Rupee, bonds down after US Fed hints at rate hike in Dec

Rupee and bonds weakened on Thursday after the USFederal Reserve signalled it may increase its policy rates at the next meeting in December, stoking fears of foreign fund outflows from domestic markets Stock Market Trading Tips

The US Federal Reserve kept interest rates unchanged on Wednesday, but downplayed global economic headwinds, leaving the door open for a rate hike in December.

At 9:07 am, the rupee was at 65.1800/65.1875, compared with its previous close of 64.9175/64.9275.

The 10-year benchmark bond yield rose 2 basis points to 7.61% Himanshu Tiwari Astrologer Blog

Rupee weakens by 27 paise on strong dollar demand

The rupee depreciated by 27 paise to 65.20 against thedollar in early trade today on strong month-end demand for the US currency from importers Stock Market Trading Tips

Forex dealers said dollar strengthening against other currencies overseas after the US Federal Reserve signalled it may raise interest rates in December weighed on rupee sentiment. Stock markets opening with losses too put pressure on the domestic unit.

The rupee had recovered by 4 paise to close at 64.93 per dollar yesterday at the Interbank Foreign Exchange market.

Meanwhile, the benchmark Sensex fell 93.42 points, or 0.34%, to 26,946.34 in early trade Indian stock market astrology prediction

Karnataka Bank Q2 profit up 16% to Rs 102 cr

Karnataka Bank reported a 15.59 per cent jump in second quarter profits at Rs 102.25 crore on improved credit in its retail business. The bank had reported profits of Rs 88.46 crore in the July to September period in 2014. Operating profit showed a growth of 4.21 per cent at Rs 169.46 crore from Rs 162.62 crore in the corresponding period a year ago Stock Market Trading Tips

Gross non performing assets (NPAs) declined to 3.18 per cent at Rs 1043.67 crore against Rs 1060.88 crore in the year-ago period. Net NPA declined 41 basis points to 1.96 per cent from 2.37 per cent in the corresponding period a year ago.

“Turnaround in NPA is significant achievement of the second quarter and efforts would be further intensified to consolidate the position. Increase in net interest income (10.90  per cent) and reduction in NPAs (GNPA by 35 basis points  and NNPA by 41 basis points) are the twin achievements of the quarter,” P Jayarama Bhat, managing director and chief executive of Karnataka Bank said in a statement Jackpot Stocks Trading Tips

“Our focus during the ensuing quarters will be on expansion of credit, particularly retail credit with an eye on asset quality. With the recent cut of 25 basis points in our base rate from 10.5 per cent to 10.25 per cent, we expect the retail loan portfolio to pick up in the ensuing quarters.”

Kotak Mahindra Bank net profit up 31% at Rs 942 cr

Private sector lender Kotak Mahindra Bank reported a 31 per cent growth in consolidated net profit for the July-September 2015 quarter to Rs 942 crore from Rs 718 crore in the year-ago period. The rise in net profit was on the back of strong growth in advances, which led to higher net interest income Stock Market Trading Tips

On standalone basis, net profit rose 28 per cent to Rs 569.5 crore. On consolidated basis, net interest income — the difference between interest earned and interest expended — grew 44 per cent to Rs 2,278 crore. However, other income which includes fees, income from treasury etc grew only five per cent to Rs 1,732.50 crore. The moderate growth in other income was on account of loss on sale of investments at Rs 62.83 crore in the quarter ended September, compared to a profit of Rs 278 crore in the corresponding quarter in FY15.

Asset quality of the bank remained stable on a sequential basis though it worsened on a year-on-year basis due to the acquisition of ING Vysya Bank, which came into effect from April 1, 2015 Himanshu Tiwari Astrologer Blog

The bank’s gross non-performing assets (NPA) increased to 2.08 per cent from 1.59 per cent. Net NPA, too, increased to 0.93 from 0.84 per cent. Dipak Gupta, joint managing director of Kotak Mahindra Bank, explained there were fresh slippages worth Rs 200 crore mainly from infrastructure and construction sector. “We had created a bad bank within the bank after the acquisition of ING Vysya bank. It constituted six per cent of the acquired assets and the slippages are from there.”

