ICICI Bank's Zarin Daruwala joins Standard Chartered bank and other Top Banking news

Round up of the major headlines that dominated the Banking sector, nationally and internationally.

Zarin Daruwala will join as the India chief executive officer at Standard Chartered Bank, the international lender said in a statement on Tuesday.
Daruwala was president of the wholesale lending team at ICICI Bank Ltd. Daruwala will report to Ajay Kanwal, regional CEO, ASEAN & South Asia at Standard Chartered.

Axis Mutual Fund, one of the premier asset management companies in India, today announced the launch of Axis Children’s Gift Fund, an open ended balanced scheme, which would endeavor to generate income by investing in debt & money market instruments along with long-term capital appreciation through investments in equity & equity related instruments*. 

Electronic processing platform Payworld announced on Tuesday it has launched the "Payworld Cash point", cash payout from Payworld retail points in areas where ATMs are not available or accessible. 

Indian equity markets are witnessing another spell of selling by foreign funds ahead of US Fed meet in December where it may raise interest rates. Foreign portfolio investors (FPIs) have sold equities worth $517 million so far this month, stock exchanges data showed.

Government efforts to promote financial inclusion have made RuPay stand out among its international peers. The payment gateway has surely helped the government achieve its social objective, and it may even end up being a profitable one, competing with global giants, say Saloni Shukla & Joel Rebello 

Pipavav Defence gains 1.2%; Foreign investors can now invest up to 12%

RBI allowed foreign investors to invest up to 12 per cent and NRIs/ Persons of Indian Origin up to 2% of the paid up capital of Pipavav Defence and Offshore Engineering Limited under the Portfolio Investment Scheme.

Pipavav Defence and Offshore Engineering has gained 1.2% at Rs. 63.70 on BSE. Reserve Bank of India notified that Registered Foreign Portfolios Investors (RFPIs)/Foreign Institutional Investors (FIIs)/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of Pipavav Defence and Offshore Engineering Limited under the Portfolio Investment Scheme (PIS).

The scrip opened at Rs. 63.75 and has touched a high and low of Rs. 63.9 and Rs. 63.4 respectively. So far 5,55,237 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4634.44 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 85 on 19-Feb-2015 and a 52 week low of Rs. 34.4 on 01-Dec-2014. Last one week high and low of the scrip stood at Rs. 63.5 and Rs. 59.2 respectively.

The promoters holding in the company stood at 42.24 % while Institutions and Non-Institutions held 17.13 % and 40.63 % respectively.

The stock is currently trading below its 200 DMA.

CCI penalties on airline! Jet descends, SpiceJet, Indigo ascend on the bourses

Competition Commission of India (CCI) has imposed penalties upon 3 Airlines for concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.

Aviation stocks are in limelight today after Competition Commission of India (CCI) has imposed penalties upon 3 Airlines for concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo. 

Shares of Jet Airways were down 2% at Rs. 418, while Spicejet stock surged 5% to Rs. 50. Recently-listed InterGlobe Aviation, which runs Indigo airline has also clocked smart gains after the company stated that it may challenge the order.   

Penalties of Rs. 151.69 crores, Rs. 63.74 crores and Rs. 42.48 crores were imposed upon Jet Airways (India) Ltd., InterGlobe Aviation Limited and Spice Jet Limited respectively for the impugned conduct which was found to be in contravention of the provisions of section 3(1) read with section 3(3)(a) of the Act. Besides, cease and desist order was also issued against the Airlines. 

Jet Airways (India) Ltd is currently trading at Rs. 418.8, down by Rs. 9.85 or 2.3% from its previous closing of Rs. 428.65 on the BSE.

The scrip opened at Rs. 416 and has touched a high and low of Rs. 419.7 and Rs. 410.25 respectively. So far 1095887(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4869.46 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 543.5 on 02-Feb-2015 and a 52 week low of Rs. 240.75 on 25-Nov-2014. Last one week high and low of the scrip stood at Rs. 442.85 and Rs. 423.3 respectively.

The promoters holding in the company stood at 51 % while Institutions and Non-Institutions held 14.09 % and 34.91 % respectively.

The stock is currently trading below its 200 DMA.

SpiceJet Ltd is currently trading at Rs. 49.7, up by Rs. 1.7 or 3.54% from its previous closing of Rs. 48 on the BSE.

The scrip opened at Rs. 47.4 and has touched a high and low of Rs. 50 and Rs. 46.25 respectively. So far 5389689(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2877.36 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 53.3 on 10-Nov-2015 and a 52 week low of Rs. 11.25 on 16-Dec-2014. Last one week high and low of the scrip stood at Rs. 50.5 and Rs. 46.85 respectively.

The promoters holding in the company stood at 60.32 % while Institutions and Non-Institutions held 0.61 % and 39.08 % respectively.

