Latest news with #SureshGanapathy
Time of India
a day ago
- Business
- Time of India
Credit growth takes a beating in first quarter
Mumbai: Credit growth was muted for Indian banks in the June quarter, with private lenders reporting less than half the pace from the same period last year, according to proforma figures. HDFC Bank 's loan book expanded by just 6.7% in Q1FY26 reaching ₹26.53 lakh crore compared to 14.9% a year earlier (excluding merger impact with HDFC Ltd). Yes Bank posted loan growth of 5.1% in the June quarter taking its loan book to ₹2.41 lakh crore, down from 14.8%, while IDBI Bank recorded 9.2% growth to ₹2.11 lakh crore versus 17.3% in the same quarter last year. As per provisional numbers released by lenders, Bandhan Bank grew its loan book by 6.4% to ₹1.33 lakh crore, down from a growth of 21.8% recorded in the June quarter of last year. RBL Bank also grew its book by 9.3% to ₹96,704 crore versus last year's quarter. "1QFY26E is going to be a tough quarter for banks; the market largely expects results to be weak across the space," said Suresh Ganapathy, head of financial services research at Macquarie Capital. "Going by the system loans and deposits data, QoQ numbers so far have been flat. On a YoY basis, system loan growth has been sub 10% and deposit growth, a tad above 10%. On a YoY basis, we expect loan growth to be weak." Though PSU banks performed a tad better than private banks as they were more aggressive in pricing loans. Bank of Baroda posted a growth of 12.6% in its advances to ₹12.07 lakh crore in the June 2025 quarter versus a growth of 8.1% in the same period last year. Punjab National Bank said it grew loans at 9.9% to ₹11.30 lakh crore versus a rise of 12.7% in the same period last year. While Bank of India grew loans at 11.9% to ₹6.71 lakh crore versus 15.8% growth registered in the same period last year. " Public sector banks are outpacing private sector banks by more than 4% across multiple segments like mortgages, corporate loans as well as several non-mortgage retail segments such as auto loans," said Pranav Gundlapalle, head of India financials at Bernstein. A slowdown in bank credit growth is also due to corporates increasingly tapping capital markets for cheaper and faster access to funds, which led to a 32.9% surge in resource mobilisation. RBI data shows corporate bond net outstanding increased to ₹53.6 lakh crore at the end of March 2025, supported by the highest-ever fresh issuance of ₹9.9 lakh crore during 2024-25. Funds raised through capital markets rose to ₹15.7 lakh crore at the end of March 2025, from ₹11.8 lakh crore a year earlier. Meanwhile, bank lending to industry slowed to just 6.9% in FY25, indicating how Indian corporates are steadily diversifying their funding sources. "A sustained soft demand for wholesale credit and the growing role of alternative funding sources such as bonds and external commercial borrowings have intensified competition (on rates)," said Soumyajit Niyogi, Director - Core Analytical Group, India Ratings. "The robust corporate cash flows have also reduced the need for working capital financing."
Business Insider
5 days ago
- Business
- Business Insider
Macquarie Keeps Their Sell Rating on Cholamandalam Investment and Finance Co. Ltd. (CHOLAFIN)
In a report released on July 3, Suresh Ganapathy from Macquarie maintained a Sell rating on Cholamandalam Investment and Finance Co. Ltd., with a price target of INR1,330.00. The company's shares closed yesterday at INR1,526.70. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Ganapathy covers the Financial sector, focusing on stocks such as Shriram Finance Limited, Bajaj Finance Limited, and Bank of Baroda. According to TipRanks, Ganapathy has an average return of 2.5% and a 50.00% success rate on recommended stocks. Currently, the analyst consensus on Cholamandalam Investment and Finance Co. Ltd. is a Moderate Buy with an average price target of INR1,610.00. The company has a one-year high of INR1,683.65 and a one-year low of INR1,167.60. Currently, Cholamandalam Investment and Finance Co. Ltd. has an average volume of 37.53K.
Business Insider
5 days ago
- Business
- Business Insider
Macquarie Remains a Sell on State Bank of India (SBIN)
Macquarie analyst Suresh Ganapathy maintained a Sell rating on State Bank of India on July 3 and set a price target of INR720.00. The company's shares closed yesterday at INR811.85. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Ganapathy is a 2-star analyst with an average return of 2.5% and a 50.00% success rate. Ganapathy covers the Financial sector, focusing on stocks such as Shriram Finance Limited, Bajaj Finance Limited, and Bank of Baroda. State Bank of India has an analyst consensus of Moderate Buy, with a price target consensus of INR884.85. The company has a one-year high of INR898.80 and a one-year low of INR679.65. Currently, State Bank of India has an average volume of 573.2K.
Business Insider
5 days ago
- Business
- Business Insider
Macquarie Keeps Their Buy Rating on LIC Housing Finance Ltd (LICHSGFIN)
Macquarie analyst Suresh Ganapathy maintained a Buy rating on LIC Housing Finance Ltd on July 3 and set a price target of INR765.00. The company's shares closed yesterday at INR610.80. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Ganapathy covers the Financial sector, focusing on stocks such as Shriram Finance Limited, Bajaj Finance Limited, and Bank of Baroda. According to TipRanks, Ganapathy has an average return of 2.5% and a 50.00% success rate on recommended stocks. Currently, the analyst consensus on LIC Housing Finance Ltd is a Moderate Buy with an average price target of INR662.20. Based on LIC Housing Finance Ltd's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of INR22.46 billion and a net profit of INR13.73 billion. In comparison, last year the company earned a revenue of INR69.49 billion and had a net profit of INR10.82 billion
Business Insider
5 days ago
- Business
- Business Insider
REC Limited (RECLTD) Gets a Buy from Macquarie
In a report released on July 3, Suresh Ganapathy from Macquarie maintained a Buy rating on REC Limited, with a price target of INR555.00. The company's shares closed yesterday at INR393.65. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Ganapathy is a 2-star analyst with an average return of 2.5% and a 50.00% success rate. Ganapathy covers the Financial sector, focusing on stocks such as Shriram Finance Limited, Bajaj Finance Limited, and Bank of Baroda. In a report released on July 2, Bernstein also maintained a Buy rating on the stock with a INR505.00 price target. Based on REC Limited's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of INR68.45 billion and a net profit of INR43.1 billion. In comparison, last year the company earned a revenue of INR116.42 billion and had a net profit of INR40.79 billion
