Wednesday, November 26, 2014
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Sensex, Nifty rise to new peaks on global stimulus, reform hopes
MUMBAI, Nov 24 (Agencies): Continuing their record-breaking run, benchmark Sensex today surged 165 points to 28,500 and Nifty index rose 53 points to end above 8,500 mark on hopes of big-bang reforms in the ongoing winter session and growing expectations of more stimulus measures from China and Europe. Led by smart gains in Infosys, ICICI Bank, HDFC Bank and TCS, both the key indices also hit fresh record intra-day highs of 28,541.96 and 8,534.65. Good capital inflows helped them extend gains for the third straight trading session. Short-coverings ahead of the expiry of November contract on Thursday and rolling over of positions to next series also aided the market sentiment, brokers said. IT, Metal, Realty, Banking and Teck scrips attracted buying while some refinery and pharma stocks...
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SEBI seeks trade data for ING Vysya shares prior to Kotak deal
NEW DELHI, Nov 24 (Agencies): Markets watchdog Sebi has sought details from stock exchanges about trades in shares of ING Vysya Bank that were conducted prior to the announcement of ts Rs 15,000-crore merger with Kotak Mahindra Bank last week. The details have been sought to check whether any unusual trading activities took place in the shares and whether such trades could have been conducted in violation of securities market regulations, sources said. While there have been reports about possible insider trading and unfair trades, sources said that it is too premature to suggest any such specific violation and details have been sought as of now only to check any unusual trades. Those under the scrutiny include some senior executives of ING Vysya Bank and shares acquired by them through...
Kashmir Times News Report
Kotak expects major global cooperation boost from ING deal
MUMBAI, Nov 24 (Agencies): Having sealed a deal to merge ING Vysya Bank with Kotak Mahindra Bank, eminent banker Uday Kotak has said that the merger presents a significant opportunity for international cooperation with Dutch giant ING Group. The all-share deal, valued at about Rs 15,000 crore, would create India's fourth largest bank with a combined balance-sheet size of over Rs 2 lakh crore and market value of over Rs 1 lakh crore. Besides, the deal is also likely to provide a significant opportunity for foreign investors to take an exposure to the Indian banking industry through the merged entity, which would have only 46.9 per cent foreign ownership as against a permitted level of up to 74 per cent, Kotak Mahindra Bank's chief Uday Kotak said. Post the merger, Dutch financial servic...
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CBI's Additional Director R.K. Dutta to head 2G case
NEW DELHI, Nov 21 (Agencies): Additional Director R K Dutta will now head the CBI probe in the 2G spectrum scam after the Supreme Court directed the agency Chief Ranjit Sinha to recuse from the investigation. A 1981-batch IPS officer from the Karnataka cadre, Rupak Kumar Dutta is the overall incharge of the Anti-Corruption Bureau (ACB) of the agency which is probing the 2G cases. CBI sources said initially it was not clear whether Special Director Anil Sinha who is the number two after the Director will oversee the probe or Dutta who is incharge of ACB will lead the investigation. They said it was decided that according to the Supreme Court order, the person heading the investigation team should be put in charge of the 2G cases. Due to retire in the end of this month, Sinha had yester...
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Centurion JCC Bank concludes 61st Cooperative Week
Cooperative Credit Institutions playing important role in inclusive growth: Koul
JAMMU, Nov 20: “Cooperative Credit Institutions in the country are playing an important role in inclusive growth as they are providing credit to the poor at low rates of interest so as to save them from the clutches of money lenders and the Central Cooperative Banks have played a stellar role in poverty eradication and removal of economic imbalances due to which growth has become inclusive.” This was stated by Secretary to Government, Cooperatives department Ramesh Kumar Koul during a functio...
Kashmir Times News Report
SBI defends loan to Adani, says money disbursal after scrutiny
NEW DELHI, Nov 20 (Agencies): Amid controversy over sanctioning a USD 1 billion loan to Adani Group, SBI today said it has only signed a preliminary MoU and will disburse the money only after proper due diligence. SBI had on the sidelines of Prime Minister Narendra Modi's visit to Australia, signed a pact sanctioning USD 1 billion loan to Adani Group's coal project in that country. "We clarify that this is a memorandum of understanding. This is not a loan sanction that we have given. It will go through proper due diligence both on the credit side as well as on the viability side," SBI Chairperson Arundhati Bhattacharya said here. "So all of that will be done. The board will take a call and then only loan will be given," she said. "We have checked to see that there is no environmental ...
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