Demonetisation impact unlikely to last long: Gaurang Shah

Post the Reserve Bank of India (RBI)’s move on cash reserve ratio (CRR), the central bank is unlikely to cut interest rates in its next policy meeting in December, says Gaurang Shah, head investment strategist at Geojit BNP Paribas Financial Services in an interview with Aprajita Sharma. The markets are already factoring in a rate hike by the US Federal Reserve, he says. Edited excerpts:      Stock Market Astrology Tips

What is your near-term outlook for the market? How will the benchmark indices perform in the remainder of 2016?

Market could consolidate in the range of 8,020-8,050 on lower side, and 8,120-8,250 on higher side (Nifty spot). For the remainder of 2016, the downside looks protected at 7,950-8,000 (Nifty spot).

What is your outlook on the banking stocks in the backdrop of RBI's move on the cash reserve ratio (CRR)?

The RBI’s move on the cash reserve ratio (CRR) was in line with expectations and was most prudent, as excess liquidity had to be sucked out of the market. If it feels that necessary adjustments need to be done, then the upward revision in CRR could be back to normal level. Banks will have to pay to customers on deposits from September till November (on which the CRR has been hiked). However, they will not receive any interest. We remain positive on the banking sector with focus on private sector banks and certain public sector banks.   Intraday Trading Tips

Will the Reserve Bank of India (RBI) reduce interest rates in its next policy meeting in December?

The RBI is unlikely to reduce interest rates on December 7. Rate cut may be implemented in the first quarter of calendar year 2017.

How should investors position themselves for the next one year, given that the quantum of the damage on economy due to the currency demonetisation is hard to gauge? 

Investors who have invested in equity markets with a long-term horizon have no reason to worry. People need not be afraid for their investments if they stay invested in equity marketsfor six months to one year in stocks which have generated good returns. The perceived damage on account of demonetisation is not likely to last beyond three – six months and we remain optimistic and positive on the overall economic fundamentals.   Commodity Trading Tips

Sensex gains 100 points ahead of Q2 GDP data; ICICI Bank up 2%

Domestic indices have gained ground after making a flat opening in today’s trade ahead of GDP data following mixed Asian cues after US GDP grew at 3.2% in September quarter. Hopes of strong GDP for September quarter helped investor sentiment, but the side-effects of demonetisation continue to have a bearing on the market.   Stock Market Astrology Tips

 

BSE Sensex rallied as much as 90 points during early trades but later pared gains while Nifty 50 continued to test it's crucial 8,150 levels. At 10:12 am, the S&P BSE Sensex was trading at 26,514, up 120 points, while Nifty50 was quoting 8,180, up 38 points. In Broader markets,  BSE Midcap was up 0.42% while BSE Small Cap was trading 0.49% higher.     Intraday Trading Tips

 
“Recently Nifty has seen recovery of 250 points from 7,950 to 8,200 zones and now if it fails to deliver strength by holding 8,150 zones then it may drift towards 8,080-8,050 zones while holding above 8,200 might attract fresh move towards 8,300 zones in next coming sessions,” said Anand Rathi Equity Advisory in a technical note.   Commodity Trading Tips


Sector and Stocks
Lupin was one of the top gainers on Sensex, up 0.96% after the company received approval from the US health regulator to market its Armodafinil tablets.
Nifty Trading Tips
Other gainers included Asian Paints (1.20%), TCS (0.81%), ONGC (0.68%) and Maruti (0.67%).HDFC was the top loser on BSE Sensex, down 0.84%. Pharma sector was gained the most in both the headline indices while metal was the top sectoral laggard with Hind Zinc (2.52%), NALCO (1.39%) and Vedanta (1.34%) dragging the index.   Future & Option Trading Tips

Iron ore awakens to hangover as stockpiles surge

For iron ore it is the morning after the night before. Prices have given up most of the gains inspired by Donald Trump’s surprise win and a speculative frenzy in China, with a surge in port stockpiles in the top user reminding investors that fundamentals still count Future & Option Trading Tips

“The speed of the recent rally leaves it open to the charge that price action has been too much, too fast,” Dane Davis, an analyst at Barclays Plc in New York, said in a note that asked “After the party.... the hangover?” The balance of risk for iron as well as copper is skewed to the downside as the dollar strengthens and the effects of Trump’s win wear off, according to Davis. Iron ore barreled to a two-year high this month as investors celebrated Trump’s victory on the outlook for infrastructure spending at the same time commodities futures volumes surged in China. The rally has reversed after mainland exchanges raised charges to quell the fervour, and the US currency rose on prospects for higher interest rates. The port data have added to the bearish mix, reinforcing signs of ample supply, and come as mining giant Rio Tinto Group cut jobs across West Australia, citing a challenging outlook.

