Month: April 2025

Continuing with its healthy financial performance, ICICI Bank may see double digit growth in net profit during the March quarter of the financial year 2024-25 (Q4FY25), expect analysts. 

That apart, net interest income (NII), they said, could clock high single digit growth on a year-on-year (Y-o-Y) basis in Q4FY25 with a steady net interest margin (NIM) sequentially (quarter-on-quarter; Q-o-Q).

 Among key monitorables, analysts said deposit growth, and margin outlook would be on investors’ radar. 

ICICI Bank Q4 results date, time

ICICI Bank is scheduled to report its Q4 2025 results on Saturday, April 19, 2025.

“The meeting of the Board of Directors of ICICI Bank Limited is scheduled to be held on Saturday, April 19, 2025, to, inter alia, consider and approve the audited financial results (standalone and consolidated) for the quarter and year ending March 31, 2025,” ICICI Bank said in a statement.

ICICI Bank Dividend

Besides the approval of the financial results for Q4FY25, ICICI Bank, on April 19, will consider and recommend dividend, if any, for the financial year ending March 31, 2025 (FY25). 

It will also consider fund raising by way of issuance of debt securities, including by way of non-convertible debentures in domestic markets by way of private placement and issuance of bonds/notes/offshore certificate of deposits in overseas markets; and buyback of debt securities within the limits that the Board is authorised to approve.  

ICICI Bank Q4 results expectations

Nuvama Institutional Equities 

The brokerage expects ICICI Bank’s NII and Other Income to come at ₹28,529 crore, up 15 per cent Y-o-Y from ₹24,741.6 crore. Sequentially, it would mean 4 per cent Q-o-Q growth over ₹27,438.7 crore. 

Of this, NII is projected to rise 2.3 per cent Q-o-Q and 9.1 per cent Y-o-Y. Margin, meanwhile, is expected to improve by 2 basis points (bps) Q-o-Q but decline 13bps Y-o-Y. 

Aided by higher treasury gains, Nuvama expects ICICI Bank to report pre-provision operating profit (PPoP) growth of 18 per cent Y-o-Y/5 per cent Q-o-Q to ₹17,732.8 crore, and net profit increase of 15 per cent Y-o-Y/5 per cent Q-o-Q to ₹12,351.3 crore. 

Mirae Asset Sharekhan 

Mirae Asset Sharekhan analysts project a net profit growth of 12.4 per cent Y-o-Y to ₹12,032 crore in Q4FY25, from ₹10,708 crore seen in Q4FY24. On a Q-o-Q basis, it would be an improvement of 2 per cent over ₹11,792 crore seen in Q3FY25.  

Operationally, PPoP is pegged at ₹17,169 crore, up 14.2 per cent Y-o-Y from ₹15,039 crore, and 1.7 per cent Q-o-Q from ₹16,887 crore.  

NII, meanwhile, is projected at ₹20,716 crore in Q4FY25, higher by 8.5 per cent Y-o-Y from ₹19,093 crore, and 1.7 per cent Q-o-Q from ₹20,371 crore. NIMs, however, could be lower marginally on a quarterly basis. Advances, the brokerage said, are likely to grow by 15 per cent Y-o-Y aided by broad-based growth in all segments. 

Elara Capital 

Elara Capital bakes-in yet another steady quarter for ICICI Bank, with steady loan growth and deposit growth. The loan book is seen at ₹ 13.54 trillion, up 14.3 per cent Y-o-Y from ₹11.84 trillion and 3 per cent Q-o-Q from ₹13.14 trillion. Similarly, deposit book is expected to grow 11.4 per cent Y-o-Y to ₹14.13 trillion and 3.5 per cent Q-o-Q from ₹15.20 trillion.  

It also projects steady NIM at 4.3 per cent, down 13 basis points (bps) Y-o-Y, but up 2 bps Q-o-Q, largely benefitting from cash reserve ratio (CRR) cut impact and lower slippages sequentially.  

