NBFC

Shriram City Union Finance Ltd : Comfortable liqui..

Comfortable liquidity to aid growth; upgrade to Buy * We upgrade SCUF to Buy from Hold as the Q4FY21 performance justifies that its struggle for liquidity is finally o..

Buy Bajaj Finance Ltd For Target Rs.5,865 - Motil..

Asset quality improves; expect a normalized FY22 * Bajaj Finance (BAF)’s 4QFY21 PAT grew 42% YoY / 18% QoQ to INR13.5b (2% miss). While NII beat our estimates by..

Hold PNB Housing Finance Ltd For Target Rs.385 - I..

Business transformation underway; modest growth and return metrics PNB Housing Finance’s (PNBHF) earnings at Rs1.3bn were down 45% QoQ due to higher provisioning..

Buy HDFC Asset Management Company Ltd For Target R..

Expanding product strategy holds promise HDFC Asset Management (HDFC AMC) reported lower than expected numbers in Q4FY21 due to lower yields QoQ (despite higher equity..

Add L and T Finance Holdings Ltd For Target Rs. 99..

Fortifying position in retail; contingent buffer to cushion credit cost L&T Finance Holdings’ (LTFH) Q4FY21 performance was skewed towards its targeted objec..

Buy CreditAccess Grameen Ltd For Target Rs. 850 ..

Result Highlights CREDAG’s performance in Q4 FY21 was stronger than expectations, adjusted for: * Provisions related to accelerated write‐offs (3%/..

Buy Bajaj Finance Ltd For Target Rs. 5900 - ICICI ..

Long term prospects intact… Bajaj Finance posted a steady set of numbers on the business and operational front with QoQ improvement in AUM, profitability being ..

Buy IndusInd Bank Ltd For Target Rs.1,140 - Yes Se..

Result Highlights Q4 FY21 was a strong quarter for IIB is many ways viz, * Robust growth recovery in focus products/segments of Microfinance, Vehicle Finance, Gems ..

Buy Equitas Small Finance Bank Ltd For Target Rs. ..

Result Highlights * In Q4 FY21, ESFB experienced incremental normalcy in business volumes (except in Microfinance) and achieved pre‐Covid collections in the current ..

Buy Can Fin Homes Ltd For Target Rs. 650 - Yes Sec..

Result Highlights * Q4 FY21 performance of Can Fin distinctly highlighted outcomes of the aggressive pricing strategy (in‐line with banks and large HFCs) adopted by ..

Buy AU Small Finance Bank Ltd For Target Rs.1,175 ..

Business momentum robust; asset quality deteriorates sequentially Watchful of asset quality; credit cost to stay elevated in the near term * AUBANK reported a weak ..

Buy Shriram Transport Finance Ltd For Target Rs.1,..

Strong disbursement growth | Stable asset quality * Shriram Transport (SHTF)’s 4QFY21 PAT grew 4% QoQ (+3.6x YoY on a low base) to INR7.5b (6% miss). Reported NI..