Axis Capital has commented on Adani Ports' recently announced ~USD 2.5 billion non-cash acquisition of NQXT, noting that the deal enhances FY25 pro-forma consolidated port volumes by 7.8%, EBITDA by 7%, and EBIT by 5%. However, it also raises net debt by 11.6% and slightly increases the net debt-to-EBITDA ratio by around 10 basis points to 2.2x. Despite the operational benefits, Axis points out that the transaction is RoCE-dilutive, with a decline of 130–150 basis points projected through FY27, and EPS-dilutive by 2%–3% over the same period. As a result, the brokerage anticipates an initially negative reaction from the stock.

Nuvama has revised its target price for ICICI Bank to ₹1,630 (3.2x FY26E book value), up from ₹1,470, following a strong performance. The bank delivered a robust beat on net interest margin (NIM), profit after tax (PAT), and asset quality. Notably, asset quality in the business banking segment has surpassed expectations, even amid high growth. This resilience is attributed to the bank’s strategy of focusing on better-rated borrowers, avoiding high-yield lending, and investing in robust credit underwriting models.

Axis Capital expects Lupin to receive final approval for gJynarque (tolvaptan) by April 23, 2025, aligning with the expiry of the existing exclusivity period. The company is likely to initiate an immediate launch, benefiting from a 180-day sole exclusivity window. This product is projected to contribute over USD 200 million in revenue for Lupin in FY26, with additional upside potential. Reflecting this opportunity, Axis Capital has revised its FY26 EBITDA and PAT estimates upward by 8% and 10%, respectively.

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UBS has lowered its price target on Infosys to ₹1,850 from the earlier ₹2,100, following softer-than-expected revenue growth in Q4. The firm has also revised its earnings estimates downward. Unlike in FY25, Infosys appears to be missing the ramp-up from large deals amid increased macroeconomic uncertainty compared to 2024. The management’s guidance for 0–3% year-on-year constant currency organic revenue growth translates to a compounded quarterly growth rate of around 1.8–1.9% at the upper end, which UBS believes will be challenging to achieve.

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Bernstein has reduced its target price on Infosys to ₹1,680 from the earlier ₹1,780. The cut comes as the firm lowers its FY26 and FY27 earnings per share estimates by 4.0% and 4.4%, respectively, to reflect softer revenue guidance for FY26. Bernstein notes that the weak exit rate from FY25 may make it difficult for Infosys to achieve the upper end of its projected revenue range.

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Axis Capital has maintained its Buy rating on HDFC Bank while raising the SOTP-based target price to ₹2,205 from the earlier ₹2,000. The upward revision reflects an approximate 10% increase in FY27E profit after tax estimates, driven by expectations of slightly higher net interest margins. On the asset quality front, gross slippages declined by 15% quarter-on-quarter to ₹75 billion, improving to 1.2% of loans compared to 1.4% in Q3FY25. The bank also reported its highest net branch addition in the last four quarters, along with a quarter-on-quarter increase in employee count, indicating continued growth momentum.

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I G PETROCHEMICALS : Co. Informs sad demise of Shri Madan Mohan Dhanuka –Promoter

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Archean Chemical has entered into a ₹20 crore loan agreement with its wholly owned subsidiary, Neun Infra Private Limited. The funds will be used to support Neun Infra’s semiconductor business initiatives and ongoing silicon carbide research in collaboration with IIT Bhubaneswar. With this latest agreement, the total outstanding loan extended by Archean Chemical to Neun Infra now stands at ₹67 crore.

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MUKUND Q4 RESULT + DIVIDEND; 16 MAY

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PUNJAB CHEMICALS Q4 RESULT + DIVIDEND; 30 APRIL

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The Delhi High Court has urged for smoother hospital discharge procedures following the dismissal of a case against Max Healthcare. The case had been filed over issues related to billing and delays in insurance processing at Max Hospital. In its ruling, the court highlighted the need for better discharge protocols to prevent such issues in the future, affecting not only Max Healthcare but also other prominent hospitals such as Fortis and Apollo Hospitals.

