ET Intelligence Group: Federal Bank is set to gain from a high-quality customer base through its acquisition of Standard Chartered Bank’s (SCB) credit card portfolio, with 95% of incoming customers holding a credit score of 700 or above. This ensures relatively low-risk, creditworthy additions to the bank’s books. The new portfolio also brings a younger demographic, with 25-30% of customers in the 25-35 age bracket and 35-40% in the 35-45 range, giving the bank a long runway to deepen relationships over time. However, customer attrition will be a challenge as seen during the Axis Bank-Citi deal.

On April 30, Federal Bank said it would acquire a select credit card portfolio from Standard Chartered Bank, with nearly 75% of the card base concentrated in India’s top eight cities.

Since most of these customers currently hold only a single product, Federal Bank will explore opportunities to cross-sell by offering services such as savings account, personal loans, investment products, and other banking services.

“These are emerging affluent and affluent customers. Even converting a portion of these 4.5 lakh cardholders into savings account holders or cross-selling assets and investment products presents a huge opportunity,” Virat Diwanji, national head of consumer banking, Federal Bank told ET. Over 60% of these customers have a relationship of more than three years, he said.
History however shows that cross-selling may not be an easy task. For instance, during the HDFC Bank-HDFC merger, nearly 70% of HDFC customers did not have a banking relationship with HDFC Bank. This highlighted the execution challenge in converting single-product customers into multi-product relationships.

Federal Bank will also face the challenge of retaining Standard Chartered customers and the costs associated with it. After the Axis Bank-Citibank deal was announced, a portion of customers chose not to migrate, highlighting the risk of attrition in such transactions. Similarly, to retain Standard Chartered customers, Federal Bank may need to offer certain incentives, which could put pressure on its profitability. The bank’s management has said that customer attrition has been considered as a key factor, and it remains optimistic that the level of attrition will not be high. The limited geographic presence of Kochi-headquartered Federal Bank could be another concern in the minds of Standard Chartered customers. While Federal Bank has a strong presence in southern India, its footprint is not as prominent in other parts of the country. In FY25, 1,099 or over two-third of its total 1,589 branches including extension counters were located in the southern states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and Telangana.
Once signed, the deal is expected to be complete in five-six months. Federal Bank announced better than expected results in the March quarter with net profit beating analysts estimates. Net profit jumped 22% to Rs 1,259 crore while net interest income rose 33% to ‘3,174 crore.

Mumbai: Adani Cement, the country’s second biggest manufacturer of the primary building material, would focus on ramping up utilisation and rationalising its existing capacities while calibrating its capital expenditure, the company’s senior management said on Monday. “Maybe, the target plan of FY28, it could move a year or two. On a safer side I would say FY30,” said the chief executive officer, Vinod Bahety.

Cement offtake is typically linked to real GDP growth, and often runs at a function of about 1.2 times to the long period growth average. Companies typically begin stepping up capacities when utilisation crosses the 80% threshold consistently.

The Adani Group had forayed in the Indian cement space in 2022 with the largest-ever acquisition in the materials space, bringing on board around 70 million tonnes of capacity after it purchased Ambuja Cements and ACC, the latter being the oldest manufacturer of the commodity in the subcontinent. It had earlier forecast doubling capacity to 140 million tonne by FY28, and late last year, raised this target to 155 million tonne.
“What matters is how you are able to ramp up volume from overall existing assets, and I have substantial headroom. Even if I hit 120 million tonnes by the end of 27, it will give me a good leverage of the overall market opportunity,” Bahety said. The company currently has a production capacity of 109 million tonne.

MINNEAPOLIS — The Minnesota Timberwolves provided a cautious but optimistic update Monday on superstar Anthony Edwards’ left knee injury, confirming he remains week-to-week with a hyperextension and bone bruise as the team prepares for its Western Conference semifinal series against the San Antonio Spurs without its leading scorer. Edwards has begun light on-court activity but has not yet participated in full-contact practice, leaving his availability for the series opener uncertain and placing added pressure on a Timberwolves roster already missing key depth.

Edwards suffered the injury in Game 4 of Minnesota’s first-round series against the Denver Nuggets on April 26 when he landed awkwardly contesting a shot. An MRI the following day revealed no ligament damage — significant relief for a franchise with championship aspirations — but confirmed the hyperextension and bone bruise that typically require two to six weeks of recovery. Head coach Chris Finch reiterated the week-to-week designation after Monday’s practice, noting Edwards had completed non-contact shooting and movement work but remained sidelined from scrimmages.

“We’re being smart with Ant,” Finch said. “He’s progressing well, but we’re not rushing anything. The bone bruise needs time to calm down. We’ll evaluate daily and see where he’s at.” Finch added that Edwards has been “itching” to return and has been an active presence on the sideline, offering leadership and insight to teammates during film sessions and practices.

