Muthoot Finance surges on plans to turn 2,000 gold-loan outlets into bank branches

Muthoot Finance is currently trading at Rs 100.30, up by 5.30 points or 5.58% from its previous closing of Rs 95.00 on the BSE.

The scrip opened at Rs 96.00 and has touched a high and low of Rs 100.90 and Rs 95.90 respectively. So far 95945 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 246.00 on 03-Jan-2013 and a 52 week low of Rs 87.25 on 26-Jun-2013.

Last one week high and low of the scrip stood at Rs 100.90 and Rs 92.50 respectively. The current market cap of the company is Rs 3726.42 crore.

The promoters holding in the company stood at 80.12% while Institutions and Non-Institutions held 10.58% and 9.30% respectively.

Muthoot Finance, largest gold mortgage player is mulling to launch commercial lending business with as many as 2,000 branches, as it has applied for banking license. It has majority of its branches in tier 2,3 & 4 towns and they can be immediately converted into a full-fledged bank branches.

The company has over 4,200 gold loan outlets across 21 states and four Union territories, and employee strength of over 25,000 with a gold loan portfolio of over Rs 26,000 crore as of last fiscal.

Muthoot Finance is a non-deposit taking systemically important non-banking finance company (NBFC). It is primarily in the business of lending against used household gold jewellery to individuals.

RBI penalises 22 banks for violation of KYC norms

Federal Bank, SBI, Central Bank of India, Canara Bank and Indian Overseas Bank are penalised with the amount of Rs. 3 crore each

The Reserve Bank of India (RBI) on Monday has imposed monetary penalty on 22 banks for violation of its instructions, among other things, on Know Your Customer / Anti Money Laundering. 

These banks include Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Deutsche Bank, Development Credit Bank, Dhanlaxmi Bank, Indian Overseas Bank, ING Vysya Bank and Yes Bank among others. 

Federal Bank, State Bank of India, Central Bank of India, Canara Bank and Indian Overseas Bank are penalised with the amount of Rs. 3 crore each. 
Yes Bank, Dhanlaxmi Bank, Vijaya Bank, Oriental Bank have been penalised with the amount of Rs. 2 crore.

The RBI had carried out a scrutiny of books of accounts, internal control, compliance systems and processes of these banks at their offices during April 2013. 

The scrutiny of these banks revealed violation of certain regulations and instructions issued by RBI, namely, non-adherence to certain aspects of know your customer (KYC) norms and anti money laundering (AML) guidelines like customer identification procedure, risk categorisation, periodical review of risk profiling of account holders, periodical KYC updation. 

The central banks also observed that some banks are not following KYC rules for walk in customers including for sale of third party products, omission in filing of cash transaction reports (CTRs) in respect of some cash transactions, sale of gold coins for cash beyond Rs. 50,000.

Based on the findings of the scrutiny, the RBI issued a show cause notice to each of these banks, in response to which the individual banks submitted written replies. After considering the facts of each case and individual bank’s reply, as also, personal submissions, information submitted and documents furnished, the RBI came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty. The RBI penalised the first lot of three banks on June 10, 2013.

Suzlon Energy rises as its subsidiary installs 325 MW Thornton Bank offshore wind farm

Suzlon Energy is currently trading at Rs. 8.94, up by 0.12 points or 1.36% from its previous closing of Rs. 8.82 on the BSE.

The scrip opened at Rs. 8.82 and has touched a high and low of Rs. 8.94 and Rs. 8.70 respectively. So far 427037 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 26.90 on 06-Feb-2013 and a 52 week low of Rs. 8.70 on 27-Jun-2013.

Last one week high and low of the scrip stood at Rs. 9.48 and Rs. 8.76 respectively. The current market cap of the company is Rs. 1853.17 crore.

The promoters holding in the company stood at 37.78% while Institutions and Non-Institutions held 26.84% and 35.17% respectively.

Suzlon Group-subsidiary, REpovver Systems SE, has installed the last of the 48 total REpower 6M turbines in the Belgian offshore wind farm Thornton Bank. The customer for this project is a Belgian offshore project development company C-Power, which was set up by four Belgian investors and counts REpower customers RWE Innogy and EDF EN amongst its shareholders. Meanwhile, ABB and THV Seawind, a consortium between DEME and Fabricom, were among the installation partners.

After the completion of all three construction phases, the wind farm has a total output of 325 megawatts. In terms of investment volume, the contract marks the largest financing for a completed project to date in the offshore wind industry overall. Companies from Belgium, Germany, France, the Netherlands, Denmark and Sweden are involved in Thornton Bank, making the wind farm a showcase project for the European offshore wind.

