The National Stock Exchange (NSE) on Monday conducted the first round of mock electronic bidding process for implementing application supported by blocked amount (ASBA), an alternative mode of payment for initial public offerings (IPOs), proposed by capital markets regulator, Securities and Exchange Board of India (Sebi).
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
With the demand for credit expected to shoot up, private banks are bolstering core capital. Seven of them are in the process of raising a cumulative Rs 10,500 crore in equity to fund expansion, which, in some cases like Axis Bank's, includes entry into mutual fund, private equity and wealth management businesses.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
Whether it is DLF in the National Capital Region, or Godrej Properties and Oberoi Realty in Mumbai or Sunteck Realty, Prestige Estates and Sobha Realty in Bengaluru, most top players have launched or lined up a slew of new project launches during this season.
It, however, was a record-smashing week for both the indices, which scaled their lifetime highs.
EPFO is managing a corpus of Rs 6.5 lakh crore.
Stocks such as ICICI Bank, Axis Bank, State Bank of India, Bank of Baroda and HDFC Bank are among the top banking picks of analysts for 2017. A decline in cost of funds and treasury gains are expected to help stabilise their net interest margins
The overarching talking point will be the reluctance on the part of private banks to loosen their purse strings and increase lending substantially, even as the central bank believes there is adequate liquidity within the system.
ICICI Bank was the top Sensex gainer after S&P Global Ratings affirmed its 'BBB-' long-term issue ratings on the senior unsecured bonds.
Sustained foreign funds outflows and the rupee depreciating 68 paise to hit a three-month low of 64.88 (intra-day) against the dollar affected investor sentiment
'Overall, the Indian economy is doing well.' 'Our economic fundamentals are strong and the early signs of recovery are sustainable.' 'This is positive for the market in the long run.'
State-run Bank of Baroda and Oriental Bank of Commerce are among those facing scrutiny.
Nearly 150 companies visited the campus this year.
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
The 30-share Sensex ended lower by 46 points at 27,842 and the 50-share Nifty slipped 17 points to trade at 8,378.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
Other than ITC, other laggards include PowerGrid, Infosys, M&M, NTPC, SBI, HDFC, Kotak Bank, HDFC Bank, TCS, Hero MotoCorp, Coal India, ONGC, RIL, Asian Paint, IndusInd Bank, ICICI Bank, Maruti Suzuki, Bajaj Auto, Tata Motors, Bharti Airtel and Axis Bank.
One sign of it was that the most discussed car at the Detroit show was not actually on display. It was Tata's $2,500 Nano small car for the Indian market, which captured the attention of US executives who have their own plans to push into India and to expand further in China.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
The 50-share NSE Nifty after moving between 10,374.30 and 10,307.30 settled flat at 10,348.75, up 6.45 points, or 0.06 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Public transport has resumed plying at many places in Kashmir and shops have been gradually reopening as more people are now carrying out their day to day activities
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India's top private banks might soon exit from the gold coin business.
Rating agency Fitch on upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
'Avoid taking excessive credit risk via mutual funds such as high-yield fixed maturity plans and credit opportunity funds.'
For the second straight week, the Sensex rose, notching up a significant gain of 528.34 points, or 1.59 per cent. The Nifty was up 129.45 points, or 1.25 per cent, during the week.
We can expect to see more Chinese wolf warrior diplomats on the prowl, in India's neighbourhood, though its mailed fist is not so visible while dealing with India, observes Colonel R Hariharan (retd).
The NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent.
Coal India was the biggest gainer on both Sensex and Nifty
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
a group of armed insurgents opened indiscriminate fire on the security officials, triggering a gun-battle between the two sides.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
Let all the stakeholders, especially the government, remember that if the Make in India lion needs to roar and rise again, it won't happen unless India Inc rises too, points out Shekaar Subramanian.
In the policy banks, the government can have 100 per cent stake, McKinsey said.
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