印度金融日报，2025年5月20日

India | Financial Daily India Financial Daily, 20 May 2025 As of last close (19-May), Nifty was down by 0.3%, while Nifty Bank was upby 0.1%. Bajaj Holdings & Investment and Central Bank of India were the topperformers, while CreditAccess Grameen and PB Fintech underperformed.Over the past month, Nifty has risen by 5%, and Nifty Bank has risen by 2%. BFSI research today CMSINFO IN -4QFY25 First Cut: Tad Miss; Mkt. Share Gain is +ve RBI eases norms for investments by REs in AIFs:RBI has released revised draft guidelinesfor RE investments in AIFs. As per this, banks & NBFCs can invest up to 5% in AIF corpusw/o restrictions and if investments in AIFs exceed 5% and if the AIF has downstream debtinvestment in debtor company (i.e. the company had a debt exposure), 100% provision isneeded. The other proposals are a Single RE can invest up to 10% (collective cap is 15% forall REs in an AIF). Also, downstream investments as per revised norms exclude CCPS & CCDs(only equity investments earlier).(May 19, RBI) Our view: This reflects easing vs. earlier guidelines in Dec-23 wherein a) RBI did not allow REinvestments in AIFs, which had underlying investments in debtor company and b) 100% provisioningwas needed for any such investment (now only applicable if investment > 5%). Coverage NBFCs likePIEL & IIFL which earlier had AIF exposure have already made provisions/transferred investmentsto ARCs, so neutral for these. Bajaj Finance lowers deposit rates by up to 50bps:Bajaj Finance followed top banks inlowering deposit rates on certain tenures to reflect easing policy rates. Its FD rates are nowlower by up to 50bps, in-line with the reduction in policy rates since Feb-25. The highest FDrate offered now is 7.4% (18m tenure).(May 20, ET) IDFCFB investors reject resolution to allow board seat to Warburg affiliate:IDFC First Bank'sshareholders have rejected a special resolution to appoint a nominee director of Currant SeaInvestments, an affiliate of Warburg Pincus. The resolution to appoint a non-retiring, non-executive director received 64% votes against the 75% needed to approve it.(May 20, ET) RBI approves Emirates NBD Bank's subsidiary plan in India:The RBI has granted in-principleapproval to Emirates NBD Bank to establish a wholly-owned subsidiary in India. This will beachieved through the conversion of its existing branches in Chennai, Gurugram, and Mumbai.The RBI will consider granting a banking business commencement license after the Bankfulfills the stipulated conditions.(May 19, ET) Six officials of IndusInd Bank likely under investigation for insider trading:As per mediareports, SEBI is investigating six IndusInd Bank officials for insider trading to determine if theysold stock options while being aware of accounting lapses at the Bank before these werepublicly disclosed. Investigations are in preliminary stages and show-cause notices have beensent to the individuals and to the Bank.(May 19, Business Line) ED arrests ex-UCO Bank CMD Goel on money laundering charges:The ED has arrestedformer UCO Bank CMD Subodh Kumar Goel on money laundering charges in an alleged bankloan fraud case of more than Rs62bn linked to a Kolkata-based company, Concast Steel &Power Ltd.(May 19, Business Line) Prakhar Sharma * | Equity Analyst91 22 4224 6129 | prakhar.sharma@jefferies.comVinayak Agarwal * | Equity Associate+91 22 4224 6178 | vagarwal2@jefferies.com Source: RBI, Jefferies Source: RBI, Jefferies; Aug-24 onwards includes merged nos Source: RBI, Jefferies Source: RBI, Jefferies; Aug-24 onwards includes merged nos Source: RBI, Jefferies Source: RBI, Jefferies Source: Company data, Jefferies estimates Source: Company data, Jefferies estimates Unless specified, no company has commented on the press reports.Recently published notesPOLICYBZ IN- 4QFY25 Results: Profitability ImprovingLICHF IN- NIM Pressure Ahead; Reasonable Valuations; Downgrade to HoldMUTH IN- 4QFY25 Results: Another Strong QuarterMAXF IN- 4QFY25: Good Performance Despite Challenges; Stays Among Top PicksABCAP IN- 4QFY25 Results: NBFC Profit Tad Ahead; Healthy NLF TrendsLI Prem Apr-25: Growth Soft on High Base When Ulips Were Strong; Axis-Max LeadsIIFL IN- 4QFY25 Results: Earnings to Recover From FY25 TroughMGFL IN- MGFL 4QFY25: Disappointing Quarter; New CEO AnnouncedMF Apr-25: Higher SIPs Reflect More Op. DaysGI Apr-25: Healthy Growth; PSUs Upping Ante In Motor InsuranceMMFS IN- MMFS Announces Capital Raise Through Rights IssuePNB IN- 4QFY25: Core Results In LineBOB IN- 4QFY25: Weaker NIMs & Credit Quality Drag Performance; Stay on HoldAPTUS IN- 4QFY25 Results: In-Line Quarter; Growth Moderates; Spreads to Improve SlightlyPIEL IN- 4QFY25 Results: Core Profits Disappoint; RoA Improvement To Be GradualBSE IN- 4QFY25 Results: Strong End to the YearPAYTM IN- 4QFY25 Results: Slightly Ahead of ExpectationsIndia BFSI Monthly - April 2025SBIN IN- 4QFY25: Core Trends SteadyKMB IN- 4QFY25: Steady Qtr; Healthy Growth AheadHOMEFIRS IN- 4QFY25 Results: Anoth