Yes, an important Bank that is used to transfer wealth from the NRI's & foreigners to its cronies. using the NPA technique which dominates Banking in India..
The banks growth performance is pathetic.
To get higher premiums it lent very large loans to Cronies of the Govt whose bonafides were doubtful. As a result, it is saddled with NPA's that will take atleast 3 years to wittle down to zero.
The present CEO needs to be replaced with new blood as her performance has been sub par. Hedge funds shorting are only exploiting the stupidity of Mgmt..
The market for Bulls just prior to the monsoon is quite flat as the animals are required for ploughing the fields.
However it does pick up after the monsoon if that is on time etc.
I was told Pvt Hedge funds have advised heir clients to cover near $72 level. some time in the next month. We need to show volume if this a bottom. I don't believe we are there yet.
Good luck nevertheless.
The D.B is suspect because on the second bottom the Volume is less than the first. You need volume on the uptick.
My F.A says the Pvt Hedge Funds have not advised their clients to cover. He expects there will be another test
and it will be a BUY when the uptick Volume exceeds the first D B volume.
Keeping my powder dry
Looks like a false move. There is no volume which indicates Shorts are awaiting another down leg..
We must see an uptick in volume to prove the bottom.is forreal.
Check with the Pvt Hedge Funds list to clients for May 2016. There is no mention of any support above $15,
It was because of the overhyped new FDA approved drug.
There is no demand at the price set out earlier. They are forced to give it away free to entice patients to use the drug. If the demand is good they intend to slowly milk that cow.!
For the present, they get no rev only expense from that new Drug. Hence the sell off.
Nothing is amiss.
Earnings are flat; no growth announcement for 2016-17. There is a P/E contraction which means we are heading South for a new low.
My Broker had forewarned me & I reluctantly followed his advice which has come to pass.
You are likely to be right. We have seen the high for 2015. Time is against the Longs because of enviro consideration and escalating clean up costs.
These costs increase with time and have to be addressed one day.