. On Thursday, the Reserve Bank of India denied its proposal to extend Kathpalia's term as CEO by three years, giving him just one more year. All in, the now-$6 billion bank, the country's fifth-largest by loans in the private sector, has lost 60% of its market value since shares hit a high in January last year.
The stock meltdown reflects not just the cascading impact of those surprises, but also a new risk. The bank stated the financial hit as 2.35% of its net worth; that sends a worrying signal to investors that this metric, also known as book value, is not as trustworthy as they thought. Restoring such faith takes time and requires proving that the bank's systems and processes - and probably some of the top management - have been overhauled.
While the accounting fiasco currently looks specific to IndusInd, it could potentially singe others. Kathpalia told investors the discrepancy came to light in September or October, six months after the RBI tweaked valuation norms for banks' investment portfolios. Such regulatory diktats at times expose worms across the sector, as in 2017 when new disclosure standards revealed many banks to be understating bad loans.
Peers with foreign currency deposits, including market leaders State Bank of India SBI.NS and HDFC Bank HDBK.NS, will brace for more questions from the RBI and markets. They may well emerge squeaky clean, but it's a hassle they would prefer to do without.
Follow @ShritamaBose on X
CONTEXT NEWS
Shares in IndusInd Bank fell 27% to close at 656.80 rupees each on March 11, the day after it reported accounting discrepancies in foreign currency derivatives. The Indian private lender estimates an adverse impact of approximately 2.35% of its net worth as of December 2024.
The bank will, though, report a profit for the three months and financial year ending March 31, CEO Sumant Kathpalia told CNBC-TV18.
IndusInd shares sharply underperformed peers and the market https://www.reuters.com/graphics/BRV-BRV/movaylmxeva/chart.png
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 12 (Reuters Breakingviews) - One of India's top private banks is setting a fresh test for the sector. On Monday IndusInd Bank INBK.NS reported it had discovered an accounting discrepancy in the way it booked currency derivatives stretching back at least six years. The resulting estimated $175 million impact roughly equates to an entire quarter's earnings. It's the latest in a series of slip-ups by the firm run by Sumant Kathpalia, and the ensuing 27% drop in its shares shows its credibility is tanking. It's also likely to bring tighter scrutiny of its peers.
The bank backed by the Hinduja Group has had a turbulent few months. Microloan delinquencies are surging and governance looks wobbly. Its chief financial officer abruptly resigned in January. On Thursday, the Reserve Bank of India denied its proposal to extend Kathpalia's term as CEO by three years, giving him just one more year. All in, the now-$6 billion bank, the country's fifth-largest by loans in the private sector, has lost 60% of its market value since shares hit a high in January last year.
The stock meltdown reflects not just the cascading impact of those surprises, but also a new risk. The bank stated the financial hit as 2.35% of its net worth; that sends a worrying signal to investors that this metric, also known as book value, is not as trustworthy as they thought. Restoring such faith takes time and requires proving that the bank's systems and processes - and probably some of the top management - have been overhauled.
While the accounting fiasco currently looks specific to IndusInd, it could potentially singe others. Kathpalia told investors the discrepancy came to light in September or October, six months after the RBI tweaked valuation norms for banks' investment portfolios. Such regulatory diktats at times expose worms across the sector, as in 2017 when new disclosure standards revealed many banks to be understating bad loans.
Peers with foreign currency deposits, including market leaders State Bank of India SBI.NS and HDFC Bank HDBK.NS, will brace for more questions from the RBI and markets. They may well emerge squeaky clean, but it's a hassle they would prefer to do without.
Follow @ShritamaBose on X
CONTEXT NEWS
Shares in IndusInd Bank fell 27% to close at 656.80 rupees each on March 11, the day after it reported accounting discrepancies in foreign currency derivatives. The Indian private lender estimates an adverse impact of approximately 2.35% of its net worth as of December 2024.
The bank will, though, report a profit for the three months and financial year ending March 31, CEO Sumant Kathpalia told CNBC-TV18.
