Friday, October 3, 2008

Stock Idea: Corporation Bank

Starting as a ‘Karnataka’ bank, Corporation Bank has come a long way and has spread its tentacles all across India. The Bank is now in the process of raising its Tier I Bond / perpetual Bonds to the extent of Rs 600 crore and upper Tier-II Bond to the extent of Rs 1000 crore. These are in addition to raising of Lower Tier-II Bond to the tune of Rs 1200 crore. This is being done to mainly fund business growth this fiscal.
For the first quarter ended 30th June 2008, the total business of the Bank stood at Rs.93,694 crore, a growth of 27.33 % on a YoY. Total deposits grew 26.62% at Rs.54,742 crore. The bank added 9.27 lakhs new accounts under deposits as at the end of June 2008. Advances grew 28.34% at Rs.38,952 crore.
The Total Income of the Bank for the 3 months ended 30th June 2008 increased to Rs.1,446.28 crore registering a growth of 16.75% on a YoY.
The Net Profit of the Bank for the 3 months ended 30th June 2008 registered a growth rate of 4.06% at Rs.184.30 crore. But for the heavy depreciation on investment portfolio, the Q1 Net Profit growth would have been about 40% higher. For the period under review, the bank had provided Rs 63 crore as depreciation in securities portfolio.
The Return on Equity works out to 16.71% for the quarter ended June 2008 as against 17.97% in June 2007. The Return on Average Assets of the Bank was at 1.19%. The net worth of the Bank stood at Rs.4,413 crore compared to Rs.3,519 crore as on 30th June 2007.
The Gross NPA has come down to 1.46% compared to 2.07% as on 30th June 2007 and Net NPA to 0.36% as at 30th June 2008 compared to 0.46% on 30th June 2007.
The Capital Adequacy Ratio was at 12.43%. The Tier I ratio was at 10.13%. The total number of branches at end of Q1FY09 stood at 999. It recently opened its first representative office in Dubai.
Corporation Bank is currently quoted closer to its 52 week low of Rs.230. Stay invested.

Source: sptulsian.com

Intraday Trading Calls for 3rd October

Indian Stock Market may open nagetive as all global markets trading lower but A smart recovery expected from lower levels.
Today's Intraday Trading Calls / Stock Tips (Keep Appropriate Stop Loss for each trade):
STC INDIA (212)
Buy Above 214.65 Target 220.75, 228.00
Sell Below 209.20 Target 202.45, 195.00
RPL (140)
Buy Above 141.85 Target 144.60, 148.00
Sell Below 138.60 Target 135.15, 132.00
WELSPUN GUJARAT (250)
Buy Above 252.80 Target 258.50, 265.00
Sell Below 247.45 Target 241.25, 234.00
SATYAM COMPUTER (318)
Buy Above 320.80 Target 327.40, 335.00
Sell Below 315.70 Target 309.35, 302.00
KSK ENERGY (222)
Buy Above 223.60 Target 230.05, 238.00
Sell Below 219.15 Target 214.30, 208.00
HCC (72)
Buy Above 72.95 Target 76.20, 80.00
Sell Below 71.10 Target 68.15, 65.00

Others for Intraday: DISH TV, MERCATOR LINES, RPOWER, NTPC, ROLTA INDIA.

GOOD LUCK

Disclaimer

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