YES BANK launches Interactive Bank statement

YES BANK, launches first of its kind interactive statements. These statements will allow YES Bank’s customers to view their account details in an interactive manner, instead of the traditional static version.

YES BANK, India’s fifth largest private sector Bank launches first of its kind interactive statements. These statements will allow YES Bank’s customers to view their account details in an interactive manner, instead of the traditional static version.

Building further on the eco friendly email statements platform, the interactive statement offers unmatched convenience through features such as a single point view of entire relationship with Bank, dynamic search & sort, as also personalized infographics, which makes this a very differentiated experience compared to the regular bank statements.

Speaking about the launch, Pralay Mondal, Senior Group President, Retail and Business Banking, YES BANK Ltd. said, “We realize that the preferences of our valued account holders are evolving and in line with their expectations of innovation and high quality service from YES BANK, we have evolved our Bank statement offering for them. We have designed YES BANK’s new statement to be easy to comprehend, more engaging and providing convenient wealth management analysis, going beyond the traditional bank statement. The interactive statement is therefore a unique value-added initiative for our Bank’s customers.”

YES BANK has been at the forefront of innovation through products and services that offer convenient Banking solutions. The Bank has launched innovative initiatives like first of its kind discount coupons for all YES BANK ATM users, as also card to card transfer facility.

India’s crude oil production falls 2% in October

The cumulative crude oil production during April-October, 2015 stood at 21,831.94 TMT, which is 1.49% higher than 21,819 TMT reported in the corresponding period last year.

India’s indigenous crude oil production (including condensate) during October, 2015 declined by 2.08% to 3,151 TMT as against 3,218 TMT reported in the same period a year ago, according to the latest data released by Ministry of Petroleum and Natural Gas.

However, the country’s crude oil production in October is 2.53% higher than the target of 3,073 TMT.

The cumulative crude oil production during April-October, 2015 stood at 21,831.94 TMT, which is 1.49% higher than 21,819 TMT reported in the corresponding period last year.

The state-run The cumulative crude oil production during April-October, 2015 stood at 21,831.94 TMT, which is 1.49% higher than 21,819 TMT reported in the corresponding period last year.  produced 1,909.35 TMT of crude oil as against 1,093 TMT produced in the same period a year ago, reflecting a growth of 0.32%. Besides, the company’s cumulative production during April-October, 2015 stood at 13,150.78 TMT which is 1.42% higher than the production of 12,967 TMT during the corresponding period of last year.

Lower production due to poor influx, ceasure of wells, increase in water cut and power shut down in Ahmedabad; less air injection in Santhal fields, increased number of sick wells in Mehsana and low gas injection pressure, power shutdown and poor influx in Assam are the key reasons for the shortfall in ONGC’s production in Ocrober 2015.

Oil India Ltd (OIL)’s crude oil production during October 2015 stood at 265.94 TMT, which is 10.50% lower than the production of 294 TMT achieved in the corresponding month of last year. OIL’s cumulative production during April-October, 2015 was 1,915.61 TMT which is 4.46% lower than the production of 2,005 TMT during the corresponding period of last year.

Due to rise in water cut in wells of Greater Chandmari and Greater Hapjan Fields; less than planned contribution from workover wells and permanent loss at Makum & Hapjan OCS after re-opening of wells post OIL blockade by “Sadou Moran Chatra Santha” the company faced shortfall in crude oil production for the month of October 2015.

The private players and joint ventures (JVs) prdocued 975.87 TMT of curde oil, which is 4.10% lower than production of 1,018 TMT in the corresponding month of last year.

Cairn India faced natural decline in Ravva and underperformance of Bhagyam wells in Rajasthan, while Reliance Industries Ltd witnessed under performance of wells in KG-D6 

Can India really withstand a Fed hike unperturbed?

As for equities, FPIs have pulled out nearly $1 billion since the beginning of the month due to lackluster quarterly earnings and concerns over a possible Fed rate hike.

Street-smart market analysts and experts who sound confident that the Indian stock market has grown resilient to the talk of a Fed rate hike, which they feel would pass off at the most as a non-event, need to sit up and take note of the fact that the overseas portfolio investors have not only been offloading stocks on BSE and NSE but are also rapidly getting out of Indian debt securities too. The Sensex and Nifty have often been at the receiving end as news of a Fed hike becomes imminent. 