The bank said the earnings were not strictly comparable to the corresponding quarter last year because of the acquisition and integration of ING Vysya Bank since April. The management said wholesale banking has already been integrated, but the integration of retail business might take six more months Indian stock market astrology prediction

“The integration process is progressing as planned and we are seeing positive traction in savings account growth, retail loans and insurance distribution. Various initiatives have been kicked off for cost and income synergies, which will start showing results in due course,” said Uday Kotak, executive vice-chairman and managing director, Kotak Mahindra Bank.

Net interest margin (NIM), a key indicator of the bank’s profitability, stood at 4.4 per cent. This is an improvement on a sequential basis. At the end of the June quarter, NIM was at 4.18 per cent Share Market Astrology

According to the management, there will be good growth in small and medium enterprise, retail and agri business.

Deposits also increased to Rs 1,23,211 crore. The lender remained well capitalised with a consolidate capital adequacy ratio at 16.5 per cent and has no immediate capital-raising plan.

ICICI Bank net up 12% on retail loan growth

ICICI Bank, India’s largest private sector lender, posted a 12 per cent rise in net profit for the quarter ended September to Rs 3,030 crore. This was driven by 25 per cent growth in retail loans. The bank’s earnings were in line with market expectations Stock Market Trading Tips

Overall credit growth stood at 17 per cent despite muted loan demand from corporate borrowers. Retail loan growth was higher than the sector’s, which stands at 16-17 per cent. Now, retail loans account for 44 per cent of ICICI Bank’s overall loan book, compared with 40 per cent a year ago.

ALSO READ: ICICI Bank to sell 9% stake in general insurance arm for Rs 1,550 crore

“We will grow more than the sector in segments in which we have chosen to grow,” said Managing Director and Chief Executive Officer Chanda Kochhar. She expects corporate demand to improve in the coming quarters, with the bank forecasting double-digit growth in wholesale credit for the current financial year Himanshu Tiwari Astrologer Blog

While net interest income grew 13 per cent to Rs 5,251 crore, fee income growth was a muted seven per cent, reflecting subdued corporate activity, Kochhar said. The bank’s profitability was aided by Rs 222 crore of gains from treasury operations, apart from Rs 360 crore of dividend income from subsidiaries.

ALSO READ: ICICI Bank best private bank in India: Global Finance

Net interest margin improved to 3.52 per cent during the September quarter, up 10 basis points from the year-ago period, primarily due to improved margins from international operations. The bank expects margins to be stable, despite a sharp cut in the base rate, announced recently.

“Our cost of funds has also come down. We expect costs to come down further,” Kochhar said. Since April this year, the bank has reduced its base rate by 65 basis points Indian stock market astrology prediction

ALSO READ: ICICI Bank: A bank in your pocket

The lender’s asset quality worsened, with gross non-performing assets (NPAs) rising to 3.77 per cent from 3.12 per cent a year ago. The net NPA ratio was 1.65 per cent as of September-end, against 1.09 per cent a year ago.

“During the quarter, gross NPA addition was Rs 2242 crore, including slippages of Rs 931 crore from standard restructured assets,” Kochhar said. The bank has refinanced about Rs 2,000 crore under the 5/25 scheme Share Market Astrology

It expects addition to gross NPAs would be lower this financial year compared to the last.

“ICICI Bank reported 12 per cent growth in standalone profits, in line with estimates. We believe unlocking of value in subsidiaries will be an added icing on the cake for investors,” Motilal Oswal Securities said in a report, referring to the bank’s announcement to sell an additional nine per cent stake in its general insurance subsidiary to its foreign partner for Rs 1,550 crore Commodity Market Astrology Tips

ICICI Bank to sell 9% more in general insurance arm for Rs 1,500 cr

The Prem Watsa-founded Fairfax Financial Holdings will increase its stake in ICICI Lombard General Insurance by nine per cent for Rs 1,550 crore. The deal, expected to be closed by March, will take Fairfax’s stake in the company to 35 per cent, while the remaining stake will be held by promoter ICICI Bank Stock Market Trading Tips

The deal values the general insurance company at Rs 17,225 crore.

