RBI publishes “Payment and Settlement Systems in India: Vision-2018”

The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective supervision and customer centricity.

The Reserve Bank of India has today placed on its website the “Payment and Settlement Systems in India: Vision-2018”. The Vision-2018 aims at building best of class payment and settlement systems for a ‘less-cash’ India.

The broad contours of Vision-2018 revolve around 5 Cs – coverage, convenience, confidence, convergence and cost. To achieve these, Vision-2018 will focus on four strategic initiatives such as responsive regulation, robust infrastructure, effective supervision and customer centricity.

The regulatory framework, based on consultative approach, aims at achieving enhanced coverage of the payment systems coupled with convenience for end-users. A key objective would be ensure a robust payments infrastructure in the country to increase accessibility, availability, interoperability and security. The oversight and supervisory framework would focus on strengthening the resilience of both large value and retail payment systems in the country. Customer centric initiatives envisaged include streamlining of customer grievance redressal mechanism and building customer awareness and education.

With increasing use of technology-based innovative payment products, the strategic initiatives under Vision-2018 are expected to reduce paper-based instruments significantly and lead to accelerated growth in mobile banking and other modes of electronic payments.

Brexit may erupt currency fluctuations; IT biggies fall

According to latest media reports, the IT biggies are set to cut their spending in the short term.

With the Brits voting to exit the European Union, the Pound Sterling fell sharply against the US dollar to a 31-year’s low. Similarly, Indian rupee appreciated nearly 8% to 91.37 against the GBP. The Indian IT sector is of the view that Brexit is likely to bring more fluctuation in the forex market, but at the same time the software services providers are bracing up themselves to tap the currency disruptions for the short term.

According to latest media reports, the IT biggies are set to cut their spending in the short term.

Recently, Indian IT industry body Nasscom had said that it is bit difficult to measure the impact of Brexit, but in the short term it cannot be ignored at all. “There is also an immediate impact due to the currency, the GBP has already fallen by 8-10%," Sangeeta Gupta, senior vice president of Nasscom was quoted as saying by ET, adding it will be a phase of uncertainty and disillusionment.

India’s US$ 150 billion IT export industry has a sizable exposure to Europe.

Following the Brexit vote, IT majors fell sharply on BSE.

Infosys Ltd is currently trading at Rs. 1187.3, down by Rs. 24.25 or 2% from its previous closing of Rs. 1211.55 on the BSE. The scrip opened at Rs. 1199 and has touched a high and low of Rs. 1199 and Rs. 1159 respectively. So far 1669506(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 278286.33 crore.

Tata Consultancy Services Ltd is currently trading at Rs. 2545, down by Rs. 99.3 or 3.76% from its previous closing of Rs. 2644.3 on the BSE. The scrip opened at Rs. 2585 and has touched a high and low of Rs. 2592.1 and Rs. 2517.1 respectively. So far 873846(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 521040.26 crore.

Tech Mahindra Ltd is currently trading at Rs. 501, down by Rs. 31.05 or 5.84% from its previous closing of Rs. 532.05 on the BSE. The scrip opened at Rs. 514.95 and has touched a high and low of Rs. 516.95 and Rs. 493.95 respectively. So far 2069023(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 51651.78 crore.

Wipro Ltd is currently trading at Rs. 551.45, down by Rs. 12.1 or 2.15% from its previous closing of Rs. 563.55 on the BSE. The scrip opened at Rs. 553.55 and has touched a high and low of Rs. 555.25 and Rs. 547.9 respectively. So far 461341(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 139237.05 crore.

Brexit: UK votes to leave EU

The referendum turnout was 71.8% - with more than 30 million people voting.

The UK has voted to leave the European Union after 43 years in a historic referendum.

Leave won by 52% to 48% with England and Wales voting strongly for Brexit. 

The referendum turnout was 71.8% - with more than 30 million people voting.

Nigel Farage, leader of the UK Independence Party reportedly said he hoped this "independence day" marked the beginning of the collapse of the "failed" European project.

World financial markets were lower as the vote headed for a Brexit outcome this morning. 

Sterling suffered its biggest one-day fall of 9.4 percent against the dollar. The pound fell to its lowest level against the dollar since 1985.

Brexit slaughters Indian stocks; Sensex crashes nearly 900 pts

With more over 51% of the Brits voted in favor of ‘leave’, the Pound Sterling crashed to a 31-year’s low against the US dollar. Similarly, the Indian rupee breached 68 mark, its lowest level since March 1, 2016.

Britain’s referendum to whether to stay with the European Union or leave took a massive toll on World stock markets and currencies on Friday. Dalal Street, too, bore the brunt with India’s benchmark Sensex nosediving 785 points in the early trades today. Besides, other Asian stock markets also witnessed a free fall with key benchmark indices tumbled between 1.1% to 7.2%. The NSE Nifty is currently trading 2.7% down at 8,043. However, it breached the 8K mark in the early trades.

With more over 51% of the Brits voted in favor of ‘leave’, the Pound Sterling crashed to a 31-year’s low against the US dollar. Similarly, the Indian rupee breached 68 mark, its lowest level since March 1, 2016.

