Key developments in Banking and Finance Industry

The information has been sourced from several leading media publications and curated for the readers for a quick glance

DCB Bank Limited today announced it has acquired an equity stake of 5.81 per cent for Rs 9.99 crore in its long standing business partner Annapurna Microfinance Private Limited.

All India Bank Employees Association representing the employees of public and private sector banks, today criticised the government's move to privatise IDBI Bank stating instead of recovering the bad loans.

In view of rising bad loans, their resolution and other vigilance issues, the government will kick start the second edition of Gyan Sangam - a retreat for banks and financial Institutions - by holding an interactive session with central vigilance commission (CVC).

Keen to buy government's residual stake in Hindustan Zinc and Bharat Aluminium Co, Vedenta Resources Chairman Anil Agarwal today said the government can get Rs 25,000 crore (about USD 3.7 billion) from stake sale.

Data sharing for managing frauds in the life insurance sector has become a reality at last. Experian, a global information services company has signed agreement with 15 Indian insurers in the life insurance field to this end.

Mortgage lender HDFC Ltd on Thursday said it will raise Rs 1,000 crore by issuing non-convertible debentures, to cater to its housing finance business needs.

The Central Bureau of Investigation (CBI) today lashed out at banks for delay in filing complaints and declaring Kingfisher Airlines and its promoter Vijay Mallya as a defaulter.
Japanese financial services giant Nippon Life has got markets regulator Sebi's nod for raising its stake in Reliance Mutual Fund to 49 per cent, completing the regulatory approval process for the deal.

BHEL commissions 700 MW thermal unit in Karnataka

In Karnataka, BHEL is presently executing a 2x800 MW supercritical thermal power project at Yeramarus and the 370 MW gas-based Yelahanka Combined Cycle Power Project.

Bharat Heavy Electricals Limited (BHEL) has achieved a significant milestone by successfully commissioning its first 700 MW supercritical thermal unit at Bellary Thermal Power Project (TPP) in Karnataka. The new 700 MW rating unit has been developed by BHEL in line with market requirements. With the successful supply and execution of this 700 MW set, a new chapter has been added in the adoption and indigenous development of supercritical technology by BHEL.

The order for the Bellary project of by Karnataka Power Corporation Limited (KPCL) was won by BHEL through International Competitive bidding (ICB) on Engineering, Procurement and Construction (EPC) basis. Notably, this is the third unit commissioned by BHEL at Bellary, where two units of 500 MW supplied and executed by BHEL, are already in operation. BHEL has been a major partner of KPCL in the development of Karnataka's power sector. BHEL has supplied and executed 3,210 MW of sets in the state so far, which account for 94% of the coal-based installed capacity of KPCL.

In Karnataka, BHEL is presently executing a 2x800 MW supercritical thermal power project at Yeramarus and the 370 MW gas-based Yelahanka Combined Cycle Power Project. While, Yeramarus TPP is being set up by Raichur Power Corporation Limited (RPCL), a Joint Venture Company of BHEL and KPCL, and is in an advanced stage of commissioning; Yelahanka CCPP is the first gas-based power plant of KPCL and will be equipped with a state-of-the art fuel efficient advanced class gas turbine. In the supercritical segment, BHEL has successfully demonstrated its leadership status and technological capabilities in the manufacture and execution of 660 MW, 700 MW and 800 MW sets. Besides Bellary Unit-3, BHEL has also commissioned two units of 660 MW each at Barh Super Thermal Power Station in Bihar, one 660 MW unit each at Bara and Lalitpur in Uttar Pradesh and two 800 MW Boilers at Krishnapatnam in Andhra Pradesh. BHEL has already commissioned 6,716 MW in the current financial year.

AGC Network hits 20% upper circuit

The company has entered into a strategic Managed Services Provider (MSP) partnership with Intel Security to offer outcome based managed security services across the globe.

AGC Network hit 20% upper circuit at Rs.79.40. AGC Networks’ cyber security division – CYBER-i, has entered into a strategic Managed Services Provider (MSP) partnership with Intel Security to offer outcome based managed security services across the globe.

