पीएनबी मामले में चंदा कोचर-शिखा शर्मा को समन

पीएनबी मामले में एसएफआईओ ने दूसरे बैंकों से भी पूछताछ शुरू कर दी है। इस मामले में एसएफआईओ ने आईसीआईसीआई बैंक की चंदा कोचर और एक्सिस बैंक की शिखा शर्मा को समन किया है। पीएनबी मामले में दोनों से पूछताछ होगी। बता दें कि इस मामले में एक्सिस बैंक, आईसीआईसीआई बैंक का नाम सामने आया है। चंदा कोचर आईसीआईसीआई बैंक, शिखा शर्मा एक्सिस बैंक की एमडी हैं।

चंदा कोचर और शिखा शर्मा को आज पेश होना था लेकिन निजी कारणों से चंदा कोचर आज पेश नहीं हो सकीं। पेश होने के लिए चंदा कोचर ने 10 दिन का वक्त मांगा। वहीं शिखा शर्मा आज एसएफआईओ के सामने पेश हो सकती हैं। पीएनबी के एमडी सुनील मेहता को बुधवार को पेश होने का समन भेजा गया है।

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Pipavav Founders sent Rs5,440 crore Arbitration notice by Reliance Infra

Anil Ambani-led Reliance Infrastructure Ltd on Monday said the company and its wholly-owned subsidiary Reliance Defence Systems Pvt. Ltd have issued a Rs5,440 crore arbitration notice to founder-promoters of erstwhile Pipavav Defence and Engineering Ltd, citing a breach of warranties..

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Exactly two years ago, Reliance Defence had bought Pipavav Defence, India’s largest shipyard, from the Gandhis of SKIL Infrastructure Ltd. Later, it bought another 26% stake in the company through an open offer.

In a stock exchange filing, Reliance Infra said it is making indemnity claims of Rs5,440.38 crore under the purchase agreement dated 4 March 2015 against Nikhil and Bhavesh Gandhi and their companies SKIL Infrastructure, Grevek Investments and Finance Pvt. Ltd, and SKIL Shipyard Holdings Pvt. Ltd.

Reliance Infra did not disclose the nature of these breaches.

“The company has discovered that there have been serious breaches of warranties and representations made by the founder-promoters (of Pipavav Defence). As per the share purchase agreement, we are entitled to claim the loss caused in an arbitration,” said a person aware of the development, on condition of anonymity.

Warranties are assurances of the state of affairs and governance standards of the company, and any breach can lead to a claim.

Reliance Infra is convinced of the breaches discovered and is therefore compelled to enforce its rights, this person added.

Reliance Group declined to furnish additional details.

Calls and messages received no response from Nikhil Gandhi, founder-chairman at Pipavav Defence.

Composite PMI shows Private sector Activity Contracted in February

Scarcely did we rejoice about GDP growth picking up in the December quarter than the Purchasing Managers’ Indices (PMI) delivered bad news. The Nikkei India Composite PMI Output Index, a gauge of conditions in both the manufacturing and services sectors, showed that private sector activity contracted in February 2018. The composite index fell from 52.5 in January to 49.7 in February. A reading below 50 indicates contraction from the previous month.

The composite index was dragged lower by the services PMI, which fell from 51.7 in January to 47.8 in February. Manufacturing, too, lost momentum during the month, falling from January’s 52.4 to 52.1, although it continued to expand.

Which sectors dragged down the services index? The PMI survey says, “Downturns in consumer services, finance & insurance, real estate & business services outweighed the upturns in information & communication and transport & storage.” What’s more, consumer services and real estate & business services reported declines in new business.

The PMI numbers for February indicate a loss of momentum in the economy. Although it’s still not reason for alarm, perhaps what it shows is that the recovery is going to be slow. There are, after all, headwinds emanating from higher interest rates, higher inflation, the parlous state of the banking sector and from the external sector.

Within the services sector PMI, the input price and prices charged indices moved up. Taken together with the rise in output prices in the manufacturing PMI, it shows the return of inflationary pressures.

It is also unfortunate that the “future output” sub-index in the manufacturing PMI and the “business expectations” sub-index in the services PMI have moved down in recent months, indicating that animal spirits among entrepreneurs are drooping.

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Negative Asian cues pull Equity Indices lower

Negative Asian cues -- on the prospect of global trade wars -- pulled the key indices of the Indian equity market lower during the early morning session on Monday.

