Arun Jaitley to leave for three day official visit to UK

Finance Minister Jaitley will hold a bilateral meeting with his U.K. counterpart and Chancellor of Exchequer Mr. George Osborne and will discuss various bilateral and multilateral economic and financial issues. 

The Union Finance Minister, Arun Jaitley is leaving tomorrow for a three day official visit to London, U.K. on the invitation of the British Government. The Finance Minister will arrive in London tomorrow evening. On Friday, 13th March, 2015, the Finance Minister Jaitley will hold a bilateral meeting with his U.K. counterpart and Chancellor of Exchequer Mr. George Osborne and will discuss various bilateral and multilateral economic and financial issues. Both the leaders will also discuss the economic situation in the two countries as well as overall global economic situation. 

The Union Finance Minister Jaitley will also hold a meeting with the Institutional Investors organised by M/s J.P. Morgan. He will also participate in an Investors’ Meeting organised by U.K.-India Business Council (UKIBC), FICCI and High Commission of India, London. The Finance Minister will also visit London Stock Exchange (LSE) and will also hold meeting there as well. 

The Finance Minister will later inaugurate the branch of Union Bank of India in London. 

On Saturday, 14th March, 2015, the Union Finance Minister Shri Jaitley will unveil the statue of Mahatma Gandhi in Parliament Square, London. The UK Foreign Secretary and Chancellor had earlier announced plans for a statue of Mahatma Gandhi, the inspiration for non-violent civil rights’ movements around the world, to be erected in Parliament Square. The statue of the Father of the nation will be the 11th Statue to be erected there in Parliament Square standing alongside with world leaders like Britan’s war-time PM Winston Churchill and South African leader Nelson Mandela The bronze statue will be the focal point for the commemoration this summer of the 100th Anniversary of Mahatma Gandhi’s return to India from South Africa to start the struggle for self rule. Gandhi ji has a particular connection to London having studied there like so many young and talented Indians who even go there today for studies. 

The Finance Minister will also later on meet the Prime Minister of U.K. Mr. David Cameron. In the late evening, the Finance Minister will leave for back home and will reach the national capital on Sunday morning, 15th March, 2015.

Personal loans! SBI sweetens offers for existing home-loan customers

SBI said that its existing customers can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer 

State Bank of India said that it is offering an attractive interest rate scheme to its existing home-loan customers, according to a media report.

SBI said that its existing customers can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer, the report added.

In effect, an existing borrower can take a personal loan at 10.15%, provided he had been paying his homeloan EMIs regularly, the report further said.

For women, this will be more reasonable at 10.1%. The rates imply a 0.35-0.40 percentage point cut in the top-up loan rates that SBI has been charging.

Banks to ensure high standard in outsourced services: RBI

The quantum of excess provision reversed to the profit and loss account on account of sale of NPAs shall be disclosed in the financial statements of the bank 

The RBI has directed asked banks to ensure high standard of care while outsourcing financial services and directed them to put in place a robust system of internal audit of all such activities.

"Banks have been advised to take steps to ensure that the service provider employs the same high standard of care in performing the services as would be employed by the banks, if the activities were conducted within the banks and not outsourced," the RBI said in a notification on Wednesday.

"Banks should not engage in outsourcing that would result in their internal control, business conduct or reputation being compromised or weakened," the RBI further said.

In certain cases, like outsourcing of cash management, banks should ensure that reconciliation of transactions between the bank and the service provider are carried out in a timely manner, the notification said.

The quantum of excess provision reversed to the profit and loss account on account of sale of NPAs shall be disclosed in the financial statements of the bank under ‘Notes to Accounts’.

Dabur promoters in talks to invest in EasyPolicy.com

Should the deal go through, the investment will the first round of institutional funding for Noida-based EasyPolicy. 

The Burman Family Office, the investment arm of the Burman family, promoters of Dabur is in talks to invest an undisclosed amount in online insurance policy aggregator EasyPolicy.com, according to reports.

Should the deal get done, the investment will the first round of institutional funding for Noida-based EasyPolicy.

The Burman Family Office manages the Burman family's investment across asset classes, including real estate, and both, public and private investments in industries.

Sensex up 100 points...Nifty above 8,700 levels

Auto, Consumer Durables, Power, banking, capital goods, healthcare metal, realty, FMCG, Oil and gas indices are the gainers.

At 9:20AM, the S&P BSE Sensex is trading at 28,780 up 121 points, while NSE Nifty is trading at 8,747 up 47 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, healthcare metal, realty, FMCG, Oil and gas indices are the gainers.

Focus later in the day will be on CPI and IIP numbers. Even as global markets are worried about a likely interest rate hike in the US, South Korea has chosen to unexpectedly lower its benchmark interest rate to a record low of 1.75 percent.  US indices closed lower.  Asian market is mixed with Nikkei in the green and Hang Seng flat. China’s Shanghai is managing to stay afloat.