At BSE, companies with significant exposure in the UK suffered a major set back with Tata Motors plunging 8% to Rs. 447 and Motherson Sumi crashing by 9% to Rs.274.95. Among other notable losers, Unitech fell by 8% to Rs.5.35, Future Enterprise 8.7% to Rs.21.40 and Indiabulls Real Estate by 7.3% to Rs. 85.55.

However, the Brexit episode helped the global gold prices to soar to US$ 1,327 an t oz at Comex, the highest level since July 14, 2015.

Among other Asian stock markets, Japan’s Nikkei index plummeted by 7.8% to 15,057 points, China’s Shanghai Composite at 2,857 points (-1.21%), Singapore’s Straits Times at 2,726 points (-2.49%), Hong Kong’s Hang Seng at 20,070 points (-3.98%), South Korea’s Kospi index at 1,917 points (-3.65%), Taiwan’s Taiex at 8,468 points (-2.46%), and Singapore Nifty at 8,045 points (-3.17%).

Glenmark gets tentative nod for Olmesartan Medoxomil Tablets; stock falls 3%

Glenmark will market this product upon receiving final approval of its Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg ANDA. According to IMS Health sales data for the 12 month period ending April 2016, the Benicar® Tablet market1 achieved annual sales of approximately $1.05 billion.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted tentative approval by the US Food & Drug Administration (U.S. FDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets of Daiichi Sankyo, Inc.

Glenmark will market this product upon receiving final approval of its Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg ANDA. According to IMS Health sales data for the 12 month period ending April 2016, the Benicar® Tablet market1 achieved annual sales of approximately $1.05 billion.

Glenmark’s current portfolio consists of 114 products authorized for distribution in the U.S. marketplace and 62 ANDA’s pending approval with the U.S. FDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Glenmark Pharmaceuticals Ltd is currently trading at Rs. 751.35, down by Rs. 23.55 or 3.04% from its previous closing of Rs. 774.9 on the BSE.

The scrip opened at Rs. 765 and has touched a high and low of Rs. 767.4 and Rs. 749 respectively. So far 70232(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 21865.06 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1261.95 on 21-Aug-2015 and a 52 week low of Rs. 671.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 782 and Rs. 746.25 respectively.

The promoters holding in the company stood at 46.48 % while Institutions and Non-Institutions held 41.92 % and 11.6 % respectively.

The stock is currently trading below its 200 DMA.

Sun Pharma gains; announces Buyback of Equity Shares

The company announced that, the Board of Directors of the Company at its meeting held on June 23, 2016 approved the buyback of its fully paid up equity shares.

Sun Pharma stock is up by 1% at Rs.756.The company announced that, the Board of Directors of the Company at its meeting held on June 23, 2016 approved the buyback of its fully paid up equity shares. 

The buyback is being undertaken by the Company to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders. 

The scrip opened at Rs. 750 and has touched a high and low of Rs. 765 and Rs. 734.1 respectively. So far 1548754(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 180915.7 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 965.15 on 20-Aug-2015 and a 52 week low of Rs. 706.4 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 758 and Rs. 732 respectively.

The promoters holding in the company stood at 54.97 % while Institutions and Non-Institutions held 35.37 % and 9.65 % respectively.

The stock is currently trading below its 200 DMA.

Rupee drops 66 paise against US Dollar

On the global front,the pound plunged to its lowest level since 1985 as results gave a narrow lead to the Leave campaign.

 The Indian rupee opened lower by 66 paise at 67.40/$ against US Dollar on Friday as against the previous close of 67.48/$. On the global front,the pound plunged to its lowest level since 1985 as results gave a narrow lead to the Leave campaign. The rupee Rupee weakens past 68 against US Dollar. Currently it is trading at lowest level since March 1.

The Indian currency ended lower by 18 paise at 67.48$.The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.37 and for Euro stood at 76.37. The RBI’s reference rate for the Yen stood at 64.52; reference rate for the Great Britain Pound (GBP) stood at 99.4721.

Top 18 stocks in focus today: Sun Pharma, Tata Motors, Glenmark Pharma

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

Sun Pharma: The the Board of Directors of the Company at its meeting held on June 23, 2016 approved the buyback of its fully paid up equity shares. The buyback is being undertaken by the Company to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders.

ONGC: ONGC Petro additions Ltd is in talks with local and overseas petrochemical companies to sell as much as 25% in the company, as per media reports.

Tata Motors: Tata Motors Ltd-owned Jaguar Land Rover (JLR) has begun recalling more than 11,000 vehicles in China due to faulty crankshaft sensors, as per reports.

Shilpa Medicare: Shilpa Medicare informed BSE that a meeting of the Board of Directors of the Company will be held on June 27, 2016, inter alia, to consider a proposal of merger of Navya Boilogicals Private Limited with the Company.

Goa Carbon Ltd: Goa Carbon informed BSE that the operations at the Company’s Bilaspur Plant located at 34-40, Sect B, Sirgitti Industrial Area, Bilaspur (Chattisgarh) has been temporarily shut down for maintenance work from June 22, 2016. There would not be any financial impact due to the temporary shutdown of the Company’s Bilaspur Unit as there sufficient inventory to service the orders in hand.

