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Two banks — HDFC Bank and SBI — contributed half of the industrys profits. Of the total profits, HDFC Bank at Rs 31,116 crore accounted for 30%, an 18% increase over the previous year.
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NEW DELHI: At least 12 Nifty50 companies are set to report over 100 per cent surge in profit in March quarter, thanks to a low base on account of the spike in Covid cases and partial shutdown of economic activity in the year-ago quarter.
While aggregate sales for Nifty50 companies is expected to jump 16-20 per cent in March quarter, the highest in nine quarters, various estimates project aggregate profit growth of 65-110 per cent for the quarter.
At least a dozen Nifty50 constituents may log doubling of profits for the quarter, with metals producers, automobile makers and private banks expected to contribute 62 per cent to the incremental revenues, analysts said.
Brokerages have started to align themselves to the opportunity they see in SBI, while markets are gradually warming to it. How bullish would you be on the banking majors?
We are bullish on Dr Lal Pathlabs (we put our money in it at Rs 1,600) because we think they will make money hand over fist. We are very bullish on Page Industries. It has been our top pick from Rs 16,000-17,000; State Bank has been our favourite since it was at Rs 175 and all the FIIs were dumping it. We still think State Bank has value but do not get sucked in by the reports because with Nifty at 15500 or Bank Nifty at 37000 leave no room for error. The dollar is coming back and we are overweight on the defensives like IT and pharma. Banks are in a very sweet spot on the industrial recovery but we will take it with a pinch of salt. We are not going to chase State Bank at Rs 410. It is in our portfolio. The next two weeks may see a dip in the market because of a stronger dollar and IT and pharma are going to be th
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NEW DELHI: HDFC Bank s third quarter results impressed analysts, who said that the profit beat was led by healthy treasury gains and recoveries. They noticed a slight recovery in the lender s net interest margin (NIM) and said the restructuring of 0.5 per cent of its loans was in line with expectations.
The bank s management expects faster asset quality normalisation and better credit growth outlook, said analysts, who suggested a target price as high as Rs 1,860 for the stock. This suggests a potential upside of 27 per cent over Friday s closing price of Rs 1,466.35.
On Monday, the scrip was up 1.51 per cent at Rs 1,488.45 on BSE.