Regulations
RBI rejects NBFCs' plea to service pension system
Mumbai : The Reserve Bank of India (RBI) on Thursday decided not to allow non-banking financial companies undertake point of presence services for National Pension System (NPS).
 
"Thebank has examined the proposals and it has been decided in public interest that NBFCs shall not undertake point of presence services for National Pension System," RBI chief general manager C.D. Srinivasan said in a notification here.
 
NBFCs had sought the central bank's approval for undertaking such services under the Pension Fund Regulatory and Development Authority for NPS.
 
All scheduled banks are authorised to service the NPS as point of presence, or collection points and providing a slew of services to the system's subscribers.
 
NPS was launched on January 2004 to provide retirement income to all citizens across the country by inculcating saving habit for retirement.
 
The scheme was extended from May 1, 2009 to the unorganised sector workers on voluntary basis.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Advanced signalling system commissioned for Khurja railway station
New Delhi : Indian Railways on Thursday commissioned a state-of-the-art computerised signalling system at Khurja junction in Uttar Pradesh which will enable 256 possible train movements at the railway station, a statement said.
 
"This work of signal wizardry will help in quicker movements of trains since the train path will be cleared by a central operator with click of a mouse on the visual display unit (VDU)," said a railways ministry statement.
 
The VDU will display the position of each train at the 4.5 km long Khurja yard including adjoining track positions and avoids train traffic disruption.
 
The Indian Railway Project Management Unit (IRPMU), an arm of North Central Railway in association with the construction and open line units of the railways commissioned the system, the statement said.
 
The re-signalling work was a part of Modernisation of Signalling and Telecommunication System on Ghaziabad-Kanpur railway section costing Rs.440 crore.
 
The project included replacement of worn out signalling gears at 47 railways stations, enabling automatic signalling at multiple station and a setting up a captive Global System of Mobile (GSM) communication between driver, guard, station master and controllers.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex may struggle – Thursday closing report
Bulls may be in control as long as Nifty is above 7,100
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex might rally and that if Nifty stayed above 7,100, it could head higher. There was a healthy rally in the Indian stock markets and the major indices closed with gains of over 1% over Wednesday’s close. 
 
 
After the sharp corrections of the recent past, the stock markets rallied in line with global cues and good buying was observed in capital goods, healthcare, IT and TECK sectors. 
 
US agency Moody's Investors Service on Thursday forecast for India a "stable GDP growth at around 7.5% in 2016 and 2017", saying the country is relatively less exposed to external headwinds, like the Chinese slowdown, and will benefit from lower commodity prices. India is relatively less exposed to external factors, including China slowdown and global capital flows. Instead, the economic outlook will be primarily determined by domestic factors, Moody's said in its report "Global Macro Outlook 2016-17 - Global growth faces rising risks at time of policy constraint". "Together with Turkey and China among the G20 emerging markets, India benefits from lower commodity prices: In 2014, net commodity imports amounted to 5.9% of India's GDP, compared with net exports worth 1.3%, 3.3% and 4.3% for South Africa, Brazil and Indonesia respectively," it said on Thursday. "In the five years to the end of the decade, we expect GDP per capita (at market exchange rates) to increase by 34% in real terms in India, compared with only 3.6% in the G20 emerging markets, excluding China and India," the report added. Moody's said overall growth will fail to pick up steam over the next two years as the slowdown in China, lower commodity prices and tighter financing in some countries weigh on the economy.
 
Japan posted a goods trade deficit of 645 billion yen (about $5 billion) in January on weak exports amid poor economic situation around the world, the government said on Thursday. The finance ministry said that the value of exports fell 12.9% year-on-year to about $46 billion, marking the fourth straight month of decline, while imports also dropped 18.0% to $52 billion for the 13th consecutive month.
 
Drug major Cipla has acquired two US-based firms -- InvaGen Pharmaceuticals and Exelan Pharmaceuticals -- for $550 million, the company said in a regulatory filing here on Thursday. "The acquisition was made by Cipla's UK arm through a wholly-owned special purpose vehicle which would merge into InvaGen Pharmaceuticals after the acquisition. The combined revenue for the two companies for the year-ended 2015 is over $230 million," the company said in a statement. The company had informed Bombay Stock Exchange on Sep 4, last year that the cash consideration payable for Invagen is $500 million and for Exelan it is $50 million. Cipla shares closed at Rs525.35, up 1.09% on the BSE.
 
US stocks surged for a third straight session on Wednesday. The Dow Jones Industrial Average added 177.16 points, or 1.09%, to 16,373.57. The S&P 500 jumped 26.80 points, or 1.41%, to 1,922.38. The Nasdaq Composite Index surged 76.64 points, or 1.73%, to 4,512.59. Investors were encouraged by a strong rebound in oil prices. Oil prices rocketed on Wednesday as Iran supported output freeze deal proposed by top producers Russia and Saudi Arabia. In response, the energy sector surged 2.92 percent as the biggest advancer among the S&P 500's 10 sectors. The Fed minutes released on Wednesday afternoon were also in focus. According to the minutes released, in discussing the appropriate path for the target range for the federal funds rate over the medium term, policymakers agreed that it would be important to closely monitor global economic and financial developments and to continue to assess their implications for the labour market and inflation. "The actual path of the federal funds rate will depend on the economic outlook as informed by incoming data," the minutes said.
 
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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