IndusInd shares sharply underperformed peers and the market https://www.reuters.com/graphics/BRV-BRV/movaylmxeva/chart.png
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
India New Issue-HDFC Ergo General Insurance to issue bonds, bankers say
MUMBAI, March 11 (Reuters) - India's HDFC Ergo General Insurance plans to raise 3.50 billion rupees ($11.47 million) through the sale of subordinated bonds maturing in 10 years, three bankers said on Tuesday.
The insurer has invited coupon and commitment bids from bankers and investors for the issue on Thursday, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDFC ergo General Insurance | 10 years | To be decided | 3.25 | March 13 | AAA (Crisil, Icra) |
LIC Housing Finance Feb 2030 reissue | Nearly 5 years | 7.68 (yield) | 12.25 | March 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.2125 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, March 11 (Reuters) - India's HDFC Ergo General Insurance plans to raise 3.50 billion rupees ($11.47 million) through the sale of subordinated bonds maturing in 10 years, three bankers said on Tuesday.
The insurer has invited coupon and commitment bids from bankers and investors for the issue on Thursday, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDFC ergo General Insurance | 10 years | To be decided | 3.25 | March 13 | AAA (Crisil, Icra) |
LIC Housing Finance Feb 2030 reissue | Nearly 5 years | 7.68 (yield) | 12.25 | March 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.2125 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
PayPal-backed Mintoak strikes India's first e-rupee related deal, worth $3.5 million, sources say
By Ashwin Manikandan
NEW DELHI, March 4 (Reuters) - Indian startup Mintoak, which provides merchant payment services to lenders, said on Tuesday it has bought Digiledge, marking the first acquisition in the nascent central bank digital currency space in a deal that sources said was worth around $3.5 million.
The Reserve Bank of India started a pilot for the CBDC, or e-rupee, a digital alternative to physical currency, in December 2022, and last April, it expanded the scope of transactions to payment firms from having limited it to just banks initially.
PayPal PYPL.O and HDFC Bank HDBK.NS backed Mintoak has completed the acquisition of Digiledge, which specialises in CBDC and bill payments services, said two sources aware of the matter, declining to be identified as they are not authorised to speak with the media.
The deal will enable Mintoak's partner banks, which include HDFC Bank, Axis Bank AXBK.NS and SBI SBI.NS, to offer more comprehensive CBDC-related payment solutions to their clients, Mumbai-based Mintoak said.
"By adding Digiledge's bill payments and CBDC capabilities, we are making it easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services," Mintoak CEO Raman Khanduja said.
In January, Cred and MobiKwik ONEM.NS became the first fintech platforms to give customers access to the CBDC.
Alphabet's GOOGL.O Google Pay, Walmart-backed WMT.N PhonePe PHOP.NS and Amazon Pay are among the payment firms seeking to join the pilot, Reuters reported in August 2024.
(Reporting by Ashwin Manikandan; Editing by Savio D'Souza)
By Ashwin Manikandan
NEW DELHI, March 4 (Reuters) - Indian startup Mintoak, which provides merchant payment services to lenders, said on Tuesday it has bought Digiledge, marking the first acquisition in the nascent central bank digital currency space in a deal that sources said was worth around $3.5 million.
The Reserve Bank of India started a pilot for the CBDC, or e-rupee, a digital alternative to physical currency, in December 2022, and last April, it expanded the scope of transactions to payment firms from having limited it to just banks initially.
PayPal PYPL.O and HDFC Bank HDBK.NS backed Mintoak has completed the acquisition of Digiledge, which specialises in CBDC and bill payments services, said two sources aware of the matter, declining to be identified as they are not authorised to speak with the media.
The deal will enable Mintoak's partner banks, which include HDFC Bank, Axis Bank AXBK.NS and SBI SBI.NS, to offer more comprehensive CBDC-related payment solutions to their clients, Mumbai-based Mintoak said.
"By adding Digiledge's bill payments and CBDC capabilities, we are making it easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services," Mintoak CEO Raman Khanduja said.
In January, Cred and MobiKwik ONEM.NS became the first fintech platforms to give customers access to the CBDC.
Alphabet's GOOGL.O Google Pay, Walmart-backed WMT.N PhonePe PHOP.NS and Amazon Pay are among the payment firms seeking to join the pilot, Reuters reported in August 2024.
