AU Small Finance Bank Q3 profit jumps 30%AU Small Finance Bank has recorded a 30% year-on-year growth in profit at Rs 392.8 crore for quarter ended December FY23, led by net interest income and lower provisions. Net interest income grew by 41% to Rs 1,153 crore for the quarter with 10 bps YoY fall in net interest margin at 6.2%. Asset quality improved with the gross non-performing assets (NPA) as a percentage of gross advances falling 9 bps QoQ to 1.81% and net NPA declining 5 bps QoQ to 0.51% for the quarter.
CLSA View on Hindustan Unilever
Brokerage house has kept ‘outperform’ rating on the stock with a target at Rs 2,950 per share amid strong top-line & volume growth.
The elevated key raw material prices impacted margin despite some improvement.
There was a new agreement with Unilever for higher royalty rates, however, as per SEBI, majority approval of minority shareholders required only if royalty exceeds 2 percent, reported CNBC-TV18.
Hindustan Unilever was quoting at Rs 2,583.90, down Rs 66.35, or 2.50 percent.
|Indian Energy E||138.10||141.55||49,923|
Nifty Metal index fell 0.5 percent dragged by Hindustan Zinc, JSW Steel, NALCO
Vincent K A, Research analyst at Geojit Financial Services
The need of the hour is to support farmers due to elevated inflation, and hence there is a high expectation of a higher allocation for rural development in this budget. The allocation for FY23 was Rs 1.35 trillion, but it has already been spent Rs 1.55 trillion.
Rural demand is important for overall growth, as rural India accounts for about 65% of the population. Being a pre-election budget, the usual contemplation is that it will be populist.
We can expect measures like increasing MSP (Minimum Support Prices), expansion of warehousing, micro irrigation, and credit growth, increasing the revenue of the rural market.
Other instruments we can expect is an increase in the allocation of schemes like Prime Minister Awas, Ujjwala and Saubhagya Yojana schemes, indirectly improving the standard of rural economy.
Further, steps on rationalization of tax slabs or an increase in tax exemption are positive for FMCG/Retail companies by increasing the disposable income of consumers. We do not anticipate any changes in the GST rate in the budget.
Canadian business jet manufacturer selects TCS as strategic IT partner
Canadian business jet manufacturer, Bombardier selected Tata Consultancy Services as its strategic IT partner, to accelerate its digital transformation & drive innovation.
Tata Consultancy Services was quoting at Rs 3,385.00, up Rs 12.60, or 0.37 percent.