BANBAR

CHAFER

Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai is a saga of vision, enterprise, financial prudence and corporate governance. The bank has a very strong branch network of almost 2900 branches which are evenly distributed amongst urban and rural areas. Advances for Q1FY09 of the bank grew by 42.1% on Y-o-Y basis and 4.2% on Q-o-Q basis. Deposits grew by 26.5 for the quarter ended June 08. CASA improved sequentially from 36% to 36.86%. NIM for the quarter was at 2.76% up from 2.73% in Q4FY08. Operating income grew by 18.1% while operating costs were under control growing at just 3.7% and staff expenses grew by 2.8% which helped operating profit to grow by 33.5% on Y-o-Y basis. Gross NPA’s were at 1.64% lower than 1.68% in Q4FY08. Net NPL was at 0.52%.  

Technical view: The stock has made an excellent bounce back on yesterday’s trade signifying strength in the stock. It is trading above the 100 days and 50 days simple moving average. Among the oscillators RSI is rising and presently at 67 levels where as stochastic are supporting the price rise suggesting long position can be initiated at current levels.

India 's fifth largest fertilizer firm by sales, Chambal Fertilizers caters to the northern and western regions of India and supplies urea to nine states. The company markets urea under the brand name, Uttam Veer. The company is likely to witness strong earnings growth in coming quarters due to de-bottlenecking of urea plant and rising phosphoric acid prices. The company is also pursuing opportunities in the power space and has received approvals for its 2,600MW power foray from Chhattisgarh and Orrisa.

Technical view: The near term downtrend found its feet near the long term support level of 55 and the stock has bounced back strongly from those levels. The stock price is rising with rise in volume signifying strength in the stock. Among the oscillators RSI is at the oversold territory so a bounced back can be expected and fresh position can be initiated at current level.  

The near term downtrend found its feet near the long term support level of 570 and constant up move with good volume signify more up movement in the stock. Among the oscillators RSI is rising above the 40 level signifying more up movement in the stock.

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