PFC has received approval to raise Rs5,000 crore through tax-free bonds, Rs7,000 crore through infrastructure bonds and the remaining Rs11,000 crore from another bond issue or ECBs
State-run lending agency Power Finance Corporation (PFC) plans to raise over Rs22,000 crore through infrastructure and tax-free bond issues during the current financial year (2011-12) to part fund its borrowing requirements.
PFC has received approval from the government to raise Rs5,000 crore through tax-free bonds and Rs7,000 crore through infrastructure bonds during the fiscal and the remaining Rs11,000 crore may come from another bond issue or external commercial borrowings (ECBs).
The company's borrowing target in the previous fiscal (2010-11) was Rs 27,000 crore.
PFC, which has so far allotted three independent transmission projects (ITPs) to successful bidders, will finalise two more such projects this financial year (2011-12).
PFC gained 2.65% to close at Rs216.85 per share on the BSE today
The JV firm will provide end-to-end intellect core banking solution that would allow the banks to run a single application for its different functions, thereby facilitating easy operations to its customers
IT firm Polaris Software has entered into a memorandum of understanding (MoU) with two Bangladesh-based banks to form a joint venture company, which will provide software solutions to both the financial institutions.
Polaris Software, Sonali Bank and Bangladesh Commerce Bank have signed a MoU to form a joint venture (JV) company-Sonali Polaris Financial Technology-in which the IT firm will hold a 51% stake, Polaris Software said in a filing to the Bombay Stock Exchange (BSE).
The JV firm will provide end-to-end intellect core banking solution that would allow the banks to run a single application for its different functions, thereby facilitating easy operations to its customers.
"The Banking, financial services and insurance (BFSI) sector in Bangladesh is all set to undergo a major overhaul.
Through this JV, we will be able to offer quality service in the rapidly emerging financial marketplace," Bangladesh Commerce Bank managing director SA Choudhary said.
Sonali Bank is the largest state-owned commercial bank in Bangladesh with 1,188 branches and operations in UK, the US, Middle East and India, the filing added.
Bangladesh Commerce Bank is a commercial bank with private-partnership, it said.
Shares of Polaris Software settled at Rs173 apiece on the BSE, down 0.03% from its previous close.
Nifty may suddenly fall to 5,400, unless it closes above 5,620
The market opened flat this morning, tracking the Asian markets that were mixed in early trade. Debt problems across the world led investors to look out for other safe haven investment options.
The Nifty opened at 5,582, just one point up from its weekend close, and the Sensex at 18,592, plus 30 points. Quick selling in the opening minutes pushed the indices into the negative, but buying immediately afterwards pushed the Nifty to its intra-day high of 5,597 and the Sensex to 18,623.
Choppiness continued till noon, after which the market fell prey to sellers again. A lower opening on the key European exchanges added to the woes and pushed the indices further southwards.
The market touched the day’s low in the last hour, with the Nifty falling to 5,551 and the Sensex down to 18,470. However, a late recovery ensured a close above the intra-day low, but still down for the second day in a row. The Nifty settled at 5,567, down 14 points and the Sensex at 18,507, a loss of 55 points. If the Nifty goes below 5,500, it will quickly fall to 5,400.
The advance-decline ratio on the National Stock Exchange (NSE) was positive 906:797.
The broader indices outperformed the Sensex today as the BSE Mid-cap index gained 0.22% and the BSE Small-cap index rose 0.37%.
BSE Realty (up 0.89%), BSE Consumer Durables (up 0.70%) and BSE Metal (up 0.48%) were the noteworthy sectoral gainers today. On the other hand, BSE Auto (down 1.04%), BSE IT (down 0.81%) and BSE Healthcare (down 0.80%) were the top sectoral losers.
Hindalco Industries (up 3.09%), BHEL (up 2.70%), Tata Power (up 2.37%), HDFC Bank (up 1.06%) and HDFC (up 0.99%) were the major gainers on the Sensex. The losers on the index were led by TCS (down 1.97%), Tata Motors (down 1.94%), Cipla (down 1.90%), Mahindra & Mahindra (down 1.71%) and Reliance Communications (down 1.67%).
The top Nifty gainers were Hindalco (up 3.60%), BHEL (up 2.65%), Tata Power (up 2.54%), GAIL (up 1.98%) and IDFC (up 1.40%). The major losers on the index were Cipla (down 2.16%), M&M, RCom (down 2.14% each), NTPC (down 2.05%) and TCS (down 2.01%).
Markets in Asia, with the exception of the Jakarta Composite, settled in the red today. Export-oriented economies in the region were worried that the debt crisis on both sides of the Atlantic would impact growth.
The Shanghai Composite lost 0.12%, the Hang Seng declined 0.32%, the KLSE Composite tanked 0.93%, the Straits Times fell 0.17%, the Seoul Composite settled 0.69% lower and the Taiwan Weighted fell by 0.42%. Bucking the trend, the Jakarta Composite gained 0.24%. The Japanese market was closed for a local holiday.
Back home, foreign institutional investors were net buyers of stocks worth Rs73.03 crore on Friday, whereas domestic institutional investors were net sellers of stocks worth Rs39.14 crore.
Infosys, the nation’s second largest software exporter, has evinced interest in opening an IT centre in Gujarat. “We are yet to get land. Once the Gujarat government takes a decision, and I am sure that they will, we would look at the possibility of starting a centre here,” Infosys chairman and chief mentor NR Narayan Murthy said today.
The Infosys mentor is slated to meet the Gujarat chief minister Narendra Modi and is likely to discuss the company’s plans to set up a centre in the state. The stock closed 0.69% lower at Rs2,712.50 on the NSE today.
Venky’s (India), engaged in the poultry business, plans to spend around Rs107 crore to expand and modernise capacities at its plants and open new retail outlets. The expansion-cum-modernisation plan includes addition of capacities in poultry and poultry products and animal health products business, modernisation in oilseeds segment and opening up of new retail outlets under the brand ‘Venky’s Xprs,’ the Pune-based company said no Monday. Venky’s (India) rose 0.73% to close at Rs615.35 per share on the NSE.
Glenmark Pharmaceuticals today informed the stock exchanges that its subsidiary, Glenmark Generics, had received final approval from the US health regulator to market generic Nizatidine capsules in the American market. Nizatidine is used in the treatment of ulcers. The company will commence marketing immediately. The company’s stock fell 2.01% to Rs325 on the NSE today.