Foreign portfolio investors sold a net of Rs.2,565 crore worth of debt securities in November so far compared with a Rs. 15,701 crore net investment in October, data from NSDL showed. And market watchers say this outflow is expected to only increase over the next few weeks in the runup up to the rate-setting meeting of the US central bank scheduled for December 15-16.

As for equities, FPIs have pulled out nearly US $1 billion since the beginning of the month due to lacklustre quarterly earnings and concerns over a possible Fed rate hike. The selloff came after FPI inflow to the capital markets had hit a seven-month high in October. 

Net outflow from equities between November 2 and 19 stood at Rs. 5,713 crore, while it was Rs. 2,565 crore from debt, translating into a total of Rs 8,278 crore ($1.3 billion). In October, FPIs had made a net investment of Rs. 22,350 crore, making it their highest investment since March, when they had poured in Rs. 20,723 crore into the Indian markets.

Dalal Street watchers had maintained so far that the domestic market was well-prepared for the much-awaited Fed liftoff, taking comfort in the fact that while FPIs have been cagey about Indian equities for some time now, they have actually gone whole hog on domestic debt.
Plus, India’s increasingly improving macro-economic variables give them confidence that in a likely rout in emerging markets, the domestic market will still stand out as a shining spot for yield-chasing FPIs. There was a strong surge in FPI investments in India’s debt securities since the beginning of CY2015 despite the expectation of a Fed rate hike, and FPIs had exhausted all the debt limits even after the Reserve Bank of India raised it twice during the year.

On the equity side, the Indian market has been a major underperformer among the emerging markets this year, thanks mainly to disappointment on earnings, slow pace of reforms and the impending Fed rate hike.

A Fed rate hike is expected to set off an FPI outflow from emerging economies as investors are likely to flock to US assets in search of safer, better returns leading to less capital inflows to the emerging markets.

Participants of the Indian market also feel confident about the fact that the inflow of domestic savings into the equity market has been very strong, and growing, this year, which they feel should give the domestic institutional investors enough clout to step in when FPIs move out.
Moreover, the Reserve Bank of India has over the past two years managed to create a large forex reserve to check any volatility in the rupee as a result of FPI outflow, if any, which again should hold India in good stead.

India’s foreign exchange reserves fell by $1.980 billion to $351.547 billion in the week to October 23, as the central bank has been intervening regularly in the market to stem volatility in the domestic currency.

Cairn India up 1%; may get extension for Rajasthan block

Government may reportedly provide a 10-year extension to Cairn India for its Rajasthan oil exploration contract if the Vedanta group company agrees to increase the Centre’s royalty.

Cairn India stock was up by 1% at Rs. 137. Report says that the Government may provide a 10-year extension to Cairn India for its Rajasthan oil exploration contract if the Vedanta group company agrees to increase the Centre’s royalty. The contract is set to expire in 2020.

The scrip opened at Rs. 138.65 and has touched a high and low of Rs. 138.65 and Rs. 137 respectively. So far 399491(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 25666.87 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 277.8 on 24-Nov-2014 and a 52 week low of Rs. 121.25 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 139.8 and Rs. 129.4 respectively.

The promoters holding in the company stood at 59.88 % while Institutions and Non-Institutions held 23.43 % and 16.69 % respectively.

The stock is currently trading above its 200 DMA.

Strides Shasun jumps 2% on USFDA nod

The stock opened higher at Rs. 1,390 as against its previous close of Rs. 1,362.80.

Shares of Strides Shasun Ltd are currently trading 1. 85% higher at Rs. 1,389.50 on BSE after the company received USFDA’s approval for Dutasteride Softgel Capsule.

The stock opened higher at Rs. 1,390 as against its previous close of Rs. 1,362.80. It hit a high and a low of Rs. 1,412.45 and Rs. 1,386. So far total 1,71,899 shares (BSE+NSE) have changed hands. 

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1402.45 on 18-Nov-2015 and a 52 week low of Rs. 720 on 25-Nov-2014. Last one week high and low of the scrip stood at Rs. 1402.45 and Rs. 1275 respectively.

The promoters holding in the company stood at 27.65 % while Institutions and Non-Institutions held 44.42 % and 27.94 % respectively.

The stock is currently trading below its 50 DMA.

