CoalMin slaps show cause notices on 9 cos

Dec 30, 2013, 09.05 PM IST

The decision was taken after the recommendation by the inter-ministerial panel on coal block

Tags  SKS Ispat, Mahagenco, Adhunik Corp, coal, ACC, Prakash Ind, Coal India

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CoalMin slaps show cause notices on 9 cos

The decision was taken after the recommendation by the inter-ministerial panel on coal block

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CoalMin slaps show cause notices on 9 cos

The decision was taken after the recommendation by the inter-ministerial panel on coal block

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The coal ministry today slapped show cause notices on nine firms, including  ACC Cement and Prakash Industries , and sought explanation from companies like Coal India and Sasan Power for slow progress of coal blocks alloted to them for captive use. The decision was taken after the recommendation by the inter-ministerial panel on coal block, the coal ministry said.

The companies on which the notices were issued are SKS Ispat and Power, Mahagenco, Adhunik Corp among others. The companies from whom the explanations were sought for slowing developing the mines are SKS Ispat and power, Coal India, Sasan Power among others. The IMG was formed last year to look into the development of captive coal mines and make recommendations including deallocation.

The IMG chaired by additional secretary coal has members from ministries power and steel. P

 Also Read: Coal India may go for PPP to produce gas from coal bed

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Canara Bank hikes lending rate by 0.25%

Dec 30, 2013, 08.33 PM IST

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

Tags  Canara Bank, HDFC, ICICI Bank, BSE, Base rate, SBI

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Canara Bank hikes lending rate by 0.25%

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

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Canara Bank hikes lending rate by 0.25%

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent.

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State-owned  Canara Bank today raised base rate or the minimum lending rate by 0.25 percent to 10.20 percent even as RBI kept its policy rates unchanged in its mid-quarter review earlier this month. Canara Bank becomes the first major state-owned bank to increase base rate after RBI's policy announcement, a move that will make loans, including home and auto, costlier. The base rate stands modified from 9.95 percent to 10.20 percent, Canara Bank said in a filing to the BSE.

Base rate is the minimum lending rate below which banks can not lend to a borrower. The bank has also aligned its benchmark prime lending rate to 14.45 percent from 14.20 percent, it said. In tune with the market conditions, the bank has aligned its lending rates, it said, adding, the new rates would be effective from January 1. On December 18, RBI in its mid-quarter review kept its policy rates unchanged. RBI has kept short-term lending rate unchanged at 7.75 percent, while the cash reserve ratio (CRR) remained at 4 percent.

Also Read: Never bet against RBI, it can hurt you: Rajan to traders

A day after RBI policy announcement, biggest housing financiers SBI , ICICI Bank and  HDFC slashed home loan rates by up to 0.4 percent for new borrowers. SBI loans of up to Rs 75 lakh is available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent is at 10.10 percent for home loans of up to Rs 75 lakh. The new rates for HDFC home loans of up to Rs 75 lakh will be 10.25 percent as against the existing 10.50 percent.

Canara Bank stock price

On December 30, 2013, Canara Bank closed at Rs 276.55, down Rs 5.6, or 1.98 percent. The 52-week high of the share was Rs 550.00 and the 52-week low was Rs 189.90.

The company's trailing 12-month (TTM) EPS was at Rs 64.42 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 4.29. The latest book value of the company is Rs 561.58 per share. At current value, the price-to-book value of the company is 0.49.

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BSE, NSE to shift scrips to restricted trade from Jan 3

Leading stock exchanges BSE and NSE will transfer stocks of several companies, including  Welspun Projects and Orchid Chemicals & Pharmaceuticals , to the
restricted trade category from January 3. The move is part of a surveillance review to safeguard interest of investors in the capital market.

The BSE would shift 68 securities to the trade-for-trade or 'T' group, while NSE would transfer 34 stocks to this segment, the two stock exchanges said in separate circulars today.

Among other stocks which would be shifted to the 'T' Group segment on both the bourses included Servalakshmi Paper ,  Pradip Overseas and  A2Z Maintenance & Engineering Services.

These scrips would be shifted to the trade-for-trade segment with effect from January 3.

In the trade-for-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

As per the bourses, the move is part of the "surveillance review, with a view to ensure market safety and safeguard the interest of investors."

The stock exchanges have advised the trading members to take "adequate precaution" while trading in these scrips "as the settlement will be done on trade-to-trade basis and no netting off will be allowed".

However, they added the transfer of these securities for trading and settlement on a trade-to-trade basis "is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company".

These stocks would attract a price band of 5 percent which would be the maximum permissible limit within which the share price can move.

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JSW Steel promoter hikes stake in co to 4.74%

Dec 30, 2013, 08.28 PM IST

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

Tags  JSW Steel, JSW Investments, BSE

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JSW Steel promoter hikes stake in co to 4.74%

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

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JSW Steel promoter hikes stake in co to 4.74%

JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

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JSW Investments, a promoter group firm of JSW Steel , has increased stake in the company by 0.13 percent to 4.74 percent for nearly Rs 32 crore through open market transactions.
JSW Investments had 4.61 per cent stake or 11,14,55,761 shares in the steel maker before it started buying, the company said in a filing with BSE today.

