Posts filed under 'Banks & NBFC'
The Indian stock markets had a range-bound session today but managed to close in the green. Earlier the Asian markets gave mixed indications while the US yesterday closed the day in the green. By afternoon, the European markets are open and are more or less in a positive uptick.
Nifty gained 20.8 points to close the day at 5056.60. Sensex closed the day at 16840.80 gaining 109.86 points in trade today. Auto and Banks seems to be in pressure while IT and Capital Goods are in green.
There is no block buster movers today and hence the gainers (as well as losers) are almost within range. HCL Tech, TCS, Hero Motocorp, HDFC, HDFC Bank, Sun Pharama and Infosys (all up 2%) are some of the large cap names that are in the green.
DLF lost 6.27% today and closed the day at 177. Axis Bank, Maruti, RCOM, Tata Motors, ICICI Bank, PNB, IDFC, M&M, Hindalco are some of top losers today.
Coal India (BSE: 533278; NSE: COALINDIA; ISIN: INE522F01014) officially overtakes Reliance Industries (BSE: 500325; NSE: RELIANCE; ISIN: INE002A01018) as top market cap company in India. RIL was number 2 in market cap charts for first time since February 2007. RIL stock was in bearish phase for pretty long time and has finally given up its number uno position to the newest large cap entrant Coal India.
Prabhudas Lilladher has given a BUY call on SBI. The target for the script is Rs. 2701. SBI last traded at Rs. 2174.85 today. Meanwhile, Government sources have reported to have told a media outlet that the Government feels there is no urgency for SBI rights issue. Further, the Government is most unlikely to subscribe to the issue considering its resource crunch this year.
Gold is trading at Rs. 26123 per 10 grams today. Silver is at 59145 per kilogram.
August 17th, 2011
After having witnessed heavy selling after the news of RBI rate hike is out, the markets continued to look downward soon after few minutes of opening today. The Nifty opened at 5579.05 soon began to lose stream and continued the day in the red. The index closed the day down by 28.5 points.
Must of the selling pressure today is witnessed in capital goods lead by BHEL, JP Associate, Hindalco and Siemens, banking lead by PNB and the heavy weight Reliance Industries.
On the other side, Maruti had a surprising positive up move. The script that appeared range bound for the past few sessions had seen some buying interest and topped closed the day at Rs. 1216 up 3.32%. Other gainers of the day include Sesa Goa, DLF, RCOM and Bharti Airtel.
L&T Finance Holdings IPO
L&T Finance Holdings IPO is out today. The company is attempting to raise Rs. 1092 crore out of the total size of Rs. 1245 crores. The earlier pre-IPO placement was very successful. Experts are giving a subscribe call to the IPO considering the PBV of its peers. The price band is between Rs. 51 – 59.
July 27th, 2011
Thanks to the second bailout package approval for Greece, there is positive news in the equity markets round the world. It all started yesterday evening with the European and the US markets ending in the green. The positive feeling continued in the Australian and the Asian markets and India joined the group with a positive close at the end of the trading session.
The Sensex closed the day up 286 points at 18722.30. The Nifty closed the day at 5633.95 up 92.35 points.
Bharti Airtel announced today that it is increasing the prices of its on-net calls across four circles in Delhi, Andhra Pradesh, and Rajasthan. Airtel is a strong leader in these circles and this would translate to some positive inflows. This pushed the stock upward with the script having opened at 398, touched an intraday high of 412.80 to finally close at 410.95 on the BSE. This translates to around 4.06% upward change in the share price which is great news, particularly from the bleeding telecom sector.
Axis Bank announced its quarterly results today which came out to be in positive and the markets took the opportunity to react to it in positive. The script was flat till post lunch after which it zoomed to reach to Rs. 1296.95.The stock gained Rs. 57.55 in today’s session and is up 4.65%.
July 22nd, 2011
Amongst the many banking stocks, South Indian Bank is one that is gathering interest both in terms of investors and brokerage firms. The bank has recently came out with some good quarterly results and needless to say more brokerage firms have come forward to give a BUY rating to the stock. Some even say that the stock has an possible upside of up to 20% which makes it an interesting pick for those who wish to have a small-cap banking script in their portfolio.
Edelweiss in its report on October 21, 2010 has given a Buy rating and expects the bank to give a ROE of 19%.
Emkay in its report dt October 21, 21010 has highlighted strong growth of 39.4%, growth being driven by growth in advances and qoq expansion in NIMs. It says the gross NPAs remain stable. However with 1.6x FY12E ABV, the firm has downgraded the stock from a BUY to ACCUMULATE with a target of Rs. 30.
Angel Broking in its October 22, 2010 has given a NEUTRAL rating saying that the stock is expensive relative to its peers as well as its own historical range.
As on October 25, 2010, the stock is trading at Rs. 28.70 on NSE. The script’s 52-week high is at Rs. 29 and 52-week low is at Rs. 13.42.
October 26th, 2010
ICICI Bank (BSE: 532174; NSE: ICICIBANK; ISIN: INE090A01013) is amongst its other banking peers to have seen new heights in the recent bull run.
ICICI Bank has hit a new 52-week high on trades on October 4, 2010 when it touched Rs. 1169.75 on the BSE during intra-day.
The script opened at Rs. 1140 touched a new high of 1169.75 and low of 1140 before closing at 1157.75.
Brokerage Recommendation
Choksey, speaking to a business media outlet on Sep 29, 2010 has said that ICICI Bank can see a 25-305 kind of appreciation.
While a section of market experts feel that there is still some upward gap left for select banking stocks, some others feel the banking stocks are bubbling and it is time to book profits.
News
ICICI Bank, on September 30, 2010 has said that it is seeing a 18% loan growth during 2010/11 and 20-22% growth in FY2012.
The recent Supreme Court verdict that the assignment of debt between banks (aka sale of Non-Performing Assets) has come as a good news for the banks.
October 5th, 2010
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