“As it did earlier this year, China has cracked down on speculation in the iron ore market,” Davis said. “With these stricter standards in place, the iron ore price should continue to ease off recent highs, though it may find support from continued highs in other steel raw materials, such as met coal, and a domestic steel market that looks to set to grow production in 2016 Financial Astrology Tips

Jute mill owners want government procurement of crop

The scrapping of high-value currency notes has halted the trade in raw jute and mill owners want government-run Jute Corporation of India (JCI) to procure the crop.
 

Traders say they are not in a position to procure the new crop or take delivery of raw jute booked earlier by paying an advance, as they face a paucity of funds Nifty Trading Tips

Upon its arrival in November till the end of January, raw jute worth Rs 415 crore is transacted every year, says a review of market trends between 2013-14 and 2015-16. The estimate is that nine million bales (a bale is 180 kg) are available this year but in the wake of demonetisation, there are projections of scarcity.

“This is an unprecedented situation. If allowed to spin out of control, it will force mills to reduce shifts or shut down,” said a leading owner. For, squeezing of note supply to a largely cash-driven industry would mean the stock arrival in the market would be delayed. Speculation is already rife that this might spur hoarding of raw jute.

The industry has drawn parallels with the situation in 2005, when there was an acute fall in raw jute arrival. At the time, JCI began procurement; this boosted prices. So much so that the Union textiles ministry capped prices via a notification in December 2005. The cap continued until the end of June 2006. Indian Jute Mills Association (Ijma) is lobbying with the West Bengal government to repeat the experiment.

Ijma chairman Raghavendra Gupta, in a letter to West Bengal labour minister Moloy Ghatak, has said, “Most jute mill companies do not have raw stock beyond a month's normal production. Due to demonetisation of high currency denomination bank notes and limits on withdrawal from bank accounts, there is a shortage of cash in the system. If JCI purchases various grades of raw jute in keeping with the standards prescribed for manufacturing jutebags for supply on government account and passes it on to mills, that would be acceptable to the industry.”

Ijma suggests the ministry of textiles provides adequate capital to JCI for this. An industry estimate pegs the need at Rs 400 crore Astrology and Numerology Trading Tips

Amul's efforts to go cashless receives a boost

Cooperative dairies like the Gujarat Cooperative Milk Marketing Federation, which sells milk under the Amulbrand, are happy they had pushed for cashless transactions with milk farmers at the right time. The drive has been on for over a year and the Gujarat government recently issued an advisory to district milk unions to route all milk transactions through banks Stock Market Astrology Tips

"We have been for long discussing with dairies on going cashless. However, there was some resistance so we had requested the Gujarat government to send an advisory in this regard," said R S Sodhi, managing director of the GCMMF, the country's largest dairy cooperative, which works with over 3.6 million farmers affiliated with over 18,000 village cooperative societies that handle around 17 million litres of milk a day. 

A source confirmed an advisory in this regard was issued by the Gujarat government on November 5, three days before Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes. Sources said dairy cooperatives were using this circular to push farmers to open bank accounts and accept payment in their accounts Astrology and Numerology Trading Tips

Rupee crashes below 68 level; ends at 9-mth low on dollar shock

The rupee on Friday crashed below the psychological 68-mark to end at near nine-month low as sentiment turned bearish on the combination of growing US rate hike expectations and stunning dollar run.

Witnessing a near-term rout, the home currency crumbled by a whopping 31 paise to end at 68.13 against the US dollar - the lowest closing since February 29 Stock Market Astrology Tips

Imminent higher interest rate environment arising out of the US Federal Reserve's hawkish tone along with heavy capital outflows took a toll on the rupee, a forexdealer said.

Frantic dollar demand from importers and corporates mainly pressurised the home unit, the dealer said.

The US Dollar rallied to the highest level in 14 years against all major counterparts after Fed Chair Janet Yellen reiterated that the US interest rates could rise "relatively soon" due to an improving domestic labour market and stronger growth.

Foreign portfolio investors (FPIs) remained net sellers and sold shares worth a net Rs 926 crore on Friday.

The domestic currency opened substantially lower at 68 from overnight closing level of 67.82 at the Interbank Foreign Exchange due to strong dollar demand in the wake of sustained foreign capital outflows.

