5 financial services stocks to watch out

5 financial services stocks to watch out

Stock Recommendations
by 5paisa Research Team Last Updated: 2022-10-27T12:38:56+05:30

S&P BSE Financial Services opened 8592.68 up 49 points on October 27.

Let us see which stocks in this sector investors should keep an eye on.

Shares of South Indian Bank are rising on the bourses logging a fresh 52-week high at Rs 14.15 in the intraday trades. The rally in the shares of this private banker was on the back of strong performance during the quarter that ended September 30, 2022.The lender posted Profit after Tax (PAT) of Rs 223 crore as against a loss of Rs 187 crore on a YoY basis. It also reported the highest ever NII of Rs 726 crore for the Q2 FY 2023 compared to Rs527 crore on a YoY basis and recorded the highest half-yearly disbursement of Rs 26,089 crore in the last 20 quarters. Shares of South Indian Bank have gained 40% since the results were declared on October 20. In the morning session, the shares of South Indian Bank were trading at Rs 13.88, a gain of 5.6% over its previous close.

JSW Group's financial arm, JSW Holdings, zoomed 11.89% to trade at Rs 4,386 in the morning session. The rally was on the back of the news that JSW Steel USA has tied up financing of US$ 182 million with Intesa Sanpaolo and Banco BPM, including US$ 70 million under the SACE guarantee, for modernizing the Baytown Plate Mill facility. In the morning session, the shares of JSW Holding were trading at Rs 4368.80, a gain of 11.5% over its previous close.

IIFL Finance announced financial results for the quarter that ended September 30, 2022, on October 27. The NBFC posted net revenue of Rs 2023 crore showing a YoY growth of 21.28% while PAT rose by 36% YoY at Rs 397 crore. The consolidated statement includes the results of four subsidiaries namely IIFL Home Finance, IIHFL Sales Ltd, IIFL Samasta Finance and IIFL Open Fintech Pvt Ltd. In the morning session, the shares of IIFL Finance were trading at Rs 380.90, a gain of 5.2% over its previous close.

IndusInd Bank Ltd announced in a press release on October 27 that it has partnered with Kinetic Green Energy and Power Solutions Ltd ( a leading EV manufacturer)to offer easy and affordable financing for its range of electric two-wheelers. Through this partnership, Kinetic Green aims to penetrate deep rural parts of the country by providing access to digitally enabled loans from IndusInd Bank across Kinetic Green dealerships across India. Under these special schemes, customers will get up to 100% LTV (loan to value), at attractive interest rates and flexible tenures At 11.40 am shares of IndusInd Bank were quoting Rs 1144.10 per share with a gain of 0.6% over its previous close.

Muthoot Finance informed the exchanges on October 26 that CRISIL Ratings Ltd(CRISIL) has assigned new ratings on the Company’s instruments. The rating has been revised from CRISIL A1 to CRISIL A1+ for its commercial papers amounting to Rs 250 crore. In the morning session, the shares of Muthoot Finance Ltd are trading at Rs 1056.45 a gain of 0.5% over its previous close.

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