Markets end higher, US jobs data eyed

Market gained for the second straight day but ended off their day highs as investors turned cautious and booked profits at higher levels on concerns that the US Fed may tone down its monetary stimulus measures if the jobs data, due for release later today, is better-than-expected. Resumption of buying by foreign institutional investors also helped improve sentiment.

The 30-share Sensex ended up 85 points at 19,496 after hitting an intra-day high of 19,640 and the 50-share Nifty gained 31 points to close at 5,868 after topping the 5,900 mark in intra-day trades.

Foreign Institutional Investors were net buyers of equities in the cash segment worth Rs 164 crore, exchange data showed.

Asian stocks gained on Friday, while sterling hit a five-week low, after two of Europe's most important central banks surprised the market by assuring investors they were in no hurry to wind down stimulus. In Asia, Japan's Nikkei average closed 2.1% higher at 14,310 and touched a five-week high. Shanghai Composite ended flat while Hang Seng surged 1.9% and Straits Times ended up 0.8%.

European shares were trading mixed as investors remained cautious ahead of the US jobs data due for release later today. The CAC-40 and DAX were down 0.1% while FTSE-100 was trading 0.7% higher.

The BSE Oil and Gas index was the top sectoral gainer on the BSE up 1.5% followed by FMCG, Metal, Capital Goods and Bankex indices.

Oil and Gas shares rebounded from their lows after profit taking was seen in the previous sessions. Reliance Ind ended up 2.1% while ONGC gained 2.2%.

FMCG shares witnessed buying after Hindustan Unilever parent's open offer received good response. HUL ended up 1.4% after surging in early trades. Earlier, the stock had rallied over 4% in opening trades to touch an all-time high of Rs 631.95 after its parent company Unilever said it has acquired 14.8% stake against target of 22.5% in Indian unit. ITC ended up 1%.

Other Sensex gainers include, HDFC Bank and Tata Motors.

Bharti Airtel, Mah&Mah, TCS and ICICI Bank were some of the Sensex losers.

Among other shares, Gitanjali Gems and MMTC remained under selling pressure. MMTC ended locked in 5% lower circuit at Rs 79.75, its lowest value since July 2006 on BSE. Gitanjali Gems ended down 5% at Rs 183.

BGR Energy Systems dipped 3% to end at Rs 123 after the promtoers’s 3% share sale commenced on bourses. The promoter has fixed floor price at Rs 118 per share.

Accelya Kale Solutions Ltd (formerly Kale Consultants) has surged 7.3% to end at Rs 489, on winning outsourcing contract from Garuda Indonesia.

Parekh Aluminex ended in 10% upper circuit at Rs 49.10, extending its previous day’s 5% rally, after the company said the restructuring of the liabilities of the company are at the final stage of the approval.

In the broader market, the BSE Mid-cap ended up 0.2% while the Small-cap index gained 0.3%.

Market breadth ended strong with 1,205 gainers and 1,130 losers on the BSE.

ONGC EBITDA to improve by US$2bn a year from FY15: S&P

"We expect ONGC's EBITDA to improve by at least US$2bn each year on average from fiscal 2015 once India implements the gas price increase," said Standard & Poor's credit analyst Andrew Wong.

India-based Oil and Natural Gas Corp. Ltd. (ONGC) is likely to strengthen its cash flow and profitability from the next fiscal year, exceeding the earlier expectations of Standard & Poor's Ratings Services. The credit rating agency bases its view on a recent hike in domestic natural gas prices and ONGC's latest acquisition activity.

"We expect ONGC's EBITDA to improve by at least US$2.0 billion each year on average from fiscal 2015 [ended March 31, 2015] once India implements the gas price increase," said Standard & Poor's credit analyst Andrew Wong. "Our 'BBB-' rating and negative outlook on the company remain unchanged."

Standard & Poor's bases its EBITDA forecast on its current assumptions for oil and gas production, oil prices, and ONGC's contribution to the government's oil subsidies. On June 27, 2013, the Indian government announced an increase in domestic natural gas prices to US$8.4 per million British thermal units (mmbtu) from US$4.2 per mmbtu, starting April 2014.

