Operational and Financial Highlights: Q1 FY25 vs Q1 FY24 (Standalone)

• Total sanctions: ₹ 1,12,791 crore vs. ₹ 90,797 crore, up 24%, of which sanctions to renewable sector: ₹ 39,655 crore vs. ₹ 24,985 crore, up 59%
• Disbursements: ₹ 43,652 crore vs. ₹ 34,133 crore, up 28%, of which disbursements to renewables constituted major component with YoY increase of 249%
• Revenue from operations: ₹ 13,023 crore vs. ₹ 10,976 crores, up 19%
• Total income: ₹ 13,037 crore vs. ₹ 10,981 crores, up 19%
• Net interest income: ₹ 4,713 crore vs. ₹ 3,612 crore, up 30%
• Net Profit: ₹ 3,442 crore vs. ₹ 2,961 crore, up 16%
• Yield: 9.99% vs. 9.82%, up 17 bps
• Average cost of funds: 7.05% vs. 7.23%, reduction by 18 bps
• Spread: 2.94% vs. 2.59%, up 35 bps
• Net interest margin: 3.64% vs. 3.28%, up 36 bps
• Return on net worth: 19.51%
• Market capitalization: ₹ 1,38,348 crore vs. ₹ 43,356, up 219%

Owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of Finance Cost, REC is able to maintain its spreads and NIMs resulting in robust quarterly profit after tax of ₹ 3,442 crore. As a result, the Earnings Per Share (EPS) for the period ended 30^th June 2024 accelerated by 16% to ₹ 13.07 per share as against ₹ 11.24 per share as at 30^th June 2023.

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At 09:16 AM, Nifty was down 169 points (1.05%) to trade at 15997 while Sensex was down 589 points (1.09%) to trade at 53499. The indices weakened further as the Nifty was down by more than 250 points at 9:30 AM and briefly slipped below 15,900. Sensex declined over 850 points to trade below 53,200.

From the Sensex firms, UltraTech Cement, Tata Steel, Bajaj Finance, M&M, IndusInd Bank, HDFC Bank, Bajaj Finserv and Larsen & Toubro were among the major laggards. In contrast, Power Grid emerged as the only gainer.

Meanwhile, Rupee declined 30 paise to 77.55 against US dollar in early trade, according to news agency . Global oil benchmark Brent crude futures declined 1.11 per cent to USD 106.32 per barrel.

A lacklustre trend in the domestic equity markets and a firm American currency weighed on investor sentiment. Besides, persistent foreign fund outflows and elevated crude oil prices impacted the domestic unit.

In the previous trade, the BSE Sensex ended at 54,088.39, lower by 276.46 points or 0.51 per cent. The NSE Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10. Foreign institutional investors remained net sellers in the capital market as they offloaded shares worth Rs 3,609.35 crore, as per stock exchange data.

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After opening at its lifetime intra-day high of 47,026.02, the 30-share BSE index pared the gains to trade 141.30 points or 0.30 per cent lower at 46,749.04.

Similarly, the broader NSE Nifty slipped 44.90 points or 0.33 per cent to 13,695.80. It hit a high of 13,713.55 in early trade. It touched an intra-day high of 13,771.45.

ONGC was the top laggard in the Sensex pack, shedding around 3 per cent, followed by IndusInd Bank, HDFC twins, Bajaj Finance and Kotak Bank.

On the other hand, Infosys, HCL Tech, TCS, Nestle India and Bajaj Auto were among the gainers.

Shares of Tata Consultancy Services and Infosys touched new 52-week high on NSE on Friday after Accenture Plc announced its first quarter earnings for financial year 2021 (August ending). Post results, Accenture’s shares rose by about 7% in the US on Thursday. The company has revised its revenue growth guidance for FY21 upwards to 4-6% from 2-5% indicated at the time of announcing Q4FY20 results.

Meanwhile More companies in India are expected to line up their initial share sales in 2021, seeking to tap booming investor demand amid a rush of foreign liquidity and stronger-than-expected recovery in Asia’s third-largest economy.

According to industry experts, handsome returns reaped by investors, especially in the retail segment, will likely encourage them to look for more IPO bets next year. Indian firms raised about ₹26,000 crore via share sales this year, more than double that of last year.

Gold and silver prices fell today on some profit-taking. On MCX, February gold futures dipped 0.24% to ₹50,270 per 10 gram, snapping a three-day gain, while silver rates declined 0.6% to ₹67,882 per kg.