Vakrangee zooms 10% in early morning trade

The company has announced strategic alliance with Ricoh India Ltd

Shares of Vakrangee Ltd were trading higher by nearly 11% at Rs. 167 in the early morning session, as the company has announced strategic alliance with Ricoh India Ltd.

Vakrangee Ltd is currently trading at Rs. 168.35, up by Rs. 16.6 or 10.94% from its previous closing of Rs. 151.75 on the BSE.

The scrip opened at Rs. 162 and has touched a high and low of Rs. 174.4 and Rs. 162 respectively. So far 3318454(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 8029.96 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 172.4 on 10-Aug-2015 and a 52 week low of Rs. 86.55 on 03-Jun-2015. Last one week high and low of the scrip stood at Rs. 156.85 and Rs. 128 respectively.

The promoters holding in the company stood at 41.61 % while Institutions and Non-Institutions held 13.43 % and 44.96 % respectively.

The stock is currently trading below its 100 DMA.

SBI Cap arm to auction KFA’s Mumbai airport assets on 7th Dec

The auction is aimed at recovering Rs. 6,963 crore (excluding interest) that Kingfisher Airlines owes to a consortium of lenders.

SBI Cap Trustee Company will auction the moveable assets of the now grounded Kingfisher Airlines located at Mumbai’s international airport on 7th December.

The auction will take place between 11 am and 1 pm on 7th December.

The auction is aimed at recovering Rs. 6,963 crore (excluding interest) that Kingfisher Airlines owes to a consortium of lenders.

The assets that will be auctioned include forklifts, cranes, towing machines, tractors, tempoes, cars, trolleys, ladders and aircraft pullers, according to a notice by SBI Cap.

A bid must be made for all the assets collectively and the reserve price is fixed at Rs. 65 lakh. 

Bid applications should be submitted by 2nd December.

The notice lists Kingfisher Airlines as the borrower, and United Breweries and Vijay Mallya as the guarantors.

Policy bytes and People movement during The Week That Was

An IIFL round-up of key appointments, acquisitions and announcements based on media reports in leading publications.

An IIFL round-up of key appointments, acquisitions and announcements based on media reports in leading publications

People in and out

• Banking veteran and ex-ICICI bank Zarin Daruwala has been appointed CEO of Standard Chartered India.
• Deepak Tuli has been appointed Senior Vice President – growth business of online travel player MakeMyTrip.
• Bank of Baroda is planning to recruit a strategic advisor for its new MD and CEO P S Jaykumar as part of its restructuring initiative.
• Leo Burnett India CEO Saurabh Verma has been elevated as CEO for South Asia.
• Vishakha Mulye, MD and CEO of ICICI venture, has been appointed Executive Director at ICICI Bank.

Policy Bytes

• The Union Government is planning to set up a special fund as part of the National Investment and Infrastructure Fund (NIIF) to combat the glaring issue of stressed assets of companies across sectors.

• India to resume bilateral trade talks with the European Union to discuss lower import duty for European cars and wines in return for inducting farm products, garments and IT services into the trading bloc.

• The Government is finalizing a new and improved exploration block option policy to be implemented in this fiscal year.

• Department of Pharmaceuticals to come up with a new medical device price regulation model in the near future.

• Cabinet has cleared 10% stake sale in Coal India and an IPO for Cochin Shipyard to collectively garner Rs.21, 000 crore.

• In a major boost to Road and Rail projects, the Cabinet has authorized the Road Ministry to independently approve projects up to Rs.1000 crore.

• The Government has decided to provide subsidy to the ailing sectors of export and sugar to collectively cost over Rs.3500 crore per year.

• The Finance Ministry to phase out several exception and sops of the next 16 months as part of its plan to cut corporate tax rate from 30% to 25%.

• The Pay Panel has recommended a 23.55% increase in the remuneration of Central Government employees.

• The Insurance Regulatory and Development Authority of India (IRDAI) to seek crystal clear plan from bank boards from the next financial year onwards on opening up branch networks to more than one insurer in life, non-life and stand alone health categories.

• The Government is planning to roll out Aadhaar –Based biometric authentication at all fare price shops across India by the end of 2016.

• The Finance Ministry has raised duty drawback rates on Engineering Goods, Leather hand bags and readymade garments made of cotton wool /cotton with lycra, shrimps to neutralize impact of import duty hike.

