Unstructured Finance

Banking counters soar

Banking stocks kicked off the week on a positive note, with good results from some banks sending the BSE banking index up 2.4 percent.

The Bankex was also the top sectoral gainer on the BSE.

Shares in HDFC Bank topped the list of Sensex gainers with a jump of 4.5 percent. Allahabad Bank added 4.8 percent to emerge as the top Bankex gainer.

ICICI Bank, India’s top private lender, gained 2.6 percent, while SBI ended 0.6 percent higher.

Private lenders HDFC Bank and Axis Bank posted a more than 30 percent rise in December quarter net profit last week.

The banking index has added 1.2 percent this year. Would you invest in banking counters at this stage?

Banking index drops

The BSE banking index dropped 1.2 percent on Wednesday in a broader market which ended flat.

The benchmark 30-share SenseMARKETS-SOUTHASIA/STOCKSx has more than doubled from the lows in early March, registering a rise of more than 78 percent with foreign funds infusing nearly $14 billion in Indian equities.

The BSE banking index on the other hand has risen nearly 90 percent in 2009.

Private lender ICICI Bank, which has a weightage of over 8 percent in the Sensex, dropped 1.6 percent to 928 rupees. The scrip has more than doubled since the start of this year.

Banking index gains

The BSE banking index closed 2.2 percent higher on Friday despite analysts’ warning that mid-cap lenders could see muted net profit growth in the July-September quarter.

The banking index has risen nearly 100 percent this year.MARKETS-SOUTHASIA/STOCKS

Some of the major gainers on the Bankex were Karnataka Bank (up 8.3 percent), Oriental Bank (up 6.8 percent), Union Bank (up 6.5 percent), SBI (up 5.3 percent), ICICI Bank (up 2.4 percent) and Andhra Bank (up 3.7 percent).

Earlier in the week, UCO Bank, HDFC, HDFC Bank and Axis Bank declared their results.

Job Bank – Nov.12

The following financial services industry appointments were announced on Nov. 12, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.


The investment manager appointed Nick Owen as the head of Corporate Broking, Michael Parkinson as head of Research; David Green as head of Sales and Trading, Matt Davis as deputy head of Corporate Finance and Jock Maxwell-Macdonald as deputy head of Sales. The company also promoted Jamie Cumming to Deputy Head of Investment Banking.


The U.S.-based investment bank’s wealth management arm named Andrew Keating as a financial advisor focusing on the U.K. and Ireland. Prior to joining Merrill Lynch, he was a financial advisor at Prudential-Bache International.