Earlier this year, the government approved the increase in the foreign direct investment (FDI) ceiling in the insurance sector from 26 per cent to 49 per cent. However, ownership and management control has to remain with domestic promoters.

“The transaction is at a very good value and reflects the company’s franchise as a leading private sector general insurance company in India and also the substantial potential for profitable growth of the business,” Chanda Kochhar, managing director and chief executive officer of ICICI Bank, said during a conference call, while announcing the bank’s September quarter earnings Himanshu Tiwari Astrologer Blog

“I think it is not the question of option. Our joint venture agreement was on the basis of 74:26 holding. The fact that they have picked up an additional nine per cent shows that they have full faith in the franchise and its potential,” Kochhar said, when asked why the foreign partner had raised its stake by only nine per cent.

ALSO READ: ICICI Bank net up 12% on retail loan growth

The insurer will now have to make an application to the Foreign Investment Promotion Board for the increase in stake.
After the FIPB’s approval, the insurance regulator will be required to clear the deal Nifty Trading Tips

ICICI Bank, however, ruled out an initial public offering (IPO) for its general insurance arm. “As of now, there are no plans. As we said earlier, we were looking to monetise the asset, which we have done,” Kochhar said, and added that the bank would also look at monetising its holding in the life insurance company ICICI Prudential. ICICI Lombard, set up in 2001, has almost doubled its valuation in the past five years on healthy premium growth. “While they have been strong in motor and health insurance, other segments of the business have also seen a good combined ratio,” said an insurance industry consultant.

ICICI Lombard is the largest private sector general insurance company and had a net earned premium of Rs 1,220.25 crore in the September 2015 quarter.

In August this year, Standard Life had said it would buy a nine per cent additional stake in its Indian insurance venture HDFC Life, taking its stake to 35 per cent. This deal had valued HDFC Life at Rs 18,951.4 crore Commodity Trading Tips
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Only established foreign reinsurers can set up India branch office

Foreign reinsurers setting up branch offices in India will have to be in reinsurance business for at least 10 years, the Insurance Regulatory and Development Authority of India (Irdai) said in its guidelines Stock Market Trading Tips

All appointments, including remuneration, of senior management in this branch office will need Irdai's nod.

In its guidelines on opening branch offices of foreign reinsurers, Irdai said the applicant has to be registered or certified in a national regulatory environment and with whom the government of India has signed a double-taxation avoidance agreement Nifty Trading Tips

The net owned fund of the applicant has to be Rs 5,000 crore at any time. Also, a minimum assigned capital of Rs 100 crore should be infused into the branch office. The branch office has to retain the core activities such as underwriting, claims settlement and regulatory compliance, while others such as back office servicing and IT can be outsourced Himanshu Tiwari Astrologer Blog

Sensex closes provisionally 181 points down

 A benchmark index of the Indian equities markets, the 30-scrip BSE Sensitive Index (Sensex), provisionally closed Friday's trade 181.31 points or 0.68 per cent down. 

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also provisionally closed 45.65 points or 0.57 per cent in the red at 8,065.80 points Stock Market Trading Tips

The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 26,878.48 points, provisionally closed at 26,656.83 points (at 3.54 p.m.) down 181.31 points or 0.68 percent from the previous day's close at 26,838.14 points. 

The Sensex touched a high of 26,942.29 points and a low of 26,585.20 points in the intra-day trade Nifty Trading Tips

Astral could dent Pidilite's market share in long term: Analysts

 Astral, which recently acquired two new companies in the adhesives market, is believed to be a threat to market leader Pidilite in the long run Stock Market Trading Tips

Astral has established itself as a strong participant in the CPVC pipes and fittings sector and is said to have gained recognition as a progressive player in the other related sectors as well. 

