Moody's down grade Tesla's credit ratings

Moody’s Investors Service downgraded Tesla's credit rating, concerned that it was burning through cash. Those worries have grown so dire that some analysts are asking whether the company could run out of money by the end of the year. 

The company’s recent troubles extend beyond its balance sheet. Federal investigators are looking into a fiery crash that killed a Tesla driver last week in California, including the possibility that Autopilot was in use.

Tesla said it was recalling 123,000 Model S cars made before April 2016 to replace bolts that hold a power-steering motor in place. The bolts can become corroded and break, leaving drivers with only manual steering. 

The stock closed at $ 266, up 3% in Thursday's trading. However the stock is down 31% from its 5 year high of $ 390.

SBI offers sops on its home loan.

State Bank of India is  offering some attractive offers on its home loan. Apart from getting special interest rates, one is not required to pay any processing fee on a new home loan, top-up loan or balance transfer of a housing loan. However, this opportunity is valid up to 31-03-2018.

 SBI charges 0.35% of the loan amount as processing fee.

MS maintains equal weight on Nvidia, stock up $10

Morgan Stanley maintains its equal-weight rating for shares of Nvidia, with a price target of $258 — 18% above where the stock was trading Wednesday morning.

 The stock was one of the top performing equities in 2017.

MS says it would expect data points to be a bit more mixed in the gaming space as mining related shortages come to an end in the next few months, but would see that as a potential buying opportunity with a significant new product cycle coming.

Nvidia closed at $ 231.59, up $10 in Thursday's trading.

Softbank initiates Ola merger with Uber

 The Japanese conglomerate, Softbank, which is the largest shareholder in both Uber and Ola, controlling 15% and 25% stakes in the two companies, has initiated the process of merging Ola with Uber. Ola has reported more than Rs 1700 Cr in the last fiscal.

RBI is worried on the health of IDBI Bank

The Reserve Bank of India  has written to the finance ministry expressing concern over what it said was the poor financial position of state-run IDBI and called on the government to take remedial action, 

IDBI Bank's gross non-performing loans were pegged at Rs 50,622 crore at the end of December 2017, 25% of advances. It reported a net loss of Rs 1,542 crore in the December 2017 quarter. 

RBI fines ICICI Bank

Reserve Bank of India has imposed a penalty of Rs 58.9 crore on ICICI Bank, the country's biggest private bank for failure to adhere to rules on sale of bonds in the held-to-maturity category.

Gitanjali Gems south wards journey continues

Scam hit Gitanjali Gems shares continues to hit lower circuit and in yesterday's trading closed at Rs 8.30.  Before the scam the stock was trading around Rs 80. Last year in Nov, the stock had touched 52 week Rs 104. The free float market cap of the company stands at Rs 51 Cr.

Lemon Tree Hotel IPO fully subscribed on final day

Lemon Tree Hotel IPO has been fully subscribed on final day, thanks to QIB support, which is oversubscribed nearly 4 times. However the IPO failed to get 100 % subscription in the retail as well as non institutional category. Both these category has been subscribed to the extent of 12%. Over all the offer got 1.19 times subscription.

FirstChoiceIPO had advised to stay away from the IPO. Like HAL, this stock is likely to list with 8-10 discount to IPO price.

FORTHCOMING IPO : IRCON INTERNATIONAL LIMITED

Issue Details:

 

Issue size	99,05,157 equity shares
Face value	Rs 10
Promoters	Ministry of Railways
Business	Integrated construction company
Listings	Bse, Nse
BRLMs	Axis Capital. IDBI Capital, SBI Caps
Registrar	Karvy

SBI upwardly revises deposit rates, again

Country's biggest lender, SBI,  has increased its interest rate on some retail and wholesale deposits. For retail customers investing up to Rs 1 crore, the bank has raised rates on deposits with tenure of above two years between 10 bps and 25 bps .

With effect from March 28, the Bank will offer 6.6% on retail deposits between two and three years as against 6.5% earlier. Deposits between three and five years will earn 6.7% as against 6.5% earlier.

The highest increase is for deposits above five years where the bank now offers 6.75% as against 6.5% earlier. Senior citizens get 50 bps more than regular rates.

PNB to honour Rs 6500 Cr LoUs

In a major decision, PNB has decided to clear all other banks’ dues, amounting to Rs 65 billion, to be paid before March 31 in relation to the Rs 14000 Cr fraud case.

The board of PNB has approved payment related to letters of undertaking (LoUs) and foreign letters of credit issued by the bank which mature on or before March 31, 2018.

The decision will help the bank settle claims worth Rs 6500 Cr against LoUs issued to seven banks — Union Bank of India, Allahabad Bank, Bank of India, Canara Bank, State Bank of India, Axis Bank and UCO Bank.

India's budgetary deficit at 120%

India’s budgetary fiscal deficit for the 11 months ended in February of 2017-18 stood at 120.3 per cent — Rs 7.15 lakh crore — of the full year’s revised target of Rs 5.94 lakh crore.

As per the CGA data, net tax revenue during the period under review was Rs 10.35 lakh crore or 81.6 per cent of the revised estimated target.

Chanda gets clean chit from ICICI Bank's board

ICICI Bank’s board scotched rumours of any favoritism, nepotism or quid pro quo in the sanction and disbursement of loans to the Videocon Group. The board also expressed full confidence and faith in the leadership of its MD and CEO Chanda Kochhar.

The board met against the backdrop of concerns that resurfaced over the sanctioning of loans to debt-laden Videocon Industries.

IPOs of 2018 : 5 out 8 IPOs trade below offer price

	Company	IPO price	CMP
1	Hindustan Aeronautics Limited	1215	1170.00
2	Bharat Dynamics Limited	428	398.50
3	H.G.Infra Engineering Limited	270	295.70
4	Aster DM Healthcare Limited	190	170.20
5	Galaxy Surfactants Limited	1480	1497.00
6	Amber Enterprises India Limited	859	1073.05
7	Newgen Software Technologies Limited	245	232.55
8	Apollo Micro Systems Limited	275	248.50