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SBI PSU Fund Reg(G), a top performer in equity mutual funds, bolstered its portfolio by adding Indian Energy Exchange (IEX) shares and increasing stakes in Bank of India, LIC, NALCO, and SAIL.
Anand Janes ssays SBI and Nifty PSU Bank Index are showing recovery signs, while the VIX rise could affect post-election Nifty mofvement. Paytm is hinting at possible upside. STLTECH and MARICO broke trend channels, indicating potential price increases. James further says that we are going to see a pullback in PSU bank stocks in the near term.
SBI Share Price: SBI\’s robust Q4 earnings, with a net profit of Rs 20,698 crore, garnered bullish sentiments from various brokerages. Nomura, JP Morgan, Nuvama, KIE, Motilal Oswal, and Emkay Global maintain buy ratings with target prices ranging from Rs 820 to Rs 1,000, anticipating sustained growth and favorable prospects.
Shares of SBI Cards and Payment Services dropped 4% to the day’s low of Rs 718 on Monday after the company released its Q4 results on Friday wherein an 11% year-on-year (YoY) rise in profit after tax to Rs 662 crore for the quarter ended March 2024 was reported.
The retail APE for LIC stood at a negative CAGR of 3.8% while the sector grew at a rate of 9% over two years, with private sector companies growing at 17%.
Federal Bank, PNB, AU Small Finance Bank, and Bank of Baroda witnessed buying while selling pressure was seen in SBI, HDFC Bank, ICICI Bank, IndusInd Bank, and Axis Bank.
State Bank of India\’S business profile score of \’BBB-\’ is the highest among Indian banks, which the ratings agency said reflects SBI\’s ability to generate business consistently through the cycle while managing risk better than peer state banks.
They also purchased insurance stocks like SBI Life, HDFC Life, and ICICI Prudential Life Insurance after favourable guidelines on the surrender value of policies were announced by the insurance regulator IRDAI. Also, the recent removal of the age limit on availing of health insurance is seen as boosting the prospects of life insurance companies.
Fund houses together owned 140.91 crore shares of ITC as of March-end. In value terms, the ITC shares worth Rs 11,120 crore were bought by MFs taking the total value of these shares to Rs 60,360 crore.
“The investment in metals has not kept pace with the implied demand and typically for any mining capacity to come onstream it takes 10 to 15 years.”
“The investment in metals has not kept pace with the implied demand and typically for any mining capacity to come onstream it takes 10 to 15 years.”
The US-based GQG is planning to invest about $500 million, while SBI Mutual Fund is considering an investment of $200-300 million in the FPO, the report said further.