Further to our post on April 17 on the bulk purchases of PSU Bank shares by TCI Cyprus Holdings, we have got more information on the quantum of stake taken by TCI in various PSU Banks. Business India has reported in its latest issue, has carried a mention about the stake accumulated by TCI. TCI now holds 7.66% in Indian Overseas Bank and 9.62 % in Vijaya Bank. TCI has become the single largest shareholder after Government of India in IOB and the largest FII in Vijaya Bank. Business India has also carried some spicy information like a "big industrial group with interests in Financial Services" have also mopped up shares in Vijaya Bank in April. Incidentally, LIC has increased its stake in Vijaya Bank to 5.11% in April 2008. Lot of action in Vijaya Bank counter.
Vijaya Bank has come out with a decent set of numbers showing a growth of 9.03% in Net Profits for the year ending March 2008. This growth in profits is after providing for dimunition in value of investments to the extent of Rs272 crores in Q4, 2008. The Q4 provision for dimuntion in value of investments is due to temporary rising of bond yields during the last month of the financial year as the liquidity dried up in the market. The analysts think that the value of investments written down during Q4, 2008 would regain value as the bond yields stabilizes in the coming weeks.
Vijaya Bank has come out with a decent set of numbers showing a growth of 9.03% in Net Profits for the year ending March 2008. This growth in profits is after providing for dimunition in value of investments to the extent of Rs272 crores in Q4, 2008. The Q4 provision for dimuntion in value of investments is due to temporary rising of bond yields during the last month of the financial year as the liquidity dried up in the market. The analysts think that the value of investments written down during Q4, 2008 would regain value as the bond yields stabilizes in the coming weeks.
Watch out for action in PSU bank and in particular Vijaya Bank!!
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