The Timberwolves advanced past Denver in six games without Edwards, relying on strong defensive efforts and contributions from Julius Randle, Mike Conley and Anthony Edwards’ replacement in the starting lineup. However, facing Victor Wembanyama and a dangerous Spurs team presents a significantly tougher test. Edwards averaged 28.8 points per game during the regular season and remains the Timberwolves’ primary offensive engine, particularly in transition and isolation situations.

Medical experts note that bone bruises can cause lingering soreness and reduced explosiveness, especially for explosive athletes like Edwards. The 24-year-old All-Star has dealt with lower-body issues throughout the season, including patellar tendinitis in his right knee earlier in the year, making the medical staff particularly cautious. Edwards has earned the nickname “the Wolverine” for his reputation as a quick healer, but the organization is prioritizing long-term health over a rushed playoff return.

Edwards himself expressed optimism in limited comments to reporters. “I’m doing everything they ask me to do,” he said. “I want to be out there with my brothers, but I’ve got to trust the process.” He has been engaged in daily rehabilitation, including blood flow restriction training, mobility work and progressive strength exercises focused on quadriceps activation and joint stability.

The timing could not be more critical for Minnesota. The Spurs series tips off Tuesday in San Antonio, with Game 2 on Thursday. If Edwards misses the first two games, the Timberwolves must find ways to slow Wembanyama while generating enough offense to stay competitive. Randle has stepped up in Edwards’ absence, but replacing the All-Star’s scoring punch and playmaking remains a tall order against San Antonio’s length and versatility.

Finch has not ruled out a mid-series return. Optimistic scenarios point to Games 3 or 4 in Minneapolis if Edwards progresses rapidly in the coming days. Pessimistic timelines could see him sidelined for the entire series, testing the Timberwolves’ depth in what many analysts view as a challenging matchup. The organization continues to provide daily availability updates while shielding specific medical details to maintain a competitive edge.

The injury adds complexity to an already demanding postseason. Edwards missed time earlier in the year with right knee issues but returned strongly. His current left knee protocol balances aggressive treatment with caution, incorporating advanced recovery modalities and daily monitoring of swelling and strength metrics. The Timberwolves have access to top sports medicine resources, including functional testing and imaging to guide progression.

Fans and analysts have reacted with a mixture of concern and hope. Social media buzzed with support for Edwards and calls for patience from the organization. Many point to Minnesota’s resilience without him in the closing games against Denver as a positive sign, though sustaining that level against the Spurs will be difficult. Edwards’ explosiveness and scoring ability remain vital for the Timberwolves’ championship aspirations.

Playoff history shows that star injuries can swing series outcomes. Teams like the 2023 Nuggets proved resilient without key pieces at times, but consistent elite production usually proves decisive in later rounds. For Minnesota, the goal is to stay competitive early in the series while positioning Edwards for an impactful return if the matchup extends. Finch has emphasized patience but acknowledged the challenge of replacing Edwards’ unique skill set.

As Game 1 approaches, the basketball world watches closely. Edwards’ knee injury, while not season-ending, forces strategic adjustments and tests team depth at the worst possible time. His potential mid-series return could shift momentum, but the Timberwolves must first prove they can compete without their All-Star. The coming days will reveal much about the franchise’s resilience and Edwards’ recovery timeline.

Crude oil held most of a surge that at one point took prices above $115 a barrel as the US and Iran exchanged fire, jolting a four-week-old ceasefire and raising concerns that Middle East tensions could escalate again.

Brent edged 0.5% lower to just under $114 a barrel at the open Tuesday as escalating tensions around the Strait of Hormuz raised fears about high energy prices and global inflation. Australian shares opened lower, with markets closed in Japan, South Korea and mainland China. US equity-index futures were little changed after the S&P 500 Index retreated from its record on Monday.

During the US session, Treasuries fell, sending 30-year yields to the highest since July, as traders boosted wagers that the Federal Reserve will have to reverse course and raise interest rates to curb inflation following a surge in oil prices. There will be no cash trading during Asian hours due to the holiday in Japan.

Renewed tensions threaten to inject fresh volatility into markets after a month-long rally that helped global equities erase war-related losses and climb to record highs on strong earnings from megacap technology companies. Investors remain focused on the Strait of Hormuz, a key waterway that has been blocked for months, keeping energy prices elevated and risking higher inflation and slower economic growth.

“Even if the immediate conflict de-escalates, we expect the aftershocks will remain with us for some time,” said Darrell Cronk at Wells Fargo Investment Institute. “The effects — on energy prices, industrial activity, and geopolitical risk premia — are unlikely to fade quickly.”

The US fought off Iran’s attacks as it facilitated the passage of two vessels through the Strait of Hormuz. Meantime, the UAE blamed an Iranian drone strike for a fire at its Fujairah port and issued several missile alerts for the first time since a truce between Washington and Tehran took hold.

Mumbai: IndusInd Bank‘s ex-chief financial officer, Gobind Jain, has filed a ₹70-crore lawsuit against his former employer in the Bombay High Court, alleging wrongful termination and seeking substantial damages.