The stock is currently trading below its 50 DMA.

Mahindra Lifespace acquires land in Maharashtra to develop housing project

Mahindra Lifespace Developers Ltd has acquired a land parcel in District Palghar, Maharashtra admeasuring 85,000 square meters for residential development.

Mahindra Lifespace Developers Ltd has acquired a land parcel in District Palghar, Maharashtra admeasuring 85,000 square meters for residential development.

Mahindra Lifespace Developers Ltd ended at Rs. 475.15, down by Rs. 5.75 or 1.2% from its previous closing of Rs. 480.9 on the BSE.

The scrip opened at Rs. 481.05 and touched a high and low of Rs. 485 and Rs. 473.3 respectively. A total of 5152(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1949.37 crore.

The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 580 on 28-Feb-2015 and a 52 week low of Rs. 401.3 on 19-Jun-2015. Last one week high and low of the scrip stood at Rs. 493 and Rs. 471 respectively.

The promoters holding in the company stood at 50.82 % while Institutions and Non-Institutions held 27.74 % and 21.33 % respectively.

The stock traded above its 50 DMA.

RattanIndia commissions first solar project in MP

This unit is part of 5 MW grid connected solar power project that is being implemented by RattanIndia Solar, a RattanIndia group company, on more than 80 government buildings in Madhya Pradesh across cities of Bhopal, Indore and Jabalpur

RattanIndia commissioned grid connected solar roof top unit at PDTC building situated in Nistha Parisar which is office of Managing Director, MPMKVVCL, Bhopal. This unit is part of 5 MW grid connected solar power project that is being implemented by RattanIndia Solar, a RattanIndia group company, on more than 80 government buildings in Madhya Pradesh across cities of Bhopal, Indore and Jabalpur. 

These projects will serve as a pilot in showcasing benefit of solar solutions and will promote mass adoption of the same. 

This project will not only help in cutting down the energy bills but will also ensure clean energy with zero carbon footprints. The project was inaugurated by Sh. Rajendra Shukla, Honourable Minister of Renewable Energy, GoMP.

  “RattanIndia is a leading company in the renewable energy and we are committed to facilitating mass scale adoption of renewable power projects, by offering cost effective and hassle free solutions for all segments – commercial, institutions and residential. In the recently concluded 500MW NTPC Solar bid in Andhra, RattanIndia had bid at 4.63 KWh which is the lowest ever recorded solar tariff in the country. We already have more than 90 MW of solar projects in the pipeline. Central Government has set a target of 100 GW solar power generation by 2020, out of which 40 GW needs to come from distributed generation. We are extending all possible support in achieving this ambitious target. It gives us immense pleasure to partner with the Madhya Pradesh government in its initiative to provide clean and affordable energy to the people.” said Jayant Kawale, Managing Director, RattanIndia group on this occasion.

L&T defers sale of L&T Valves due to L&T Infotech IPO

As part of its strategy to exit non-core businesses, L&T had decided to sell stakes in some units, including L&T EWAC Alloys and L&T Valves.

Larsen & Toubro (L&T) has decided to defer the sale of its wholly-owned subsidiary L&T Valves, as the company focuses on the initial public offering (IPO) of its Information Technology subsidiary, reports a business daily.

As part of its strategy to exit non-core businesses, L&T had decided to sell stakes in some units, including L&T EWAC Alloys and L&T Valves. 

It had mandated Citigroup to scout for buyers and was expecting L&T Valves to fetch ~US$700 million, reports the financial newspaper.

L&T Valves has manufacturing facilities in Chennai, Coimbatore and Kancheepuram, and makes flow-control solutions for the oil & gas and power industries.

L&T was also looking to sell its stake in another wholly-owned subsidiary, L&T EWAC Alloys, which is into maintenance and repair welding, and has a factory in Ankleshwar, Gujarat.

SpiceJet in talks to order at least 150 new planes

SpiceJet is in talks to buy 100 narrow-bodied aircraft (Boeing 737 MAX or Airbus 320 Neo) and 50 turboprop aircraft, Singh said.

SpiceJet is in talks with aircraft manufacturers to place orders for at least 150 new planes, Chairman Ajay Singh has been quoted as saying by a business daily.

"It will be a significant sized order. And it will be placed soon," Singh told the paper.

SpiceJet is in talks to buy 100 narrow-bodied aircraft (Boeing 737 MAX or Airbus 320 Neo) and 50 turboprop aircraft, the financial newspaper says quoting Singh.

"We have two businesses here. Large aircraft for metros and larger towns and small aircraft for smaller regional towns. We see a potential in the regional aircraft business," Singh told the daily.

Singh also said that he was hopeful of placing the order by the end of this financial year.