NII, in this backdrop, is seen at ₹20,902.5 crore, up 9.5 per cent Y-o-Y and 2.6 per cent Q-o-Q. PPoP, on the other hand, is seen at ₹16,898.6 crore, up 12.4 per cent Y-o-Y/0.1 per cent Q-o-Q. 

“Q4 generally sees higher opex and we expect similar trend this quarter. Slippages are likely to moderate Q-o-Q. This, with steady recovery, would feed into lower NPLs and lower credit costs,” it said. 

Opex is pegged at ₹ 10,934.9 crore, up 12.7 per cent over Q4FY24 and 3.6 per cent over Q3FY25. Credit costs are seen at 0.3 per cent, up 8bps Y-o-Y but down 5bps Q-o-Q. 

Overall, net profit is projected at ₹ 11,822.1 crore, up 10.4 per cent Y-o-Y and 0.3 per cent Q-o-Q.

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HDFC Bank could report stable March 2025 quarter (Q4) results, as it remains focussed on balancing its credit-deposit ratio (CDR) and balance sheet management, predict analysts. 

India’s largest private sector bank, they believe, could report a net profit growth of 4 per cent, on average, on a year-on-year (Y-o-Y) basis for Q4FY25. This, however, would mean a flat performance on a sequential basis.  

On the net interest income (NII) front, analysts remain divided and see the growth between -7.6 per cent and 9 per cent Y-o-Y.

“HDFC Bank is addressing near-term post-merger headwinds, including high CDR and high-cost borrowings, by focusing on deposit mobilisation and balance sheet rebalancing. Loan book expansion is led by Retail and Commercial & Rural Banking segments, while enhanced operational efficiency is supporting stable cost ratios. With strategic liability management, margin recovery, and disciplined asset quality, HDFC Bank is poised for steady growth over the medium-to-long term,” said analysts at Motilal Oswal Financial Services in a Q4 results preview report.

HDFC Bank Q4 results date, time:

HDFC Bank is scheduled to report its March quarter results on Saturday, April 19, 2025. The bank, typically, announces its financial results in the afternoon.

“The meeting of the Board of Directors of HDFC Bank is scheduled on 19/04/2025, inter alia, to consider and approve the audited standalone and consolidated financial results of HDFC Bank Limited for the quarter/ year ended March 31, 2025 and other important matters,” HDFC Bank said in a stock exchange filing.  

That apart, HDFC Bank could consider the annual renewal of issuance of Long-Term Bonds (Financing of Infrastructure and Affordable Housing), Perpetual Debt Instruments (part of Additional Tier I capital) and Tier II Capital Bonds over the period of next twelve months through private placement mode during the Board meeting. 

HDFC Bank Dividend 2025:

Apart from the Q4FY25 financial result announcement, the Board of HDFC Bank could consider and recommend dividend, if any, for the financial year 2024-25 (FY25) on April 19, 2025. It may also fix dividend record date during the meeting.  

HDFC Bank Q4 results expectations:

ICICI Securities 

ICICI Securities forecasts a steady quarter for HDFC Bank with NII rising 1 per cent quarter-on-quarter (Q-o-Q) and 6.4 per cent Y-o-Y to ₹30,941 crore in Q4FY25. By comparison, HDFC Bank’s NII was ₹ 29,076.8 crore in Q4FY24 and ₹30,653.3 crore in Q3FY25.  

Further, the brokerage estimates HDFC Bank’s pre-provision profit of ₹25,235.1 crore for the quarter under review, up 1 per cent Q-o-Q from ₹25,000 crore reported in the December quarter of FY25.

On a Y-o-Y basis, PPoP could drop 14 per cent from ₹29,274.2 crore. 

However, aided by a decline in slippages, HDFC Bank’s Q4FY25 net profit could stay flat Y-o-Y at ₹16,507 crore vs ₹16,512 crore reported in Q4FY24. Sequentially, it would be a 1.4 per cent dip from ₹16,735.5 crore.  

