Axis Bank launches India’s first comprehensive online retail forex solution

Axis Forex Online, in addition to online outward remittance, would also provide door step delivery of forex cards and foreign currency cash, the same day to all resident Indian individuals.

Axis Bank, market leader in travel currency cards, today announced the launch of ‘www.axisforexonline.com’, India’s first comprehensive online retail forex solution to empower customers to transfer funds online in more than 100 plus currencies across 150 countries. 

Axis Forex Online, in addition to online outward remittance, would also provide door step delivery of forex cards and foreign currency cash, the same day to all resident Indian individuals.

Speaking on the occasion, Sidharth Rath, President & Head, Treasury, Corporate & Transaction Banking, said, “This innovative offering from Axis Bank, www.axisforexonline.com is aimed at providing our customers as well as non-customers the ease of making outward remittances, purchasing forex cards and foreign currency cash, all at the click of a button. Unlike conventional modes of remittances, this facility offers a greater degree of convenience to users, with transparent rates and higher transaction limits. And all this can be done by them from the comfort of their home or office.”

Axis Forex Online compares favorably with existing alternate options available for outward remittance on virtually all parameters – ease, speed, efficiency and cost effectiveness.   The remittance procedure is a simple three step process – register oneself, register the beneficiary and make payment online. Once the one-time self-registration is completed and verified, the user can register multiple beneficiaries and effect money transfer instantly. An existing customer can also use the online outward remittances facility via Axis Bank Internet Banking and transfer money from any Bank account in India to any Bank around the world. 

Education, Family Maintenance, Leisure & Travel, Medical and Health care have been observed to be the segments widely used for foreign currency outward remittance.  Axis Forex Online will allow users to remit upto USD 25,000 in a single transaction and limit the retail outward remittance to USD 250,000 per annum.

Kansai Nerolac Paints soars 4%; sells Chennai land

Brigade Group and GIC have announced the acquisition of a 16 acre property in Chennai from Kansai Nerolac Paints Ltd for a sale consideration of Rs. 537.86 crore.

Kansai Nerolac Paints Ltd was up 4% at Rs. 290. Brigade Group and GIC have announced the acquisition of an 16 acre property in Chennai from Kansai Nerolac Paints Ltd for a sale consideration of Rs. 537.86 crore.

The scrip opened at Rs. 285.2 and has touched a high and low of Rs. 297.9 and Rs. 285.2 respectively. So far 60057(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 15124.23 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 299.35 on 11-Jan-2016 and a 52 week low of Rs. 196.1 on 27-Apr-2015. Last one week high and low of the scrip stood at Rs. 285.25 and Rs. 271.35 respectively.

The promoters holding in the company stood at 69.27 % while Institutions and Non-Institutions held 16.05 % and 14.68 % respectively.

The stock is currently trading above its 50 DMA.

Jain Irrigation up 2%; Jain Farm Fresh Foods raises Rs. 402 crore

The company's arm Jain Farm Fresh Foods has raised Rs. 402 crore through equity issuance.

Jain Irrigation Ltd was up 2% at Rs. 38. The company's arm Jain Farm Fresh Foods has raised Rs. 402 crore through equity issuance.

The scrip opened at Rs. 59.25 and has touched a high and low of Rs. 60.35 and Rs. 59.25 respectively. So far 1955952(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2676.65 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 79 on 23-Jul-2015 and a 52 week low of Rs. 47 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs. 59.45 and Rs. 56.5 respectively.

The promoters holding in the company stood at 28.7 % while Institutions and Non-Institutions held 50.23 % and 20.91 % respectively.

The stock is currently trading above its 200 DMA.

ONGC down 2%

Standard & Poor's Ratings Services said that its rating on Oil And Natural Gas Corp. Ltd is unaffected by the company's US$5 billion investment plan for the Krishna Godavari (KG) basin on the east coast of India. 

ONGC was lower by 2% at Rs. 212. Standard & Poor's Ratings Services said that its rating on Oil And Natural Gas Corp. Ltd is unaffected by the company's US$5 billion investment plan for the Krishna Godavari (KG) basin on the east coast of India.

The scrip opened at Rs. 215.45 and has touched a high and low of Rs. 216 and Rs. 212.2 respectively. So far 1256277(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 186381.35 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 343 on 05-May-2015 and a 52 week low of Rs. 188 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 218.9 and Rs. 210.65 respectively.

The promoters holding in the company stood at 68.93 % while Institutions and Non-Institutions held 17.49 % and 13.57 % respectively.

The stock is currently trading above its 200 DMA.

Reliance Capital: Buy-Back of Non-Convertible Debentures

Reliance Capital Ltd has announced that it has bought back listed, secured, fixed Non-Convertible Debentures. 

Reliance Capital Ltd has announced that it has bought back listed, secured, fixed Non-Convertible Debentures.

Reliance Capital Ltd ended at Rs. 369.9, up by Rs. 9.2 or 2.55% from its previous closing of Rs. 360.7 on the BSE.

The scrip opened at Rs. 365 and touched a high and low of Rs. 372.4 and Rs. 362.55 respectively. A total of 3212084(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 9344.89 crore.

