Jefferies has recommended buying shares of Reliance Industries (RIL) with a target price of ₹1,700 per share. They expect Singapore's Gross Refining Margin (GRM) to improve in CY25 due to the closure of 1 mbpd, which will enhance profitability in the Oil-to-Chemicals (O2C) segment.

Jio's strong growth in home broadband subscriptions positions the company well for future 5G monetization, and there is a possibility of Jio going public in CY25. However, the retail sector's recovery may take a couple more quarters to stabilize, and current valuations suggest a pessimistic outlook for retail at $57 billion.

HSBC has noted that recent limits on microfinance institutions (MFIs) will likely slow down asset under management (AUM) growth and increase credit costs in the near term. Q3 results are expected to provide more clarity on this situation. Credit card spending growth has moderated since September 2024, with net credit card issuance declining by 54% YoY in October 2024 as lenders adopt a more conservative approach. The top three issuers accounted for 78% of net card issuance, and SBI Card has shown improved net issuance compared to its recent performance.