An Edelweiss Securities report said although the entry of Astral will increase competition, the construction chemical space in India has enough scope for growth for all the players considering the low per capita consumption in the construction chemical space and adhesives. There is also a large unorganized market in this segment. 

"Considering the fact that most of the segments in the construction chemical space is also B2B, things work on relationship which Pidilite has been able to sustain for such a long time and it will not be easy to take clients from this players. Thus Astral might be able to gain some initial market share but not from Pidilite,'' said Abneesh Roy, associate director - institutional equities - research analyst, Edelweiss Securities Himanshu Tiwari Astrologer Blog

Astral acquired 76% stake in Resinova, one of the leading manufacturers of branded adhesives and sealant, construction chemicals, and industrial maintenance products, last year. Prior to that, it acquired an 80% stake in UK-based adhesives and sealants manufacturer Seal It Services. 

"Resinova's supply chain network consists of 11 branch offices and more than 1,700 channel partners reaching out to around 400,000 retail outlets across India. Astral Poly Technik is looking to consolidate its adhesive and sealant business in the coming years and is also augmenting its manufacturing facilities in India. Astral has higher chance of success due to its existing Adhesive distribution networks,'' Roy said in the report Indian stock market astrology prediction

Pidilite, which has a lion's share of over 70%, has sustained its market share gains even as the market has become competitive given the presence of other large companies and multinationals. An estimated 300 companies are said to be operating in this segment, where Astral is a relatively small player. 

The report said top seven players in construction chemical space account for around 50% of the market. The top five players based on revenues are Pidilite, BASF, SIKA, FOSROC and SWC.

Asian Development Bank, IndusInd Bank and IFMR Capital sign accord

Asian Development Bank (ADB), IndusInd Bank (IBL) and IFMR Capital on Friday signed the second partial guarantee programme to provide local currency financing to microfinance institutions (MFIs) in India Stock Market Trading Tips

The guarantee from ADB and IFMR shall cover default risk of selected MFIs at agreed proportions. IndusInd Bank is selected as a local currency lender with initial allocation of up to $20 million of guarantee limits from ADB. 

"ADB's partial guarantee facility is designed to enable flow of credit to deserving microfinance companies across Asia," head of microfinance in ADB's private sector operations Hasib Ahmed said. 

"Under the programme, ADB has to date supported $207 million in local currency loans to 1.23 million individuals, a majority of whom are women. We are eager and welcome IndusInd Bank to the programme and look forward to further scaling it up by providing access to finance to over 200,000 households in the country Himanshu Tiwari Astrologer Blog

Speaking of the partnership with ADB and IFMR Capital, Suhail Chander, head, corporate and commercial Bank at IndusInd Bank, said: "IndusInd Bank has committed significant capital and efforts to grow in underdeveloped markets in India, including MSME (micro, small and medium enterprises) finance, microfinance, agricultural finance, affordable housing and other similar sectors. We are excited about the growth opportunities that we see, and our association with ADB and IFMR Capital in the partial guarantee facility will enable us to meet our strategic objectives." 

"Through the partial guarantee programme, MFIs catering to the very lowest income households across the country have access to an alternative source of debt financing and can expand their loan book and outreach," said Dr Kshama Fernandes, managing director and chief executive officer, IFMR Capital Jackpot Stocks Trading Tips

Sebi fines entities in non-disclosure cases

 Markets regulator Sebi has slapped a penalty of Rs 6 lakh each on two individuals Arun Dagaria and Chirag Shah for not making disclosure regarding change in shareholdings due to pledging of shares. 

A Sebi probe found that both the entities had pledged their entire shareholding in Splash Media and Infra Ltd (SMIL) to Suvidha Securities (SSPL) and the pledge was invoked by SSPL Stock Market Trading Tips

Consequently, there was a change in the shareholding of the two entities but they did not make disclosures for the same. 

Arun Dagaria and Chirag Shah were holding 6.55 per cent and 6.03 per cent stake in SMIL respectively. 

As per the regulator, both the individuals have violated the Prohibition of Insider Trading (PIT) norms. 

