Mr Lakshmanan V, Vice President & Head - Sales (Derivatives & Treasury Products), Federal Bank:
The uncertainty created by Covid and the time period of its stay clearly brought out in RBIs statement: Negative growth in FY21, without estimates being clearly stated. Likewise a statement on inflation easing in the second half after firming up in H1 points to the same. While accommodative stance and Rate Cuts are welcome and is the need for the hour, the key continues to be transmission, importantly to the desperate sectors of the economy.
Robustness of Fx Reserves at USD 487 billion covers close to 1 year of imports. The Rate cut, while anticipated, had the 10 yields drop to 5.88%, before recovering. Currently at 5.96%.
Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.37.35 as compared to the previous close of Rs. 39.35. The total number of shares traded during the day was 1534935 in over 3439 trades.
The stock hit an intraday high of Rs. 39.85 and intraday low of 36.85. The net turnover during the day was Rs. 58344379.