Bank stocks will be in focus after the Reserve Bank of India (RBI) on Monday evening announced measures to improve liquidity conditions in the banking system. The RBI announced a reduction in the marginal standing facility (MSF) rate by 50 basis points to 9% with immediate effect. The central bank has also decided to provide additional liquidity through term repos of 7-day and 14-day tenor for a notified amount equivalent to 0.25% of net demand and time liabilities (NDTL) of the banking system through variable rate auctions on every Friday beginning from 11 October 2013. The notified amount and tenor of the term repo auctions will be announced prior to the dates of the auctions, the RBI said in a statement. Starting with the Mid-Quarter Review of September 2013, the RBI began a calibrated withdrawal of exceptional measures undertaken since July 2013. This was done with a view to normalising liquidity conditions, the RBI said. RBI said that open market purchase operations of Rs 9974 crore were conducted on Monday, 7 October 2013, to inject liquidity into the banking system.
State Bank of India after market hours on Monday, 7 October 2013 announced the appointment of Arundhati Bhattacharya, Managing Director, State Bank of India as Chairman, State Bank of India, for a period of three years from the date of her taking over the charge of the post i.e. 7 October 2013, or until further orders, whichever is earlier.
Godrej Consumer Products (GCPL) has entered into an agreement to acquire a 30% stake in Bhabani Blunt Hair Dressing (B:blunt). B:blunt is a premier hair salon company with one of the strongest consumer franchises in this space. Since launching the chain in 2005, Adhuna Bhabani Akhtar and Osh Bhabani have grown the brand across India. B: blunt, today has a pan-India presence with 17 outlets and 4 academies, GCPL said in statement.
GlaxoSmithKline Pharmaceuticals said that in the major pockets of the country the company's products are not being purchased by the trade from 15 September 2013. Due to this reason sales of the company continue to be affected.
Financial Technologies (India) has received a show cause notice on 5 October 2013, from Forward Markets Commission (FMC) on the status of the company as 'Fit and Proper Person' as a shareholder in MCX. The company said it will reply to the show cause notice suitably in due course of time.
The National Stock Exchange of India (NSE) has decided to shift 26 stocks from rolling segment to trade-for-trade segment with a price band of 5% with effect from 11 October 2013. These stocks are 3i Infotech, Allsec Technologies, Bartronics India, Bharati Shipyard, Bil Energy Systems, Broadcast Initiatives, Everest Kanto Cylinder, Essar Shipping, Future Market Networks, Geodesic, Hind Syntex, ICSA (India), Karuturi Global, Lotus Eye Care Hospital, Malwa Cotton Spg. Mills, Melstar Information Technologies, Mercator, Morepen Laboratories, Parabolic Drugs, Pritish Nandy Communications, Ramky Infrastructure, STL Global, SPL Industries, Tecpro Systems, Visagar Polytex and Zenith Birla (India).
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