IIFL Capital 

Analysts at IIFL Capital forecast a 7 per cent Y-o-Y and 5 per cent Q-o-Q rise in net profit at around ₹17,600 crore. This, the brokerage anticipates, on the back of a healthy growth in operational income. 

NII is seen growing 9 per cent Y-o-Y/3 per cent Q-o-Q to ₹31,600 crore, while core PPoP is expected to rise 22 per cent Y-o-Y/5 per cent Q-o-Q to ₹25,300 crore.  

Motilal Oswal Financial Services 

Motilal Oswal analysts expect HDFC Bank’s Q4 NII to grow 5.5 per cent Y-o-Y to ₹30,670 crore. They, however, anticipate a 12.7 per cent Y-o-Y decline in operating profit, at ₹25,570 crore, will cap growth in net profit at ₹17,030 crore, up 3.2 per cent Y-o-Y.  

On the asset quality front, MOFSL forecasts HDFC Bank’s Q4FY25 gross non-performing asset (GNPA) ratio at 1.4 per cent, unchanged from the December quarter.  

The NNPA, on the other hand, is seen improving marginally to 0.4 per cent from 0.5 per cent Q-o-Q. “We expect cost ratios to remain under control in Q4FY25, while margins may see a mild decline,” MOFSL said.  

While the brokerage expects CDR to reduce further in the March 2025 quarter, it said guidance for credit growth will remain a key monitorable. 

Kotak Institutional Equities 

Sharing its Q4FY25 business update, HDFC Bank said its gross advances grew 5.4 per cent Y-o-Y/4 per cent Q-o-Q to ₹26.43 trillion, while deposits surged 14.1 per cent Y-o-Y/5.9 per cent Q-o-Q to ₹27.14 trillion. 

The loan growth, according to the brokerage, was better-than-expected, but weaker-than-the-industry average, which reflected the changes that it is undertaking to improve its CDR. 

Against this, the bank is expected to report 5.5 per cent Y-o-Y/4.1 per cent Q-o-Q rise in net profit at ₹17,418.6 crore. It, however, anticipates a weak operational performance on a yearly basis. 

It sees HDFC Bank’s NII falling 7.6 per cent Y-o-Y to ₹43,661.8 crore, and PPoP dropping 12.6 per cent to ₹25,594.6 crore.  

Net interest margin (NIM), however, is expected to stay largely flat around 3.5 per cent. 

“We expect the gross NPL ratio to be stable. The near-term focus would be on the progress of NIM (expect a positive outlook for the medium term), growth outlook, and impact of PSL norms in FY25,” it said.  

The brokerage has pencilled-in loan loss provisions worth ₹2,665 crore, down 80.3 per cent Y-o-Y from ₹13,511.6 crore and 15.5 per cent Q-o-Q from ₹3,153.9 crore.

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Frontline indices, the Sensex and the Nifty 50, extended their gains for the fourth consecutive session on Thursday, April 17, amid across-the-board buying and easing concerns over the impact of the ongoing trade war on the Indian economy.

Sensex closed 1,509 points, or 1.96 per cent, higher at 78,553.20, while the Nifty 50 settled with a gain of 414 points, or 1.77 per cent, at 23,851.65. The mid and small-cap segments underperformed as the BSE Midcap and Smallcap indices ended 0.56 per cent and 0.52 per cent higher, respectively.

Investors earned over ₹4 crore in a day as the overall market capitalisation of BSE-listed firms rose to over ₹419 lakh crore from ₹415 lakh crore in the previous session.

Indian stock market: key highlights

Let’s take a look at 10 key highlights of the stock market today:

1. Why did the Indian stock market rise for the fourth consecutive session?

Easing concerns over trade war, improving macroeconomic outlook of the country and fresh foreign capital inflow are driving the stock market.

“A strong rally in large-cap stocks was observed today, primarily driven by financials, amid expectations of improved margins stemming from changes in savings deposit interest rates,” said Vinod Nair, Head of Research, Geojit Investments Limited.