We now believe ONGC's acquisition investments over 2014-2016 could be lower than we originally forecast. Our view reflects the company's failure to acquire a US$5 billion investment in the Kashagan Field in Kazakhstan, which we previously included in our forecasts. On July 2, 2013, the government of Kazakhstan announced its intention to use its pre-emption right to acquire ConocoPhillips' 8.4% stake in the field. Nevertheless, we still anticipate that ONGC's investment requirements will remain high.

"We expect ONGC to continue to pursue overseas investments to improve the country's fuel security. The increase in gas prices is also likely to encourage higher investments to boost domestic oil and gas production," said Mr. Wong.

Recently, ONGC Videsh Ltd., a wholly owned subsidiary of ONGC, and Oil India Ltd. entered an agreement to acquire Videocon Mozambique Rovuma 1 Ltd., which holds a 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique. We expect ONGC to hold a 60% stake in this investment. The transaction is still subject to certain government and regulatory approvals in India and Mozambique, as well as pre-emption rights.

"We believe ONGC's financial metrics will be stronger than we previously expected over the next three years, given the company's improving cash flows and its acquisition profile," said Mr. Wong. "We now estimate that ONGC's ratio of funds from operations to total debt will remain above 80%. The company's financial position should remain very strong for the rating despite its aggressive growth plans."

Nevertheless, ONGC continues to face high geographic concentration risk in India. Its international businesses also have higher operating risks than in India, in our view. In addition, the company remains exposed to the country risks of India, given its "very important" role for and "very strong" link to the government, as our criteria define those terms.

In our opinion, ONGC is sensitive to negative intervention by the Indian government. Our 'a' stand-alone credit profile for ONGC already factors in the company's ongoing contribution to the funding of the government's oil subsidies, which were higher than we expected for fiscal 2013.

In an extraordinary situation of severe sovereign stress, we believe the government could significantly increase ONGC's share of the oil-subsidy burden. ONGC also has counterparty credit risk relating to its customers: the government-owned oil marketing companies in India.

Thermax bags Rs 1700 crore order for supply of CFBC boilers

Thermax Ltd has informed BSE regarding a Press Release dated July 05, 2013, titled "Thermax bags Rs. 1700 crore order for supply of CFBC boilers" Thermax has received a prestigious order from a leading petrochemical company for the design, manufacture and commissioning of 9 CFBC high pressure boilers of 500 TPH each for two of its plants. The approximate order value is Rs 1700 crore.

Sensex rises 155 points on sustained buying

The Indian stock markets continued to trade higher on Friday in the noon session.

At 12.39 p.m., the Sensex was trading up 155.25 points or 0.80 per cent at 19,566.09, while the Nifty was up 42.85 points or 0.73 per cent at 5,879.80.

Among the BSE sectoral indices, Oil & Gas, FMCG and Metal gained the most.

The top Sensex gainers during the session were Jindal Steel, RIL and HDFC Bank. The losers included GAIL, M&M, Coal India, Bharti Airtel, NTPC and ICICI Bank.

The Nifty and the Sensex opened in the green after European Central Bank surprised investors with an assurance that economic stimulus would not be slowly wound down. Asian bourses also opened in the green on Friday as a result.

The Nifty opened the day at 5,890 up 53 points, and the Sensex opened at 19,569, up 158 points.

A report from Espirito Santo Securities said: “With interest rates likely to fall further, greater intent from the Government, and some private sector players able to monetise their assets to strengthen balance sheets, we think India’s capex cycle has likely bottomed.

"Despite this, a recovery is at least 18 months away as private sector investments are moderating due to their overleveraged balance sheets and the government is in no position to pick up this slack.

"The risk of the government resorting to populist measures (potentially derailing the ‘reform momentum’ in the process) as 2014 elections approach also cannot be completely ruled out.”

Volatility was down one per cent and the volatility index India Vix was quoting at 18.40.

In the Asian markets, the Nikkei was up 1.71 per cent at 14,258.60 while the Hang Seng was up 1.78 per cent at 20,833.20.

Ashoka Buildcon : Outcome of Committee Meeting

Ashoka Buildcon Ltd has informed BSE that the Company has allotted 52,651,030 equity shares of Rs. 5/- each fully paid to eligible shareholders who hold the shares on Record Date i.e. July 04, 2013, at the meeting of Empowered Committee of the Board of Directors of the Company held on July 05, 2013.

The total issued and paid-up share capItal of the Company after the allotment of bonus shares stands at Rs. 78,97,65,450/- divIded into 157,953,090 equity shares of Rs. 5/- each.

