Market Updates





             Watch Regular for Market Updates





 

 

 

 

-Barbeque Nation shares extend rally, zoom 47% from Wednesday's low

-JSW steel joins Rs 1.5-trillion m-cap,club Zooms 57% in a month

-RBI announces secondary market purchase of g-secs worth Rs 1 lakh crore

To meet the funding requirements of micro, small and medium enterprises (MSMEs), the Small Industries Development Bank of India (SIDBI) will be sanctioned Rs 15,000 crore under this facility for a period of up to one year.

-Credit Suisse, Nomura, others staring at up to $10 billion loss from Archegos saga, says JP Morgan

-Leading global investment banks Credit Suisse, Nomura and others caught up in the Archegos fallout could face losses adding up to $10 billion.

- Economic recovery still shallow, a month's national lockdown can dent GDP by 2 pc: Report

 

-  86% insolvency cases pending over 270 days

Ø  India to buy one-third less oil from Saudi Arabia

 

 - Domestic passenger traffic slips to 10-year low in pandemic-hit FY21

 

 - Lodha allots shares worth Rs 740 cr to anchor investors ahead of IPO

 

 - Airtel to transfer 800 MHz spectrum in 3 circles to Jio for Rs 1,038 cr

 

  -Steel prices hiked by Rs 5,000 a tonne on global rally, iron ore rises too

 

  -Cement demand to surpass 340 million tonnes in FY22: ICRA

 

 -Tata Steel sales up 15% in Q4 on rise in demand

 

  -Axis Bank becomes co-promoter of Max Life Insurance, to own 12.9% stake

 

 - LG to exit loss-making mobile phone business worldwide

 

  -GST mop-up hits record Rs 1.23 lakh crore in March

 -Nazara Technologies advances 19% after falling 29% in two days

The company had made a stellar debut on the bourses on Tuesday as the shares listed at Rs 1,990, an 81 per cent premium over its issue price.

  -Tata Steel regains Rs 1 trillion m-cap; stock hits over 12-year high

  -HDFC increases rates on FD with different maturities up to 25 bps

Mortgage lender HDFC Ltd has increased interest rates on its various fixed deposit products having different maturities by up to 25 basis points (bps) with effect from March 30.

  -ICICI Bank raises Rs 15,000 cr in equity; issue price at Rs 358 per share

The issue price represents a 1.9 per cent premium to the floor price determined based on the pricing formula as prescribed under SEBI Regulations.

 -Public sector banks that were not part of the consolidation process are going slow on their plans to monetise assets as part of their capital-raising efforts. These banks have decided to wait and see whether they are candidates for the government’s privatisation plan before initiating any stake sale.

-Foreign investors make $15 billion out of their India investments in Q3, Foreign investors took back home $15.07 billion as investment income during October-December'20 compared to $12.2 billion in the same period a year ago, according to the latest balance of payments data released by the Reserve Bank of India on Wednesday.

 - Come the end of the first quarter, when the hurly burly of the state elections are done, there could be another attempt at reducing these rates. Perhaps more carefully, and with as much subterfuge as possible

For Q1 2021-22, or April-June 2021, it slashed interest on PPF from 7.1% to 6.4%, on the Senior Citizen Savings Scheme from 7.4% to 6.5%; on National Savings Certificate from 6.8% to 5.9%; on the Sukanya Samriddhi Account from 7.6% to 6.9%; and the Kisan Vikas Patra from 6.9% to 6.2%. These were not all. Every administered interest rate under the overall rubric of small savings was cut drastically.

Stock market update: Nifty Bank index falls nearly 2%; HDFC Bank dips 4%.

India’s FY22 GDP may grow 7%, K-shaped recovery likely in APAC region: UNESCAP.

  UltraTech Cement prepays Rs 5,000 cr loan.

 L&T bags water projects, cement unit construction jobs worth Rs 1,000 cr- Rs 2,500 cr.

 India's 2021 economic output likely to remain below 2019 level: UN report.

 Tata Power receives orders to develop 60 MW solar project in Gujarat.

 BHEL receives order worth Rs 400 crore from Indian Oil Corporation.

 Byju's in talks to acquire US-based reading platform Epic: Report.

 HPCL completes acquisition of HPCL Shapoorji Energy.

Dilip Buildcon wins ₹1,137 cr contract from NHAI in Karnataka.

 Increase in steel prices to impact auto manufacturers: CARE Ratings.