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ADANI ENERGY Q4 RESULT : 24 APRIL

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VAKRANGEE Q4 RESULT; 26 APRIL

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BANK OF MAHARASHTRA Q4 RESULT + DIVIDEND: 25 APRIL

Bank of Maharashtra has scheduled a board meeting on April 25 to consider a proposal for raising up to ₹7,500 crore during the financial year 2025–26. The fundraise may be conducted through various modes including Follow-on Public Offer (FPO), Rights Issue, Qualified Institutional Placement (QIP), Preferential Issue, Employee Stock Purchase Scheme (ESPS), or Basel III compliant bonds, subject to necessary approvals. Additionally, the board will also consider raising up to ₹10,000 crore through long-term infrastructure bonds via public or private placement in multiple tranches.

Swan Defence has scheduled a board meeting on April 23 to consider proposals for raising funds through the issuance of equity. The meeting will focus on evaluating various options to strengthen the company’s financial position and support its future growth initiatives.

KOTHARI PRODUCTS Q4 RESULT ; 28 MAY

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HATSUN AGRO Q4 RESULT ; 28 APRIL

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NDTV Q4 RESULT; 25 APRIL

Pharma stocks may see renewed attention after the World Health Organization warned that funding cuts are threatening global health progress, especially in maternal and newborn care. The shortfalls could impact critical services, prompting a potential push for greater private sector involvement in public health initiatives.

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NIIT Ltd. plans to acquire the remaining 1.95 million shares in its subsidiary, NIIT Institute of Finance Banking and Insurance Training Limited (IFBI), comprising 18.79% from ICICI Bank and 0.49% from individual shareholders. With this acquisition, NIIT will increase its current stake from 80.72% to 100%, making IFBI a fully owned subsidiary. The transaction, valued between INR 47 million and INR 65.8 million, will be settled in cash and is expected to be completed by September 30, 2025. IFBI, which focuses on providing training for the banking, financial services, and insurance (BFSI) sector, recorded a revenue of INR 567 million in the financial year 2023–24. The acquisition will allow NIIT full strategic and operational control of IFBI's business.

Nuvama Initiating Coverage on Defence Sector - We envisage a USD130bn defence opportunity over the next five years. #sector

Initiating Coverage
Bharat Dynamics - Initiate at ‘BUY’ baking in revenue/EBITDA/EPS CAGR of ~55%/62%/55% over FY25E–27E and valuing at 35x on FY27E EPS to a TP of INR1,650

Data Patterns - Initiating at ‘BUY’ with a TP of INR2,300 (45x PE FY27E)

Hindustan Aeronautics - We value HAL at 35x (monopoly-led scarcity premium; 12.5% discount to BEL) FY27E EPS, yielding a TP of INR5,150

Company Update
Bharat Electronics - Retain ‘BUY’ as sector top pick; revising FY25E/FY26E/27E EPS by (5%)/(2%)/9%, to a revised TP of INR385

Solar Industries - We are raising FY26E/27E EPS by 3%/12% factoring in ~28% revenue CAGR and 26–27% OPMs over FY25E–27E; this yields a revised TP of INR13,750 at 55x FY27E EPS

Zen Technologies - We are revising FY25E/26E/27E EPS by 2%/6%/(2%). At 40x FY27E EPS, the TP works out to INR1,850

YES BANK Q4 FY25 Earnings Call Highlights

- FY26 Guidance: The bank is targeting loan growth of 12–15%, with a preference for deposit growth to outpace loan growth to maintain a healthy funding mix.

- Disciplined Growth Strategy: Advances growth continues to align with the bank’s strategy of profitable and sustainable growth.

- Strategic Focus Areas: The bank remains focused on profitability, granularity, and cost efficiency as key drivers of its growth strategy.

- Priority Sector Lending (PSL): Achieved 100% compliance in PSL requirements, including all sub-sectors.

- Organic PSL Momentum: Continued increase in organic PSL growth, reducing reliance on indirect routes.

- RIDF Balances: The bank is on track to reduce balances in the Rural Infrastructure Development Fund (RIDF), signaling improved PSL compliance through direct lending.

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https://economictimes.indiatimes.com/news/economy/foreign-trade/india-us-likely-to-fast-track-initial-phase-of-trade-pact/articleshow/120450110.cms

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Jubilant Ingrevia and Jubilant FoodWorks : issued an update regarding the FIR filed in connection with allegations made against their Chairman, Mr. Shyam S. Bhartia. The companies stated that the court has accepted the Police Closure Report, which concluded that the allegations were baseless and false.

It is worth noting that Mr. Bhartia had previously denied the claims, and both companies had affirmed that the matter had no material impact on their business operations.

