Fitch says non-performing loans at Indian banks are expected to peak as late as March 2016 compared with its earlier estimate of the middle of current fiscal year. Initial expectation was for NPAs to peak now but this has been pushed back by recent macroeconomic developments, Saswata Guha, director in Financial Institutions team at Fitch, said.
HSBC overweight on Asian Paints
HSBC has started coverage on Asian Paints with an overweight rating and a price target of R600, implying a 25% upside from current levels. Indias paints market is set to double every 6-7 years by volume and market leader Asian Paints is well placed to leverage growth, HSBC said in a note on Friday.