  Indian healthcare industry to touch $372 billion in 2022: Niti Aayog.

 Oil slips below $61 with dollar climbing and OPEC+ meeting ahead.

Zydus Cadila, Alembic Pharma arms recall drugs in US.

 Ircon board to meet to consider bonus shares.

 Pakistan’s Textile Ministry asks Govt to lift ban on import of cotton from India.

Sales grow by 40% as FMCG brands, retailers go digital.

Adani, Torrent submit EoIs for South East UP Power Transmission Company.

  Government not inclined to bear loan moratorium costs.

 Solar installations on pace for biggest growth in five years, IHS Markit says

 Gupta's Liberty Steel to restart operations, in talks with UK government.

  Amazon plans to step up e-payments, financial services in India.

Govt gets multiple EoIs for privatisation of Neelachal Ispat Nigam.

 HPCL buys out Shapoorji Pallonji stake in joint venture LNG terminal.

  Biocon forms tie-up with Libbs Farmaceutica.

   Manappuram Finance looks to take Asirwad Microfinance public.

 BSNL gets DoT nod for hybrid 4G tender.

Global banks warn of possible losses from hedge fund default.

Sebi comes out with new registration framework on transfer of business by intermediaries- Capital markets watchdog Sebi on Friday put in place a new registration framework for registered intermediaries transferring business to other legal entity.

In a circular, the regulator said it has been receiving registration applications pursuant to transfer of business (Sebi regulated business activity) from one legal entity which is a Sebi registered intermediary (transferor) to another legal entity (transferee).

 

 Bank of India (BOI) has raised Rs 602 crore via Basel III compliant additional tier 1 (AT-1) bonds on March 26, 2021, on a private placement basis, it said in a release.

State-owned Indian Railways Finance Corporation IRFC on Friday raised 20-year money at about 10 basis points lower than what similar maturity sovereign bonds offer on an annualised basis. In the recent time, this is the first instance when a top-rated corporate raised long term money in domestic market at rate lower than sovereign papers.

 Is the stock market closed on Monday?- The capital and money markets will resume usual trade on Tuesday. On Friday, Wall Street stocks surged in the last half an hour of trade, lifting the three key indices by over 1 per cent. The S&P500 Index and Dow Jones eked out record closing highs.

Disinvestment target of FY22 achievable; LIC IPO to bring in Rs 1 lakh crore: CEA-Speaking at a virtual conference by Jana Small Finance Bank, Subramanian said the disinvestment target of Rs 1.75 lakh crore for 2021-22 is actually a carry over of the Rs 2.10 lakh crore target set for the current fiscal ending March 31.

 What’ll be the real impact of Supreme Court order on a bank balance sheets- The Supreme Court of India On Tuesday said the relief on payment of interest on interest or compound interest during the Covid moratorium period allowed to borrowers with the liability of up to Rs 2 crore should be extended to all borrowers.

 IDBI Bank to seek approval for Rs 8,000 cr rupee bond borrowing for FY22- "It is hereby informed that a meeting of the board of directors of IDBI Bank Ltd will be held on Friday, March 26, 2021, to consider the proposal for approval of rupee bond borrowings limit of Rs 8,000 crore for FY2021-22," IDBI Bank said in a regulatory filing.



 Sebi to follow new format for its annual report. Under the new rules notified by the finance ministry, source of income, and expenditure would be part of the annual report as against the existing provision of presenting annual account statements separately.

 Rupee settles almost flat at 72.52 against US dollar, At the interbank forex market, the local unit opened lower at 72.57 against the greenback and witnessed an intra-day high of 72.46 and a low of 72.58.

 Sensex ends 1,270 pts higher from day’s low, Nifty closes above 14,700 as indices rebound strongly.

 

Easy Trip Planners listing marred by bears; shares begin trading at just 10% premium over IPO price

 

 Gold price today gains Rs 168; silver declines Rs 135, In the international market, gold was trading with gains at $1,741 per ounce and silver was flat at $26.12 per ounce.

 Tata Communications falls 7% as an offer for sale to sell government stake begins

Shares of Tata Communications tumbled as much as 7% on Tuesday on the BSE as an offer for sale (OFS) to sell government holding in the company opened for institutional investors.

At 02.45 pm, Tata Communications was trading 5.02% down at Rs1,228.80 as against a rise of 0.096% in the benchmark index.