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Shree Cement : commissioned a 3.40 million tonnes per annum (MTPA) Clinker Grinding Unit on April 20, 2025, at Baloda Bazar, Raipur, Chhattisgarh. The project has been developed as part of a brownfield expansion, enhancing the company’s manufacturing footprint in the region.

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Biocon Ltd. has announced that its board of directors will meet on April 23, 2025, to consider a proposal for raising funds through the issuance of equity shares or other eligible securities. The company is evaluating multiple fundraising options, including a Qualified Institutional Placement (QIP), rights issue, preferential allotment, follow-on public offer (FPO), or any other method permitted under applicable laws. The fundraising initiative will be subject to the necessary approvals from shareholders and relevant regulatory authorities.

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HPCL, IOC , BPCL: LPG distributors threaten strike if demands not met in 3 months; seek higher commission - PTI

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GENSOL Engineering | Market Buzz
Sources indicate that Eversource Capital is in advanced talks to acquire BluSmart, according to ET NOW.

The firm has reportedly made an offer exceeding ₹800 crore for the acquisition.

As part of the deal terms, Eversource has stipulated that BluSmart co-founders Anmol Singh Jaggi and Puneet Singh Jaggi must exit the EV business.

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BHEL FY25 Business Update
BHEL reported provisional revenue of ₹27,350 crore for FY 2024–25, marking a 19% year-on-year growth.

The company achieved record-high order inflows of ₹92,534 crore during the year, boosting its total order book to ₹1,95,922 crore.

In the power sector, BHEL reinforced its market leadership by securing orders worth ₹81,349 crore.

The industrial segment contributed new orders worth ₹11,185 crore, underscoring the company’s diversified footprint across sectors including transportation, defence, process industries, and industrial equipment.

On the execution front, BHEL commissioned or synchronised 8.1 GW of thermal power capacity, reflecting its continued emphasis on timely project delivery and operational excellence.

With robust double-digit revenue growth, an all-time high order book, and a strong execution pipeline, BHEL enters FY 2025–26 on solid footing and with positive momentum.

@beatthestreet10

*News Headlines from Business News Agencies:*

*Business Standard*

📝 ICICI Bank Q4 results: Net profit up 15.7% at Rs 13,502 cr, NII up by 11%
📝 FinMin pushes banks to boost farm loans against e-warehouse receipts
📝 HDFC Bank's Q4FY25 results: Net profit up 6.7% aided by lower provisions
📝 Tesla owner files class-action suit over warranty-voiding odometers
📝 Yes Bank's Q4FY25 results: Net profit up 63.3% Y-o-Y to Rs 738.1 crore
📝 India's 1st prototype fast-breeder reactor to be commissioned by Sept 2026
📝 Just Dial FY25 net profit up 61% to Rs 584 crore; revenue rises 9.5%
📝 FY26 not promising for broking industry, degrowth real worry: Shripal Shah
📝 Sebi investigation into BluSmart likely to slow Uber's EV push in India
📝 Family offices opt for Cat-III AIFs in GIFT City after policy change
📝 Diversified portfolio, market share to drive asset growth for HDFC AMC
📝 Keir Starmer holds 'productive' talks with Trump on UK-US trade deal

*Economic Times*

📝 India, US lock in 19-chapter trade deal terms, to open talks in Washington on April 23
📝 India's oil and gas production fall in 2024-25
📝 Skoda India aims to sell 150% more all-desi new Kodiaq amid SUV wave
📝 Network18 Media posts Q4 net loss of Rs 29.09 cr, revenue at Rs 561.32 cr
📝 Zomato and Blinkit parent Eternal's board clears plan to cap foreign ownership at 49.5%
📝 New India Co-operative Bank case: Depositors push for revival or merger
📝 City gas firms to get pro-rata allocation of expensive "new well gas": Govt
📝 CERC refuses to intervene in transfer of Azure’s 2333 MW to Adani Green Energy Limited
📝 JK Lakshmi Cement looks for 10% growth in FY'26
📝 Coal India arm SECL enters into Rs 7,040-cr pact with TMC Mineral Resources
📝 Steelcase Inc India arm picks up 130,000 sq ft industrial space in Pune’s Chakan

