Nifty, Sensex may move sideways – Wednesday closing report

While Nifty will be influenced by overseas markets for now, only a close above 8,420 may lead to a short-term rally   


We had mentioned in Tuesday's closing report that CNX Nifty is likely to bounce back, but it may be a short-lived rebound. Today the index moved close to yesterday’s close without any clear direction, it ultimately closed marginally higher.
S&P BSE Sensex opened at 27,712 and moved in the range of 27,710 and 27,905, and closed at 27,831 (up 34 points or 0.12%), while Nifty opened at 8,318 and moved between 8,317 and 8,377, closing at 8,356 (up 15 points or 0.18%). NSE recorded a volume of 72.54 crore shares. India VIX fell 2.02% to close at 12.2425.
The Ministry of Urban Development yesterday said that a ten-member all Party Parliamentary delegation from Romania, which is currently on a six-day visit to India, has expressed the desire to enhance Romania's engagement with India in parliamentary and economic spheres.
Reports said that Parliamentary Select Committee has reportedly cleared the government's proposal of a composite cap of 49% on foreign investment in the insurance sector.
The Appellate Body of the World Trade Organization has ruled against the US imposing high duty on imports of certain Indian steel products, a move that will help Indian manufacturers and exporters.
India will have stronger GDP growth in 2015, which we forecast at 5%-6%, up from around 5% in 2014 according to Moody's in a report titled -- 2015 Outlook-Global Credit Conditions.
A new foreign trade policy (FTP) is under consultation and finalisation, government said today.
SKS Microfinance (10.76%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. UBS has given the stock a ‘buy’ rating and a price target of Rs500.
Havells India (6.73%) fell drastically after hitting its 52-week high today. It was the top loser in ‘A’ group on the BSE.
State Bank of India (3.06%) was the top gainer in Sensex 30 pack. The bank’s chairperson Arundhati Bhattacharya reportedly said that a cut in lending rates was possible, when a little bit more of pick-up took place in credit. She also said the Reserve Bank of India should signal the market with a deeper cut in policy rate for banks to reduce lending rates.
BHEL (2.30%) was the top loser in the Sensex 30 stock. The stock was in the news after Parliament informed that the company has initiated the setting up an integrated solar photo-voltaic manufacturing facility of around 500 MW per annum in phases in Maharashtra.
On Tuesday US indices had mixed closing.
Except for Nikkei 225 (2.25%), Seoul Composite (1.29%) and Taiwan Weighted (1.06%) all the other Asian indices closed in the green. Shanghai Composite (2.93%) was the top gainer.
China's annual consumer inflation eased to a five-year low of 1.4% in November. The consumer price index fell 0.2% in November from October, the National Bureau of Statistics said today, 10 December 2014.
European indices were trading in the green while US Futures were trading marginally in the red.
French industrial output fell in October as production of energy, agricultural and food products declined on the month, official data showed today. Industrial production fell 0.8% in October compared with September, the national statistics agency Insee said.


Wisdom Agro Tech India Limited and its directors restrained from collecting fresh money from investors

Wisdom Agro Tech India Limited had been collecting funds from the "customers/investors” for its land schemes, prima-facie violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999


S Raman, whole time member, SEBI, has passed an order on Wisdom Agro Tech India Limited and its directors viz.,  Anantharaman Nallaperumal,  Govinda Pillai Reghukumaran,  Gilbert James Dhason,  Kumaresan Vasanthakumari,  Jeyashoba Thankappan Rajam and Ex-Director Prabhu Kannan, directing them not to collect any fresh money from investors under its existing schemes and not to launch any new schemes or plans or float any new companies to raise fresh monies.
The order further directed the company and its directors not to dispose off or alienate any of the properties/assets obtained directly or indirectly through money raised from its schemes and not to divert any funds raised from public at large which are kept in bank accounts and/or in the custody of the company. 
The company was also directed to submit the latest inventory of its assets including land obtained through money raised.
Wisdom Agro Tech India Limited had been collecting funds from the "customers/investors” for its land schemes, prima-facie violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999.



Kiran Aggarwal

2 years ago

Doing land schemes by using
misleading name
Agro Tech India .




Vikram Akula to acquire 26 % stake in financial inclusion start-up VAYA

VAYA is a business correspondent which facilitates savings and loans for self-help groups of women on behalf of banks


Vikram Akula, the controversial founder and former chairperson of SKS Microfinance, who was removed from SKS Microfinance after the Andhra Pradesh microfinance crisis, has been appointed chairman of the financial inclusion start-up VAYA Finserv Pvt. Ltd. Akula will also take a 26% stake in VAYA, according to a release from the company.
VAYA is a business correspondent which facilitates savings and loans for self-help groups of women on behalf of banks. The company was founded by former SKS Microfinance executives and opened its first branch in July, and now has 23 branches with 183 employees across six districts of Eastern Maharashtra and Northern Karnataka. 
“Now that my 3 year non-compete period is over, I was looking to get back to financial inclusion,” said Akula. “I chose to join VAYA because it is focused on under-banked districts, it has a great team, and it uses a next-generation technology platform that will become the future of financial inclusion.”  VAYA is the first business correspondent to use tablet banking in the field. The field officers tablets connect to a centralised online system that has the ability to interface seamlessly with core banking systems, to ensure daily cash settlement with partner banks. 
Akula commented that VAYA is intending to apply for a bank license. “I think that both the creation of small banks as well payments banks is an extremely progressive step on the part of the RBI, and this will certainly help enhance financial inclusion. We are working with our advisors on preparing a small bank license application.”
The Reserve Bank of India (RBI) had released final guidelines for small banks and payment banks on 27 November and sought applications by 16 January from those interested in applying for a small bank licence. “While VAYA has a robust plan to grow as a BC, a small bank licence will assist us in furthering financial inclusion by providing loans to small business units, small and marginal farmers, micro and small industries and other unorganized sector entities” said Vikram Akula. “We also have an option to apply for a payments bank license,” added Akula.
While Akula garnered many accolades over his career and initial years at SKS Microfinance, the Andhra Pradesh Microfinance crisis seriously dented the industry and the company. SKS refused to accept Akula's presence on its board. Under Akula's watch, SKS suppered the brunt of the Andhra Pradesh crisis, which resulted in a huge loss of jobs and extensive delinquency of loans. The RBI restructured microfinance loan books, and it is to be seen if and how the RBI considers at Akula's this latest foray and bank license application.


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