Business
Foreign remittances to Kerala stay resilient despite West Asia crisis
The Kerala-based Federal Bank and South Indian Bank showed quarter-on-quarter growth in non-resident deposits inflow, indicating that the lifeline to Kerala remains largely stable despite the Iran war.
Remittances and overseas deposits play a pivotal role in the southern state’s economy.
The rise in flow also reflects a 5.4% rupee depreciation between January and March. A depreciating local currency automatically translates into higher remittances on the same base amount.
ET BureauLife as usual so far The state accounts for one-fifth of foreign money sent by Indian diaspora
Indians working abroad deposit their surplus money mostly in non-resident external (NRE) accounts in banks operating here, while they remit money to family members for monthly expenses using online platforms or bank wire transfers. The money deposited in foreign curreny gets converted to rupee in both the cases.
Federal Bank’s non-resident deposits grew 7% quarter-on-quarter to ₹1.03 lakh crore at the end of March. The fact that the growth rate was more than rupee depreciation suggests that there has been a rise in transaction in foreign currency. The bank also enjoys a substantial market share in inward remittances.
“Remittances, as of now, remain elevated. My sense is that unless you see significant job losses and returning Indians from UAE for good into India, I don’t think this story is likely to change immediately,” Federal Bank managing director KVS Manian told analysts in a post-earning interaction.South Indian Bank reported a 4.2% growth in inbound flows to ₹35,371 crore growth for the same period, largely reflecting the impact of currency depreciation.
These two banks along with State Bank of India hold the first three positions in terms of attracting NRI deposits in Kerala, people aware said.
“We have a large business in the Middle East in the area most impacted by the current crisis. Our view is that in the short run, it will be a positive for us in the sense that people living in those areas may want to transfer money back home so as to protect themselves in the future. So, there will be increased flows,” South Indian Bank managing director PR Seshadri told ET.
Experts however warned that a prolonged West Asia conflict could threaten these inflows in the long run.
“The problem will happen if the issue continues over a longer period and people’s livelihoods in those countries are impacted… Those balances will get drawn down when those individuals come back home,” Seshadri said.
The Reserve Bank of India (RBI) data showed that more than a third of India’s remittances, totalling ₹3.74 lakh crore in 2023-24, came from Gulf countries such as the UAE, Saudi Arabia, Qatar, Kuwait and Oman.
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Business
TAT and Harley-Davidson Showcase Southern Thailand as the Ultimate Motorcycle Touring Destination
The Amazing Thailand x Harley-Davidson Media Fam Trip showcased southern Thailand’s motorcycle touring routes, highlighting local culture, landscapes, and communities, promoting travel as a high-value experience under “Healing is the New Luxury.”
Motorcycle Touring in Southern Thailand
Bangkok, 7 May 2026 – The Tourism Authority of Thailand (TAT) and Harley-Davidson Asia partnered to host the Amazing Thailand x Harley-Davidson Media Fam Trip from 2 to 4 May 2026. This event highlighted Hat Yai, Songkhla, and Phatthalung as unique motorcycling destinations in southern Thailand. Designed under the theme “Unforgettable Experiences: Healing is the New Luxury,” the initiative seeks to elevate motorcycle touring as a premium travel segment.
A Journey through Culture and Scenery
Mr. Nithee Seeprae, TAT Deputy Governor for Marketing Communications, emphasized the trip’s role in promoting southern Thailand’s scenic beauty and cultural diversity. The three-day journey kicked off at Harley-Davidson Hat Yai, engaging executives, media, and influencers. Participants traveled through picturesque routes, exploring local communities, cultural landmarks, and natural attractions. Highlights included Hat Yai Street Art, Songkhla Old Town, and Phatthalung’s Tai Nod Market, showcasing the region’s charm and culinary delights.
Impact and Future Endeavors
The event drew prominent figures like Malaysian actor Elizad Sharifuddin and garnered over 20 million impressions, bolstering awareness of Thailand’s motorcycle routes. A Cars and Coffee gathering at Songkhla Public Park further engaged automotive enthusiasts from across the region. TAT and Harley-Davidson Asia plan to continue their collaboration, focusing on innovative route development and sustainable tourism, aligning with Thailand’s broader travel goals.
Source : TAT and Harley Davidson position southern Thailand as premier motorcycle touring destination
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On the operational front, revenue from operations rose 28.9% YoY to Rs 857.8 crore, up from Rs 665.3 crore, indicating strong business momentum. However, rising costs significantly impacted margins.
EBITDA dropped 49.2% to Rs 83.2 crore from Rs 163.9 crore a year ago, while EBITDA margin narrowed sharply to 9.7% from 24.6%, marking a contraction of 14.9 percentage points.
The company’s PAT margin also weakened considerably, falling to 4.5% from 16.6%, down by 12.1 percentage points YoY. Meanwhile, basic EPS slipped 66.3% to Rs 3.1 against Rs 9.2 in the year-ago quarter.
Despite the muted earnings performance, the board recommended a final dividend of Rs 1 per equity share (10% of face value Rs 10 each) for FY26, subject to shareholder approval at the upcoming AGM.
Stock performance and valuation
Shakti Pumps shares have fallen nearly 36% over the past year, with the company’s market capitalisation currently at around Rs 7,347 crore.
At current levels, the stock trades at a P/E ratio of 21.46, a Price-to-Sales ratio of 4.68, and a Price-to-Book ratio of 6.09.
From a technical perspective, the stock’s 14-day RSI stands at 64.2 — approaching overbought territory but still below the 70 mark. The stock also remains under pressure on moving averages, trading below 5 out of 8 key SMAs, signalling a bearish undertone.
Institutional investors reduce exposure
Institutional sentiment remained weak during the March 2026 quarter. Foreign Institutional Investors (FIIs) reduced their stake in the company from 5.34% to 4.83%, while mutual funds cut holdings from 6.18% to 4.92%, reflecting cautious positioning by large
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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