YES Bank ties-up with Ultracash Technologies

This partnership will enable Ultracash to issue YES BANK sponsored mobile wallets and employ YES BANK’s innovative IMPS payments platform to enable processing of instant proximity transactions. Ultracash utilizes a patent-pending technology, where payment data is securely transferred from one device to the other using unique ultra high frequency sound waves.

YES Bank announced its collaboration with Ultracash Technologies to launch payments processing through Sound Waves. Ultracash utilizes novel, first of its kind technology to enable merchant and person to person proximity payments. 

This partnership will enable Ultracash to issue YES BANK sponsored mobile wallets and employ YES BANK’s innovative IMPS payments platform to enable processing of instant proximity transactions. Ultracash utilizes a patent-pending technology, where payment data is securely transferred from one device to the other using unique ultra high frequency sound waves. This innovative technology ensures that Ultracash’s ‘Tap and Pay’ works on all devices and doesn’t need any special hardware to make the payment and there is no need of special NFC chips.

With over 1 Billion mobile connections resulting in 75% market penetration, India is a country poised for the mobile payments revolution. There are about 200 million estimated smart phone owners in the country. However, the limited internet connectivity is restricting the proliferation of mobile payments. Ultracash’s sound wave technology enables mobile payments to be done without the need for Internet connectivity using any of the options such as bank account and debit/credit cards. In addition, Ultracash will now be issuing YES BANK branded digital wallets to the consumers to aid quicker, seamless and friction free payments. Ultracash will be riding on the IMPS payments APIs of YES BANK to allow merchant as well as person to person payments.

This launch is expected to fuel proximity payments in India with the usage of a Smart Phone as an acquiring instrument for the merchants. Currently, there are only about 1 million POS terminals in the country for a merchant population of over 25 million. With this offering, YES BANK and Ultracash are together expecting to bring a change in the way proximity payments are done in the country.

UltraCash, which was launched in Bangalore in August 2015 is changing the way Bangaloreans pay. In this short span, UltraCash has more than 60,000 active app users who have done more than 1.2 Lac transactions amounting to Rs.10 crore in transaction value. UltraCash is currently present in more than 1000 merchants across various offline and home delivery segments.

 Ritesh Pai, Senior President and Country Head – Digital Banking, YES BANK, said “Indian payments market is at a cusp of revolution and YES BANK has been at the forefront along with partners such as Ultracash to lead innovations which will be widely adopted by consumers. With this collaboration, we are expecting to change the way Merchant payments are done across the country and lead the proliferation of the digital and mobile payments to the 25 million small scale retailers.”

Vishal Lal, Co-Founder UltraCash said “UltraCash is committed to working towards moving India to a less-cash economy using technology and innovation. Our vision is to empower every merchant in this country to accept digital payment seamlessly without any hardware dependence and allow every consumer to pay in a simple and secure manner using her mobile phone from the payment instrument of her choice. We are very excited to partner with Yes Bank in this endeavor to bring about a positive change in our country and help in widespread use of digital payments.”

L&T Finance Holdings President & Whole-time Director, N Sivaraman retires

Sivaraman joined L&T in 1982 and during his tenure spanning more than 3 decades, he has worked across functions including Internal Audit, Finance and Accounts, Treasury, Investor Relations and Mergers & Acquisitions.

After a long and successful career with the Larsen and Toubro (L&T) Group,N. Sivaraman, President and Whole-time Director of L&T Finance Holdings Limited, has decided to retire from the services of the Company on attaining the age of 58.

Sivaraman joined L&T in 1982 and during his tenure spanning more than 3 decades, he has worked across functions including Internal Audit, Finance and Accounts, Treasury, Investor Relations and Mergers & Acquisitions. He was a key team member of the demerger process of L&T’s Cement business.He was part of the leadership team that strategized L&T’s foray into Financial Services back in 2005. He subsequently led the Company’s successful acquisitions into three new business lines – Housing Finance, Two Wheeler Finance and Asset Management. In 2011 he was elevated to the position of President of L&T Finance Holdings Limited. That year he also led the Company’s IPO.

