IDFC will be watched after the Reserve Bank of India (RBI) on Wednesday, 2 April 2014, granted in-principle bank licences to IDFC and unlisted microfinance lender Bandhan Financial Services. The in-principle approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by the RBI as part of in-principle approval, they would be considered for grant of a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular licence is issued, the applicants would be barred from doing banking business, RBI said in a statement.
Bank stocks will be in focus after the Reserve Bank of India (RBI) on Wednesday, 2 April 2014, clarified that as indicated in its circular dated 23 August 2013 the option for spreading the Mark to Market (MTM) loses over the three quarters has ended on 31 March 2014 and no further extension has been allowed. The RBI further said that as indicated in that circular, banks are permitted to exceed the limit of 25% of total investments under the Held to Maturity (HTM) category provided the excess comprises only SLR securities and the total SLR securities held in the HTM category is not more than 24.5% of their Net Demand Time Liabilities (NDTL) as on last Friday of the second preceding fortnight. The position will be reviewed based on evolving situation, the RBI said.
Karnataka Bank said it is targeting a business turnover of Rs 83000 crore comprising of deposits of Rs 48000 crore and advances of Rs 35000 crore for the financial year ending March 2015 (FY15). In his maiden address of the current financial year on 1 April 2014, P. Jayarama Bhat, MD & CEO of the bank highlighted the bank's performance for the financial year ended March 2014 (FY14) and rolled out the business agenda for FY15 wherein he envisaged an overall growth of 20.30% in business.
As on 31 March 2014, the bank has 1,300 service outlets comprising of 600 branches and 700 ATMs located across India. During FY14, bank opened 50 new branches and 196 ATMs. Further, as part of bank's financial inclusion initiative, the bank has opened 13 financial inclusion branches apart from 17 ultra small branches in unbanked rural centres during the year, the bank said in a statement.
IDBI Bank said it has divested its entire equity holding of 39.90 lakh shares (18.95%) in Stock Holding Corporation of India (SHCIL) to IFCI.
Axis Bank said that its board has passed a resolution approving the allotment of Senior Notes aggregating to $30,600,000 under the MTN programme through its Dubai International Financial Centre (DIFC) branch.
State Bank of India (SBI) has nominated Shri Gurdial Singh Sandhu, Secretary, Department of Financial Services, Ministry of Finance, to be a Director on the Central Board of Directors of the bank with immediate effect and until further orders vice Shri Rajiv Takru.
Ashok Leyland said it has bagged a contract valued at approximately $50 million from the Ministry of Tourism & Hospitality Industry, Government of Zimbabwe for supplying 670 vehicles. The order is planned to be executed in the financial year 2014-15.
In a separate announcement, Ashok Leyland said that Ashley Services, a wholly-owned subsidiary (WOS) of the company has merged with Ashok Leyland.
The Reserve Bank of India on Wednesday, 2 April 2014, notified that Hinduja Foundries has passed resoutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investor (FIIs), through primary market and stock exchanges up to 60% of the paid up capital of the company under Portfolio Investment Scheme.
Bharti Airtel and IBM announced signing a new agreement to manage Airtel's infrastructure and application services in India over the next five years. This agreement builds on the 10 year relationship between the two organizations which has driven the co-creation of industry leading telco solutions and customercentric services. The agreement is based on Airtel's new IT vision that defines the next generation of services for its ever-growing customer base and to offer best in class services to its customers through solutions leveraging cutting edge technology. As part of the new vision, Airtel is also building inhouse capabilities and a strong partner eco-system, and has selected IBM to manage the IT infrastructure and applications for its operations in India. The new model offers Airtel greater flexibility to scale services and adapt in real-time to changing market dynamics and offer a differentiated customer experience leveraging IBM's industry solutions and global experience, the company said in a statement.
Siti Cable Network said it has achieved the landmark of 4 million digital customers as on 31st March 2014. Encouraged by the significant improvement in the performance in FY13-14 & to support the aggressive growth plan to grow subscriber base to 10 million in FY 14-15, the promoters have invested additional Rs 243 crore in the business. As per the approval received from Foreign Investment Promotion Board (FIPB) in March 2013 to raise Rs 324 crore from promoter entities, the company has already received first tranche Rs 81 crore in March 2013 and this is balance tranche fund of Rs 243 crore. With this total promoter shareholding rises to 72.82%. The funds will be utilized primarily for Business expansion and to partially reduce debt, the company said.
In a separate announcement, Siti Cable Network said that as per the terms of 16.20 crore warrants issued by the company on 19 March 2013 on preferential basis, the Allotment Committee of the Board of Directors of the Company at the meeting held on 2 April 2014 has upon receipt of balance 75% consideration aggregating to Rs 140.25 crore approved further allotment of 9.35 crore equity shares upon conversion of such remaining warrants at an issue price of Rs 20 per share.
MTNL said it has received Income Tax Refund for the assessment year 2007-2008 and 2009-2010 which were earlier adjusted from the refund of assessment year 2006-2007. The amount received from Income Tax Department amounts to Rs 111.56 crore for the Assessment Year 2007-2008 and Rs 41 72 crore for the assessment Year 2009-2010, which includes Rs 4.29 crore and Rs 2.13 crore respectively towards interest on refunds. From the above refund an amount of Rs 6.78 crore has been adjusted against the demand for the assessment year 2006-2007 and a net cheque amounting to Rs 111.56 crore for assessment year 2007-2008 and Rs 34.94 crore for the assessment year 2009-2010 has been received.
ISMT said that at present has not sought the Open Access for wheeling of power from its Captive Power Plant with effect from 1 April 2014. Accordingly Maharashtra State Electricity Distribution Co (MSEDCL) has presently reinstated the company's contract demand for availing of power from MSEDCL.
RSWM said that its board will meet on 9 April 2014, to consider scheme of amalgamation of Cheslind Textiles with RSWM.
Arshiya International's board has approved allotment of equity shares on preferential basis as per CDR scheme and increase the authorised capital of company.
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