The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 470.8 on 05-Jan-2016 and a 52 week low of Rs. 250.8 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 375.85 and Rs. 358.05 respectively.

The promoters holding in the company stood at 52.01 % while Institutions and Non-Institutions held 28.94 % and 18.18 % respectively.

The stock traded above its 200 DMA.

Utkarsh Micro Finance to raise Rs. 350 cr from domestic investors

Utkarsh Micro Finance is one of the 10 non-banking financial companies (NBFC) that has won a small bank licence from the RBI 

Utkarsh Micro Finance Pvt Ltd is set to raise INR 350 crore from domestic investors in a bid to bring the foreign shareholding in the company to below 50%, reports a business daily.

“The talks to raise fresh equity are almost complete and the documentation will begin too. There will be structural changes too as we will form a holding company which in turn will have a holding in the bank,” MD Govind Singh has been quoted as saying.

“In the primary transaction all the current shareholders will continue to stay, but in the secondary transaction some on the existing investors will off load stake. These talks are on too," adds Singh.

Existing investors in the company include Aavishkar Goodwell, Lok Capital, Commonwealth Development Corp, International Finance Corporation (IFC) and Norweignian Microfinance Institution.

Utkarsh Micro Finance is one of the 10 non-banking financial companies (NBFC) that has won a small bank licence from the RBI.

Companies with small bank licences are trying to lower foreign shareholding to adhere to the RBI's guidelines.

The RBI issued small bank licences to 10 entities in October 2015 with a timeframe of 18 months to convert to banks.

Utkarsh Micro Finance plans to be a small finance bank by October. To begin with, it would open 125 new branches in addition to the 325 microfinance branches it already has.

Utkarsh Micro Finance operates in 9 states, including Uttar Pradesh, Bihar, Jharkhand, Maharashtra, Madhya Pradesh, National Capital Region, Uttarakhand, Himachal Pradesh and Haryana.

Top 20 stocks in focus today: United Breweries, Hindustan Zinc, Vijaya Bank

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

United Breweries Ltd: Vijay Mallya may offer his shares in United Breweries Ltd (UBL) to partner Heineken to generate cash for a possible settlement with the lenders of the grounded Kingfisher Airlines, reports a national daily.

Hindustan Zinc Ltd: The Board of Directors of the company at its meeting held on March 30, 2016, has declared special golden jubilee dividend @1200% i.e. Rs. 24/- per equity share of Rs. 2/- each for the financial year 2015-16.  The amount of dividend will be paid / dispatched to the shareholders within the statutory time period.

Jain Irrigation: Jain Irrigation arm Jain Farm Fresh Foods has raised Rs. 402 crore through equity isuance.

Asian Paints: Asian Paints has decided to enter the adhesives market through a distribution arrangement with Germany’s Henkel Adhesive Technologies, reports a business daily.

OBC: Oriental Bank Of Commerce has informed the Exchange that the Department of Financial Services, Ministry of Finance , Government of India has conveyed its decision to infuse capital funds to the tune of Rs. 300 crore in the Bank by way of preferential allotment of equity in favour the Government of lndia.

NHPC Limited: The company has announced that upon successful trial run of Unit No.# 2 of Teesta Low Dam HE Project Stage IV (4 x 40 MW) at its installed capacity of 40 MW for continuous 12 hours on dated 29.03.2016, the unit No. #2 is hereby declared under commercial operation w.e.f. 00:00 hours of March 31, 2016.

Vijaya Bank: The bank said that the government has approved a capital infusion of Rs.220 crore in lieu of preferential allotment of shares.

Wipro Limited: Wipro announced the appointment of Patrick Dupuis, an experienced financial and business strategist, recognized for driving cultural and operational transformation at scale, to its Board of Directors as an Independent Director, effective April 1, 2016.

MEP Infrastructure Developers: The company has announced that the Company in Joint Venture with Sanjose India Infrastructure & Construction Pvt. Ltd has been declared as the Successful Bidder [L1] by MORTH (Ministry of Road Transport and Highways].

Brigade Ent: Brigade Group and GIC has announced the acquisition of an 16 acre property in Chennai from Kansai Nerolac Paints Ltd for a sale consideration of Rs. 537.86 crore.

Adani Transmission: The company is planning to raise Rs 3,000 crore or more via masala bonds, says report.

Reliance Capital: The company announced the completion of additional 23% stake sale in Reliance Life Insurance to Nippon Life Insurance. Reliance Capital Ltd has announced that it has bought back listed, secured, fixed Non-Convertible Debentures.

Aurobindo Pharma: The pharma company announced that it has received USFDA’s approval for Vancomycin Hydrochloride.

Natco Pharma: Board of Directors of Natco Pharma has approved the sale of Save Mart Pharmacy Stores located in USA which is a non-core business of the Company.

Tata Steel: Standard & Poor's Ratings Services said that Tata Steel Ltd.'s (BB-/Stable/--) plan to restructure its U.K. operations, which could include potential divestment, will be positive for the credit profile of the company.