TCS launches Digital reimagination studio in Silicon Valley

This new facility brings a start-up culture to large enterprise clients, expanding TCS’ current footprint in Santa Clara by leveraging the best of world class creative, design, engineering, and business domain experts.

Tata Consultancy Services, a leading global IT services, consulting and business solutions organization, today announced the launch of its Digital Reimagination Studio in Santa Clara, designed to help customers and partners rapidly ideate bold new innovations and build industry changing concepts.

This new facility brings a start-up culture to large enterprise clients, expanding TCS’ current footprint in Santa Clara by leveraging the best of world class creative, design, engineering, and business domain experts. With digital and disruptive forces fundamentally changing most global sectors – at unprecedented speeds –  new models of business transformation and client engagement are needed. The TCS Digital Reimagination Studio enables customers to maximize the benefits of digital technologies via rapid product prototyping in Silicon Valley style garages and workspaces that foster creativity and extremely agile collaboration.

“Digital is now pervasive and an unstoppable force that is changing many industries we know today. The creative-led teams and processes we are pioneering in our new TCS Digital Reimagination Studio in Silicon Valley will set the standard for our industry,” said N. Chandrasekaran, CEO and Managing Director of Tata Consultancy Services. “We are pleased to extend these capabilities to our customers and look forward to many Digital Reimagination™ client engagements in the months and years to come.”

The TCS Digital Reimagination Studio will create meaningful innovations by leveraging a human-centered  systemic approach to reimagining industry business models, products and services, customer segments, channels, business processes, and workplaces. The proprietary creative process used in the Studio guides the joint TCS-Customer and partner teams through Discover, Define, Refine, and Deliver phases. The rapid-prototyping methods, combined with continuous iteration, will create bold new innovations to not only meet customer needs, but impact industries in unique and novel ways.

Punj Lloyd gains on winning oil & gas EPC orders

The company announced winning oil & gas EPC orders worth Rs 2070 crore from Oman Oil Refineries and Petroleum Industries Company (Orpic) and Oman Gas Company (OGC) which are owned by the Government of the Sultanate of Oman and Oman Oil Company SAOC.

Punj Lloyd is currently trading at Rs. 22.7, up by Rs. 0.25 or 1.11% from its previous closing of Rs. 22.45 on the BSE.The company announced winning oil & gas EPC orders worth Rs 2070 crore from Oman Oil Refineries and Petroleum Industries Company (Orpic) and Oman Gas Company (OGC) which are owned by the Government of the Sultanate of Oman and Oman Oil Company SAOC.

The scrip opened at Rs. 22.9 and has touched a high and low of Rs. 23.4 and Rs. 22.45 respectively. So far 678478(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 745.56 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 40.75 on 28-Feb-2015 and a 52 week low of Rs. 20.75 on 20-May-2015. Last one week high and low of the scrip stood at Rs. 24.9 and Rs. 21.7 respectively.

The promoters holding in the company stood at 36.93 % while Institutions and Non-Institutions held 9.84 % and 53.24 % respectively.

The stock is currently trading above its 200 DMA.

United Breweries plunges 8%

The company has reportedly said that Punjab National Bank has declared the company as a "willful defaulter".

United Breweries (Holdings) Ltd stock was lower by 8% at Rs. 18.The company has reportedly said that Punjab National Bank has declared the company as a "willful defaulter".

The scrip opened at Rs. 20.3 and has touched a high and low of Rs. 20.3 and Rs. 18.25 respectively. So far 180750(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 134.64 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 35.8 on 10-Nov-2015 and a 52 week low of Rs. 17 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 24.7 and Rs. 19.6 respectively.

The promoters holding in the company stood at 52.34 % while Institutions and Non-Institutions held 4.88 % and 42.78 % respectively.

The stock is currently trading above its 100 DMA.

SBI falls 2%; NPAs expected to rise next quarter

The bank's Chairman, Arundhati Bhattacharya, states that NPAs are expected to rise in the next quarter and affect profits.