(Reporting by Ashwin Manikandan; Editing by Savio D'Souza)
India's HDFC Bank to grow loan securitisation business over next few years, CFO says
HDFC Bank to grow loan securitisation business over 3-5 years
To push growth in retail deposits; sees opportunities reopen in unsecured loans
Recent RBI, government actions a "tailwind" for the sector - CFO
By Ira Dugal
MUMBAI, Feb 28 (Reuters) - HDFC Bank HDBK.NS, India's largest private lender by assets, will grow its loan securitisation business over the next few years to meet rising investor demand, the bank's chief financial officer said.
The bank will continue to build this business as a way to create space for fresh loans without bulking up its balance sheet, CFO Srinivasan Vaidyanathan said in an interview late on Thursday.
Loan securitisation involves bundling of loans and slicing them into new investments.
"We do believe this is a strategic initiative... I believe that over a three-year to five-year period, it would be substantial," Vaidyanathan said, but declined to share a target for loan sales.
The bank has sold 463 billion rupees ($5.30 billion) in loans through securitisation so far this financial year.
Securitisation volumes in India are expected to rise to 2.4 trillion rupees in the current fiscal year ending March 31, a 25% increase over last year, according to rating agency ICRA.
The loan sales, which HDFC Bank had avoided, are being driven by multiple objectives, including a need to bring down its loan-to-deposit ratio which had risen following its merger with parent HDFC in July 2023.
The bank previously said that it aims to bring down that ratio to below 90% from close to 100% now. A lower ratio indicates a stronger liquidity position.
But an expansion in the market for loan securitisation is a bigger factor behind the decision to grow that business, said Vaidyanathan.
"We currently see a good amount of interest, including from local investors, pension funds, insurance, certain other banking institutions," he said, adding that international investor interest in securitised loans is also picking up.
DEPOSITS BEFORE LOANS
The bank's broader objective in the near term remains to grow its deposit book more quickly than loans, with particular focus on raising the share of lower-cost retail deposits.
The bank said in January it will grow its deposits at a pace above the banking system in the upcoming financial year starting April 1, while growing loans at a rate close to the market.
"A better CASA (current account, savings account) mix is also an important priority" because of changing customer preferences, he added, referring to a shift from deposits to equity investments as the preferred saving option.
In the current financial year, the bank slowed loan growth in the unsecured retail loan category due to fears of rising delinquencies.
The bank may now see opportunities for quicker loan growth in that segment as many other financial sector players have retreated.
"The opportunity will open up as other players in the market slow down...We'll have better opportunities in that space without changing any credit criteria," he said.
Over the past two months, the Reserve Bank of India has eased liquidity conditions and loan rules, while the government has reduced the tax burden for consumers amid high inflation.
Vaidyanathan sees these as "tailwinds" for the sector, which will help improve lending and deposit markets over the next year.
($1 = 87.3070 Indian rupees)
(Reporting by Ira Dugal; Editing by Varun H K)
(([email protected]; +91-9833024892;))
HDFC Bank to grow loan securitisation business over 3-5 years
To push growth in retail deposits; sees opportunities reopen in unsecured loans
Recent RBI, government actions a "tailwind" for the sector - CFO
By Ira Dugal
MUMBAI, Feb 28 (Reuters) - HDFC Bank HDBK.NS, India's largest private lender by assets, will grow its loan securitisation business over the next few years to meet rising investor demand, the bank's chief financial officer said.
The bank will continue to build this business as a way to create space for fresh loans without bulking up its balance sheet, CFO Srinivasan Vaidyanathan said in an interview late on Thursday.
Loan securitisation involves bundling of loans and slicing them into new investments.
"We do believe this is a strategic initiative... I believe that over a three-year to five-year period, it would be substantial," Vaidyanathan said, but declined to share a target for loan sales.
The bank has sold 463 billion rupees ($5.30 billion) in loans through securitisation so far this financial year.
Securitisation volumes in India are expected to rise to 2.4 trillion rupees in the current fiscal year ending March 31, a 25% increase over last year, according to rating agency ICRA.
The loan sales, which HDFC Bank had avoided, are being driven by multiple objectives, including a need to bring down its loan-to-deposit ratio which had risen following its merger with parent HDFC in July 2023.
