Equity Alert: Federal Bank dn on Jan-Mar result; support 231 rupees
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K.Karthik Raja
May 23, 2008, 5:29:46 AM5/23/08
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Equity Alert: Federal Bank dn on Jan-Mar result; support 231 rupees
MUMBAI--2:16PM--Federal Bank shares were down nearly 3% at 238
rupees,
but off lows, as it reported a mere 4% rise in Jan-Mar net at 1.03 bln
rupees,
dealers said.
Dealers said the stock is likely to find support at 231-232 rupees
intraday.
"On the whole, banks have performed well this quarter, but Federal
Bank's
numbers are disappointing. Plus, there is selling in the sector today,
which
is causing the stock to fall further," said a dealer.
The bank today also said it targets net interest margin at 3.5% in
2008-09 (Apr-Mar).
So far today, 259,667 shares of the bank have been traded on NSE.
Its May
futures were trading at par with spot, with open interest down 2.4%.
MUMBAI--2:16PM--Federal Bank shares were down nearly 3% at 238
rupees,
but off lows, as it reported a mere 4% rise in Jan-Mar net at 1.03 bln
rupees,
dealers said.
Dealers said the stock is likely to find support at 231-232 rupees
intraday.
"On the whole, banks have performed well this quarter, but Federal
Bank's
numbers are disappointing. Plus, there is selling in the sector today,
which
is causing the stock to fall further," said a dealer.
The bank today also said it targets net interest margin at 3.5% in
2008-09 (Apr-Mar).
So far today, 259,667 shares of the bank have been traded on NSE.
Its May
futures were trading at par with spot, with open interest down 2.4%.
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