State Bank of India is currently trading at Rs. 152.75, down by Rs. 3.65 or 2.33% from its previous closing of Rs. 156.4 on the BSE. The bank's Chairman, Arundhati Bhattacharya, states that NPAs are expected to rise in the next quarter and affect profits. She also states that the bank will evaluate the current NPA situation and look at how to deal with the rising NPAs after March.

The scrip opened at Rs. 155.35 and has touched a high and low of Rs. 155.35 and Rs. 151.4 respectively. So far 7568441(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 121409.83 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 315.8 on 04-Mar-2015 and a 52 week low of Rs. 148.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 171 and Rs. 148.3 respectively.

The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 28.55 % and 9.32 % respectively.

The stock is currently trading above its 200 DMA.

Chinese companies and banks face rising risks as economy rebalances: S&P

The Chinese central government has appreciated the increased risks in the financial system arising from strong credit growth since 2008.

China's growth is steadying and rebalancing, thus shifting the focus to consumption. At the same time, rising credit costs and weakening profitability in China's banking sector are tightening liquidity for weak corporate borrowers. Can consumption stay strong and how will this affect China's central and regional governments, financial institutions, and its various industries?

Standard & Poor's Ratings Services discusses these topics in two reports published yesterday, titled " China's Growth Is Holding Up, But Banks And Companies Face Weaker Profitability And Other Issues," and "Credit FAQ: Can China Withstand The Worsening Economic And Financial Conditions?"

"We believe China's private consumption has room for further growth although some structural reforms are needed to support that rebalancing," said Mr. Paul  Gruenwald, Asia-Pacific chief economist at Standard & Poor's. "We also believe  the government will keep GDP growth close to its target level, including by  increasing public investment in lesser-developed regions."

In our view, the Chinese central government has appreciated the increased risks in the financial system arising from strong credit growth since 2008.

"Given the higher risks in the financial system, the central government has  been wary of relying on bank lending to finance very strong stimulus spending  to stabilise growth," said Standard & Poor's sovereign credit analyst Mr. Kim  Eng Tan.

The current slowdown has hurt cash flows in China companies, leading to deteriorating debt-servicing ability. At the same time, financing conditions are tightening for weaker companies.

"The central government is trying to address industrial overcapacity, particularly in steel, aluminum, cement, shipbuilding, and glass, but  cooperation from local governments is uncertain," said Standard & Poor's  corporate credit analyst Mr. Christopher Lee. "Reform of state-owned  enterprises is progressing slowly at the local government level. Based on the  current trends, we expect more downgrades over the next 12 months."

Weak cash flows in industrial companies spell declining asset quality for China banks. The country's financial reforms, local government debt swaps, and a  deepening domestic debt capital market will also shrink bank profitability and  asset yield.

"Economic risk will continue to negatively affect the banks' credit standing.  We expect continued credit divergence among banks that we rate in China  because some banks are better prepared for challenges than others," said Mr.  Qiang Liao, Standard & Poor's bank credit analyst. 

Cipla declines 1%; government approves investment by Mauritius-based FIL Capital Investments

The company said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary, Cipla Health Ltd.

Cipla is currently trading at Rs. 516, down by Rs. 8.05 or 1.54% from its previous closing of Rs. 524.05 on the BSE. The company said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary, Cipla Health Ltd.

The scrip opened at Rs. 524.1 and has touched a high and low of Rs. 525.25 and Rs. 514 respectively. So far 234782(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 42098.09 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 752.45 on 10-Mar-2015 and a 52 week low of Rs. 518 on 11-Feb-2016. Last one week high and low of the scrip stood at Rs. 559.2 and Rs. 518 respectively.

The promoters holding in the company stood at 36.79 % while Institutions and Non-Institutions held 34.79 % and 26.33 % respectively.

The stock is currently trading above its 200 DMA.

BPCL advances after getting green nod for pipeline project

The company has received clearance from the Environment Ministry for a Rs 3.3 billion project at its Kochi Refinery in Kerala.

