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HDFC Bank a “screaming buy” amid market uncertainty: Sameer Dalal

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HDFC Bank a “screaming buy” amid market uncertainty: Sameer Dalal
At a time when market sentiment is clouded by uncertainty, volatility, and lingering concerns over growth, one of India’s most widely tracked banking stocks has found itself at the centre of a sharp debate. The question on many investors’ minds: is this the right moment to step in, or a signal to stay cautious?

Market expert Sameer Dalal from Natverlal & Sons Stockbrokers believes the answer is clear—this is not the time to retreat.

“So, no, I would never stay away from an HDFC Bank. I am actually one in favour of… For me, it is a screaming buy opportunity in the market. Look, you do not get these opportunities quite often. And as long as there is nothing wrong with the book in the sense that we are not going to see a sudden spike in the NPA numbers, I do not see why one should shy away,” Dalal said.

Governance Concerns Add to Market Jitters

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The recent resignation of the bank’s former chairman has added a layer of discomfort among investors, especially as markets remain fragile. Dalal, however, questioned the manner in which the situation unfolded, suggesting that greater transparency could have helped avoid panic.

“If the older chairman, the chairman who retired, had his grievances, he should have pointed them out to the shareholders—that is you, me, and everybody else—saying that this is how the bank is being run, which I am not happy with, and if he thought he was in the right, he should have asked the shareholders to vote alongside him rather than taking a stance of a resignation,” he said.
He further added, “The shareholders at the end of the day are supreme… But the fact is that when the time is bad, the markets are falling, there is panic and fear, you add on to the fear by just leaving an open-ended statement and walk away. It is not a nice thing to have done, especially to the shareholders that you represent.”
Valuations: Discounted or Justified?
Despite the noise, Dalal pointed to valuations as a compelling factor supporting his bullish stance.
“But having said that, HDFC Bank is trading at 1.6 times price to book after adjusting for all its investments in its subsidiaries. The bank continues to grow. Yes, growth is slower, it is happening at 10% to 12% at the moment. We believe it will accelerate,” he noted.

He framed the broader issue beyond just one bank, tying it to the overall growth trajectory of the economy.

“Look, you also got to realise that growth in the entire lending space has slowed down because corporate growth is not really happening, but that eventually has to return… So, if the corporate side recovers, HDFC with its low-cost funding, with its reach… will come back, will grow at a quicker pace and then it will get rerated,” Dalal said.

The Growth Debate: A Sector-Wide Reality
One of the key concerns flagged by market participants remains the bank’s moderating growth and elevated loan-to-deposit ratio. However, Dalal believes this is not unique to HDFC Bank but reflective of a broader industry trend.

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“So, you are right on that front that deposit growth has not been coming and because of which loan to deposit has moved up. But you also got to realise that post the merger with HDFC Limited… they had a lot of bonds in HDFC and all of those bonds need to be repaid to substitute it with low-cost borrowing,” he explained.

According to him, the bank has sufficient levers to manage funding without significantly impacting margins.

“Now, for the bank it becomes very easy to raise deposits at slightly higher rate… HDFC Bank will get the funds that they require from the growth perspective without really hurting their total borrowing cost,” he said.

Industry Context and India’s Growth Premium
Dalal also widened the lens to address a more fundamental question—whether India’s premium valuations are justified in the absence of strong growth.

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“The entire space if you look at it, it is the smaller banks that have been able to grow at a faster clip… but all of your others… are in the low-teens,” he observed.

This leads to a bigger macro question.

“Is India’s high valuation multiple justified given the fact that we keep hoping that growth comes… or do we believe that the growth will come and that is why these higher valuation multiples can be sustained?” he asked.

Dalal remains optimistic, pointing to structural tailwinds.

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“We believe that the growth engines of India will start firing and then these valuations start looking more justified,” he said.

A Long-Term Opportunity?
From a historical standpoint, Dalal argues that current valuations offer a meaningful margin of safety.

