VK Sharma, Head - PCG and Capital Market Strategy at HDFC Securities is of the view that one can buy Bank of Baroda and Titan Company.
Ashwani Gujral of ashwanigujral.com recommends buying Tech Mahindra with a stop loss of Rs 614 and target of Rs 635 and has a buy also on Tata Consultancy Services with a stop loss of Rs 3000, target of Rs 3150.
The market breadth was in favour of the declines with 247 stocks advancing while 1452 declined and 315 remained unchanged. On the other hand, in the BSE, 428 stocks advanced and 2095 declined and 102 remained unchanged.
The market breadth was in favour of the declines with 428 stocks advancing while 1215 declined and 367 remained unchanged. On the other hand, in the BSE, 645 stocks advanced and 1542 declined and 94 remained unchanged.
Credit Suisse continues to prefer private banks over PSU banks and has overweight calls on State Bank of India with a target of Rs 381 and Bank of Baroda with target of Rs184 while it is underweight on Bank of India with a target of Rs 122 per share.
The PSU banking index cracked 2.87 percent after investigation deepened in the PNB fraud case. The largest contributor to the index fall was Bank of India which plunged 6.46 percent, hitting fresh 52-week low. Syndicate Bank ended lower by 5 percent.
The agency has booked auto dealer Ramnandi Estates Pvt Ltd and its directors – Akhouri Gopal, Sanjeeta Akhouri, Akhouri Nishant and Akhouri Nitesh. An empanelled valuer of the Corporation Bank Sanjay Kumar has also been named as accused in the FIR.
The bank has no exposure against LoUs issued by PNB on behalf of some of its gems and jewellery sector clients in news.
The amount swelled to Rs 3,695 crore, including the accrued interest, because of repeated defaults on payment, the officials said.
The bank had classified that they had given a Rs 435 crore loan given to Rotomac Global as an NPA (non performing asset) in October 2015 and a "fraud" in December 2017 itself.
The nature of the alleged scam reduces the confidence level in the bank, and PSUs in general.
The fraud has also been reported to the RBI and complaint has been lodged with the CBI, ED and Directorate of Revenue Intelligence
Ashwani Gujral of ashwanigujral.com recommends selling Bank of Baroda, Canara Bank and JSW Steel.
Prakash Gaba of prakashgaba.com suggests shorting Bank of Baroda and Indiabulls Housing Finance.
The bank in a regulatory filing said that it is exiting operations in South Africa as part of its strategic plan for rationalisation of overseas branches.
The South African Reserve Bank (SARB) did not disclose reasons for the bank's departure, but said it was in talks to ensure its "orderly withdrawal from South Africa so that no depositor is disadvantaged".
Morgan Stanley maintains an Equal Weight rating on the Bank of Baroda with a 12-month target price of Rs 195 which translates into an upside of nearly 25 percent from current level.
The market breadth was in favour of the advances with 1398 stocks advancing in while 227 stocks declined and 390 remained unchanged. On the other hand, 1687 stocks advanced on BSE with 344 stocks declining and 74 remained unchanged.
The week gone by was more about the RBI monetary policy despite a bland status quo and the financial results of big banks such as State Bank of India (SBI) and Bank of Baroda (BoB).
Net interest income growth of 40.2 percent year-on-year at Rs 4,394 crore was ahead of CNBC-TV18 poll of Rs 3,745.3 crore.
The market breadth was clearly in favour of the declines with 326 stocks advancing in Niftyb while 1290 stocks declined and 394 remained unchanged. On the other hand, 588 stocks advanced on BSE with 1534 stocks declining and 69 remained unchanged.
Analysts said if slippages come below Rs 3,500 crore (against Rs 3,451 crore in Q2FY18), gross non-performing assets improve (from 11.16 percent), and domestic net interest margin above 2.65 percent (2.68 percent) then that would be taken positively by the Street.
Baroda DigiNext aims at bringing the benefits of the new digital landscape to its corporate and government customers by seamlessly connecting them with their customers, suppliers, employees and revenue departments, it said.
State-run Bank of Baroda has reduced its marginal cost of funds-based lending rates (MCLR) for tenors under one-year by 10-25 basis points.
Public sector Bank of Baroda today said its board will meet on February 9 to decide on allotment of shares on a preferential basis to the government in lieu of a capital infusion of Rs 5,375 crore.