 

 Startups, exchanges haunted again by fear of likely crypto ban; suggest steps to protect investors

Bitcoin had dropped to $53,834 on Tuesday morning from the $61,000 mark in the wee hours of Sunday. The cryptocurrency was trading at $55,657 on Tuesday afternoon.

   Stocks post sharp weekly gains; Treasury yields, dollar rise



The Dow had its biggest week so far this year with a 4.1 percent advance and the Nasdaq posted its first positive week in four, up 3.1 percent.


Benchmark 10-year notes last fell 28/32 in price to yield 1.6247 percent, from 1.527 percent late on Thursday.


Oil prices fell, with both Brent and WTI down slightly for the week after rising more than 10 percent over the past two.





Laxmi Organics raises Rs 180 crore from anchor investors ahead of IPO


The price band has been fixed at Rs 129-130 per share for the IPO, which will open for public subscription during March 15-17.


Tata Digital to acquire 64.3% stake in BigBasket's Supermarket Grocery Supplies


Tata Digital has filed an application with the CCI to acquire majority stake in BigBasket. Tata Digital is looking to acquire up to 64.3 percent stake in online grocery startup BigBasket's B2B entity Supermarket Grocery Supplies. The company has filed an application with the Competition Commission of India (CCI) to acquire majority stake in BigBasket.


Govt finalises stake sale in Tata Communications


The government will sell its 16.12% stake in Tata Communications through an offer for sale (OFS) and the remaining 10% will be sold to Panatone Finvest Ltd., an investment arm of Tata Sons.


Bank branches closed for next 4 days; SBI, other PSU banks may get hit as unions strike on March 15-16


Bank branches may remain closed for the next four days, including a two-day weekend holiday, and a two-day planned strike beginning Monday.


Finance Minister Nirmala Sitharaman in her Union Budget 2021 speech announced the privatisation of two public sector banks (PSBs) as part of a disinvestment plan to generate Rs 1.75 lakh crore. In 2019, the government has already privatised IDBI Bank by selling its majority stake to LIC. Moreover, so far in the last four years, the government has merged 14 public sector banks. Conciliation meetings – before the Additional Chief Labour Commissioner on March 4, 9 and 10 – did not yield any positive result, PTI quoted All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam as saying.


AU Small Finance Bank’s valuations look dearer in run-up to QIP


AU Small Finance Bank Ltd has launched its qualified institutional placement (QIP) this week to raise funds and would price its issue on 15 March. The lender’s valuations, which were already at high levels, have risen even more in the run-up to the QIP issue.


Kotak Mahindra Bank to declare payment of dividend on preferential shares on Friday


Kotak Mahindra Bank on Tuesday said the company plans to declare the payment of dividend on non-convertible perpetual non-cumulative preference shares (PNCPS) for year ended March 31, 2021 and is calling a board meeting for the same on March 12, 2021.


In a regulatory filing, the company informed that the decision will be taken at a meeting on March 12, 2021.


Kalyan Jewellers IPO opens next week as economy recovers


The company plans to sell shares worth ₹1,175 crore between Mar 16 and Mar 18.


Existing shareholders, including founder T.S. Kalyanaraman and Warburg Pincus, will offer shares at about ₹86-87 apiece.






Glenmark Pharma looking to unlock value of API arm via IPO route in 2021

The Glenmark IPO plan is being seen as a value unlocking exercise by the promoters. Investors will have the option or flexibility of betting on a pure play API business

Paras Defence and Space Technologies files DRHP with Sebi for IPO.

The public issue will comprise a fresh issue of Rs 120 crore and an offer for sale of 17,24,490 equity shares by the promoter and individual selling shareholders.

BPCL Trust sells 12.6 crore BPCL shares
Exchange data showed ICICI Prudential Mutual Fund bought 1.39 crore shares of BPCL at 438.10 apiece. Shares of BPCL ended down 4.56% at 445.70 per share.

Nifty futures on the Singapore Exchange-traded 115 points higher at 8:35 am (IST), signaling a positive start ahead for Dalal Street.

Most Asian markets had a muted start this morning. Equities rose modestly in Japan and Australia and ticked lower in South Korea.

US tech benchmark Nasdaq tumbled almost 3% in overnight trade to its lowest close since November, and is now down 11% from an all-time high in February. The S&P500 Index shed intraday gains. But the Dow hit an all-time high.