The bank previously said that it aims to bring down that ratio to below 90% from close to 100% now. A lower ratio indicates a stronger liquidity position.
But an expansion in the market for loan securitisation is a bigger factor behind the decision to grow that business, said Vaidyanathan.
"We currently see a good amount of interest, including from local investors, pension funds, insurance, certain other banking institutions," he said, adding that international investor interest in securitised loans is also picking up.
DEPOSITS BEFORE LOANS
The bank's broader objective in the near term remains to grow its deposit book more quickly than loans, with particular focus on raising the share of lower-cost retail deposits.
The bank said in January it will grow its deposits at a pace above the banking system in the upcoming financial year starting April 1, while growing loans at a rate close to the market.
"A better CASA (current account, savings account) mix is also an important priority" because of changing customer preferences, he added, referring to a shift from deposits to equity investments as the preferred saving option.
In the current financial year, the bank slowed loan growth in the unsecured retail loan category due to fears of rising delinquencies.
The bank may now see opportunities for quicker loan growth in that segment as many other financial sector players have retreated.
"The opportunity will open up as other players in the market slow down...We'll have better opportunities in that space without changing any credit criteria," he said.
Over the past two months, the Reserve Bank of India has eased liquidity conditions and loan rules, while the government has reduced the tax burden for consumers amid high inflation.
Vaidyanathan sees these as "tailwinds" for the sector, which will help improve lending and deposit markets over the next year.
($1 = 87.3070 Indian rupees)
(Reporting by Ira Dugal; Editing by Varun H K)
(([email protected]; +91-9833024892;))
REFILE-India's financial stocks jump as central bank further eases strict lending rules
Corrects to Thursday from Wednesday in first paragraph
Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.
Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.
The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.
Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.
"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.
On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.
Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.
In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.
The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.
Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.
Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.
However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.
"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Corrects to Thursday from Wednesday in first paragraph
Feb 27 (Reuters) - Shares of most Indian financial companies, especially those of non-bank and microfinance-focussed lenders, jumped on Thursday after the central bank further eased its capital requirements for micro loans and bank credit.
Financial stocks .NIFTYFIN, which include non-bank finance companies (NBFCs), jumped about 1%, outpacing the 0.7% increase in banking stocks .NSEBANK. The benchmark Nifty 50 .NSEI, in comparison, was flat.
The Reserve Bank of India, on Tuesday, trimmed the higher capital requirements introduced in November, the latest in a series of growth-supportive measures since Sanjay Malhotra took over as governor in December.
Under his watch, the RBI has eased liquidity, delayed some regulations and loosened restrictions placed on some lenders.
"We think this bodes well for the financial sector and lays more emphasis on consumption and growth ... and (we) reiterate our bullish view," Macquarie analyst Suresh Ganapathy said in a note.
On the day, Bandhan Bank BANH.NS gained 6%, while Shriram Finance SHMF.NS, AU Small Finance Bank AUFI.NS and Ujjivan Small Finance Bank UJJI.NS rose about 5% each.
Cholamandalam Investment and Finance CHLA.NS and Aditya Birla Capital ADTB.NS advanced 4.5% each. Bajaj Finance BJFN.NS rose 2.7% and IndusInd Bank INBK.NS gained 2%.
In comparison, top private lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS were up under 1%.
The RBI's move should help most NBFCs' earnings, Morgan Stanley analysts said, picking Aditya Birla Capital, PNB Housing, Shriram Finance and Bajaj Finance as top beneficiaries.
Nomura analysts said banks with higher microfinance loan exposure, such as Bandhan Bank, IndusInd and AU Small Finance Bank, would also get much needed relief.
Since the rules were implemented in November, Aditya Birla Capital's shares had slid 16%, while AU Small Finance Bank and IndusInd Bank sank 28% and 31%, respectively. The worst hit, with a 38% tumble, was Bandhan Bank -- the day's top gainer.
However, Axis Bank Chief Economist Neelkanth Mishra cautioned that a reversal in the broad-based slide in loan growth -- caused by high liquidity costs and the RBI's discomfort with high loan-to-deposit ratios -- could take time.
"While these (RBI) signals should help revive lending, we believe the binding constraint remains durable liquidity."