About SUZLON ENERGY LTD:
Suzlon Group comprises of Suzlon Energy and its subsidiaries, including Repower Systems SE. Suzlon Energy is leader in wind energy in the India, which is world's fifth largest wind energy market. Its business model has range of services that include development, manufacturing, marketing, EPC project delivery and operations and maintenance of wind turbine generators around the world.

June WPI inflation at 4.86%; food inflation up

The Wholesale Price Index (WPI) inflation for the month of June came in better than expected at 4.86 percent. Core inflation came in at 2 percent. Although the numbers brought about some cheer in the market after weak IIP and auto sales numbers, the growth in food inflation number was a dampener.

PMEAC chairman C Rangarajan said inflation appears to be stabilizing. But said although food articles have gone up but manufacturing inflation of the month has come down.  He told CNBC-TV18 that food inflation can moderate in view of a good monsoon.  He also sees manufacturing inflation getting impacted by the depreciation in rupee.

However an uncomfortable CPI number will not allow a rate cut announcement in RBI's July monetary policy.

Sesa Goa strengthens on plan to resume mining operations in Karnataka

Sesa Goa is currently trading at Rs. 153.60, up by 2.00 points or 1.32% from its previous closing of Rs. 151.60 on the BSE.

The scrip opened at Rs. 153.00 and has touched a high and low of Rs. 154.45 and Rs. 151.75 respectively. So far 75780 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 205.40 on 07-Jan-2013 and a 52 week low of Rs. 131.70 on 26-Jun-2013.

Last one week high and low of the scrip stood at Rs. 154.45 and Rs. 139.85 respectively. The current market cap of the company is Rs. 13366.78 crore.

The promoters holding in the company stood at 55.13% while Institutions and Non-Institutions held 31.49% and 13.39% respectively.

Sesa Goa's iron ore mine in Karnataka has been recommended grant of forest clearance from a top advisory body of the environment ministry. This will enable the Vedanta group firm to resume operations in the Southern state after about 2 years once the final decision from the Environment Ministry is given positively within this month.

Shriram Transport Finance surges on plan to foray into insurance broking business

Shriram Transport Finance Company is currently trading at Rs 687.25, up by 4.75 points or 0.70% from its previous closing of Rs 682.50 on the BSE.

The scrip opened at Rs 682.50 and has touched a high and low of Rs 690.85 and Rs 682.00 respectively. So far 2442 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 841.80 on 28-May-2013 and a 52 week low of Rs 535.65 on 20-Jul-2012.

Last one week high and low of the scrip stood at Rs 720.50 and Rs 674.05 respectively. The current market cap of the company is Rs 15625.25 crore.

The promoters holding in the company stood at 25.79% while Institutions and Non-Institutions held 54.51% and 19.71% respectively.

Shriram Transport Finance Company (STFC) is planning to foray into insurance broking business. In this regard, the company is eying an approval from the insurance regulator to start operations of the subsidiary.

Few months back, the company had applied to the Insurance Regulatory and Development Authority (Irda) for insurance broking firm, which would be the third subsidiary of the company. The new subsidiary would be to meet the requirements of the existing around nine lakh customers.

Shriram Transport Finance is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators.

Bank of Maharashtra reduces base rate to 10.00%

All loans linked to base rate would become cheaper by 0.25%

Bank of Maharashtra has reduced ‘base rate’ by 25 basis points from 10.25 % to 10.00 % on monthly compounding basis effective from 15/07/2013

Kohinoor Foods shines on plan to sell 20% stake in Dubai joint venture- 'RRR'

Kohinoor Foods is currently trading at Rs 46.05, up by 7.65 points or 19.92% from its previous closing of Rs 38.40 on the BSE.

The scrip opened at Rs 42.05 and has touched a high and low of Rs 46.05 and Rs 42.00 respectively. So far 225032 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 46.05 on 15-July-2013 and a 52 week low of Rs 22.25 on 28-Mar-2013.

Last one week high and low of the scrip stood at Rs 46.05 and Rs 32.15 respectively. The current market cap of the company is Rs. 108.26 crore.

The promoters holding in the company stood at 53.35% while Institutions and Non-Institutions held 0.67% and 45.98% respectively.

Kohinoor Foods (KFL), largest basmati rice and ready-to- eat foodstuff producers, is planning to sell 20% stake at Rs 160 a share in its Dubai joint venture, Rich Rice Raisers Factory LLC (RRR), to Al Dahra, an Abu Dhabi-based agri-specific company.

RRR was established as a joint venture company in Dubai, by Sunny General Trading (SGT) (which holds 75% stake) and KFL (which has 25% stake). Moreover, post the acquisition, Al Dahra will have options to buy the remaining 5% stake in RRR from KFL.

Al Dahra specialises in agriculture and animal feed production. With global operations, farms and production facilities in the Americas, Europe, Asia and Africa, it is considered a premier supplier of high quality forage, fresh produce, dairy products and commodities to local and regional markets.