9 stocks that FIIs can buy next

In the quarter ending March, India had been a good hunting ground for the foreign investor community which  largely invested in sectors like IT, FMCG and private banks .  As many stocks in these sectors have now either become expensive or have reached closer to the prescribed FII holdings limit, question arises where will this community turn to now?


A recent Axis Direct report has shortlisted nine Nifty stocks based on criteria like float >USD 3 billion, trading volume >USD15m, headroom for FII limit >5 percent, and not in the top quartile of historical valuations. While six of these are private sector companies,  3 are in the public sector.

Of the above names, FIIs already hold record high position in NTPC and Mahindra and Mahindra .

RBI introduces interest pmt norms for frozen NBFC deposits

The Reserve Bank of India (RBI) introduced detailed procedures for payment of interest by NBFCs on public deposits that have been frozen under directions from government authorities. 

A request letter may be obtained from the customer on maturity. While obtaining the request letter from the depositor for renewal, NBFCs should also advise him to indicate the term for which the deposit is to be renewed. 

In case the depositor does not exercise his option of choosing the term for renewal, NBFCs may renew the same for a term equal to the original term, the RBI said in a notification on Thursday.

No new receipt is required to be issued. However, suitable note may be made regarding renewal in the deposit ledger, it added.

Renewal of deposit may be advised by registered letter / speed post / courier service to the concerned Government department under advice to the depositor. In the advice to the depositor, the rate of interest at which the deposit is renewed should also be mentioned, 
RBI further said.

If overdue period does not exceed 14 days on the date of receipt of the request letter, renewal may be done from the date of maturity. If it exceeds 14 days, NBFCs may pay interest for the overdue period as per the policy adopted by them, and keep it in a separate interest free sub-account which should be released when the original fixed deposit is released, the central bank said.

According to RBI, doubts have been raised on the payment of interest on such deposit which have been seized by the government authorities. 

NBFCs are at times required to freeze the term deposits of customer based on the orders of the enforcement authorities or the deposit receipts are seized by the enforcement authorities. 

Canara Bank gains after reduction in base rate

Canara Bank rose 1.75% to Rs 352.55 at 10:30 IST on BSE after the state-run bank said it has reduced the base rate by 30 basis points to 9.95% for all loans/advances viz. agriculture, MSME sector, retail and export credit with effect from 8 July 2013.

The announcement was made after market hours on Thursday, 4 July 2013.

Meanwhile, the S&P BSE Sensex was up 165.27 points or 0.85% at 19,576.11.

On BSE, 22,000 shares were traded in the counter as against average daily volume of 99,401 shares in the past one quarter.

The stock hit a high of Rs 355.30 and a low of Rs 351 so far during the day. The stock had hit a 52-week high of Rs 550 on 14 January 2013. The stock had hit a 52-week low of Rs 306 on 30 August 2012.

The stock had underperformed the market over the past one month till 4 July 2013, sliding 13.05% compared with the Sensex's 0.69% fall. The scrip had also underperformed the market in past one quarter, declining 11.52% as against Sensex's 4.87% rise.The large-cap state-run bank has equity capital of Rs 443 crore. Face value per share is Rs 10.

Besides cutting lending rate, Canara Bank has also reduced rate of interest on deposits on few maturity slabs.

Canara Bank's net profit declined 12.5% to Rs 725.38 crore on 4.8% growth in total income to Rs 9471.57 crore in Q4 March 2013 over Q4 March 2012.

The Government of India (GoI) holds 67.72% stake in Canara Bank (as per the shareholding pattern as on 30 June 2013).

11 Power projects worth Rs 52000 cr cleared

Its effect of Prime Minister, Manmohan Singh as there were about 11 power plants worth Rs 52,000 crore have been cleared, according to reports.

These projects, cleared by the Prime Minister’s Project Monitoring Group, were stalled for want of coal.
The fuel-supply agreements for the projects, including those promoted by Adani, GMR, Lanco and Haldia, will be signed by August 31, report was quoted as saying.