*Mint*

📝 RBI to remain agile & proactive in policy action amid evolving global situation: Guv Malhotra
📝 FPI inflows turn positive this week with ₹8500 crore invested despite shorter trading week: NSDL Data
📝 Japan Mulls Higher US Rice Imports in Tariff Talks, Yomiuri Says
📝 Sify Technologies reports Q4 net loss at Rs 57.8 cr
📝 India central banker warns of dwindling money market liquidity
📝 Indian diagnostics industry set for 14% growth; organised players to lead: PhillipCapital
📝 HSBC introduces 20 new travel partners for cardholders starting April 2025
📝 Smart tech, self-driving and safety features to dominate auto industry by 2030: Niti Aayog report
📝 Volvo Group to fire 800 workers as Trump tariffs trigger market uncertainty
📝 IMF highlights US-China trade grievances, welcomes India's tariff cuts
📝 KKR among asset managers vying for Abu Dhabis district cooling business, sources say

China says it's ready to open market to import more Indian goods, urges 'non-discriminatory' stance for its firms - TOI

VEDANTA: The Hon'ble High Court of Orissa, via order dated April 17, 2025, has stayed the State Pollution Control Board’s letters dated December 17, 2024, and April 10, 2025, directing Vedanta Limited to deposit ₹71.16 crore as Environmental Compensation.

Vedanta believes it has a strong case and expects a favorable outcome.

RELIANCE INFRA : French Defence Minister Sébastien Lecornu to visit India on 27-28th April; Rafale M Deal pact to be signed on 28th April- WION

Markets will 'crash' if Trump has the power to fire Fed's Powell, Sen. Elizabeth Warren says

RELIANCE INFRA: India, France to sign deal for Rafale-M fighter jets for Indian Navy on April 28:: Report

Teamo Productions HQ : Co. informed that on April 16, 2025, the Enforcement Directorate visited its office and the promoter’s residence regarding an investigation into third-party related transactions.

There was no material impact on the company’s financials or operations.

Eraaya Lifespaces ; On April 16, 2025, ED officials visited the Promoters' residence and the Company’s office regarding a third-party investigation.

The Company fully cooperated, and the visit ended the same day with no adverse findings.

This has no expected impact on the Company’s financials or operations.

The Company remains committed to strong governance and compliance.

EPACK DURABLE ; Company has entered into an agreement with EPACK Manufacturing Technologies Private Limited, which is its Wholly Owned Subsidiary with regard to sub-leasing of a portion of its premises located at Sri City, Andhra Pradesh

Rent shall be escalated at the rate of 5% per annum.

Duration -10 years from the date of possession of Sub-Leased premises to EMTPL

Teerth Gopicon ; WINS RS 5.58 CR ORDER

Co. has been declared the lowest bidder by NHPC Limited for developing rooftop solar power projects under the PM Surya Ghar: Muft Bijli Yojana in North East Power Stations.

The project is valued at approximately Rs. 5.58 crore, and the Letter of Award is awaited. The project includes a 1098 KW installation, with a 9-month execution timeline and 5 years of maintenance.

JSW Steel ; Co.s Subsidiary Italy Piombino S.P.A. signed a Development Contract with the Italian Government to modernize its rail mill in Piombino.

The project, supported by a €33 million grant from INVITALIA, will nearly double production capacity and enable the manufacturing of advanced Head Hardened rails up to 120 meters in length.

This initiative aligns with JSW’s commitment to revive the Piombino steel site and strengthen its position in the European rail market.

Magenta Lifecare : Co. has expanded its manufacturing with a new 20,000 sq. ft. facility and aims to double its production capacity and market share by the end of 2026.

The company is focused on full backward integration, launching new products, and enhancing quality standards to support growth and innovation in the sleep solutions market.

Magenta Lifecare is also strengthening its workforce and operational infrastructure.

The company recently upgraded its ISO certification and implemented rigorous quality control measures across all production stages, ensuring compliance with global standards.

This strategic expansion and forward-looking vision position Magenta Lifecare as a compelling growth story in the consumer durables sector — one that is focused on scale, innovation, and consistent value creation.

India, US have finalised terms of reference covering 19 chapters for a proposed Bilateral Trade Agreement (BTA). The 19 chapters cover tariffs, goods, non-tariff barriers, customs facilitation, rules of origin, regulatory issues, sources to

GG ENGINEERING; A search was conducted at the residences of the Managing Director and one Promoter on 16.04.2025 in connection with an investigation into the Mahadev Betting App.

There is no direct impact on the Company’s financials or operations.

HIMALAYA FOODS ; Co. has entered into a Five-Year Memorandum of Understanding (MoU) with the Food Processor Cooperative of the United States.