Karur Vysya Bank surges on plans to offer instantaneous remittance service to customers

Karur Vysya Bank is currently trading at Rs. 436.50, up by 4.45 points or 1.03% from its previous closing of Rs. 432.05 on the BSE.

The scrip opened at Rs. 433.35 and has touched a high and low of Rs. 436.65 and Rs. 432.05 respectively. So far 583 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 592.30 on 25-Jan-2013 and a 52 week low of Rs. 386.10 on 11-Sep-2012.

Last one week high and low of the scrip stood at Rs. 449.40 and Rs. 428.15 respectively. The current market cap of the company is Rs. 4680.06 crore.

The promoters holding in the company stood at 3.08% while Institutions and Non-Institutions held 38.78% and 58.14% respectively.

Karur Vysya Bank (KVB) has implemented Bahwan CyberTek's Cuecent eRemit - a global remittance solution, across the bank to offer affordable and instantaneous remittance service to its customers. The remittance solution from Bahwan CyberTek has helped Karur Vysya Bank to launch an 'instant cross-border remittances service' for Non-Resident Indian (NRIs), which offers the remitter the facility to instantly credit funds into the beneficiary account in any bank in India.

Under this service, the funds would be instantly remitted and the beneficiary would be able to withdraw the money within a matter of minutes. Both the beneficiary and remitter receive free mobile and email alerts instantaneously on receipt of money.

Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.

ICICI Prudential MF introduces Fixed Maturity Plan-Series 68-368 Days Plan G

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Fixed Maturity Plan-Series 68-368 Days Plan G, a Close Ended income scheme. The NFO opens for subscription on July 15, 2013, and closes on July 18, 2013. No entry load will be applicable for the scheme. Further, being a listed scheme, no exit load will be applicable. Brokerage on sales of the units of the scheme on the stock exchanges shall be borne by the investors. The minimum subscription amount is Rs. 5,000

MBL Infrastructures recommends Dividend

MBL Infrastructures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 13, 2013, inter alia, have recommended dividend of 30% (Rs. 3.00 per equity share of face value of Rs. 10/- each) subject to the approval of the shareholders at the ensuing Annual General Meeting, shall be paid on or after August 24, 2013.

SpiceJet may sell stake to Kuwait Air

Shares of SpiceJet surged 8% at Rs29 after reports stated that that Kuwait Airways may pick up stake short of the 25% mark.

The stock has hit a high of 30 and a low of Rs29.

The deal may be valued at around Rs 10bn, says report.

Civil aviation minister Ajit Singh had REPORTED  that domestic airlines like SpiceJet and GoAir are in talks with potential investors for stake sale transaction.

Sadbhav Engg gains after winning order

Sadbhav Engineering rose 2.62% to Rs 90 at 10:23 IST on BSE after the company said it secured a contract worth Rs 183.57 crore from Sardar Sarovar Narmada Nigam in Gujarat for constructing Kachccha Branch canal reach.

On BSE, 2,804 shares were traded in the counter as against an average daily volume of 19,486 shares in the past one quarter.

The stock hit a high of Rs 91.15 and a low of Rs 89.25 so far during the day. The stock had hit a 52-week high of Rs 156.15 on 5 October 2012. The stock had hit a 52-week low of Rs 78 on 4 July 2013.

The stock had underperformed the market over the past one month till 12 July 2013, sliding 14.69% compared with the Sensex's 4.82% rise. The scrip had underperformed the market in past one quarter, falling 24.27% as against Sensex's 9.41% rise.

The small-cap company has an equity capital of Rs 15.09 crore. Face value per share is Re 1.

Net profit of Sadbhav Engineering declined 75.36% to Rs 11.56 crore on 22.44% decline in net sales to Rs 701.55 crore in Q4 March 2013 over Q4 March 2012.


About Sadbhav Engineering:
Sadbhav Engineering is a construction firm with focus on road, irrigation and mining projects.

Reliance MediaWorks gains after announcing the terms of rights issue

Reliance MediaWorks rose 1.58% to Rs 61 at 9:53 IST on BSE after the company's board announced a rights issue of equity shares in the ratio of 13 equity shares for every 4 equity shares, at an issue price of Rs 40 per share.

On BSE, 85,000 shares were traded in the counter as against average daily volume of 71,680 shares in the past one quarter.

The stock surged by the maximum permissible level of 5% at the day's high of Rs 63.05 in intraday trade. The stock hit a low of Rs 60.75 so far during the day. The stock had hit a 52-week low of Rs 41.80 on 25 June 2013. The stock had hit a 52-week high of Rs 103.80 on 3 December 2012.