                 The Project Monitoring Group (PMG), set up in the Cabinet Secretariat, was tasked with removing bottlenecks for stalled projects, with an estimated bank funding of Rs 7-lakh crore. According to reports, the cleared projects includes Maruti Clean Coal and Power, TRN Energy, Korba West Power, DB Power, Jhabua Power, Adani Power Maharashtra, GMR Kamalanga Energy, Lanco Babandh Power, Talwandi Power, Haldia Energy and Prayagraj Power Generation Co. have a total generating capacity of 10,390 MW and involve an investment of Rs 52,349 crore.

Govt plans to increase sugar import duty to 15%

The imports are putting pressure on domestic prices and thereby preventing millers from clear cane arrears to farmers.

According to reports, the government is planning to increase import duty on sugar to 15% from the current 10%.

The imports are putting pressure on domestic prices.

"We had a meeting on this issue today. We have agreed to raise import duty on both raw and refined sugar to 15%," Food Minister K V Thomas said.
Minister also reported that they have taken cautious steps and agreed for a marginal increase of 5% fearing price rise at a time when state governments have started procuring sugar from open market for PDS.

Mutual Funds gain on market recovery

Equity Funds soar on Thursday as equity benchmarks delivered good performance. The brokers, however, feel that the volatility will be continued in near term weighed down by global and domestic weak macro-economic fundamentals. Equity funds across categories including sector and Hybrid space excelled registering no decline. FMCG and Technology emerged as the star performer.

The Sensex is now at 19561.79, up 155 points over the previous close, and the Nifty is now at 5884.85. up 48.70 points over the previous close

On the Fixed income front, debt funds recovered handsomely with no losers in any category. Rupee depreciation and rising crude prices will further decide the movement of debt funds.

Rupee higher on hopes of custodial inflows

The rupee is higher in early trade as dealers expect custodial inflows, says dealers. The pair is at 60.08/10 versus last close at 60.13/14.
A dealer tips 59.70-60.30 band for session with upticks to be sold.
Asian currencies marginally weaker against the U.S. dollar.
Unilever's open offer for HLL, which closed on Thursday, likely resulted in inflows of $3.2 billion based on shares tendered, dealers said.
USD/INR 1-month NDF closed NY trade at 60.43-45 amid high volumes.
The U.S. dollar rallied broadly on Friday after the European Central Bank and the Bank of England blindsided markets with decidedly dovish policy guidance, leaving the U.S. Federal Reserve as the only major central bank with any inclination to rein back stimulus.
Foreign funds were net buyers of $27.45 billion in equities on Thursday, provisional exchange data showed.

HUL surges to record; Unilever raises stake

Shares in Hindustan Unilever  gained as much as 5.1 percent to a record high on Friday after Unilever said it had acquired a little over two-thirds of the Indian unit following the close of a voluntary tender offer.

Hindustan Unilever shareholders tendered 319.7
million shares to the offer, taking Unilever's holding in the unit to 67.28 percent from 52.48 percent, Unilever said in a statement on Thursday.

Hindustan Unilever shares were up 3.7 percent at 9:24 a.m. after earlier hitting an all-time high of 632 rupees.

Gold may trade sideways as it looks to US jobs data for clue

Gold prices are likely to come under pressure on spot and futures market on Friday as the global markets await US jobs data later in the night. In between, movements in the currency market could play a minor role in the price swings.

Indications are that the US data may show that more jobs were added, signalling that the economy is improving. That could eventually lead to the US Fed Reserve scale back monetary stimulus.

In early Asian trade, gold traded gingerly at $1,244.33 an ounce, while gold futures maturing in August ruled at $1,242.90.

In the domestic market on Thursday, gold for Jewellery (99.5% purity) dropped to Rs 26,270 for 10 gm and pure gold (99.9% purity) to Rs 26,410.

The dollar gained on Friday and it could hold key for the domestic market since its rise against the rupee makes imports of commodities such as gold, crude oil and vegetable oils costlier. On Thursday, the rupee was up modestly, though.

On MCX, gold August contracts could trade between Rs 26,200 and Rs 26,350.

Crude Oil

Crude oil could gain after prices in the global market rose to a 14-month high on hopes of rise in demand, particularly in the US. Any rise in employment in the US will further fuel the rise.

Brent crude oil for delivery in August was up at $105.40 a barrel, while West Texas Intermediate rose to $100.98.

Oils and Oilseeds

The oils and oilseed complex could head north as palm oil stocks are seen dropping for the sixth consecutive month, while lower soyabean stockpiles could also fire up the complex. However, projection of a higher production in the coming season will cap the gains.