This will give the customers a credible solution designed to effectively and proactively prevent/monitor and respond to security incidents in their organisations.

The scrip opened at Rs. 73.3 and has touched a high and low of Rs. 79.4 and Rs. 73.25 respectively. So far 271636(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 188.47 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 157.9 on 28-May-2015 and a 52 week low of Rs. 56.6 on 23-Feb-2016. Last one week high and low of the scrip stood at Rs. 71 and Rs. 57.2 respectively.

The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 8.21 % and 16.79 % respectively.

The stock is currently trading below its 200 DMA.

Pioneer Distilleries cracks 5%; to close down Nanded unit

The company informed BSE that it will close down its plant in Nanded, Maharashtra due to water scarcity.

Pioneer Distilleries Ltd plunged 5% to Rs.116.40 after an arm of United Spirits, said it will close down its plant in Nanded, Maharashtra due to water scarcity. Manufacturing activities at its Balapur, Nanded unit producing Molasses Based Extra Neutral Alcohol (MENA) has been stopped from 1 February on account of shortage in water availability due to less rains during monsoon season in the region, the company informed BSE.

The scrip opened at Rs. 116.4 and has touched a high and low of Rs. 116.4 and Rs. 116.4 respectively. So far 2965(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 164.03 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 385 on 05-Jan-2016 and a 52 week low of Rs. 66.1 on 12-Jun-2015. Last one week high and low of the scrip stood at Rs. 150 and Rs. 118 respectively.

The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 0.75 % and 24.25 % respectively.

The stock is currently trading above its 50 DMA.

Top 17 stocks in focus today: ONGC, RIL, JSPL

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

ONGC, RIL: ONGC and Reliance Industries, the government plans to raise natural gas price by about 60 per cent for their undeveloped gas discoveries in difficult areas.

Coal India: Coal India has been forced to temporarily stop production at several mines and suspend shifts in others, as there are no takers for their stock due to surplus position at al thermal power plants, reports a business daily.

Jindal Steel & Power Limited: Jindal Steel & Power Limited (JSPL) is in talks with Adani Group to sell its power generating subsidiary - Jindal Power (JPL), four people familiar with the development said.

Reliance Industries Ltd: RIL is expected to miss its deadline for re-opening all 1,400 retail fuel outlets by March-end, reports a business daily. Till December, the company had 750 operational retail outlets, up from 320 outlets in April last year.

Bosch India: The company seeks shareholders' approval for Starter Motors sale for Rs. 486 cr to Robert Bosch unit.

Pipavav Defence and Offshore Engineering Company Ltd: Pipavav Defence and Offshore Engineering Company Ltd has been rechristened as Reliance Defence and Engineering Ltd (RDEL) from today.

Minda Industries Ltd: The company has acquired the global lighting business of Spain-based Rinder Group for Euro 20 million.

Quick Heal Technologies Ltd: Quick Heal has informed the BSE regarding intimation of capitalizing in wholly owned subsidiary i.e. Quick Heal Technologies America Inc.

HDFC Ltd: HDFC Ltd will raise Rs. 1,000 crore by issuing non-convertible debentures, to cater to its housing finance business needs.

Asian Paints Ltd: The company said that operations at its plant situated at Rohtak, Haryana that was shut down due to agitation at lMT, Rohtak with effect from February 19, 2016 is now restarted.

Pioneer Distilleries: Pioneer Distilleries Ltd has informed BSE that it will close down its plant in Nanded, Maharashtra due to water scarcity. Manufacturing activities at its Balapur, Nanded unit producing Molasses Based Extra Neutral Alcohol (MENA) has been stopped from February 1, 2016 on account of shortage in water availability due to less rains during monsoon season in the region, the company informed BSE. 

Yes Bank: Yes Bank said that it has purchased 5% stake in proxy advisory firm, Institutional Investor Advisory Service (IiAS).

Essar Steel: Essar Steel has emerged as the winner at iron ore mine auction with a bid that was at a premium of 44.35% over the royalty.