(Reporting by Sethuraman NR; Editing by Savio D'Souza)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
INDIA STOCKS-HDFC Bank, Maruti Suzuki weigh on Indian benchmarks
Updates for morning trade
By Vivek Kumar M
Feb 20 (Reuters) - India's benchmark indexes fell on Thursday, weighed down by losses in heavyweight HDFC Bank and car maker Maruti Suzuki India, while uncertainty over U.S. tariffs continued to dent risk sentiment.
The Nifty 50 .NSEI was down 0.16% at 22,896.30 points as of 11:01 a.m. IST, while the BSE Sensex .BSESN lost 0.26% to 75,742.38.
The broader midcap .NIFMDCP100 and smallcap .NIFSMCP100 stocks were up 0.5% and 0.8%, respectively.
The Nifty 50 is likely to remain range-bound until there is some certainty about U.S. tariffs, said U.R. Bhat, co-founder of Alphaniti Fintech.
HDFC Bank HDBK.NS, the heaviest stock on the benchmark indexes, slipped 2.1%, snapping a three-day winning streak. Shares of the private lender changed hands at a discount in multiple blocks on Thursday, data compiled by LSEG showed.
The sharp fall also led financials .NIFTYFIN 0.8% lower.
Maruti Suzuki India MRTI.NS fell 2% after its parent Suzuki Motor Corp 7269.T said it planned to launch only four battery electric vehicles in India by fiscal year 2030 instead of the six targetted earlier.
Meanwhile, U.S. President Donald Trump said on Tuesday he would introduce tariffs of 25% and above on autos, pharmaceuticals and semiconductors.
Among Asian countries, South Korea and Japan have the highest U.S. exposure to auto exports, while India has extensive pharma exposure, according to HSBC Global Research.
On Wednesday, the minutes of the U.S. Federal Reserve's January policy meeting showed that policymakers were concerned about the inflationary impact of Trump's tariff plans, signalling the likelihood of higher rates in the U.S.
Higher U.S. rates make emerging markets such as India unattractive for foreign investors, who have sold about $12.31 billion worth of Indian equities so far in 2025.
Among individual stocks, cigarette makers VST Industries VSTI.NS and Godfrey Phillips GDFR.NS fell 4% each, while ITC ITC.NS lost 1.2% on a report of a possible tax hike.
(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected];))
Updates for morning trade
By Vivek Kumar M
Feb 20 (Reuters) - India's benchmark indexes fell on Thursday, weighed down by losses in heavyweight HDFC Bank and car maker Maruti Suzuki India, while uncertainty over U.S. tariffs continued to dent risk sentiment.
The Nifty 50 .NSEI was down 0.16% at 22,896.30 points as of 11:01 a.m. IST, while the BSE Sensex .BSESN lost 0.26% to 75,742.38.
The broader midcap .NIFMDCP100 and smallcap .NIFSMCP100 stocks were up 0.5% and 0.8%, respectively.
The Nifty 50 is likely to remain range-bound until there is some certainty about U.S. tariffs, said U.R. Bhat, co-founder of Alphaniti Fintech.
HDFC Bank HDBK.NS, the heaviest stock on the benchmark indexes, slipped 2.1%, snapping a three-day winning streak. Shares of the private lender changed hands at a discount in multiple blocks on Thursday, data compiled by LSEG showed.
The sharp fall also led financials .NIFTYFIN 0.8% lower.
Maruti Suzuki India MRTI.NS fell 2% after its parent Suzuki Motor Corp 7269.T said it planned to launch only four battery electric vehicles in India by fiscal year 2030 instead of the six targetted earlier.
Meanwhile, U.S. President Donald Trump said on Tuesday he would introduce tariffs of 25% and above on autos, pharmaceuticals and semiconductors.
Among Asian countries, South Korea and Japan have the highest U.S. exposure to auto exports, while India has extensive pharma exposure, according to HSBC Global Research.
On Wednesday, the minutes of the U.S. Federal Reserve's January policy meeting showed that policymakers were concerned about the inflationary impact of Trump's tariff plans, signalling the likelihood of higher rates in the U.S.
