Banking Sector

Axis Bank’s illustrious Chairman and CEO Pangal Jayendra Nayak resigns

AxisThe man who was instrumental in bringing about a turnaround for the Axis Bank is on his way out - that too three months before his tenure officially comes to an end!

And the man is none other than Axis Bank's illustrious Chairman and CEO - Pangal Jayendra Nayak!

Buy State Bank Of India - Karvy

Buy State Bank Of India - KarvyKarvy Stock Broking Limited has maintained ‘Buy’ rating on State Bank Of India (SBI) stock to achieve a target of Rs 1350 within 1-2 days.

According to Karvy, day traders can buy the stock at Rs 1305 with a stop loss of Rs 1275.

Shares of the bank, on Monday (April 20), closed at Rs 1295.95 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 130.14 and 9.59 respectively. The share price has seen a 52-week high of Rs 1840 and a low of Rs 894 on BSE.

ICICI Bank looking strong at current levels: Nirmal Bang

ICICIIn its latest research report, Nirmal Bang, an equity research firm said that ICICI Bank, which presently stuck in a band of 405-445, can give good returns within 4-5 trading session.

The report further stated that, if the counter is successful to breach 445, then it will create a huge breakout.

Nirmal Bang Research has advised its clients to hold the scrip with a target price of Rs 460-485.

SBI extends loans offer for farmers till September 30

State Bank of IndiaThe country's largest lender, State Bank of India (SBI) has decided to extend the period of its concessional financing to the farmers against warehouse receipts by five months to September 30, 2009.

It should be noted that the state-run lender in February this year had started offering loans at a concessional rate of 8% to farmers against cold storage and warehouse receipts, in a bid to save them from falling prey to distress sale of their farm produce.

Earlier this week, the lender has extended its special home and car loans scheme last week at 8 per cent and 10 per cent respectively, for the first one year, till September

ICICI Prudential launches ‘Target Return Fund’

ICICI Prudential launches ‘Target Return Fund’ICICI Prudential AMC, a joint venture between ICICI Bank - one of India's foremost financial services companies, and UK-based Prudential plc - a leading international financial services group, has announced the launch of an open ended equity diversified fund, called the 'ICICI Prudential Target Returns Fund' in the Indian market.

The fund seeks to generate capital appreciation by investing predominantly in equity shares of the large market capitalization companies constituting the BSE 100 index.

United Bank of India IPO to knock the door by February 2010

United Bank of India IPO to knock the door by February 2010Public sector United Bank of India (UBI) is witnessing February 2010 deadline for its proposed maiden public offer, after receiving cabinet nod for the long-awaited capital restructuring.

According to sources, the bank intends to file the red herring prospectus with market regulator, Securities & Exchange Board of India (SEBI) after September 2009.

The IPO size was still pending for finalization by the bank, but reports hinted it would be over Rs 50 crore and the shares will carry a premium.