India Business

ICICI Bank Enters Pact With MITCON

ICICI BankChennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited.

According to the company release the novel deal would assist several SME units, who would be capable of availing a full services package through direction from consistent partners with confirmed knowledge in the Carbon Credit business with the backing of ICICI Bank.

Rupee Ends Steady Against Dollar

CurrencyOn Dollar demand by Indian oil importers, the Indian Rupee closed flat against US currency.

The Indian unit that climbed up to 40.53 in the morning session gave up its advances on intense Dollar demand by Indian oil importers. Furthermore, foreign monetary funds also ramped up Dollar positions today further assisting the US currency in opposition to Rupee.

Rupee Energizes On Equity Inflow Anticipations

Mumbai: Rupee climbed as Asian stock markets stabilized, regenerating anticipations for foreign capital inflows into local shares.

The partly convertible rupee came up as against its weakest close in over a month on Friday. In late July, it hit a nine-year peak of 40.20.

In the last two sessions, foreigners have purchased $142 million of shares after selling over $600 million so far this month.

Pricey Food Items Push Inflation To 4.45%

Food ProductsNew Delhi: For the week ended July 28, inflation based on the wholesale price index (WPI) came up to 4.45% from 4.36% in the preceding week on expensive food items and a few man-made products.

During the corresponding week of the last year (2006), the inflation stood at 4.72%.

The costs of food items like fruits and vegetables, mutton, eggs, masur and bajra went up in the week under review. Food products that come under manufactured group like coffee powder, baby food, sooji, maida and flour also became expensive.

Centurion Bank reduces Depository Interest Rates

Centurion Bank of PunjabMumbai: Indian private sector lender Centurion Bank of Punjab reduced its depository interest rates by 50-150 basis points.

The bank said in a statement that the novel interest rates on deposits will be effective from Monday.

Today, Centurion Bank shares closed the day after making a gain of 2.65 per cent up at Rs 38.75 in a weak Mumbai market.

Bank Credit Climb Up 23.2% As On Jul 27

The credit paid out by scheduled commercial banks climbed up 23.2% to Rs 3,608.88 billion on yearly basis as on Jul. 27, 2007, which is under the growth of aggregate deposits of 25.7%.

According to the RBI’s weekly statistical supplement of Aug. 10, 2007, the total disbursals stood at Rs 19,172.31 billion in the period under review.

In the corresponding period of 2005-2006, bank credit arose 31.2%. Therefore, the credit growth has decreased amazingly for the week ended Jul. 27, 2007, connoting that RBI’s stand of tightening up the monetary policy produced worthy results.

Buy Neyveli Lignite on every fall in Price - Anil Manghnani

Neyveli Lignite CorporationAnil Manghnani is bullish on Neyveli Lignite and is of the view that investors should accumulate the stock at any fall.

"Neyveli is still interesting; every fall you would see this sharp bounces because of the stock actually broken out on the longer term came after a long time. In this move it is Rs 81 is important if it crosses Rs 81 that’s a trading target then you could rally back to Rs 87, which is a recent top at Rs 93. But again if it comes down, back closer to Rs 70 and Rs 66 levels definitely accumulate the stock at any fall,” Mr. Manghnani stated.

Forex Reserves Surge By $3.307 Billion

ForexOn the back of jump in foreign currency and assets collections, Forex reserves soared up by USD 3.307 billion to USD 225.35 billion as on July 27.

According to RBI’s weekly statistical supplement, foreign currency and assets got to USD 218.096 billion on the back of USD 3.306 billion. In the same period, reserve position in IMF dropped by USD 10 million to USD 455 million.

Bank Credit Jump 23.7% As On Jul. 20

As on Jul. 20, 2007, the credit paid out by listed commercial banks developed 23.7% (Rs 3,663.49 billion) on a year-on-year basis that is beneath the increase of aggregate deposits of 24.4%.

In its weekly statistical supplement of Aug. 3, the RBI reported that the total disbursals stood at Rs 19,144.56 billion.

On the other hand, bank credit arose 31.7% in the corresponding period of 2005-2006. Therefore, the development in credit has came down surprisingly for the week ended Jul. 20, 2007, entailing that RBI’s stand of tightening up the monetary policy produced desirable results.

Markets To Deal In A Range With An Unconstructive Bias On Monday - Brokers Viewpoint

Karvy Stock Broking Ltd.Sachin Chandsarkar, senior dealer, Karvy Stock Broking, said that today stock market rested explosive because of short covering. NSE Nifty arose 50 points to 4,425, where nonstop selling pressure took place. Major performers comprise Titan Industries, Suzlon and Voltas.

Nifty based stocks saw less interest from dealers. There was no effort envisioned in stocks of Reliance Group. Because of good dispatch numbers by cement companies, buying was seen in ACC and Gujarat Ambuja.

Buy IFCI, India Cements for Short Term

IFCI LimitedSharmila Joshi of Asit C Mehta advocates that IFCI and India Cements are brilliant stocks, and investors can make quick gains once they invest in both at lower levels.

Joshi told, "IFCI and India Cements are buys and one of the reasons why IFCI corrected sharply was the fact that you suddenly had this news item that they would maybe reconsider their stand of selling the stake at all and the whole down turn that one saw was because of that because the results have been strong and the stock has been buzzing on back of this news. If it resurfaces and if gets confirmed then there is a good upside to IFCI."

