Gold traders stock up ahead of Akshaya Tritiya

Gold traders in India, the world's biggest buyers of the yellow metal, stocked up for upcoming key festivals and the ongoing wedding season as prices extended losses for the second straight session.
The most-active gold for June delivery on the Multi-Commodity Exchange (MCX) was at Rs 28,568 per 10 grams, down 0.23% from Tuesday's close.
"Demand is going at reasonable pace as restocking at jewellers level has started just before Akshaya Tritiya," said a dealer with a private bullion importing bank in Mumbai.
The wedding season is at its peak now, while Akshaya Tritiya, one of the biggest gold buying festivals, falls later in April.
Buying has been moderate after jewellers called off their three-week strike protesting against an excise levy. A final decision will not be known until May 7 when Parliament is expected to consider the 2012-13 Budget and any changes would be made public.
Silver is steady at Rs 56,000 per kg

Buy SBI, ICICI Bank at current levels: Diwan

Prakash Diwan, Asit C Mehta Investment advice traders to buy SBI and ICICI Bank at current levels.
Diwan told CNBC-TV18, "If one were to understand the reason why banks have come down is because we keep on debating whether we are in for a decent repo rate cut or not this time. Even if that doesn't happen and even if there is a CRR cut, there is going to be a significant change in the liquidity in the market and that could just make things easier for banks in terms of getting that extra credit growth that they are always looking for."
He further added, "In terms of earnings expectations our sense is that the earnings would be fairly decent in terms of especially the credit growth side SBI possibly could clock about 17-18% growth on a year on year basis and even the NIMs may not be badly affected and most of the write off has already been taken care off in December particularly from the telecom space. So, my sense is banks would surprise positively with earnings and one could buy into an SBI or an ICICI Bank or an Axis Bank at these levels specially on days like these when markets react over react a bit and then buy into these and trade on them for that 5-7% upside."

Manappuram Finance can move to Rs 42

Manappuram Finance can move to Rs 42

"The Company will be having an EPS of close to about Rs 7 for FY12 and even if you take the book value as of March 31, 2012 it is close to about Rs 50, anywhere between Rs 48 to Rs 50. If the share is available at a price to book of 0.75 rupee multiple of close to about 5 and if the company has a cash accrual of close to about Rs 500 crore per year I think that will be enough for them to continue with growth because right now they have a loan book of close to Rs 6,000- Rs 6,500 crore so inspite of RBI restrictions of not allowing them to issue further NCDs and maybe cap of 60% non financing against gold bars and all that I think taking all this into account share still has upside. It can move to Rs 42 maybe in the next 15 days or so - so maybe one can buy. Share having seen a good run up in last couple of days."