INTERBANK MARKET
Rupee falls 19 paise to 85.15 against US dollar in early trade
The rupee depreciated 19 paise to 85.15 against the US dollar in early trade on Wednesday, driven by renewed geopolitical tensions and increased demand for the US dollar, which together exerted pressure on the local unit.
RBI has room for more rate cuts, but with caution, says rate panel member
Saugata Bhattacharya, an external member of India's rate-setting panel, suggests India has scope for further rate cuts due to declining inflation and growth uncertainties. However, he advises a cautious and calibrated approach to policy easing. Bhattacharya anticipates rate cuts to transmit to consumers in the coming quarters and believes liquidity infusions are easier to reverse if inflationary pressures arise.
I-Sec maintains Buy on IDFC First Bank, raises target price to Rs 80
ICICI Securities maintains a Buy call on IDFC First Bank, revising the target price to Rs 80. The bank's Q4FY25 PAT was impacted by elevated provisioning, though funded assets and deposits showed strong YoY growth. While NIM declined slightly, MFI slippages are expected to have peaked, with ICICI Securities anticipating RoA to reach 1% by the end of FY26E.
Buy DCB Bank, target price Rs 160: Axis Securities
Axis Securities suggests buying DCB Bank shares. The target price is one hundred sixty rupees. The current market price is around one hundred thirty nine rupees. The bank's income increased significantly this quarter. They anticipate strong growth for DCB Bank. Axis Securities projects credit and deposit growth. The brokerage firm expects gradual improvement in net interest margins.
Buy Axis Bank., target price Rs 1,330: JM Financial
JM Financial reaffirms a 'Buy' call on Axis Bank, raising the target price to Rs 1,330. Axis Bank's recent quarter showcased a consolidated total income of Rs 39958.04 crore, reflecting growth from both the previous quarter and the prior year. The bank reported a net profit after tax of Rs 7475.13 crore.
Rupee rises 12 paise to 85.29 against US dollar in early trade
The Indian Rupee saw a rise of 12 paise against the US dollar, reaching 85.29 in early trading. This boost is due to India's strong financial base, including growing forex reserves and healthy investments. Geopolitical tensions could pose challenges. Forex reserves increased to USD 686.145 billion. The BSE Sensex climbed by 426.00 points and Nifty rose by 144.55 points.
Buy Au Small Finance Bank, target price Rs 725: ICICI Securities
ICICI Securities maintains a buy call on Au Small Finance Bank with an unchanged target price of Rs 725. The bank's Q4FY25 performance showed sustained growth and operational efficiency, though credit costs in unsecured portfolios remained elevated. Management anticipates NIM pressure but expects credit costs to moderate in FY26, indicating improved asset quality.
Recession unlikely, but there will be a period that could resemble stagflation: Viktor Shvets, Macquarie Capital
Viktor Shvets of Macquarie Capital suggests the US faces a period resembling stagflation, not outright recession, due to Donald Trump's policies aimed at reshaping American society. He notes that India's economic growth, while strong, needs recalibration and structural reforms to achieve its potential.
Buy IDFC First Bank, target price Rs 75: ICICI Securities
ICICI Securities is optimistic about IDFC First Bank. They maintain a Buy call. The target price is revised to Rs 75. A large capital infusion is expected to boost loan growth. This infusion will also improve operating leverage. Warburg and ADIA's investment should strengthen the bank's CET1. The bank's fixed-rate loans position it well for Net Interest Margin.
JM Financial maintains Buy on HDFC Bank, raises target price to Rs 2,130
JM Financial maintains a buy call on HDFC Bank, revising the target price to Rs 2,130, anticipating loan growth, stable asset quality, and improved NIM to drive valuation. The bank reported a consolidated total income of Rs 120268.76 crore for the quarter ended March 2025 and expects reasonable RoA/ROE of ~1.7%/14% in FY26-27E.
Rupee falls 15 paise to 85.34 against US dollar in early trade
The Indian rupee weakened to 85.34 against the US dollar on Wednesday, a 15 paise drop, as the dollar rebounded following President Trump's conciliatory remarks towards the Federal Reserve and China. This shift boosted US indices and lowered bond yields. Positive domestic equity market trends saw the Sensex and Nifty rise, supported by foreign institutional investors' buying activity.
I-Sec maintains Buy on HDFC Bank, raises target price to Rs 2,200
ICICI Securities reaffirms a 'buy' recommendation for HDFC Bank, raising the target price to Rs 2,200. The bank's Q4FY25 results show a consolidated total income of Rs 120268.76 crore and a net profit of Rs 18834.88 crore. While NIM pressure is expected in H1FY26, strategic adjustments should cushion FY26 performance.
JM Financial maintains Buy on ICICI Bank, raises target price to Rs 1,650
JM Financial maintains a Buy call on ICICI Bank, revising the target price to Rs 1650. The bank reported strong Q4 results with a consolidated total income of Rs 79747.77 crore and improved asset quality. Despite near-term margin compression, ICICI Bank is expected to achieve robust growth, driven by proactive underwriting and careful monitoring of unsecured segments.
Rupee falls 4 paise to 85.19 against US dollar in early trade
The rupee depreciated slightly to 85.19 against the US dollar due to dollar short-covering, despite positive domestic equities. Concerns over economic headwinds from tariffs and US monetary policy weighed on the currency. The US president's criticism of the Federal Reserve also fueled worries about the outlook for US assets.
JM Financial maintains Buy on ICICI Bank, raises target price Rs 1,650
JM Financial maintains a buy call on ICICI Bank, revising the target price to Rs 1,650. The bank reported a consolidated total income of Rs 79747.77 crore for the quarter ended March 31, 2025, reflecting substantial growth. ICICI Securities anticipates margin compression but projects positive CAGR for NII, PPoP, and PAT over FY25-27E.
Buy Bank of India, target price Rs 122: ICICI Direct
ICICI Direct recommends a buy for Bank of India, setting a target price of Rs 122.0 within 14 days. The bank's consolidated total income for the quarter ending December 31, 2024, reached Rs 20097.68 crore, reflecting a 21.65% increase compared to the same quarter last year, with a net profit after tax of Rs 2636.70 crore.
IndusInd mystery: Now missing beats in 'Calypso' under scrutiny
Grant Thornton is investigating IndusInd Bank's treasury transactions, focusing on whether 'internal hedges' were properly recorded in the Calypso system. This probe follows a disclosed loss of ?1,979 crore due to accounting discrepancies in its derivative book. Auditors seek GT's endorsement of PwC's findings before finalizing annual accounts, under RBI pressure for early finalization.
Rupee appreciates 26 paise to 85.54 against US dollar in early trade
The rupee strengthened to 85.54 against the US dollar, propelled by significant foreign capital inflows and a weaker dollar. Positive macroeconomic data, including lower wholesale and retail inflation, boosted investor confidence. India's exports turned positive after four months, reaching a record USD 820 billion despite global economic uncertainties.
Rupee surges 39 paise to 85.71 against US dollar in early trade
The rupee surged 39 paise to 85.71 against the US dollar, fueled by strong domestic equity markets and low crude oil prices. The US administration's decision to suspend additional tariffs on India until July 9 also boosted the rupee. Despite foreign capital outflows, a weak dollar index further strengthened the local currency.
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