Bank stocks in focus as RBI announces liquidity tightening measures

Bank stocks will be in focus as the Reserve Bank of India (RBI) announced fresh liquidity tightening measures after market hours on Tuesday to contain the volatility in the foreign exchange market. The overall limit for access to liquidity adjustment facility (LAF) by each individual bank is set at 0.5% of its own net demand and time liabilities (NDTL) outstanding as on the last Friday of the second preceding fortnight. This measure will come into effect immediately, from today, 24 July 2013 and will remain in force until further notice.

Currently, banks are allowed to maintain their cash reserve ratio (CRR) prescribed by the RBI on an average daily basis during a reporting fortnight, with a minimum of 70% of the required CRR on a daily basis. Effective from the first day of the next reporting fortnight from 27 July 2013, banks will be required to maintain a minimum daily CRR balance of 99% of the requirement.

Ambuja Cements, Cairn India and Hero MotoCorp unveil quarterly results today, 24 July 2013. Among other major corporate results today, 24 July 2013, include that of Central Bank of India, Dabur India, United Phosphorus and Yes Bank.

Coromandel International reported 81.4% fall in consolidated net profit to Rs 21.42 crore on 2.2% rise in net sales to Rs 1882.76 crore in Q1 June 2013 over Q1 June 2012.

WABCO India's net profit fell 15.4% to Rs 35.39 crore on 4.7% rise in net sales to Rs 248.91 crore in Q1 June 2013 over Q1 June 2012.

3M India's net profit fell 3.1% to Rs 21.09 crore on 1.9% rise in net sales to Rs 403.41 crore in Q1 June 2013 over Q1 June 2012.

Andhra Pradesh Paper Mills reported net profit of Rs 8.13 crore in Q1 June 2013 as compared to net loss of Rs 15.81 crore in Q1 June 2012. Net sales rose 37.4% to Rs 256.32 crore in Q1 June 2013 over Q1 June 2012.

KPIT Cummins Infosystems' consolidated net profit surged 17.5% to Rs 60.13 crore on 7.6% growth in revenue to Rs 613.21 crore in Q1 June 2013 over Q4 March 2013. Net profit margin expanded by 83 basis points (bps) quarter on quarter (QoQ) to 9.81% in Q1 June 2013. EBITDA (earnings before interest, taxation, depreciation and amortization) margin including the impact of full quarter wage hikes stood at 15.86%, down 197 bps on sequential basis. The Q1 result was announced after market hours on Tuesday, 23 July 2013.

Kokuyo Camlin's board of directors at its meeting held on 23 July 2013, has decided to issue equity shares on right basis in the ratio of 14 equity shares for every 29 shares held at Rs 33 per share.

SpiceJet's chief executive officer Neil Mills has reportedly resigned from his post a year-and-a-half before his contract ends.

Diamond Power Infrastructure's board of directors meet today to consider issue of bonus shares. The board would also consider issue of shares to the promoters on preferential basis.

Powered by Capital Market - Live News