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Bloomberg Quint
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Cholamandalam Finance, PFC, PNB Housing Are UBS' Top Picks Amid Growth Moderation Expectations
- UBS Global Research has identified Cholamandalam Financial Holdings Ltd., Power Finance Corp., and PNB Housing Finance as its top picks in the non-banking financial space amid expectations of growth moderation and limited asset quality improvement.
- The brokerage expects a decline in the cost of funds for these companies, but foresees a moderation in growth and asset quality improvements going forward.
- While optimism over rate cuts and asset quality improvements might disappoint, UBS predicts a continued moderation of growth on a year-on-year basis for non-banking financial companies.
- Stock ratings and target prices for these companies have been maintained, with a slight 1–2% adjustment in earnings-per-share estimates for financial years 2025–2027.
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Bloomberg Quint
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Mahindra Finance Q1 Performance Muted Amid Asset Quality Concerns, Says Morgan Stanley
- Mahindra Finance's Q1 performance was described as 'muted' by Morgan Stanley, citing concerns over asset quality and growth prospects.
- Disbursements fell 18% quarter-on-quarter, below estimates, while AUM growth moderated with gross assets rising by 15% YoY and 2% QoQ.
- The Gross Stage 3 ratio increased to 3.8-3.9%, indicating deterioration in asset quality, with collection efficiency dropping to 95% in Q1 FY26.
- Morgan Stanley maintained an 'equal-weight' rating on Mahindra Finance, noting concerns about growth and asset quality, forecasting ROA and ROE for future fiscal years.
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Bloomberg Quint
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Government Plans MTNL Asset Sale Without Auction For State, Central Buyers | Profit Exclusive
- The government plans to sell MTNL assets to state and central government entities without an auction process to accelerate the sale.
- MTNL asset monetisation will be done in phases, with 220 out of 280 non-core properties set to be sold at simple valuation to repay debt.
- The initial valuation of some MTNL assets is estimated at Rs 6,000-7,000 crore with surveys ongoing in Delhi and Mumbai to speed up monetisation.
- While public sector buyers can directly acquire assets, the framework for engaging private buyers is still under consultation.
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Bloomberg Quint
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HDFC Bank, ICICI Bank, SBI — Top Stock Picks By Motilal Oswal; Banks Q1 Results Preview
- Motilal Oswal projects margin pressure to weigh on earnings for banks in Q1.
- Large private/PSU banks expected to report controlled credit costs, while mid-size lenders may see elevated provisioning levels, especially in H1.
- Banks' net interest margins likely to decline sharply during H1, with trends expected to improve in the second half of the year.
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Bloomberg Quint
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Stock Recommendations Today: DMart, M&M Finance, Punjab National Bank, NBFCs On Brokerages' Radar
- Analysts review DMart, M&M Finance, PNB, and NBFCs in first-quarter business performance.
- Macquarie foresees a decline in PSU banks' market share, EPS, and ROE.
- Brokerages provide recommendations for Avenue Supermarts, PNB, and M&M Finance.
- UBS discusses moderation in NBFC growth with limited asset quality improvement.
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Bloomberg Quint
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CreditAccess Grameen Pivoting From Stress To Stability, Says Motilal Oswal Maintaining 'Buy'
- Motilal Oswal reiterates Buy rating on CreditAccess Grameen with a target price of Rs 1,485, based on 2.5x Mar’27E price/book value.
- CreditAccess Grameen is proactively diversifying its portfolio leveraging its existing customer base following the updated regulatory framework.
- The company has demonstrated resilience amidst industry challenges, managing stress and returning to normal operational efficiency.
- Motilal Oswal expects CreditAccess Grameen to deliver strong growth figures and maintains confidence in the company's fundamental strength.
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Bloomberg Quint
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Gold And Silver Steady — Check Prices In Mumbai, Chennai, And Other Cities
- Gold and silver prices remained stable on Thursday with gold trading at Rs 97,720 per 10 grams, slightly down from its all-time high, amid muted demand for safe-haven assets.
- Gold prices across various cities in India fluctuated slightly, with Chennai recording the highest rate of Rs 97,820 per 10 grams.
- Silver prices also saw a modest increase to Rs 1,07,600 per kg, with futures standing at Rs 1,07,539 per kg.
- As the US President's tariff deadline approaches, market experts anticipate potential volatility in prices, which previously surged during regional conflicts such as the unrest between Israel and Iran.
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Bloomberg Quint
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India, US To Ink 10-Year Defence Framework: Pentagon
- India and the US are set to sign a 10-year defence framework to enhance strategic and defence ties, according to the Pentagon.
- The upcoming framework was agreed upon during a phone conversation between Defence Minister Rajnath Singh and US Defence Secretary Pete Hegseth.
