RBI imposes Rs 75 lakh penalty on Bombay Mercantile Co-op Bank
The Reserve Bank on Thursday said it has imposed a penalty of Rs 75 on Bombay Mercantile Co-operative Bank for violations of norms related to KYC and anti-money laundering. In a statement, the central bank said that the monetary penalty has been impose for “violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives issued by RBI”.Earlier, the Reserve Bank had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
Source: Business Standard
Cover drive! Rs 2-lakh insurance cover for 3 years for Jan Dhan account holders on cards
The government is considering an umbrella insurance scheme under which all Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders will be offered free Rs 2-lakh insurance cover for three years amid a broader push to create a robust social security net for the poor. There are about 27 crore account holders under the PMJDY fiscal inclusion scheme. Of these, 16 crore have been seeded with Aadhaar numbers, ensuring that welfare payments reach their intended beneficiaries.
Source: Economic Times
Alibaba to invest Rs 120 crore, to increase headcount in India
China-based UC Web, a subsidiary of Alibaba Mobile Business Group, is investing Rs 120 crore in the Indian market to accelerate user-generated digital content, and is planning to more than double headcount ?by the end of this fiscal year. The company aims to bridge demand and supply gap through Big Data-backed content distribution, and is in ‘advanced’ talks with a couple of local mobile device makers to pre-install its Web browser.
Source: Economic Times
Hit hard by cash ban, BSE’s issue infuses fresh life into IPO grey market
The grey market for initial public offers (IPOs) may be limping back to life post demonetisation. The BSE IPO set to open for public subscription on January 23, is already quoting at a 12-15% premium over the upper end of the price band of Rs 805-Rs 806 per share, set by the exchange and its merchant bankers. BSE’s will be the first IPO to test the markets post demonetisation. In November last year, it was believed that the note ban would forever kill grey market activity in equities but brokers say there is no substance to such assumption now.
Source: Economic Times
HDFC cuts home loan rates for existing borrowers by 15 basis points
After reducing the interest for new home loan borrowers, housing finance major HDFC Ltd has extended the same benefit to its existing customers too. It reduced its retail prime lending rate (RPLR) by 15 basis points to 16.15 per cent from 16.30 per cent. Home loan rates are calculated by reducing the spread from the RPLR. HDFC is offering women borrowers, a rate of 8.65 per cent on loans up to Rs 75 lakh, which is RPLR minus 7.5 per cent. The spread varies depending on whether it is a women borrower and the loan amount.
Source: Business Standard
ICICI Pru, HPCL enter Rs 50,000 crore market club
ICICI Prudential Life Insurance Company (ICICI Pru) and Hindustan Petroleum Corporation (HPCL) have entered the elite league of corporate entities with a market value of over Rs 50,000 crore, after a recent rally in their stock prices. At 03:02 pm on January 19, the market capitalisation of ICICI Pru stood at Rs 50,236 after the stock hit high of Rs 351 on the BSE. The BSE data shows that HPCL was 1 per cent up at Rs 495, with m-cap of Rs 50,276 crore. Besides, on January 12, the stock of state-owned oil marketing company hit a record high of Rs 499 in intra-day trade and had a m-cap of Rs 50,119 crore at the end of the day.
Source: Dalal Street Investment Journal
Tax breaks, infra push top markets’ Budget 2017 expectations
As the Narendra Modi-led government prepares to present the Budget onFebruary 01 after the big bang demonetisation move in November, the markets have clawed back from their recent December lows with the S&P BSE Sensex rallying nearly six per cent to over 27,200 levels. The rally in the mid-and small-cap indices has been sharper with the S&P BSE Mid-cap and the S&P BSE Small-cap indices surging around 11 per cent each during this period.
Source: Business Standard
Sensex ends higher, Nifty above 8,400 ahead of ECB meeting
The benchmark indices on Thursday settled higher thanks to gains in index heavyweight stocks such as ITC, Tata Motors and Infosys even as Asian markets ended lower after Fed Chair Janet Yellen signalled at future rate hikes in US. The S&P BSE Sensex closed at 27,308, up 51 points, while the broader Nifty50 ended at 8,435, up 18 points. Side indices raced ahead with BSE Midcap and BSE Smallcap advancing 0.4% and 0.3% up, respectively.
Source: Business Standard
Bharti Airtel plans to raise funds via debentures, bonds
India’s largest telecom operator Bharti Airtel on Thursday said it plans to raise funds through private placement of bonds and debentures. “We hereby inform you that the Board of Directors of the company in its meeting to be held on January 24, 2017 shall interalia consider raising of funds through issue of debentures and bonds through private placement,” the company said in a BSE filing. The company, however, did not disclose the quantum of funds that would be raised through the debt instruments. India, the world’s second largest mobile market, has a subscriber base of 801.81 million as of November 2016 and Bharti Airtel enjoys the largest market share of 32.84%.
Source: Livemint
Vedanta Limited to invest Rs 60,000-70,000 crore in its major businesses
Vedanta Limited, one of the world’s largest natural resources company, plans to invest Rs 60,000-70,000 crore, or $10 billion, in its oil & gas, zinc, iron ore and glass businesses, Chairman Anil Agarwal said in an interview to CNBC TV18. “I am looking forward to investing Rs 60,000-70,000 crore in the oil and gas sector, zinc, iron ore,” Agarwal told CNBC TV18 on the sidelines of the ongoing World Economic Forum in Davos. “We are already going ahead with glass,” he added. Agarwal said the company is waiting for the necessary clearances, and for “things to come to the right track”. “I have no doubt that in 2017, we will announce these projects,” he said. Vedanta Limited, formerly known as Sesa Sterlite, is a unit of London-based Vedanta Resources Plc.
Source: Financial Express
ICRA upgrades long term rating on Patanjali Ayurved
Credit rating agency ICRA has upgraded long term rating on Baba Ramdev-led Patanjali Ayurved Ltd (PAL) to enhanced degree of adequate safety with stable outlook citing the company’s “robust revenue growth in FY 2016” and increased brand penetration. “ICRA has upgraded the long term rating of Patanjali Ayurved Ltd from A minus to A plus for Rs 300-crore fund based facilities. The outlook on the long-term rating is Stable,” ICRA said. It further said: “ICRA has also upgraded the short term rating of PAL from A two plus to A one for Rs 20 crore non fund based facilities.”
Source: Economic Times
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