Under this agreement, Himalaya Food will undertake the production of breakfast range of frozen food products, specifically tailored for the food service segment in the U.S. market.

Co. says This strategic partnership reinforces our commitment to revive the Company & it’s US business that was lost after Fire in May 2022.

SAYAJI HOTEL ; Co. signed a 10-year Hotel Management Agreement with Unique Complex Private Limited on April 18, 2025.

Under this agreement, Sayaji will manage and operate a hotel in Bareilly, Uttar Pradesh, using the “ENRISE” brand.

The hotel includes 30 rooms, banquet halls, restaurants, a bar, and office space.

The deal is not a related party transaction and can be renewed in 5-year terms upon mutual agreement.

SKY GOLD : With the latest acquisition of Ganna N Gold Private Limited, the Group now has the capability to fulfill 75% of the product requirements of gold jewellery retail store customers

SKY GOLD: Sky Gold & Diamonds acquires 100% stake in Ganna N Gold, a Mumbai-based speciality Gold Bangles Manufacturing Company

The acquisition will enable Sky Gold and Diamonds to foray into manufacturing of machine and handmade bangles

Ganna N Gold, established in 2021, is a leading jewellery manufacturing player having tax benefits under section 115BAB

The acquisition of Ganna N Gold comes with its own unique advantages.

First, being a credible job work manufacturer, the company will enable us further to improve our product portfolio.

Second, being an all-share swap deal and zero inventory business nature, there will be no immediate requirement for any additional cash flows.

And third, their existing income tax exemption status under section 115BAB will enable us to improve profitability on a consolidated basis.

Co. excited to add a new chapter in the exponential growth journey at Sky Gold and Diamonds with this acquisition." Applicable corporate Tax Rate @15% vs regular Tax Rate of @22%

HDFC BANK Q4 : CFO Says Corporates are taking a wait and watch mode amid geopolitical headwinds

CD ratio at 96.5% compared to over 100% last year

Adding more customer relationships, distribution strength aided to deposit growth

Continue to gain leading market share in deposits

We will continue to

increase loan growth at the market rate in FY26 Loan growth to be at a similar rate that was there in the past 2-3 years

India’s senior trade officials to travel to Washington DC for in person talks on the India-US trade deal - CNBCTV18

Govt Sources Says India, US Have Finalised Terms Of Reference Covering 19 Chapters For A Proposed Bilateral Trade Agreement (BTA) - CNBCTV18

19 Chapters Cover Tariffs, Goods, Non-Tariff Barriers, Customs Facilitation, Rules Of Origin, Regulatory Issues

India's Negotiating Team To Visit The US Next Week To Sort Out Pending Issues Before Launching Negotiations

India's Team To The US To Be Led By Chief Negotiator Rajesh Agrawal, Additional Secretary With The Department Of Commerce

India's Negotiating Team To Speak To American Counterparts For 3 Days Starting April 23

UJAAS ENERGY; Board approved bonus at the ratio of 17 : 25, i.e 17 Equity Shares for every 25 Equity Shares held

WORTH PERIPHERALS : Board has approved the inter corporate loan of Rs. 30.00 crore in one or more tranches to Worth Wellness Private Limited (Wholly Owned Subsidiary).

The amount of this inter corporate loan will be utilized by Wholly Owned Subsidiary Company to meet the funding requirements to run the daily course of business

HDFC BANK ; Approved annual renewal for issuing Bonds (Perpetual Debt, Tier II Capital, and Long-Term Infra/Housing Bonds) up to Rs. 60,000 crore.

HDFC BANK ; Approved the elevation of Mr. Prasun Singh as Group Head – Ethics Function, with effect from June 01, 2025

COSMO FIRST ; The business of ‘Small Animal Clinic’ Mumbai includes all assets, liabilities (except excluded ones), brand, social media, software, employees, vendor contracts, customer data, online access, transaction history, and related IP. It earned Rs. 1.87 Cr in revenue for FY 24–25.

COSMO FIRST ; Cosmo First has signed a definitive agreement to acquire Mumbai-based “Small Animal Clinic–Diagnostic Imaging and Surgical Center” as a going concern through a slump sale.

The deal, part of its Petcare division Zigly, is expected to close by May 15, 2025, or another mutually agreed date.

The acquisition will accelerate the growth of Veterinary Services of Company’s Petcare division (Zigly).