Currently, SpiceJet operates a fleet of 25 Boeing, two Airbus (on wet lease) and 14 Bombardier aircraft. 

Weak start! Rupee opens at 66.13/$

Indian rupee lost ground, with values moving again above 66 levels against the greenback. Burgeoning strength in US dollar against the basket of major currencies is taking a toll on the emerging markets.

The Indian rupee opened lower by 11 paise at 66.13/$ in early trade on Wednesday. Indian rupee lost ground, with values moving again above 66 levels against the greenback. Burgeoning strength in US dollar against the basket of major currencies is taking a toll on the emerging markets. In addition, Indian rupee was also weighed down by subdued export numbers. In this respect, Indian exports during October contracted 17.5% on yoy basis.

On the global front, US dollar index is racing towards 100 levels, with weakness intensifying particularly in Euro. US dollar is maintaining strength notwithstanding dull macroeconomic numbers. In this respect, US industrial production during October contracted 0.2% on mom basis. It seems markets are convinced about US Federal Reserve hiking interest rates in December, with Federal forward rates curve suggesting 70% probability of 25 basis points move on the rates. Effectively, a contrasting picture seems to be emerging on both sides of the Atlantic, wherein Fed is talking about a rate hike and ECB is contemplating at a prolonged accommodative stance. Markets to an extent may have factored in the probability of US hiking rates in December; however the moot point is whether Fed will adopt a long pause after the first move on the rates.

The currency touched a high and low of 66.20 and 66.27 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.98 and for Euro stood at 70.34 on November 17, 2015. While, the RBI’s reference rate for the Yen stood at 53.48, the reference rate for the Great Britain Pound (GBP) stood at 100.1056.

Coal India appoints 5 Independent Directors; 2 posts still vacant

The five independent directors - Loretta Mary Vas, Vinod Jain, D C Panigrahi, Khanindra Pathak and Satish Balaram Agnihotri - have been appointed for a period of three years with effect from 17th November 2015, Coal India said in a filing to the BSE.

Coal India Ltd. (CIL) on Tuesday announced appointment of five independent directors, filling five of seven posts that had been lying vacant for over a year.

Seven posts of independent directors were vacant since September 2014. 

The five independent directors - Loretta Mary Vas, Vinod Jain, D C Panigrahi, Khanindra Pathak and Satish Balaram Agnihotri - have been appointed for a period of three years with effect from 17th November 2015, Coal India said in a filing to the BSE.

Total strength of Coal India board is 14.

Meanwhile, eight investment banks, including HSBC, ICICI Securities and SBI Capital, have filed bids to manage a 10 per cent stake sale in Coal India.

Other investment banks include Axis Capital, Elara Capital, Edelweiss, Kotak Investment Banking and JM Financial. 

The Department of Divestment will decide this week on the timeline for hiring five merchant bankers to manage the Coal India share sale, according to reports.

SpiceJet, Piramal Healthcare, Pipavav Defence among 15 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Jet Airways, Indigo, SpiceJet:  Competition Commission of India has imposed penalties upon 3 Airlines for concerted action in fixing and revising Fuel Surcharge for transporting cargo. Accordingly, penalties of Rs. 151.69 crores, Rs. 63.74 crores and Rs. 42.48 crores were imposed upon Jet Airways (India) Ltd., InterGlobe Aviation Limited and Spice Jet Limited respectively for the impugned conduct which was found to be in contravention of the provisions of section 3(1) read with section 3(3)(a) of the Act. Besides, cease and desist order was also issued against the Airlines.

Essar Ports Ltd: Essar Ports will cease to exist as a public limited company after its promoters successfully delisted the private sector port company. The delisting price was fixed at INR 133 a share.

RPower: Reliance Power has managed to make a quick exit from the 4,000 MW Tilaiya ultra mega power project (UMPP) in Jharkhand after the electricity distribution utilities (discoms) agreed to terminate the power purchase agreement (PPA).

Larsen & Toubro: L&T has decided to defer the sale of its wholly-owned subsidiary L&T Valves, as the company focuses on the initial public offering (IPO) of its Information Technology subsidiary, as per media reports. As part of its strategy to exit non-core businesses, L&T had decided to sell stakes in some units, including L&T EWAC Alloys and L&T Valves.

Coal India Ltd: Coal India on Tuesday announced appointment of five independent directors, filling five of seven posts that had been lying vacant for over a year.

Piramal Healthcare: Piramal Healthcare UK Ltd., has invested £2.0 million into Scotland to expand its manufacturing base at Grangemouth, to manufacture Antibody Drug Conjugates to global markets. This new investment into Scotland will yield additional revenue of £3-5 mn over 5 years to Piramal Healthcare’s revenues.

Ramco Systems: ITC Infotech and Ramco Systems have formed a strategic partnership, which will enable the former to strengthen its aviation capablities and expand its expertise in the human capital management domain.

