Financials

Finance Minister Arun Jaitely Saturday said that the government will soon implement the recommendations made in the Financial Sector Reforms Commission (FSLRC) report.

“I have not the least doubt that a large number of these recommendations will actually see implementation in the days to come,” Jaitely said.

Speaking at an event here the finance minister said that some legislative changes will also be required for the implementation of FSLRC recommendations.

Currently, four different groups are studying the report and the implications of the impact its recommendations will have.

India`s foreign exchange reserves fell by $672.4 million to $314.87 billion for the week ended Nov 21, Reserve Bank of India (RBI) data showed.

The reserves had risen by $419.4 million to $315.55 billion for the week ended Nov 14.

According to the RBI`s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined $664.3 million at $289.39 billion in the week under review.

The foreign currency assets had gained $422.7 million at $290.06 billion in the previous week (Nov 14).

India’s foreign exchange reserves fell by $672.4 million to $314.87 billion for the week ended Nov 21, Reserve Bank of India (RBI) data showed.

The reserves had risen by $419.4 million to $315.55 billion for the week ended Nov 14.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, declined $664.3 million at $289.39 billion in the week under review.

The foreign currency assets had gained $422.7 million at $290.06 billion in the previous week (Nov 14).

In a major clampdown for “suppression of material facts” in IPO documents, Sebi today penalised merchant banking arms of SBI, ICICI, Kotak Mahindra, IDBI, DSP Merrill Lynch and Edelweiss groups for lapses during the public offer of rating agency CARE two years ago.

The six merchant banks have been asked to pay a fine of Rs 1 crore — the maximum penalty applicable for violation of disclosure related norms in IPO documents — within 45 days.

Bucking the strong trend in stocks, the Indian rupee today tumbled 16 paise to close at almost nine-month low of 62.03 against the greenback following sustained dollar demand from importers, including oil firms.

The rupee was also under pressure after government data showed that fiscal deficit touched 89.6 percent of the Budget Estimates for 2014-15 to cross Rs 4.75 lakh crore at the end of October.

The Securities and Exchange Board of India Friday fined six merchant banks Rs.1 crore for violating mandatory disclosure norms of the IPO (initial public offering) documents.

In an order, SEBI stated that while making disclosures in the ‘Red Herring Prospectus’ the BRLMs (banks and book-running lead managers) cannot pick and choose some material facts that they prefer to disclose and suppress some material facts.

The Special Economic Zones (SEZ) in India had availed tax concessions to the tune of Rs.83,104.76 crore between 2006-07 and 2012-13, a report by official auditor Comptroller and Auditor General of India (CAG) said here Friday.

“Our review of the tax assessments indicated several instances of extending ineligible exemptions/deduction to the tune of Rs.1,150.06 crore and systemic weakness in direct and indirect tax administration to the tune of Rs.27,130.98 crore,” the report said.

The finance ministry has rejected the commerce ministry’s demand to remove minimum alternate tax (MAT) and dividend distribution tax (DDT) levied on special economic zone (SEZ) developers, Commerce and Industry Minister Nirmala Sitharaman told parliament Friday.

A benchmark index of Indian equities markets Friday hit a record high of 28,822.37 points, surpassing its previous high of 28,541.22 it touched Nov 25.

All the sectors were trading in green and the rally was led by banking, auto, consumer durables and capital goods sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,490.71 points, was trading at 28,757.21 points (at 01.52 p.m.) in the afternoon session, up 318.30 points or 1.12 percent from the previous day’s close at 28,438.91 points.

Leading bourse BSE today cemented its position among the ten largest exchanges of the world in terms of total market capitalisation of listed firms, after hitting a milestone of Rs 100 lakh crore for the first time.

The BSE ranks at 10th position globally with a market cap of over $1.6 trillion, crossing Rs 100-trillion mark in the rupee terms for the first time ever. It is the largest exchange in the world in terms of number of listed companies.

The benchmark BSE Sensex spurted to a new peak of 28,765.52 and the NSE Nifty scaled a life-time high of 8,591.40 in opening trade today as December series in the derivative segment commenced on a strong footing on sustained fund inflows amid falling global crude prices.

Besides, positions enlarged by retail investors ahead of the September quarter GDP data to be released later in the day and RBI monetary policy review next week also influenced trading sentiment, brokers said.

Scaling a new peak, the total investor wealth in Indian stock market today hit a record high of Rs 100 trillion, marking a jump of ten times in little over a decade.

Measured in terms of total market capitalisation of all listed companies on the country’s biggest bourse BSE, the overall investor wealth in the Indian stock market rose to Rs 100.01 lakh crore in early morning trade at 1005 hours as benchmark Sensex soared by over 300 points in its continuing record rally.

Scaling a new peak, the total investor wealth in Indian stock market today hit a record high of Rs 100 trillion, marking a jump of ten times in little over a decade.

Measured in terms of total market capitalisation of all listed companies on the country’s biggest bourse BSE, the overall investor wealth in the Indian stock market rose to Rs 100.01 lakh crore in early morning trade at 1005 hours as benchmark Sensex soared by over 300 points in its continuing record rally.