The business will be acquired for an undisclosed lump sum, payable in three tranches over 36 months post-completion.

ICICI BANK Q4 : Slippages Down 51 % 1325 Cr QOQ ( Expectations of Rise QOQ)

Q4 Recoveries UP 13 % To 3817 Cr QOQ

Write Off UP 5 % To 2118 Cr QOQ

Banks Says There was sale of NPAs of ₹2,786 crore (US$ 326 million) in Q4-2025 which consists of ₹ 1,605 crore of security receipts and ₹ 314 crore (US$ 37 million) in cash.

The provisioning coverage ratio on non-performing loans was 76.2% at March 31, 2025.

ICICI BANK Q4 V ESTIMATES

Net Profit At ₹12,630 Cr Vs EST ₹11,956.4 Cr

NII At ₹21,193 Cr Vs EST ₹20,853.6 Cr

ICICI BANK Q4 HIGHLIGHTS

Total period-end deposits increased by 14.0% YOY and 5.9% QOQ to ₹16,10,348 crore (US$188.4 billion) as of March 31, 2025.

Average deposits rose by 11.4% YOY and 1.9% QOQ to ₹14,86,635 crore (US$173.9 billion) in Q4-2025.

Average current account deposits grew by 9.6% year-on-year and 1.4% QOQ in Q4-2025.

Average savings account deposits grew by 10.1% year-on-year and 0.2% Qoq in Q4-2025.

Treasury gains were ₹239 crore (US$28 million) in Q4-2025 vs. a loss of ₹281 crore (US$33 million) in Q4-2024.

The Q4-2024 loss included a ₹340 crore (US$40 million) transfer from the Foreign Currency Translation Reserve due to planned closure of the Offshore Unit.

ICICI BANK Q4 HIGHLIGHTS

Total advances rose by 13.3% YOY and 2.1% QOQ to ₹13,41,766 crore

Net domestic advances grew by 13.9% YOY and 2.2% QOQ

Retail loan portfolio grew by 8.9% YOY and 2.0% QOQ

Retail loans comprised 52.4% of the total loan portfolio.

Including non-fund outstanding, the retail portfolio was 43.8% of the total portfolio.

Business banking portfolio grew by 33.7% YOY and 6.2% QOQ

Rural portfolio grew by 5.1% year-on-year but declined by 1.5% sequentially.

Domestic corporate portfolio grew by 11.9% YOY but declined by 0.4% QOQ .

ICICI BANK Q4 ; NIMs AT 4.41% V 4.25% IN Q3 ( QOQ ) ( V EXPECTATIONS OF FALL )

ICICI BANK Q4.; RECOMMENDS RS 11 AS DIVIDEND

ICICI BANK Q4 ; Board Approved Proposal for sale of Bank's entire shareholding of 18.8% in equity shares of NIIT Institute of Finance Banking and Insurance Training Limited ("NIIT-IFBI"), an associate of the Bank, to a listed entity outside of ICICI Group

ICICI BANK Q4 ; OPERATING PROFIT UP 5 % TO 17,664 CR QOQ , UP 17 % QOQ

PROVISION DOWN 27 % TO 890 CR QOQ , UP 24 % YOY

GROSS NPA AT 1.67% V 1.96% QOQ

NET NPA AT 0.39% V 0.42% QOQ

ICICI BANK Q4 ; ST NET PROFIT UP 18 % TO 12,629 CR YOY, UP 7 % QOQ

NII UP 11 % TO 21,193 CR YOY, UP 4 % QOQ

BRAHMAPUTRA INFRA; Tax matter related to ₹15.49 crore for FY 2011-12. The addition made by the Income Tax Officer in 2018 was deleted by the Commissioner of Income Tax (Appeals) in 2020.

The IT Department appealed, but on April 16, 2025, the ITAT upheld the CIT(A)’s order and dismissed the appeal.

HDFC BANK Q4 : CREDIT COST AT 0.48 % V 0.50 % ( V EST OF BELOW 0.5 % ) 👍👍

HDFC BANK Q4 ; First Cut – Strong core operating profit growth - CNBCTV18

7qtr high NIM on total assets at 3.54% vs 3.43%QOQ

Cost to income ratio at 4qtr low of 39.8% vs 40.6%QOQ

Opex at Rs17557cr, down 2.3%YOY & up 2.6%QOQ

HDFC BANK Q4 HIGHLIGHTS

Gross advances as of March 31, 2025: ₹26,435 billion, up 5.4% YoY.

