How RBI Helped the Promoter of a Defaulting Power Company RattanIndia Power and Gave Him an NBFC Licence! - III
In the first part of the article, we discussed how the promoter of a bankrupt company, RattanIndia Power, managed to get a licence to start a non-banking finance company (NBFC) from the Reserve Bank of India (RBI). In the second part, we explained in detail what RBI is supposed to do, based on its own circulars, when promoters of a bankrupt company, owing thousands of crores of rupees to...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • Bulls Regain Control – Thursday closing report

    We had mentioned in Wednesday’s closing report that Nifty, Sensex were under pressure. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 1,126 advances, 625 declines and 336 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

     

     
    The key Indian equity indices settled in the red on Wednesday, with the BSE Sensex closing 100 points lower after a largely volatile trade session. Although the indices had opened on a positive note and traded in the green for most of day, profit booking ahead of the futures and options (F&O) contracts expiry on Thursday, pulling the market down in the last two hours of trade, analysts said.
     
    Selling pressure on the energy, power and oil and gas stocks also weighed on the indices. Further, broadly negative European markets and a mixed trend in the Asian indices too dampened the domestic investor sentiments. The Sensex closed at 38,132.88 points, lower by 100.53 or 0.26% from the previous close of 38,233.41 points. After opening at 38,372.03 points, it touched an intra-day high of 38,475.93 and a low of 38,001.34 points. The Nifty50 on National Stock Exchange settled at 11,445.05 points, lower by 38.20 points 0.33% from its previous close. Stock-wise, the top gainers on the Sensex were Yes Bank, IndusInd Bank and State Bank of India, while the major losers were NTPC, Tata Motors and Bharti Airtel.
     
    Despite negative trends in global markets, the key Indian equity market indices on Thursday opened higher ahead of the futures and options (F&O) contracts' expiry. As many as 32 stocks advanced in the Nifty 50 index while 18 stocks declined. In BSE Sensex 18 stocks including Reliance, ITC were trading in green while 10 stocks including Tata Motors, Coal India were trading in red at 9.28 a.m. Although the indices had traded in the green for most of Wednesday, profit booking ahead of the F&O contracts expiry, pulling the market down in the last two hours of trade. Selling pressure on the energy, power and oil and gas stocks also weighed on the indices. The Sensex was down by 100.53 points or 0.26% at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 38,475.93 points and a low of 38,001.34 points. The Nifty, too was down by 38.20 points or 0.33%. On Thursday, Asian indices were showing mostly negative trends. Japan's Nikkei 225 was quoting in red, down by 1.51%; Hang Seng was also trading in red -- down by 0.05%; South Korea's Kospi was down by 0.54% and China's Shanghai Composite was quoting in red, down by 0.36%. Overnight, Nasdaq closed in red, down by 0.63% while FTSE 100 was also down by 0.03% at the closing on Wednesday.
     
    After the completion of the proposed merger of Gruh Finance into the lender, Bandhan Bank is looking to give a big push to affordable housing sector and has plans to further dilute the promoter's holding in it to 40%, an official said on Thursday. "We have got the approval from the RBI (for the proposed merger). Now we are awaiting permission from the SEBI and after that, we will approach NCLT," the bank's MD and CEO Chandra Sekhar Ghosh said.
     
    Post-merger, the shareholding of Bandhan Financial Holdings Limited (NOFHC) in the bank would reduce from 82.3% to 61%. "Ultimately it will go down to 40% for which there is good plan for that," he said. According to him, there has been a good demand for affordable housing with the demand pegged at two crore units. "We will give a push for affordable housing," he said. The lender on Thursday opened a new branch in Burrabazar, Kolkata, upping its bank branch count to 981. By the end of this month, the city headquartered bank plans to open five more branches which will take its branch count to 986. Bandhan Bank shares closed at Rs518.00, up 5.13% on the NSE. 
     
    Dewan Housing Finance (DHFL) settled nearly 10% higher on Thursday after touching an intra-day high of 13.64% on the BSE over reports that Piramal Group and Baring Private Equity (PE) may acquire majority stake in the housing finance company. DHFL, however, said in a regulatory filing that "on February 4, the Chairman and Managing Director or the company had mentioned that there is an intent to bring in strategic investors in the Company. "The Board or Directors had constituted a special committee to evaluate such interest. However, no further discussions or decision in relation to the same have been made by the Board of Directors of the Company." Dewan Housing Finance Corporation shares closed at Rs149.20, up 9.26% on the NSE.
     
    Automobile major Mahindra and Mahindra (M&M) on Thursday announced a price hike, in the range from Rs5,000 to Rs73,000, across all its models, effective from April 1. "Mahindra & Mahindra (M&M)... today announced that effective 1st April, 2019, the price of its range of personal and commercial vehicles will increase by 0.5%-2.7%, resulting in an increase of Rs5,000-Rs73,000, across its models," the company said in a regulatory filing. Rajan Wadhera, President Automotive Sector, M&M, said: "This year has seen record high commodity price increases. Further there are regulatory requirements effective April 1 that have also led to cost increases. "While we have made efforts to reduce our costs, it has not been possible to hold back the price increase. Consequently we are taking a price increase from April 1, 2019." Mahindra & Mahindra shares closed at Rs655.20, down 0.73% on the NSE.
     
    Global software major Infosys on Thursday said its consulting arm would buy 75% equity stake in Starter N.V., a subsidiary of the Dutch-based ABN AMRO Bank for Rs999 crore ($144 million) in cash for strategic partnership in The Netherlands. As a market leader in the Benelux region, Stater operates in the mortgage and consumer value chain with capabilities in digital origination, servicing and collection. Infosys shares closed at Rs739.10, up 1.29% on the NSE.
     
    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:
     
     
  • User

    COMMENTS

    dipankar ghosh

    8 months ago

    THE WAY SECTOR MOVES CYCLICALLY MUST BE DISCLOSED AS AUTO IS
    UNDER NEGATIVE CYCLE AND HOTEL IS SLOWLY EMERGING OUT OF NEGATIVE CYCLE TEXTILE AND HEALTHCARE BARRING PHARMA
    IN UNDER DEEP SLUMBER. A DISCUSSION IS SOUGHT FOR.

    Wealth Creators 2008-2018 – Part 9: Mutual Fund SIPs presented by
    Our list of Wealth Creator mutual fund (MF) schemes of the decade ended 31 October 2018 was a mixed bag. If you have not read it, click here. Broadly, mid- and small-cap and sector-oriented schemes created the maximum wealth in the past decade. Even the few multi-cap schemes in the Wealth Creators’ list were originally mid- and small-cap oriented and were later reclassified as...
    Premium Content
    Monthly Digital Access

    Subscribe

    Already A Subscriber?
    Login
    Yearly Digital Access

    Subscribe

    Moneylife Magazine Subscriber or MAS member?
    Login

    Yearly Subscriber Login

    Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone