A total of 469,930 shares changed hands on the counter till 11:11AM (IST).
‘More like a grand film’: Tamil Nadu Minister slams Actor Vijay’s political debut, calls TVK party ‘BJP’s C team’ (28-10-2024)
Tamil Nadu law minister S Regupathy accused Actor Vijay’s new political party, Tamilga Vatri Kajhgam, of acting as a BJP proxy. Regupathy commented that Vijay’s recent rally seemed more like a grand film than a genuine political meeting. Vijay had recently criticized the current Tamil Nadu government in his speeches.
Rupee trades in narrow range against US dollar in early trade (28-10-2024)
The rupee saw a slight appreciation by 1 paisa to 84.07 against the US dollar amid foreign fund outflows and a strong dollar. Traders expect range-bound trade, with support from the RBI’s reserves. Sensex and Nifty showed modest gains, while India’s forex reserves declined.
South Indian Bank (28-10-2024)
- GNPA -10 basis points down QoQ, NNPA 13 basis points down QoQ, Special Mention Account -2 goes down from 0.7% of advances to 0.6% of advances.
- NIM comes down 2 basis points to 3.24%. CEO says it is mainly on account of certain charges taken out of financial income and placed it in other income. There are no material changes. Provision Coverage increases marginally and CASA comes down marginally.
- RoA is at 1.07% and RoE is at 13.71% after all the dilution.
Mr. Market thinks it is not good enough and it should trade at 0.7 of book value and below the adjusted book!!
Mortgage loans, Home loans and Credit cards grew aggressively. Credit card is just 7% of AUM; Personal loan is 11%.
YoY growth in advances is 14%. The Bank wants to keep Credit – Deposit ratio at the current level as aggressive deposit growth and a decrease in C-D ratio can increase the cost of funds.
What is that the market is discounting?
Mr Market does not seem yet to be convinced by the change in underwriting practices in the Bank. Also, my guess is that the market is estimating that NIM can come down as RBI reduces the repo rates. But can it bring down the NIM to a scenario where the RoE is severally down? One cannot know but at the moment it looks unlikely. I think it is at a discount, but you never know!
Mann’s Portfolio (28-10-2024)
Hi, Have you exited Crown Lifters? Any specific reason for doing so? Thanks.
Cipla Q2 results preview: 3-6% revenue uptick seen, net profit may rise by up to 5.7% (28-10-2024)
Cipla is set to report a 3-6% revenue growth for the September quarter, as forecasted by four brokerages. The earnings for Q2FY25 will be announced on October 29, 2024. Estimates for net profit also show a potential increase of 4-5.7%. Different brokerages provided varying figures for revenue and profit expectations.
IDFC First Bank Limited (28-10-2024)
Bank with ‘highest corporate governance standards’ leaked the result…which is evident from heavy short positions created on Thursday and Friday.
Waaree Energies shares dip after strong market debut (28-10-2024)
Investors may consider booking part profit here, and those who want to hold it for the long-term may keep a stoploss of 2000: Swastika Investmart’s Shivani Nyati
Thermax acquires construction chemicals maker Buildtech for ₹72 crore (28-10-2024)
Delhi-based Buildtech, established in 1995, manufactures specialized construction chemicals including admixtures, accelerators, and capsules used in tunnels, infrastructure, and railway projects