One needs to build a separate trading model to identify retracement and reversal
The investment legroom for FPIs in HDFC Bank, Kotak Mahindra Bank, and IndusInd Bank has reduced, according to index provider FTSE, which has dropped these stocks from some of its indices
Hopes of improvement in asset quality, better credit growth and lower valuations are supporting factors
From its recent low of Rs 338.2 (on closing basis), hit on May 22, 2020, the stock price of the lender has surged 68 per cent on the BSE till Wednesday
Nifty's momentum indicators and oscillators on the weekly scales are still in 'buy' mode
The bank invoked pledge on 56,83,320 shares forming 7.82 per cent of paid-up equity share capital of Eveready Industries
All that happened in the markets today
The lender's Board approved to raise capital, via preferential issue, of up to Rs 3,288 crore.
The lender's net interest income rose 16.4 per cent year on year to Rs 3,309 crore
The net NPAs, however, showed improvement as it fell to 0.86 per cent of the net advances by the end of first quarter FY21
Analysts at Phillip Capital have an outlier estimate for the bank's net profit for this quarter. They peg the PAT at Rs 585.2 crore, up a whopping 94 per cent QoQ.
The stock of IndusInd Bank has maintained a good base near 485 levels and has indicated a momentum pick up with positive bias
Of the top five private banks, Ind-Ra rates HDFC Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank.
According to the report, Route One Investment Company currently holds a 5.41 per cent stake in IndusInd Bank through two entities but intends to hike it to around 9.9 per cent
Moratorium extension and business flow from March may have influenced figures
The legal battle in the Hinduja family, which could result in a partition of family assets, is likely to delay their plan to increase stake in IndusInd Bank
The bank is promoted by holding companies IndusInd International Holdings and IndusInd, which are predominantly controlled by Ashok Hinduja, the youngest among the four Hinduja brothers.
In June, IndusInd International Holdings has bought 1.73 million shares worth Rs 85.51 crore of the bank through open market
Thus far in June, IndusInd International Holdings has bought 1.73 million equity shares of the bank through open market
The stock was trading higher for the fifth straight day, ralling 8 per cent to Rs 541 on the BSE on Thursday