On December 20, it bought 4,132 shares for Rs 13.35 lakh, followed by another 12,000 shares for Rs 1.18 crore on December 23. It again bought 1.35 lakh shares for Rs 13.35 crore on December 24 and 1.69 lakh shares on December 26 for Rs 16.93 crore. Following the transactions, JSW Investments now holds 4.74 per cent stake or 1.13 lakh shares in JSW Steel.

As on September 30, JSW Steel's promoters held 36.25 per cent stake in the firm. Jindal South West Holdings and Jindal Energy Investments have more than five per cent stake in the company. Shares of the company closed at Rs 1,020 apiece, up 1.30 per cent on the BSE today.

JSW Steel stock price

On December 30, 2013, JSW Steel closed at Rs 1022.75, up Rs 15.85, or 1.57 percent. The 52-week high of the share was Rs 1024.90 and the 52-week low was Rs 451.50.

The company's trailing 12-month (TTM) EPS was at Rs 24.43 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 41.86. The latest book value of the company is Rs 811.51 per share. At current value, the price-to-book value of the company is 1.26.

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Frontier Leasing Finance's outcome of board meeting

Dec 30, 2013, 08.17 PM IST

Frontier Leasing & Finance at its meeting held on December 30, 2013, to Considered and approved to incorporate a wholly owned subsidiary.

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Frontier Leasing & Finance's outcome of board meeting

Frontier Leasing & Finance at its meeting held on December 30, 2013, to Considered and approved to incorporate a wholly owned subsidiary.

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Frontier Leasing & Finance's outcome of board meeting

Frontier Leasing & Finance at its meeting held on December 30, 2013, to Considered and approved to incorporate a wholly owned subsidiary.

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Frontier Leasing & Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 30, 2013, inter alia, resolved the following:- Considered and approved to incorporate a wholly owned subsidiary.Source : BSE

Read all announcements in Frontier Leasin

Action in Frontier Leasing & Finance

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IndusInd Bank's Q3 results on Jan 10, 2014

Dec 30, 2013, 08.17 PM IST

Indusind Bank has informed that a meeting of the Board of Directors of the Bank will be held on January 10, 2014, to consider and take on record, the Unaudited Financial Results of the Bank for the quarter ending December 31, 2013 (Q3).

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IndusInd Bank's Q3 results on Jan 10, 2014

Indusind Bank has informed that a meeting of the Board of Directors of the Bank will be held on January 10, 2014, to consider and take on record, the Unaudited Financial Results of the Bank for the quarter ending December 31, 2013 (Q3).

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IndusInd Bank's Q3 results on Jan 10, 2014

Indusind Bank has informed that a meeting of the Board of Directors of the Bank will be held on January 10, 2014, to consider and take on record, the Unaudited Financial Results of the Bank for the quarter ending December 31, 2013 (Q3).

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Indusind Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on January 10, 2014, inter alia, to consider and take on record, the Unaudited Financial Results of the Bank for the quarter ending December 31, 2013 (Q3).Source : BSE

Read all announcements in IndusInd Bank

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Icra rates 1st Basel III tier I bonds from YES Bank

Domestic rating agency Icra today gave a stable outlook to the Basel III-compliant Rs 300 crore tier-I bond issuance by YES Bank, making it the first such instrument from the country.

YES Bank is the first domestic bank to issue a capital instrument that is compliant with the Basel III capital norms, which has been assigned an A (Hyb) rating by Icra, the agency said.

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Though many banks have raised money through Basel III- compliant tier II bonds, YES Bank is the first to issue tier I bonds meeting the stringent Basel III norms. Last month state-run Union Bank of India had raised additional capital to the extent of Rs 2,000 crore by issuing Basel III compliant tier II bonds.

In September, another state-run lender Bank of India had also mopped up Rs 1000 crore by issuing Basel III-complaint tier-ll bonds to LIC with a one-year maturity. The rating for the Basel III-compliant tier I bonds is three notches lower than the Basel II-complaint lower tier II bonds of the bank as they have the loss absorption features in compliance with RBI guidelines on Basel III capital norms, issued in May 2012, that make them riskier, the agency said.

Commenting on the rating, Vibha Batra of Icra said the rating factors in YES Bank's continued robust operating performance with strong profitability indicators on the back of its ability to generate high levels of fee income, comfortable asset quality technology initiatives and rising Casa base, which stood at 20.39 per cent as of Q2.

Karthik Srinivasan of Icra said as local market evolves, this instrument would be an important tool to partly meet large capital requirements of domestic banks. While Basel III bonds are likely to absorb losses on breach of loss triggers, Icra expects prudent regulatory provisions, close supervision and RBI oversight to help banks lower probability of capital erosion, and thus triggering any breach.

