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Global crisis pulls Sensex down by 260 points to four-week low
SBI Q1 profit rises to 3.3%
SEBI imposes Rs 13 cr penalty on Reliance
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Sun-Ranbaxy deal under CCI lens
The $4 billion deal would create a largest pharma firm in India.
RBI chief’s inflation stance risks standoff with govt
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Global crisis pulls Sensex down by 260 points to four-week low
Mumbai, August 8 Adding to the worry of global investors, Russian President Vladimir Putin went on retaliatory measures by banning food imports from Western countries. Russia faces sanctions imposed by the US and European countries. Brokers said the sentiment was also hit by the rupee slumping to five-month low of 61.74 (intra-day) against the US dollar with global crude prices shooting up.
After opening lower by over 180 points, the 30-share Sensex at one point was down over 350 points before ending the day at almost four week low of 25,329.14 —a level not seen since July 15— registering a steep loss of 259.87 points or 1.02%. In straight three days, the key index has plunged by 578.87 points or 2.23%. American President Barack Obama yesterday said he had authorised targeted air strikes against militants in Iraq, key crude producer. The development will further stoke up the global oil prices. India imports 80% crude oil of its requirements and it will be a big jolt to the country's economy, ultimately affecting the current account deficit. Global markets closed in the negative for the week on the back of geopolitical tensions. The US authorising targeted air strikes on Iraq was the latest trigger. There was growing unease over the crisis in Ukraine. The 50-share NSE Nifty dipped below the 7,600 mark by plunging 80.70 points, or 1.06%, to end at 7,568.55. Gold hits at 2-month high
Gold prices again crossed the Rs 29,000-mark to hit over two-month high by rising Rs 300 to Rs 29,100 per 10 gram in the Capital on Friday, mostly in tandem with a firming trend overseas as worsening tensions in Iraq fuelled safe-haven demand. — PTI |
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SBI Q1 profit rises to 3.3%
Mumbai, August 8 The rising provision for bad loans has restricted the SBI's net profit to a nominal increase of 3.3% at Rs 3,349.08 crore for the quarter ended June 30. It had a standalone net profit of Rs 3,241.08 crore in the same quarter last year. The total income increased to Rs 40,739.21 crore during the quarter, against Rs 36,192.62 crore in the year-ago period, the bank said in a BSE filing. A provision for bad loans increased to Rs 3,903.41 crore as against Rs 2,265.83 crore a year earlier, registering an increase of 72%. However, the bank's gross non-performing assets declined to 4.9% of the total advances at the end of June, against 5.56% a year ago. During the quarter, the net interest income increased 15.12% to Rs 13,252 crore as against Rs 11,512 crore in the April-June period of the last fiscal. — PTI |
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SEBI imposes Rs 13 cr penalty on Reliance
Mumbai, August 8 The order follows a probe by the capital markets regulator in an over seven-year-old case involving alleged irregularities in issuance of 12 crore warrants by Mukesh Ambani-led RIL to its promoters, entitling its holders to subscribe to equivalent number of equity shares of RIL. It was alleged that this issuance in April 2007 had resulted in diluting the pre-issue paid-up equity share capital of RIL, but the company repeatedly failed to disclose a key earnings ratio for as many as six quarters. Subsequently, SEBI began adjudication proceedings to probe the alleged violation of relevant clauses of the Listing Agreement and the Securities Contracts (Regulation) Act (SCRA) for not disclosing to stock exchanges the diluted earnings per share (DEPS) as prescribed for the quarterly and annual disclosures, the regulator said in its 15-page order. A show-cause notice was served on RIL in February last year, listing out allegations levelled against the company. After looking into the company's reply and further probe into the matter, SEBI said, "Earning per share (EPS) (basic or diluted) is a vital factor or one of the fundamental tools for the investors while arriving at decision to continue or invest in the shares of a particular company." The regulator said further that RIL "under an obligation to disclose separately the DEPS for the quarters ended June 2007, September 2007, December 2007, March 2008, June 2008 and September 2008, which the notice had failed to do so". — PTI
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Sun-Ranbaxy deal under CCI lens
New Delhi, August 8 The CCI would take a final view on the deal after receiving details from them and could seek more information if it is not satisfied with the responses. "We have sought more information from the two companies. We will take a final view after getting the required information," a senior CCI official told PTI. Sun Pharma declined to comment on whether it has submitted the responses to the CCI, while queries sent to Ranbaxy did not elicit any response. For the CCI, this is one of the biggest M&A deals and also the first major transaction from the pharma sector and therefore its decision in this case could have larger implications. In case, the CCI finds the deal, in the current form, could hurt fair competition in the domestic pharma market, it can even direct the companies to divest some assets as a pre requisite for approval. The $4 billion deal would create the fifth- largest speciality generics company in the world and the largest pharmaceutical company in India. — PTI
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RBI chief’s inflation stance risks standoff with govt
Mumbai, August 8 The governor’s people skills may be tested when Finance Minister Arun Jaitley attends Sunday’s RBI board meeting in Delhi, representing a government that is equally keen on boosting the economy. The meeting comes after Rajan surprised markets after the RBI’s policy review on Tuesday by establishing in clear terms that the RBI would get consumer inflation down to 8% by January and 6% one year later. “If we don't get support from the government, then we have to hit it harder. If inflation doesn’t come down as projected, interest rates may need to go up to reach the 6% goal,” a senior official said. — Reuters
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CCI awaits probe report on Google, says Govt
Labour Ministry appoints Tata Sons as knowledge partner Govt to notify
Rs 1,000 monthly pension under EPS Bharti Airtel raises
Rs 2,100 cr from share sale for Infratel Honda Amaze crosses 1 lakh sales mark in India
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The State Bank of India, the nation's top lender by assets, reported its first profit increase in six quarters on Friday on higher interest income, and said that bad loans were largely stable.
Putting the multi-billion dollar Sun Pharma-Ranbaxy deal under close scrutiny, the Competition Commission of India (CCI) has sought more information from them to ascertain whether the deal would skew fair competition in the pharma sector.
Jayant Manglik, president, retail distribution, Religare Securities, said: "Investors were also cautious after Reserve Bank Governor Raghuram Rajan warned that global markets are at the risk of a crash due to the lingering competitive loose monetary policies being followed by the developed economies." 
