AAVAS

** Shares of India's Aavas Financiers AVAS.NS jump as much as 2.92%, last up 0.73% at 1,456.50 rupees

** Affordable housing finance co's fourth-quarter profit climbs 18.2% y/y, revenue up 12.33% y/y

GROWTH MOMENTUM, ASSET QUALITY IMPROVEMENT LIFT SENTIMENT

** Citi ("buy"; TP: 2,100 rupees) says improving asset quality and lower credit costs supported Q4 earnings

** Expects medium-term growth to remain strong with 20% AUM expansion target

** Jefferies ("buy"; TP: 1,750 rupees) says stronger disbursements, stable asset quality indicate growth recovery is underway, which could support re-rating

** Motilal Oswal ("neutral"; TP: 1,565 rupees) says Q4 disbursement momentum was encouraging, but sustained execution will be key to maintaining growth and margins

** Ambit Capital ("sell"; TP: 1,485 rupees) flags competitive pressure and narrowing spreads despite improving growth momentum

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

May 5 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS LTD - AUTHORIZES 90 BILLION RUPEES OVERALL LIMIT FOR NCDS ISSUANCE VIA PRIVATE PLACEMENT

Source text: ID:nNSE8Znqnk

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of India's Aavas Financiers AVAS.NS jump 2.94% to 1,395.70 rupees

** The affordable housing finance company on Monday appointed Manu Yeshpal Singh as managing director and CEO, and Ghanshyam Rawat as CFO

** Citi ("buy", TP: 2100 rupees) says appointment of former Kotak Housing Finance executive Manu Singh as CEO signals resolution of promoter-management friction and restores strategic clarity

** Brokerage sees potential growth acceleration and productivity scale-up under new leadership

** Axis Capital ("buy", PT: 1,500 rupees) says leadership change aligns with private-equity promoter's push to accelerate AUM growth

** Brokerage says asset quality and margins remain healthy, supporting growth outlook

** YTD, stock down 7.4%

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

April 20 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• SACHINDERPALSINGH JITENDRANSINGH BHINDER RESIGNS AS MANAGING DIRECTOR & CEO

• APPOINTS MANU YESHPAL SINGH AS MANAGING DIRECTOR & CEO

Source text: ID:nBSE32Yr5n

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Feb 5 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS LTD DEC-QUARTER PROFIT 1.70 BILLION RUPEES, TOTAL REVENUE FROM OPERATIONS 6.74 BILLION RUPEES

Source text: ID:nBSEjyQWV

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;))

** Citi Research expects India's federal budget for fiscal year 2027 to offer limited support for consumption and to stay anchored on targeted priorities such as affordable housing and health insurance

** Sees the government maintaining a strong tilt toward public capital expenditure, with spending budgeted above nominal GDP growth and led by defence outlays

** Citi adds that fiscal consolidation must continue even as options to raise tax revenues narrow after major cuts to corporate tax, personal income tax, and the GST regime

** Ahead of the February 1 budget, it flags defence as a preferred theme, naming Bharat Electronics BAJE.NS as a top pick

** Also favours affordable housing plays such as Aavas Financiers AVAS.NS and Aadhar Housing AADA.NS

** Citi says domestic manufacturing competitiveness could improve if the government overhauls the customs duty architecture

** Adds that any tweaks to buyback or dividend taxation, or to the STT and capital gains regime, would directly move capital markets and remain key monitorables

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Aug 12 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• JUNE-QUARTER PROFIT 1.39 BILLION RUPEES

• JUNE-QTR TOTAL REV FROM OPS 6.28 BLN RUPEES

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Home First Finance Company India HOME.NS up 5%, Aadhar Housing Finance AADA.NS up 1.3%

** Aptus Value Housing Finance India APTS.NS gains 1.4%, PNB Housing Finance PNBH.NS inches up 0.3%

** Aavas Financiers AVAS.NS down 0.5%

** Bernstein initiates coverage on affordable housing financiers, with "outperform" ratings on HOME, APTS, and AADA, and "market-perform" on AVAS and PNBH

** Expects next leg of retail credit growth to be led by mortgages - Bernstein

** "Specialised lenders focused on low-income, informally employed borrowers.. stand to gain share in this segment"; "The segment remains attractive with good profitability and growth" - note