According to Securities and Exchange Board of India (Sebi) norms, any person who holds more than 5 per cent shares or voting rights in any listed company shall disclose to the company the number of shares or voting rights held Himanshu Tiwari Astrologer Blog

In a separate order, Sebi has imposed a fine of Rs 3 lakh one Pawan Kumar Sharma for alleged failure to make timely disclosures about his acquisition of shares in Nivyah Infrastructure and Telecom Services. 

The probe found that Sharma had acquired 9.81 per cent stake in 2012 in the company for which he failed to make timely disclosures. 

The disclosure was made with a delay of more than seven months thereby violating the regulator's norms. 

The notice (Sharma) has violated the provisions related to PIT (Prohibition of Insider Trading) norm and SAST (Substantial Acquisition of shares) Regulations, Sebi said Indian stock market astrology prediction

Titan Q2 profit drops 40% on lower jewellery business

Titan reported a 40% fall in quarterly profit, as the maker of namesake watches and Tanishq jewellery continued to reel under the impact of closure of the Golden Harvest Scheme, its main revenue generator Stock Market Trading Tips

Profit after taxes to Rs 145.39 crore, for the second quarter ended September 30, from Rs 239.98 crore, a year earlier. Operating revenue dropped 25.5% to Rs 2,654.70 crores. 

In the year earlier quarter, forced premature redemption of the old Golden Harvest Scheme resulted in a one-time growth of 65%, with GHS contributing about 54% of the revenues. Net sales from jewellery dropped 32.3% to Rs 1,981.73 crore during the second quarter. 

"This was an extremely challenging quarter for the company...the jewellery business had a difficult quarter with a decline over last year," managing director, Bhaskar Bhat, said Himanshu Tiwari Astrologer Blog

Bengaluru-based Titan previous GHS was hugely attractive to customers but the company was forced to wind it down last July after certain rules in the Companies Act, which came into effect 1st April, 2014, termed these as public deposit schemes. 

"The industry saw a tough period with gold imports declining significantly. The decline in jewellery sales was also on account of discontinuation of our Golden Harvest Scheme," Bhat added. 

The company said retail sentiment remained "extremely poor" in the reported quarter hurt by lower footfalls in its stores and a delayed festive season. However Titan expects growth to return from the third quarter due to the onset of Dusherra and Diwali Indian stock market astrology prediction

Chief financial officer Subbu Subramaniam told analysts in a conference call that the company has seen 20% rise in Dusherra sales compared to last year. "We expect revenue from the new GHS scheme of Rs 400-450 crore be accretive from the fourth quarter," according to Subramaniam. 

Backed by activations by Titan and Fastrack, watches business grew 4.4% to Rs 546 crore and eyewear business grew 15.3% to Rs 88 crore Share Market Astrology

Rupee recovers 4 paise to end at 65.27 per US dollar

After a brief pause, the rupee bounced back by four paise to close at 65.27 per dollar on fresh selling of the American currency by banks and exporters on the back of lower greenback overseas Stock Market Trading Tips

The rupee resumed higher at 65.26 per dollar as against the last closing level of 65.31 at the Interbank Foreign Exchange Market and firmed up further to 65.11 on selling of the US currency by banks before concluding at 65.27 per dollar, showing a gain of four paise or 0.06 per cent. 

The domestic currency hovered in a range of 65.11 and 65.38 per dollar during the day. The rupee had touched a low of 65.38 during the intra-day trade on month-end dollar demand from importers, mainly oil refiners. 

The rupee had dropped by 38 paise or 0.59 per cent yesterday Himanshu Tiwari Astrologer Blog

The dollar index was traded lower by 0.30 per cent against a basket of six currencies in the late afternoon trade. 

In the overseas market, the dollar was trading lower against the yen today, weighed down by the Bank of Japan's decision to stand pat on its monetary stimulus. 

The Bank of Japan made no changes to its stimulus programme at a meeting on Friday, saying it will maintain its current pace of asset purchases Indian stock market astrology prediction

Pramit Brahmbhatt, Veracity Group CEO, said, "The rupee traded range bound as investors preferred to be cautious in the uncertain market but managed to close on a positive note as Dollar index is trading weak against other major currencies which helped Rupee to trade firm." 

