Posts Tagged ‘Financial Services’

NEWS ROUND UP 22nd – 26th March

Hello Friends here we come up with the News Round Up from various categories.

Economy

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路The Reserve Bank of India (RBI) unexpectedly raised interest rates from聽record-low levels for the first time since it began cutting in 2008, citing聽intensifying inflationary pressures and a steady economic recovery. The聽central bank raised the repo rate, the rate at which it lends to banks to 5.00聽percent from 4.75 percent and reverse repo rate, the rate which it absorbs聽funds from the system to 3.50 percent from 3.25 percent with immediate聽effect.

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路India’s Wholesale price inflation accelerated to 9.89 percent in February聽from a year ago, above the Reserve Bank of India’s end March projection of聽8.5 percent and higher than the 8.56 percent level recorded in January this聽year.

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路India’s food price index rose 16.30 percent in the 12 months to March 6,聽while the fuel index was up 12.68 percent. The rise in the food price index聽was lower than an annual rise of 17.81 percent in the previous week.

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Pharmaceutical

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路Elder Pharmaceuticals had increased its stake in Bulgarian subsidiary Elder聽Biomeda AD to 61 per cent from the present 51 per cent, as part of its聽strategy to strengthen its presence in the European market. The Rs 600-聽crore turnover Elder Pharma did not disclose the deal size. In April 2008,聽Elder had formed Biomeda AD in Bulgaria, to acquire three Bulgarian聽healthcare companies belonging to the local Biomeda group.

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Metal

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路Welspun Gujarat Stahl Rohren unit will acquire a 75 per cent stake in MSK聽Projects, marking its foray into infrastructure. Welspun will invest a total of聽Rs 400 crore, of which Rs 200 crore will be infused directly into MSK.

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Realty/ Construction.

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路Punj Lloyd has bagged a project worth $40 million (nearly Rs 181 crore)聽from Abu Dhabi Gas Industries (GASCO) for infrastructure related works.

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The company has secured a letter of award for engineering, procurement聽and construction works in UAE from GASCO.

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路Subhash Projects & Marketing has bagged two orders worth Rs 475.34 crore聽for infrastructure related works. The company, along with Kirloskar聽Brothers Ltd, has bagged a contract worth Rs 439.35 crore from Bangalore聽Water supply Sewerage Board for civil and electromechanical works.

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路路 Hindustan Construction Company (HCC) acquired a controlling stake in聽Swiss real estate firm Karl Steiner AG in an all-cash deal for around Rs 150聽crore (Swiss Francs 35 million), a move that will pave way for the company聽to enter the European and Gulf markets.

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路PT Madhucon Indonesia, a subsidiary of the Hyderabad-based聽infrastructure company Madhucon Projects Ltd, has been granted a new聽coal mining business permit for exploration of 30,970 hectares at聽Mauraduwa in south Sumatra, Indonesia.

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Oil & Gas

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路GAIL India plans to transit 21 per cent more natural gas through its pipelines聽at 114.8 million cubic meters per day in 2010-11 fiscal. The company in a聽press statement that it has set a target of transmitting 114.8 mmscmd of聽natural gas from domestic fields and imported LNG in 2010-11 fiscal as聽opposed to moving 94.8 mmscmd during current fiscal.

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Capital Goods

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路McNally Bharat Engineering Company has bagged an order worth Rs 173.2聽crore for works at Mahanadi Coalfields in Sambalpur, Orissa. This is the third聽order that the company has bagged within a week, the first two being from聽NPCC and SAIL.

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路Larsen & Toubro (L&T) has bagged a project worth Rs 2,035 crore from聽ONGC Mangalore Petrochemicals Ltd to set up an aromatics complex at聽Mangalore special economic zone.

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Automobile.

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路Mahindra & Mahindra has joined the long list of corporate houses looking to聽obtain a banking licence after the finance minister’s budget speech聽revealed that banking regulator RBI was planning to allow more players in聽the sector. A top executive of the $6.3-billion group that it was planning to聽seek a banking licence for its non-banking finance company Mahindra &聽Mahindra Financial Services (MMFSL).

Moneywise…Be Wise ;)

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If you find yourself asking the question 鈥

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Why should I Save ?

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Why should I Invest ?

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Where do I Invest ?

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Who would Guide me to take informed decision on my Investments ?

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鈥hen look no further !

Why SMC?

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SMC Group, a leading Financial services provider in India, a vertically integrated investment solutions company, with a pan-india presence is there to guide you and provide complete investment solutions to you.

