ICICI Bank tumbles 2.3% post Q1 nos

The bank has posted a net profit of Rs.25158.50 million for the quarter ended June 30, 2016 as compared to Rs.32323.70 million for the quarter ended June 30, 2015.

ICICI Bank tumbled 2.3% to Rs.256.90 on BSE.  The bank has posted a net profit of Rs.25158.50 million for the quarter ended June 30, 2016 as compared to Rs.32323.70 million for the quarter ended June 30, 2015. 

The scrip opened at Rs. 257 and has touched a high and low of Rs. 261.45 and Rs. 256 respectively. So far 9263634(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 152902.98 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 319.7 on 05-Aug-2015 and a 52 week low of Rs. 180.8 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs. 274 and Rs. 260.4 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 65.58 % and 9.04 % respectively.

Axis Bank to offer LIC products to its customers

Axis Bank signed an MoU to distribute LIC’s multiple life insurance products to their customers. This is one of the largest Bancassurance partnerships after the recent IRDA regulations issued on open architecture framework for banks.

Axis Bank signed an MoU to distribute LIC’s multiple life insurance products to their customers. This is one of the largest Bancassurance partnerships after the recent IRDA regulations issued on open architecture framework for banks.
 
Life Insurance Corporation of India, India’s largest life insurance company with a market share of 76.8% in policies and 70.4% in first premium, and Axis Bank, India’s third largest private sector bank with widespread network of 3006 branches (including extension counters), signed an MoU to distribute LIC’s multiple life insurance products to their customers. This is one of the largest Bancassurance partnerships after the recent IRDA regulations issued on open architecture framework for banks. In the preliminary phase, the bank will distribute LIC’s life insurance products across its branches in West Bengal, Bangalore and Haryana – Panchkula. Additionally, the bank will also provide post sales services such as premium collection and renewal of policies.
 
Mukesh Gupta, Executive Director, Bancassurance, LIC expressed that “The coming together of the two major reputed organisations would enable them to combine and utilise the synergies for enhancing customer satisfaction and for serving social objectives of the nation”.
 
Rajiv Anand, Executive Director & Head Retail Banking, Axis Bank added “Banks have increased their role in Insurance distribution with Bancassurance being the biggest contributor. Over the last five years the Life Insurance business at Axis Bank has grown at a CAGR of over 25%. The partnership with LIC would enable us to further expand our existing bouquet of offerings and put forth a compelling proposition for our customers.”
 
The bank will continue to invest in disruptive technologies to translate customer requirements into actionable insights and accordingly advice on the best fit policies from India’s leading insurance companies.

Punjab National Bank Q1 PAT down 57.5% to Rs.306 cr; Gross NPA at 13.75%

The bank has posted a net profit of Rs.306 crore for the quarter ended June 30, 2016 as compared to Rs.721 crore for the quarter ended June 30, 2015.

Punjab National Bank has announced the following unaudited standalone results for the quarter ended June 30, 2016:

The bank has posted a net profit of Rs.306 crore for the quarter ended June 30, 2016 as compared to Rs.721 crore for the quarter ended June 30, 2015. The bank's total income has increased from Rs.13,432 crore for the quarter ended June 30, 2015 to Rs 13,930 crore for the quarter ended June 30, 2016.

Stock view:

Punjab National Bank is currently trading at Rs. 133.3, up by Rs. 0.55 or 0.41% from its previous closing of Rs. 132.75 on the BSE.

The scrip opened at Rs. 133.3 and has touched a high and low of Rs. 136.35 and Rs. 132 respectively. So far 18714090(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 26066.76 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 180.5 on 17-Aug-2015 and a 52 week low of Rs. 69.4 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs. 134.9 and Rs. 117 respectively.

The promoters holding in the company stood at 62.08 % while Institutions and Non-Institutions held 31.36 % and 6.55 % respectively.

The stock is currently trading above its 200 DMA.

Kotak Mahindra Bank plans to raise Rs. 5000 crore

Kotak Mahindra Bank Ltd has announced that the Board of Directors of the company at its meeting held on July 21, 2016, has approved the item of business for seeking consent of the shareholders by postal ballot.

Kotak Mahindra Bank Ltd has announced that the Board of Directors of the Company at its meeting held on July 21, 2016, has approved the item of business for seeking consent of the shareholders by postal ballot for issuance of unsecured, redeemable, non-convertible debentures/bonds up to Rs. 5000 crore.