According to the claim, Jain has sought ₹20 crore as compensation for loss of earnings and an additional ₹50 crore for reputational harm, loss of employment opportunities, and mental trauma.

The Reserve Bank of India (RBI), the sectoral regulator, has also been made a party to the case.

Jain is being represented by law firm Wadia Ghandy, while IndusInd Bank has engaged Cyril Amarchand Mangaldas. The RBI is represented by BLAC & Co.

“To ensure that the final relief, if granted, does not become illusory, it is necessary that… IndusInd Bank be directed to deposit ₹20 crore toward compensation for loss of earnings…,” the suit said.

Jain, IndusInd Bank and the RBI did not respond to ET’s emailed queries. ET, in its edition dated September 27, 2025, was the first to report about Jain’s repeated attempts to resign as CFO.
In his petition, Jain has detailed the sequence of events leading up to his resignation, including four resignation letters beginning April 2024, in which he repeatedly urged then MD & CEO Sumant Kathpalia to appoint an external auditor to investigate alleged lapses.According to the petition, Jain’s earliest resignation letter was sent on June 11, 2024-nearly ten months before the bank disclosed the accounting lapses to stock exchanges. Less than two months later, he submitted another letter on August 20, 2024.

On September 29, 2024, Jain again pressed for an external audit saying that he had kept his resignation on hold on the understanding that Kathpalia would order a detailed audit by a reputed external and independent audit firm into serious issues and incorrect procedures and practices followed by the bank’s treasury.

Mumbai: The Securities and Exchange Board of India (Sebi) on Monday proposed easing securitisation norms, including relaxing the 25% cap on single borrower exposure in the asset pool, to align its framework with the rules of the banking regulator. These exemptions would apply only to entities governed by central bank norms.

Sebi has invited public comments on its latest securitisation proposals until May 25.

Under the existing framework aimed at risk mitigation, securitised debt instruments should adhere to strict diversification norms, including a cap that limits any single borrower’s share to 25% of the asset pool at issuance.

The current Sebi securitisation caps are meant to reduce risk by ensuring the pool is not overly dependent on one borrower.

However, the regulator said this rule has effectively blocked listing of securitisation deals backed by a single asset, even though such structures are allowed under Reserve Bank of India (RBI) norms. To address this, Sebi has proposed waiving the 25% cap for RBI-regulated entities, thus enabling single-asset deals to be listed.

In a parallel move to strengthen transparency, Sebi has suggested shifting the responsibility for periodic disclosures on the performance of the underlying asset pool from the originator to the servicer.
The servicer, which may or may not be the originator, is responsible for collecting and monitoring receivables, making it better placed to provide timely and accurate information to investors.The regulator has also proposed changes to governance norms for special purpose distinct entities (SPDEs). For RBI-regulated originators, representation on the SPDE board would be capped at one member without veto powers, in line with RBI guidelines.

Additionally, Sebi has proposed easing certain restrictions on securitisation structures and replacing mandatory winding-up of transactions in specific cases with the appointment of a new trustee.

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ON Semiconductor Corporation (ON) Q1 2026 Earnings Call May 4, 2026 5:00 PM EDT

Company Participants

Parag Agarwal – Vice President of Investor Relations & Corporate Development
Hassane El-Khoury – President, CEO & Director
Thad Trent – Executive VP, CFO, Treasurer & Principal Accounting Officer

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Conference Call Participants

Ross Seymore – Deutsche Bank AG, Research Division
Vivek Arya – BofA Securities, Research Division
Neil Young – Needham & Company, LLC, Research Division
Joshua Buchalter – TD Cowen, Research Division
Vijay Rakesh – Mizuho Securities USA LLC, Research Division
Gary Mobley – Loop Capital Markets LLC, Research Division
Christopher Rolland – Susquehanna Financial Group, LLLP, Research Division
Joseph Moore – Morgan Stanley, Research Division
James Schneider – Goldman Sachs Group, Inc., Research Division
Harlan Sur – JPMorgan Chase & Co, Research Division

Presentation

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Operator

Good day, and thank you for standing by. Welcome to the onsemi First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Parag Agarwal, Vice President of Investor Relations and Corporate Development.

Please go ahead.

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Parag Agarwal
Vice President of Investor Relations & Corporate Development

Thank you, Daniel. Good afternoon, and thank you for joining onsemi’s first quarter results conference call. I’m joined today by Hassane El-Khoury, our President and CEO; and Thad Trent, our CFO. This call is being webcast on the Investor Relations section of our website at www.onsemi.com.

A replay of this webcast, along with our first quarter earnings release, will be available on our website approximately 1 hour following this conference call, and the recorded webcast will be available for approximately 30 days following this conference call.

Additional information is posted on the Investor Relations section of our website. Our earnings release and this presentation includes certain non-GAAP financial measures. Reconciliation of these non-GAAP

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