Higher U.S. rates make emerging markets such as India unattractive for foreign investors, who have sold about $12.31 billion worth of Indian equities so far in 2025.
Among individual stocks, cigarette makers VST Industries VSTI.NS and Godfrey Phillips GDFR.NS fell 4% each, while ITC ITC.NS lost 1.2% on a report of a possible tax hike.
(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
(([email protected];))
BREAKINGVIEWS-India’s banks will struggle to keep equities crown
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.
A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.
It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.
The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.
The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.
But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.
Kotak and its peers may find their dealmaking crown was easier to earn than to hold.
Follow @ShritamaBose on X
CONTEXT NEWS
Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.
Graphic: India equity fundraising edged past Hong Kong in 2024 https://reut.rs/3WDLcu6
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Feb 19 (Reuters Breakingviews) - India’s dealmakers are celebrating their arrival on the global map. Last year, Kotak Mahindra Bank KTKM.NS not only topped LSEG's league table for initial public offerings in Asia by volume, edging out CITIC 0267.HK and JPMorgan JPM.N, but it also broke into the ranks of the top 10 underwriters of common stock deals globally by proceeds. Both are firsts for an Indian investment bank. But the strong showing by the $45 billion firm and its compatriots may prove hard to sustain.
A record $71 billion in equity fundraising powered the South Asian country's climb past China and Hong Kong to the spot of the world’s second-largest destination for share placements behind the U.S. last year, per Dealogic data. New-economy companies including Swiggy SWIG.NS and Ola Electric Mobility OLAE.NS going public were a lynchpin for strong fees. Meanwhile, punchy valuations prompted global businesses like Whirlpool WHR.N to cash out stakes in their local units and Hyundai Motor 005380.KS to take its Indian business public.
It spelt a bonanza for banks like Kotak and ICICI Bank ICBK.NS, both of which trade at 3 times forward book value, the top of their peer group. Their rise up the league tables buys them credibility beyond those rich valuations.
The mood is upbeat. At a Mumbai conference of investment banks in January, a singer belted out chest-thumping patriotic numbers in the presence of Madhabi Puri Buch, chief of Securities and Exchange Board of India, the capital markets regulator. Sundararaman Ramamurthy, the CEO of BSE BSEL.NS, one of the country’s two main stock exchanges, described the IPO boom as a moment of India’s “re-emergence” on the world stage.
The pipeline remains strong. Kotak has won a mandate, alongside Morgan Stanley MS.N, for what could be India's largest ever IPO, an up to $4.6 billion listing of Reliance Industries' RELI.NS telecommunications business, IFR reported in January, citing unnamed people. HDFC Bank’s HDBK.NS shadow lending unit has filed for a $1.44 billion float. Businesses ranging from the local unit of South Korean consumer appliances giant LG Electronics 066570.KS to Tiger Global-backed stockbroker Groww are preparing for billion-dollar listings too, per IFR. Kotak expects primary fundraising in India to rise 59% from last year’s level to $35 billion in 2025.
But the broader environment is less cheery. Foreign portfolio investors are dumping Indian shares and companies are reporting dismal earnings, pulling indexes off last year’s dizzying highs. The outlook for GDP growth is sombre. Beijing's push for higher-valued startups could rejuvenate dealmaking in China this year, and Hong Kong listings are rebounding from a 20-year low. The two centres notched up a total $132 billion in equity transactions in 2023 before markets slumped.
Kotak and its peers may find their dealmaking crown was easier to earn than to hold.
Follow @ShritamaBose on X
CONTEXT NEWS
Kotak Mahindra Bank was the 10th largest bookrunner globally for common stock deals by proceeds in 2024, with a 1.5% share of the market, according to LSEG data. It also topped the league table for Asian initial public offerings, including Chinese A-shares, facilitating listings that raised $2 billion during the year.
Graphic: India equity fundraising edged past Hong Kong in 2024 https://reut.rs/3WDLcu6
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
India New Issue-HDB Financial Services accepts bids for April 2027 bond reissue, bankers say
MUMBAI, Feb 14 (Reuters) - India's HDB Financial Services has accepted bids worth 5 billion rupees ($57.6 million) for the reissue of 8.2378% April 2027 bonds, three bankers said on Friday.
