Financials

India Friday signed on to a China-led initiative to create an international bank to fund development of infrastructure essential for Asia’s economic growth and reduce the dependence on Western-dominated World Bank and International Monetary Fund.

Besides the two neighbours, 19 other countries of the region signed a Memorandum of Understanding (MoU) on setting up the new Asian Infrastructure Investment Bank (AIIB) at a special ceremony in the Great Hall of the People here, Xinhua news agency reported.

South Africa’s central securities depository (CSD) firm Strate has selected the software product of Indian IT bellwether Tata Consultancy Services (TCS) for electronic settlement of financial instruments across the country.

“Strate will use the market infrastructure solution of our financial product (BaNCS) for its equity and money market depository operations and replace its bond system,” the global software major said in a statement here Friday.

The solution will also help Strate adopt multiple settlement models across asset classes to meet market-specific requirements.

he benchmark Bombay Stock Exchange (BSE) index Sensex on Wednesday surged over 212 points in early trade on the last trading session of the Samvat Year 2070, extending gains for the fourth straight day on increased capital inflows amid the government’s reform push.

Brokers said sentiments remained upbeat and capital inflows picked up after the government announced reforms in the oil and gas and coal sectors.

Further, a firming trend in global markets also buoyed trading sentiments.

The Reserve Bank of India (RBI) put the onus of forming a Joint Lenders’ Forum (JLF) on the bank with highest exposure to a distressed borrower and said here today that failure to do so would attract higher provisioning penalties for that bank alone.

Under revised norms, RBI has also tightened distressed asset sales to asset reconstruction companies (ARCs) saying that banks should first fulfil commitments made at the lenders’ forum in case of a loan recast.

Extending its rising streak for the third straight day, the rupee appreciated by 8 paise to 61.28 against the dollar in early trade at the Interbank Foreign Exchange today on sustained selling of the US currency by exporters and banks.

Forex dealers said besides increased selling of the American currency by exporters and banks, the dollar’s weakness against other currencies overseas and a higher opening in the domestic equity market, supported the rupee.

Extending gains for the third straight day, the benchmark BSE Sensex rose over 74 points in early trade today on sustained buying by funds and investors after the government stepped up economic reforms amidst a mixed trend on other Asian bourses.

The 30-share index, which had gained 430.51 points in past two sessions, rose further by 74.19 points, or 0.28 per cent, to 26,504.04 with stocks of consumer durables, metals, power, banking, IT and healthcare sectors moving up.

The National Stock Exchange index Nifty also moved up by 21.80 points, or 0.28 per cent, to 7,901.20.

After losing 0.71 percent in the last weekly trade session, a benchmark index of Indian equities markets Monday provisionally closed the day’s trade 321.32 points or 1.23 percent up as automobile, banks, capital goods, oil and gas and metal stocks gained.

However, heavy selling was sustained in information technology (IT) and technology, media and entertainment (TECK) sectors.

(Lead)A benchmark index of Indian equities markets Monday surged up 404.03 points or 1.55 percent as auto stocks gained.

The rally was led by auto, banking, capital goods, metal, oil and gas, healthcare, metal and consumer durables sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,434.16 points, was trading at 26,512.56 points (at 11.59 a.m.) in the pre-noon session, up 404.03 points or 1.55 percent from the previous day’s close at 26,108.53 points.

The benchmark BSE Sensex spurted by over 392 points in opening trade today on a rally by oil & gas and PSU stocks after the government on Saturday deregulated diesel prices and BJP stormed to power in Haryana and is all set to form government in Maharashtra.

Besides, a firming trend at other Asian markets following weekend sharp gains in US on the back of upbeat earnings, buoyed the sentiments here.

The 30-share Sensex zoomed by 392.51 points, or 1.50 per cent, to trade at 26,501.04. The gauge had gained 109.19 points in Friday’s trade.

The benchmark BSE Sensex spurted by over 392 points in opening trade on Monday on a rally by oil & gas and PSU stocks after the government on Saturday deregulated diesel prices and BJP stormed to power in Haryana and is all set to form government in Maharashtra.

Besides, a firming trend at other Asian markets following weekend sharp gains in US on the back of upbeat earnings, buoyed the sentiments here.

The 30-share Sensex zoomed by 392.51 points, or 1.50 percent, to trade at 26,501.04. The gauge had gained 109.19 points in Friday’s trade.

Leading bourse, National Stock Exchange (NSE) will auction government debt securities worth Rs 646 crore for overseas investors on Tuesday, whose total investment has crossed 99% of permitted limit.

The auction would be conducted for overseas investors at ‘nse-ebid’ platform for government debt securities, as per information provided by the bourse.

The total overseas investments in government debt securities through auction route has touched Rs 1,23,786 crore as on October 17, which is which is 99.48 percent of total permitted limit of Rs 1,24,432 crore.

India is poised to become a USD two trillion economy this year, while its GDP size would cross another milestone of USD three trillion after five years in 2019, according to IMF’s latest world economic outlook.

India’s ranking would also improve to seventh largest economy in the world, while measured on “current prices” basis in US dollar, in 2019 from its tenth position currently.

Latest data from the International Monetary Fund (IMF) show that Indian economy is set to be worth USD 2.05 trillion this year, increasing its size from USD 1.88 trillion in 2013.

