The market displayed knee jerk reaction after the surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore increase by around 3% and 7% respectively.
Net Interest Income (NII) is expected to increase by 14.8 percent Y-o-Y (up 1.1 percent Q-o-Q) to Rs. 22,938.6 crore, according to Motilal Oswal.
Net Interest Income (NII) is expected to increase by 44.7 percent Y-o-Y (up 3.3 percent Q-o-Q) to Rs. 4,432.4 crore, according to Motilal Oswal.
Net Interest Income (NII) is expected to increase by 6.9 percent Y-o-Y (up 2 percent Q-o-Q) to Rs. 1,750.7 crore, according to Motilal Oswal.
Net Interest Income (NII) is expected to increase by 22.7 percent Y-o-Y (up 3.5 percent Q-o-Q) to Rs. 4,909.7 crore, according to Motilal Oswal.
The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.
The top gainers from NSE included Vedanta, Bharti Airtel, ICICI Bank, BPCL and Grasim Industries while the top losers included NTPC, Infosys, TCS, Dr Reddy's Labs and Tech Mahindra.
Against the backdrop of CBI on Thursday naming former ICICI Bank chief Chanda Kochhar and others in the alleged quid pro quo in extending Rs 3,250-crore loan to Videocon Group, some public sector bankers wondered whether the central bank was treating issues at state-owned and private lenders in a different way.
The strike call given by the All India Bank Officers' Confederation (AIBOC) expected to hit banking operations across the country. However, private sector banks would continue their usual business as they are not part of the strike.
While there are clearly benefits in this merger, it is important to also note that the mergers of this kind is not a panacea for all the challenges facing PSBs—especially the problem of NPAs
Sweden, Finland and Ireland have all used bad banks to help end financial crises. In Asia, South Korea and China had resorted to creation of bad banks as well
Punjab National Bank and Canara Bank were biggest losers among PSBs, shedding 4 percent each.
Since the effective fiscal deficit will be much higher, there may not be no more rate cuts by the RBI now. Either GDP growth will have to falter or the banks will have to experience further compression of their margins, Motilal Oswal said.
Ashwani Gujral says PSU banks are a buy on dips and the move that was seen earlier will see a follow through at some point.
Has the government done enough to ensure that public sector banks won’t slip into their lousy ways again?
The partnering bank, Union Bank of India, and technology firm Tech Mahindra will also facilitate the process, it said.
PSUs and regional rural banks hold more than 85 percent of agri debt, hence this is negative for PSU banks, Nomura said.
The Reserve Bank of India said it would continue to work in partnership with the government to address the stress in banks' balance sheets.
Recovery in PSU banks will be dependent on credit growth which in turn is dependent on economic recovery.
The concerned departments of the Reserve Bank undertaking government business will also remain open on the above days.
Bank of Baroda, Tech Mahindra, Cipla, BHEL, Bharti Infratel, SBI, Coal India and Dr Reddy's Labs surged 1.6-5 percent while Tata Motors, ICICI Bank, Tata Steel, Reliance Industries and HDFC were under pressure.
According to global financial services major Bank of America Merrill Lynch, (BofA-ML) the financial year 2017-18 fiscal deficit target is likely to be the same as this fiscal.
Manish Sonthalia, Head Equities- PMS, Motilal Oswal Asset Management says pharma and IT stocks look very cheap. He is negative on NBFCs and says growth rates are bound to come down. He likes the current valuation of PSU banks.
Morgan Stanley retains underweight rating on SBI with a target price of Rs 200 per share. Though it expects credit costs to decline but warns revenues may stay lower for longer
Investors digested the likely delay in Fed rate hike after weak US economic data since last Friday. Indices had rallied 2 percent in previous two consecutive trading sessions.