** YTD HOME and APTS up 36% and ~19% respectively, AADA rises 8%

** PNBH and AVAS gains ~26% and ~17% so far in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

** Shares of housing finance company Aavas Financiers AVAS.NS rise as much as 2.5% to 1,868.1 rupees apiece; last up 1.5%

** Goldman Sachs reiterates "buy" with a target price of 2,277 rupees, implying a potential upside of 21%

** After hosting AVAS management, Goldman Sachs sees gains from demand uptick in rural India and government's affordable housing focus

** Brokerage estimates AVAS to clock earnings per share CAGR of 16% across fiscal years 2025 to 2027

** Average rating of 20 analysts tracking AVAS is "buy"; median price target is 2,086 rupees - data compiled by LSEG

** Shares up 8.5% in 2025 so far, outperforming the 2.2% rise in Nifty 500 index .NIFTY500

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

April 24 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS MARCH-QUARTER PROFIT 1.54 BILLION RUPEES

• AAVAS FINANCIERS MARCH-QUARTER TOTAL REVENUE FROM 6.36 BILLION RUPEES

Source text: ID:nBSE5PNYn1

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;))

April 16 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS LTD - APPROVES ISSUANCE OF NCDS WORTH 2 BILLION RUPEES

Source text: ID:nBSE66D3FJ

Further company coverage: AVAS.NS

((reuters.briefs@thomsonreuters.com;))

** India's Home First Finance HOME.NS gains 8% to 1,142.60 rupees

** Investec keeps 'buy' rating on the housing financier , hikes PT to 1,350 rupees from 1,300 rupees

** Says HOME is "ahead of its affordable peers" such as Aadhar Housing Finance AADA.NS and Aavas Financiers AVAS.NS

** Says best-in-class asset quality, scalable affordable housing business and customer-centric approach to boost profit

** Notes HOME's reliance on debt has fallen after recent equity raise, which could become preferred route for funding

** Analysts on avg rate HOME and AADA 'strong buy' and AVAS 'buy'; their median PT on HOME is 1,290 rupees -LSEG data

** HOME up 8% YTD vs 11% for AADA and 19.5% for AVAS

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

** Asian Markets Securities initiates coverage on India's affordable housing finance cos, citing robust growth and returns

** Says AADA HAS better diversification, with top three states ~40% of AUM vs 59%-67% for other three

** Expects AADA and IDNI to achieve 4%-plus ROA with AUM CAGR at 20% and 32% each over FY24-27

** On the day, AADA down ~1%, AVAS up 2.6%, HOME down 1.44% and IDNI flat

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

March 21 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS - SURPASSES 200 BILLION RUPEES IN ASSETS UNDER MANAGEMENT

Source text: [ID:]

Further company coverage: AVAS.NS

((reuters.briefs@thomsonreuters.com;))

Feb 21 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• OPEN OFFER FOR ACQUISITION OF 26% STAKE IN AAVAS FINANCIERS BY AQUILO HOUSE - FILING

Source text: ID:nNSE87b4Hw

Further company coverage: AVAS.NS

((reuters.briefs@thomsonreuters.com;))

Jan 30 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• DEC-QUARTER PROFIT 1.46 BILLION RUPEES

• DEC-QUARTER INTEREST INCOME 5.12 BILLION RUPEES

Source text: ID:nBSECSkmn

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 7 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• APPROVES ISSUANCE OF NCDS WORTH 2 BILLION RUPEES

Source text: ID:nNSE41Vspb

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Nov 7 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• SEPT-QUARTER PROFIT 1.48 BILLION RUPEES

• SEPT-QUARTER TOTAL REVENUE FROM OPERATIONS 5.79 BILLION RUPEES

Source text: ID:nBSE4wVncM

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Updates with more details throughout

By Dharamraj Dhutia

MUMBAI, Oct 28 (Reuters) - India's Aavas Financiers AVAS.NS has raised 6.30 billion rupees ($74.94 million) through the sale of bonds maturing in five years, with the coupon rate linked to the six-month overnight index swap (OIS) rate, three bankers said on Monday.