The rupee on Monday closed 23 paise lower at 73.25 against the US dollar as rising crude oil prices and strengthening of the greenback in the overseas market weighed on investor sentiment.

The US dollar held near a 3 1/2-month high against its rival. The yen traded at 108.93 per dollar. The offshore yuan was at 6.5514, while the euro traded at $1.1849.

Bitcoin traded above $52,000.

Oil edged lower after Brent crude pulled back below $70 a barrel. WTI crude declined 0.5% to $64.75 a barrel.


Gold futures fell 0.31 per cent to Rs 44,544 per 10 gm on Monday, as participants offloaded their holdings on low spot demand. Silver prices rose by Rs 593 to Rs 66,196 per kg. In global markets, gold steadied from its slide and traded at $1,684.47 an ounce.

NSE -0.94 % on Monday said the company's shareholders have approved the company's proposal to raise up to Rs 3,750 crore through issue of securities. In a regulatory filing, the Mumbai-based developer informed that a special resolution in this regard was approved by shareholders with requisite majority.

Godrej Properties' shareholders approve raising up to Rs 3,750 crore
Realty firm Godrej Properties
Godrej Properties had sought shareholders' approval through postal ballot.
The special resolution was to approve raising of funds in one or more tranches, by issuance of securities for an amount not exceeding Rs 3,750 crore..
Utkarsh Small Finance Bank files for IPO

The lender has filed draft share sale documents with the market regulator to raise ₹1,350 crore for the IPO

Utkarsh Small Finance Bank has filed draft share sale documents with the Securities Exchange Board of India to raise ₹1,350 crore through an initial public offering (IPO).

The offer comprises a fresh issue of up to ₹750 crore and an offer for sale by Utkarsh Coreinvest Ltd, aggregating up to ₹600 crore.

ICICI Bank raises Rs 15,000 cr in equity; issue price at Rs 358 per share

The issue price represents a 1.9 percent premium to the floor price determined based on the pricing formula as prescribed under SEBI Regulations.Private sector lender ICICI Bank has raised Rs 15,000 crore (about $ two billion) through Qualified Institutions Placement (QIP) of equity shares (418.99 million) at issue price of Rs 358 per share. The issue price represents a 1.9 per cent premium to the floor price determined based on the pricing formula as prescribed under SEBI Regulations.

The floor price was set at Rs 351.36 per share. The issue price represents a discount of 1.5 per cent to the closing price of the Bank’s equity shares on the BSE/NSE prior to the launch of the issue, bank said in a statement. Bank ...

The RBI was at the forefront of providing stimulus to the economy last year, while the Narendra Modi-led government followed with modest fiscal steps

PNB Housing Finance, Yes Bank sign strategic co-lending pact home loans

PNB Housing Finance on Friday said it has tied up with Yes Bank for a strategic co-lending service that will facilitate retail home loans at competitive rates

Indian Bank to divest stake in asset reconstruction JV ASREC India

State-owned Indian Bank on Friday said it will divest stake in joint venture entity ASREC (India) Ltd as part of asset monetization exercise. State-owned Indian bank on Friday said it will divest stake in joint venture entity ASREC (India) Ltd as part of asset monetization exercise. The bank holds a 38.26 percent stake in ASREC (India) Ltd.

As part of the monetization of the bank's non-core assets, the board of directors of the bank in its meeting held on March 5, 2021, accorded in-principle approval for partial/full divestment of the bank's stake in joint venture ASREC (India) Ltd, Indian bank said in a regulatory filing.

ASREC is an asset reconstruction company in which Bank of India, Union Bank of India, LIC, and Deutsche Bank are the shareholders.

The company was granted a certificate of registration by the Reserve Bank of India in October 2004 to carry out activities under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.

The company's authorized equity capital was Rs 125 crore and the aggregate paid-up equity and other equity was Rs 146.01 crore as of March 31, 2019, according to its website.

Sebi lays guidelines on votes cast by mutual funds

Mutual funds, including their passive investment schemes like index funds, exchange-traded funds (ETFs), will be required to cast votes compulsorily in respect of related party transactions of the investee companies and corporate governance matters, Sebi said in a circular.

Easy Trip Planners garners Rs 229 cr from anchor investors ahead of IPO

Through the IPO, the company’s founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through an offer-for-sale mechanism.

Through the IPO, the company’s founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through an offer-for-sale mechanism.