The stock had outperformed the market over the past one month till 12 July 2013, surging 32.27% as compared to the Sensex's 4.82% rise. The stock had also outperformed the market in the past one quarter, jumping 25.5% as compared to the Sensex's 9.41% surge.

The small-cap company has equity capital of Rs 23.06 crore. Face value per share is Rs 5.

Reliance MediaWorks reported consolidated net loss of Rs 219.20 crore in the quarter ended 31 March 2013, higher than net loss of Rs 154.15 crore in the quarter ended 31 March 2012. Net sales declined 18.95% to Rs 140.55 crore in the quarter ended 31 March 2013 over the quarter ended 31 March 2012.

About Reliance MediaWorks:-

Reliance MediaWorks is a film and entertainment services company.

Banks to strictly follow KYC rules for customers: RBI

According to RBI, some banks were not complying with "KYC" rules for walk-in customers.

The Reserve Bank of India (RBI) on Friday asked banks to strictly adhere to customer identification and anti money laundering (AML) rules for walk-in customers when selling insurance, mutual fund, gold and any other products above Rs. 50,000.

“Recent investigations by the Reserve Bank in the light of alleged violation of KYC / AML guidelines by several banks have shown that these guidelines have been violated, particularly in the case of walk-in customers. It has been found necessary to reiterate and strengthen certain existing guidelines on KYC / AML / CFT (Combating of Financing of Terrorism) for strict compliance.” the RBI said in notification on Friday. 

The RBI added its admonition comes after observing that some banks were not complying with "know-your-customer" rules for walk-in customers.


"It is reiterated that banks should meticulously follow the instructions in letter and spirit and ensure that violations of the above nature do not recur. Such violations would be viewed seriously by the Reserve Bank and would involve imposition of penalties," the RBI further said.

DGH refuses to approve RIL's $3.5 billion plan for NEC-25

The Directorate General of Hydrocarbons (DGH) has refused to approve Reliance Industries ' USD 3.5 billion plan for developing gas discoveries in block NEC-25, off the Odisha coast, as the company had not done the prescribed tests to confirm the finds.

RIL had in March-end submitted a USD 3.5 billion Integrated Field Development Plan for producing 10 million standard cubic meters per day of gas from the discoveries D-32, D-40, D-9 and D-10 in the Block NEC-OSN-97/2 (NEC-25) by mid-2019.

Rupee opens weak at 59.92 per dollar

The Indian rupee opened lower at 59.92 per dollar on weak factory data and high retail inflation.

The Indian rupee opened lower at 59.92 per dollar on weak factory data and high retail inflation.

Fed Chairman Ben Bernanke may give further assurance of reduction in bond buying 
programme.

Meanwhile, Sensex is trading down 53 points at 19,905, while Nifty also slipped 24 points at 5984 levels.


China’s economic growth slowed to 7.5% in the second quarter of 2013, the National Bureau of Statistics of China said on Monday.

Tata Global in agreement with Tata Realty to develop Bangalore property

Tata Global Beverages Ltd has informed BSE that the Company has entered into an agreement with Tata Realty and Infrastructure Limited for the development of the Company’s property in Bangalore through a Special Purpose Vehicle (SPV). The consideration for the transfer of the Company’s property is Rs. 195 crores which will be discharged by a mix of cash, equity / other securities in the SPV and constructed space in the developed property. The necessary transaction documents have been executed by the parties in this regard.

Petrol price hiked by Rs. 1.55 per litre

This is the fourth increase in rates since June.

Oil companies has hiked the price of petrol by Rs. 1.55 a litre, without taxes, with effect from Sunday midnight, according to reports.

The price of diesel was kept unchanged.

Reports said that Petrol price in Delhi has been hiked by Rs. 1.86 per litre to Rs. 70.44.

This is the fourth increase in rates since June.

Oil firms had on June 1 raised the price of the fuel by 75 paise, excluding VAT.

Markets to open higher on firm Asian cues

Markets are expected to open on a cautious note albeit with a positive bias on Monday. The WPI inflation data scheduled after market hours today will be crucial trigger for the markets.

According to the technical experts, the Sensex is likely to trade with a positive bias as long as the index sustains above 19,925, below which the index can slip to 19,700. On the upside, the index can surge to 20,100 or further higher to 20,260.

At 8:30AM IST, SGX Nifty was up 3 points at 6,021.

Meanwhile Asian shares were trading marginally higher as investors kept to the sidelines ahead of fresh economic data from China. Japanese financial markets are closed for a public holiday

The Dow Jones industrial average gained 3.38 points, or 0.02 percent, to end at 15,464. The Standard & Poor's 500 Index rose 5.17 points, or 0.32 percent, to 1,680. The Nasdaq Composite Index climbed 21.78 points, or 0.6 percent, to close at 3,600.