Aavas will pay a spread of 148 basis points over the six-month overnight index swap rate, and the coupon currently works out to be 8.07%. The coupon will be reset and paid semi-annually.

The company did not immediately reply to a Reuters email seeking comment.

Typically, Indian corporates raise funds via bonds with a fixed coupon but an expected drop in short-term rates has made floating rate securities more attractive as improving banking system liquidity is expected to pull these rates lower.

Last week, Bajaj Housing Finance BAJO.NS raised 15 billion rupees through five-year bonds, and the coupon was linked to 91-day treasury bill yield.

In a declining interest rate scenario, companies prefer floating rate borrowings as they can benefit from lower borrowing costs in future, Anil Gupta, senior vice president, co-group head - financial sector ratings at ICRA, said.

The OIS rate - being a market determined rate - may be a preferred choice, Gupta said.

The OIS market is seen as the best indicator of a move in policy rates and is currently signalling an interest rate cut in February.

Here is the list of deals reported so far on Oct. 28:

*Size includes base plus greenshoe for some issues

($1 = 84.0670 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Abinaya Vijayaraghavan and Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

MUMBAI, Oct 24 (Reuters) - India's Aavas Financiers AVAS.NS plans to raise at 6.30 billion rupees ($74.93 million) through the sale of bonds maturing in five years, three bankers said on Thursday.

It has invited bids from bankers and investors for the issue on Friday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Oct. 24:

*Size includes base plus greenshoe for some issues

($1 = 84.0770 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza
Editing by)

((Dharamraj.dhutia@tr.com))

Oct 22 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• INDIA COMPETITION REGULATOR: APPROVES PROPOSED ACQUISITION OF AAVAS FINANCIERS LIMITED BY AQUILO HOUSE PTE

Source text for Eikon: [ID:]

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Oct 1 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• TO INCREASE AFL PRIME LENDING RATE BY 25 BASIS POINTS, EFFECTIVE OCT 16, 2024

Source text for Eikon: ID:nNSE8yrPr7

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Aadhar Housing Finance AADA.NS rise 4.6% to record-high of 485.50 rupees

** JM Financial starts with "buy" and 600 rupees target price, 29% upside to last close

** JM notes AADA has longest track record in affordable housing space, with total AUM of 217 bln rupees ($2.60 bln)

** Expects AADA's deeper geographical presence and Indian govt push on housing to aid AUM growth at 20% CAGR over FY24-26

** Says AADA's focus on low income group and geographical presence results in strong productivity metrics

** Stock up ~47% since listing in mid-May

** That's more than peers Aavas Financiers AVAS.NS and Can Fin Homes CNFH.NS YTD gains of ~23% and ~14%, respectively

(Reporting by Dimpal Gulwani in Bengaluru)

((dimpal.gulwani@thomsonreuters.com))

Sept 18 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS LTD - TO ISSUE NON-CONVERTIBLE DEBENTURES FOR UPTO 6.30 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of Home First Finance HOME.NS rise 6.2% to 1,095.9 rupees

** Housing finance co reported a 27% rise in Q1 PAT, buoyed by a 31% rise in interest income

** More than 1.2 mln shares traded, 3x its 30-day avg

** Avg rating of 16 analysts is a "strong buy" vs "buy" rating on rivals Shriram Finance SHMF.NS, Aavas Financiers AVAS.NS - LSEG data

** Stock up 18% so far this year; SMHF is up 33.7% and AVAS is up 14.4%

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))

July 25 (Reuters) - Aavas Financiers Ltd AVAS.NS:

• AAVAS FINANCIERS LTD JUNE-QUARTER PROFIT 1.26 BILLION RUPEES

• AAVAS FINANCIERS LTD JUNE-QUARTER TOTAL REVENUE FROM OPERATIONS 5.42 BILLION RUPEES

Source text for Eikon: ID:nBSE8q19l4

Further company coverage: AVAS.NS

((Reuters.Briefs@thomsonreuters.com;))

Repeats story published on July 19 with no changes to text

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

By Bharath Rajeswaran

BENGALURU, July 19 (Reuters) - India unveils its budget on July 23 in the first major policy announcement of Prime Minister Narendra Modi's third five-year term, which could usher in changes to economic priorities.

