SBI: On result hopes
Mumbai: After a sharp run up in the recent weeks, the share price of the company has remained subdued in the past few days. The share price of quite a few banking companies have taken a knock and SBI has not been an exception. Almost all major banking companies have announced their financial performance and SBI is holding its board meeting on June 19 to consider annual accounts. The growth rate recorded by the company and the quality of earnings would have a major impact on the share price. The stock could remain active at the stock market in the current week.
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Dr. Reddy's, HDFC Bank at new highs
Mumbai: Sentiment turned weak for the US markets last Friday after reports that the University of Michigan index of consumer confidence had dropped; confidence is viewed as a precursor to consumer spending, which drives two-third of the US economy. However, major indices ended the week in positive territory. For the week, the S&P 500 rose less than 0.1 per cent; the Dow Jones Industrial Average 0.6 per cent while the Nasdaq Composite Index slipped marginally by less than 0.1 per cent. Back home, the domestic markets finished the week on a firm note on monsoon hopes and positive foreign institutional investments. The 30-share Bombay Stock Exchange (BSE) Sensex rose 50.90 points at 3354.14 and the National Stock Exchange's S&P CNX Nifty) shot up by around 10 points to settle at 1056.2. Moving on to ADRs, it was a mixed week at the Indian counters. Counters such as Dr. Reddy's Laboratories and HDFC Bank hit their 52-week highs. Dr. Reddy's said it has filed an application with the US Food and Drug Administration to sell a second new specialty drug in the US. The company will also present six abstracts, representing its discovery research findings, at the 63rd Scientific Sessions of the American Diabetes Association, which is currently under way (June 13-17) at New Orleans, US.
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