Tagged with:
SKS MICROFINANCE •
sks microfinance ipo •
sks microfinance listingSKS Microfinance which has its IPO this month had the IPO price at rs 985 at the top end and 850 on the lower side , and it was given at a discount of 50 rs per share for the retailers , On the listing day SKS Microfinance was trading at Rs 1,140 at around 9:09 IST on BSE, a 15.74% premium over the initial public offering price of Rs 985 per share.But the stock is trading at the range of 1100 to 1110 at 9.35 am.
Tagged with:
Karnataka Bank •
Rights Issue Karnataka Bank Ltd has informed the market that the company has decided to pay a dividend of 4 rs per share and also have decided to offer Shares on the rights basis to the existing shareholders with subject to boards approval , The Rights basis is in the ratio upto 2:5 [Two equity shares for every five shares held] subject to necessary approvals.
Tagged with:
Bank •
CRR •
interest rate •
rbi •
repo rate •
reverse repo rate •
rrrThe Reserve Bank of India informed the market today that they have raised both Repo Rate and RRR, they have raised the key interest rates by more than expected and this is one of the main measure to control high inflation .
Repo Rate which is bank’s short term lending rate has been raised by 25 basis points to 5.75 percent and also it raised the reverse repo rate which is the Central bank that pays on bank deposits – by an unexpected 50 basis points, to 4.5 percent.Over here they expected only 25 basis points.They have left the cash reserve ratio unchanged at 6.0 percent, as expected.
Tagged with:
CRR •
laf •
laf rate •
Liquidity Adjustment Facility •
Liquidity Adjustment Facility rate •
rbi •
Reserve Bank of India •
reserve repo rateReserve Bank of India came out with some Monetary Policy Measures on July 2nd almost 1 month before the normal timing which means they might take an action again this month end also , On the basis of the current macroeconomic situation, it has been decided to take the following monetary policy measures as a part of the calibrated exit from the expansionary monetary policy , it has decided to go with the following 2 changes .
Monetary Policy Changes
• to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 5.25 per cent to 5.50 per cent with immediate effect.
• to increase the reverse repo rate under the LAF by 25 basis points from 3.75 per cent to 4.0 per cent with immediate effect.
Tagged with:
Kotak Mahindra Bank •
stock splitKotak Mahindra Bank Ltd informed the market that on 11/05/2010 it will consider a proposal for Stock Split of the present
value of the equity shares of Rs. 10/- each of the Bank into smaller denomination as the Board may deem fit, subject to the approval of shareholders of the Bank and other necessary approvals.
Tagged with:
lic •
lic bull run •
LIC Housing FinanceLIC Housing Finance went up by 8.57% to Rs 885.10. The stock topped the gainers in the BSE’s ‘A’ group. The stock saw a huge interest as there was buzz in the market that ILIC might foray in Bank Business , this created interest in the LIC Housing Finance stock.
Tagged with:
paypal •
paypal changes •
paypal india No more confusions of if you need Import Export Code , You don’t need that any more if you are not doing that business , No Paypal has decided to introduce a new field called Purpose Code which is something they have asked us to give info of when we ask for the bank withdrawal request.
So starting on 3rd March you can request a new withdrawal to your local bank account, and you will need to select the Purpose Code relevant to your business.
