RBI sets rupee reference rate at 66.9644 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9644 against the US dollar and 70.5403 for the euro.

The corresponding rates were 66.9771 and 71.0560, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.6921and 58.98 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

India`s bankers sceptical over RBI proposal on bad loans

By Devidutta Tripathy

MUMBAI - A proposal by India's central bank to set up new private or state companies that would buy up bad debt from lenders was met with widespread scepticism by bankers on Wednesday, who warned the plan would add more complexity and delay any restructuring.

Banks in India have record stressed loans of $133 billion, or 12.34 p

Buy Axis Bank For Target Rs.18.00 - Religare Sec

Derivative Ideas

AXISBANK added around 32% of open interest as fresh long positions. It has rolled around 41% into next contact. Call buying (unwinding buy writers) was seen at 490 & 500 strikes, put writing was seen at 490 & 500 strikes. It has also witnessed upside breakout from congestion zone of last four months and so with

22/02/2017 12:56:38 PM | Posted in Broking Firm Views - Short Term Report read full news
HDFC Bank allots 1793900 equity shares

HDFC Bank Ltd said that it has allotted 1793900 equity shares to the employees of the Bank pursuant to exercise of options under its Employees Stock Options Schemes (ESOS).

“The Bank on February 22, 2017 has allotted 1793900 equity shares to the employees of the Bank pursuant to exercise of options under its Employees Stock Options Schemes (ESOS),” the Bank said in a filin

Urgent steps need to be taken to resolve NPAs: Viral V Acharya

Newly-appointed Reserve Bank deputy governor Viral V Acharya has called for some urgent steps to resolve NPAs, saying none of the "piece-by-piece approach" offered so far has worked, including the AQR, simply because of "the many discretions given to banks" as also their "skewed incentive system", said media reports.

He also said even the December 2015 as

`Using RBI funds to recapitalise banks not a good idea`

RBI deputy governor Viral V Acharya suggested that using a part of the Reserve Bank reserves for recapitalising state-run banks may not be a good idea, reported PTI.

After an assessment of the money required for handling various stress scenarios in the banking system and the financial markets, the RBI transfers its surplus or the dividend, to the government. Once it transfers the mone

India must urgently resolve bad debt at lenders - RBI deputy governor

By Suvashree Choudhury and Rafael Nam

MUMBAI - Reserve Bank of India (RBI) Deputy Governor Viral Acharya said India needs to urgently address the large amounts of bad debt held by its lenders, outlining potential solutions including the creation of public or private agencies to buy the soured loans.

Acharya, in his first speech since taking up his post

IDBI Bank to divest non-core investments

The Board of Directors of IDBI Bank on Tuesday approved sale of the bank's non-core investments.

In a regulatory filing in BSE, the bank said its Board has approved in-principle a proposal to divest some of its non-core investments subject to compliance with all applicable laws and regulations and subject to final approval to be obtained for each transaction by Delegated Authority

Sell Punjab National Bank Ltd For Target Rs.100 - RCML

Slippages decline but remain at elevated levels

PNB’s Q3FY17 PAT declined 62% QoQ to Rs 2.1bn, largely due to a 4% QoQ drop in NII and an above-expected rise in operating expenses and provisions. Trading gains worth Rs 5.2bn partially cushioned earnings. Absolute GNPAs were down 2% QoQ as fresh slippages decreased by Rs 3bn. PNB’s loan book

21/02/2017 1:26:47 PM | Posted in Broking Firm Views - Long Term Report read full news
RBI Mumbai office closed today

The RBI said that its Mumbai offices will remain closed on February 21 on account of Municipal Corporation elections in Greater Mumbai, Thane and Ulhasnagar. In exercise of powers under Section 25 of the Negotiable Instruments Act, the Maharashtra Government has also declared February 21 as public holiday within the jurisdiction of 11 Zilla Parishads and 118 Panchayat Samitis under these Zilla

Banks may be history unless they evolve into new-age digital bank: RBI

The Reserve Bank of India (RBI) on Monday said the traditional banks needed to evolve into new-age digital banks to remain operational as financial technology (FinTech) lending companies were emerging fast as alternative source for the micro-small medium enterprises (MSMEs).

"The age of FinTech is here and for the incumbent banks there is no time to lose. The banks that do not qu

RBI not for free licensing of payments sector: Deputy Governor

Launching the BharatQR mobile payments acceptance system here on Monday, RBI Deputy Governor R. Gandhi said granting licences to payment service providers cannot be an automatic "tick box exercise" and such entities need to be selected as per proper selection criteria.

"There is an implied suggestion that this (payment) sector needs to be freed of licensing mechanism an

State Bank of India website goes generic

The State Bank of India (SBI) on Monday announced rebranding of its website as bank.sbi.

