Market Bizzz

​ LIC owns 49.2 per cent of the lender and the government and public own the remaining shareholdings in the bank which was on the verge of collapse before it was forced into the control of LIC weighed by a third of its loans turning dud.

“Meeting of capital raising committee of our bank is scheduled to be held on August 22, 2022 to discuss the raising of Basel III compliant bonds within the board approved limit of Rs 2,500 crore,” it said in a regulatory filing.

Net profit increased to Rs 683 crore in the quarter ended June 2022 from Rs 3 crore a year ago. However, the year-on-year numbers are not comparable because till September last year the company was ascertaining policy liability only annually.

It also formed long bullish candles on daily and weekly charts which is broadly positive. We are of the view that as long as the stock is trading above 20-Day SMA (Simple Moving Average) or Rs 560, the uptrend formation is likely to continue. Above which, it could move up to Rs 600-625.

Major Asian stocks gave up their early gains to trade lower on Friday, after rebounding following gains on Wall Street after US economic data showed inflation may be slowing. MSCI’s index of Asia-Pacific shares outside Japan was down by 0.17 per cent.

​​​​It came a day after news that consumer prices (CPI) were unchanged in July due to a drop in gasoline prices. San Francisco Federal Reserve Bank President Mary Daly said a 50-basis-point interest rate hike in September “makes sense” given the recent economic data including on inflation, but that she is open to a bigger rate hike if data warrants.

Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Analysts at Standard Chartered said the decline in the dollar seemed to be driven by improvements in investors’ attitude to riskier assets – other than the move against the yen, which they said was more of a yield play.