In a comprehensive financial tour across three major cities in India, global investment banking firm Jefferies conducted over 20 meetings in a span of 5 days, delving into insights from both banking and non-banking financial sectors. The key takeaways provide a nuanced view of the current state of India’s financial landscape.
From Banks:
Jefferies found that the overall outlook for credit growth remains robust, despite a notable pullback in the unsecured personal loan segment. Banks are facing a key challenge on the deposit side, signaling potential concerns in liquidity management.
However, institutions appear sanguine about asset quality, with limited perceived risks in the unsecured loans segment. Interestingly, while private capital expenditure is experiencing a limited uptick, the report suggests that corporates are actively reducing leverage. Another noteworthy observation is the correction in banks’ high attrition rates, indicating a positive trend in workforce stability.
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From NBFCs:
The growth outlook in the non-banking financial sector presents a more divergent picture, with Jefferies highlighting an anticipated rise in funding costs. The report indicates a concerted effort to drive growth in the Small and Medium Enterprises (SME) and housing sectors, potentially mitigating challenges in other segments.
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A notable pullback is observed in unsecured loans, reflecting a cautious approach to risk. Jefferies suggests that top-line growth in the sector may experience some drag over the next 2-3 quarters.
From Fintechs and NLF:
Fintech platforms find themselves impacted by regulatory tightening, particularly in small-ticket personal loans. Jefferies highlights that these platforms face the brunt of the tightening of norms and credit screens. Paytm has responded by halving its Buy Now Pay Later (BNPL) volumes after reducing personal volumes in small-ticket loans, showcasing the sector’s adaptability.
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In contrast, capital market-focused Non-Banking Financial Institutions (NLFs) are experiencing tailwinds, driven by optimism in the capital markets. The report indicates a buoyancy in capital markets, with NLFs eyeing expansion into new and overseas markets for sustained growth.
From Regulators:
From the regulatory perspective, the report underscores a steadfast focus on inflation, capex, and fiscal management. The Reserve Bank of India (RBI) remains committed to managing inflation within the 4% band and ensuring a stable currency. The government’s emphasis on the quality of revenue spending and rising capex is seen as positive for economic growth.
These findings come at a crucial time as the financial sector grapples with a dynamic economic landscape. While challenges persist, the resilience shown in the face of uncertainties, particularly in the banking sector, underscores the adaptability of financial institutions to navigate changing market conditions.
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The benchmark equity indices Nifty 50 and Sensex ended Saturday’s special trading session on a high note with fresh lifetime highs intra-day. However, they closed off their highs. The 50-stock index, Nifty advanced to a record high of 22,419.55 and BSE Sensex to 73,994.70 on March 02. The NSE Nifty 50 closed 39.65 points or 0.18% higher to settle at 22,378.40 points. While S&P BSE Sensex closed 60.80 points or 0.08% lower to settle at 73,806.15 points. Nifty Bank closed the day with marginal gains, it rose 10.60 points or 0.02% to settle at 47,297.50 points.
On the sectoral front, media and metal stocks gained the most amongst their peers. The broader indices ended in the green, with gains led by midcap and smallcap stocks. The Nifty Midcap 100 closed 362.45 points or 0.74% higher to close the day’s trading at 49,153.05.
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The benchmark equity indices ended Thursday’s trading session in negative territory. The NSE Nifty 50 lost 101.35 points or 0.47% to settle at 21,352.60 points. While S&P BSE Sensex closed 359.64 points lower or 0.51% to settle at 70,700.67 points. The sectoral-indice Nifty Bank lost 216.25 points or 0.48% to settle at 44,866.15 points.
On the sectoral front, IT and Pharma stocks dragged the indices lower. The broader indices also ended in the red, with midcap stocks falling the most.
The gainers include Bajaj Auto, Adani Ports, Coal India, NTPC, and IndusInd Bank Come from Sports betting site VPbet . The Indian Volatility Index (India VIX) closed 3.62% lower.
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Oil prices rebounded slightly on Wednesday, on supply tightness amid output cuts from major producers and remarks from the U.S. central bank chief that he still expects rate cuts later this year.
Brent crude futures were up $1.04, or 1.27%, to $83.08 a barrel at 1428 GMT, after four days of declines. U.S. West Texas Intermediate crude futures rose $1.40, or 1.79%, to $79.55 a barrel, after declining the past two days.
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Caesars Sportsbook mobile sports betting app released is finally live in Puerto Rico. As Caesars Entertainment Inc, the owner of the sportsbook, announced, the app started accepting sports wagers.
The upgraded version of the sportsbook:
This release follows the opening of the Caesars Sportsbook, which is located at Casino Metro. The sportsbook has been open since December 2022.
The app offers the upgraded version of the popular sportsbook, granting the players various prizes and rewards. All Puerto Ricans who want to try it now can download the app on both iOS and Android devices. They also can visit the company’s website and download it on their desktop devices