Today local equities closed on a weak note which dented the rupee movement and forced it to close at 65.27 for the day near yesterday's close. The trading range for the Spot USD/INR pair is expected to be within 64.80 to 65.80. 

Meanwhile, the Indian benchmark sensex ended lower by 181.31 points or 0.68 per cent today Commodity Market Astrology Tips

Karnataka Bank’s Q2 net rises by 15.59%

 Karnataka Bank has registered net profit of Rs 102.25 crore for Q2 of current fiscal from Rs 88.46 crores (Q2 of FY 2014-15), registering a year to year growth of 15.59%. 

The operating profit also showed marginal growth of 4.21% and improved to Rs 169.46 crore from Rs 162.62 crore (Q2 of FY 2014-15). The Net Interest Income for the half year end increased by Rs 62.74 crores from Rs 575.47 crore to Rs 638.21 crores registering a year to year growth of 10.90 per cent Stock Market Trading Tips

Bank has clocked a business turnover of Rs 81,315 crore as on September 30, 2015, registering a year to year growth of 10.01%. Deposits of the Bank rose to Rs 48,872 crore registering a year to year growth of 10.58%. Advances rose to Rs 32,443 crore registering a year to year growth of 9.17%. 

Current Account, Savings Account (CASA) deposits increased by Rs 1,108 crore from Rs 10,747 crores to Rs 11,855 crore and constitutes 24.26% of total deposits. 

The Net NPA also declined by 41 basis points to 1.96% from 2.37% (as of September 2014) and amount wise to Rs 635.28 crore from Rs 702.24 crore Himanshu Tiwari Astrologer Blog

Announcing the results at the Bank's Head Quarters at Mangaluru, P Jayarama Bhat, MD & CEO of the Bank said, "Turnaround in NPA is the significant achievement of the second quarter and efforts would be further intensified to consolidate the position. Increase in NII (by 10.90 %) and reduction in NPAs are the twin achievements of the quarter. Our focus during the ensuing quarters will be on expansion of credit, particularly retail credit with an eye on asset quality. With the recent cut of 25 basis points in our Base Rate from 10.5% to 10.25%, we expect the retail loan portfolio to pick up in the ensuing quarters. Further, bank is taking its digital banking initiative forward with all enthusiasm to increase the comfort of banking for our customers and to digitally empower them. Of the 25 e-lobbies planned for the current year, 12 e-lobbies are already commissioned". 

The Bank is into its 92nd year of purposeful banking and eyeing a business turnover of Rs 91,000 crore (Deposits Rs 53,500 crore and advances Rs 37,500 crore]. The Bank has a network of 1,793 service outlets comprising of 691 branches, 1,102 ATMs spread across the country. The Bank is poised to increase its number of outlets to 2,000 comprising of 725 Branches and 1275 ATMs, by the end of March 2016, he said Indian stock market astrology prediction

Oppo Neo 7 launched in Chennai

Chinese mobiles manufacturer Oppo Mobiles launched Neo 7, a 4G mobile phone that runs on Android 5.1 Lollipop, in Chennai on Friday. The smartphone is priced at Rs 9,990. 

Neo 7 is the sixth 4G phone from Oppo after Find 7a, Find 7, R5, R7lite, R7 plus. The mobile manufacturer will roll out new models that support 4G only. "With people slowly migrating into 4G, introducing 4G mobiles will hopefully give us a 200% sales and sale of 1.5 million units by end of fiscal 2015," said Kai Feng, vice-general manager, Oppo Stock Market Trading Tips

On the sidelines of the launch, Kai Feng added that the mobiles from Oppo are currently being imported from China, but the company would start its assembly at the Foxconn unit in Sri City, Andhra Pradesh. 

"Trial production is currently going on and we are in talks to start full-fledged production soon," he said. 

