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may 16th 2017 : MSEI to launch new interest rate futures contracts tomorrow

MSEI to launch new interest rate futures contracts tomorrow:

Metropolitan Stock Exchange of India Ltd (MSEI) will introduce tomorrow new 10-year interest rate futures (IRF) contracts offering 6.79 per cent yield on central government bonds. The contracts would mature in 2027 and are available to entities like banks, primary dealers, mutual funds, insurers, FIIs, corporates and retail investors, for trading on the exchange’s platform, MSEI said in a statement today.

“The stock exchange will launch the new IRF contracts on May 16,” MSEI said. Other national bourses, BSE and NSE would also be launching similar contracts tomorrow.

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MSEI to launch new interest rate futures contracts tomorrow

May 16th 2017 : HDFC Life inks distribution tie-up with Catholic Syrian Bank

HDFC Life inks distribution tie-up with Catholic Syrian Bank:

HDFC Life today said it has entered into a bancassurance tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers.

With this partnership, HDFC Life will offer its leading range of individual life insurance, health and pension products to the Catholic Syrian Bank’s 1.5 million customer base across all its branches over a period of time, a release said.

“We are proud to announce our partnership with Catholic Syrian Bank, our first bank partnership in Kerala. In keeping with our endeavour to increase our reach and access customers across geographies, this partnership would enable us to offer our products to over 1.5 million customers of Catholic Syrian Bank across Kerala and other states,” said HDFC Life Managing Director and CEO Amitabh Chaudhry.

May 5th 2017: Dollar Industries gets listed on NSE

Dollar Industries gets listed on NSE:

Kolkata based hosiery company Dollar Industries Limited made its debut on the National Stock Exchange with effect from today, a company statement said.

The listing of the company, on one of the premier stock exchanges of the country, was expected to enhance the visibility of the company’s equity shares and also provide liquidity for its existing and prospective investors.

Vinod Kumar Gupta, Managing Director, Dollar, said “listing on one of the premier stock exchanges is a significant milestone for the company“.

The company has a market share of over 15 per cent in the branded knitwear market, the statement said.

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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March 30th 2017: Tata Sons to invest upto Rs 10k crore in Group cos

Tata Sons to invest upto Rs 10k crore in Group cos:

Among the first decisions taken by N Chandrasekaran as chairman of Tata Sons was to tighten the holding company’s control over the $103-billion conglomerate, recently shaken by a power struggle between Cyrus Mistry and Ratan Tata
The Tata Sons board approved a resolution to invest up to Rs 10,000 crore in various Tata group companies at the first board meeting chaired by Chandrasekaran on February 21.

“Resolved that approval of the board of directors be and is here by granted to the company to invest amounts not exceeding Rs 10,000 crore for subscribing to issues of securities and or purchasing securities in various companies of which Tata Sons is the promoter and or a shareholder,”according to the resolution, a copy of which has been filed with the ministry of corporate affairs.

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March 28th 2017: Three in final race for 35% stake in ICICI Lombard

Three in final race for 35% stake in ICICI Lombard:

Bulgebracket private equity funds Warburg Pincus, Carlyle and Temasek have been shortlisted for a 35% stake in ICICI Lombard General Insurance Co Ltd, the country’s largest private sector general insurer, in a deal that could fetch up to $1 billion, said people familiar with the development. The selection took place late last week after bids were received from four potential investors.

Others in the race included Blackstone, KKR, Advent and General Atlantic. The three will now conduct a final round of due diligence before submitting binding offers by April end, the people mentioned above said.

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March 20th 2017: Idea Cellular, Vodafone to merge, create Rs 80,000 crore telecom giant

Idea Cellular, Vodafone to merge, create Rs 80,000 crore telecom giant:

The merger will create India’s largest telecom player both in revenues and subscribers, taking on the likes Bharti Airtel and Reliance Jio.

Idea Cellular on Monday announced that its board has approved the merger of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services Limited with itself in the process creating the country’s largest telecom entity.

Vodafone will hold 45 percent in the combined entity. Idea promoters will hold a 26 percent in the combined entity. AB Group will have the right to buy 9.5 percent stake in the entity at Rs 130 per share.

Under the terms of agreement, the merger should be completed within 24 months.

“Upon the amalgamation of becoming effective, the entire business of VIL and VMSL ( excluding VIL’s investment in Indus Towers) will vest in the company,” Idea Cellular said in a statement.

“Vodafone will own 45.1 percent of the combined company after transferring 4.9 percent  to Idea’s promoters or its affiliates for Rs 38.74 lakh crore in cash concurrent… Idea promoters will hold 26.1 percent  of the company and the balance will be held by public,” according to the filing.

According to a report by broking firm CLSA in January, the merged entity will have revenues of over Rs 80,000 crore, giving it a 43 percent market share by revenues and a 40 percent market share by active subscriber base. The behemoth will account for over 25 percent of allocated spectrum and will have to sell about 1 percent to comply with spectrum cap norms.

It will be an all-share merger of Vodafone India (excluding Vodafone’s 42 percent stake in Indus Towers) and Idea. The merger will be effected through the issue of new shares in Idea to Vodafone and would result in Vodafone deconsolidating Vodafone India.

The merger will further intensify competition in the country’s highly-contested telecom space where players are gunning for both revenue and subscriber additions.

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