Benchmark 10-year bond yields firm amid lack of fresh triggers

Benchmark 10-year bond yield steady at its previous close of 8.84 per cent amid lack of fresh triggers. Yields had dropped earlier, tracking a fall in global crude oil prices on expectations of some ease in tensions between Ukraine and Russia. 

Brent crude held steady above $109 a barrel after pulling back in the previous session from a two-month high as fears eased that tensions over Russia's incursion into Ukrainian territory could lead to war. 

Traders said inflation and factory data next week will be key for near-term direction. US Treasury debt prices extended losses on Tuesday as Russian President Vladimir Putin said his country would use military force in Ukraine only as a last resort, prompting a reversal in Monday's flight to safe assets. 

Bharti Infratel shares surge on company's infra sharing agreement with Reliance Jio Infocomm

Bharti infratel Ltd's stock has reacted positively to the Reliance Jio's deal with the former for sharing tower infrastructure. The stock has risen 5.6% to Rs. 202.25 on BSE in the morning as the deal is likely to nearly 20% rise in its absolute tenancy and nearly 11% to its expected annual operating profit for this fiscal.

Reliance Jio Infocomm, a subsidiary of Reliance Industries (RIL) on Tuesday announced the signing of a Master Services Agreement for infrastructure sharing with Bharti Infratel.Under the agreement, Reliance Jio would utilize the telecom tower infrastructure of Bharti Infratel to launch its services across the country.

This follows the earlier comprehensive telecom infrastructure sharing arrangement between Bharti Airtel and Reliance Jio Infocomm in December 2013 under which they would share the whole infrastructure created by both parties.This deal is likely to benefit Bharti Infratel as its tenancy ratio or tower sharing factor would see significant improvement once Reliance Jio starts full fledged roll out of its 4G services.

The agreement mentions that the pricing would be at ‘arm’s length,’ based on prevailing market rates. Considering the average rental received by Bharti Infratel per operation per month of Rs 34,124 in third quarter of this fiscal, this would amount to Rs 1,100 crore of incremental annual revenue at full utilisation (45,000 towers) by Reliance Jio. This amounts to additional 10-11% revenues for the firm who's expected consolidated revenue for fiscal 2014 is likely to come in.

M&M is India’s first private co to foray into submarine biz

India’s underwater force received private sector boost with Mahindra Defence Naval Systems (MDNS) opening its new manufacturing at Chakan, Pune. Mahindra Defence Naval Systems is the only private sector player to have a division focused primarily on underwater weapons and systems. Now M&M will get on board of Indian Naval frigates and submarines.

“This is a beginning of a long journey for the private sector. It is journey yet to begin in full earnest. We will grow as he private sector role in defence grows,” Anand Mahindra, chairman, Mahindra Group said. Mahindra said we are building systems and capabilities to play a bigger role when it is give its due place, he added. “It is a very important enterprise regardless of its size and these were critical products to save lives and secure the country,” Mahindra said. “If India is going to build defence production capabilities it cannot be done without India’s private sector,” Mahindra pointed out at an interaction with the media at the formal opening of the plant. Military technologies around the world have sustained with the involvement of the private sector, he said.

MDNS is a wholly-owned subsidiary of Mahindra Defence Systems,which is part of the $16.7-billion Mahindra Group.

RBI allows direct e-transfer of inward foreign remittances

To facilitate receipt of foreign inward remittances directly into the bank accounts of beneficiaries, the RBI on Tuesday said it will allow such remittances to be transferred to the Know-Your-Customer compliant beneficiary bank accounts through electronic mode, such as National Electronic Funds Transfer and Immediate Payments Service.

“Foreign inward remittances received by the bank acting as Indian agent under the money transfer service scheme, may be electronically credited to the account of the beneficiary, held with a bank other than the Indian agent bank (termed as ‘recipient bank’),” the RBI said.

Punjab National Bank sells its entire stake in CIBIL

Punjab National Bank has sold its entire stake in Credit Information Bureau India (CIBIL) to TransUnion International Inc. (FII). The bank has taken this step pursuant to regulatory approvals. Punjab National Bank has reported 42.14% fall in its net profit at Rs 755.41 crore for third quarter ended December 31, 2013 as compared to Rs 1305.62 crore for the same quarter in the previous year. However, total income of the bank has increased by 3.68% at Rs 11922.30 crore for quarter under review as compared to Rs 11499.27 crore for the quarter ended December 31, 2012.