| Code |
Category |
Description |
Who should be using it |
| P0101 / P0104 |
Export of Goods |
Value of export bills negotiated / purchased/discounted etc. (covered under GR/PP/SOFTEX/EC copy of shipping bills etc.) |
eBay merchants, jewelers, sellers of collectibles and other such products through eBay and your own websites / catalogues globally. |
| Please note: Cross border shipment of goods and services for which you file GR / PP / SOFTEX / EC forms only should be processed with this code. Use P101 if Deutsche Bank is your banker and P0104 if you bank with any other bank |
| If you have any questions, please check with your bank to help you with the same. |
| P0301 |
Travel , Hospitality and Tours |
Purchases towards travel (Includes purchases of foreign TCs, currency notes etc over the counter, by hotels, hospitals, Emporiums, Educational institutions etc. as well as amount received by TT/SWIFT transfers or debit to Non-Resident account). |
Online Travel Agents, Airlines, Railways, Buses, Taxicab Services, Hotels, B&Bs and other travel / tourism related sales through PayPal |
| P0801/P0802/P0803 |
Information Technology |
Computer Information Services. Hardware / Software / Data Processing consultancy/implementation |
If you are an independent / freelance coder / hardware consultant or data processing service provider, or a small business providing such services for websites globally, please use these codes. |
|
For all IT related consulting services where you know you do not need to file a SOFTEX form, please use the appropriate code. 801 for hardware consulting, 802 for software consulting and 803 for data management and processing consulting services |
| P0805 |
Content and Journalism |
News Agency and Subscription services |
If you are a freelance journalist / blogger / news aggregator please use this purpose code for withdrawals. |
| P0806 |
If you are a newspaper or an online news aggregator for websites overseas, please use the appropriate code from these two. 805 if you a freelance journalist, and 806 if you are a newspaper / aggregator |
| P0902 |
Licensing of creative works |
Receipts for use, through licensing arrangements, of produced originals or prototypes (such as manuscripts and films) |
Artists, designers, other creative service providers where the principal revenue mode is license fees, please use this code. |
| If you produce creative works which you license out for entities overseas, licensing revenues may be classified under this purpose code |
| P1004 |
Other services |
Legal Services |
If you are providing outsourced law related services |
| P1005 |
Accounting, auditing, book keeping and tax consulting services |
For accounting consulting and accounting services |
| P1006 |
Business and management consultancy and public relations services |
Management / brand consulting and management services can be exported with this purpose code |
| P1007 |
Advertising, trade fair, market research and public opinion polling services |
Marketing/ brand consulting / logo design / event management services can be exported with this purpose code |
| P1008 |
Research & Development services |
If you are an outsourced research and development services provider based in India, receipts can be inwarded through this purpose code |
| P1009 |
Architectural, engineering and other technical services |
Any other technical services such as eTutoring, education and other services you render over the internet via web conferencing tools or similar channels, please use this code for your withdrawals |
Q. I run a charity, and I am based in India. I don’t see the purpose code for donations and charities
A. PayPal can currently be used only as a gateway for payments of goods and services into India. We cannot process payments for charitable donations at this time.
Q. My account says I am not allowed to withdraw. I see my balances are restored but I am unable to provide a withdrawal instruction
A: We may have suspended withdrawals from your account as we work to incorporate changes in the withdrawal process. We will be requiring additional verification regarding the nature of the transactions you are performing.
Q. I used to use PayPal for Personal Inward Remittance to India. Now, my balances are stuck in PayPal
A. We are no longer able to complete these withdrawals to your bank account in India. You do have the option to complete your withdrawals by check. If you have any questions, we urge you to contact PayPal customer support by logging into your PayPal account and clicking on ‘contact us’ at the bottom of the page.
Tagged with:
iec •
iec code •
paypal •
paypal india As you saw my previous post about Paypal asking for Exporter code if you want to use Paypal for transaction or remittance of money in india.Was about to research how to get the Exporter Code and kind of psot the same here, my friend Amit from Labnol has already done it and rather than me doing it i will give some info from there.
The Importer Exporter Code, or IEC in short, is normally required by manufacturers and companies for international trade but with this new RBI ruling, the hundreds and thousands of freelancers, programmers, web designers and small companies who depend on PayPal for foreign payment will also have to apply for an IE code.
>Application to get IEC code can be downloaded from here.
>Director General of Foreign Trade Website : http://dgft.gov.in/
Source:Info was sourced from this site
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IPO •
ipo allotment •
united bank of indiaUnited Bank of India IPO which was open from Feb 23rd 2010 to Feb 25th 2010 was fully Subscribed by 33.38 times.They have received bids for 1,66,88,50,900 shares as against issue size of 5,00,00,000 shares.
Over subscription Details
>Qualified Institutional Buyers (QIBs) 47.0824
>Non Institutional Investors 39.1525
>Retail Individual Investors (RIIs) 9.8038
>Employee Reservation 0.5301
United Bank of India IPO Allotment Status Can be Found Here.
Tagged with:
banking •
paypal •
rbiPayPal sent a email to everyone saying that they have approved local bank withdrawal to India but not for everyone but only for those who have a export code.They have told that RBI has allowed them to continue local bank withdrawals for settlements for exports of goods and services.
They will make changes to comply with Indian regulations for settlements for exports of goods and services, and they anticipate that, as of Wednesday,March 3rd, customers will be able to use our bank withdrawal service.Personal remittances to India is still banned by RBI through PayPal and they have allowed to use the service , however if you are an exporter, you will continue to be able to use the PayPal service for payments of goods and service, they have to use the Export Code and in fact able to get the export related benefits you seek.
Read more from here.
