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YES Bank, HDFC Bank, ICICI, Axis, SBI, BoB, Kotak, other bank stocks: Buy, sell or hold?
Brokerage firm JM Financial, in its latest sectoral note, said the real surprise continues to come from Public Sector Banks (PSBs), which are outpacing their private peers in loan growth.
The brokerage said loan growth in our coverage universe increased to around 13% YoY (from 11% in 2Q), with PSBs outperforming private banks even further. “Deposit growth, however, remained relatively subdued at ~10% YoY with PSBs continuing to lag private peers, resulting in a 270 bps QoQ spike in PSBs’ CD ratio (versus ~60 bps for private banks),” JM Financial said.
JM Financial noted that PSBs still have decent gaps in their liquidity and CD ratios compared to private banks, giving them some levers to protect their margins going forward.
“PSBs also turned in stronger PPOP growth on the back of higher treasury gains, recPSBoveries and limited labour code impact, whereas private banks’ PPOP growth moderated due to reduced other income and relatively higher opex pressure,” JM Financial said.
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Tata Power, BHEL OFS & HDFC Bank: JM Financial's Akshay Bhagwat shares views
Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, expects 25,500 to act as a strong base for the benchmark Nifty50, with 26,000 emerging as the immediate hurdle.
"The index is catching up momentum and 26,000 is the first immediate barrier. Overall, the market view remains positive and Nifty may revisit its lifetime highs," the market expert told Business Today on Wednesday.
On the IT sector, Bhagwat cautioned that the coming months could remain challenging. He advised investors to stay away from the pack in the near term.
Sharing his view on Bharat Heavy Electricals Ltd (BHEL), which has launched an offer-for-sale (OFS) with a floor price of Rs 254 per share, Bhagwat said the corporate action may keep the stock under pressure in the short run.
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