Online travel company Easy Trip Planners on Friday raised a little over Rs 229 crore from anchor investors, ahead of its initial share-sale, which will open for public subscription on Monday.

A total of 1,22,72,727 shares have been allocated to 35 anchor investors at Rs 187 per share, which is the upper end of the price band.

At this price, the company mopped up Rs 229.5 crore, according to a circular uploaded on the BSE website.

Among the investors that have been allocated shares are HSBC Global Investment Funds, Nomura Funds Ireland Public Limited Company, Tata Trustee Company, Aditya Birla Sunlife Insurance Company, Sundaram Mutual Fund, Bajaj Allianz Life Insurance Company and Nippon Life India Trustee Company.

Voda-Idea fundraiser hits the bad network

· Vodafone-Idea’s fundraising plans with a consortium of lenders, l






ed by Oak Hill, has hit a bottleneck over unresolved funding terms, reports suggest.

· The debt-laden telecom company was reportedly in talks to raise $2 billion (~₹15,000 crore) in an attempt to expand its 4G network. The fundraiser was part of the ₹25,000 that the company planned to raise via a combination of debt and equity. The stock closed 3.1% lower today.

Heranba makes a strong market debut

· The agri-chemicals maker listed at a 43% premium on the exchanges today on the back of strong demand for the stock. The public issue, which closed last week, was oversubscribed 83 times.

· Heranba is the leading producer of pesticides and insecticides, with 50% of its revenues coming from exports. The stock closed at ₹826, about 32% higher than its issue price of ₹627.

Quick Heal surges on buyback plan

· Shares of the security software maker shot up 8% intraday to hit a 52-week high after the company announced that its board will consider a buyback on 10 March.

· The company had a weak Q3, with profits declining by 24% YoY due to higher R&D and advertisement expenses. Its share has languished since the start of Q3 and has underperformed the broader indices. The buyback announcement fueled interest in the stock, which closed 4.4% higher in an otherwise weak market.

Closing bell

While the Nifty50 gained 2.8% on a weekly basis, the sentiments toward the end of the week were not particularly encouraging. First, most international equity markets were weak today. Second, the sudden rise in the 10-year government bond yields and the rising US dollar index are a cause of concern for the Indian equity markets, too. Further, foreign investors have been net sellers so far this month after a positive start to 2021. Given the 15% jump in India VIX in the last two days, there could be a rise in volatility in the coming week.







ICICI Bank cuts rates, new home loans available at 6.70%

ICICI Bank reduces home loan interest rate to 6.70% from March 5, 2021

The interest rate is the lowest in 10 years

Private lender ICICI Bank has announced a cut in its interest rate on Friday, making home loans available at an interest of 6.70 percent. The revised interest rates -- the lowest in 10 years -- will be effective from March 5, 2021, till March 31, 2021.

These interest rates can be availed on home loans for up to Rs 75 lakhs. For loans above Rs 75 lakhs, the interest rate is pegged at 6.75 percent onwards.

Wipro shares slip 2% after acquiring Capco, brokerages flag integration concerns

The Bengaluru-based IT services major acquired Capco, a consultancy firm in the banking and financial services space, for $1.45 billion, its biggest acquisition. Wipro | The company has signed an agreement to acquire Capco, a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific. London-headquartered Capco's clients include many marquee names in the global financial services industry. In addition, Capco services clients in the energy and commodities trading sector. This acquisition will make Wipro one of the largest end-to-end global consulting, technology and transformation service providers to the banking and financial services industry.





NSE - TOP GAINERS - NIFTY 50



Subscribe to MTAR Technologies: ICICI Direct

ICICI Direct has come out with its report on MTAR Technologies. The research firm has recommended to ''Subscribe'' the ipo in its research report as on March 02, 2021.

ICICI Direct IPO report on MTAR Technologies

MTAR Technologies, a precision engineering solutions company, was founded in 1970. The company manufactures hi-precision indigenous components, subsystems and assemblies having components with close tolerances (5-10 micros). Currently, the company has seven manufacturing units in Hyderabad with more than 400 machines, 891 permanent employees and 248 contractual workmen. At the helm of affairs is Promoter and Managing Director, Parvat Srinivas Reddy. MTAR Technologies operates in three segments viz. nuclear, space & defence and clean energy and manufactures 14 products in the nuclear sector, six in space & defence and three in the clean energy sector.