Wipro held its ritual with analysts and maintained its sequential revenue growth outlook for the ongoing fourth quarter at 1-3%. The stock could see some positive action even though cross-currency and energy-related clients remain an issue for the industry.

Moody's has rated India as stable with a rating of Baa3, reflecting the balance.

Wipro maintains revenue growth outlook at 1-3% for Q4

A report said that the company is planning to roll out new compensation structure for its software and sales teams with a focus on incremental revenue, chief executive TK Kurien said during a meeting with analysts. 

Wipro held its ritual with analysts and maintained its sequential revenue growth outlook for the ongoing fourth quarter at 1-3%. 

A report said that the company is planning to roll out  new compensation structure for its software and sales teams with a focus on incremental revenue, chief executive TK Kurien said during a meeting with analysts. 

Kurien added that Wipro would in the near-term create a separate unit with new managers to head specific initiatives. This unit will exist within Wipro and not be a separate subsidiary, he said. 

The stock could see some positive action even though cross-currency and energy-related clients remain an issue for the industry

Indices to open flat

The market remains in a sideways movement with global cues dictating the movement more than anything else

The market remains in a sideways movement with global cues dictating the movement more than anything else. The strength of the dollar continues and the euro seems to be having a free fall shedding over 12% in 2015. The Indian market too is finding it difficult to stay in the green for most part of the day.

The outlook is a flat start. Indices will open flat and remain in a range yet again. Focus later in the day will be on CPI and IIP numbers.  The market is really lacking triggers to push ahead confidently but the bias could turn positive slowly as indices have been staging a comeback on intra-day basis. Even as global markets are worried about a likely interest rate hike in the US, South Korea has chosen to unexpectedly lower its benchmark interest rate to a record low of 1.75 percent.  US indices closed lower.  Asian market is mixed with Nikkei in the green and Hang Seng flat. China’s Shanghai is managing to stay afloat.

Wipro held its ritual with analysts and maintained its sequential revenue growth outlook for the ongoing fourth quarter at 1-3%. The stock could see some positive action even though cross-currency and energy-related clients remain an issue for the industry.

Moody's has rated India as stable with a rating of Baa3, reflecting the balance. 

In the seventh day of the auction, 380 MHz of the spectrum were auctioned by government in four bands, according to a media report. No takers were there for spectrum auction for 2100 MHz in the key circles, the report said. 

Minister of State for Finance Jayant Sinha reportedly said that the government is contemplating a host of measures to push stalled projects and deal with the problem of rising non-performing assets (NPAs) of banking sector."We discussed the NPA issue (and) the situation in stalled projects, " says Sinha.

CBI Court has come down heavily on Hindalco, saying documents recovered during raids at the company's premises by the CBI show that a plan was chalked out by the aluminium maker to tap bureaucratic and political channels to obtain the Talibara-II coal block, a report in ET stated. The Trial Court summoned Aditya Birla group Chairman Kumar Mangalam Birla and former prime minister Manmohan Singh for April 8 hearing in coal scam.

HCL Technologies zoomed to record high of Rs. 2,117 in early trade after fixing its record date for bonus issue. The company today fixed 20 March, as the record date for 1:1 bonus issue.

Real estate stocks were in limelight after the BJP-led NDA government passed the amended Land Acquisition Bill in the Lok Sabha. Unitech stock zoomed 7% to Rs. 19.90, while HDIL surged over 3 per cent to Rs. 116, and Indiabulls Realestate rallied over 2 per cent to Rs. 74.65. 

Natco Pharma Ltd stock hits 10% upper circuit at Rs. 1800.The company announced that it is pleased with the U.S. Supreme Court’s decision to deny certiorari for the generic version of Tamiflu oral capsules (oseltamivir phosphate). 

Gujarat Fluorochemicals Ltd (GFL) has said that the price band of equity shares of its subsidiary Inox Wind will be between Rs. 315-325 per share.The Issue shall open for subscription to public on March 18, 2015 and shall close on March 20, 2015. The price band has been fixed between Rs. 315 to Rs. 325 per share." 

Crompton Greaves has announced that it has received Order Worth €3.4 m in Saudi Arabia.The stock ended 1% lower at Rs. 175.

Metal stocks ended on a lower note after China's Industrial production fell more-than-expected last month. Hindalco stock was down 5% at Rs. 131 as Kumar Birla's summon order also weighed on the sentiment.

Lower oil prices will reverse the financial performance of oil exporters and importers in 2015, with exporters' public finances coming under renewed pressure and importers given some help in reducing their deficits, Moody's Investors Service says in a report.