“In fact, if you look at on its own historical basis, HDFC used to trade at about three-and-a-half, four times, it is trading at two, so you are getting it at a mighty discount. I am not saying that on the consol basis two is cheap, but it is not expensive for the likes of an HDFC Bank who can still grow at 20%,” he said.

The Bottom Line
While near-term concerns around growth, deposits, and sentiment continue to weigh on the stock, the longer-term narrative remains intact for believers in India’s structural growth story. For investors willing to look beyond current uncertainties, Dalal’s message is unambiguous: this may well be a moment of opportunity rather than hesitation.

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Tostitos to launch guacamole dip

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Tostitos to launch guacamole dip

The dip is expected to roll out later this year. 

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Veeco Q1 2026 slides: AI demand fuels growth outlook despite earnings miss

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Veeco Q1 2026 slides: AI demand fuels growth outlook despite earnings miss


Veeco Q1 2026 slides: AI demand fuels growth outlook despite earnings miss

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Lumentum Stock Soars as AI Optical Networking Rally Resumes

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Lumentum Stock Soars as AI Optical Networking Rally Resumes

Lumentum Stock Soars as AI Optical Networking Rally Resumes

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Leading Change in Higher Education

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Leading Change in Higher Education

How a First-Generation Student Became a Higher Ed Leader

David Shein did not start his college journey with a clear plan.

“I was a first-generation college student before we knew what that meant,” he says. “I didn’t have a roadmap.”

That early experience shaped his career. It gave him a clear focus. He wanted to make college easier to navigate for others.

Over the next 30 years, Shein became a leader in higher education. He built systems that helped students succeed. He also helped colleges rethink how they support them.

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Early Life and Education: Building Work Ethic Early

Shein started working young. He split a newspaper route with his brother. Later, he worked in stores, libraries, and even a cemetery.

These jobs taught him discipline and independence.

In school, he joined debate and theater. He then attended SUNY Oswego. He studied Philosophy and Political Science and graduated magna cum laude.

He continued his studies at Bowling Green State University before moving to the CUNY Graduate Center. There, he earned his PhD in Philosophy..

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His academic focus shaped how he thinks about systems and ideas.

Early Career: Learning How Colleges Really Work

While in graduate school, Shein began working at Lehman College.

He served as Coordinator of the Core Curriculum and led the tutoring center. This gave him direct insight into student needs.

“I worked closely with faculty and administrators to build connective tissue across academic and student affairs,” he says.

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That idea of “connective tissue” became central to his work.

He saw that many students struggled not because of ability, but because systems were disconnected.

Bard College Career: Building Systems That Scale

In 1999, Shein joined Bard College. He was hired to create a writing and tutoring center. He also became the college’s first disability support provider.

From the start, he focused on building structures, not just programs.

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Over time, he took on leadership roles, including Vice President for Student Success and Network Integration.

He also taught in the Philosophy department and First-Year Seminar.

But his biggest impact came from what he built.

He founded the Learning Commons. He launched Disability Support Services. He helped create the Center for Student Life and Advising.

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Each of these programs addressed a real gap.

“At the core of this work is a commitment to making the full college experience accessible,” he says.

Program Development and Innovation in Higher Education

Shein’s work went beyond campus services.

He helped secure accreditation for new programs and partnerships.

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He played a role in extending the Clemente Course in the Humanities to new communities, bringing college-level learning to underserved populations.

These projects reflect a clear pattern.

He identifies problems. Then he builds systems that last.

“It’s about helping students connect with their college experiences in ways that impact their lives beyond their time in university,” he says.

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Global Education and Fulbright Recognition

Shein’s work extended into international education.

He supported dual-degree partnerships and global programs across Bard’s network.

He also worked on Bard’s online Global Degree program. This expanded access to students around the world.

His efforts helped connect students across countries and cultures.

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In 2019, he received a Fulbright scholarship for his work in international education.

This recognition highlighted his long-term impact in the field.

Mentorship and Student Success Outcomes

Throughout his career, Shein advised hundreds of students.

Many of them went on to earn major awards, including Fulbright scholarships.

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But for Shein, outcomes are not just about recognition.