The non-banking finance company will offer a yield of 7.90% and had invited bids from bankers and investors earlier in the day, they said.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on February 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial April 2027 reissue | 2 years and 2 months | 7.90 (yield) | 5 | Feb. 14 | AAA (Crisil, Care) |
Narayana Hrudayalaya | 5 years | 8.40 | 5 | Feb. 14 | AA (Icra) |
Bamboo Hotel and Global Centre | Nearly 3 years | 10.81 | 8.08 | Feb. 13 | Provisional A+(CE)(Icra) |
PFC | 3 years and 2 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
PFC | 6 years and 11 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.8550 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, Feb 14 (Reuters) - India's HDB Financial Services has accepted bids worth 5 billion rupees ($57.6 million) for the reissue of 8.2378% April 2027 bonds, three bankers said on Friday.
The non-banking finance company will offer a yield of 7.90% and had invited bids from bankers and investors earlier in the day, they said.
HDB Financial Services did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on February 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDB Financial April 2027 reissue | 2 years and 2 months | 7.90 (yield) | 5 | Feb. 14 | AAA (Crisil, Care) |
Narayana Hrudayalaya | 5 years | 8.40 | 5 | Feb. 14 | AA (Icra) |
Bamboo Hotel and Global Centre | Nearly 3 years | 10.81 | 8.08 | Feb. 13 | Provisional A+(CE)(Icra) |
PFC | 3 years and 2 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
PFC | 6 years and 11 months | To be decided | 7+33 | Feb. 17 | AAA (Crisil, Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.8550 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India New Issue-HDFC Life Insurance accepts bids for bond issue, bankers say
MUMBAI, Feb 13 (Reuters) - India's HDFC Life Insurance HDFL.NS has accepted bids worth 10 billion rupees ($115.13 million) for subordinated bonds maturing in 10 years, three bankers said on Thursday.
The insurer will pay an annual coupon of 8.10% on this issue and had invited bids from bankers and investors earlier in the day, they said.
The issue has a call option at en of five years.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDFC Life Insurance | 10 years | 8.10 | 10 | Feb. 13 | AAA (Icra) |
Axis Max Life Insurance | 10 years | To be decided | 5 | To be decided | AA+ (Care) |
Bank of Maharashtra | 10 years | To be decided | 5+25 | Feb. 17 | AA+ (Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.8580 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
MUMBAI, Feb 13 (Reuters) - India's HDFC Life Insurance HDFL.NS has accepted bids worth 10 billion rupees ($115.13 million) for subordinated bonds maturing in 10 years, three bankers said on Thursday.
The insurer will pay an annual coupon of 8.10% on this issue and had invited bids from bankers and investors earlier in the day, they said.
The issue has a call option at en of five years.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDFC Life Insurance | 10 years | 8.10 | 10 | Feb. 13 | AAA (Icra) |
Axis Max Life Insurance | 10 years | To be decided | 5 | To be decided | AA+ (Care) |
Bank of Maharashtra | 10 years | To be decided | 5+25 | Feb. 17 | AA+ (Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.8580 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
India New Issue-HDFC Life Insurance to issue 10-year bonds, bankers say
MUMBAI, Feb 12 (Reuters) - India's HDFC Life Insurance HDFL.NS plans to raise 10 billion rupees ($115.6 million), including a greenshoe option of 1 billion rupees, selling subordinated bonds maturing in 10 years, three bankers said on Wednesday.
The insurer has invited bids from bankers and investors for the issue on Thursday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 12
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDFC Life Insurance | 10 years | To be decided | 9+1 | Feb. 13 | AAA (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.5420 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)
MUMBAI, Feb 12 (Reuters) - India's HDFC Life Insurance HDFL.NS plans to raise 10 billion rupees ($115.6 million), including a greenshoe option of 1 billion rupees, selling subordinated bonds maturing in 10 years, three bankers said on Wednesday.
The insurer has invited bids from bankers and investors for the issue on Thursday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 12
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
HDFC Life Insurance | 10 years | To be decided | 9+1 | Feb. 13 | AAA (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 86.5420 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)
India New Issue-Credila Financial Services accepts bids on bond issue, bankers say
MUMBAI, Feb 10 (Reuters) - India's Credila Financial Services has accepted bids worth 5.50 billion rupees ($62.6 million) for bonds maturing in 10 years, three bankers said on Monday.