It remained under immense pressure throughout the day and encountered extreme volatile momentum, plunging to the fresh intra-day low of 68.19 in late afternoon deals before ending at 68.13, showing a steep loss of 31 paise, or 46%.

Last Friday, the rupee had breached the 67 level on huge capital outflows in line with other emerging markets after expectations that Donald Trump's new administration will increase fiscal stimulus which could lead to higher interest rates in the US Astrology and Numerology Trading Tips

The dollar Index was quoted sharply high at 101.11 in afternoon trade on Friday.

Meanwhile, RBI on Friday fixed the reference rate for the dollar at 68.0937 and euro at 72.2134.

In cross-currency trades, the rupee continued to slide against the pound sterling to finish at 84.66 from 84.55, but recovered against the euro to settle at 72.37 as compared to 72.80 on Thursday.

The home unit also bounced back against the Japanese yen to close at 61.72 from 62.24 per 100 yens earlier.

Foreign exchange reserves down $1.19 billion

India's foreign exchange reserves declined by $1.19 billion to $367.041 billion in the week to November 11 on account of fall in foreign currency assets, Reserve Bank said on Friday.
 
In the previous week, the reserves had increased by $1.074 billion to $368.231 billion. They had touched life- time high of $371.99 billion in the week to September 30, this year Future & Option Trading Tips

 
Foreign currency assets (FCAs), a major component of overall reserves, dipped $1.155 billion to $342.772 billion.
 
FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.
 
Gold reserves remained steady at $20.460 billion, Reserve Bank said.
 
The special drawing rights with the International Monetary Fund declined $13.4 million to $1.462 billion, while India's reserve position with the Fund dipped $21.5 million to $2.346 billion, Reserve Bank said Astrology and Numerology Trading Tips

Sharia banking: RBI proposes 'Islamic window' in banks

The Reserve Bank of India (RBI) has proposed the opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country Stock Market Astrology Tips

Both the Centre and RBI are exploring the possibility of the introduction of Islamic banking for long to ensure financial inclusion of those sections of the society that remain excluded due to religious reasons.

"In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner Financial Astrology Tips

SBI Q2 net down 35% at Rs 2,538 cr on high NPA provisions

State Bank of India’s (SBI) bottom line came under pressure in the second quarter ended September 2016 on a sharp rise in provisions for bad loans and lower interest income.

The country’s largest lender reported a 34.6% fall in its net profit to Rs 2,538 crore from Rs 3,879 crore in the same period a year ago. Sequentially, its net profitrose marginally from Rs 2,520 crore in the first quarter of 2016-17.

A tidy rise in other income – treasury revenue, fees and service tax refund of Rs 796 crore – supported its profits. Other income rose by 35.9% to Rs 8,424 crore during the quarter from Rs 6,197 crore in Q2FY16 Astrology and Numerology Trading Tips

Reflecting concerns over slippages and credit costs, SBI’s share fell by 3% to Rs 272 at close of trading on the BSE on Friday.

The net interest income - earnings from loans minus expenses on deposits - was flat (1.3% rise) at Rs 14,437 crore, from Rs 14,252 crore in Q2FY16. The lower credit offtake and reduction in lending rate impacted the bank’s interest income, SBI Chairperson Arundhati Bhattacharya said.

Provisions for non-performing assets (NPAs) rose to Rs 7,669 crore from Rs 3,841 crore in the same quarter a year ago.  In the first quarter of 2016-17, SBI had made provisions of Rs 6,339 crore for NPAs.

The bank’s provision coverage ratio improved to 62.12% in September 2016 from 61.57% in June 2016.

Its pool of bad loans grew sharply in 12 months to Rs 1,05,782 crore from Rs 56,834 crore a year ago. Sequentially, SBI managed to keep its asset quality under check as its gross NPAs were at Rs 1,01,541 crore at the end of June 2016 Stock Market Astrology Tips

Slippages into the bad loan category were about Rs 10,341 crore during the second quarter of 2016-17 from Rs 5,875 crore in the same period a year ago.

The outlook for resolution of stressed accounts was improving and recent amendments to rules for restructuring schemes would aid recoveries, Bhattacharya said.

SBI’s watch list for corporate loans that have high chances of slippage has declined to Rs 25,000 crore at the end of September from Rs 31,000 crore at the end of June.

