Collateral damage! PSU bank stocks crash up to 8% along with Adani stocks
Adani stocks came under pressure after global investment banker Credit Suisse assigned zero lending value for bonds sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai. It has stopped accepting bonds of Adani companies as collateral for margin loans to its private banking clients following allegations made in Hindenburg report, Bloomberg said.
Nifty has broken down from its consolidation range and slipped below its 100-day exponential moving average (EMA) of 17,900 levels, which was being defended for the past 23 sessions. The short-term moving averages are in a falling mode, which indicates the bearish momentum could continue in the upcoming week.
What to buy as Sensex dives below 59,500? Dilip Bhat answers
"Pharma is certainly one of the spaces that one should look at because that is one of the space which has not done anything at all. They have only gone down. I think one should definitely look into some of the frontline pharma stocks like Sun Pharma, Lupin, Cipla. I will also be a little more comfortable with something like Larsen & Toubro or Siemens or ABB."
The net profit stood at Rs 2882 crore against Rs 1502 crore in the year ago period. Operating profit saw a relatively modest 20% rise at Rs 6952 crore.Its net interest margin for the quarter improved to 3.05% against 2.83% in the year-ago quarter. Net interest income at Rs 8600 crore was 24% higher year-on-year.
Rekha Jhunjhunwala picks 2% stake in smallcap pharma stock
Sun Pharma Advanced Research Company (SPARC) is a clinical-stage bio-pharmaceutical company focused on continuously improving standards of care for patients globally, through innovation in therapeutics and delivery. SPARC was formed in 2007 following its demerger from Sun Pharma, a global leader in speciality generics.
"Overall, we forecast top seven PSBs under our coverage to report a profit after tax of ₹1.3 lakh crore in FY25 versus a loss of ₹59,400 crore in FY18. Thus, we expect 29% earnings compounded annual growth over FY22-25 and estimate these PSBs' RoA/RoE to improve to 0.9%/14.2% in FY25, respectively," the brokerage said in a report.
RHFL Resolution: SC seeks Sebi, lenders' response on 2 appeals
AII and RHFL had filed separate but identical appeals seeking the go-ahead for the former's resolution plan to take over the company in June 2021. The offer translates into a 74% haircut on RHFL's total dues of ₹11,541.44 crore.
Motilal Oswal picks 3 PSU bank stocks as valuations remain inexpensive
Public Sector Banks (PSBs) have come a long way over the past five years with profitability of top 7 PSBs under our coverage improving to an estimated Rs 909 billion in FY23 from a loss of Rs 594 billion in FY18. We estimate earnings traction to sustain aided by improved loan growth, margins and controlled credit costs," the brokerage said.
This market expert is upbeat about cement and banking stocks for next week
The stock has managed to give a breakout of the last two trading sessions corrective moves. Looking at the overall setup, we are bullish on Canara Bank and we expect that this upward momentum is likely to continue towards the Rs 335-340 zone. So, Canara Bank is a ‘buy with a stop loss of Rs 318.
Rekha Jhunjhunwala adds stake in this Tata group multibagger in Q3
This amounts to a 0.18% increase in holding by the investor as in the previous quarter, she held a 1.61% stake or 45,75,687 equity shares in the cellular and fixed-line services provider.The latest corporate shareholdings filed suggest that Rekha Jhunjhunwala publicly holds 20 stocks with an estimated net worth of over Rs 12,171.6 crore.
Right time for long-term investors to pick up IT names: Rahul Shah
IT index is down more than 25%. So I feel that post TCS results one thing was very clear that it looks like that IT has made a bottom. I think obviously we need to look into most of the others earnings as well to get a clearer picture.
SBI's offer to sell this account comes even as the Orissa High Court, for the second time, stayed initiation of the insolvency process against Visa after the Cuttack bench of the National Company Law Tribunal (NCLT) had admitted the borrower for commencement of bankruptcy proceedings, acting on a plea by Punjab National Bank (PNB) late November.
Scope for 7-10% uptick in Tata Motors from current levels: Hemang Jani
I think having some sort of a cap on what sort of exposure you are taking when it comes to PSUs would definitely be advisable. This is because when you are going through a turbulent time and 2023 right from the beginning looks like it is going to be a difficult year to navigate, we have to remember that what kind of exposure in which kind of sectors and stocks you are taking exposure. That becomes very crucial so we would avoid high beta low quality names when it comes to this year.