Kotak Mahindra Bank Ltd is currently trading at Rs. 767.2, down by Rs. 14.8 or 1.89% from its previous closing of Rs. 782 on the BSE.

The scrip opened at Rs. 787 and has touched a high and low of Rs. 790 and Rs. 760.15 respectively. So far 2683535(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 143557.43 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 784.7 on 14-Jul-2016 and a 52 week low of Rs. 586.5 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 784.7 and Rs. 767.65 respectively.

The promoters holding in the company stood at 33.7 % while Institutions and Non-Institutions held 40.64 % and 25.66 % respectively.

The stock is currently trading above its 50 DMA.

HDFC Bank Q1 net profit at Rs.3240 crore; Gross NPA at 1.04%

The bank reported its Q1 net profit stood at Rs.3240 crore vs Rs.2690 crore. Its NII at Rs.7,761 cr vs Rs.6,389 cr YoY.

HDFC Bank

Stock Price:

HDFC Bank Ltd is currently trading at Rs. 1235.05, up by Rs. 2.95 or 0.24% from its previous closing of Rs. 1232.1 on the BSE.

The scrip opened at Rs. 1231.9 and has touched a high and low of Rs. 1239.5 and Rs. 1231.9 respectively. So far 381734(NSE+BSE) shares were traded on the counter. 

The current market cap of the company is Rs. 312343.76 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1238.5 on 18-Jul-2016 and a 52 week low of Rs. 928.8 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 1238.5 and Rs. 1192.5 respectively.

The promoters holding in the company stood at 21.43 % while Institutions and Non-Institutions held 43.51 % and 16.4 % respectively.

The stock is currently trading above its 50 DMA.

SBI signs MOU with Brookfield Asset Management for distress investments

The proposed JV will independently evaluate and invest in various stressed assets, and will rely upon Brookfield’s operational expertise to manage recapitalized businesses.

State Bank of India (SBI), India’s largest lender, as a part of its ongoing stress asset resolution process, has signed a Memorandum of Understanding (MoU) with Brookfield Asset Management Inc to collaborate on investments in stressed assets.

SBI and Brookfield propose to form a joint venture (JV), whereby Brookfield will commit approximately Rs 7000 crore and SBI up to 5% of total investments into stressed assets. The proposed JV will independently evaluate and invest in various stressed assets, and will rely upon Brookfield’s operational expertise to manage recapitalized businesses. The proposed JV may, at a later stage, seek participation from other lenders in the identified assets.

SBI Chairman, Arundhati Bhattacharya, expressed optimism that this approach of collaborating with global players will enable the banks in general and SBI, in particular, to find alternate solution for resolution of stressed assets. She opined that such approach will be more acceptable to both the lenders and the borrowers in cases where the promoters are not able to infuse funds and lenders are reluctant to take additional exposure.

Anuj Ranjan, Head of Brookfield India, said, “We’re very excited about this partnership with the State Bank of India. This is a great opportunity for us to continue to invest in the long-term India story, and we’re pleased to be further expanding our private equity platform here.”

Axis Bank cuts base rate by 10 bps

The scrip opened at Rs. 565.75 and has touched a high and low of Rs. 565.75 and Rs. 559.2 respectively.

Axis Bank cuts base rate by 10 bps To 9.35% effective from July 27, 2016.

Axis Bank Ltd is currently trading at Rs. 560.25, down by Rs. 3.75 or 0.66% from its previous closing of Rs. 564 on the BSE.

The scrip opened at Rs. 565.75 and has touched a high and low of Rs. 565.75 and Rs. 559.2 respectively. So far 2983379(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 134657.25 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 603 on 20-Jul-2015 and a 52 week low of Rs. 366.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 576.85 and Rs. 551.15 respectively.

The promoters holding in the company stood at 29.71 % while Institutions and Non-Institutions held 57.25 % and 9.47 % respectively.

The stock is currently trading above its 50

Yes Bank bets on Nirma by extending Rs.4000-4500 crore credit line

The bank has offered a Rs 4,000-4,500 crore credit line to Nirma through a combination of loans.

Yes Bank has given the largest commitment among a consortium of banks to Nirma-Lafarge deal, according to reports.

Reports say that the bank has offered a Rs 4,000-4,500 crore credit line to Nirma through a combination of loans and bonds for a 10-year period at an aggressive 9.5-10 per cent rate. 