Eveready Industries India, McLeod Russel India: Eveready Industries plans to hive off its packet tea business. As per reports, Eveready Industries India will also collaborate with promoter group's plantation company, McLeod Russel India to scale its hived off packet tea business.

Vijaya Bank: Vijaya Bank has approved the proposal for Preferential Issue of Equity Shares to Life Insurance Corporation of India aggregating upto Rs.226 crore (inclusive of premium amount) subject to Government of India's approval and to convene an Extra Ordinary General Meeting of the Shareholders to pass the necessary Special Resolution in this regard.

Infosys: Despite rapid progress by Infosys Ltd in bringing innovations powered by automation, artificial intelligence (AI), products and platforms, there is no way it would become a product company, CEO & MD Vishal Sikka said.

RCOM: A group of private equity firms, including TPG Capital, which is bidding for Anil Ambani-led Reliance Group’s wireless tower business has scaled down the value of the assets by more than 25%, reports a business daily.

UFO Moviez India: UFO Moviez India formally launched its small screen brand Nova Cinemas under its subsidiary Valuable Digital Screens Pvt Ltd in Ahmedabad.

Maruti Suzuki India: Following the Budget proposal to levy infrastructure cess on automobiles, the country's largest passenger car maker Maruti Suzuki India on Thursday said the ex-showroom prices of its models would go up in the range of ₹1,441 to ₹34,494 across its models.

Piramal Realty: Piramal Realty plans to invest INR 16,000 crore in the development of real estate projects and acquisition of land over the next four years, reports a financial newspaper.

Sterlite Technologies Limited: Sterlite Technologies announced the appointment of Swati Rangachari as Chief of Corporate Affairs.

TVS Motors: TVS Motors launches TVS XL 100 in Tamil Nadu. XL is powered by 99.7cc four stroke engine which can achieve a top speed of 60kmph.

Brigade Enterprises: The company has entered in to a Shareholders' Agreement and Securities Subscription agreement on March 03, 2016 with Reco Caspia Private Limited, an investment vehicle of GIC, Singapore and Perungudi Real Estates Private Limited, a special purpose vehicle.

Dhabriya Polywood: The company to consider issue of equity shares.

Man Infraconstruction: The company to consider 2nd interim dividend.

Zydus Wellness: The company to consider declaration of interim dividend.

Zydus Wellness to consider declaration of interim dividend

The company to consider, the proposal for declaration of Interim Dividend, if any, for the financial year 2015-2016 and fixing Record Date for the purpose.

Zydus Wellness Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 04, 2016, to consider, the proposal for declaration of Interim Dividend, if any, for the financial year 2015-2016 and fixing Record Date for the purpose.

Further, as per code of conduct for prevention of Insider Trading adopted by the Company under SEBI (Prohibition of Insider Trading) Regulations, 2015, the Trading Window will remain closed from March 02, 2016 to March 07, 2016 for all Directors and Designated Officers of the Company.

Stock view:

Zydus Wellness Ltd ended at Rs. 694.05, up by Rs. 3.3 or 0.48% from its previous closing of Rs. 690.75 on the BSE.

The scrip opened at Rs. 695 and touched a high and low of Rs. 695.2 and Rs. 687.05 respectively. A total of 2690(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2711.65 crore.

The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 1130.3 on 19-Mar-2015 and a 52 week low of Rs. 632 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs. 698.5 and Rs. 640.5 respectively.

The promoters holding in the company stood at 72.54 % while Institutions and Non-Institutions held 12.92 % and 14.53 % respectively.

The stock traded above its 200 DMA.

Minda Industries rallies 6.3% after acquiring Rinder India

The acquisition includes 100% equity holding in Rinder India and Light Systems and Technical Center, Spain with 50% equity holding in Rinder Riducu, Colombia.