According SBI, the new domain name bank.sbi is the highest domain protocol known as generic top level domain (gTLD), an official statement. 

"The SBI group has several businesses. For those wanting to do banking or want to know about the bank it is easier to type out www.bank.s

Payment service licenses should be given after proper scrutiny: RBI

RBI's Deputy Governor R Gandhi has said that granting licences to payment service providers cannot be a 'tick box exercise' as entities will be entrusted with money, and so fit and proper criterion is important.

Commenting on the issue, RBI's Deputy Governor R Gandhi told the media, “There is an implied suggestion that this (payment) sector needs to be freed of l

SBI rebrands its corporate website

Public-sector lender, State Bank of India said that it has rebranded its corporate website as 'bank.Sbi' from earlier sbi.Co.In. 'bank.Sbi' is the highest domain protocol, known as generic Top Level Domain (gTLD), which enables an organisation to use its corporate name as their website's top-level identifier, instead of using a more traditional '.Com' or '.Co.In&

RBI sets rupee reference rate at 66.9771 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 66.9771 against the US dollar and 71.0560 for the euro.

The corresponding rates were 67.0467 and 71.5053, on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.1923 and 59.16 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Buy Punjab National Bank Ltd For Target Rs.172.00 - Motilal Oswal

Provisions dent profitability; Stable headline asset quality

* PNB reported PAT of INR2.1b (53% miss). While PPoP performance (+8% YoY) was largely in line with estimate, ageing of NPLs and thus elevated credit costs (3.5%) led to the earnings miss. Net interest income declined 9% YoY (-4% QoQ; in-line) owing to muted loan growth (-2% QoQ) and NIM cont

20/02/2017 2:47:52 PM | Posted in Broking Firm Views - Long Term Report read full news
ICICI Bank allots equity shares under ESOS

Country’s leading private sector lender ICICI Bank Ltd on Monday said it has allotted 2,50,575 equity shares to its employees under the Employees Stock Option Scheme, 2000 (ESOS).

These equity shares are having face value of Rs 2 each, private sector lender said in a statement. In a filing to the Bombay Stock Exchange, the private sector lender said, “The bank has allotted

Hold Union Bank of India Ltd For Target Rs.164.00 - Reliance Sec

Union Bank of India

Asset Quality Pressure Persists; Downgrade to HOLD

Union Bank of India (UBI) has delivered dismal performance in 3QFY17 with its net profit declining by 41.1% QoQ to Rs1bn in 3QFY17. Dismal profit can be attributed to 6.2% QoQ decline in Net Interest Income (NII) to Rs21.4bn, 5.2% QoQ decli

20/02/2017 2:34:43 PM | Posted in Broking Firm Views - Long Term Report read full news
Axis Bank rejects buzz on `merger with Kotak Mahindra Bank`

Country's third-biggest private sector lender Axis Bank Ltd on Monday issued a clarification on the news of its merger with Kotak Mahindra Bank, saying the reports are baseless and unsubstantiated.

In a filing to the Bombay Stock Exchange, the bank said, “This has reference to our earlier letter dated 9th February 2017, wherein we had clarified on the baseless newspaper repo

Buy Kotak Mahindra Bank Ltd For Target Rs.12.00 - Religare Sec

Derivative Ideas

KOTAKBANK added around 16.70% of open interest as long positions along with some delivery based buying in previous session. Call buying (unwinding by writers) was seen at 800 strikes. We recommend buying Kotak bank 800 CE as per levels given below.

 

Strategy

20/02/2017 12:36:22 PM | Posted in Broking Firm Views - Short Term Report read full news
Top seven cos add Rs 48,519 cr in m-cap

Seven of the top-10 most valued Indian companies together added Rs 48,518.62 crore in market valuation last week, with HDFC Bank emerging as the biggest gainer.

While TCS, HDFC Bank, RIL, ONGC, Infosys, HDFC and IOC saw rise in their market capitalisation (m-cap) for the week ended Friday, ITC, SBI and CIL on the other hand suffered losses. HDFC Bank's valuation zoomed Rs 18,585.9

SBT to raise up to Rs 600 cr ahead of merger with SBI

State Bank of Travancore (SBT) will raise up to Rs 600 crore to shore up additional tier-I capital by issuing Basel compliant bonds on private placement. The development comes ahead of its proposed merger with parent SBI.

The bank got approval of its executive committee on Saturday to raise the money, which will be augment its additional tier-I capital. "The executive committee o

State Bank of Travancore to raise Rs 600 crore

The State Bank of Travancore said on Saturday it plans to raise up to Rs 600 crore through issue of additional "Tier I bonds" by the way of private placement.

The bank informed the BSE that the executive committee of its board of directors approved the proposal at a meeting held on Saturday.

The State Bank of Travancore is proposed to be merged with the State Bank