Nirma is likely to fund the buyout largely through borrowed funds. 

Yes Bank Ltd is currently trading at Rs. 1156.25, up by Rs. 2.65 or 0.23% from its previous closing of Rs. 1153.6 on the BSE.

The scrip opened at Rs. 1152 and has touched a high and low of Rs. 1160.85 and Rs. 1149 respectively. So far 408396(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 48585.41 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1185.65 on 15-Jul-2016 and a 52 week low of Rs. 590 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 1185.65 and Rs. 1138.5 respectively.

The promoters holding in the company stood at 21.91 % while Institutions and Non-Institutions held 65.51 % and 12.58 % respectively.

The stock is currently trading above its 50 DMA.

Govt allocates Rs.22,915 crore capital to 13 public sector banks for FY17

The government has allotted Rs.721 crore to Union Bank of India under PSU Bank recapitalisation.

In line with the announcements made under Indradhanush and the Union Budget, Government has undertaken an exercise to assess the capitalization needs of Public Sector Banks during the year 2016-17.

The capital infusion exercise for the current year is based on an assessment of need as assessed from the CAGR of credit growth for the last five years, banks’ own projections of credit growth and an objective assessment of the potential for growth of each Public Sector Bank.

The government has allotted Rs.721 crore to Union Bank of India under PSU Bank recapitalisation. Punjab National Bank will receive Rs.2,816 crore whereas Syndicate Bank will be allotted Rs.1,034 crore.

Bank of India will get Rs.1,784 crore, whereas State Bank of India will receive Rs.7,575 crore under PSU Bank recapitalisation.

Consequent upon the above exercise, 75% of the amount collected for each bank is being released now to provide liquidity support for lending operations as also to enable banks to raise funds from the market.  The remaining amount, to be released later is linked to performance, with particular reference to greater efficiency, growth of both credit and deposits and reduction in the cost of operations. Total Rs.22, 915 crore is being allocated to following banks at present.

S. No.	Name of Bank	Amount (in crore)
1	Allahabad Bank	44
2	Bank of India	1784
3	Canara Bank	997
4	Central Bank of India	1729
5	Corporation Bank	677
6	Dena Bank	594
7	Indian Overseas Bank	3101
8	Punjab National Bank	2816
9	State Bank of India	7575
10	Syndicate bank	1034
11	UCO Bank	1033
12	Union Bank of India	721
13	United Bank of India	810
	Total	22,915

Corporation Bank jumps 1.3% on Rs.677 cr recapitalization

Corporation Bank will received Rs. 677 crore as part of the recapitalization.

Shares of Corporation Bank surged 1.3% to Rs.42.85 on BSE after the government announced Rs.23,000 crore to recapitalize 13 public sector banks (PSBs).

Corporation Bank will received Rs. 677 crore as part of the recapitalization.

The scrip opened at Rs. 43 and has touched a high and low of Rs. 43.9 and Rs. 42 respectively. So far 669070(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4325.11 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 56.25 on 18-Aug-2015 and a 52 week low of Rs. 30.75 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 45.2 and Rs. 41.75 respectively.

The promoters holding in the company stood at 67.2 % while Institutions and Non-Institutions held 26.51 % and 6.29 % respectively.

The stock is currently trading above its 200 DMA.

Axis Bank rises 1.8% after FII limit raised

The Reserve Bank of India increased limit for foreign shareholding in the third-biggest private sector lender to up to 74 per cent from 62 per cent earlier.

Axis Bank rose 1.8% to Rs.575. The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) can now invest from an existing 62% up to 74% of the paid up capital of Axis Bank Ltd. under the Portfolio Investment Scheme (PIS).

The bank declared its marginal cost of funds based lending rate (MCLR) for one year at 9.30 per cent. The 1 month and 3 Month MCLRs are reduced by 10 basis points, while the overnight, 6months, 1 year, 2 year and 3 year MCLRs are reduced by 5 basis points.

The scrip opened at Rs. 571.8 and has touched a high and low of Rs. 575.4 and Rs. 569 respectively. So far 3342206(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 134836.32 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 613.4 on 16-Jul-2015 and a 52 week low of Rs. 366.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 570.7 and Rs. 542.15 respectively.

The promoters holding in the company stood at 29.71 % while Institutions and Non-Institutions held 57.25 % and 9.47 % respectively.