Why Stocks of Public Sector Banks Are Unlikely to Create Value
In continuation of the superficial attempts in ‘reforming’ public sector banks (PSBs), the government has just announced mega mergers of several PSBs. Oriental Bank of Commerce and United Bank of India will get merged with Punjab National Bank; Syndicate Bank with Canara Bank; Corporation Bank and Andhra Bank with Union Bank and Indian Bank will merge with Allahabad Bank. What will these...
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
  • Nifty, Sensex Directionless - Thursday Closing Report
    The major indices opened high but ended with losses over Tuesday’s close. On the NSE, there were 1,129 advances, 631 declines and 356 unchanged. The trends of the Indian stock markets in the course of Thursday’s trading are given in the table below:
     
     
    Oil and Natural Gas Corporation informed that its fuel supplies would continue uninterrupted despite the massive fire at its Uran Oil and Gas Processing Plant that claimed four lives. ONGC also said that following the fire, gas processing was restricted to maintain supplies to internal power generation and also to meet the requirements of Mahanagar Gas Ltd, and the remaining gas was diverted to the other processing unit of the company at its Hazira plant.
     
    Wipro secured a $300-million (Rs2,156 crore) seven-year deal from ICICI Bank through Vara Infotech for providing a suite of services. The bank contract generated Rs 221.5 crore business for Vara in the fiscal 2018-19.
     
    Force Motors has reported total sales of 1,971 units during August 2019, as compared to 2551 units in July 2019 and 2083 units in August 2018, a month-on-month drop of 22.74% and YoY drop of 5.38%.
    The NCLT bench has approved the resolution plan submitted by JSW Steel in respect of the corporate insolvency resolution process of Bhushan Power and Steel Limited. The written order containing the details and terms of such approval, if any, are awaited.
     
    ECL Finance of Edelweiss group and State Bank of India have signed a co-origination agreement to increase access to credit for micro, small and medium enterprises (MSMEs). Pursuant to Reserve Bank of India's (RBI) guidelines on co-origination of loans by banks and NBFCs, the alliance aims to leverage combined reach in tier II and tier III markets to ensure timely disbursal of credit to MSMEs.
     
    Bajaj Finance Ltd has allotted 14,000 Secured redeemable non-convertibles debentures of face value of Rs10 lakhs each aggregating to Rs1,400 Crores. The instrument has rating of "CRISIL AAA / Stable" by CRISIL Limited.
     
    NTPC has announced that Unit-1 of 660 MW of Nabinagar super thermal power project (3 x 660 MW) of Nabinagar Power Generating Co. Limited (a wholly owned subsidiary of NTPC Limited) will be declared on commercial operation w.e.f 00:00 Hrs of 6 September 2019.
     
    Novelis Inc., Hindalco's wholly owned subsidiary, reaffirmed its full commitment to closing its proposed acquisition of Aleris Corporation, notwithstanding the U.S. Department of Justice (DOJ) lawsuit to block the transaction. Novelis intends to vigorously defend against the DOJ's challenge, which it believes is without merit.
     
    Cochin Shipyard Limited (CSL) has received the Letter of Acceptance (LoA) from Kochi Metro Rail Limited (KMRL) for building 23 boats for the Kochi Water Metro Project. These boats will provide inland transportation using electric/ hybrid technology. On the whole KMRL has a requirement of around 78 high quality boats of international standards. Out of this, 23 boats having a capacity of 100 PAX was tendered by KMRL in which CSL also participated. The contract is yet to be executed and the status of the same will be announced later.
     
    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

    Nifty, Sensex Still Under Pressure – Wednesday closing report
    The major indices went up a bit today. On the NSE, there were 914 advances, 845 declines and 359 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
     
     
    Maruti Suzuki has decided to shut down production of passenger vehicles in Gurugram and Manesar plants in Haryana for two days, on 7 and 9 September 2019. The company said in an exchange filing that "Both days will be observed as no production days”.
     
    The Board of Canara Bank will meet on 13 September to consider the amalgamation of Syndicate Bank into Canara Bank. The board will consider capital infusion up to Rs9,000 crore by Government of India by way of preferential issue of equity shares subject to necessary approvals.
     
    Gujarat Alkalies and Chemicals may consider the proposal for split/sub-division of its equity shares of the face value of Rs10/- each of the Company.
     
    ICRA has revised the long term rating of Indoco Remedies to A from A+. The outlook on the long-term rating is negative. The short term rating has been revised to A2 from A1. 
     
    Central Bank of India has introduced repo-linked interest rate on home loan and vehicle loans from September 1, 2019. Existing borrowers will be given an option to switch over to the new repo linked rate at a fee as decided by the Bank.
     
    ESR India Investments Holdings Pte. Ltd., a subsidiary of Asia Pacific's leading logistics real estate platform ESR, announced a strategic alliance with Future Group through Future Market Networks. It is estimated that an investment nearly Rs.300 Crore (approximately US$42 million) shall be made to develop two state of-the-art industrial and warehousing parks to service the northern and central regions.
     
    V-Mart Retail Ltd has opened two new stores in Jharkhand and West Bengal. With this total number of stores increased to 234 stores in 182 cities across 18 states and total tally of stores in Jharkhand to 19 and in West Bengal to 14.
     
    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

    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