Bank Stocks Outlook For The Week - 28.05.2018 To 01.06.2018
Stocks of banks are seen moving in a narrow range next week as investors are likely to exercise caution ahead of the expiry of the May derivatives series, GDP estimates for Jan-Mar and financial year 2017-18 (Apr-Mar), scheduled for Thursday. As most banks have already reported their Jan-Mar earnings, with majority of state-owned banks posting huge losses due to accelerated provisioning for non-performing assets, we will eye for any supportive action from the government. Earlier this week, Financial Services Secretary Rajiv Kumar said the power ministry is working with banks to arrive at a resolution for stressed power projects, and the government has asked state-owned banks to submit a plan, which are under the Reserve Bank of India's prompt corrective action. Shares of ICICI Bank are seen under pressure next week, as after market hours yesterday, the bank said the Securities and Exchange Board of India has issued notice to bank and Managing Director and Chief Executive Officer Chanda Kochhar. The notice is regarding loans to Videocon Group companies and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar, Kochhar's husband, has economic interests. The notice from the markets regulator follows allegations against Kochhar of preferential treatment in a $500-mln loan given to Videocon Group, a large portion of which has since turned non-performing. Bank of India, United Bank of India, Indian Overseas Bank, and Jammu & Kashmir Bank will declare their earnings next week.
Source : Cogencis Information Services Ltd.
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Stocks of banks are seen moving in a narrow range next week as investors are likely to exercise caution ahead of the expiry of the May derivatives series, GDP estimates for Jan-Mar and financial year 2017-18 (Apr-Mar), scheduled for Thursday. As most banks have already reported their Jan-Mar earnings, with majority of state-owned banks posting huge losses due to accelerated provisioning for non-performing assets, we will eye for any supportive action from the government. Earlier this week, Financial Services Secretary Rajiv Kumar said the power ministry is working with banks to arrive at a resolution for stressed power projects, and the government has asked state-owned banks to submit a plan, which are under the Reserve Bank of India's prompt corrective action. Shares of ICICI Bank are seen under pressure next week, as after market hours yesterday, the bank said the Securities and Exchange Board of India has issued notice to bank and Managing Director and Chief Executive Officer Chanda Kochhar. The notice is regarding loans to Videocon Group companies and certain dealings allegedly between Videocon Group and Nupower, an entity in which Deepak Kochhar, Kochhar's husband, has economic interests. The notice from the markets regulator follows allegations against Kochhar of preferential treatment in a $500-mln loan given to Videocon Group, a large portion of which has since turned non-performing. Bank of India, United Bank of India, Indian Overseas Bank, and Jammu & Kashmir Bank will declare their earnings next week.
Source : Cogencis Information Services Ltd.
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