SBI’s deposit base grew by 13.76% to Rs 18,58,999 crore and it raised the guidance for deposit growth to 15-15.5% from 13.5%. This revision comes on the back of a surge in money deposited in current and savings accounts after the government scrapped Rs 500 and Rs 1,000 notes as legal tender.

The bank’s gross advances rose by 8.11% to Rs 14,81831 crore. While retail credit – home, personal and vehicle loans – grew by 20.4% to Rs 3,50,465 crore,  loans to small enterprises shrunk by 6% to Rs 1,66,052 crore Commodity Trading Tips

SBI’s capital adequacy ratio was 13.94% with Common Equity Tier I Capital at 10.28%.

Sentiment improves for ICICI Bank

It is difficult to draw a simple good or bad conclusion from ICICI Bank’s September quarter results. The headline numbers were on expected lines. But, a gradual rundown into the profit and loss statement and the investor presentation could tempt you to change your opinion.

Gains of Rs 5,682 crore from the listing of its life insurance business were used to prop up the provisioning for stressed loans, Rs 7,083 crore in the quarter. It was the bank’s highest since the Reserve Bank of India mandated that lenders formally recognise potentially bad loan assets. Likewise, core operating profit shrank 14 per cent year-on-year to Rs 4,224 crore Stock Market Astrology Tips

Slippage remained high at Rs 8,030 crore, largely from corporate and small & medium enterprises (SMEs). However, it has marginally cooled from June quarter levels. Slippages from the watch list and non-stressed book (or standard assets) are expected to remain sticky in FY17. 

Analysts at Morgan Stanley highlight that non-performing asset (NPA) formation outside of the watch list and restructured loans were elevated, at two per cent of loans or on an annualised basis nearly 20 per cent of slippage. “This is high, compared to other private retail banks at 1-1.4 per cent of loans,” they add in their note. 

R Sreesankar, head of research at brokerage Prabhudas Lilladher, adds the management’s refusal to give any colour on their SMA1 and SMA2 dues was disappointing. SMAs or Special Mention Accounts are standard loan accounts which exhibit early warnings signals on repayment. Also, while the watch list declined by 16 per cent sequentially to Rs 32,490 crore, a large part of this is due to NPA recognition. Analysts aren’t pleased with the little information shared on recovery and upgrades. 

If all these are added, the Street is bracing for elevated provisioning and bad loan stress. Jefferies has increased its estimates on provisioning for bad loans from Rs 9,788 crore in FY17 to Rs 14,204 crore. “We would have liked more provision build-up as slippages remain elevated,” the analysts highlight in their report Future & Option Trading Tips

Yet, despite all this, 76 per cent of analysts polled on Bloomberg recommend a ‘buy’ on the stock, with a target price of Rs 312, up from 61 per cent in June. A large part of the improvement in sentiment could be credited to the bank’s ability to sustain a decent loan growth rate while managing the bad loan issues. Total advances (Rs 454,256 crore) grew 11 per cent year-on-year, led by the healthy retail (small borrowers)franchise (up 21 per cent). Home loans, a little over half the retail loan book, grew 19 per cent. Credit cards and personal loans expanded by 35 per cent and 41 per cent year-on-year, respectively.

Likewise, growth of deposits remained strong. The low-cost current and savings account (Casa) deposits increased by 18 per cent over a year, to Rs 205,256 crore. Analysts at Edelweiss say while the large focus has been on asset quality, ICICI seems to be making good progress on strengthening its retail franchise. 

“We see this as the most critical change, as it lays the foundation of low-risk lending in the next cycle,” they add. Likewise, analysts at Elara Capital upgraded their recommendation on the bank to ‘buy’, from ‘accumulate’. “We believe the bank has sufficient capital to absorb near-term asset quality shocks and is relatively better positioned for sustainable business growth,” goes their report.

So, while the bad loans issue won’t die down in a hurry, ICICI could continue to be rewarded if it betters its performance on Casa and loan growth. A visible improvement in asset quality could lead to accelerated re-rating of the stock, currently trading at around 1.6 times its FY18 estimated price to book value. Analysts polled on Bloomberg have set a 12-month target price of Rs 312, up 14 per cent from Friday’s close Astrology and Numerology Trading Tips

Chart Check: Cairn India, SBI, Bata India, Bharti Infratel

Here are a few trading ideas from Chandan Taparia of Anand Rathi for trade today BUY CAIRN INDIA: The stock held onto the previous support around Rs 245 zones even after the sharp decline seen in the broader market. It sustained its levels around its 52 weeks high territory and now according to its current price structure an up move towards Rs 257 and higher levels may be seen. One can buy the stock with the stop loss of Rs 242 for the upside immediate target of Rs 257 levels.

