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Hindenburg Research says if Adani Group files a lawsuit, it will demand documents from the company.

image source-Millenium Post   Adani Group has announced that it is considering legal action against Hindenburg Research, a US-based investment research firm, for its recent report on the Indian conglomerate. In response, Hindenburg has stated that it fully stands by its report and believes any legal action taken against them would be without merit. The report, which was released this week, alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units. The firm also stated that they would welcome any legal action taken by Adani Group and would use the discovery process to demand documents.
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IDFC First Bank Reports Strong Q1 Growth: 24.5% YoY Surge in Loans, 44.4% YoY Rise in Customer Deposits

IDFC First Bank, a Mumbai-based private sector lender, has released its provisional data for the first quarter of FY24, showcasing impressive performance. The bank recorded a notable 24.5% year-on-year growth in loans and advances, while customer deposits experienced a substantial 44.4% YoY increase. This positive performance was reflected in IDFC First Bank's stock price, which ended on a bullish note.


According to the regulatory filing, IDFC First Bank's loans and advances for the June 2023 quarter stood at ₹1,71,420 crore, marking a 24.5% growth compared to ₹1,37,663 crore in Q1FY23. However, the growth rate was 6.7% sequentially, representing a single-digit increase.

Furthermore, customer deposits witnessed a significant surge of 44.4%, amounting to ₹1,48,508 crore in Q1 of the current fiscal year, compared to ₹1,02,868 crore in Q1FY23. On a quarter-on-quarter basis, the growth rate was 8.6%.


Notably, CASA (Current Account and Savings Account) deposits showed a remarkable 26.7% YoY increase in the quarter under review.


IDFC First Bank highlighted that excluding the outflow of one large government banking current account, the quarter-on-quarter growth of customer deposits was 10.3%, while CASA grew by 2.9%.


The CASA ratio for Q1FY24 stood at 46.5% compared to 49.8% as of March 31, 2023. The bank raised more fixed deposits than CASA deposits during the June 2023 quarter.


Maintaining an average Liquidity Coverage Ratio of 125.4% for the quarter that ended on June 30, 2023, IDFC First Bank affirmed its commitment to maintaining high asset quality in its loan book.


On the Bombay Stock Exchange (BSE), IDFC First Bank's share price closed at ₹80.33 apiece, reflecting a 2.14% increase.


Earlier this week, the bank announced a scheme of amalgamation with IDFC Limited, aiming to streamline the corporate structure and regulatory compliances of the entities involved. The merger is expected to create a consolidated entity with diversified public and institutional shareholders, eliminating promoter holding.


The proposed merger has been viewed as a positive move by industry experts, as it signifies the ongoing consolidation in the Indian banking system. Analysts anticipate that the merger will enhance IDFC First Bank's profitability, given the declining trend in the bank's cost-income ratio and non-performing assets (NPA), as well as impressive deposit growth.

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