Moreover, strapped for capital, public sector banks are being asked to sell non-core assets as a way to generate funds for growth and to provision against a growing pile of bad loans.
In another major development, the RBI has advised UCO Bank, IDBI Bank and Indian Overseas Bank to stay off risky assets so that the financial health of these lenders is not stressed further. So, the worst seems to be over for the bank. Meanwhile, the employee unions and Uco Bank management have signed an MoU for a turnaround plan, which will decide the future course of action in the bank’s recapitalization
2. Those who short term traders and have entered Saregama India Ltd (Rs.242), should note that the scrip is finding difficulty to cross Rs.244-245 ranges. One can therefore book some profits and wait for intraday dips to enter. The long/medium term investors can however, hold on with aSL of Rs.231.
3. Fresh positions can be initiated in Tata Motors Ltd at Rs.469, T: Rs.610, SL: Rs.465. The company said its wholly owned subsidiary TAL Manufacturing announced that BRABO-- the first Made-in-India robot -- has received “CE” certification for commercial sale in the European market.
4. Those who are holding the shares of the construction major, Gammon India Ltd (Rs.10) should add in intra-day dips. This stock is likely to give multi-bagger returns in the short to medium term.