BUY SBI: The stock held onto above its Rs 240 levels which was acting as resistance in previous week and has formed a bullish price structure on weekly chart. It is holding above its 50 and 200 weekly moving averages. We are expecting it to witness positive move towards Rs 280 and higher levels. Recommending buying the stock with stop loss of Rs 260 for the upside target of Rs 280 levels Future & Option Trading Tips

SELL BATA INDIA: The stock is making lower top – lower bottom formation from last three weeks and is finding selling pressure at every attempt to bounce back. It gave the lowest daily close of last three years. It broke its support of Rs 450 levels and is witnessing built up of short position with open interest addition of around 4% in last session. One can sell the stock on a small bounce back move with strict stop loss of Rs 456 for the downside target of Rs 429 levels.

SELL BHARTI INFRATEL: The stock failed to surpass the hurdle of Rs 385- Rs 386 zones and is finding selling pressure at the higher levels. It witnessed liquidation of longs and is showing a tendency of witnessing selling pressure at the resistance levels from last three series. Thus, expecting the same move to continue in coming session. One can sell the stock on a small bounce back move with strict stop loss of Rs 382 for the downside target of Rs 358 levels Stock Market Astrology Tips

Bank of Baroda gains post Q2 results

Bank of Baroda has rallied 6% to Rs 171 on BSE in early morning trade after the state-owned bank reported over four-fold jump in net profit at Rs 552 crore for the quarter ended September 30, 2016 (Q2FY17). The bank had posted a profit of Rs 124 crore in the same quarter last fiscal.

Net interest income (interest income minus interest expenses) rose 5.6% at Rs 3,426 crore against Rs 3,244 crore in the corresponding quarter last year Stock Market Astrology Tips

Provisions for non-performing assets (NPAs) or bad loans also declined to Rs 1,630 crore during the quarter under review, as against Rs 1,844 crore in the same period of last financial year.

“Operating Profit at Rs 2,690 crore, up by 15.10% year on year is the highest in 6 quarters,” Bank of Barodasaid in a statement.

Gross non-performing assets (NPAs)/ stressed assets position remains stable; continued focus on recovery and upgradation, it added.

The bank’s gross non-performing assets (GNPA) stood at Rs 42,949 crore in Q2FY17 as compared to Rs 42,991 crore in Q1FY17. The Gross NPA stands at 11.35% in Q2FY17 against 11.15% in Q1FY17. Its Net NPA stands at 5.46% in Q2FY17 while at 5.73% in Q1FY17 Future & Option Trading Tips

NBFCs slump; Manappuram Finance, Bharat Financial down over 10%

Shares of non-banking financial companies (NBFCs) including micro finance institutions (MFIs) and housing finance companies (HFCs) witnessed selling pressure falling by upto 20% on BSE in intra-day trade extending their past three trading day’s decline after the government’s move to withdraw Rs 500 and Rs 1,000 notes Stock Market Astrology Tips

Manappuram Finance, Can Fin Homes, Shriram City Union Finance, Bharat Financial Inclusion, Muthoot Finance, Capital First, JM Financial, GIC Housing Finance, Gruh Finance, Dewan Housing Finance (DHFL), Bajaj Finance and Bajaj Finserv were down 5% to 20% on the BSE.

“The recent move by Government of India to demonetize the Rs 500 and Rs 1,000 currency notes is expected to significantly deter the mailpractices supported by cash economy and fake currencies,” DHFL said in a statement.

“While the medium to long term benefits of this move to the economy at large and the real estate sector in particular are indisputable. DHFL expects some short term challenges. It is expected that cash-flows of the households, particularly the self-employed category, may be impacted for some time due to withdrawal of 86% of the currency from the system until normalcy is restored and business align themselves to the non-cash mode of payments including electronic payments. We expect that this transition may happen in next couple of months,” it added.

AK Prabhakar, Head of Research at IDBI Capital said the outlook for NBFC stocks will remain negative for one to two quarters Astrology and Numerology Trading Tips

“The business of NBFC companies has come under pressure as small businesses, that depend on these companies for funds, have been badly hit on account of demonetisation of Rs 500 and Rs 1000 notes,” he said.

Reliance MF expects big gains from demonetisation as investors opt for safer assets

Reliance Mutual Fund, a part of Reliance Capital, has crossed Rs 2 lakh crore in assets under management (AUM) and expects big gains from demonetisation.

