Monday, April 23, 2018

Canara Bank to recover Gitanjali dues under Sarfaesi Act

Canara Bank has has issued a notice on Gitanjali Gems and Gitanjali Exports Corporation Ltd under the Sarfaesi Act to recover about 195 crore.
Canara bank has also taken similar action in the case of Nakshatra Brands to recover about 49 crore.
In both the cases, Mehul C Choksi is the personal guarantor. Choksi is under the Central Bureau of Investigation scanner following a complaint by Punjab National Bank in respect of LoU scam.

Nirav Modi extradition : PNB approaches HK authorities

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PNB has approached the Hong Kong authorities for extradition of Nirav Modi who is reportedly holed up in Hong Kong and recovery writ has been filed against companies of Nirav Modi. It is also to be noted that PNB recently hired lawyers to represent itself in the bankruptcy proceedings of the US-based Firestar Diamonds, a group company of billionaire diamantaire. The US Trustee Program oversees the administration of bankruptcy cases in the United States.

Page views of FirstChoiceIPO crosses 1.2 millions

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Thank you readers and well wishers.

FirstChoiceIPO's page views has crossed 1.2 millions, as on 23-04-2018.

Sunday, April 22, 2018

HDFC Bank's net at Rs 4799 Cr

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HDFC Bank has reported a net profit of Rs 4,799 crore, an increase of 20 percent over Rs 3,990 crore reported in the quarter ended March 31, 2017.

Net interest income grew by 17.7 percent year-on-year to Rs 10,658 crore for the quarter ended March 2018, from Rs 9,055 crore in year-ago quarter.

 Bank's total deposits were at Rs 7,88,771 crore as of March 2018, an increase of 22.5 percent over March 2017.
As of March 2018 current account deposits were at Rs 1,19,283 crore and savings account deposits at Rs 2,23,810 crore.
Total advances growth was 19 percent at Rs 6,58,333 crore as of March 2018 compared to March 2017. 

More trouble for ICICI Bank

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Sebi is mulling getting a forensic examination done on financial statements and disclosures made by ICICI Bank in past few years amid a controversy over alleged conflict of interest involving the lender's CEO Chanda Kochhar and her husband. 

According to market information, the capital markets regulator will also consult the Reserve Bank of India on the matter to avoid any intra-regulatory jurisdiction issues.

Saturday, April 21, 2018

Sub-prime crisis of different kind may surprise the world

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According to World Bank, the world’s debt load has ballooned to a record $164 trillion, a trend that could make it harder for countries to respond to the next recession and pay off debts if financing conditions tighten.

Global public and private debt swelled to 225 per cent of global gross domestic product in 2016, the last year for which the IMF provided figures, the fund said Wednesday in its semi-annual Fiscal Monitor report. The previous peak was in 2009.

The peaking of debt may surprise the financial markets with a different kind of sub prime crisis in the coming days.

Axis Bank appoints Egon Zehnder to look for new CEO

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Axis Bank has appointed  Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the post of CEO in the bank. The bank has informed this development to exchanges.

Egon Zehnder is a global executive search firm. Egon Zehnder is the world's third largest executive search and talent strategy firm. The firm offers services and expertise in the fields of Executive Search, Board Consulting and Leadership Strategy Services

Sharma had requested the bank’s board to relieve her by 31 December 2018 after Axis Bank decided to give her a three-year term beginning 1 June 2018.

BJP's clean politics : Double standard exposed.

BJP talks of clean politics, graft free administration is for public consumption. The party has given tickets to most tainted politicians. BSY (corruption), Reddy bros (mining loot), Krishnaish Setty and Katta (Land  grab), Hartal (rape expert), Renuka (kissing king), Raghupati Bhat, (wife killing dada).

Ballari Reddys, who had played an important role in formation of the BJP government in the state in 2008, seem to have returned to the party fold with full force. In the third list, the party has named mining baron Gali Janardhan Reddy's brother Karunakar Reddy as its candidate from Harapanahalli in Ballari district. In the first list, the party had named Gali Somashekar Reddy as its candidate from Ballari and Reddy brothers' close friend B Sriramulu as its candidate from Molakalmuru in Chitradurga. Only Janardhan Reddy, who is facing cases related to illegal mining and transportation of iron ore, has been left out. BJP president Amit Shah had stated that the party has no connection with him. However, Janardhan Reddy too is actively working for BJP candidates in Chitradurga.