“Positive sentiment was further supported by a reversal in FII flows, although the sustainability of this trend remains uncertain. Nonetheless, optimism surrounding the domestic market persists, bolstered by the expectation of a favourable outcome from US-India trade negotiations and a relatively minimal disruption from the US-China trade tensions. Additionally, a moderating inflation trajectory towards more comfortable levels is further enhancing market sentiment,” Nair said.

2. Top Nifty 50 gainers today

Eternal (earlier Zomato), Sun Pharmaceutical Industries and ICICI Bank ended as the top gainers in the Nifty 50 index. As many as 43 stocks ended higher in the Nifty index.

3. Top Nifty 50 losers today

Wipro, Hindalco and Tech Mahindra ended as the top losers in the Nifty pack of stocks.

4. Sectoral indices today

Nifty Bank jumped 2.21 per cent, while the Financial Services index clocked a gain of 2.27 per cent.

Nifty Private Bank and PSU Bank rose 2.23 per cent and 1.64 per cent, respectively.

All major sectoral indices ended with gains.

5. Over 80 stocks hit 52-week highs

Shares of HDFC Bank, ICICI Bank, Bharti Airtel and Bajaj Finserv were among the 83 stocks that hit 52-week highs in intraday trade on the BSE.

6. Over 30 stocks hit 52-week lows

Arigato Universe, Dhruva Capital Services and Gensol Engineering were among the 33 stocks that hit their 52-week lows in intraday trade on the BSE.

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Tech major Infosys will be among the 12 companies to announce its earnings report for the January-March quarter of the financial year 2024-25 (FY25) on Thursday. Companies will also be releasing their performance report for the entire financial year that ended on March 31. 

Besides Infosys, other companies announcing financial results today are Jio Financial Services, HDFC Asset Management Company, HDFC Life Insurance Company, Tata Elxsi, Advik Capital, Devinsu Trading, Mahindra EPC Irrigation, Indosolar, National Standard (India), Sanathnagar Enterprises, Omnitex Industries India. 

Infosys Q4 expectations

According to estimates tracked by Business Standard, Infosys is likely to report a dip in its bottom line in the fourth quarter of FY25.

Infosys’ revenue is expected to come in at ₹41,965.95 crore, marking a 0.48 per cent increase quarter-on-quarter (Q-o-Q). On a year-on-year (Y-o-Y) basis, the company’s top line is projected to grow by an average of 10.66 per cent. 

In its third quarter, Infosys reported a 11.4 per cent Y-o-Y increase in its net profit, amounting to ₹6,806 crore. Sequentially, net profits were up 4.6 per cent. Revenue was up 1.9 per cent sequentially to ₹41,353 crore. 

Last week, another IT-major TCS announced its quarterly results, reporting a 1.69 per cent decline in consolidated net profit for the quarter that ended on March 31, 2025 (Q4 FY25), at ₹12,224 crore year-on-year. During the same period last year, the company had declared a net profit of ₹12,434 crore.

Market review, April 17

On Thursday, benchmark indices Sensex and Nifty declined in early trade, dragged down by IT stocks. The 30-share BSE benchmark Sensex declined 362 points to 76,682.29 in early trade. The NSE Nifty went down by 129.75 points to 23,307.45. 

From the Sensex firms, HCL Tech, Tata Steel, Tech Mahindra, Tata Consultancy Services, Larsen & Toubro and Titan were among the biggest losers. ICICI Bank, HDFC Bank, Bharti Airtel and State Bank of India were the gainers. 

In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225, Shanghai SSE Composite index and Hong Kong’s Hang Seng were quoting higher. US markets ended significantly lower on Wednesday.

List of firms releasing Q4 FY25 results on April 17

1. Infosys 

2. Jio Financial Services 

3. HDFC Asset Management Company 

4. HDFC Life Insurance Company 

5. Tata Elxsi 

6. Advik Capital 

7. Devinsu Trading 

8. Mahindra EPC Irrigation 

9. Indosolar 

10. National Standard (India) 

11. Sanathnagar Enterprises 

12. Omnitex Industries India

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The US Equal Employment Opportunity Commission is investigating dozens of American workers’ allegations that India’s biggest IT outsourcer, Tata Consultancy Services Ltd., discriminated against them based on their race, age and national origin. 

