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April 27th 2017: Sebi asks stock exchanges to strengthen system audits

Sebi asks stock exchanges to strengthen system audits:

Suspected irregularities in algorithmic trading at India’s largest bourse have prompted the markets regulator to order enhanced system audits at stock exchanges nationwide, two people aware of the development said.

The Securities and Exchange Board of India (Sebi) move aims to prevent misuse of algorithmic trading and ensure that no broker gets an unfair access to trading systems.

“Sebi wants to ensure that incidents like the one happened at NSE are not repeated in future. Sebi has asked exchanges to increase the scope of audits and submit the reports to Sebi with their observations and recommended changes in the exchange’s technology, co-location facilities, broker network, broker profiles, trading pattern, volume/concentration analysis and so on,” said the first person.

Sebi also asked them to proactively adopt systems for additional safeguards to protect the market integrity and ensure that all investors are treated equitably, the first of the two persons said.

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April 27th 2017: Housing finance companies scorch the charts on upgrade hopes

Housing finance companies scorch the charts on upgrade hopes:

Shares of top-rated housing finance companies (HFCs) hit a one-year high on Tuesday as investors bet on the gains to the sector from the government’s ambitious target of ensuring a home to every family by 2022.

HDFC, Indiabulls Housing, DHFL, LIC Housing, GIC Housing and PNB Housing caught the investors’ fancy amid possibility of rating upgrades.

“Outlook for HFCs is strong given the government’s push for the sector,“ said Karthik Srinivasan, group head for financial sector ratings at ICRA. “There is no material asset quality concern, while demonetisation has not impacted the HFCs adversely. Lower cost of funds help in supporting interest margins.“

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April 26th 2017: Iron ore crisis to slow steel capacity expansion after 2020

Iron ore crisis to slow steel capacity expansion after 2020:

The country is likely to face a major crisis due to the lapse of key operating mines by March 31, 2020. The deficit in domestic supplies after March 2020 is seen at around 80 million tonne. This, in turn, is bound to put brakes on building India’s steel-making capacity as it targets an ambitious 300 million tonne (mt) output by 2030.


Supplies in would be more pronounced in Odisha, the largest producing state where 17 mines are set to run out of operations. The combined annual capacity of these mines is estimated at 66 mt. The shortfall from would especially hurt the domestic companies as the state’s is predominantly used in within the country as opposed to the export-oriented ore in and Karnataka.
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April 22nd 2017: ICICI Lombard net profit grows 38% to Rs 702 crore in fiscal 2017

ICICI Lombard net profit grows 38% to Rs 702 crore in fiscal 2017:

ICICI Lombard General Insurance Company on Friday reported an increase of 38.3% in net profit at Rs 701.9 crore for the fiscal ended March 2017.

The company’s net profit in the preceding fiscal 2015-16 stood at Rs507.5 crore.

The gross domestic premium income of the company rose by 32.6% to Rs 10,725.90 crore, a company statement said.

“The robust performance was delivered on the back of increase in policies serviced at 1.77 crore in 2016-17 compared to 1.58 crore policies in 2015-16,” it said.

“As we progress through the year, we shall…further expand our insurance solutions proposition as well as enhance our customer service and claim leadership stature backed by innovative technology,” ICICI Lombard, MD and CEO, Bhargav Dasgupta said.


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April 18th 2017: Tata Technologies plots new growth through push in China, acquisitions

Tata Technologies plots new growth through push in China, acquisitions:

Engineering services and product development IT services provider Tata Technologies is in expansion mode, which is based on two key strategies – enhancing focus on China and acquiring companies in various locations, including China at a later stage.

Tata Technologies has had a presence in China for the last few years through its members working in customer sites and a small shared office, but starting this month, with a brand new office in Shanghai, the focus on the world’s largest automobile market gets more trained. “China is growing exponentially for us and that’s a very exciting space,” Warren Harris, CEO & MD, Tata Technologies, told Autocar Professional, in an exclusive interview.  The company’s revenue in China saw a whopping over 8-fold growth to $25 million last year over the previous year.