The company has sold around four lakh devices in India and is targeting 1.5 million smartphones by end of financial year Himanshu Tiwari Astrologer Blog

Oppo Neo 7 specifications and features 

Oppo Neo 7 runs on Android 5.1 paired with ColorOS 2.1. The phone, which has a 5-inch qHD (960x540 pixels) TFT display, is powered by a 1.2GHz Snapdragon 410 quad-core processor. It has an Adreno 306 GPU, 1GB of RAM and 16GB internal storage, which can be expanded up to 128GB using a microSD card. 

The smartphone features an 8-megapixel rear camera and a 5-megapixel selfie camera. The device has a 2420 mAh Li-Po unremovable battery. 

The phone is available in two colours - black and white Indian stock market astrology prediction

Air India lucky draw on flights during Diwali week

Air India launched an offer on Friday under which flyers on the domestic metro flights get a chance to win a free return (2-coupons) ticket Stock Market Trading Tips

"During the Diwali week, from Nov 5 to 11, 2015, a lucky drawwill be held on board one metro flight every day from each of the six major metros (Delhi/Mumbai/Chennai/Bengaluru/Hyderabad/and Kolkata)," said an AI release. 

The lucky winner will be entitled to a return (2-coupons) ticket on Air India's domestic network, in the same class as that of his/her travel, it added. So, for instance, if the travel is in Executive Class, then the prize ticket will also be in Executive Class. Passengers travelling under the Get Upfront scheme will be considered as Executive Class passengers for the lucky draw Himanshu Tiwari Astrologer Blog

"Air India will absorb the basic fare and fuel surcharge. All taxes and levies will be borne by the winner. The award ticket will be non-saleable/non-endorsable/non-reroutable," it added.

Axis Bank raises Rs 3,000 crore via bonds on private placement basis

 Axis Bank on Friday said it has raised Rs 3,000 crore by allotting non-convertible debentures on a private placement basis. 

The resolution, the bank said, was passed on Friday at a meeting of the board of directors, deciding to allot 30,000 unsecured redeemable NCDs Stock Market Trading Tips

"... allotted 30,000 Senior Unsecured Redeemable Non-Convertible Debentures of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3,000 crore on private placement basis," Axis Bank said in a regulatory filing. 

The said debentures will be listed on the Wholesale Debt Market segment of both BSE and NSE, the bank said. 

The said debentures are rated "AAA" by CRISIL, CARE and ICRA, it added Indian stock market astrology prediction

Axis Bank scrip closed 1.18 per cent higher at Rs 474.95 apiece on BSE on Friday.

ICICI more than halves its equity in 2 overseas arms to 5.2%

ICICI Bank has more than halved its equity investment in the two arms in Canada and the UK to 5.2 per cent at the end of September quarter from 11 per cent as of March 2010. 

ICICI Bank has close to a quarter of its assets of Rs 4,09,700 crore with two overseas subsidiaries — ICICI Bank UK and ICICI Bank Canada Stock Market Trading Tips

Currency fluctuation impacted bottomlines of its both subsidiaries with the Canadian arm reporting a sharp decline and the British unit turning in a marginal increase in profit, despite the fact that bank could manage higher net interest margin from them at 2 per cent, up 12 basis points from a year ago. 

Of the total loan book of Rs 4,09,700 crore at the reporting quarter, these two subsidiaries contributed 23.4 per cent, down from 25.7 per cent in the year-ago period when its total assets stood at Rs 3,61,800 crore, the bank said. In the first quarter of the current fiscal, the share was 24.2 per cent of Rs 3,99,700 crore. 

The bank's total equity investment in ICICI Bank UK and ICICI Bank Canada has come down from 11 per cent of its networth as of March 2010 to 5.2 per cent as of September 2015, chief financial officer N S Kannan told investors and analysts at a customary post-earnings concall this evening Himanshu Tiwari Astrologer Blog

ICICI Bank Canada's net profit fell to 6.6 million Canadian dollars (CAD) from 9.2 million dollars a year ago and 7.8 million CAD in Q1 of the current year. 