Advances under management grew 7.7% YoY.

Retail loans grew 9.0% YOY

Commercial and rural banking loans grew 12.8% YOY

Corporate and other wholesale loans declined 3.6%.Yoy

Overseas advances formed 1.7% of total advances YOY

Q4 Gross NPAs excluding agricultural segment 1.13% V 1.19% In Q3

Note ; Total % Q4 Gross Npa At 0.43 % V 0.46 % QOQ

HDFC BANK Q4 HIGHLIGHTS

Average deposits for March 2025 quarter: ₹25,280 billion, up 15.8% YoY and 3.1% QoQ.

Average CASA deposits: ₹8,289 billion, up 5.7% YoY and 1.4% QoQ.

Total EOP deposits as of March 31, 2025: ₹27,147 billion, up 14.1% YoY.

CASA deposits grew 3.9%; savings ₹6,305 billion, current account ₹3,141 billion.

Time deposits: ₹17,702 billion, up 20.3% YoY.

CASA ratio: 34.8% of total deposits as of March 31, 2025.

Total Capital Adequacy Ratio (CAR) as of March 31, 2025: 19.6% (vs. 18.8% in March 2024).

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HDFC BANK Q4 V ESTIMATES

Net Profit At ₹17,616 Cr Vs Est ₹17,058.1 Cr

NII At ₹32,066 Cr Vs Est ₹30,769.3 Cr

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HDFC BANK ; Bank Says Excluding 117 bn of interest on income tax refund, core net interest margin was at 3.46% ( V 3.43 % In Q3 )

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HDFC BANK Q4 : NIMS AT 3.54% V 3.43 % QOQ ( EXPECTATIONS OF FLAT OR MARGINAL DECLINE )

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HDFC BANK Q4 ; DIVIDEND OF RS 22

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HDFC BANK Q4 : GROSS NPA DOWN 2 % TO 35,222 CR QOQ

NET NPA DOWN 2 % TO 11320 CR QOQ

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HDFC BANK Q4 : OPERATING PROFIT UP 6 % TO 26,535 CR QOQ , DOWN 9 % YOY

PROVISION UP 1 % TO 3193 CR QOQ , DOWN 76 % QOQ

GROSS NPA AT 1.33% V 1.42% QOQ

NET NPA AT 0.43% V 0.46% QOQ

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HDFC BANK Q4 : ST NET PROFIT UP 7 % TO 17,616 CR YOY, UP 5 % QOQ

NII UP 8 % TO 31,526 CR YOY, UP 3 % QOQ

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YES BANK Q4 HIGHLIGHTS- CNBCTV18

Deposit growth at 2.6%QOQ; interest expense down 4.7%QOQ)
NIM at 8 qtr high of 2.5% vs 2.4%QOQ

Loan growth is the weakest in 7qtrs; +8.07%YOY & +0.55%QOQ
Security receipts now nil

Other income also aids topline growth. Other income up 15%QOQ as fee income is up 21.6%QOQ

Cost to income ratio is the lowest in 15qtrs at 67.3% vs 71.1%QOQ (opex down 4.2%YOY)

Annualised slippage ratio at 10qtr low of 1.99% vs 2.2%QOQ

NNPA ratio at 33qtr low of 0.3% vs 0.5%QOQ

Qtrly annualized credit cost at 4qtr high of 1.48% vs 1.26%QOQ

Return ratios are the best in 25qtrs: but remains on the lower side, compared to peers in last 6 years

ROA at 0.7% vs 0.6%QOQ

ROE at 6.2% vs 5.2%QOQ

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ELON MUSK ;It was an honor to speak with PM Modi.

I am looking forward to visiting India later this year

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YES BANK Q4 ; CEO Says In Q4FY25, YES BANK made steady progress on profitability, achieving a 0.7% RoA, full PSL compliance, and reducing Gross/Net NPAs to 1.6%/0.3%—lowest since Mar'20. It also brought Security Receipts to nil and expanded the CASA ratio by 340 bps YoY to 34.3%.

YES BANK's core franchise gained strong momentum and is well-positioned for growth. It remains focused on execution, profitability, and positioning.

The launch of a seamless GST collection facility enhanced its digital capabilities, while top ratings from S&P and CDP reaffirm its commitment to responsible banking.