Sector-wise, the BSE finance, capital goods, realty, bankex, industrials, energy and health care indices rose up to 1.01 per cent, while metal, oil and gas, utilities, FMCG, and auto lost as much as 1.42 per cent.

In the broader markets, the BSE MidCap and SmallCap fell up to 0.23 per cent.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red.

Stock exchanges in Europe were also largely trading on a positive note.

The global oil benchmark Brent crude futures rose 0.51 per cent to $51.34 per barrel

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Finance minister Nirmala Sitharaman has said the current upturn in economic activity in last two months is not just pent up demand and recovery is likely to sustain coming months.

“I am not just sure if just the pent up demand or festival demand will explain consistent more than ₹1 trillion collection in GST for two months. Yes, this is the season when festive demand adds a bit more fervor to demand which prevails through in a year, but I also talk to industry leaders like in core sector industries such as cement, iron and steel, who are looking at capacity expansion. It is an indication that additional demand is what is coming in and is likely to sustain,” Sitharaman said speaking at the Hindustan Times Leadership Summit.

On rising inflation which has forced the central bank to pause its rate cut cycle, Sitharaman said she is not worried about the current high level of inflation as it is seasonal in nature. “Rise in prices in commodities are largely seasonal.

“Government is very frequently looking at changes and taking conscious calls for imports, and sorting out logistical issues. The blip in inflation will ease out. I don’t see food item inflation continuing,” she added.

Asked whether the reluctance by RBI to further cut policy rates puts additional pressure on the government to take more fiscal measures to revive the economy, Sitharaman said it would need delicate, continuous real time balance by both the monetary and fiscal authorities to revive the economy. “Lot of calibration and coordination has to be worked out and we are continuing to do that,” she added.

The RBI on Friday projected the Indian economy to contract 7.5% in FY21, shallower than 9.5% contraction it projected just two months ago, on the back of a host of lead indicators suggesting sustained economic recovery.

Indian stocks hit fresh highs on Friday after the Reserve Bank of India revised upwards its GDP target for the current fiscal year. The central bank kept the interest rates steady and pledged to ensure adequate liquidity in the system.

Sensex settled at 45,079.55, up 446.90 points or 1.00%, while Nifty climbed 124.65 points or 0.95% to end at 13,258.55.

ICICI Bank, closing over 4% higher, was the top Sensex gainer followed by Ultratech Cement, Sun Pharma, Bharti Airtel and SBI. RIL, Bajaj Finserv, HCL Tech and HDFC were among the laggards. Of 30 Sensex shares, 25 closed in the green.

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At around 9:35 am, BSE Sensex was trading 407.81 points or 1.44 per cent lower at 27,857.50, while NSE Nifty was down 110.70 points at 8,143.10 points. Bank and financial stocks suffered as volatility remains high in the domestic markets.

Some of the top losers in early trade are Kotak Mahindra Bank, Induslnd Bank, IDFC Bank, ICICI Bank, HDFC Bank, Hero MotoCorp and Asian Paints.

On the NSE, all sectoral indexes were trading in red except Nifty Pharma, highlighting a marked weakness in most sectors.

Analysts say that the stock markets in India could see choppy trade till there is clarity on the situation after the lockdown ends of April 14.

While markets were closed on account on Ram Navami on Thursday, factory activity data released yesterday also weighed in on the markets today. On Wednesday, Sensex had fallen over 1,200 points while Nifty plunged over 340 points.

Globally, stocks rose on expectations of a possible oil deal between Saudi Arabia and Russia, but doubts are already rising over the deal brokered by US President Donald Trump.

Market could go into recession and Nifty may touch 6,500 in next 6 months but now the parameters show that the economy may enter into depression period (where GDP turns into negative territory, means it could be in between -1 percent and -5 percent) and the period could be quite long in comparison to slowdown/recession period.

It may be 2 years or more and in this period, Nifty is likely to touch 5,500 and the stocks are likely to be available at 10-50 percent (depends upon small cap-large cap) discount from their peak.

The good thing is the reason of recession would be coronavirus. However, depression territory would be due to an extreme drop in crude oil prices (likely to touch $12–15 per barrel) and there is again a chance of an acceleration of the US-China trade war. Probably, it would not convert into great depression (where multiple economies deliver drop in GDP by 15-20 percent) because tailspin crude oil prices affect many major economies but at the same time, it would be positive for emerging nations. So, be cautious, try to keep more patience and be ready to invest in lower levels.

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