With this, Reliance Nippon Life Asset Management now manages over Rs 3.3 lakh crore in total AUM and retains its position as the largest asset manager in the country.

Reliance Mutual Fund is the third fund house to cross the 2 lakh crore AUM mark after HDFC MF and ICICIMF. Overall, the industry has 43 fund houses Stock Market Astrology Tips

"Yes, we have crossed the Rs 2 lakh crore AUM mark on our daily AUM. However, this number will be reflected in the official data released by AMFI at the end of the quarter," said Reliance Nippon Life Asset Management Ltd Executive director and CEO Sundeep Sikka while speaking to PTI.

Reliance Mutual Fund has seen a significant rise in its debt AUM this year, which surged from Rs 96,800 crore in March 2016 to Rs 1,27,000 crore in October this year.

"We expect a strong momentum from the recent demonetisation initiative by the government. We see this as a huge positive for the entire MF (mutual fund) industry which will be a strong beneficiary as investors opt for safer and more structured avenues for wealth creation," Sikka added.

The MF industry reached close to Rs 16.3 lakh crore in AUM during October 2016 and the industry is aiming to cross the Rs 20 lakh crore mark soon as more and more money is channelised into banks and the country moves towards a digital economy.

"Demonetisation has accelerated our growth and will enable huge inflows into the economy and stock market through structured investment routes. We see the MF industry crossing the Rs 20 lakh crore mark very soon," said Sikka Future & Option Trading Tips

The government on November 8 demonetised Rs 500 and Rs 1,000 notes in a step to curb black money.

Federal Bank dispenses Rs 2,000 note through recalibrated ATMs

Kerala-based Federal Bank  claimed that it was one of the earliest in the country to dispense Rs 2,000 notes through its re-calibrated ATMs.

"The Federal Bank ATM at Thevara in Kochi successfully dispensed Rs 2,000 denomination notes to customers," the Bank said in a release here Stock Market Astrology Tips

Five ATMs of the bank have been re-calibrated to dispense the larger denomination notes, it said, adding, the bank was among the earliest in the country to dispense Rs 2,000 notes through its ATMs.

As people across the state are grappling with cash crunch after demonetisation of Rs 1,000 and Rs 500 notes, Shalini Warrier, Chief Operating Officer of the bank, informed that 25 per cent of the Banks' ATMs will be re-calibrated within the next 72 hours so that they can dispense Rs 2,000 notes to the needy.

The bank also claimed that it has been in the forefront in extending customers convenience by leveraging technological capabilities Future & Option Trading Tips

YES Bank has the highest exposure to commercial real estate: CLSA

With the government coming down hard on black money, analysts say the real estate sector will be among the worst hit given the high usage of cash.

Stocks of companies in the realty segment have been on a downward spiral since the demonetisation was announced. Banks, on the other hand, have been grappling with high stressed assets / non-performing loans. Will the demonetisation add to their woes?

Here is a list of top banks that had a high exposure to the commercial real estate segment in March 2016, as per an October 2016 report by CLSA Stock Market Astrology Tips

Can Fin Homes gains after falling 26% in two trading sessions

Can Fin Homes rallied 17% to Rs 1,459 on BSE in intra-day trade, after falling 26% in the past two trading sessions.

On Tuesday, November 15, Catamaran Capital had offloaded 153,041 equity shares worth of Rs 20 crore of the housing finance company via open market transaction.

Catamaran Capital sold the shares at average price of Rs 1,290.32 on the NSE, as per the bulk deal data Future & Option Trading Tips

The names of the buyers were not immediately ascertained.

As of September 30, 2016, Catamaran Management Services Private Limited held 344,183 shares or 1.29% stake in Can Fin Homes, the shareholding pattern data shows.

In past two trading sessions, the stock had tanked 26% from Rs 1,689 to Rs 1,252. Thus far in November, it fallen 33% from Rs 1,862, as compared to 5.8% decline in the S&P BSE Sensex till yesterday.

Till October, the stock had a strong run-up, rallied 73% during the calendar year 2016 against 7% rise in the benchmark index Astrology and Numerology Trading Tips

On the impact of demonetization on Can Fin Homes, the company clarified that 88% of the total loan book of Canfin is housing loans and 12% comprise non-housing loans. Of the non-housing segment about 50% i.e. 6% of the total loan book comprises of Loan Against Property (LAP). LINK