Banking Sector – Thematic Report – Nirmal Bang Institutional Equities

Core Business Valuations of Large Banks with Sizeable Subsidiaries

Robust banking businesses at reasonable valuations

Key Points

• 20-year core business valuation trend of large banks: In this report, we have looked at the factors which led to the re-rating of the 5 lar…[Read more]

Big Move from RBI: NBFCs Get Global Wings!

The Reserve Bank of India has unlocked a game-changing reform — NBFCs can now borrow unlimited dollars from global markets.

What’s Changed?

No cap on foreign borrowings

No end-use restrictions

Fully market-determined interest rates

In short: NBFCs just got the freedom to raise funds globally — w…[Read more]

Global Stock Markets Q3 2025 — Winners & Laggards

The first nine months of 2025 have delivered some striking shifts in global equity performance — with Europe stealing the spotlight.

Top Performers
Central and Eastern Europe are leading the global rally, with multiple markets gaining over 50% YTD.

Czech Republic: +55.4%

Greece: +53.4%

Pol…[Read more]

Fund Houses’ Recommendations

Goldman Sachs (GS)

Marico: Buy, Target Price ₹830/share — Positive view on international growth and domestic recovery.

Q2 Earnings Outlook: Upgrades seen in Consumer Discretionary (ex-Autos), IT, and Commodity Cyclicals — Positive Sector Bias.

Morgan Stanley (MS)

AU Small Finance Bank: Overweight, Target Price ₹…[Read more]

Stocks to Watch — October 6, 2025

Banking & Financials

HDFC Bank: Gross advances rose 4.4% QoQ and 9.9% YoY to ₹27.69 lakh crore in Q2FY26. Average deposits stood at ₹27.1 lakh crore, up 15.1% YoY and 2% QoQ.

Kotak Mahindra Bank: Net advances grew 15.8% YoY and 4% QoQ to ₹4.62 lakh crore. Average quarterly advances were ₹4.47 lakh crore, up…[Read more]

Preview: 6–11 Oct 2025

What Will Drive Markets

Q2 Earnings Kickoff

o TCS is expected to report Oct 9 — this will set the tone for IT and export names.

o Banks, NBFCs, and consumer staples will follow — guidance, margins, and credit trends will be scrutinized.

IPO Debut / Subscription Trends

o Tata Capital’s IPO is expected to dominat…[Read more]

Weekly Review: 29 Sept – 4 Oct 2025

Market Snapshot & Trend

• After several volatile sessions in late September, the equity markets staged a modest rebound. The Sensex rose ~224 points (≈ 0.28%) on Oct 3, while the Nifty gained ~58 points (≈ 0.23%) to close around 24,894.

• Over the week, indices were up ~0.97% (both Sensex & Nifty) on a holi…[Read more]

800 ‘Vande Bharat’ Trains by 2030

A mega push for Indian Railways that’s set to transform connectivity and unlock opportunities across the supply chain.

Why it matters:

Strengthens India’s transport backbone.

Triggers large-scale capex and supply orders.

Multi-sector boost: coaches, components, signalling, electrification, and digital…[Read more]

Nikkei 225 — The Breakout Story

Why the Rally?

Corporate Reforms: Stronger governance, higher shareholder returns, and record buybacks.

Ultra-Loose BOJ Policy: Negative rates and aggressive QE kept liquidity abundant.

Yen Weakness: A boon for exporters, driving earnings growth.

Valuation Reset: Japan Inc. re-rated from “cheap” to “attr…[Read more]

Brokerage Updates- 3rd Oct 2025

Consumer Durables

Nuvama on LG Electronics India – BUY

Strong brand with robust parentage.

Industry CAGR: 8–10% (₹96,900 cr in CY24 → ₹1.44–1.59 lakh cr by CY29E).

FY19–25 CAGR: Revenue +8%, EBITDA +5%, PAT +6%; FY25 YoY growth 14%/37%/44%.

ROCE/ROIC median 34%/89%, projected 45%/106% in FY25.

$600 m…[Read more]

Stocks in News – Key Corporate Updates (3rd Oct 2025)

Positive Developments

Swelect Energy: Commissioned additional 2 MW solar plant in Tamil Nadu.

GNG Electronics: Signed facility lease pact with Ajman Free Zones Authority.

Goodluck India: Obtained industrial licence to produce empty shells; trial production to begin in Q3.

Bansal Wire: Q…[Read more]

Fund House Recommendations — 1 Oct 2025

Cement & Infrastructure

CLSA on UltraTech Cement: Maintain Outperform; Target Price ₹14,700/sh. (Positive outlook, sector demand resilience)

Financials

CLSA on Muthoot Finance: Maintain Outperform; TP raised to ₹3,600/sh. (Positive – strong gold loan momentum)

CLSA on Manappuram Finance: Maintai…[Read more]

Stocks in News – October 1, 2025

Positives

Suryoday SFB: Received full ₹314 Cr claim from National Credit Guarantee Trustee Company.

Sri Lotus: Launched two projects with GDVs of ₹700 Cr & ₹300 Cr.

HUDCO: Sanctioned ₹92,710 Cr and disbursed ₹25,839 Cr H1 loans; Q2 disbursement up 43.6% YoY.

RITES: Signed pact with Etihad Rail to deepen coll…[Read more]

REGULATORY & APPROVALS

Lupin: USFDA nod for pediatric Rivaroxaban oral suspension.

PTC India Financial Services: BSE seeks clarification on board exits, governance.

RBI: Issues draft norms extending gold metal loan repayment to 270 days.
PRODUCT LAUNCHES

Epack Durable: Rolls out new domestic vacuum cleaner line.

CORPORATE…[Read more]

ORDER WINS

Atlanta: Bags ₹2,485 Cr Maharashtra expressway sub-contract from IRCON.

Adani Green Energy: Commences 408.1 MW Khavda (Gujarat) power project; total capacity now 16,486 MW.

Innovators Facade: Wins ₹93.77 Cr order from DLF for Chennai Downtown façade project.

CFF Fluid Control: Secures ₹11.69 Cr defence order for Navy’s P75 submarin…[Read more]

LEADERSHIP CHANGES

SKF India: Management reshuffle; new MD & CFO effective Oct 1.

Subex: Board transition with multiple independent directors stepping down.

VIP Industries: Multiple top-level exits including MD & ED.

CORPORATE Update

Indian Renewable Energy Development Agency (IREDA)

Q2 YoY: Loan sanctions jump 86% to ₹33,148 Cr vs ₹17,860 Cr.

Loan disbursements up 54% to ₹15,043 Cr vs ₹9,787 Cr.

Pfizer

Secures a three-year reprieve from US tariffs on pharmaceutical imports imposed by former President Trump.

Pharmaceutical Sector

Trump’s 100% tari…[Read more]