“It’s about helping students participate in meaningful ways in what can feel like an alien environment,” he says.

His focus has always been on engagement and belonging.

Life Beyond Work: Staying Grounded

Outside of his professional life, Shein stayed active in his community.

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He coached youth soccer and supported Model UN programs when his children were younger.

Today, he spends time fishing, traveling, and writing. He also volunteers at his local public library.

He participates in the Watershed Community Amphibian Migration Project, helping protect local wildlife.

These activities reflect his broader approach. Stay involved. Stay connected.

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What David Shein Is Doing Now

Upon retiring from Bard College, Shein retired from Bard College, he began working as an independent educational consultant.

His work now focuses on helping institutions improve advising systems, program design, and student support.

“I’ve spent my career helping students navigate environments that can feel unfamiliar,” he says.

That mission continues in his current work.

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Why David Shein’s Work Matters in Higher Education

Higher education is still evolving. Many students continue to face barriers.

Shein’s career offers a practical model.

He focused on building systems, not just ideas. He connected academic and student services. He expanded access through new programs.

Most importantly, he kept the student experience at the center.

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For someone who started without a roadmap, he has helped create one for others.

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Trump says Iran ceasefire on ’life support’ after rejecting Tehran’s response

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Trump says Iran ceasefire on ’life support’ after rejecting Tehran’s response


Trump says Iran ceasefire on ’life support’ after rejecting Tehran’s response

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Q&A: Former USDA chief economist shares insights on current events impacting global trade

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Q&A: Former USDA chief economist shares insights on current events impacting global trade

Geopolitics has played a major role in driving markets in recent years.

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Protein Works hails record revenues in ‘pivotal and transitional year’ as German sales grow

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Company moved to new Liverpool campus

Laura Keir, CEO at Protein Works, at the company's Liverpool base

Laura Keir, CEO at Protein Works, at the company’s Liverpool campus(Image: Lorne Campbell / Guzelian)

Protein Works has reported record revenues in a “pivotal and transitional year” for the growing nutrition specialist.

The Liverpool business reported revenue of £55.1m for the year to August 31, 2025, up from £50.7m in 2024.

That year saw the company move into its new “state-of-the-art, vertically integrated” PW Campus in south Liverpool. In her report attached to the accounts filed on Companies House, CEO Laura Keir said: “The project was entirely self-funded, without external financing or additional debt. The directors consider this a meaningful demonstration of operational discipline and balance sheet strength.”

Pre-tax profit fell from £8.9m in 2024 to £7.2m in 2025, which directors say was in line with expectations in “a year of transition and sustained growth”.

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The directors’ report for parent company Class Delta added: “Continued UK growth was supported by good performance in our strategic international markets, which continue to build scale as we focus investment behind the markets that offer the clearest path to meaningful size outside the UK.

“The underlying international trajectory reinforces the directors’ view that the brand has genuine cross-border portability and they’re pleased an EU based 3PL (third-party logistics) re-platforming is also complete.

“Growth continues to be underpinned by a differentiated brand proposition built around taste leadership, science-backed ingredients and healthy habit-forming product formats that fit naturally into customers’ daily routines. Our core range of complete meal and protein shakes, plus growing savoury meals category, supports sustained engagement and high repeat purchase rates across our customer base

“This record performance was delivered through a period of significant internal change and against a challenging macroeconomic backdrop, which the directors consider a credible reflection of the resilience of the operating model and the capability of the team.”

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In a further update on its results, Protein Works added that over the year the business had seen its EBITDA margin improve by two percentage points.

It said international revenue had grown 15% in FY25, with Germany the fastest-growing market. And it hailed a “broadening” customer base, with women now accounting for 55% of UK customers and with more than half of its customers aged under 40.

Laura Keir said: “After 13 years of uninterrupted growth, the standards we set ourselves continue to rise, and I’m incredibly proud of how the team has delivered again in 2025. This year has been the most significant operational year in the company’s history, setting out to do three hard things at once: grow the business, move into a new facility, and kick off a brand re-launch, and I’m very proud to say, we did it! That we delivered record revenue and our best-ever margin performance through all of it reflects the depth of the team we’ve built and the underlying strength of what we’ve created over 13 years.”