Bharat Petroleum Corporation Ltd rises 1.6% 762.15 on BSE. The company has received clearance from the Environment Ministry for a Rs 3.3 billion project at its Kochi Refinery in Kerala.

The scrip opened at Rs. 760 and has touched a high and low of Rs. 770.5 and Rs. 756.95 respectively. So far 491804(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 54256.31 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 987 on 23-Jul-2015 and a 52 week low of Rs. 704.4 on 13-May-2015. Last one week high and low of the scrip stood at Rs. 842.05 and Rs. 733 respectively.

The promoters holding in the company stood at 54.93 % while Institutions and Non-Institutions held 30.69 % and 14.38 % respectively.

The stock is currently trading above its 100 DMA.

Nifty cracks below 7,000

The BSE Mid-cap Index is trading down 0.82% at 9,627, whereas BSE Small-cap Index is trading down 0.40% at 9,743. The INDIA VIX is up 0.90% at 23.2475. Out of 1,765 stocks traded on the NSE, 1,067 declined, 313 advanced and 385 remained unchanged today.

 At 9:42 AM, the S&P BSE Sensex is trading at 23,045 down 146 points, while NSE Nifty is trading at 7,005 down 43 points.

The BSE Mid-cap Index is trading down 0.82% at 9,627, whereas BSE Small-cap Index is trading down 0.40% at 9,743.

All sectors are showing weakness on BSE.

NTPC, Dr.Reddy's, Tata Motors, Infosys, Sun Pharma, Lupin and TCS are among the gainers, whereas Tata Steel, SBI,Coal India, Adani Ports, Bajaj-Auto and L&T are losing sheen on BSE.

The INDIA VIX is up 0.90% at 23.2475. Out of 1,765 stocks traded on the NSE, 1,067 declined, 313 advanced and 385 remained unchanged today.

A total of one stocks registered a fresh 52-week high in trades today, while 72 stocks touched a new 52-week low on the NSE.

Indian Rupee opened lower by 12 paise at 68.49/$ in early trade on Wednesday as against the previous close of 68.37/$. On Tuesday, rupee weakened against the greenback, impacted by the sell‐off in domestic equities, strength in US dollar against the basket of major currencies also weighed on the emerging market currencies. In this respect, US dollar index has moved above close to 97 levels. Meanwhile, Indian rupee is quoted around 68.55 levels in the overseas NDF markets at the time of writing this report.

US indices ended at day’s highs with S&P 500 adding 1.65%, Dow gaining 1.39% and Nasdaq adding 2.27%. Oil futures pared gains and ended down 1.4% at $29.04 a barrel. FIIs remain net sellers and have sold worth nearly Rs 3,000 crore for the week ended February 12.

The Asian markets are trading mixed; Hang Seng index in Hong Kong is trading up by 0.5%, Shanghai index in China gains by half a percent. Kospi and Taiwan index both are trading marginally higher by 0.3%. On the other hand, Nikkei index in Japan is trading lower by 0.2% while Straits Times index is also down by 0.2%.

The Saudi minister, Ali al-Naimi reportedly said that four oil producers agree to freeze output at January levels. The freezing production at January levels was an adequate measure and new steps to stabilise the market may be considered in the next few months.

The government is considering to increase the foreign investment limit in public sector banks to 49% from 20%, according to reports. Report says that the Finance Ministry is looking into the proposal and may be announced in the forthcoming Budget 2016-17.

Bharti Airtel announced top level changes for its Africa operations. To further enhance the level of empowerment and enable faster decision making as well as speed to market, the Company also unveiled a new cluster based organization design. Christian Defaria, MD & CEO, Airtel Africa, has been elevated to the position of Executive Chairman, Airtel Africa. In his new role, he will continue to support the vision of Airtel Africa and lead all matters relating to legal, regulatory affairs, shareholders as well as Mergers & Acquisitions.

Standard & Poor's Ratings Services said that it had revised its outlook on Bank of India to negative from stable.

