Scripscan:Dhanlaxmi Bank Ltd
BSE code:532180
cmp:64
Story:Dhanlaxmi Bank Limited provides various banking products and services in India. It primarily offers deposit products, such as savings, current, and term deposits; and various loans comprising property loans, car loans, commercial vehicle loans, commercial equipment loans, personal loans, education loans, and loans against securities. The company also provides depository services; forex services, including foreign currency cash, cheque deposits, foreign currency demand drafts, and remittances; payment services; and life and general insurance services. In addition, it offers corporate banking services comprising cash management; credit products, such as industrial and trade advance, import export assistance, and agricultural assistance; corporate salary products; and forex and trade services. Further, the company provides NRI banking; micro and agri banking; and financial planning services. Additionally, Dhanlaxmi Bank offers locker services, gift cards, credit and debit cards, Internet banking, and mobile banking services, as well as real time gross settlement services and national electronic fund transfer services. As of July 7, 2011, it had a network of 275 branches and 460 automated teller machines.The stock tumbled yesterday as reports indicated that the All-India Bank Officers Confederation (AIBOC) has appealed to the RBI and the finance ministry, to initiate investigations against Dhanlaxmi Bank management and asked it to merge it with any public sector bank to safeguard the interest of employees and the customers of the bank.However, the bank's management in a television interview denied the allegations and termed them baseless.I don’t think allegations of union seem to be very serious, but one cannot overlook. But if one looks at the financials and the growth of the bank, I don’t think the allegations which have been leveled can exist.In this atmosphere such adverse news or suspicion creates a bit cautious approach on the stock.At the present moment its a wait and watch candidate.In the shorter term it would become a traders paradise with low deliverable volumes.Once the dust gets cleared act accordingly as per the sentiment.As we often say,"The trend is the friend".
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