indian stock market

The bank's strategies to increase low-cost deposits and reduce dependence on whole-sale deposits have started yielding results . As the bank becomes 100 per cent CBS-enabled, fee-income may improve. M.V.S Santosh Kumar Investors can consider accumulating the Allahabad Bank stock, which is a defensive pick in the banking space. The bank has posted higher-than-industry credit growth so far this fiscal with lower slippages, thereby increasing its market share in advances. The Allahabad Bank stock is trading at a significant valuation discount to its peers. At current market price of Rs 133, the stock is trading at a price earnings multiple of nearly 5 times on estimated FY10 earnings and a price to FY10 adjusted book value (estimated) of 0.88. The bank had formulated strategies to increase low cost deposits and reduce dependence on whole-sale deposits while improving yields and fee income. These have started yielding results, with the bank witnessing sha

'Several mutual funds have launched PSU Funds'. Our Bureau Mumbai, Jan. 15 Shares of Government-owned companies gained between 5 and 20 per cent on Friday on talks of stake sales in some of them. The BSE PSU index gained 2 per cent. Sensex and Nifty closed in the red. Engineers India Limited gained 20 per cent and hit the upper circuit after the Government announced a 10 per cent divestment in that company. The State owns a 90.40 per cent stake in Engineers India. The stock closed at Rs 2079.70 on the BSE. The other such counters that gained on Friday were State Trading Corporation, Dredging Corporation of India Ltd, Hindustan Copper, NMDC, Rashtriya Chemicals and Fertilisers Ltd, MMTC, BEML. The Government's holding in these companies is more than 90 per cent. The Cabinet approval for disinvestment in Engineers India has brought renewed buying interest in other PSU stocks such as NMDC, GMDC, FACT, RCF, ITI, HMT, HOCL, National Fertiliz