Heranba Industries IPO grey market premium jumps sharply this week ahead of listing

The company is expected to list its equity shares on March 5. It finalized the IPO share allocation on March 2.

Buzzing Stocks | HDFC, IRCTC, Zee Media, Canara Bank, Adani Ports, IRCON, VST Tillers

Majesco, McDowell Holdings, Ortel Communications, Texmo Pipe & Products, Bombay Burmah Trading Corporation, Concord Drugs, Mazagon Dock Shipbuilders are also among the stocks in focus today.



Gold recovers from 9-month low, but higher yields weigh

Gold prices edged up on Thursday to recover from a near nine-month low hit in the previous session, although higher U.S. Treasury yields continued to weigh on the non-yielding bullion's appeal.
Gold prices edged up on Thursday to recover from a near nine-month low hit in the previous session, although higher U.S. Treasury yields continued to weigh on the non-yielding bullion's appeal

Spot gold was up 0.2% at $1,714.27 per ounce by 0051 GMT, having dropped to its lowest since June 9 at $1,701.40 on Wednesday.










Need of OTP with TPIN to sell holdings in your Demat Account now.



Click here to read more.





FPI portfolio value doubles to record $575 billion since March 2020 lows





A sustained inflow of funds and market appreciation has pushed the portfolio value of the foreign institutional investors (FPIs) to a record $575 billion, the data from NSDL show. The share of FPIs in India’s market capitalization rose to 20.7% in the first fortnight of February 2021, a gain of 1.9% from the March 2020 lows; the total value of the FPI portfolio has doubled since then. The FPIs have been net buyers of Indian equities in nine out of the past ten months. They have invested $ 36.3 billion (Rs 2.7 lakh crore) during the period. On a year-to-date basis, foreign investors have poured in $ 5.9 billion (Rs 43,676 crore) in Asia's third-largest economy.







Grey market suggests Heranba IPO might do a Chemcon or Rossari Biotech





As the bears tighten their grip on the broader market, Dalal Street is warming up for another primary offering; that of Heranba Industries.

The grey market has given a thumbs up to the issue, with the premium in the unofficial market surging to Rs 200-210, which translates into one-third, or 33 per cent, of the IPO price band at Rs 626-627.

The primary market has remained jubilant in the past few months, as new-age investors are lapping up almost every issue, trying to make a quick buck. And the grey market has been celebrating the same.

Heranba Industries, a Gujarat-based crop protection chemicals manufacturer, is likely to sweep up Rs 625 crore via its initial public offering. The IPO will open for subscription on Tuesday, February 23, and close on Thursday, February 25.





Bank unions stage protest against privatization; plan to the march towards Parliament in March
About 10 lakh bank employees and officers under the banner of United Forum of Unions consisting of nine unions AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO are agitating against government's the proposal, AIBEA said in a statement.





Karnataka Bank reports Rs 34.16-crore fraud to RBI
Private sector lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now.





RBI puts Rs 1,000 withdrawal cap on Deccan Urban Co-operative Bank; fresh loans, deposits restricted

The Reserve Bank on Friday said it has barred Karnataka-based Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits and customers cannot withdraw more than Rs 1,000 from their savings account for a period of six months. The lender has also been asked not to make fresh investments or incur any liability without its prior permission. The RBI said it issued the directions to a chief executive officer of the bank on Thursday (February 18).

It has also asked the lender to desist from disbursing any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as notified in the RBI direction.
"Considering the bank's present liquidity position, a sum not exceeding Rs 1000 only of the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn," RBI said in a release on Friday.

It said customers can set off their loans against deposits subject to conditions.

"However, 99.58 percent of the depositors are fully covered by the DICGC insurance scheme" said the regulator.





DBS faces lawsuits in India post-takeover of Lakshmi Vilas Bank
DBS Group Holdings Ltd., Southeast Asia’s largest lender, said it’s facing lawsuits in India related to its recent takeover of a struggling local bank.

Holders of

Lakshmi Vilas Bank Ltd

NSE 4.79 %.’s equity shares and Tier-II bonds that were written off before the effective date of amalgamation took legal actions against DBS’s local unit in various high courts in India, the Singapore-based lender said in a reply to questions from Bloomberg News. The acquisition was completed on Nov. 27, DBS said earlier this month.

“DBS has no incremental unprovided risks on these lawsuits,” it said. “Other legal liabilities in the normal course of business have also been suitably provided for.”

