TUESDAY, 29th JULY 2014
The week began on a weaknote with Sensex shedding 136 points. It closed at 25,991 points.
Nifty too lost 42 points and closed at 7,749 points.
Among the leading Gainers were Indiabulls Housing and Central Bank which gained a little more than 7% each. Amtek Auto gained 5%.
Among the losers, Wockhardt lost nearly 8%, while IRB Infra, CESC, DLF and BFUtilities each lost 5%.
State Bank of Mysore has earned a net profit of Rs.74.77crore for the quarter ending June 2014, as against Rs.52.22crore for the corresponding period in the previous year.
Bank of Baroda has earned a net profit of Rs.1362crore for the quarter ending June 2014. During the same period, last year, the Bank had earned only Rs.1168crore.
Blue Star has recorded a 36% increase in its net profit for the quarter ended June 2014. It has earned a net profit of Rs.31.01crore for the quarter compared to Rs.22.77crore earned during the corresponding period in the previous year.
The licences of six non-banking finance companies, based in Delhi, have been cancelled by the Reserve Bank of India. The companies in question are: GE Strategic Investments India; Profound Exports; Two Brothers Holding; Swank Services Private Ltd; Praxis Consulting and Information Services; and Credible Microfinance Ltd. In view of the cancellation of their licences, these companies will not be able to carry on business. The reasons for cancellation have not been indicated.
The Union Finance Minister, Arun Jaitely is scheduled to hold his first meeting with all the heads of the public sector banks on 31st July. He is expected to impress upon them the need to reduce the interest rate to boost growth.
DISINVESTMENT PLANS TO RAISE Rs.58,425CRORE
The Union Finance Minister, Arun Jaitely is hopeful of raising Rs.58,425crore through disinvestment.
The Public Sector Companies, lined up for disinvestment are:
Coal India – Likely dilution 10%; ONGC 5%; NHPC – 11%;SAIL, PFC, REC, CONCOR, NLC, MMTC, MOIL and STC – each 5%
A BOAT CLUB ROAD PROPERTY FETCHES RECORD PRICE!
A residential plot, measuring 9.5 grounds, in the prime locality (Boat Club Road) has been acquired by Ravi Appaswamy, for Rs.105crore! This deal beats the previous best price of Rs.10crore per ground, in the same locality!