Ahead of Market: 10 things that will decide D-St action on Wednesday
Global bourses reversed their recent gains as Fed officials stated that policymakers would raise the rate beyond 5% and hold on for a while. Sentiments in the domestic market were further dampened by the muted start to the IT earnings season, along with their cautious commentary on the demand environment
Jhunjhunwala family increases stake in this smallcap
Rekha Jhunjhunwala, as per the latest corporate shareholdings filed, publicly holds 19 stocks with an estimated net worth of over Rs. 11,866.8 crore. Some of the top holdings of the investor include Aptech, Crisil, Indian Hotels and Jubilant Pharmova and Fortis.
Vinit Bolinjkar on 3 PSU banks one should stick with now
"Where there is uncertainty, the best thing is not to step into those muddled waters. The Indian economy has got substantial leverage plays which can really pan out across the length and breadth of the country and across the spectrum of sectoral allocations. I believe one should keep a close tab on this segment but not to venture until the scenario clears completely."
Jhunjhunwalas raise stake in this PSU stock that gave index-beating returns in 2022
The reviving credit growth, better margin prospects, lower FPI ownership, lower imminent risk of a rise in credit costs, and the large valuation discount makes public sector bank stocks a preferred bet for Credit Suisse over private banks.
Should you put fresh money to work at these levels? Neeraj Dewan answers
"I want to basically create a portfolio which will have stocks like L&T, NCC in the infrastructure or maybe IndusInd Bank, Canara Bank and even HDFC Bank in the banking space. There can be some soft commodities or food companies like Daawat and metal companies like Vedanta. I would want a little balanced portfolio for this year "
Cinderella time! Will PSU bank stocks be first to be hit by midnight’s curse?
Dalal Street trader and investor Vivek Bajaj, who runs StockEdge, says credit will slow down when interest rates go up to obnoxious levels. "PSU banks, being the most inefficient segment of the banking sector, will definitely see corrections. But efficiently managed banks like SBI and Bank of Baroda will continue to outperform other PSU banks," he said.
Top 10 trading ideas for January series as traders may bet big on 19,000 again
On the Options front, we have maximum Call Open interest at 19,000 strike, which is Out-Of-Money (OTM) indicating the traders are betting big on 19,000 mark again. Whereas on the Put side, the maximum open interest was at 18,000 strike, suggesting crucial support area for the Nifty in January series
Tech indicators hint weakness is not yet over: Analysts
On the downside, Nifty has immediate support at 17,950; breaking below will see a test of the recent low of 17,774 which will act as support. Indias VIX has come down to 14.87. VIX below 15 levels will support the market, and any rise will keep the markets under pressure.
Ahead of Market: 10 things that will decide D-Street action on Monday
"The benchmark Nifty recovered smartly during the week, pairing more than 50% of the previous week's loss. The index has formed a bullish harami pattern on the weekly chart, suggesting a bullish reversal. Besides, the index has closed above its 50-week exponential moving average.
Pre Budget rally on cards! Axis Bank, Canara Bank top ideas for January 2023 series: Rupak De
BFSI, metal, and auto stocks helped the market recover during the week. Buying from domestic institutions and retail, combined with a lack of large ticket sales by FIIs in the last week of the year, resulted in a significant price recovery.
Do not be a Rambo thinking your stocks will go up even if the markets fall: Basant Maheshwari
"We have been holding IT for the last several months. They have not been moving up and down. In IT, it is all about the Nasdaq. If the Nasdaq bottoms, IT will bottom; if the Nasdaq does not bottom, IT will again struggle. The Nasdaq is all about interest rates. If the Fed comes and stops the interest rate hikes, they will do well."
Jhunjhunwalas’ portfolio value doubled in 2 years! Here's how much RJ & Co made in 2022
He is survived by his wife, Rekha Jhunjhunwala, and three children. Rekha has been an investor in several RJ companies, and the Jhunjhunwala portfolio value includes the value of Rekhas holdings as well.
Gurmeet Chadha on why betting on midcap banks & NBFCs makes sense
“We also like some industrials and manufacturing plays in the midcap space, in defence, in textiles and partially in industrial gases. We track this very closely and we are also tracking some NBFCs which have been a little out of favour because the market believes that the cost of borrowing for NBFCs is up and banks have an advantage but there are some NBFCs like Poonawalla where we are seeing the cost of borrowings drop by almost 2.5%.”