A benchmark index of Indian equities markets Friday hit record high of 28,765.52 points surpassing its previous high of 28,541.22 it touched Nov 25.

All the sectors were trading in green and the rally was led by banking, auto, consumer durables and capital goods sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,490.71 points, was trading at 28,719.48 points (at 09.33 a.m.) in the early session, up 280.57 points or 0.99 percent from the previous day’s close at 28,438.91 points.

The rupee depreciated by 6 paise to trade at 61.93 against the US dollar in early trade on Friday, extending Thursday’s weakness due to sustained month-end demand for the American currency from importers.

The dollar’s gains against other currencies overseas also put pressure on the local unit but a record opening in the domestic equity market limited the losses, forex dealers said. The rupee had lost 3 paise to end at 61.87 against the greenback in yesterday’s trade on month-end dollar demand from importers.

A day after Chinese e-commerce giant Alibaba’s commitment to invest more in India, American technology giant Dell is also keen to invest in the country, Communications and IT Minister Ravi Shankar Prasad said Thursday.

“President @Dell Inc. Asia Pacific Amit Midha met me and Dell is keen to investment in #India,” Prasad in a tweet after meeting Midha, Dell’s president Asia Pacific and Japan and chairman, Global Emerging Markets.

The investor perception about India is changing, the minister said.

Ratings agency Moody’s expects the country’s GDP to grow at 5.3 per cent in the July-September quarter of the current fiscal, better than 4.8 per cent clocked in the year-ago period.

It said the general elections in May helped lift investor sentiment and business confidence, though it will take a while before this translates into better performance in the real economy.

“Our estimate that GDP grew 5.3 per cent in the September quarter is in line with the steady cyclical upswing of recent quarters,” Moody’s Analytics said in a report.

To help it better regulate the marketplace and strengthen its surveillance system, regulator Sebi has decided to adopt a supervision model based on risk levels for various market entities including brokers and mutual funds.

Under the new model, various market entities would be divided into four groups — very low risk, low risk, medium risk and high risk — and the quantum of surveillance and number of inspections would increase as per the risk level.

Extending yesterday’s gain, the benchmark BSE Sensex rose over 37 points in early trade on Thursday on sustained buying in blue-chip stocks amid a mixed trend in Asian markets.

Besides, covering-up of pending short positions by speculators on the last day of November series expiry in the derivatives segment also influenced sentiment. The BSE 30-share barometer, which had gained 48.14 points in yesterday’s volatile trade, rose 37.75 points, or 0.13 %, to 28,423.94.

A benchmark index of Indian equities markets Thursday was trading flat at 1.60 points or 0.01 percent up as IT stocks gained.

Good buying was observed in IT and healthcare sectors, while selling pressure was seen in fast moving consumer goods (FMCG) sector.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 28,397.80 points, was trading at 28,387.79 points (at 09.20 a.m.) in the early session, up 1.60 points or 0.01 percent from the previous day’s close at 28,386.19 points.

A day after it plunged 162 points or 0.57 percent, a benchmark index of Indian equities markets closed Wednesday’s trade session a tad higher.

The barometer index ended the day’s trade up 48.14 points or 0.17 percent on back of healthy buying in metal, fast moving consumer goods (FMCG) and reality sectors.

However, selling pressure was seen in bank, healthcare and technology, entertainment and media (TECK) stocks.

A day after it plunged 162 points or 0.57 percent, a benchmark index of Indian equities markets was trading 79.12 points or 0.28 percent up in the mid-afternoon trading session Wednesday.

Healthy buying was observed in fast moving consumer goods (FMCG), metal and capital goods. Interest-sensitive stocks like automobile, bank and consumer durables also witnessed good buying spree.

However, selling pressure was seen in IT and technology, entertainment and media (TECK) stocks.

The benchmark BSE Sensex fell over 55 points in early trade today on offloading of positions by speculators ahead of monthly expiry in the derivatives segment amidst mixed global cues.

The 30-share barometer, which had lost 161.49 points in the previous session, fell by 55.22 points, or 0.19 per cent, to 28,282.83 with stocks of realty, banking, auto, IT, metal and capital goods sectors declining the most.

Also, the National Stock Exchange index Nifty was down by 18.70 points, or 0.22 per cent, to 8,444.40.

An economic corridor comprising Bangladesh, China, India and Myanmar (BCIM) will benefit the region’s economy and help resolve contentious issues of these countries with neighbours, says a survey conducted by CESPR in North East.

Almost 89 per cent of the respondents said that the BCIM has the potential to benefit the region’s economy, while 85 per cent are of the view that it could be an effective multilateral forum to help India tackle its bilateral problems with immediate neighbours.

The rupee strengthened by four paise to 61.68 against the dollar in early trade on Monday at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amidst sustained foreign capital inflows.

Forex dealers said apart from increased selling of the American currency by exporters and banks, the dollar’s weakness against some currencies overseas, supported the rupee.

A higher opening in the domestic equity market, which soared to new highs, too supported the rupee, they added.