This week the banking sector focused on the 12 large corporate bad loan accounts identified by RBI to be taken to the National Company Law Tribunal under the Insolvency and Bankruptcy Code.
Lenders including State Bank of India, Andhra Bank, Allahabad Bank, and United Bank of India have intensified their efforts to tackle bad loans as they wish to ensure faster recovery.
Mitessh Thakkar of miteshthacker.com is of the view that one can sell Bharat Forge and Exide Industries and can buy Grasim Industries, State Bank of India and Caplin Point.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy State Bank of India, ITC and Britannia Industries and sell Wockhardt.
Ashwani Gujral of ashwanigujral.com is of the view that Balkrishna Industries is the best tyre stock and may test Rs 1900 while RIL will probably move sideways around Rs 1,340-1,350 zone.
DLF,Avenue Supermarts,State Bank of India, and Infosys are on the radar of Kotak Securities
Sharmila Joshi of sharmilajoshi.com is of the view that one may hold State Bank of India.
SBI General Insurance is a joint venture between SBI and Insurance Australia Group. While SBI holds 74 per cent stake in the JV, the rest is with IAG.
Some quality names in IT and pharma are available at appealing valuations which are attracting smart money into these stocks.
Due to the large issues from banks, Qualified institutional placements (QIP) has crossed Rs 31,000 crore already since January.
RBI recently asked banks to immediately review their exposure to the telecom sector, which has total debt of about Rs 4.6 lakh crore, and make higher provisions to firewall their business against any future stress.
India's biggest lender is also due to gain additional funds this financial year from a planned share sale in its life insurance arm and also from possible stake divestments it considers non-core, the head of the bank, Arundhati Bhattacharya, told a briefing.
The bank's exposure of loans to top 20 largest borrowers declined by 22 percent to Rs 1.82 lakh crore in FY17. This accounted for 11.19 percent of total loans.
Weak capitalisation levels will remain a key credit weakness for the 11 banks, the ratings agency said, adding that they had limited ability to raise external capital.
According to Rajat Bose of rajatkbose.com, one can buy Voltas and can sell State Bank of India and Mindtree.
Rajat Bose of rajatkbose.com suggests holding Tata Elxsi and sees the stock test Rs 1800.
Sharmila Joshi of Sharmilajoshi.com is of the view that Tata Elxsi may test Rs 1800 and advises holding State Bank of India.
The meeting will be organised at the bank's 15,500 rural and semi-urban branches across the country on June 8.
The Bank hopes to reach out to atleast 10 lakh farmers through this nation-wide farmers’ meet
The country's largest lender on Monday opened share sale through a private placement at Rs 287.58 a piece to raise Rs 11,000 crore.
It was not immediately known how much the lender would raise from the so-called qualified institutional placement (QIP) of shares. In March, the bank received board approval to raise up to 150 billion rupees ($2.33 billion) from capital markets during the current fiscal year that began in April.
Banks are taking efforts to support climate saving green initiatives such as solar-powered ATMs, paperless drives, green bonds, using efficient technologies, etc. to mitigate the risks around climate change.
The fintech startups provide services such as micro loans, dynamic pricing of products, financial tools, bitcoin protocols and digital currency programs
Prakash Gaba of prakashgaba.com is of the view that Nifty has support at 9580-9540 and resistance at 9660-9713 while Bank Nifty has support at 23100 and resistance at 23500.
RBI Deputy Governor SS Mundra came down heavily on banks for charging customers exorbitant and high service charges including for minimum balance maintenance, mis-selling of third party insurance products, etc.