Lightweighting capabilities give new strength
Tata Technologies is working with at least 5 Chinese OEMs. What is helping the company is its capabilities in technologies such as lightweighting that are highly valued by vehicle OEMs, and more so by electric vehicle (EV) makers.

China, the world’s largest EV market, has also devised policies to promote the electric vehicle industry. Harris ‘sees’ an inflection point in the global electric vehicle industry. “We anticipate in the next 3-5 years that the less than one percent market share EVs enjoy will, in some of the mature markets, get up to 3 or 5 percent,” says Harris. And since industry players have to prepare in advance to tap the opportunities that could come in 3-5 years, Tata Technologies is among the “beneficiaries of many of the decisions that are being taken now”. Banking on the growth opportunities, Tata Technologies has set its sights on crossing the $100 million mark in China in 5 years from now. That would be the equivalent of the company’s operations in US and Europe. “I would be disappointed if China is not the same size as our US and European organisations in 5 years’ time,” says Harris.

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April 11th 2017: Fino Paytech inks deal with ICICI group companies to distribute insurance products

Fino Paytech inks deal with ICICI group companies to distribute insurance products:

Fino Paytech, which just received the Reserve Bank of India’s licence to launch a payments bank, has inked a deal with ICICI group companies to distribute insurance products and tied up with Exide Life insurance to sell products via its distribution channel.

Fino Payments Bank will sell life and general insurance products of ICICI Prudential and ICICI Lombard.
“On life insurance, we have tied up with ICICI Prudential and Exide Life Insurance, on non-life we have only tied with ICICI Lombard,” said Rishi Gupta, CEO, Fino Paytech. “On the life side, we believe there are multiple products that can be sold, so we planned two tie-ups. Health insurance will also be provided by the non-life partner. We also got our corporate agency licence on insurance.”

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April 5th 2017 : Share buybacks kick up a storm on defunct bourses

Share buybacks kick up a storm on defunct bourses:

Angry public shareholders of many companies listed on nonfunctional regional stock exchanges are inundating the market regulator with complaints of getting shortchanged by promoters rushing to buy back the shares.

Hundreds of such companies announced exit offers for public shareholders in the past few weeks, following a regulatory diktat that they either get listed on national-level bourses or delist.

In their complaints to the market regulator Sebi and stock exchanges, shareholders alleged the prices offered by the companies for their stake to be abnormally low. They want the share buyback price to be determined through a transparent process and not solely by the bankers hired by the companies themselves.

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April 5th 2017 : NSDL, Fino Paytech get final licence

NSDL, Fino Paytech get final licence:

The Reserve Bank of India (RBI) has granted the final licence for payments bank to two more entities — Fino Paytech and National Securities Depository Limited (NSDL) — taking the number of entities who have received the final licence to six.

Among the 11 entities that had received in-principle licence in August 2015, three players, Cholamandalam, Tech Mahindra and Dilip Shanghvi, dropped out. Vodafone m-pesa is yet to apply for the final licence, while Aditya Birla group is yet to get the final nod.

A top official from NSDL said it aimed to start operations in three months.

April 5th 2017 : Dhanlaxmi Bank,Catholic Syrian Bank ideal cases for merger

Dhanlaxmi Bank,Catholic Syrian Bank ideal cases for merger:

With  consolidation being the buzzword in banking circles these days, two of the country’ oldest banks – Catholic Syrian Bank and Dhanlaxmi Bank – which have also been takeover targets for long, are back in focus. According to experts, either a merger or an acquisition of these banks will happen soon.

“India is marching towards the idea of fully digital banking. Under the scenario, consolidation of small banks will be the new normal. Now banks are investing more on technology which smaller banks could not do. Hence, it is irreversible that consolidation of small banks would happen,” said V K Vijayakumar, investment strategist at Geojit Financial Services.

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