Core Insights - The overall earnings momentum in Q3FY26 is expected to be driven by significant growth in sectors such as oil & gas and financials, with profits projected to increase by 25% YoY and 26% YoY, respectively [1][12] - The Nifty 50 is anticipated to deliver an 8% year-on-year growth in earnings, while the broader MOFSL universe is expected to see a 25% YoY increase in earnings [12] Earnings Growth Projections - Excluding financials, earnings for the MOFSL universe and the Nifty 50 are expected to grow 19% and 9% YoY, respectively [1] - Earnings growth for the MOFSL universe, excluding metals and oil & gas, is projected at 14% YoY, while for the Nifty 50, it is estimated at 11% YoY [1] - Automobiles are projected to deliver a 25% YoY increase in earnings, while metals are expected to grow by 15% [2] - Telecom profits are expected to increase 2.6 times over a low base in Q3FY25, and technology sector earnings are likely to rise by 8% [2] Sector Contributions - Key contributors to earnings growth include real estate (64% YoY), cement (66%), capital goods (24%), and NBFC non-lending firms (31%), which together are expected to account for nearly 77% of the incremental YoY earnings accretion during the quarter [3] - In contrast, earnings from banks are expected to grow modestly, with private banks at 4% YoY and public sector banks at 3% YoY [6] - The infrastructure and media sectors are projected to drag overall earnings, with profits estimated to decline by 3% and 7% YoY, respectively [6] FY26 Outlook - For FY26, MOFSL expects Nifty companies' earnings to grow by 8% YoY, and excluding financials, a 7% YoY increase is anticipated [7] - The broader MOFSL universe is projected to record a 14% YoY increase in profits for the full financial year, with a 17% YoY rise expected when excluding financials [8] - EPS estimates for FY26 and FY27 have been trimmed by 2.2% and 1.1%, respectively, with FY26 EPS expected to grow 9% YoY to Rs 1,084 [8][9] Market Outlook - MOFSL remains 'Overweight' on sectors such as autos, diversified financials, industrials, and technology, while being 'Underweight' on oil & gas, metals, and consumer staples [10] - The brokerage notes that multiple levers are in place to propel Indian equity markets in 2026, despite challenges from geopolitical and global trade factors [11][12]

Core Insights - Banks have increased their credit growth guidance for the current financial year due to factors such as GST rate cuts, lower interest rates following a 100 basis points repo cut, and easing banking regulations by the Reserve Bank of India (RBI) [1][2] Group 1: Banking Sector - State Bank of India (SBI) has revised its credit growth guidance from 11% to 12-14% for FY26, citing robust growth across business segments and supportive measures from the RBI and fiscal policies [2] - SBI reported significant demand for car and personal loans following the GST rate cuts in September [3] - Axis Bank anticipates strong credit growth in H2FY26, driven by favorable conditions such as repo cuts, improved liquidity, and a favorable monsoon, despite facing headwinds in H1FY26 [3][4] Group 2: Non-Banking Financial Companies (NBFCs) - Shriram Finance has observed increased credit demand in the last week of September, particularly in the two-wheeler and car segments, and has guided for a loan growth of 15% in FY26, with potential for higher growth of 17-18% [5] - Piramal Finance expects an AUM growth of 25% for the fiscal year, noting that while used car prices have decreased due to GST reductions, the increase in units sold compensates for this [6]

Core Insights - Gold loans provide a convenient solution for various financial needs, including education, business expansion, personal or medical costs, and home renovations, with minimal paperwork and quick access to cash [2][11] How Gold Loans Work - Gold loans involve pledging gold jewelry in exchange for funds, with the loan amount determined by the purity and weight of the jewelry [3][11] - Interest rates on gold loans vary based on the lender, borrower's profile, loan amount, tenure, and repayment option [3][11] Interest Rates - As of October 2025, interest rates for gold loans from various banks and financial institutions are as follows: - State Bank of India: 10.00% - Union Bank of India: 9.65% - Punjab National Bank: 8.35% - HDFC Bank: 9.30% - Muthoot Finance: 22.00% [4] Eligible Items for Pledge - Only specific gold items are accepted for loans, typically gold ornaments with a purity between 18 and 22 karats, and bank-minted coins of 24 karats weighing up to 50 grams [6][11] - Items such as hair pins, cufflinks, gold watches, and imitation jewelry are generally not accepted [6][11] Loan Amount Determination - The loan amount is based on the purity of gold (measured in karats) and net weight, with loans not offered against primary gold like 24-carat bars [9][11] Repayment Options - Various repayment options are available, including: - Paying interest as EMI and principal later - Making partial payments - Bullet repayment - Regular EMI option - Partial prepayment - Prepaying interest upfront [10][11] Market Considerations - Borrowers are advised to check the current market value of their gold and consider lenders offering low interest rates and flexible repayment options [9][11]