3 stock recommendations by Rajesh Palviya for the upcoming week
The view is a little negative for HDFC Bank; 1500 to 1480 is the immediate target on the downside. Keep your stop loss if you are on the short side of the trade at 1560, says Rajesh Palviya, Axis Securities
PSU bank stocks jump up to 7% led by Union Bank. Here's why
The decision is the latest sign of Indias growing appeal to international investors as the countrys economic growth outstrips peers, its geopolitical influence grows and global companies including Apple Inc. look for alternatives to China.
No Monday Blues! 11 PSU bank stocks hit 52-week highs, surge up to 14%
Nifty PSU Bank was the top-performing index on NSE in an otherwise dull session on Monday, with 11 of the index constituents at fresh 52-week highs. Over the longer term, independent market expert Sandip Sabharwal does not recommend to keep on buying PSU banks as from this quarter or next quarter onwards, we will start seeing some uptick in NPAs and a squeeze in margins which was not there for the last two quarters.
UCO Bank target is to grow operating profit by 15% this financial year: MD
"Our gross NPA is also coming down. It has come down to 4.48% this quarter and we will continue to see the declining trend in the remaining quarters as well and with all this in place, the ROA will improve in the coming quarters. But as far as quarter or the year, the number which you have specified that internally we have not kept any target, our target is to improve our operating performance on a quarter-on-quarter basis."
Pre-sanctioned credit lines on UPI will aid in accelerating transactions: UCO Bank's Ashwani Kumar
The Reserve Bank of India's decision to allow banks to offer pre-sanctioned credit lines on the Unified Payments Interface (UPI) system will contribute to the growth of transactions, according to UCO Bank MD and CEO Ashwani Kumar. UPI transactions have already reached 10 billion per month and are expected to reach 20 billion in the next 18-24 months.
Independence Day Sale! 107 stocks down up to 84% from 52-week highs; should you grab any?
Eight stocks have corrected more than 50% from their respective 52-week highs, and three of the biggest losers in this list are Adani Group firms - Adani Green Energy, Adani Energy Solutions, and Adani Total Gas. These stocks were down 62-84% from their 52-week highs. While Adani Wilmar was down 55% from its 52-week high, Adani Power corrected more than 33%, and Adani Enterprises about 39%.
Bank of Maharashtra tops PSU lenders chart in loan, deposit growth in Q1
State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year. The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter.
Delhi HC grants interim relief to Ratnakar Gutte in bank fraud case
Delhi High Court has allowed interim relief to Ratnakar Gutte, a Maharashtra politician and director of Gangakhed Sugar & Energy, against the banks' declaration of his accounts as "fraud". Gutte filed a petition to have the judgement regarding the declaration scrapped under the Reserve Bank of Indias guidelines. The banks were ordered to file their say in the matter and the declaration will be stayed until then.
Four more foreign lenders approach Uco Bank for opening special Rupee Vostro Accounts
Two of these banks are from Russia, he said. "We will soon approach the Reserve Bank of India for approval," he said. Uco has already opened rupee vostro accounts for four Russian banks while it received regulatory approval for opening accounts for eight more overseas banks including six from Russia.
UCO Bank Q1 Results: Net profit jumps 80% YoY to Rs 223 crore
UCO Bank, the Kolkata-based state-owned lender, has reported an 80% YoY jump in Q1 net profit to Rs 223 crore ($30m). The positive result was largely due to a decline in bad loans. In Q1 2022, the bank's total income increased to Rs 5,857 crore from Rs 3,797 crore.
CBI arrests Tirupati Infraprojects CMD Jag Mohan Garg in Rs 289-cr bank fraud case
Jag Mohan Garg, Chairman & Managing Director of Tirupati Infraprojects Pvt. Ltd, has been arrested for allegedly defrauding a consortium of banks of Rs 289.15 crore. The fraud caused losses to Bank of India, Union Bank of India, Canara Bank, Bank of Baroda & UCO Bank. The Central Bureau of Investigation (CBI) conducted searches at Garg's premises earlier, where several incriminating documents were recovered. Garg has been remanded to police custody until July 17, 2023.
4 stocks Jay Thakkar is bullish on from banking sector
I do not think that we would see a close below 44,500. In fact, 45,000 on an immediate basis is also good support and we see on an intraday basis Bank Nifty took support at 45,000 and has bounced back again.
CBI files charge sheet against Era Housing in Rs 331 crore cheating case in IFCI; Court issues summons
A special court has set the date for a trial to begin in a £33m loan fraud case brought by IFCI against builder Era Housing and developer, bosses and a series of additional firms and individuals. The charges were filed by the Central Bureau of Investigation, which accused the defendants of misleading IFCI to distribute term loans and subsequently diverting the funds for purposes other than those granted.
Uflex, Yes Bank among 5 Nifty 500 stocks trading at 30-50% discount from 52-week highs
Several Nifty 500 stocks including UCO Bank, Uflex, V-Mart Retail, YES Bank, and Zee Entertainment Enterprises (ZEEL) are trading at a significant discount from their 52-week highs, with potential investment opportunities based on placement on the technical charts and current momentum. Despite discounts, the companies include strong players such as accomplished retail chain V-Mart Retail, banking institutions YES Bank and UCO Bank, and leading media and entertainment company ZEE. Before investing, careful analysis and consideration of individual investment goals are recommended.