Unitech’s Support Level at Rs 550

Rahul MohindarUnitech said that ‘Unitech’ has support at Rs 550.

Mr. Mohindar said: “Real estate and infrastructure these are –these are spaces that we linked. On declines we are looking at buying opportunities. We have been commending Unitech for some time, Rs 620-650. Those are the medium term and long term targets respectively. I think the intra-day correction that we have seen today is really an opportunity to buy. There is very big support at about Rs 550 for this stock. So, Unitech would be one, which we will pick in real estate.”

India Can Achieve 10% Growth In 2008-09: P. Chidambaram

Union Finance Minister P. ChidambaramNew Delhi: Yesterday, the Union Finance Minister, P Chidambaram alleged that it is viable for the country to attain 10 per cent economic growth in the next fiscal.

While addressing the Indian Policy Forum, Mr. Chidambaram said, “Achieving a 10 per cent growth in 2007-08 is tough, but it is possible in 2008-09. That will be a fitting finale for the UPA government's five-year tenure.”

Forex Reserves Up $937 Mn, Touches $213.5 Bn

Forex TradingOn the back of rise in foreign currency and assets collections, Forex reserves soared up by USD 937 million to USD 213.486 billion on June 29 on week-on-week-basis.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement released on July 6, 2007, foreign currency and assets reached USD 206.114 billion on the back of USD 936 million rise.

The IMF reserve position also came up by USD 1 million to USD 460 million during the same period.

On the other hand, gold reserves and the special drawing rights (SDRs) remained unaltered at USD 6,911 million and USD 1 million correspondingly.

HDFC Bank Pushes Up NRE Deposit Interest Rates

HDFC BankThe Leader in the private sector lending – HDFC Bank has hiked the interest rates on its NRE deposits W.E.F. from July 1.

Now, the Deposits of 3 to 5 years maturity will earn an interest of 5.45 % as against the earlier 5.29 % while those of 2 to less than 2 years maturity will earn 5.43 % as compared to 5.31 %.

The deposits of maturity between 1 and 2 years will earn 5.42 % rate of interest as against the earlier 5.39 %.

Impact Of Inflation Decelerates Under Study - RBI

Pune: Yesterday, Y V ReddyRBI Governor, Y V Reddy stated that the deceleration in inflation that dangled to a 14-month low of 4.03 per cent for the week ended June 16, and its impact were being studied.

Mr. Reddy made this announcement while addressing the fourth convocation of the National Institute of Banking and Management (NIBM).

For the week ended June 16, inflation dipped to 4.03 per cent from 4.28 per cent in the previous week as necessary food items and some manufactured products turned cheaper. Lower inflation will allay pressure on RBI to further increase interest rates.

BSE Mid-Cap Index Arrives At New Crest

BSE SensexThe BSE Mid-Cap Index has made fresh all-time highs during this intermediate uptrend. It augmented 33.71 points, or 0.53%, to end at 6,417.90. It also hit a record high of 6435.32 during the day.
The components taking the BSE Mid-Cap Index to an upper rank include Entertainment Network, which increased 20% to Rs 506.60, Novartis India gained 14.42% to Rs 398.30, Honeywell Automation boosted 9.81% to Rs 2060, Lakshmi Energy benefited 9.19% and Titan Industries attained 8.78%. But all these stocks have less than 1% weightage each in the BSE Mid-Cap index.
With the second highest weightage of 1.4% in the BSE Mid-Cap index, GE shipping Company cast off 3.45% to Rs 335.90.

BSE Mid-Cap Index touching new levels

The BSE Mid-Cap Index climbed up 33.74 points, or 0.53%, to close the day at 6,373.76. It also touched its lifetime peak of 6,397.15 during the day.

IVRCL Infrastructure (up 1.71% to 367.75), Amtek Auto (up 1.57% to Rs 420.75) and Great Eastern Shipping Company (3.68% to Rs323.65) were the main components contributing to the index's heave.

IVRCL Infrastructure, Divi’s Lab (which was down), Amtek Auto and Great Eastern Shipping Company have weightages of 1.58%, 1.44%, 1.41% and 1.36% respectively, in the BSE Mid-Cap Index.

HDFC Bank Opens 19 Branches In A Day

HDFC BankHDFC Bank has opened 19 branches in a day in Delhi and the National Capital Region (NCR), outdoing its own record of 14 branches in a day in October 2005.

With the launch of 19 branches on Saturday (June 2), the total number of branches in Delhi and NCR has gone up to 116 and to 270 in North India. As on March 31, 2007 the bank had a network of 684 branches and 1,605 ATMs in 316 towns and cities.

HDFC Bank was established in August 1994 as HDFC Bank Limited. As of December 31, 2006, the bank had a India network of 684 branches in 316 cities in India and over 1663 ATM's. The Bank started its operations as a Scheduled Commercial Bank in January 1995.

SBI To Spare Subsisting Home Loan Customers

State Bank of IndiaState Bank of India (SBI) will not increase interest rates for a range of existing home and education loan customers’.

Even as the shift may be partially influenced by the earlier finance ministry recommendation that banks should not rush through rate increases.

The banks’ asset liability committee (Alco) that gathered on late Thursday evening, has suggested to the bank panel that the standard prime-lending rate (PLR) may be hiked up by 50-75 basis points. At this time, the bank’s PLR is 12.25%.




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