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    Monday , May 09, 2016

   BANKING SECTOR CAPSULE

   Publication: The Free Press Journal , Agency:Bureau
   Edition: Mumbai , Page No: 14 , Location: Middle-Left , Size(sq.cms): 512
  

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BANKING SECTOR CAPSULE
HDFC net profit rises 40% during Jan-March quarter on one-time gain
Mortgage lender Housing Development Finance Corp reported a near 40% on year jump in net profit for Jan-Mar to 26.07 bin rupees due to a one-time gain from the sale of 9% stake in HDFC Standard Life, and on steady loan growth. HDFC received around 15.31 bin rupees on sale of 9% of its stake in HDFC Life to Standard Life (Mauritius Holdings). As a prudent measure, HDFC utilised part of the one-time gains to make an additional provision of 4.50 bin rupees against standard assets and other contingencies in Jan-Mar.
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Equitas Holdings net jumps 28% to Rs 47 crore in Q4
Financial services firm Equitas Holdings, which went public last month, announced a 28 per cent growth in net profit to Rs 46.8 crore in the three months to March.Total income rose 49 per cent to Rs 320.2 crore in the fourth quarter from Rs 215.3 crore in the same period last year.This is the first quarterly earnings the company is reporting since becoming a publicly traded company last month after a successful IPO that mopped up Rs 720 crore.
Self-listing not allowed under current norms: Sebi to NSE
As it gears up to get listed, leading bourse NSE has been told by the markets regulator Sebi that the present regulations do not provide for 'self-listing' of a stock exchange. The National Stock Exchange (NSE) has been pitching hard for either self-listing or direct supervision by Sebi, and not by a rival exchange, in case of cross-listing.The matter is now likely to be discussed by the Listing Committee set up by NSE, as also by the exchange's board to decide on the next course of action.
May 6,2016 Source: PTI
Parag Milk extends IPO by three days; revises price band
Dairy firm Parag Milk Foods has extended its IPO for further three days to May 11 and revised its price band to Rs 215-227 per share, even as the public offer got oversubscribed on its third day on Friday. "The issue closure date has been extended by three working days to accommodate pending demand from certain international and domestic investors against the backdrop of volatile stock markets in the week of May 2-6,2016," the company said in a statement.
May 2,2016 Source: Cogencis
Jabong parent gets 300mn euro funding; valuation dips to 1/3rd
Global Fashion Group (GFG), parent company of fashion portal Jabong, has secured a funding of 300 million euros from German startup investor Rocket Internet and other existing investors, but has seen its valuation drop to one-thirds at one billion euros in less than a year. Last July, the German firm had said GFG had a valuation of 3.1 billion euros post its participation in a 150 million euros internal financing round.
May 4,2016 Source: PTI
Seven banks to pay $324 mn to settle rate rigging charges
Seven big banks, including Bank of America, JP Morgan, Credit Suisse and Deutsche Bank, have agreed to pay a total of USD 324 million to settle a lawsuit accusing them of market manipulation of interest rates. The settlement on Tuesday followed a federal judge's ruling in March, admitting the class action lawsuit brought by investors and pension funds against the banks. In all, about 15 banks were named in the suit for alleged manipulation of the ISDAfix rate, the benchmark for interest rate derivatives.
May 2,2016 Source: PTI
May 6,2016 Source: PTI
HDFC A/IF chief Milind Barve gets Rs 26.21 cr in salary, ESOPs
Top fund house HDFC Mutual Fund's chief Milind Barve has got a total remuneration of Rs 26.21 crore for the latest fiscal 2015-16, but a large portion came from exercise of ESOPs previously granted to him. The disclosure follows a diktat from markets regulator Sebi to all fund houses to disclose their respective top-management salaries. Prashant Jain, Executive Director and Chief Investment Officer (CIO) with HDFC Mutual Fund, earned Rs 6.16 crore as a salary component and Rs 16.33 crore from ESOPs.
Muthoot Finance to apply for universal bank licence post final norms
Muthoot Finance Ltd will apply for a universal bank licence once the final guidelines are announced, Managing Director George Alexander Muthoot said. "The new draft is quite favourable for NBFCs... Muthoot Finance in particular is a very good candidate for getting the license... We will definitely apply under this new scheme of banking license," Muthoot said in a company release.
May 4,2016 Source: AFP
Large industrial houses can't apply for on-tap universal bk licences
The Reserve Bank of India today released draft guidelines for on-tap issuance of universal bank licences, barring large industrial houses from applying, and limiting their investment in these banks to less than 10%. "Individuals and companies, directly or indirectly connected with large industrial houses may be permitted to participate in the equity of a new private sector bank to the extent of less than 10% and shall not have controlling interest in the bank," the RBI's draft norms said.