Chicago Board of Trade soyabean futures maturing in November were up at $12.50 a bushel. On Bursa Malaysia Derivatives Exchange, crude palm oil September contracts slipped to 2,358 ringgit ($741) a tonne.

Grains complex

Forecasts by the Agricultural Market Intelligence System, set up by a group of 20 countries, of a higher grain production could drag wheat and corn (industrial maize) south. The group said that global wheat output will be record high and even more that projections it made last month. Global wheat production is seen up at 704 million tonnes, resulting in higher carryover stocks.

Corn production is expected to surge to 972 million tonnes against 874 million tonnes a year ago.

CBOT corn for delivery in December trade at $5.02 a bushel, while wheat for delivery in September ruled at $6.65 a bushel.

Rubber

Natural rubber is likely to gain as the Japanese yen dropped against the dollar, leading to rise in futures on the Tokyo Commodity Exchange.

In early trade, rubber for delivery in December rose to 248.4 yen or Rs 149 a kg.

Tamil Nadu banks to improve ratio of branches to 25%

Banks in Tamil Nadu should speed up opening of branches and bank accounts in remote areas of the State, RBI says
The Central Board of the Reserve Bank of India met at Chennai. Dr. D. Subbarao, Governor, Reserve Bank of India, chaired the meeting. Dr. Anil Kakodkar, Kiran Karnik, Prof. M.V. Rajeev Gowda, Dr. Nachiket M. Mor, Y.H. Malegam, Azim Premji, K.M. Birla, Prof. Dipankar Gupta, G.M. Rao, Dr. Indira Rajaraman, Y.C. Deveshwar and Prof. Damodar Acharya, Directors, attended the meeting. Dr. K.C. Chakrabarty, Anand Sinha, Harun R. Khan and Dr. Urjit R. Patel, Deputy Governors, were also present.

The Board reviewed the current economic situation and global and domestic challenges and policy responses.

The Central Board meets at least once every quarter. Apart from holding meetings in Mumbai, Chennai, Kolkata and one in New Delhi after the Union Budget, which is addressed by the Finance Minister, the rest of the meetings are held in other state capitals by rotation. The main function of the Central Board of Directors of the Reserve Bank is to provide overall direction to its affairs.

Earlier, on July 3, 2013, the Governor chaired a special State Level Bankers’ Committee meeting. The meeting was attended by senior officials of the State Government, banks and the Reserve Bank. The following decisions were taken at this meeting:

Banks in Tamil Nadu should speed up opening of branches and bank accounts in remote areas of the State as infrastructure in Tamil Nadu was relatively better. They should also improve the ratio of physical branches to bring it closer to the stipulated 25 per cent.

In the next two months, the State Government will identify 10 districts of the State where Business Correspondents (BCs) can be trained, with the help of banks, in actual banking activities/products so as to enable them to increase business.

In order to have a better understanding, the State Government would, through senior officers of District Industries Centre (DIC), initiate a study of banks on granting loans of less than ` 10 lakh without collaterals in four more districts of Tamil Nadu. The Reserve Bank will also associate with the study. Earlier, the Reserve Bank had undertaken a study of four districts in Tamil Nadu to assess whether banks were insisting on collaterals for loans below ` 10 lakh. It was observed that substantial part of loans under this category was granted without insisting on collaterals.

Bankers would support the State Government’s effort in furthering agricultural insurance scheme, in six districts identified by the State.

Dwelling at length on the fraudulent money collection schemes prevalent in the country, the Governor stated that although schemes like chit funds and multi-level marketing companies did not fall under the jurisdiction of the Reserve Bank, it had, as a public policy measure undertaken to create awareness about these schemes. The Reserve Bank of India has, for instance, published in 13 languages, frequently asked questions (FAQs) about non-banking financial companies.  It also conducted a town hall meeting in Chandigarh on the subject in partnership with a national television channel. The Governor, then stressed on the need to sensitise police officials on this issue so that they give priority to these complaints. The Governor also emphasised the need to fast track the disposal of seized assets of the fraudsters to repay the public deposits. He informed that the Reserve Bank Staff College at Chennai would draw up a training capsule especially for senior police officials and urged the State Government to help the Reserve Bank in ramping up publicity about such fraudulent schemes through its district machinery. Since the public was generally unaware about who regulates what, the Reserve Bank has announced that the public could complain to any regulator and all regulators would coordinate resolution of complaints among themselves.