The company will pay an annual coupon of 9.00% on this issue and had invited bids from bankers and investors on Friday, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Credila Financial Services | 10 years | 9.00% | 5.50 | Feb. 7 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.9050 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
MUMBAI, Feb 10 (Reuters) - India's Credila Financial Services has accepted bids worth 5.50 billion rupees ($62.6 million) for bonds maturing in 10 years, three bankers said on Monday.
The company will pay an annual coupon of 9.00% on this issue and had invited bids from bankers and investors on Friday, they said.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Credila Financial Services | 10 years | 9.00% | 5.50 | Feb. 7 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.9050 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
India New Issue-Credila Financial to issue 10-year bonds, bankers say
MUMBAI, Feb 6 (Reuters) - India's Credila Financial Services HDFR.NS plans to raise 7.40 billion rupees ($84.52 million), including a greenshoe option of 2.40 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Thursday.
The company has invited bids from bankers and investors for the issue on Friday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Credila Financial Services | 10 years | To be decided | 5+2.40 | Feb. 7 | AA+ (Crisil) |
Bajaj Finance Dec 2027 reissue | 1 year and 10 months | To be decided | 7.50+47.50 | Feb. 7 | AAA (Crisil) |
Tata Projects | 6 years | 8.60 | 5 | Feb. 6 | AA (India Ratings) |
SIDBI | 4 years and 1 month | To be decided | 20+40 | Feb. 10 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.5575 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
MUMBAI, Feb 6 (Reuters) - India's Credila Financial Services HDFR.NS plans to raise 7.40 billion rupees ($84.52 million), including a greenshoe option of 2.40 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Thursday.
The company has invited bids from bankers and investors for the issue on Friday, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Credila Financial Services | 10 years | To be decided | 5+2.40 | Feb. 7 | AA+ (Crisil) |
Bajaj Finance Dec 2027 reissue | 1 year and 10 months | To be decided | 7.50+47.50 | Feb. 7 | AAA (Crisil) |
Tata Projects | 6 years | 8.60 | 5 | Feb. 6 | AA (India Ratings) |
SIDBI | 4 years and 1 month | To be decided | 20+40 | Feb. 10 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.5575 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
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What does HDFC Bank do?
HDFC Bank Limited is a prominent private bank in India, offering a wide range of commercial, investment, and retail banking services across three key segments.
Who are the competitors of HDFC Bank?
HDFC Bank major competitors are ICICI Bank, SBI, Kotak Mahindra Bank, Axis Bank, Yes Bank, Indusind Bank, AU Small Fin. Bank. Market Cap of HDFC Bank is ₹14,80,800 Crs. While the median market cap of its peers are ₹3,74,435 Crs.
Is HDFC Bank financially stable compared to its competitors?
HDFC Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does HDFC Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. HDFC Bank latest dividend payout ratio is 23.12% and 3yr average dividend payout ratio is 22.92%
How has HDFC Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is HDFC Bank balance sheet?
Latest balance sheet of HDFC Bank is strong. Strength was visible historically as well.
Is the profitablity of HDFC Bank improving?
Yes, profit is increasing. The profit of HDFC Bank is ₹73,440 Crs for TTM, ₹64,062 Crs for Mar 2024 and ₹45,997 Crs for Mar 2023.
Is HDFC Bank stock expensive?
HDFC Bank is not expensive. Latest PE of HDFC Bank is 20.92 while 3 year average PE is 21.87. Also latest Price to Book of HDFC Bank is 2.84 while 3yr average is 3.24.
Has the share price of HDFC Bank grown faster than its competition?
HDFC Bank has given lower returns compared to its competitors. HDFC Bank has grown at ~9.79% over the last 7yrs while peers have grown at a median rate of 10.27%
Is the promoter bullish about HDFC Bank?
There is Insufficient data to gauge this.
Are mutual funds buying/selling HDFC Bank?
The mutual fund holding of HDFC Bank is increasing. The current mutual fund holding in HDFC Bank is 25.23% while previous quarter holding is 23.93%.