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Infrastructure •
infrastructure bondAfter Budget 2010 , Infrastructure Bond is somethign that will get more popular , as Mr Pranab Mukerji has allowed extra Twenty thousand in Infrastructure Bond , as additional investment over and above Rs 1 lakh in 80C.
What are Infrastrucure Bonds ?
Infrastructure bonds are available through issues of ICICI Bank and IDBI, brought out in the name of ICICI Safety Bonds and IDBI Flexibonds. These provide tax-saving benefits under Section 88 of the Income Tax Act, 1961, up to an investment of Rs.1,00,000, subject to the bonds being held for a minimum period of three years from the date of allotment.
Tagged with:
Bank •
Bank of Maharashtra •
MAHA e-tradeBank of Maharashtra has informed the market that the company in collobaration with various broking houses has launched its own online share trading service called MAHA e-trade service, This is specifically for the for the Bank’s customers w.e.f. February 08, 2010.The various broking house that has tied up with the bank for this service are as follows.
> Religare Securities Ltd. (RSL)
> Enam Securities Direct Pvt. Ltd. (ESDPL)
> Munoth Capital Market Ltd. (MCML).
Tagged with:
Bank •
CRR •
economy •
interest rate •
rbi •
Reserve Bank of IndiaCredit policy meeting outcome has come out and they have raised the CRR by 75 basis points , RBI has increased cash reserve ratio by 75 bps to 5.75 Percent , the hike would happen in two stages, the first stage of hike of 50 bps will be effective from February 13 and the next 25 bps from February 27. RBI has not touched the the reverse repo rate which is at 3.25 percent and repo rate which is at 4.75 percent.
Tagged with:
Economic Data •
economy •
InflationFood inlfation which is of worry for us is at 17.40 Percent which was down for 3 consecutive weeks, While the Fuel inlfation was at 5.70 percent.While the annual Inflation was at 7.31 percent in December 2009, compared with 4.78 percent in November and 6.15 percent a year ago.
Tagged with:
BseIndia •
crash •
sensexWhen the market opened today i almost heard 2 to 3 FII saying indian market is safe not much of downside is not there atleast compared to other world market , i was like ya they say this all the time and on the back they sell the stock to have the market crash , same thing happened today again this doesnt have anything to do with FII statements but , today the market was like battered across all the segment.
In the above image you can see , i had taken this from capitalmarket website , the market was fully in red there was no chance for recovery.The worst hit in todays market was those which has something to do with bank interest rates like realty, auto and banks ahead of Reserve Bank of India’s policy meet.
Index and Forex Rate
SENSEX 16289.82 -490.64
NIFTY 4853.10 -154.80
RS/$ 46.18 0.01
Sector Wise Indices Data sorted from low hit sector on top
Index Current Value Change (%)
FMCG 2,783.74 -0.71
OIL&GAS 9,848.10 -1.66
CD 3,780.59 -1.74
IT 4,991.76 -2.54
TECk 3,185.35 -2.61
CG 13,001.16 -2.82
POWER 3,002.68 -2.88
HC 4,690.29 -3.01
PSU 9,346.92 -3.81
BANKEX 9,296.34 -4.19
AUTO 6,897.71 -4.78
METAL 16,050.57 -5.82
REALTY 3,357.25 -7.97
- Author: Ganapathy
- Filed under: Bank, PSU, Sector
- Date: Jan 21,2010
Tagged with:
BseIndia •
crash •
market crash Sensex closed at 17,051 down by 423.35 or 2.42 Per Cent , the market was volatile until 10 or so and after that the results started pouring in and the market started going down from there after market started hearing Disappointing Q3 results from main company like Larsen Toubro , Icici Bank ,there was also profit booking happening in Banking stocks and most of the PSU stocks .Shipping stocks where hammered after the government announced there is no news of sale in shipping corporation of india to public.
>ICICI Bank net profit declines 13.45 per cent in the December 2009 quarter
>Larsen & Toubro net profit declines 50.09 per cent in the December 2009 quarter
>Kingfisher Airlines reports net loss of Rs 419.96 crore in the December 2009 quarter
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City Union Bank •
rights •
Rights IssueCity Union Bank Ltd has informed the marke that they have infromed that the Rights issue which had the record date of November 13th and , issue date between December 02, 2009 and December 16, 2009 has been closed.
Rights Issue Details
Issue of 8,00,00,000 Equity Shares of Re. 1/- each for cash at a premium of Rs. 5/- per share (i.e. at a price of Rs. 6/- per share) aggregating to Rs. 48 crs on Rights Basis.