Yes Bank stock price

On December 30, 2013, Yes Bank closed at Rs 368.50, down Rs 5.25, or 1.4 percent. The 52-week high of the share was Rs 547.15 and the 52-week low was Rs 216.10.

The company's trailing 12-month (TTM) EPS was at Rs 40.95 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9. The latest book value of the company is Rs 161.13 per share. At current value, the price-to-book value of the company is 2.29.

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UPL unveils Rs 308cr buyback offer

Agrochemical firm  UPL Ltd today approved the buyback of upto 1.40 crore shares from the market by paying cash with aggregate amount not exceeding Rs 308 crore as the present value of shares does not reflect its true valuation.

In its meeting held today, the Board of the company has approved the buyback of shares at a maximum price of Rs 220 per share, UPL said in a BSE filing.

"... approval of board of directors be and is hereby accorded for purchase of up to 1.40 crore fully paid up equity shares of Rs 2 each at a price not exceeding Rs 220 payable in cash, up to an aggregate amount not exceeding Rs 308 crore," it added.

According to the filing, the Chairman of the company informed the board that present market value of equity shares does not reflect its true valuation. One of the ways to get true valuation will be to make buyback of shares from the
market.

The company has sufficient financial resources. These resources can be gainfully employed in buyback of shares which will increase shareholder value, it said.

"... buyback will result in reduction of number of shares accompanied by possible increase in earnings per share and return on capital," it added.

UPL, which was formerly known as United Phosphorus, had reported a consolidated net profit for the second quarter at Rs 154.63 crore as against Rs 119.80 crore in the same quarter last year.

The company has 23 manufacturing sites, out of which nine are in India, four in France, two in Spain, three in Argentina, one each in UK, Vietnam, Netherlands, Italy and China.

Shares of the company closed at Rs 194.90 apiece, up 0.85 percent on the BSE.

UPL stock price

On December 30, 2013, UPL closed at Rs 196.45, up Rs 3.20, or 1.66 percent. The 52-week high of the share was Rs 198.40 and the 52-week low was Rs 113.30.

The company's trailing 12-month (TTM) EPS was at Rs 6.97 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 28.19. The latest book value of the company is Rs 75.86 per share. At current value, the price-to-book value of the company is 2.59.

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Cold day conditions to continue in Bihar, WB

Bihar and sub-Himalayan West Bengal (North Bengal) would continue to remain in the grip of cold day conditions. Day temperatures are below normal by about 8 degrees at many places in both these areas.

Bhagalpur, Muzaffarpur, Purnea, Chapra and Forbesganj in Bihar are witnessing cold day conditions at the moment and would continue to experience the same weather for a few days more. Bhagalpur recorded 16 degrees as the maximum temperature on Monday, which is 6 degrees below the average.

Forbesganj witnessed a maximum of 15.6 degrees, eight notches below average while Chapra recorded 18.5 degrees as maximum, four degrees below average. Day temperature in Patna rose marginally on Sunday but forecast suggest cold day conditions may continue in the region for the next few days.

On the other hand, sub-Himalayan West Bengal is also shivering under similar weather conditions. Jalpaigudi, Malda, Coochbihar and Baharampur in the region are facing gloomy day for the past few days. Baharampur recorded a maximum of 18.4 degrees on Sunday which is 8 degrees below normal. Malda witnessed 16.6 degrees while Coochbihar recorded 17.7 degrees which are 8 and 7 degrees below the normal day temperatures for this time of the year.

These areas are experiencing cold days since December 24 due to foggy conditions even during day time. Low temperatures, chilly winds and moisture feed from the river Ganga are responsible for the prevailing weather in East India.

Photograph by sangamthewap7

By: Skymetweather.com

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Banks allowed to lend up to Rs 1lakh against gold jewellery

Banks allowed to lend up to Rs 1 lakh against gold jewellery Reserve Bank has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery. "In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes...," RBI said in a notification.

Bullet repayment means a lump sum payment for the entire loan amount paid at the time of maturity. The RBI in May had imposed restrictions on banks and NBFCs for providing loans against gold coins as well as units of gold ETFs and mutual funds . Also banks were asked to ensure that the amount of loan to any customer against gold ornaments, gold jewellery and gold coins (weighing up to 50 grams) should be within the board approved limit.

Also Read: CAD to be lower than expected, will meet fisc target, says FM

As per today's RBI notification, the period of the loan should not exceed 12 months from the date of sanction. Interest will be charged to the account at monthly but will become due for payment along with principal only at the maturity, it said.

Banks will recognise interest income on such loans in their profit and loss account only on collection, RBI added. Banks should prescribe a minimum margin to be maintained in case of such loans and accordingly, fix the loan limit taking into account the market value of the security (gold ornaments), expected price fluctuations, interest that will accrue during the tenure of the loan etc, it said.

It further said, the account would be classified as non-performing asset (sub-standard category) even before the due date of repayment, if the prescribed margin is not maintained.

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