Stocks
Nifty, Sensex are in the hands of the bulls – Thursday closing report
Dips are being bought eagerly. The market will trend higher as long as it remains above 7,706
 
We had mentioned in Wednesday’ closing report that Nifty, Sensex were in an upmove again and that Nifty would trend up, if it stayed above 7,685. The major indices of the Indian stock markets were trading in a narrow range on Thursday and closed marginally higher than Wednesday’s close. The trends in trading of the major indices on Thursday are given in the table below:
 
 
Caution on the derivatives expiry day, coupled with weak crude oil prices, subdued the Indian equity markets on Thursday. Consequently, the key indices of the Indian equity markets traded flat. Initially, the key indices of the Indian equity markets opened on a flat-to-positive note, in-sync with their Asian peers.  Besides, upcoming US non-farm payrolls data and key domestic macro-economic data deterred investors from chasing prices. In addition, weak crude oil prices due to supply side issues dented sentiments. Rupee too opened flat at 66.36 to a US dollar from its previous close of 66.37-38 to a greenback. Major Asian indices closed with small losses over Wednesday’s close.
 
Japan on Thursday committed an official development assistance (ODA) loan of 242.2 billion Japanese yen (around Rs14,251 crore) to India, the finance ministry said. It added that the latest ODA loan takes the total assistance to 390 billion Japanese yen in FY16, which is the highest amount committed in a year. The assistance loan has been committed for strengthening transmission system project in Madhya Pradesh, Odisha integrated sanitation improvement project, a dedicated freight corridor project, northeast road network connectivity improvement project, and Jharkhand horticulture intensification project. In the last few years, the economic cooperation between India and Japan has strengthened and grown into strategic partnership. 
 
Reliance Defence on Thursday said it is partnering the Ukraine-based state corporation Antonov for dual version transport aircraft for military, para military and commercial use in India that has a potential market size of Rs.35,000 crore in 15 years. The agreement was reached between Reliance Group chairman Anil Ambani and National Security and Defence Council of Ukraine Deputy Secretary Oleg Gladkovskyi on the margins of Defence Expo in Panaji, a company statement said. Reliance Defence and Ukraine's Antonov will jointly address various requirements, including 50-80 seat passenger aircraft in basic configuration, and also in all its variants, for transportation, maritime patrol and other military roles.
 
SBI (State Bank of India) announced a move towards marginal cost of funds based lending rates (MCLR), with effect from 1 April 2016, in line with a Reserve Bank (RBI) policy that called for a shift to the new regime. As per the new mechanism, SBI said its MCLR would range from 8.95% to 9.35% for loans of different tenors, ranging from overnight to three years. In December 2015, the RBI had laid out guidelines for banks to move towards the MCLR, starting April 1. The move was aimed at making transmission of monetary policy quicker and more effective, as banks price their lending rates after taking into account bond/money market rates that may have moved following an interest rate decision. SBI shares closed at Rs194.30, down 1.65% on the BSE.
 
Hindustan Zinc said its board of directors at a meeting held on 30 March 2016, declared a special golden jubilee dividend of Rs24 per share for the financial year ending 31 March 2016. Its shares closed at Rs183.50, up 4.77% on the BSE.
 
The Chinese central bank on Thursday injected liquidity of $15.4 billion into its financial system to boost lending. The People's Bank of China (PBOC) carried out the operation through seven-day reverse repurchase agreements, or repos, at an interest rate of 2.25%, Xinhua news agency reported. The reverse repo was priced to yield 2.25%, unchanged from Wednesday's injection of 60 billion yuan, according to the PBOC. The injection has resulted in a net 40 billion yuan being pumped into the market Thursday, offset by 60 billion yuan in maturing reverse repos. The move follows a week-long rise in money-market rates as maturing reverse repos continued to drain liquidity from the market while commercial lenders hoard cash to meet quarter-end regulatory reserves. In Thursday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate (Shibor), which measures the cost at which Chinese banks lend to one another, climbed by 1.3 basis points to 2.017%, the highest level in a month.  Shibor for two-week loans rose the most, by 5.8 basis points to 2.788%. 
 
The US dollar continued to drop against most major currencies on Wednesday as Chair Janet Yellen said the Federal Reserve planned to raise interest rates carefully. Fed Chair Yellen said on Tuesday the US central bank will move cautiously in light of a weak global economy and stubbornly low inflation, Xinhua reported. "Given the risks to the outlook, I consider it appropriate for the committee to proceed cautiously in adjusting policy," Yellen said in a speech to the Economic Club of New York on Tuesday.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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NCDRC raps StanChart for spoiling customer's credit record
The National Consumer Commission upheld the decision of the State Commission asking Standard Chartered Bank to pay a compensation of Rs2 lakh for negligence and reporting the customer as a defaulter to CIBIL
 
The National Consumer Disputes Redressal Commission (NCDRC), while holding Standard Chartered Bank (StanChart) guilty for spoiling one of its customers’ credit record, asked the lender to pay Rs2 lakh as compensation. 
 