After a shock election result saw Modi's party returned to power relying on allies, the government is expected to boost consumption in Asia's third-largest economy by lowering personal taxes or increasing spending on consumer-focused areas.

While that could benefit consumer goods makers, real estate and housing finance firms as well as infrastructure and auto companies, some sectors could also stand to lose, said brokerages.

Here are some of their winners and losers.

RURAL-LINKED SECTORS

The government is expected to allocate more funds for rural schemes to stimulate consumption, aiding consumer goods makers like Hindustan Unilever HLL.NS and two-wheeler makers like TVS Motor TVSM.NS and Hero MotoCorp HROM.NS, according to Citi.

A less than 5%-7% increase in tobacco taxes could be a positive for ITC ITC.NS, the country's largest cigarette maker, according to Jefferies.

REAL ESTATE

The government is likely to allocate more funds for affordable housing, benefitting developers such as Macrotech Developers MACE.NS and Sunteck Realty SUNT.NS, Citi said.

Moreover, the introduction of an interest subsidy scheme for urban housing would boost financiers like Aavas Financiers AVAS.NS and Home First Finance HOME.NS, said Jefferies.

AUTOMAKERS

India doled out subsidies worth 115 billion rupees ($1.38 billion) over five years to drive the adoption of electric vehicles (EVs) and Macquarie expects the government to retain both the quantum and tenure in its latest scheme.

That could benefit Tata Motors TAMO.NS, India's top e-car maker, as well as IPO-bound e-scooter maker Ola Electric and e-bus makers Olectra Greentech OLEC.NS and JBM Auto JBMA.NS.

Conversely, lesser-than-expected EV subsidies could benefit Maruti Suzuki MRTI.NS, India's highest-selling car maker and one that has chosen to make hybrid cars over pure EVs.

MANUFACTURING

The push on production-linked incentive schemes, which incentivises local manufacturing and creates jobs, is expected to continue, according to HSBC.

That will help manufacturers of technology hardware, telecom equipment, electronics and medical devices among others, like Dixon Technologies DIXO.NS, Ideaforge Technology IDEF.NS, Biocon BION.NS.

Capital goods companies like Larsen & Toubro LART.NS and infrastructure firms could benefit from the likely rise in capital expenditure in the budget, according to Jefferies.

TRADING

Any change in capital gains tax -- either by raising the holding period or tax rate -- could be a dampener for equities, Morgan Stanley said, though it says such moves are unlikely.

But, if enacted, they would increase the tax burden on equity and mutual fund investors, eroding the tax advantage they enjoy over investors in other asset classes.

It could also lead to lower trading volumes, weighing on brokerages Motilal Oswal MOFS.NS, ICICI Securities ICCI.NS, Angel One ANGO.NS, 5 Paisa PAIS.NS among others.

The country's mutual fund association has petitioned that mutual fund units be exempted from long-term capital gains tax.

The government and regulators also want to rein derivatives trading -- which has largely powered the stock market's rally since the COVID-19 pandemic -- calling it risky and speculative.

Any move to do so, such as through higher taxes, will not only weigh on the market but also reduce trading volumes and in turn, affect brokerages and trading platforms, Jefferies said.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

** Shares of Aavas Financiers AVAS.NS down 3.2% to 1800 rupees, lowest since June 11

** Promoters Kedaara Capital and Partners Group are weighing a complete exit from the housing finance co, Moneycontrol reported citing sources

** Shares see busiest day in over 2 weeks, with more than 576,000 traded

** Avg rating of 19 analysts covering the stock is "Buy;" their median PT is 1880 rupees - LSEG

** Stock up 17% YTD, after declining 17% in 2023

(Reporting by Aleef Jahan in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))

** Jefferies expects Modi-led coalition government to announce affordable housing scheme in upcoming budget, says likely will lift growth in affordable housing loans

** Brokerage sees Aavas Financiers AVAS.NS and Home First Finance Co India HOME.NS as direct beneficiaries

** AVAS, HOME add 5.4% each on the day

** Brokerage prefers Can Fin Homes CNFH.NS over LIC Housing Finance LICH.NS among larger players

** CNFH and LICH up 2.3% and 4.3%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))