Imperative to continue with normalization of rate and system is likely to remain in deficit mode making repo rate the benchmark, says RBI, reports NDTV Profit. Monetary policy works best when liquidity is being injected, it adds, reports the channel.
RBI narrows LAF Corridor to 125 bps versus 150 bps and raises projection for FY'11 GDP growth to 8.5% from 8%, reports NDTV Profit. Real policy rates are not consistent with strong growth and to contain inflation and prevent build-up of inflation pressures, says RBI, reports the channel.
RBI has raised Repo Rate to 5.75% from 5.5% and Reverse Repo Rate has been hiked to 4.5% from 4%, reports CNBC TV18. The Nifty is back in the green with the Sensex trading at 18060 up 40 points from its previous close, and Nifty is at 5428, up 9 points.
RBI hikes Repo Rate by 25 bps and Reverse Repo Rate by 50 bps while CRR remains unchanged at 6%.
Monday 26 July 2010
Allahabad Bank
Emkay Global Financial Services has recommended accumulate rating on Allahabad Bank with a target of Rs 220 in its July 23, 2010 research report.
“Allahabad Bank reported spectacular numbers for Q1FY11 with NII up 14.5% qoq and net profit up 54% qoq. Highlights were 29bps improvement in NIMs and lower NPAs sequentially. The slippages surprised positively as they stood at Rs 1.2 billion, 0.8% annualised vis-à-vis 1.4% for Q1FY10 and 1.7% for FY10. The gross NPAs were down by 7% qoq and net NPAs by 34% qoq. The provision cover stood at 73%. Valuations attractive at 1.2x FY11E/0.9x FY12E ABV. Upgrade to accumulate with price target of Rs 220 at 1.1x FY12E ABV,” says Emkay Global Financial Services research report.
Buy Fortis for target of Rs 171
There is a fresh breakout today on the charts, it has happened with very good volumes. The stock has already clocked volumes in excess of 1 crore on NSE. So that clearly is a sign that the stock is breaking out. The target that very clearly now emerges is 171. So first target on Fortis is 171. The stock can be picked up right now with a stop loss of around 155. So this is clearly a buy signal here.
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