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YES BANK Q4 HIGHLIGHTS

Q4FY25 Cost-to-income Ratio Sequentially lower for fourth successive quarter at 67.3% v/s. 75.8% (Q4FY24) and 71.1% (Q3FY25)

Q4 RoA at 0.7% v 0.6% QOQ

Sustained Deposit accretion (up 6.8% Y-o-Y and 2.6% Q-o-Q) and improvement in CASA Ratio (up 120 bps Q-o-Q and 340 bps Y-o-Y) to 34.3%

Net Advances Growth at 8.1% Y-o-Y & 0.6% Q-o-Q aided by strong growth momentum in SME and Mid Corporate Advances (at 23.6% & 21.8% Y-o-Y respectively)

AYB2 Deposits grew 16.0% Y-o-Y; Stronger Y-o-Y growth in CA Deposits at 20.5% and SA Deposits at 32.1%

Retail & Branch Banking led Deposits growth at 17.9% Y-o-Y and 3.2% Q-o-Q

Significant improvement in Asset Quality metrics, Provision Coverage Ratio; Fresh Slippages Improving Sequentially GNPA at 1.6%, NNPA at 0.3%, PCR improved to 79.7%

Resolution momentum continues to be strong with Total recoveries and upgrades at INR 1,480 Crs¹ in Q4FY25 and INR 5,923 Crs¹ in FY25

Restructured advances lowest ever at INR 424 Crs (0.2% of Advances)

Net Carrying Value of Security Receipts - NIL.

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Quant Mutual Fund's cash holding dropped from 11.22% in February to 10.30% in March, with Rs 8,251 crore in cash and Rs 71,850 crore in equity AUM.

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ADANI GREEN ; Central Electricity Regulatory Commission (CERC) has declined to intervene in the transfer of 2,333 MW from Azure Power to Adani Green in the 7,000 MW Andhra solar project linked to bribery allegations against Gautam Adani. - ET

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ADANI GREEN Q4 RESULT: 28 APRIL

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DEFENCE STOCKS; Defence Minister Rajnath Singh has expressed confidence that India’s defence exports will reach 50,000 crore rupees by 2030.

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TODAY'S Q4 RESULTS

HDFC BANK
ICICI BANK
YES BANK

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Prime Minister Narendra Modi will embark on a visit to the Kingdom of Saudi Arabia from April 22-23, 2025 at the invitation of Prince Mohammed bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.

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YES BANK Q4 V ESTIMATES.

Net Profit At ₹738.1 Cr Vs EST ₹598.2 Cr

NII At ₹2,276.3 Cr Vs EST ₹2,182.1 Cr

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YES BANK Q4 ; GROSS NPA DOWN 1 % TO 3935 CR QOQ

NET NPA DOWN 30 % TO 800 CR QOQ

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YES BANK Q4 ; OTHER INCOME UP 11 % TO 1739 CR YOY, UP 15 % QOQ

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YES BANK Q4 : OPERATING PROFIT UP 21 % TO 1314 CR QOQ, UP 46 % YOY

PROVISION UP 23 % TO 318 CR QOQ, DOWN 32 % YOY

GROSS NPA AT 1.6% V 1.6% QOQ

NET NPA AT 0.3% V 0.5% QOQ

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YES BANK Q4 ST

NET PROFIT UP 64 % TO 739 CR YOY, UP 21 % QOQ

NII UP 6 % TO 2277 CR YOY, UP 2 % QOQ

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CRAFTSMAN AUTOMATION: Company has commenced the commercial operations of its new plant located Kothavadi, Coimbatore w.e.f. 19th April, 2025.

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AJOONI BIOTECH; Company has withdrawn its offer to issue up to 5 crore convertible warrants at Rs. 9 each, totaling Rs. 45 crore, to promoters and non-promoters.

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TINNA RUBBER ; Company will voluntarily delist its shares from the Calcutta Stock Exchange, subject to approvals, while continuing to remain listed on BSE and NSE.

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TINNA RUBBER ; Company plans to tender up to 1,45,000 BGK Infratech shares at Rs. 400 each in BGK’s buyback offer.

If fully accepted, it could realize up to Rs. 5.8 crore, subject to compliance and proportional allocation.

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China's cabinet vows stronger counter-cyclical measures, aims to stabilize jobs, trade, and markets, boost private investment, support foreign reinvestment, and promote healthy property market growth.

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