Dragged down by IT bellwether TCS, the combined market valuation of top-five companies slumped Rs 65,570.45 crore last week.

While TCS, ONGC, RIL, Infosys and Sun Pharma saw losses in their market valuation, ITC, CIL, HDFC Bank, SBI and ICICI Bank made gains.

TCS, the country’s largest software exporter, suffered a loss of Rs 45,883.21 crore to Rs 4,78,889.40 crore in its valuation.

The IT major had on Thursday posted 13.2 percent jump in September quarter net profit at Rs 5,244 crore, which failed to meet market expectations.

Foreign direct investment into India declined by about 10 percent in August this year to USD 1.27 billion, the lowest figure in the last eight months.

In August 2013, the country had received FDI worth USD 1.40 billion. Last time in December 2013, FDI into India was USD 1.10 billion.

However, for the April-August period of this fiscal, 2014-15, the foreign inflows showed a growth of 42 percent to USD 12.01 billion as compared to USD 8.46 billion in the first five months of 2013-14, according to the data of the Department of Industrial Policy and Promotion.

After two sessions of losses, the benchmark BSE Sensex recovered by over 71 points to regain the 26,000-mark in early trade today on emergence of buying by funds and retail investors amid a firming trend in other Asian markets.

Besides, encouraging earnings reported by Hero MotoCorp also influenced market sentiments.

The 30-share index, which had lost 384.73 points in the previous two sessions, rebounded by 71.37 points, or 0.27 per cent, to 26,070.71, with FMCG, power, capital goods and healthcare stocks, leading the recovery.

A benchmark index of Indian equities markets Friday was trading 65.69 points or 0.25 percent up as capital goods stocks gained.

Good buying was observed in capital goods, banking, healthcare and fast moving consumer goods (FMCG) sectors, while selling pressure was seen in IT and technology, media and entertainment (TECK) sectors.

The rupee recovered from over seven-month low by appreciating 19 paise to 61.64 against the US dollar in early trade on Friday at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.

Forex dealers said besides fresh selling of the American currency by exporters and banks, a higher opening in the domestic equity markets supported the rupee but dollar’s strength agaisnt other curreices overseas, capped the gains.

A benchmark index of Indian equities markets Thursday was trading flat at 28.24 points or 0.11 percent up as auto stocks gained.

Good buying was observed in auto and IT sectors, while selling pressure was seen in oil and gas and capital goods sectors.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 26,260.35 points, was trading at 26,377.57 points (at 09.22 a.m.) in the early session, up 28.24 points or 0.11 percent from the previous day’s close at 26,349.33 points.

The Reserve Bank will soon invite applications for small finance banks that would provide basic products like credit but in a limited area.

“In the next few weeks, we will put out guidelines inviting applications for what we call small finance banks. These are banks that will cater to smaller customers across the country. The detailed guidelines will also be put out,” RBI Governor Raghuram Rajan said Wednesday.

He was speaking at the 10th IDRBT Banking Technology Excellence Awards here.

Kishore Biyani-promoted Future Retail has received market regulator Sebi’s approval to raise up to Rs 1,600 crore through rights issue.

The company had filed its application with the Securities and Exchange Board of India (Sebi) for the proposed rights issue in July.

Sebi issued its final observations on the draft offer documents on October 10, according to the latest update by the market regulator.

The regulator had received the draft offer documents on July 22 through its lead manager Axis Capital Limited.

The Bombay Stock Exchange, the National Stock Exchange, forex, money, MCX, NCDEX and all major commodity markets will remain closed today on account of Assembly polls in Maharashtra.

–PTI

India’s Foreign Investment Promotion Board (FIPB) Tuesday approved 25 foreign direct investment (FDI) proposals totalling around Rs.1,546.12 crore.

“Based on the recommendations of FIPB in its meeting held on Aug 29, government has approved 25 proposals of FDI. In addition, one proposal of Medereich amounting to ` Rs.1,800 crore has also been recommended for consideration of Cabinet Committee on Economic Affairs,” the Finance Ministry under which FIPB functions was quoted in a statement.

A benchmark index of Indian equities markets Tuesday closed flat down 35 points or 0.13 percent as realty, information technology (IT) and automobile stocks plunged.

Healthy buying was observed in banks, power and metal stocks.

The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which opened at 26,537.42 points, ended at 26,349.33 points, down 34.74 points or 0.13 percent from the previous day’s close at 26,384.07 points.

The Sensex touched a high of 26,550.79 points and a low of 26,212.01 points in the intra-trade.

After falling in initial trade, the benchmark Sensex today rebounded over 86 points to end at 26,384.07 on the back of gains in key bluechips led by Coal India, Infosys, Hero MotorCorp, SBI and Maruti.

The Sensex, which commenced the day on a weak note at 26,275.07, slipped further to touch the day’s low of 26,092.69 after investors focussed on weak economic data.

The benchmark BSE Sensex fell over 159 points in early trade on Monday on continued capital outflows by foreign funds and selling by retail investors after industrial production growth slowed to five-month low in August amid a weak trend overseas.

The 30-share barometer declined by 159.35 points, or 0.61 percent, to 26,138.03 with realty, metal, auto, capital goods and banking stocks, leading the fall.

The index had plunged 339.90 points in the previous session on Friday.