According to market observers, heavy selling pressure was witnessed in metals, auto and banking stocks.

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At 9.25 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,812.13 points -- down 234.81 points, or 0.69 per cent, from its previous close of 34,046.94 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower. It was down by 80.25 points, or 0.77 per cent, to close at 10,378.10 points.

In the intra-day trade so far, the S&P BSE Sensex touched a high of 34,034.28 points and a low of 33,795.38 points.

The key indices of the Indian equity market were closed last Friday to mark the festival of Holi.

On Thursday -- the previous trade session -- both the key indices closed on a flat-to-negative note due to negative global cues and the stress being faced by the banking sector.

However, a minor pullback rally led by healthy GDP growth data for the third quarter of 2017-18 pared some losses.

Consequently, the Nifty50 had inched lower by 32.7 points, or 0.31 per cent, to close at 10,458.35 points, while the Sensex closed at 34,046.94 points -- declined 95.21 points, or 0.28 per cent.

PNB Fraud: NCLT Bars 64 Firms from Selling Assets

The National Company Law Tribunal (NCLT) has restrained over 60 companies, including those belonging to Rs 12,600-crore PNB fraud accused Nirav Modi and his uncle Mehul Choksi, from selling their assets, according to a government announcement on Sunday.

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The ex-parte NCLT order was passed on a petition filed under various sections of the Companies Act 2013 by the Union Corporate Affairs Ministry last week before the Mumbai bench of the NCLT, the ministry said.

The NCLT has granted an injunction against the specified entities from "removal, transfer or disposal of funds, assets and properties" till further orders, the announcement said.

The order restraining 64 entities include those of Nirav Modi, Mehul Choksi and some companies related to the fraud on Punjab National Bank (PNB). These include Gitanjali Gems, Gilli India, Nakshatra Brands, Firestar Diamond, Solar Exports and Stellar Diamond.

According to the ministry, the NCLT has posted the matter for further hearing on March 26 when the entities concerned have been asked to present before the tribunal, failing which the matter would be heard ex-parte.

Besides the PNB, several other government-owned banks, including Bank of Baroda, Oriental Bank of Commerce and Corporation Bank, have reported fraud in the recent period.

Sebi Revokes curbs on Sanco Industries

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Markets regulator Sebi has lifted the curbs imposed on Sanco Industries, which was among the suspected shell companies, after finding no prima facie evidence of misrepresentation of financials by the company. "...I do not find any prima facie evidence nor suspicion of misrepresentation of financials/ business by the company (Sanco Industries), misuse of books of accounts/ funds of the company or violation of LODR (Listing Obligations and Disclosure Requirements) Regulations," Sebi Whole Time Member Madhabi Puri Buch said in an order dated February 15.

Buch also said that she is of the considered view that the actions envisaged in Sebi's letter dated August 7, 2017 against Sanco Industries are "liable to be revoked". Sanco Industries was among the firms against whom the Securities and Exchange Board of India (Sebi) initiated action on August 7 by ordering trading restrictions, following receipt of a list of 331 'suspected shell companies' from the government. The ordered trade restrictions - allowing trade only once a month and that too for only buy transactions with a 200 per cent security deposit - were revoked in some cases a few days later following appeals filed by them with the Securities Appellate Tribunal, but Sebi was asked to continue with its probe and pass its orders expeditiously.

Greenply Industr Q3 net Profit Jumps 50.25% at Rs 36.06 cr

The company reported standalone net profit of Rs 36.06 crore for the quarter ended December 31, 2017 as compared to Rs 24.00 crore in the same period last year, registering a year-on-year growth of 50.25 per cent. Net revenue of the company rose moderately by 11.29 per cent at Rs 399.29 crore in October-December quarter of this fiscal as against Rs 358.78 crore in the corresponding period last year. During October-December quarter, operating expenses increased by 8.18 per cent to Rs 336.64 crore from Rs 311.18 crore in year ago period.

Other Income dipped by 63.54 per cent at Rs 1.01 crore versus (Dec'16 Rs 2.77 crore). Operating Profit surged by 29.28 per cent to Rs 62.65 crore as against Rs 48.46 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 16.14 per cent in December quarter. Interest declined by 22.42 per cent y-o-y to Rs 2.56 crore, while Taxation increased by 23.73 per cent at Rs 14.60 crore (Dec'16 Rs 11.80 crore).

