Posts filed under 'Banks & NBFC'
On the BSE
The Bombay Stock Exchange Sensex has closed the day gaining a mere 22.79 points testing the 17K level once again. The Sensex closed at 16,994.49 compared to the previous close of 16,971.70. The BSE Midcap and Smallcap indices closed the day gaining 41.56 points and 69.32 points respectively.
All others, sans the Consumer Durables and PSU sectoral indices, closed in the green. Reality stocks are once again the gaining sector on the BSE. The Reality Sectoral Index gained 60.28 points today.
On the NSE
The NSE Nifty closed the day at 5088.70 gaining 0.17% in trade today. The CNX IT gained 0.16%.
Amongst NSE gainers today are Hero Honda, DLF, Suzlon, Ambuja Cement, ABB, Jindal Steel, GAIL, Sun Phara, Bharti Airtel and JP Associates. Amongst the losers are Tata Motors, Axis Bank, Wipro, Unitech, Ranbaxy, Hindalco, SAIL, HCL Technologies, BHEL and Power Grid.
Analyst Stock Recommendations – SREI Infrastructure Finance Ltd (BSE: 523756; NSE: SREINTFIN; ISIN: INE872A01014 )
Firstcall Research in its research report dated March 4, 2010 is giving a BUY call on the script. The script is currently trading at Rs. 74.85 levels and has a Market Cap of 8704.31 mn. It has an EPS of Rs. 7.06, a P/E (x) of 10.60; P/BV(x) of 0.77. The target price given for the script is Rs.90.00
Friday, March 05, 2010 18:24:11 PM
March 5th, 2010
Key announcements :
Hikes CRR by 75bps to 5.75% of NDTL effective 50bps from Feb’13 2010 and 25 bps from Feb 27,2010
SLR, reverse repo, repo rate kept unchanged
Ups end Mar-2010 WPI inflation estimate to 8.5% from 6.5% in October policy
FY10 GDP growth projection increased to7.5% from 6.0%
Cuts FY10 non food credit growth projection to 16% from 18% Oct policy
Cuts FY10 money supply growth estimate to 16.5% vs 17% earlier
Aggregate deposits likely to grow 18% FY10 in the system
Impact Analysis :
We believe CRR hike of 75 bps, without tinkering other key policy rates, on immediate basis is a step to curb the excess liquidity in the system as the banking system are depositing over Rs.1 lakh crore on a daily basis under LAF window. The hike will suck away excess liquidity of Rs.36000 crore from the system which will help curb some inflationary expectations though we believe food inflation can’t be contained via CRR hike directly since it is purely a supply side phenomenon.
We prefer banks like SBI (which has ample liquidity of Rs.75000 crore to combat the hike), OBC (still available at <1x ABV), Bank of Baroda (Excellent results with strong asset quality). Among private sector we remain bullish on Axis Bank and HDFC Bank.
Media Contact: Saksham Maheshwari, IPO & Transactions Group, Adfactors PR Pvt Ltd, Shalaka, Maharshi Karve Marg, Cooperage, Mumbai 400021. Tel: +91 22 2281 3565, Fax: +91 22 2281 3569, Mob:+91 9930990927, Email: saksham.maheshwari@adfactorspr.com, saksham1985@gmail.com
January 29th, 2010
India-First Life Insurance formed by Bank of Baroda (44% stake), Andhra Bank (30%) and Legal and General (26%) is planning to a business of Rs. 200 crore by the end of March 2010. First Life has applied for license to the Insurance Regulatory and Development Authority (IRDA) for licenses and is planning to open 50 branches of its own.
India-First Life will start offering its products with the launch of three plans, all three of which as ULIP plans. The plans cater to savings, children and retirement planning.
January 1, 2010
January 2nd, 2010
Monday, September 08, 2008 2:35:14 PM IST
A leading business website is quoting that the Tata Sons will hand over the credit card business to their financial services arm Tata Capital. Meanwhile the CNX Nifty is up 3.75% and is at 4515 levels while BSE Sensex slipped a bit and is at 15056 up 572.89 points or 3.96
The Tata group entered into credit card services business in February 2006 but couldn’t do well. The business was off targets by its own projected figures. With the credit card business now into the hands of Tata Capital, the later will be able to manage it and will take the responsibility of promotion and marketing activities. The SBI - GE will be taking care of the underwriting and processing the white label cards. In the process, Tata Capital will get a sourcing margin.
The Bank Nifty is at 6605 up 5.04%. BSE Bankex is trading at 7540.14 levels and is up 5.21%. 17 of the 18 stocks on the BSE Bankex are in the green.
ICICI Bank is trading at 732.40 levels on the NSE and is up 6.65% so far today. SBI is up 5.48% and is trading at 1603 levels.
The Nifty losers list includes BPCL (down 2.7%) and Hero Honda (marginally in the red).
US Dollar cooled a bit while Crude is trading at $107.5 levels
1 U.S. dollar = 44.0392 Indian Rupees
1 U.S. dollar = 108.5069 Japanese Yens
1 U.S. dollar = 0.6940 Euros
1 Ounce Gold = $805.50
1 Barrel Crude Oil = $107.56
September 8th, 2008
Tuesday, September 02, 2008 2:32:54 PM IST
Inflation sensitive counters including the Banks and Realty are bullish as crude oil cools to $106 levels.
CNX Nifty is at 4497 trying the 4500 levels and is up 3.42%. CNX It is up 2.67% while Bank Nifty is up 6.61%. CNX 100 is up 3.42% while CNX 500 is up 3.19%
BSE Sensex is continuing to hold the gains. The Sensex is trading at 15040 levels and is up 542 points. The index is up 3.74%. The BSE Midcap and Smallcap index is up over 1.4% and 1.1% each. The BSE Reality index is up 7.2%. Bankex is up 6.7%. PSU, Capital Goods and Oil & Gas counters are all up over 3% each.
Unitech, ICICI Bank and DLF are up 8% each. SBI and ONGC are up 7% each. PNB, HDFC Bank, BPCL, Tata Communications, National Aluminium are up 5% each.
1 U.S. dollar = 44.1598 Indian Rupees
1 U.S. dollar = 107.9913 Japanese Yens
1 U.S. dollar = 0.6852 Euros
1 Ounce Gold = $805.00
1 Barrel Crude Oil = $106.61
September 2nd, 2008
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