Tagged with:
sbi •
state bank of india •
State Bank of Indore •
stock swap State Bank of India has informed the market that they have decided on the Stock Swap ratio for SBI takeover of State bank of Indore . For every 100 shares held in its smallest subsidiary State Bank of Indore , the shareholder will get 34 shares of the SBI.This was after they decide on October 31st that SBI will acquire State Bank of Indore on stock Swap Ratio.
Tagged with:
Bank •
economy •
rate hike •
slr •
slr rate Reserve Bank of India (RBI) which came out with quarterly monetary policy review today on october 27th 2009 , has decided to keep all the key rates like repo or reverse repo and the CRR steady and has hiked the statutory liquidity ratio (SLR) to 25% from 24%.
What is SLR (Statutory Liquidity Ratio) : This is infact to protect us , RBI demands that there should be certain amount that Bank needs to keep in the form of cash or or gold or govt. approved securities (Bonds) and the ramining is only they have to give it to customers either as credit in any form , as loan or mortgage or something .This will really help RBI to control the expansion of Bank Credits.Now RBI has increased the rate by 1 percent , which means that the banks have to either invest in gold or government securities , this is something like repayment for the money that RBI let out to the banking system , This percentange comes to effect from from 7 November 2009.This means that the cash reserve in banks hand will go down by 1 percent or so .
Tagged with:
dcb •
home load •
interest rateDCB – Development Credit Bank which is a publicly listed private bank said that they are going to offer home loan rate below 8 percent , which is one of kind and think one of the lowest in the market but wait you knw how below 8 percent its just .05 percent down , anyway they are offering for 7.95 percent for the first year for loan amount upto 5 crore and after 1 year it will be back to floating interest rate that will be prevailing at that time.
Tagged with:
deposit •
deposit rates •
sbi •
state bank of indiastate bank of india revises deposit rates down by 25 basis points from october 5th 2009 on all its term deposits, this is for all domestic deposit rates below 1 crore.
Tagged with:
Bank •
bank atm •
HCL Infosystems •
order_news •
state bankHCL Infosystems informed the market today that they have bagged an order worth Rs 40 crore from State Bank of India and its associated banks to deploy, maintain and service over 1000 automated teller machines (ATMs) and cash dispensers across the country.
- Author: Subramanian
- Filed under: Bank
- Date: Aug 1,2009
Tagged with:
Bank •
bank credit card •
Credit cardThis is a extract from a PDF file that i got through Email from RBI , This kind of states that from August 1 2009 , All Online transaction kind of need extra security measures.
RBI/2008-2009/387
RBI / DPSS No. 1501 / 02.14.003 / 2008-2009 February 18, 2009
The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /.
District Central Co-operative Banks
Madam / Dear Sir
Credit/Debit Card transactions- Security Issues and Risk mitigation measures
The use of Credit/Debit Cards has been increasing in the country. We have been reviewing
various options to enhance the security of online card transactions. After extensive
consultations with banks/card companies, it has been decided as under:
2. It would be mandatory to put in place with effect from August 01, 2009:
i) A system of providing for additional authentication/validation based on information not
visible on the cards for all on-line card not present transactions except IVR transactions (for
which separate instructions will follow).
ii) A system of “Online Alerts” to the cardholder for all ‘card not present’ transactions of the
value of Rs. 5,000/ and above.
3. Banks are advised to strictly adhere to the instructions and time discipline indicated in this
circular. Non-adherence to the directives shall attract penalties prescribed under the
Payment and Settlement Systems Act 2007 (Act 51 of 2007).
4. This directive is issued under section 18 of Payment and Settlement Systems Act 2007,
(Act 51 of 2007).
5. Please acknowledge receipt.
Yours faithfully
(G. Padmanabhan)
Chief General Manager
Visa Card can use this link to get that extra verification process.
Master Card can use this link to get that extra verification process.
Tagged with:
CRR •
crr rate •
interest rate •
rbi •
repo rateReserve Bank of India informed today that Central Bank after the Policy review today have kept all the 3 Key interest rates unchanged .
Reserve Bank of India (RBI) which took several mesaure starting almost from october 2008 have lowered all the Key Inetrest rates.
>Repo rate, or its key short-term lending rate, was cut by 4.25 Percent to 4.75 Percent.
>Reverse-repo rate was cut by 2.75 Percent since early December 2008 >Cash reserve requirement (CRR) (the proportion of deposits that banks set aside), was cut by 4 percent to 5 Percent .
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