SBI: Consortium of banks led by State Bank of India confirmed receipt of an offer for settlement of dues from Kingfisher Airlines Ltd. The bank along with other consortium members, will examine the same.

PVV Infra: The company has received work order from CPWD – BUVANESHWAR, in the State of ODISHA, for Supply & Installation Prefab Toilets Units, under SWACHCH BHARAT ABHIYAAN.

SMS Pharmaceuticals: The board of directors of SMS Pharmaceuticals to considered the report of the independent committee and approved in principle to initiate the process of demerger of the company based on its regulatory and non- regulatory units.

Vakrangee: Vakrangee Ltd has partnered with My Mobile Payments Limited (MMPL) for Bill Payment Collection Services under its E-Governance Business.

ONGC: Standard & Poor's Ratings Services said today that its rating on Oil And Natural Gas Corp. Ltd is unaffected by the company's US$5 billion investment plan for the Krishna Godavari (KG) basin on the east coast of India.

Bharti Airtel Ltd: The telecom company has introduced 4G Services in Goa, according to reports.

Bharat Heavy Electricals Limited: BHEL has achieved one more milestone by successful commissioning a 250 MW coal-based thermal power plant (TPP) in Bihar.

Union Bank of India: Government-owned Union Bank of India has raised Rs. 1,000 crore bonds on private placement basis.

Shree Cement Ltd: The company has commissioned Autoclaved Aerated Concrete (AAC) Blocks Project having a capacity of 3 Lakh Cubic Meter Per Annum at Sikandrabad, Bulandshahr in Uttar Pradesh on March 29, 2016.

Suzlon Energy: The company said it has bagged a new turnkey order of 48.30 megawatt (Mw) wind power project from Indian Oil Corporation Ltd (IOCL).

RBI Monetary Policy Preview: An aggressive rate cut can be frontloaded

Fiscal prudence by the incumbent regime, moderating inflation and hopes of a better monsoon has paved the path for overall decline in interest rates. The consensus now calls for a cut in the repo rate by 25 basis points, while experts also do not rule out an aggressive move of 50bps cut. We infer that Raghuram Rajan may not shy away from the delivering an aggressive rate cut, given that the central bank has done the same in the past as well. Some may argue that the prevalent situation may not demand a 50bps move, but RBI can justify the rationale that such aggressive cuts can be frontloaded in order to stimulate the economy and will accordingly monitor the ensuing inflationary and growth numbers before taking a call on the future course of the interest rate trajectory. 

After keeping the interest rates unchanged during the last two monetary policy reviews, RBI is now expected to initiate a move during April. At the onset of this calendar year, the central bank had set the onus on the incumbent regime, wherein the government was expected to strike a balance between growth and fiscal prudence, which can provide the much needed leeway to act on the rates. Effectively, optimism emanated from the Union Budget for Fiscal Year 2016-17. The budget was based on various aspects, including agriculture, rural population, social welfare, infrastructure, financial reforms, tax reforms and ease of doing business. The budget also featured huge capital expenditure on roads and railways. Most importantly, the incumbent regime stuck to the fiscal roadmap. In this respect, the Finance Minister announced that the fiscal deficit target of 3.9% for this year is met and target of 3.5% has been maintained for the next fiscal year. Fine balancing act between fiscal prudence and growth can now persuade the central bank to lower the interest rates.
 
On macroeconomic side, India's consumer inflation during February eased to 5.18%, when compared with the reading of 5.69% in January. The inflation rates for rural and urban areas for February were reported at 5.97% and 4.3% respectively, as compared to 6.48% and 4.81% during the prior month. Meanwhile, India’s current account deficit during October-December period (Q3 FY16) narrowed to 1.3%, when compared with the reading of 1.5% during the same period last financial year. On the negative side, India's industrial output during January contracted 1.5% on yoy basis. On broader front, Indian economy grew 7.3% during the third quarter of the current fiscal year, slower than the upwardly revised reading of 7.7% during the prior quarter. However, Indian government is projecting growth for FY2015-16 at 7.6%, better than the growth rate of 7.2% during the previous fiscal year.
 
In the credit markets, Indian sovereign bond prices persisted with the strength during the course of March, as a rate cut in the repo rate by the RBI seems to be likely. Expectations are high that RBI will initiate further measures to boost liquidity, including persistent open market operations. The recent action in the bond markets justifies the same, with yields on the sovereign 10 year bond dropping by more than 40 basis points after the announcement of the Union Budget.
 
Market participants will also derive courage from the overseas developments, wherein US Federal Reserve has realigned its stance on interest rate trajectory, now projecting only two hikes in 2016, significantly lower than the projection of 4 moves in December. Fed now sees the benchmark fed funds rate rising to 0.9% by the end of 2016, when compared with the earlier estimate of 1.4%. In the latest, Janet Yellen has expressed caution on the interest rate trajectory and did not provide any timeline for the rate hikes. She stated that although risks to the US economy appear limited, this assessment is subject to considerable uncertainty. Economic and financial conditions across the globe remain less favorable than they did in December, when Fed initiated the first rate hike.