2025-05-20-Jefferies-印度金融日报_2025年5月20日_13页_842kb

报告摘要

Equity Research Summary
India Financial Daily - 20 May 2025

Nifty Index: Down ~0.3% on 19 May (yesterday's close), whereas Nifty Bank rose 0.1%. Top performers included Bajaj Holdings & Investment (+6.6%) and Central Bank of India (+4.4%). Bottom performers were CreditAccess Grameen (-7%) and PB Fintech (-3.5%).
Monthly Performance: Nifty rose 5% in the past month; Nifty Bank grew by 2%.
Previous Month: RBI eased investment norms for Real Estate (RE) in Alternative Investment Funds (AIFs). Key changes:
- Banks/NBFCs can invest up to 5% in AIF corpus (collective cap: 15% for all REs).
- Downstream investments requiring 100% provisioning if the AIF invests in a debtor company backing loans.
  States with the highest deposit growth: Tamil Nadu, Andhra Pradesh, and Kerala.

Bank Credit Growth: YoY growth of 10% as of April 2025.
Deposit Growth: 10% YoY growth.
Credit-to-Deposits Ratio: Stabilized at ~79%.
Investment-to-Deposits Ratio: Steady at ~29%.
Valuation Matrix (by Jefferies):
- Buy Recommendations: HDFC Bank, ICICI Bank, Axis Bank, Kotak Bank, Bajaj Finance, etc.
- Hold or Value: SBI, BOB, PNB, LIC Housing Finance.
- Underperform: Piramal Enterprises (due to negative outlook).

Bajaj Finance lowered deposit rates by up to 50 bps, aligning with policy rate easing.
IDFC First Bank: Rejected resolution to appoint a Warburg Pincus nominee director.
Emirates NBD: Gained RBI approval to establish a subsidiary in India.
Insider Trading Probe: SEBI is investigating six IndusInd Bank officials for pre-disclosure accounting lapses.
Money Laundering Arrest: Former UCO Bank CMD arrested on charges related to a ~Rs62bn loan fraud.

RBI eased the requirement for provisioning on AIF investments by banks and NBFCs.
New liquidity event calendar includes:
- 20 May: Eight Infrastructure Industries .
- 22 May: India PMI releases.
- 6 June: RBI Monetary Policy Committee meeting.

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