Sobha to develop group housing project in Gurgaon

The 39-acre project, which is expected to be launched by the end of next month, would be developed in phases over the next 6-7 years, Sobha Vice Chairman & MD J.C. Sharma said.

Sobha Ltd. has tied up with Chintels India to develop a group housing project comprising 1,700 flats in Gurgaon at an estimated cost of INR 1,000 crore.

The 39-acre project, which is expected to be launched by the end of next month, would be developed in phases over the next 6-7 years, Sobha Vice Chairman & MD J.C. Sharma said.

"We are coming out with a new group housing project at Gurgaon in partnership with Chintels," Sharma said.

Sobha is already developing a luxury villa project named 'International City' on a 150-acre land parcel near Dwarka Expressway in a tie-up with Chintels group and QVC Realty.

Both the partners would share revenues from the new project, which is located adjacent to the the villa project.

"Total saleable area in this project would be over 3 million square feet," Sharma said.

SpiceJet, Nestle, Aurobindo Pharma 15 Stocks in focus today

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

Aurobindo Pharma Ltd: The pharma company has announced that it has received US FDA nod for Sildenafil Tablets. Sildenafil Tablets is used in treatment of Pulmonary Arterial Hypertension.

Pfizer: The pharma company is planning to acquire Botox maker Allergan Plc for more than $150 billion. The deal would involve Pfizer paying with 11.3 of its shares for each Allergan share.

SpiceJet: SpiceJet, the country’s favourite low-cost carrier, today announced that it has yet again achieved the highest passenger load factor (PLF) of 92.1% for the month of October 2015, according to data published by the Director General of Civil Aviation.

Nestle India has so far sold 3.3 crore packs of its Maggi instant noodles in 350 towns across the country since the relaunch last week. The company says that it is selling Maggi at 1.2 lakh outlets through 724 distributors.

La Opala RG Ltd: Houseware manufacturer La Opala RG Ltd has doubled its manufacturing capacity from 8,000 metric tonner per annum (MTPA) to 16,000 MTPA at its Sitarganj unit.

Adani Power: The Supreme Court on Friday upheld a Gujarat high court decision which had rejected a government notification imposing customs duty on electrical power transferred from a special economic zone (SEZ) to the domestic tariff area (DTA).

Cairn India: The Government may provide a 10-year extension to Cairn India for its Rajasthan oil exploration contract if the Vedanta group company agrees to increase the Centre’s royalty. The contract is set to expire in 2020.

UCO Bank: Uco Bank, which is part of the consortium of lenders to REI Agro, has filed a recovery suit in the debt-recovery tribunal (DRT) on behalf of all the lenders to recover unpaid debt, as per media reports.

Sanofi India, AstraZeneca : Sanofi SA and AstraZeneca PLC have announced a direct exchange of 210,000 compounds from their respective, proprietary compound libraries. The exchange represents a novel, open innovation model of collaboration between two leading pharmaceutical companies.


Strides Shasun Ltd: The pharma company has announced that it has received an approval from the US Food and Drug Administration (USFDA) for Dutasteride Sforgel capsule, 0.5mg. The product is ready for Day 1 launch.

Dr Reddy's Lab: Dr Reddy’s Laboratories has filed a complaint in a US court against AstraZeneca, as per media reports. The company has filed the petition against the AstraZeneca (AZ) after the Indian company was temporarily restrained by a US court from using purple colour for its generic version of Esomeprazole in the US market.

Crompton Greaves: The Honorable Bombay High Court has approved the scheme of demerger of the consumer products business unit of the Crompton Greaves Limited (CG) into CG's wholly owned subsidiary Crompton Greaves Consumer Electricals Limited (CGCEL).

Patel Integrated Logistics Ltd: The company has announced hat a meeting of the Board of Directors of the Company will be held on November 27, 2015, to consider and approve the item of raising of funds up to amount of Rs. 20.00 crore through issue of equity shares and equity warrants on preferential basis to non promoter investor(s) as the board may deem fit subject to shareholder’s approval and in compliance with the applicable laws and to discuss and take up any other matter as the board may deem fit and consider necessary.

MRF: The company will set up a Rs. 9 billion facility in Medak district of Telangana. The company has received the formal approval from the State Government to set up the manufacturing facility.

Sobha Ltd: The real estate company has tied up with Chintels India to develop a group housing project comprising of 1,700 flats in Gurgaon at an estimated cost of Rs. 1,000 crore.