Stock Market update – May 23 rd 2014…

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Shares of SBI was in demand, the stock gained by 2.2% to close at Rs. 2515 ahead of its results scheduled to be announced on 23rd May, 2014. “SBI is expected to post a much improved earnings performance during Q4 FY14 on the back of strong NII growth, absence of one-off employee benefits provisioning and a slight moderation in credit cost. PAT is estimated to come in at Rs41.3bn, about 85% higher than the previous quarter. Asset quality is unlikely to surprise negatively during the quarter with slippages and restructuring estimated to be lower sequentially.”

Shares of Coal India surged 5% to Rs 390 on reports that Prime Minister-elect Narendra Modi is exploring the possibility of breaking up the state behemoth and opening the sector to foreign investment to boost output and cut imports.

Shares of Bajaj Auto was up 1% to close at Rs 1980, on reports that Egypt government has lifted the ban on imports of two-wheelers and three-wheelers into the country which was in effect since February 2014.

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