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PNB will Need to own Responsibility for `bonafide Transactions` - Fnance Ministry

India's Punjab National Bank (PNB), which is at the centre of a probe into a $1.77 billion loan fraud scam, will need to honour the "bonafide" transactions that have occurred through the bank's platform, a finance ministry official said on Monday.

In the case, diamond billionaire Nirav Modi and others are accused of colluding with bank employees to fraudulently obtain advances for payments to overseas business suppliers, in the country's biggest ever bank scam.

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Some banks have said that PNB was liable to make good on the credit extended, although PNB maintains other lenders share some of the blame as they should have more closely examined the requests for credit. Analysts have warned, however, that PNB may be left on the hook.

Rajiv Kumar, India's financial services secretary, said the bank "will have to own responsibility of bonafide transactions."

Morgan Stanley estimated on Thursday if PNB had to assume all the liability from the fraud it would need 80 billion rupees ($1.25 billion) in additional capital, which at the stock's current valuation would mean a 14 percent dilution.

Kumar also said the ministry had written to all banks to take effective steps to avoid a repeat of a PNB-like fraud. The Reserve Bank of India will also take all the required steps in the fraud case, Kumar said.

"Our responsibility is to ensure that fire alarms are installed and are in working condition. We can't stop every fire," Kumar told Reuters.

Axis Bank raises MCLR by 10 basis Points

Private lender Axis Bank on Monday announced that it has hiked its benchmark marginal cost of funds based lending rate (MCLR) by 10 basis points for its three-month to one-year loans by 10 basis points, effective from February 17.

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With one basis point being equivalent to 0.01 percentage point, the revised one year MCLR now stands at 8.40 per cent, Axis Bank said in a stock exchange filing.

Consequently, while the bank's three-month MCLR now stands at 8.15 per cent, the six-month rate is at 8.30 per cent.

The bank had last hiked the MCLR by 5 basis points in January.

In addition to the Base Rate system followed by commercial banks, the Reserve Bank of India (RBI) introduced the MCLR from April 1, 2016, whereby rates are fixed for a one-year period and revised only at the end of each year.

The central bank introduced the MCLR as a system working in tandem with its policy rates, which commercial banks have been slow in accepting, preferring to continue with the Base Rate regime.

In yet another measure to speed up retail transmission by banks of the central bank's cuts in lending rate, the RBI said earlier this month that it will link the Base Rate with the MCLR from the next fiscal.

Since the MCLR is more sensitive to policy rate changes, the RBI has decided to harmonise the methodology of determining benchmark rates by linking the Base Rate to the MCLR with effect from April 1, 2018, the central bank said in a release here following announcement of the fiscal's final bi-monthly monetary policy review at which it kept its key lending rate unchanged at 6 per cent.

Stocks in the news: HDFC, Kaya, Fortis, Ambuja Cements, Amtek Auto, Religare

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Here are stocks that are in news today:

IndiGrid Trust

-Investment in power transmission asset of Techno Electric and Engineering Company Limited

-Completed acquisitions of 3 units from Sterlite Power Grid Ventures Limited

Tata Power

-Gets shareholders’ nod for scheme of agreement with Tata Power Renewable Energy

-Gets shareholders’ nod for scheme of agreement with Supa Windfarm, Nivade Windfarm

-Gets shareholders’ nod for scheme of agreement with Tata Power Green Energy

Fortis Healthcare clarifies

-On reports of SEBI & SFIO investigations against company & Religare Enterprises

-Got no communication, written or otherwise, from government on probe

-NSE Data: RK Damani’s Derive Investments buys 26.5 lakh shares of 

Fortis Health at Rs 144.5 per shareFortis Healthcare

-Promoters holding falls to 8.85 percent from 34.33 percent earlier

-25.58 percent promoter shares have been revoked

Other stocks and sectors that are in news today:

M&M to invest Rs 500 crore for electric vehicle and electric vehicle components in Chakan as a part of expansion efforts

Equity intelligence buys 13,350 shares (0.1 percent of share capital) of Kaya

Sun Pharma's wholly owned subsidiary buys additional shares in Ranbaxy Malaysia Sdn Bhd, post completion stake will increase to 90.74 percent

63 Moons, NSEL merger case another hearing on April 18

Religare Enterprises says raising of funds through issue of warrants for preferential issue by issuing 17.5 crore warrants at Rs 52.2 per share

Godawari Power and Ispat amalgamates with Jagdamba Power and Alloys; transferor company has 25MW captive power plant