The former employees are largely professionals from non-South Asian ethnic backgrounds over the age of 40, who say the company targeted them for layoffs but spared Indian colleagues, some of whom were working on H-1B skilled worker visas. They began filing complaints against TCS in late 2023.  

“Allegations that TCS engages in unlawful discrimination are meritless and misleading,” a TCS spokesperson said. “TCS has a strong track record of being an equal opportunity employer in the U.S., embracing the highest levels of integrity and values in our operations.”

An EEOC spokesperson, citing federal law, said the agency cannot comment on investigations. Complaints, or charges, made to the EEOC are confidential under federal law. 

Bloomberg News reviewed more than two dozen of the complaints, which have not been made public. Emails and interviews with people familiar with the investigation show it began during President Biden’s administration and has continued under President Trump.  

In the UK, three former TCS workers have made similar claims to an employment tribunal, saying the company in 2023 discriminated against them based on their age and nationality as part of a redundancy program, The Guardian reported this month. TCS denied the allegations in a response submitted to the tribunal.

In an April 2024 letter that has not been previously reported, US Representative Seth Moulton, a Massachusetts Democrat, wrote to the EEOC’s commissioners and its then-chair, Charlotte Burrows. Moulton asked the agency to consider opening an investigation into TCS, noting that residents of his state were among more than two dozen people who had submitted complaints to the agency.  

TCS’s actions “may have constituted a pattern-or-practice of discrimination impacting Americans that falls within the EEOC’s jurisdiction,” he wrote. “Additionally, it may also have been a potential misuse of US work visa programs designed to fill US labor shortfalls.”  

The EEOC is tasked with enforcing laws prohibiting discrimination in the workplace. In 2020, its investigation of another of the world’s biggest outsourcing firms, Cognizant Technology Solutions Corp., found that the company discriminated against non-Indian workers in its US operation. A jury in a federal class-action lawsuit found in October that Cognizant intentionally discriminated against more than 2,000 non-Indian employees between 2013 and 2022, echoing the EEOC findings. Cognizant said it provides equal employment opportunities for all employees and does not tolerate discrimination. It has said it plans to appeal the verdict and disagrees with the EEOC finding.

The allegations against TCS underscore longstanding criticisms of outsourcing companies’ use of the H-1B visa program, which is designed to help US employers fill high-skill jobs in sectors lacking domestic talent. A Bloomberg News investigation in July showed how some outsourcing firms have used their vast overseas workforces to overwhelm the annual lottery that decides which applicants can get new H-1Bs. 

TCS is India’s biggest IT services firm by revenue, with more than 600,000 employees globally. It is one of India’s best-known companies, part of the sprawling Tata Group, and like other outsourcers, it serves US clients such as airlines, automakers, financial institutions and more.

In February, Bloomberg reported that TCS has made heavy use of another employment visa program reserved for managers, known as L-1A, and that some ex-staffers have alleged the company used them to circumvent H-1B rules. TCS has denied any wrongdoing. 

Trump in January appointed as acting EEOC chair Andrea R. Lucas, who had served as an EEOC commissioner since his first term. She has vowed to step up investigations into what she describes as discrimination against American workers. 

“Unlawful bias against American workers” is a major problem nationwide, with many employers preferring those on visas and other foreigners over American workers, she said in a February news release. Stamping out illegal discrimination will lessen demand for undocumented foreign workers and protect the US immigration system from abuse, she said.

In their complaints, the former workers noted that their dismissals came after TCS’s head of global human resources, Milind Lakkad, told an Indian news agency that TCS was open to hiring Indian visa workers in the US who had lost their jobs at major tech firms. Lakkad was reported as saying that some 70% of TCS’s employees in the US were Americans, but that the company would like to reduce that number to 50% in order to offer opportunities to its staff in India. 

TCS declined to comment on specific details from the workers’ complaints.

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