TCS nears $ 100 billion market cap

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India's biggest software services company TCS's market capitalization neared the iconic $100 billion mark in yesterday's trading.  IT behemoth stock rocketed about 7% on the stellar Q4 results. TCS was the biggest gainers among the top 100 companies on National Stock Exchange with 7% gain.

On the basis of RBI’s reference rate of Rs 65.7837 per US dollar, TCS's market capitalization  stood at $99.5674 billion.

Friday, April 20, 2018

World Bank : India second largest unbanked economy

According to World Bank,  India has 19 crore adults without a bank account despite the success of the ambitious Jan Dhan Yojana, making it the world’s second largest unbanked population after that of China. Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report, even as it lauded the Indian government’s financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018. 

It also said the country’s adult population with a bank account has more than doubled to 80 per cent since 2011. The Jan Dhan Yojana was launched by the Modi government in 2014.

According to the latest Global Findex Database released by the World Bank on the sidelines of the annual Spring meeting of the International Monetary Fund and the World Bank, 11 per cent of the world’s unbanked adults are in India. Globally, 69 per cent of adults – 3.8 billion people – now have an account at a bank or mobile money provider, a crucial step in escaping poverty. This is up from 62 per cent in 2014 and just 51 per cent in 2011.

Thursday, April 19, 2018

Rising oil prices and strong USD may derail Indian econmy

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Rising oil prices, which some analysts expect to touch $90 level and strong USD, which is also expected to move towards north, may derail the Indian economy.

The recent massive rise in global crude oil prices has now started inflating the oil import bill for India that meets 80 per cent of its crude requirement through inbound shipments. January’s oil import cost ballooned by a whopping 46 per cent to land at $9.6 billion as against $6.6 billion in the same month last year -- the highest monthly increase in the past year.

India’s ballooning oil import bill also led to the country’s trade deficit shooting up to a 56-month high of $16.3 billion in the month of January, primarily due to a surge in crude oil and precious stone imports.

 India is an importer of pulses, edible oils and a number of soft commodities which have become more expensive with the weakening of the rupee. While on one hand prices of many essential and other agriculture commodities are going down due to excellent winter crop in our country, the prices of pulses and edible oils that we are importing have become more expensive due to the weakness in the rupee. Weak rupee also breeds inflation.

Worried Institutional Investors meet ICICI Bank's chairmen

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Institutional Investors have huge exposure to ICICI Bank. Certainly they worried about what is going on with the bank.  They have met non-executive chairman M K Sharma after a litany of allegations surfaced against the lender’s MD & CEO Chanda Kochhar. The Institutional / MF  executives discussed all issues, including succession planning. There have been meetings between Sharma and the mutual fund houses to assuage their concerns. 

According to market data, the fund houses have over Rs 30,000-crore exposure to the second largest private sector bank in the country, making it the second-most fund-bought lender in the country. Domestic and global institutions and fund houses own more than 72 per cent of the bank. 

Misra Dhatu Nigam rises 70% in 15 days

Misra Dhatu Nigam locked at the upper ceiling limit in yesterday's trade and closed at Rs 153.75. The company's shares were listed on the exchanges on 4th April this year. The company had issued IPO shares at Rs 90.

FirstChoiceIPO had strongly recommended for subscription to the offer.

TRA Brand Trust : SBI most trusted bank in India

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According to TRA Brand Trust, country's biggest bank SBI is also the most trusted bank. The report for 2018  says that the State Bank of India was the most trusted bank (both public and private sector) in the country and ICICI Bank topped the chart among the private ones. 

The survey was carried out during November-January and did not take into account the recent reports of irregularities involving the ICICI Bank. 

Sebi bars GoCapital promoters

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Sebi has barred GoCapital and its proprietor Ankitkumar Shashikant Singhania from the securities market for at least four years.

A Sebi probe found that GoCapital and Singhania were providing investment advisory services to clients for consideration without registration with the regulator and thereby violated Sebi's Investment Advisers Regulations.

They were giving trading tips and stock recommendations, among others, to the investors on payment of fees.

According to Sebi, they collected over Rs 27.65 lakh as fees from investors between October 2013 and March 2016 through different categories of schemes

Sebi has also directed the company to pay back the fees collected.