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"Govt should push MSME-focused procurement"

February 6, 2024 - 10:53am
Categories: Business News

Technical Stock Pick: Multibagger Central Bank of India breaks out from a Flag & Pole pattern; time to buy?

February 6, 2024 - 10:47am
Central Bank of India, part of the public sector banking space, has more than doubled investors’ wealth in the last six months and is on track to hit fresh 52-week highs.Short-term traders can look to buy the stock now or on marginal dips as the momentum remains strong which could take the stock towards 80 in the next 3 months, suggest experts.The public sector banking stock has risen over 25% in a week, over 30% in a month, over 50% in the last 3 months and over 100% in the last 6 months, Trendlyne data showed.The momentum helped the PSU stock to break out from a Flag and Pole pattern on the monthly charts which has opened room for further upside, suggest experts. The neckline of the pattern was placed above 50.If the momentum continues, a close above 74 levels could propel the stock to a fresh 52-week high above 80, they say. The stock also broke out on the upside from a long consolidation since September 2018 seen on the monthly charts.“Central Bank of India stock has experienced a notable breakout above the flag and pole chart pattern on the monthly chart, supported by high volume, indicating strong bullish momentum,” Suraj Bathija, Founder & CSO at AlgoBulls, said.“Over the past three months, there has been a consistent increase in monthly trading volume. Achieving a 52-week high further reinforces the positive sentiment. The stock has successfully broken above a downward trend line, signaling a potential reversal,” he said.107447013The Monthly Relative Strength Index (RSI) has surpassed the 60-level mark, a significant milestone not observed in nearly a decade, affirming a robust uptrend.On the daily chart, the stock has found substantial support at the 50-day Simple Moving Average (SMA), maintaining its position above this key indicator, indicating a continuation of the uptrend in the shorter time frame.107447094The daily RSI has consistently remained above 50, with periods above 60 in the last two months, reflecting strong and sustained positive momentum.The stock is currently in a solid uptrend, supported by various technical indicators and chart patterns, suggest experts.“Strong momentum is evidenced by the breakout, increasing trading volume, and a series of positive RSI readings,” highlights Bathija. Both technical analysis and fundamental factors align, providing a robust confirmation of the bullish trend.“With the current stock price at 57, there's an expectation for the upward trend to persist, reaching 72. A sustained breakthrough above 74 could propel the stock towards a higher target of 88 in the next quarter,” he recommended.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Categories: Business News

Yes Bank shares jump 11% on RBI nod to HDFC Bank for 9.5% stake buy

February 6, 2024 - 10:25am
Shares of Yes Bank jumped over 11% and hit the day's high of Rs 25.40 on the NSE after the lender informed exchanges about the nod by the Reserve Bank of India (RBI) to HDFC Bank for acquiring up to 9.50% of the paid-up share capital or voting rights of the Bank. The RBI, while granting the above-referred approval has also conveyed that if HDFC Bank fails to acquire major shareholding within 1 year from the date of the said RBI intimation letter, the approval will stand cancelled. HDFC Bank has also been asked to ensure that its aggregate holding in Yes Bank does not exceed 9.50% of the paid-up share capital or voting rights of the Bank at all times. "If the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the Bank," the exchange filing said. YES Bank reported robust growth in profit for the quarter ended December 2023, with the bottom line surging more than four times year-on-year (YoY) to Rs 231 crore.Net interest income, the difference between interest earned and interest expended, rose 2.4% YoY to Rs 2,017 crore.Also Read: Paytm shares in dip buyers' hands after Rs 20,500-crore selloff. Is doomsday over?Provisions for the quarter dropped sharply, which aided growth in the bottom line. Provisions and contingencies for the reported period stood at Rs 555 crore, compared with Rs 845 crore a year ago.Despite this, the pre-provision operating profit declined 5.4% YoY to Rs 864 crore.Gross non-performing assets as a percentage of total loans stood at 2.0% as of December end, unchanged from the year-ago as well as quarter-ago periods.Net non-performing assets ratio stood at 0.9% as of December-end, compared to 1.0% a year ago. It was unchanged from the September quarter period.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

Europe shying from cutting off Chinese imports

February 6, 2024 - 10:08am
Categories: Business News

Paytm denies reports Ambani may buy Paytm Wallet

February 6, 2024 - 9:07am
Categories: Business News

Is it right time to pick smaller PSU stocks?

February 6, 2024 - 9:00am
Categories: Business News

Improving fiscal math leads to growth

February 6, 2024 - 9:00am
Categories: Business News

Big Movers on D-Street: What should investors do with IOB, Rites, and UPL?

February 6, 2024 - 8:16am
Share indices ended lower on Monday, tracking the weakness in Asian markets, but there were several individual stocks in the market that were in action and public sector stocks were among them.The benchmark Nifty 50 ended 0.4% down at 21771.70 points, and the Sensex closed 0.5% lower at 71731.42 points. On the other hand, the Nifty PSE index closed 2% higher at 9189.20 points.Shares of Indian Overseas Bank closed 12% higher at Rs 62.90, whereas Rites closed 7% at Rs 748. On the contrary, shares of UPL ended 11% down at Rs 475.40 on disappointing quarterly earnings.Avdhut Bagkar, derivatives and technical analyst at StoxBox shares his view on the stocks and how one can trade in the coming session.Indian Overseas BankThe stock has seen fresh upside by hitting a new 52-week high on robust volumes. Such movements indicate a resilient trend in place, and further upside is inevitable. While the immediate support of Rs 50 appears to be a long way from current levels, the bias remains favourable with the “buy on dips” strategy. The counter is heading towards Rs 80-85 levels.RitesTo breakout on the upside, the stock must deliver a strong close over Rs 775 mark, which is presently acting as a crucial hurdle. When that occurs, a move towards Rs 825-850 cannot be ruled out. On the downside, Rs 650-700 becomes the buying zone given the current sharp momentum.UPLThe price action clearly denotes an “avoid” stance for the counter, as the “Lower Low, Lower High” pattern continues to dominate the bulls. The next support falls at Rs 400, where the stock appears to be headed. The hurdle of Rs 525, followed by Rs 625 needs to be conquered to recoup the losing sentiment.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

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