September 2013 lows! Rupee opens at 68.49/$

In China, banks extended a record high 2.51 trillion Yuan (US$385.4bn) of new loans in January, well above expectations.

Indian Rupee opened lower by 12 paise at 68.49/$ in early trade on Wednesday as against the previous close of 68.37/$. It fell to September 2013 lows of 68.58 against the dollar. On Tuesday, rupee weakened against the greenback, impacted by the sell‐off in domestic equities, strength in US dollar against the basket of major currencies also weighed on the emerging market currencies. In this respect, US dollar index has moved above close to 97 levels. Meanwhile, Indian rupee is quoted around 68.55 levels in the overseas NDF markets at the time of writing this report.

In China, banks extended a record high 2.51 trillion Yuan (US$385.4bn) of new loans in January, well above expectations. However, the spike was mostly attributable to increased cash injections made by the central bank ahead of the New Year holiday.

On Tuesday, the rupee ended at 68.37/$, 30 paise weaker. The currency touched a high and low of 68.25 and 68.57 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.33 and for Euro stood at 76.24 on February 16, 2016. While, the RBI’s reference rate for the Yen stood at 59.68, the reference rate for the Great Britain Pound (GBP) stood at 98.4312. 

Coal India plans to hire 1,000 employees

The hiring would be in various divisions including finance, marketing and sales, says report.

Coal India is planning to hire 1,000 people in different streams this year, according to reports.

The company is eyeing one billion tonne output by 2020.

The hiring would be in various divisions including finance, marketing and sales, says report.

Coal India Ltd ended at Rs. 318.4, down by Rs. 5.45 or 1.68% from its previous closing of Rs. 323.85 on the BSE.

The scrip opened at Rs. 325 and touched a high and low of Rs. 326.05 and Rs. 313.95 respectively. A total of 2676637(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 201112.9 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 447.25 on 05-Aug-2015 and a 52 week low of Rs. 286.9 on 21-Jan-2016. Last one week high and low of the scrip stood at Rs. 330.75 and Rs. 296.3 respectively.

The promoters holding in the company stood at 79.65 % while Institutions and Non-Institutions held 17.44 % and 2.91 % respectively.

The stock traded below its 200 DMA.

SBI, Cipla, HCL Technologies, among 24 Stocks in focus today

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

Jindal Steel & Power Ltd: CRISIL Ratings has downgraded Jindal Steel & Power Ltd. (JSPL) to below investment grade after the company reported a consolidated net loss of INR 573 crore for the quarter ended December 2015.

Oriental Bank of Commerce: The Oriental Bank of Commerce (OBC) has reported alleged “mismanagement and siphoning of public money” at a subsidiary of the Delhi-based Dalmia Bharat Group, reports a financial newspaper.

Cipla: The pharma company said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary, Cipla Health Ltd.

State Bank of India: SBI Chairman, Arundhati Bhattacharya, states that NPAs are expected to rise in the next quarter and affect profits. She also states that the bank will evaluate the current NPA situation and look at how to deal with the rising NPAs after March.

Ashok Leyland: Nissan Motor has sent a termination notice on Nissan Ashok Leyland Technologies - a 50:50 technology/R&D joint venture (JV) between the Japanese automaker and Ashok Leyland.

Omaxe: Omaxe Ltd's sales booking surged by 16% to Rs. 1,335 crore in the April-December period of this fiscal.

Coal India: Coal India is planning to hire 1,000 people in different streams this year, according to reports.

HCL Tech: HCL Technologies has bagged the largest outsourcing contract in recent times from Swedish auto maker Volvo Group, with the deal valued at over $ 2.8 bn spread over five years.

Punj Lloyd: The company announced winning oil & gas EPC orders worth Rs 2070 crore from Oman Oil Refineries and Petroleum Industries Company (Orpic) and Oman Gas Company (OGC) which are owned by the Government of the Sultanate of Oman and Oman Oil Company SAOC.