Allahabad Bank: The bank is planning to grow its retail lending book by one-fifth this fiscal, expecting a consumption-led economic growth this fiscal with higher government's spending on salaries.

Shree Renuka Sugars: Shree Renuka Sugars has signed a share sale agreement with Mauritius based fund to sell 5% remaining stake in NCDEX.

Essar Shipping Ltd: The company has announced that the Board of Directors of the Company at its meeting held on June 23, 2016 has passed the enabling resolution to sell older vessel(s) and/ or buy the younger vessel(s) for the Company.

JSW Energy: The company have reopened talks with the Jaypee Group on acquiring three power assets, according to reports.

State Bank of India: The bank has announced that a meeting of the Executive Committee of the Central Board of the Bank is scheduled to be held on June 29, 2016 at Mumbai to examine the status and decide on long term fund raising in single/multiple tranches up to US$ 1,500 million (US$ one thousand five hundred million) through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during the financial year 2016-17.

Glenmark Pharmaceutical: Government will consider 15 foreign investment proposals, including those of Glenmark Pharmaceutical, Sistema Shyam TeleServices, Quintillion Business Media and Morgan Stanley India Primary Dealer, for approval on July 5.

Advanta Ltd: The company announced that High Court of Gujarat at Ahmedabad has approved the Scheme of Amalgamation of Advanta and UPL Limited and their respective Shareholders and Creditors (“Scheme”) on June 23, 2016.

Omax Autos Ltd: The company has announced that Railway Division of the Company has successfully secured order for supply of Railway parts from Indian Railways for order value estimated between Rs. 90-100 Crores. Formal Purchase Order would be received by the Company in due course of time.

HDFC: HDFC  has invoked 35,000 shares of United Spirits (USL) pledged to it by Kingfisher Finvest India, as per media reports.

Aditya Birla Fashion and Retail: A division of Aditya Birla Fashion and Retail Limited (formerly known as Pantaloons Fashion & Retail Limited) (“Pantaloons”) added yet another international brand Izabel London to its rich portfolio of exclusive brands.

Indiabulls Housing Finance Ltd: The Company proposes to issue 500 Secured Non-Convertible Redeemable Debentures with a face value of Rs. 10 lakh each aggregating to Rs. 50 Crores (Plus Greenshoe Option), on Private Placement basis, pursuant to special resolution passed by the shareholders of the Company at the 10th Annual General Meeting held on September 07, 2015, on the terms and conditions.

Biocon: Biocon said the Drug Controller General of India (DCGI) has given nod to it and partner Quark Pharmaceuticals to proceed with clinical trials on human subjects for a new drug candidate, ‘QPI-1007’ aimed for ocular neuroprotection.

Opening Bell - Sensex, Nifty drop over 3% in early trade

At 9:15 AM, the S&P BSE Sensex is trading at 26,101 down 900 points, while NSE Nifty is trading at 7,988 down 282 points.

At 9:15 AM, the S&P BSE Sensex is trading at 26,101 down 900 points, while NSE Nifty is trading at 7,988 down 282 points.

The Indian rupee opened lower by 66 paise at 67.40/$ against US Dollar on Friday as against the previous close of 67.48/$. On the global front,the pound plunged to its lowest level since 1985 as results gave a narrow lead to the Leave campaign. The rupee Rupee weakens past 68 against US Dollar. Currently it is trading at lowest level since March.

Asian market​s​ are trading in red. Nikkei 225 and Hang Seng are down over 3% each. ​Shanghai Composite slipped 0.54%.

US stocks closed higher, led by bank shares, as Wall Street bet that Britain is voting to remain part of the European Union. The Dow Jones rose 230.24 points, or 1.29%, the S&P 500 gained 27.87 points, or 1.34%, to 2,113.32. The Nasdaq Composite added 76.72 points, or 1.59%.

Civil Aviation Minister Ashok Gajapathi Raju said, to deal with steep rise in airfares, capping would not be the answer as it would also push the floor prices at an ASSOCHAM event held in New Delhi.

Vodafone is planning to take a call on the timeline of initial public offer of its Indian arm. The company reportedly said that, “We have started IPO preparations, which includes conversations with banks, but no final decision has yet been taken as to whether or not we will IPO.”

Prime Minister Narendra Modi met President Xi Jinping of China on the sidelines of Shanghai Cooperation Organization Summit in Tashkent. President Xi welcomed India’s accession to the SCO and said it would strengthen it.

NITI Aayog CEO Kant and DIPP Secretary Abhishek to address at Traders Conference on E-Commerce & Digital Payments in New Delhi.

ONGC Petro additions Ltd (OPaL) is in talks with local and overseas petrochemical companies to sell as much as 25% in the company, according to reports.

ONGC Videsh Ltd are planning to buying a part of the $ 11 billion stake that Russia is selling in its biggest oil firm Rosneft, Petroleum Minister Dharmendra Pradhan reportedly said.