Nicola McQuaid, partner at YFM, the private equity backers of Protein Works, added: “This is a business that has consistently delivered on its ambitions, and it’s a privilege for YFM to support the team. Record revenue and improved margins, achieved through a year of major operational change, speak to the quality of leadership Laura and the team have delivered.”

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Earnings call transcript: TrueBlue Inc. Q1 2026 shows mixed results with EPS miss

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Earnings call transcript: TrueBlue Inc. Q1 2026 shows mixed results with EPS miss

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Gas prices pressuring McDonald’s low-income consumers

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Gas prices pressuring McDonald’s low-income consumers

Company is partnering with Red Bull in revamped beverage program.

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JPMorgan Chase-led group reins in credit

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JPMorgan Chase-led group reins in credit

The JPMorgan Chase & Co. building before the ribbon cutting ceremony, at the firm’s new headquarters at 270 Park Avenue, in New York City, U.S., Oct. 21, 2025.

Eduardo Munoz | Reuters

A JPMorgan Chase-led group of banks cut their exposure to a private credit fund co-managed by KKR days before the asset manager announced it was spending $300 million to prop up the troubled vehicle.

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The fund, FS KKR Capital Corp., said Monday in a release that KKR will inject $150 million into the fund as equity and spend another $150 million to buy shares from investors who want to exit.

Those moves, labeled “Strategic Value Enhancement Actions” by the fund, came after the JPMorgan-led group on May 8 slashed its credit line by $648 million, or about 14%, to $4.05 billion. Some lenders may have exited entirely rather than extend their commitments, according to the filing.

The fund, co-run by KKR and the alternative asset manager Future Standard and often referred to by its ticker, FSK, has become one of the most visible fault lines in the private credit story. Its shares have plunged by nearly half over the past year and trade at a deep discount to the fund’s net asset value.

In March, Moody’s downgraded FSK’s ratings to junk amid mounting stress in the portfolio. Since then, loans to software maker Medallia and dental services firm Affordable Care have stopped paying interest, executives said Monday.

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FSK said that it had losses of $2 per share in the first quarter, or about $560 million in total losses given the roughly 280 million share count, as the fund’s net asset value fell about 10%.

“Our first quarter decline in net asset value was driven by investments which have impacted prior quarters, certain new non-accrual assets, and the impact of market-driven spread widening,” CEO Michael Forman and President Daniel Pietrzak said in a release.

“We believe FSK’s current stock price underappreciates the long-term value associated with FSK’s investment portfolio and the KKR Credit platform,” they added.

FSK loans that are no longer generating income jumped to 8.1% by the end of the first quarter from 5.5% at yearend, the fund said.

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Further to fall?

Besides cutting its credit line, the JPMorgan-led group also raised interest rates on the remaining facility and gave the fund more room to absorb losses without triggering a default.

The latter move, lowering the minimum shareholders’ equity floor from $5.05 billion to $3.75 billion, gives FSK more breathing room. But it also indicates that lenders believe the firm’s assets have further to fall.

The FSK credit facility was funded by a syndicate of banks led by JPMorgan as administrative agent, a role that typically includes coordinating lender communications and amendment negotiations. ING Capital served as collateral agent, while the other participating lenders were not named in the filing.

JPMorgan, the largest U.S. bank by assets, has made broader moves to insulate itself from private credit turmoil, in part by marking down the value of private credit loans held as collateral on its own books, CNBC reported in March. Many of those marked-down loans are to software companies facing possible disruption from artificial intelligence.

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Besides the $300 million that KKR is spending to support FSK, the fund’s board also authorized a separate $300 million share repurchase program, and KKR agreed to waive half its incentive fees for four quarters.

FSK, which lends to private, middle-market U.S. companies, became the second-largest publicly traded business development company, or BDC, when it was formed through a merger of two predecessor funds in 2018.

The fund’s largest single category of loans is for software and related services, which made up 16.4% of exposure at yearend.

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