- The Pentagon emphasized the importance of India as a key defence partner in South Asia and the progress made towards shared defence goals set earlier.
- The discussion also included the need for close defence industrial cooperation and resolving issues related to defence sales and supply delays.
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Bloomberg Quint
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Credit Card Annual Fees, Hidden Charges and Rewards Cuts: Are You Still Getting Value?
- Credit cards offer benefits like making big purchases, earning rewards, and building credit history, but additional fees can increase costs and lead to debt traps.
- Some of the extra costs associated with credit cards include annual fees, transaction fees, late payment fees, over limit fees, and more, which could be justified by benefits like lounge access and reward points.
- It's crucial to assess if you are getting enough value from annual fees through perks like lounge access or shopping rewards, as failing to utilize benefits could result in wasted money.
- Hidden charges, reduced rewards, and removed categories from earning benefits by credit card issuers highlight the importance of evaluating all fees and benefits before choosing a credit card to ensure optimization of benefits.
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Bloomberg Quint
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US Lifts Chip Design Export Curbs As Part Of New China Deal
- The US has lifted export license requirements for chip design software sales in China as part of a new trade agreement.
- The Trump administration removed restrictions imposed in May in response to China's limits on rare-earth mineral shipments.
- Siemens AG, a leading chip design software provider, received confirmation that government licenses are no longer required for business in China.
- The move follows a trade deal allowing shipments of chip-design software, ethane, and jet engines to China in exchange for speeding up critical mineral exports approvals.
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Bloomberg Quint
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Foxconn Reportedly Recalls Chinese Staff From India
- Foxconn Technology Group has recalled hundreds of Chinese engineers and technicians from its iPhone production facilities in southern India, creating a challenge for Apple Inc.'s strategy to diversify manufacturing away from China.
- The repatriation of Chinese staff began approximately two months ago, with over 300 employees instructed to return home, while the remaining foreign workforce comprises mainly support personnel from Taiwan.
- The relocation is occurring amidst Chinese authorities advising to impede technology transfers and equipment exports to India and Southeast Asia, likely to restrict the outflow of advanced manufacturing capabilities from China.
- Foxconn's decision came at a crucial time when the company's India revenue exceeded $20 billion in FY25, and Apple aims to reduce its dependence on Chinese manufacturing by importing most iPhones sold in the U.S. from India by the end of 2026.
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Bloomberg Quint
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Powell Silence On His Future Complicates Trump Fed Chair Search
- Jerome Powell's silence on future as Federal Reserve Chair complicates Trump's search.
- Trump exploring replacements, uncertain if Powell will leave next year.
- Administration plans for various scenarios due to Powell's unclear intentions.
- Powell's influence on monetary policy and potential impact on Fed leadership discussed.
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Bloomberg Quint
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Petrol, Diesel Prices Remain Unchanged On July 3— Here's How Much You Pay For Fuel In Your City
- Fuel prices remained unchanged on July 3 in most Indian cities.
- Petrol is priced at Rs 103.50 per litre in Mumbai, Rs 94.77 in Delhi, Rs 100.80 in Chennai, and Rs 105.41 in Kolkata.
- Diesel costs Rs 90.03 in Mumbai, Rs 87.67 in Delhi, Rs 92.39 in Chennai, and Rs 92.02 in Kolkata.
- The stability in fuel prices since May 2022 is attributed to reduced fuel taxes by the central and state governments. Oil marketing companies review prices daily based on global oil prices and exchange rates.
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Bloomberg Quint
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‘Change In Mindset About Capabilities Of Indian Firms’: Paras Defence Director On Cerbair Deal
- Paras Defence and Space Technologies secured an order from Cerbair for supplying its CHIMERA 200 anti-drone systems, marking a significant milestone for Indian defense technology capabilities.
- The deal with Cerbair is seen as a 'paradigm shift' indicating a change in global perception towards Indian defense manufacturing companies.
- The anti-drone system, described as 'one of its kind in the world', is a man-portable system capable of detecting and neutralizing drones over a vast frequency range.
- The partnership with Cerbair is viewed as a gateway into Europe for Paras Defence, with the company also focusing on the growing global market for anti-drone technology products.
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Bloomberg Quint
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Asian Shares Post Modest Gains Before US Payrolls Data: Markets Wrap
- Asian shares inched higher ahead of US jobs data following a record high in US stocks post trade deal announcement with Vietnam.
- Apparel stocks including Nike Inc. received support from the trade deal news, driving the regional equity gauge up by 0.2%.
- Treasuries edged up in early Asian trading after yield rises, reflecting cautious optimism amidst uncertainties about interest rates and economic policies.
- US monthly nonfarm payroll data is expected to show slower hiring and a higher unemployment rate, impacting Federal Reserve's rate decisions and market expectations.
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