Minda Industries rallied 6.3% to Rs.896 after the company signed a definitive agreement to acquire Rinder India (RIPL), from Rinder Industrial, Spain. The enterprise value of the total deal is Euro 20 million. The acquisition includes 100% equity holding in Rinder India and Light Systems and Technical Center, Spain with 50% equity holding in Rinder Riducu, Colombia. The deal will be finance through internal accruals and the debts.

The scrip opened at Rs. 910 and has touched a high and low of Rs. 910 and Rs. 884 respectively. So far 12717(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1337.85 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 996 on 04-Jan-2016 and a 52 week low of Rs. 475 on 08-Sep-2015. Last one week high and low of the scrip stood at Rs. 865 and Rs. 752.25 respectively.

The promoters holding in the company stood at 70.89 % while Institutions and Non-Institutions held 2.56 % and 26.55 % respectively.

The stock is currently trading below its 50 DMA.

Yes Bank dips 1.4%;acquires 5% stake in proxy advisory firm IiAS

The bank said that it has purchased 5% stake in proxy advisory firm, Institutional Investor Advisory Service (IiAS).

Yes Bank slipped 1.4% to Rs.747 on BSE. The bank said that it has purchased 5% stake in proxy advisory firm, Institutional Investor Advisory Service (IiAS).

The scrip opened at Rs. 758.25 and has touched a high and low of Rs. 758.25 and Rs. 746.05 respectively. So far 106935(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 31828.27 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 910 on 04-Mar-2015 and a 52 week low of Rs. 590 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 761 and Rs. 663.7 respectively.

The promoters holding in the company stood at 21.96 % while Institutions and Non-Institutions held 64.94 % and 13.09 % respectively.

The stock is currently trading below its 200 DMA.

Sensex, Nifty to open on a positive note

Asian markets are a bit subdued with Japan's Nikkei and China's CIS300 trading flat. Hong Kong's Hang Seng is up 0.6%, South Korea's Kospi is down 0.25% and Taiwan's TWSE has gained 0.3%. US stock indices recovered from early losses to end modestly higher on Thursday, marking a third successive day of gains for Wall Street. Oil prices tumbled early on Thursday, sending stocks also lower.

The capabilities of the market seem to have improved this week with the indices playing along ever since the Union Budget was announced. The reasons may be beyond the budget but the momentum almost appears too good to be true for now. After breaking past the 1-month supply zone of 7225-7250 on Wednesday, the Nifty on Thursday sprung above its mid-point resistance of 7397 and also the 50DMA further strengthening the current upswing. Market participants will watch if the Nifty takes a shy at 7600 in the coming days.

The indices are expected to open on a positive note for the fourth time in a row. Asian markets are a bit subdued with Japan's Nikkei and China's CIS300 trading flat. Hong Kong's Hang Seng is up 0.6%, South Korea's Kospi is down 0.25% and Taiwan's TWSE  has gained 0.3%. US stock indices recovered from early losses to end modestly higher on Thursday, marking a third successive day of gains for Wall Street. Oil prices tumbled early on Thursday, sending stocks also lower. But, a late-morning rebound in oil helped stock indices erase losses. Oil eventually ended the day down. On the economic front, the US service sector grew more slowly in February, the Institute for Supply Management said. The number of Americans who applied for first-time unemployment benefits rose in the last week of February, ahead of Friday’s closely watched jobs report.

The debate or rather drama in Parliament continues with Prime Minister Narendra Modi addressing the constant disruptions in Parliament by quoting former prime minister Rajiv Gandhi.

The government will "shortly" issue the third tranche of sovereign gold bond for the fiscal, Economic Affairs Secretary Shaktikanta Das reportedly said.

Ministry of Road Transport & Highways is developing a web based application system for monitoring of all projects and will put it to operation after its development.

Tata Steel jumped 7.2% to Rs.286 on BSE. The company received final environment clearance for its Rs.18.8 bn expansion project to be carried out at Jamshedpur Steel Works in Jharkhand. Top official said in a report that, the Environment Ministry has considered the application based on the recommendations of the Expert Appraisal Committee (Industry-I) and decided to grant environment clearance (EC) to the proposal for expansion of crude steel production at Tata Steel Works.