State Bank of India: Stable Performance in Challenging Times
We believe normalization in credit costs and improved growth outlook should lead to double-digit ROEs of 13-15% by FY22-23E. We maintain Buy on the...
259 Views
Cartrade Tech IPO - Too Expensive for Our Taste
CarTrade Tech aims to raise around US$400m in its India IPO, via a 100% secondary selldown. The company is backed by Warburg Pincus and Temasek.
203 Views
HDFC Ltd – Just Getting Worse
HDFC: HDFC reported FY 1Q22 QOQ core result decline of 9.9%. Net new NPLs increased 65.5% annualized basis; HDFC’s reserve needs shoring up INR 83...
157 Views
Devyani IPO - Still Some Upside on Un-Adjusted EBITDA Basis
Devyani International Limited (DIL), Yum Brand’s largest franchisor in India, aims to raise around US$250m via its Indian IPO. The IPO will be a...
177 Views
LIC Housing Finance – Unmitigated Disaster
LIC HOUSING: LIC's FY 1Q22 bottom-line results declined 61.5% linked quarter due to negative operating jaws. Net new NPLs skyrocketed 190.3%...
102 Views