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Thursday, August 09, 2012
Allahabad Bank Ltd: Near the Bottom
It seems Allahabad Bank is near the bottom, which according to me comes to around Rs.128--very much near the CMP of Rs.130.40. The company came out with very good numbers for the Q1FY13. The total income came out to be Rs.4767.71 Cr in Q1FY13 as against Rs.3835.77 Cr in Q1FY12. The net profit for Q1FY13 came out to be Rs.514.03 Cr as against Rs.476.22 Cr in the same period previous year. The EPS for the June, 2012 quarter alone is Rs.10.28 (Rs.8.78). The NPM for Q1FY13, was more or less flat on Q-o-Q basis. The EPS for FY12 was Rs.39.18--the stock is poised for a giant leap ahead.
Now with the markets poised to cross 5400 in the coming days, Banks/Real Estate Stocks are expected to be a super duper hits, as the RBI goes for a rate easing cycle--the current FM has already indicated the same.....Moreover, Indian economy has slowed down considerably, and in the next few months we would see its effects on the inflation numbers. Those who have sold their long positions in the late hours yesterday (8th August, 2012) would be crying in the coming days. The Big Boy Reliance Industries Ltd, is all set to cross Rs.1000 once again.
In the US, the big takeaway for the Fed, for QE3 (Monetary Easing) when they meet next on September 12 and 13, is that the economy is still very sluggish, with threats that it could tip back into deflation if it allows current the trends to continue. Therefore, we can be pretty much sure that the Fed is into doing something at their next meeting in September. Meanwhile, while Boston's Fed president Eric Rosengren is arguing for more stimulus, Dallas Fed president Richard Fisher likened more easing to "Monetary Ritalin."
Today (9th August, 2012--according to IST), Dow and Nasdaq, both closed flat...........!!