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SMC Group, having rich experience of more then two decades in financial markets, is one of the largest & most reputed investment solutions company that provides a wide range of services to its client base of more than 5, 50,000 clients with presence in more then 1500 cities.

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SMC Online, an unit of SMC Group, is one stop financial investment portal for investor’s all financial needs.

Investors can trade online in Equities, FNO, Currency Futures, Commodities, apply online for IPOs, and invest online in Mutual Funds.

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SMC is :

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a) 4th Largest broking house of India in terms of trading terminals (Source: Dun and Bradsheet, 2008)

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b) 5th largest distributor of Initial Public Offering (IPOs) in retail (Source: Prime Data Ranking)

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c) Awarded 鈥Fastest Growing Retail Distribution Network in Financial Services鈥 (Source: Business Sphere, 2008)

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d) Recipient of 鈥Major Volume Driver Award鈥 from BSE for last three years consecutively.

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e) Nominated among the top three in the CNBC Optimix Financial Services Award 2008 under National Level Retail Category.

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f) One of the largest Proprietary Arbitrage Desk doing risk free arbitrage in equities & commodities.

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g) Commanding turnover of more then 3% in equity market, 4% in commodity market and 10% in DGCX.

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h) Transparent and professional management.

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j) Relentless focus on investor care.

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k) World class in-house research facilities providing research support to investors.

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l) All financial products and services under one roof.

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Next Blog we would try to read more about the other SMC’s investment products and services.

Stay Tuned for more on this 馃檪

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To know more about the SMC Products and Services, click here.

NRI’s Deposits Surge $1.8 Billion in Q1 :)

NRI deposits in Q1

Overseas Indians continue to set great store by deposits with banks in India due to the upward revision in the interest rate ceiling while the Non-resident Indian (NRI) deposits with banks increased by $1.8 billion in Q1 of FY2010.

However, in order to counter foreign exchange outflows, the RBI revised the ceiling rate of foreign currency non-resident deposits to LIBOR/SWAP rates plus 100 basis points for the respective currency /corresponding maturities (as against LIBOR/SWAP rates plus 25 basis points).

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Moreover, in the case of repatriable NRE deposits, the ceiling rate on NRE deposits was raised to LIBOR/SWAP rates plus 175 basis points.

Further, private transfer receipts which constitutes of remittances from Indians working overseas and local withdrawals from NRI rupee deposits, remained buoyant and rose by 9.4% to $13.3 billion during Q1FY2010 from $12.2 billion in Q1FY2009.

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On the other hand, during Q1FY2010, invisibles receipts, comprising services (travel, transportation, insurance, software, etc), transfers and income (investment income and compensation of employees), decreased by 0.7% to $38.684 billion due to reduction in all categories of services except insurance and financial services and a decline of 20.3% in investment income receipts.

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However, invisibles payments rose by 11.9% to $18.505 billion on account of growth in payments under services and income account.

The trade deficit declined to $25.986 billion and net invisibles was lower at $20.179 billion whereas merchandise exports recorded a decline of 21% in Q1FY2010 and imports declined by 19.6% as against a positive growth of 42.9% in Q1FY2009.

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IDFC, KRIBHCO Buy 5% Stake Each in ICE :)

IDFC-KRIBHCO-buy-5%-stake

IDFC and Krishak Bharati Cooperative Limited (KRIBHCO)have purchased a stake of聽 5% each in Indian Commodity Exchange, which jointly promoted by Indiabulls Financial Services and MMTC.

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According to sources, the bourse will apply to Forwards Markets Commission, the regulator, after the completion of the formalities of the shareholding agreement.

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With the latest divestment, the current holding of Indiabulls stood at 40% while MMTC has 26%. The other shareholders include HDFC Bank, Yes Bank and Indian Potash.

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FMC guidelines stipulate a maximum shareholding of 40% in a commodity exchange by an anchor investor.
This has to be reduced to 26% within a period of two years starting with the fourth year from the date of exchange’s recognition.

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Earlier, FMC (Forward Markets Commission) rejected United Stock Exchange鈥檚 proposal to pick up 10% stake in Indian Commodity Exchange since it was yet to receive full recognition from capital markets regulator SEBI.

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The bourse is the latest entrant into the commodity futures space and will vie with the predominantly metals and energy bourse MCX and agri bourses NCDEX and NMCE.

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In August, FMC had directed the exchange, which had received recognition from the Ministry of Commerce over a year ago, to offer 10 per cent equity of USE to other competent partners and re-submit the application by September-end.

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