"It is not disputed that the complainant made full payment of transactions carried out through credit card and opposite party (OP-StanChart) issued full and final settlement account on 25 October 2002. It is also not disputed that OP by mistake/ negligence has shown name of complainant in Credit Information Bureau (India) Ltd (CIBIL) defaults on account of which, complainant’s application for education loan of Rs4 lakh from State Bank of India was rejected," said Justice KS Chaudhari, presiding member in the order.
 
The case related with Vadodara-based Hanumesh Bandurao Kulkarni, who despite paying all his dues while closing a credit card with StanChart, was shown as defaulter in CIBIL report. This defaulter remark prohibited him from obtaining a loan of Rs4 lakh for his daughter's education. 
 
On 5 September 2001, StanChart issued a credit card to Kulkarni, who used it only twice for withdrawing Rs4,000 and Rs3,100 on 15 September 2001. Kulkarni paid Rs500 on 17 February 2002 and Rs2000 on 15 April 2002 against the withdrawals. Citing defective services from the lender, Kulkarni then decided to close the credit card.
 
On 2 October 2002, he paid Rs7,000 to StanChart against full and final settlement for his credit card. StanChart, on 25 October 2002 issued a full and final settlement account statement and closed Kulkarni's credit card from that date. 
 
Later in 2013 or after 11 years from closing the StanChart credit card, Kulkarni applied with SBI for an education loan of Rs4 lakh for is daughter's higher studies. However, SBI rejected his application on 31 July 2013 with a remark "CIBIL defaults, file rejected'. 
 
On enquiry, Kulkarni found that StanChart has mentioned his name as 'defaulter' in the records of CIBIL. The amount mentioned in the credit report was Rs2.95 lakh as on 1 August 2013, which increased by around Rs20,000 to Rs3.15 lakh on 14 November 2013.
 
Kulkarni wrote several letters to StanChart for rectification of the error but the Bank did not take any care. He then approached the Banking Ombudsman at Ahmedabad. While admitting the facts, StanChart on 23 December 2013 assured the Ombudsman that it will remove Kulkarni's name from the CIBIL records within 10 days. However, the Bank failed to do so. It also failed to issue no dues certificate to Kulkarni, as agreed before the Ombudsman.
 
Kulkarni, citing service deficiency on the part of StanChart, then filed complaint before the District Consumer Forum. The Bank did not appear before the Forum. The Forum then issued an ex-parte order asking StanChart to remove Kulkarni's name as defaulter from CIBIL records, issue a no dues certificate and pay a compensation of Rs1 lakh. It also asked StanChart to pay Rs50,000 in the State Consumer Welfare Fund.
 
Not satisfied with the compensation, Kulkarni then approached the State Commission. While partly allowing the petition, the Gujarat State Consumer Disputes Redressal Commission, enhanced the compensation to Rs2 lakh. This led Kulkarni to approach the NCDRC.
 
In his petition, Kulkarni contended that since his loan proposal was rejected, he was forced to obtain a loan of Rs70,000 from other financial institutions at an in interest of 23% per annum, by pledging gold ornaments worth Rs2 lakh. 
 
"Even if it is taken a true fact, (the) complainant (Kulkarni) was paying Rs700 per month higher to the financial institution against the interest payable to SBI at a rate of 11% to 12%p.a. Complainant has already been awarded compensation of Rs2 lakh by which he can very well pay full loan of Rs70,000 obtained from financial institution and still he would be saving Rs1.30 lakh," the NCDRC said in its order
 
(Ref: NCDRC Revision Petition No.2601 of 2015)

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SEBI restrains Pawan Bansal from associating himself with an intermediary for stocks
Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations, according to a SEBI Order
 
Pawan Bansal, managing director and key management person of Altius Finserv, is restrained from associating himself  with any intermediary (or holding any controlling shareholding in any intermediary) till he is freed by the Competent Court, of the charges alleged in the FIR (FIR no. RC-AC1-2014-A0005) registered against him, by the CBI (Central Bureau of Investigation) on 1 August 2014, according to a SEBI Order. SEBI (Securities and Exchange Board of India) is the market regulator.
 
SEBI shall not consider any application of Altius Finserv Private Limited, for a Certificate of Registration to act as an intermediary in any capacity, until he is freed by the Competent Court, according to the SEBI Order.
 
The SEBI Order observed that Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations.  Altius Finserv Private Limited has failed to comply with the provisions of Clause 28 of the Code of Conduct contained in Schedule III read with Regulation 13 of the Merchant Bankers Regulations.

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