May 6,2016 Source: Cogencis
Rajan says RBI working to make wilful defaulters' list public
Reserve Bank of India is working to make public a list of wilful defaulters, but is also cautious against naming and shaming all the defaulters, the central bank Governor Raghuram Rajan said. "I want to make it clear that as a regulator we have no intent or desire to protect malfeasance.While exposing malfeasance (in case of those) for who have been through a quasi-judicial process, the process of (declaring) wilful defaulter, we are very happy to make that list public," he said.
May 2,2016 Source: PTI
Ujjivan IPO a top draw; gets oversubscribed nearly 41 times
Reflecting upbeat investor sentiment, the IPO of microfinance player Ujjivan Financial Services was oversubscribed nearly 41 times on the last day of bidding on Monday. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 34.33 times, while bids from non-institutional investors were 136.25 times the shares on offer for the category, sources said. Retail investors category was oversubscribed 3.99 times, they added.
May 5,2016 Source: Cogencis
May 7,2016 Source: Cogencis
Finance Bill paves way for monetary panel on policy rate
The move to strip Reserve Bank Governor of powers to set interest rates by transferring the authority to a broader panel is a step closer to reality with the Lok Sabha approving the Finance Bill 2016.The Finance Bill 2016 contained an amendment to the Reserve Bank of India Act of 1934 giving the central bank a mandate to target inflation. The six-member monetary policy committee (MPC), which will include RBI Governor and three nominees of the government, will set interest rates to bring consumer or CPI inflation to pre-set targets.
Lakshmi Vilas Bank draws up plan to revitalise business
Private player Lakshmi Vilas Bank's new chief executive has drawn up an ambitious 10-year plan to revitalise business and has set up big targets to improve performance on a variety of operational parameters. Vision documents for 2020 and 2026, labelled LVB 2.0, have been drafted with targets on asset size, market share and shareholder returns, the 90-year-old bank's newly-appointed managing director and chief executive Parthasarathi Mukherjee said.
May 2,2016 Source: PTI
IFCI to exit NSE; board approves selling 3.05 pc stake
Infrastructure term lender IFCI said its board has approved selling its remaining 3.05 stake in the National Stock Exchange (NSE). Earlier in December, IFCI had sold its 0.17 per cent stake in NSE for Rs 29.63 crore. NSE's other major shareholders include LIC (10.51 per cent), SBI (10.19 per cent), IDBI Bank (4.99 per cent), Stock Holding Corporation of India (5 per cent), IDFC (1.90 per cent) and many investment firms.
May 8,2016 Source: PTI
May 3,2016 Source: PTI
May 5,2016 Source: PTI
Sebi expands probe into financial dealings of Mallya firms
Suspecting serious lapses in financial dealings of various listed companies of Vijay Mallya-led UB Group, markets regulator Sebi has expanded its probe into possible siphoning off funds by the promoters. The matter is also being flagged to other agencies and government departments, including the Corporate Affairs Ministry and SFIO (Serious Fraud Investigation Office), a senior official said. Sebi is looking into violation of securities market regulations including the strict disclosure requirements including about the 'insider dealings' with the promoters and related parties.
Govt says PSU banks' wilful defaults at Rs 662 bin as of Dec 31
Public sector banks had 7,686 wilful defaulters, with defaults amounting to 661.9 bin rupees, as of Dec 31, Minister of State for Finance Jayant Sinha said. As of Dec 31, State Bank of India, along with its five associate banks, had wilful defaults amounting to
186.6 bin rupees, while Delhi-based Punjab National Bank had wilful defaults worth
108.7 bin rupees. Sinha said the Reserve Bank of India had taken a number of steps to prevent borrowers from siphoning off funds and initiate action against wilful defaulters.
Regulator rules out futures trading in new commodities
As the NSEL scam continues to rattle investors in commodities market, Sebi ruled out allowing trading in any new commodity futures unless assured of sufficient liquidity. "Unless we are assured that there's enough liquidity likely in some commodities, we will not consider that," chairman U K Sinha said. The government allowed futures trading in commodities only a decade ago but the market could not gain dept due to the absence of large institutional players due to government ban on their participation.
May 3,2016 Source: Cogencis
May 5,2016 Source: PTI
May 8,2016 Source: PTI
 
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BANKING SECTOR CAPSULE
Summary:
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Date: Monday , May 09, 2016
Publication: The Free Press Journal, Agency: Bureau
Edition: Mumbai, Page No: 14, Location: Middle-Left, Size(sq.cms): 512