DBS’s Lakshmi Vilas acquisition was the first time the Reserve Bank of India turned to a foreign lender to bail out a local bank as India’s financial industry suffered a series of shocks since the outbreak of a shadow banking crisis in 2018.

While the suits named DBS’s India unit as a respondent, the primary respondents would be the Indian government and the RBI, who drafted and approved the amalgamation program, according to DBS. An RBI spokesman declined to comment on the matter.









What will Indian investors lose if govt really bans cryptocurrency
If the rumours are true, Indians will soon be banned from doing what investors in China as well as those in fellow democracies like the US and UK are safely doing: investing in crypto assets or building and backing companies that are using blockchain technology to innovate.

Could we allow blockchain companies, but ban crypto assets? No. All but a few blockchains require a cryptographic token to validate information or power the process. It’s like banning a car company from using petrol ..






Bitcoin hits $1 trillion market cap, soars to another record high

Bitcoin’s gains have been fueled by signs it is gaining acceptance among mainstream investors and companies, from Tesla and Mastercard to BNY Mellon.

Bitcoin hit a market capitalization of $1 trillion as it rose to yet another record high on Friday, countering analyst warnings that it is an "economic sideshow" and a poor hedge against a fall in stock prices.

The world's most popular cryptocurrency jumped to an all-time high of $56,399.99, posting a weekly gain of 14%. It has surged nearly 70% so far this month and was last up 8% at $55,664.

Bitcoin's gains have been fueled by signs it is gaining acceptance among the mainstream.



NBFCs' stressed assets may touch Rs 1.5-1.8 lakh crore by March-end

Stressed assets of non-banking financial companies (NBFCs) are likely to touch Rs 1.5-1.8 lakh crore or 6-7.5 percent of their assets under management (AUM) by the end of this fiscal, says a report. However, the one-time COVID-19 restructuring window, and the micro, small and medium enterprises (MSME) restructuring scheme of the Reserve Bank of India (RBI) will limit the reported gross non-performing assets (GNPA), Crisil Ratings said.

"This fiscal has brought unprecedented challenges.




NBFCs' stressed assets may touch Rs 1.5-1.8 lakh crore by March-end
Stressed assets of non-banking financial companies (NBFCs) are likely to touch Rs 1.5-1.8 lakh crore or 6-7.5 percent of their assets under management (AUM) by the end of this fiscal, says a report. However, the one-time COVID-19 restructuring window, and the micro, small and medium enterprises (MSME) restructuring scheme of the Reserve Bank of India (RBI) will limit the reported gross non-performing assets (GNPA), Crisil Ratings said.

"This fiscal has brought unprecedented challenges.






Pidilite Industries Ltd. shares up 1.22% as Nifty gains

Shares of

Pidilite Industries

NSE 1.49 % Ltd. rose 1.22 per cent to Rs 1786.55 in Thursday's trade. It hit an intraday high of Rs 1788.8 and low of Rs 1766.8, respectively, during the day.

The stock quoted a 52-week high price of Rs 1849.9 and low of Rs 1186.05.

As of 10:58AM (IST), the counter saw total traded volume of 5,597 shares with a traded value of Rs 1.0 crore, according to NSE.

The stock had closed ..






RBI issues draft guidelines for CDS, derivative contracts

The Reserve Bank of India (RBI) on Tuesday came out with the draft guidelines for allowing derivatives trading in the credit default swaps (CDS) in over-the-counter (OTC) markets and on recognized stock


NBFCs' stressed assets may touch Rs 1.5-1.8 lakh crore by March-end

Stressed assets of non-banking financial companies (NBFCs) are likely to touch Rs 1.5-1.8 lakh crore or 6-7.5 percent of their assets under management (AUM) by the end of this fiscal, says a report. However, the one-time COVID-19 restructuring window, and the micro, small and medium enterprises (MSME) restructuring scheme of the Reserve Bank of India (RBI) will limit the reported gross non-performing assets (GNPA), Crisil Ratings said.







Sebi bars an individual from the securities market for fraudulent trading activities

Sebi has barred an individual from the securities market for two years for indulging in fraudulent trading activities in the shares of

Voltaire Leasing and Finance Ltd

(VLFL).

In April last year, the individual, Harivallabh Mundra, was restrained by Sebi from accessing the securities market for two years.

Sebi, in the last order, noted that preferential allotment of shares of VLFL was made to one of the off-market transferors.