Sensex rises 181 points in early trade

The domestic stock markets opened higher on Friday on firm Asian cues and buying by institutional investors.

The Sensex was trading up 181.63 points or 0.94 per cent at 19,592.47 while the NSE Nifty was up 54.25 points or 0.93 per cent at 5,891.20.

Except for GAIL all the Sensex stocks were in the green led by HUL and ITC.

Asian stocks climbed higher and the dollar strengthened before data that may show the US jobs market improved and after European policy makers signalled borrowing costs will be kept low.

The MSCI Asia-Pacific Index climbed 0.7 per cent to 131.60 as of 12:49 p.m. in Tokyo, taking its weekly gain to 0.8 percent.

50-year maturity! M&M places Rs. 500 crore NCD

Mahindra & Mahindra LTD (M&M), one of India’s leading business groups, announced that it has successfully placed a NCD series of 50-year maturity for Rs. 500 crore on private placement basis. The NCDs will be unsecured, rated, listed, redeemable at the end of 50th year and will carry a coupon of 9.55% pa payable annually.  This is the first ever INR-denominated NCD issue with a 50-year bullet maturity offered by an Indian corporate.
The successful placement of the NCDs is testimony to the unassailable reputation and credit worthiness of M&M.

The proceeds of this issue will be used for capex, long term working capital requirements and refinancing of loans taken for capital expenditure.
Credit Rating Agencies, CRISIL  and ICRA have assigned AA+/stable rating to the issue.
“This is a benchmark deal as it has explored an uncharted maturity horizon and tries to extend the corporate bond yield curve beyond 30 years in the Indian bond market. It helps create space for our company’s future capital market offerings. It is  a validation of M&M’s reputation for reliability and strong corporate governance standards, and the excellent credit profile it enjoys with the investors. We are proud of the fact that M&M is among the very select few Indian corporates who can create rather than follow markets,” said V.S. Parthsarathy, Group CIO, EVP – Group M&A, Finance & Accounts and Member of the Group Executive Board.

“This resonates with our philosophy of Rise which is built on the pillars of Accepting No Limits, Alternative Thinking and Driving Positive Change,” he added.

Stimulated at start; indices opens in green

Markets are rejoicing on comments regarding continuation of stimulus for some time. The governing council expects the key ECB interest rates to remain at present or lower levels for an extended period of time, ECB President Mario Draghi said. The Bank of England cautioned investors they were being too quick to bet on higher UK rates.

The Indian market will look at building on Thursday’s gains. European markets surged following comments from the Bank of England and the European Central Bank signaled that, unlike the United States, they are in no hurry to unwind stimulus. US markets were closed for Independence Day. Asian indices are up for now but will want to check the US jobs report due later in the day.

Pharma counters could be in action as the Foreign Investment Promotion Board is likely to take up FDI proposals for   clearances, including 10 proposals in pharmaceutical sector.

Unilever's open offer aimed at increasing its stake in its Indian arm Hindustan Unilever from 52.48 per cent to up to 75 per cent, closed on Monday. The issue got subscribed almost 66% as investors tendered 320 mn shares in the 487-mn-share open offer. Unilever's stake in HUL will now increase to 67.28% and at Thursday's exchange rate will lead to inflows of $3.19 billion into the country.

Crompton Greaves board approved a buyback of its shares up to a maximum of Rs 125 per share, or up to Rs 265.7 crore, at the higher end. Crompton is offering a premium of over 40% to its existing stock price of Rs 87.3.

Rakesh Jhunjhunwala on Tuesday picked up nearly 4% stake in BPO service provider Firstsource Solutions for an estimated Rs 25 crore from private sector lender ICICI Bank and others. The stock hit the upper ceiling for the day.

AGMs today include  Havells India, Mount Everest Mineral Water, Sobha Developers, Shriram Transport Finance Co among others.

 Kalindee Rail Nirman (Engineers) will consider raising funds by way of  equity or warrants on preferential basis. Lakshmi Overseas Industries will consider and approve allotment of equity shares.

India Infradebt Ltd will receive an AAA rating from CRISL later in the day.

Yes Bank could be in focus as the Bombay High Court will hear the bank’s board issue today.