In the spotlight: Finance stocks

In the spotlight: Finance stocks

by Tanushree Jaiswal Last Updated: Sep 07, 2023 - 05:09 pm 818 Views
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India's financial services sector comprises capital markets, the insurance sector, and NBFCs. It is expected that there will be 6.11 lakh HNWIs in India in 2025, and notable players in the Indian finance sector like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Bajaj Finance, and SBI Life Insurance will have an important role to play.

The financial sector received the highest investment of over USD 70 billion, followed by the technology sector with investments worth USD 20.4 billion, making it the second most popular target sector. The global agency expects India's GDP to increase at 6.9% in FY24, with tight monetary conditions limiting growth to 6.1%.

Latest developments in the finance sector 

Kotak Mahindra Bank's arm on Tuesday announced that it has raised USD 1.25 billion for its second special situations fund. Morgan Stanley and Citi said that the NPCI's latest guidelines on interoperability significantly improve the salience of wallets and open avenues for additional revenue for Paytm Bank. The company had earlier announced that its full KYC wallet customers will be able to make payments on every UPI QR code and online merchant where UPI payments are accepted.

India's central bank launched a digital currency pilot programme, allowing select institutions to use it to settle secondary-market transactions in government securities. Banks exchanged Rs 275 crore in bonds on the first day of the new currency. Nine participating banks completed 24 transactions totalling Rs 1.4 billion in 7.38%, 2027 bonds, 23 transactions totalling Rs 1.3 billion in 7.26% 2032 bonds, and one transaction in 6.54% 2032 bonds.

Following are the top financial stocks recording highest net profit:

Sr.No 

Company Name 

Net Profit 

HDFC Bank Ltd. 

38150.9 

State Bank Of India 

36356.17 

Standard Chartered PLC 

25883.9 

ICICI Bank Ltd. 

25783.83 

Power Finance Corporation Ltd. 

18790.61 

Housing Development Finance Corporation Ltd. 

15072.34 

Axis Bank Ltd. 

14164.35 

Kotak Mahindra Bank Ltd. 

11931.87 

REC Ltd. 

10047.51 

10 

Bajaj Finserv Ltd. 

8313.89 

11 

Bank Of Baroda 

7700.23 

12 

Bajaj Finance Ltd. 

7028.23 

13 

Canara Bank 

5795.1 

14 

Union Bank Of India 

5208.5 

15 

IndusInd Bank Ltd. 

4804.63 

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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