Tag: RBL BANK

Pre-Market Information – RBL Bank, PNB, BHEL, Colgate-Palmolive, Route Mobiles, JSPL, Raymond and other stocks will be in focus today

The US markets ended in the red on Wednesday. Nasdaq ended flat. However, The US Federal Reserve’s rate hike signals made the benchmark indices to come off from respective highs. Fed chairman said the first rate hike might be in March. Asian Markets fell after Fed remarks. SGX Nifty indicates a negative start for Indian markets. 

The following stocks will be in focus today: 

KPIT Technologies: The company to consider interim dividend declaration on January 31.

SRF: The company approves a project to create Pharma Intermediaries Plant for undertaking precursor processes to produce Pharma products at Dahej at a cost of Rs.190 Cr.

Wipro: The company acquired an additional stake of 13.3% in Encore Theme Tech.

Indiabulls Real Estate: The company posted loss at Rs. 87 Cr. in Q3FY22 against profit of Rs 80.6 crore in Q3FY21. Its revenue fell to Rs.322.8 Cr. from Rs.721.6 Cr. YoY.

Raymond: The company reported higher profit at Rs. 101 Cr. in Q3FY22 against Rs.22.1 Cr. in Q3FY21. Its revenue jumped to Rs.1,843.3 Cr. from Rs.1,243.4 Cr., YoY. The company will demerge its real estate operations into subsidiary.

Jindal Steel & Power: ICRA upgrades its rating to to AA –  with ‘Stable’ outlook from A+ with ‘Positive’ outlook, on the long term bank facilities and has reaffirmed the rating of A1+ for short term bank facilities of the company.

United Spirits: The company reported profit at Rs. 291.1 Cr. in Q3FY22 against Rs.230 Cr. in Q3FY21. Its revenue jumped to Rs.2,884.2 Cr. from Rs.2,489 Cr. YoY.

The following stocks will post their Q3 earnings today:

Canara Bank, Punjab National Bank, RBL Bank, Arvind, Accelya Solutions India, Aurionpro Solutions, Birlasoft, Coforge, Bharat Heavy Electricals, Colgate-Palmolive, Indus Towers, Fino Payments Bank, Laurus Labs, Motilal Oswal Financial Services, LIC Housing Finance, Nippon Life India Asset Management, Route Mobile, Wabco India, Wockhardt, Mahindra Logistics, and others.  

Pre-market data for today – Indiabulls Housing Finance, Vodafone Idea, and RBL bank are under the F&O ban. December 30, 2021

The US markets rallied. However, futures trading is in the red. 

Asian markets are showing mixed cues.

Yesterday, FIIs were selling again. Except for this Tuesday, they have been on a selling spree for a while. 

Today is the monthly expiry day hence volatility may be a little bit higher than yesterday. 

Indiabulls Housing Finance, Vodafoneidea and RBL Bank are under the F&O ban. 

The Omicron cases are rising all over the world including India. This might reflect on today’s trade pattern.  

Nifty above 17170. Supriya Lifesciences made a grand debut. RBL Bank recovered

Indian benchmark indices trading higher amid positive global cues. Nifty 50 is trading above 17,170 levels right now. All of the sectoral indices are in green. Nifty Media, Nifty Realty and Nifty Consumer Durables are outperforming other indices.

Supriya Lifesciences Ltd. made a grand debut. It listed with gains. Its gains are near to Grey Market Premium. It seems to be one of the successful IPOs of this year.

Yesterday’s stock of the day RBL Bank is now trading in green. RBI’s clarification regarding their decision to appoint an additional director on lender’s board seemed to be helped the stock to recover a bit. RBI has said that its prime concern was the delay in identifying successor of Mr. Vishwavir Ahuja. Inclusion of Mr.Dayal on board as an additional director was to communicate RBI’s stand to the lender, especially on Risk Management. Right now, the stock is up by around 2%.

Market Alert: RBL Bank shares crash 20% as concerns rise over financial health of lender

Indian benchmark indices trading flat right now. Despite positive global cues, our indices traded lower. However, they managed to recover from the earlier lows. Nifty Bank is still in red.

Nifty IT and Nifty Pharma doing well today. Most of the IT stocks are in green. Happiestminds is 5% up. On the other hand, Nifty Bank, Nifty Oil & Gas and Nifty Realty are dragging the index.

RBL Bank is 19.64% down. Today’s session seems to be a volatile session.

The RBI’s order to appoint Mr.Yogesh K Dayal, Chief General Manager, Reserve Bank of India as an additional director on the board of the RBL Bank for a period of two years, made RBL Bank stock to hit 52-week low today, i.e., December 27, 2021. It hits lower circuit after falling 20% as the market opens. As per Reserve Bank’s statement the tenure of Mr. Dayal will be w.e.f. 24th December, 2021 to 23rd December, 2023, or till further orders, whichever is earlier.

This development raised concerns over financial health of the bank. As a result, the stock nosedived as the trade started. However, the Board of Directors of the lender appointed Mr. Rajeev Ahuja, the current Executive Director, as its interim managing director & chief executive officer of the bank with immediate effect. He said that the appointment of Mr. Dayal as additional director on the board is not related to the asset quality or advances issue. On the other hand, bank’s long-term MD and CEO Vishwavir Ahuja, who had given 1 year extension by RBI in June, 2021, now has gone for leave.

There have been reports that ace investors, Rakesh Jhunjhunwala and Radha Krishna Damani have approached the RBI with a request to buy a 10% stake in RBL Bank. However, Rakesh Jhunjhunwala has denied this news.

Several brokerage agencies have expressed mixed opinions regarding this development.

In a nutshell, considering RBI’s actions in cases of Yes Bank and Lakshmi Vilas Bank (Now Dhanlaxmi Bank), investors became skeptical regarding RBL Bank. This made the stock to crash by 20%. The reasons behind the appointment of Mr. Dayal on board might see the light in forthcoming days.