Persistent System: The company has announced that it has completed the acquisition of the digital content management solutions business of US-based Akumina. Persistent's Venture Captial arm also announced an investment of $250,000 in Akumina's product portfolio. 

Pipavav Defence and Offshore Engineering: The Reserve Bank of India has today notified that Registered Foreign Portfolios Investors (RFPIs)/Foreign Institutional Investors (FIIs)/Qualified Foreign Investors (QFIs) can now invest up to 12 per cent and Non Resident Indians (NRIs)/ Persons of Indian Origin (PIO) up to 2 per cent of the paid up capital of Pipavav Defence and Offshore Engineering Limited under the Portfolio Investment Scheme (PIS).

SpiceJet: SpiceJet is in talks with aircraft manufacturers to place orders for at least 150 new planes, Chairman Ajay Singh has been quoted as saying by a business daily.

HCL Technologies: The IT company has signed an application development and maintenance contract with Deutsche Bank.

Novartis: The pharma company reportedly said it has taken remedial action at its two plants in Western India which had received a warning letter from the US health regulator.

MEP Infrastructure: The company has bagged two short-term toll collection contracts from the National Highways Authority of India (NHAI) for one year, namely Surjapur toll plaza in West Bengal and Dasna toll plaza in Uttar Pradesh.

Sensex, Nifty decline in early trade

The BSE Mid-cap Index is trading up 0.18% at 10,730, whereas BSE Small-cap Index is trading up 0.19% at 11,255. Sun Pharma, Tata Motors, BHEL, ITC, L&T and NTPC are among the gainers, whereas Infosys, ONGC, Vedanta, GAIL, Hero MotoCorp, Hindalco and TCS are losing sheen on BSE.

At 9:18 AM, the S&P BSE Sensex is trading at 25,859 down mere five points, while NSE Nifty is trading at 7,828 down 10 points.

The BSE Mid-cap Index is trading up 0.18% at 10,730, whereas BSE Small-cap Index is trading up 0.19% at 11,255.

Sun Pharma, Tata Motors, BHEL, ITC, L&T and NTPC are among the gainers, whereas Infosys, ONGC, Vedanta, GAIL, Hero MotoCorp, Hindalco and TCS are losing sheen on BSE.

The Indian rupee opened lower by 11 paise at 66.13/$ in early trade on Wednesday. 

Indian rupee lost ground, with values moving again above 66 levels against the greenback. Burgeoning strength in US dollar against the basket of major currencies is taking a toll on the emerging markets. In addition, Indian rupee was also weighed down by subdued export numbers. In this respect, Indian exports during October contracted 17.5% on yoy basis.

The mid-cap and small-cap stocks will continue to see action. The rupee could see some firming up. Geopolitical worries have put pressure on US indices. The Dow ended flat while S&P 500 closed marginally lower. Nasdaq managed to close a tad higher. Asian markets are also on a subdued note. The FOMC minutes later today will be in focus for international investors.
 
NITI Aayog vice-chairman Arvind Panagariya says he is optimistic about Indian achieving 8% growth this year and is awaiting Q2FY16 growth figures.
 
After posting an operating loss of Rs. 690.44 crore in the previous financial year, BSNL has clocked an operating profit of Rs. 672 crore in the year ended March 2015. 
 
The Supreme Court issued notices to the Centre, Vedanta and others on a PIL challenging the Goa government’s decision to renew 88 iron ore mining leases in the state.
 
Coal India Ltd. (CIL) on Tuesday announced appointment of five independent directors, filling five of seven posts that had been lying vacant for over a year.
 
The Prime Minister’s office (PMO) has reportedly asked the Department of Pharmaceuticals to probe the steep price increases on generic medicines that drug makers sell through the distributors.
 
Larsen & Toubro (L&T) has decided to defer the sale of its wholly-owned subsidiary L&T Valves, as the company focuses on the initial public offering (IPO) of its Information Technology subsidiary, reports a business daily.
 
Marginal increase in the prices of onions in the past week and in the prices of tomatoes is largely on account of disruption of supplies from the Southern States which have witnessed severe, unprecedented rainfall over the last one week.
 
AK Srinivasan, Director-Finance ONGC reportedly said that realizations were lower in the Q2 at USD 49 per barrel. AK Srinivasan expects oil production to cross 26 million tonnes this year.
 
Finance Minister Arun Jaitley reportedly said low oil prices have created a favourable environment for the Indian economy as it helped to absorb the loss faced by state-run marketers and kept inflation under control. 
 
ASSOCHAM study has revealed that India’s export competitiveness has been eroded because of the steady real appreciation of rupee and therefore we should not be so concerned about a strong exchange rate.
 
Reckitt Benckiser is planning to sell some non-core brands.