Bank of India: Standard & Poor's Ratings  Services said that it had revised its outlook on Bank of India to negative from stable. 

Bharti Airtel: Bharti Airtel has announced top-level leadership changes in its Africa arm and has also rejigged the organisation design there to boost operational efficiencies.

Just Dial Ltd: The company in a filing, informed the exchanges that its buy-back offer of 10.61 lakh equity shares would open for subscription on February 25, and close on March 10.

Thomas Cook: The company has inked a pilot partnership with Airbnb, the world’s leading community-driven hospitality company. 

Kesoram Industries Ltd: The company plans to raise Rs. 180 crore through preferential issue of equity shares to a promoter entity and issue of optionally convertible preference shares to IndusInd Bank.


Tata Power: Tata Power, India’s Largest India’s largest integrated power company, has successfully operationalised the net metering for the Rooftop Solar PV (RTS PV) System installed at the premises of Vardhan Industries Limited, a Tata Power consumer, in Mumbai.

TCS: Tata Consultancy Services announced the launch of a solution to enable Voice over LTE for virtualized networks using TCS’ Network Function Virtualization (NFV) ConcertoTM platform.

United Breweries (Holdings) Ltd: United Breweries (Holdings) in which liquor baron Vijay Mallya is a majority owner, has said that Punjab National Bank has declared the company as a "willful defaulter".

Inox Wind: The company has bagged 100-MW wind power project order from Tata Power Renewable Energy Limited (TPREL) at Rojmal, Gujarat.

BPCL: BPCL  has received clearance from the Environment Ministry for a Rs 3.3 bn project at its Kochi Refinery in Kerala.

MIC Electronics: The company has alloted of 3,30,00,000 Preferential Convertible Equity Share Warrants to investors face value Rs. 2/- each at a premium of Rs.23/- issued at Rs.25/- each as per in-principal approval received from National Stock Exchange of India Limited and Bombay Stock Exchange through letters dated January 28, 2016 and February 04, 2016 respectively.

Den Networks: The company is planning to demerge its broadband business into a wholly owned subsidiary. The company is also looking to demerge cable business of its 23 subsidiaries companies and merge them into itself. In this regard, the company has received its board’s approval at the meeting held on 9 February 2016.

Videocon Industries: The company is betting on sales network expansion and product launches to sell 600,000 air conditioner units this year that will help the company capture 15% market share in the segment.

RattanIndia Power: RattanIndia Power Ltd has recently announced appointment of Mr. Venugopal Keshanakurthi as the Chief Financial Officer of the company with immediate effect.

Tata Chemicals: The company said that its arm Bio Energy Venture - 1 (Mauritius) is in pact with Rademan Janse van Rensburg for sale of its entire stake in Grown Energy Zambeze Holdings Pvt. Ltd, Mauritius (‘GEZ Mauritius’) for a consideration of $5.5 million.

SpiceJet opposes Govt's move to ease 5/20 rule

The rule has resulted in massive air connectivity within the country, Ajay Singh told a business daily.

SpiceJet has in-principle objections to the Government’s move to ease the 5/20 rule even though the budget carrier will not be affected if the same is removed, Chairman Ajay Singh has been quoted as saying.

The rule has resulted in massive air connectivity within the country, Singh told a business daily.

“Our belief is that if we were asked to serve the country before we got lucrative rights to go abroad it is unfair that the new carriers should also not have to serve the country before flying overseas,” Singh says.

Pointing to AirAsia and Vistara, Singh adds that there is no country in the world today which allows its airlines to be controlled by a foreign airline.

"The US does not do it, Canada does not do it, Europe, the Gulf states, Malaysia and Singapore also don't,” Singh told the financial newspaper.

Vistara and AirAsia are controlled by their foreign parents Singapore Airlines and AirAsia Berhard, respectively.

AirAsia Investment Ltd. (AAIL), the investment arm of AirAsia Berhad, holds 49 per cent equity in AirAsia India, while Tata Sons holds a 30 per cent stake in the project and Arun Bhatia has the remaining stake.