Metal Index Jumps

Metal stocks witnessed a sharp rise on Monday with BSE Metal index gaining maximum among all the sectoral indices on the back of the second stimulus package announced by the Government.

The BSE Metal index gained 5.54 per cent. Top gainers among the steel stocks were Tata Steel (6.73 per cent), SAIL (6.97 per cent), Jindal Steel (5.50 per cent).

Meanwhile, according to a report, there was a sudden rise in demand for long structural products by 30 to 40 per cent while the prices have come down from an average of Rs 48,000-49,000 a tonne in August to Rs 32,000-33,000 a tonne. The good news for steel manufacturers is that the production cost of steel has also come down with fall in prices of raw material, including iron ore, which has also been favourable for steel stocks.

Sensex At 10,000 -- Top Stock Picks --

Finally the BSE touched the 10,000 level and hit the below that level also so what are the top picks at current levels.

Here are the top picks of mine (CMP)

Bank of India - 262
ICICI Bank - 370
Lanco Infra - 130
Indiabulls - 104
Ranbaxy - 240
IFCI - 23
R Com - 230
Suzlon - 80
Telco - 200
Adani - 320

( I have holding in many of the above stocks )

All stocks are multibagger for coming days so just start buying them.

Bank of India Q2 net rises 80% on robust credit growth

Bank of India reported an 80 per cent growth in second quarter net profit, beating analysts’ predictions.

Mr T.S. Narayanasami, Chairman and Managing Director, attributed the better-than-expected results to robust credit growth and healthy recovery of written off assets.

The bank’s net profit increased to Rs 763 crore from Rs 425 crore in the year-ago period.

Analysts tracking the bank had predicted a 33-35 per cent growth in bottom line, in view of the rising cost of funds.

However, the bank’s net interest margin (NIM) improved marginally to 3.2 per cent from 3.04 per cent, despite the cost of deposits increasing to 5.79 per cent from 5.53 per cent in the year-ago period. The average yield on advances fell marginally to 9.79 per cent from 9.99 per cent.

The stock is currently trading at 262 down 3% ( on 23 Oct , 08 at 13 Hrs IST )