Bank Stocks Outlook For The Week - 08 To 12.10.2018
Bank stocks will remain under pressure next week after the Reserve Bank of India changed its policy
stance to 'calibrated tightening' and said rates are set to either remain unchanged or move northwards. However, some buying in stocks of retail-centric banks could be expected. Karnataka Bank and Bandhan Bank are scheduled to detail their Jul-Sep earnings next week. Bank stocks are also seen under pressure due to volatility in the currency market as well as in the broader market. With the continued rise in yields on government bonds, state-owned banks may continue to report marked-to-market losses on their investments. Some stock-specific movement could be expected in shares of Bank of Baroda, in case of any developments in the proposed merger of Vijaya Bank and Dena Bank with itself. With the onset of the earnings season for Jul-Sep next week, rating agency CRISIL has estimated provisioning cost for the industry in 2018-19 (Apr-Mar) at 2.8 trln rupees and it expects overall profitability to remain subdued, though better than the previous financial year.
Source : Cogencis Information Services Ltd.
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Bank stocks will remain under pressure next week after the Reserve Bank of India changed its policy
stance to 'calibrated tightening' and said rates are set to either remain unchanged or move northwards. However, some buying in stocks of retail-centric banks could be expected. Karnataka Bank and Bandhan Bank are scheduled to detail their Jul-Sep earnings next week. Bank stocks are also seen under pressure due to volatility in the currency market as well as in the broader market. With the continued rise in yields on government bonds, state-owned banks may continue to report marked-to-market losses on their investments. Some stock-specific movement could be expected in shares of Bank of Baroda, in case of any developments in the proposed merger of Vijaya Bank and Dena Bank with itself. With the onset of the earnings season for Jul-Sep next week, rating agency CRISIL has estimated provisioning cost for the industry in 2018-19 (Apr-Mar) at 2.8 trln rupees and it expects overall profitability to remain subdued, though better than the previous financial year.
Source : Cogencis Information Services Ltd.
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