However, its assets rose to 6.47 billion CAD during the reporting quarter from 5.90 billion dollars in Q1. Loans and advances rose to 5.61 billion dollars compared to 5.21 billion CAD in Q1, he said.

Kannan attributed the rise in loans and advances to higher securitised insured mortgages and the impact of the fall of the Canadian dollar against the US dollar. 

The capital adequacy ratio for ICICI Bank Canada stood at 25.1 per cent, he added Indian stock market astrology prediction

However, net profit from ICICI Bank UK inched up marginally to $0.6 million from $5.1 million a year ago and from $0.5 million in Q1. Total assets rose to USD 4.64 billion from $4.19 billion. 

Loans and advances rose to $3.20 billion from $2.93 billion in Q1. Kannan said the loan growth was primarily due to granular lending to well-rated multinational corporations and select local market corporates and subsidiaries and joint ventures of Indian companies. 

"The lower profit from the British subsidiary in the reporting quarter was on account of higher provisions on existing impaired loans," Kannan said, adding the capital adequacy ratio stood at 16.3 per cent Commodity Market Astrology Tips

TRIPS flexibilities have proved to be a lifeline for the poor: Nadda

Sending a strong message to the developed world and multinational pharma companies, Union health minister JP Nadda said on Friday India will ensure the Trade-Related Aspects of Intellectual Property Rights (TRIPS) flexibilities are fully harnessed to provide sustained and uninterrupted access to life-saving medicines to patients across the world Stock Market Trading Tips

"TRIPS flexibilities have proved to be a lifeline for the poor and we have a duty to ensure that this lifeline does not snap. I may point out that a common audit and common regulatory mechanism in Africa would facilitate this process considerably," Nadda said, while addressing an event, to discuss access to lifesaving medicines to end the AIDS epidemic, on the sidelines of the India--Africa Forum Summit. 

India, known as 'pharmacy of the developing world' for supplying low-cost essential medicines including anti-retrovirals, cancer drugs and for other critical diseases, is under severe pressure from several governments backed by multinational companies to curtail its launch of generic products Himanshu Tiwari Astrologer Blog

While the international TRIPS agreement provide flexibilities for launch of low cost generic medicines in the interest of public health with supporting provisions such as compulsory licensing etc, multinationals importing patented products see this as a threat to their business prospects. 

The Indian government has been tackling concerns from the US and European Union on inadequate protection of intellectual property rights especially on medicines. 

Indian pharmaceutical companies too have been facing several regulatory hurdles in not just developed markets but also in emerging markets like Africa, which offer significant sales opportunities for drug manufacturers. 

Industry executives and public health experts say efforts against generic medicines have intensified mainly after the Supreme Court's verdict in 2013 denying patent protection to the Swiss multinational Novartis' anti-cancer drug Glivec and the grant of compulsory license against Bayer's blockbuster anti-cancer medicine Nexavar, allowing Hyderabad based Natco Pharma to manufacture and sell the medicine at a comparatively lower price in public interest. When the Indian government started considering more such cases for grant of compulsory license, fears among multinationals deepen Indian stock market astrology prediction

However, India has so far stood firm to support its generic drug manufacturing industry. 

"India strongly supports flexibility given to Least Developed Countries (LDCs) under the TRIPS agreement in WTO and supports its extension beyond 2016 also," Nadda said. 

He added while health care demands and cost will rise with increase in population, commodity security for medicines must be a major area of focus. 

Of late, several consignments of spurious medicines carrying Indian labels have been intercepted by authorities in other countries, while India has maintained that these drugs were not made in India, it has impacted reputation and trade ties between India and other countries Share Market Astrology

Emphasizing that India is committed to supplying quality and affordable medicines, Nadda said the government is undertaking a comprehensive survey to check spurious and sub standard medicines. 

He also urged government in Africa to create health regulatory frameworks and means of implementation that will ease flow of quality medicines, technology and optimisation of the health workforce to reach maximum people in the two countries. 

"India would work with the African Union on doing a regulatory harmonisation so that pharmaceuticals remain accessible and affordable and without compromising with quality," Nadda said Jackpot Stocks Trading Tips