The Reserve Bank of India on Monday said the Basel III liquidity coverage ratio (LCR) will be introduced in a phased manner with a requirement of 60 per cent from January 2015. The central bank on Monday released the final Basel III framework on liquidity standards, which includes guidelines on liquidity coverage ratio (LCR), liquidity risk monitoring tools and LCR disclosure standards. It could be noted that in the first bi-monthly monetary policy announced in April this year, the RBI had proposed to issue guidelines relating to Basel III LCR and liquidity risk monitoring tools by end-May 2014.
Union Budget 2014-15 may be tabled by July 11
Budget session of Parliament is expected to start from the 2nd week of July amid indications that the Union Budget 2014-15 could be presented by July 11.
ADF Foods promoters plan to raise holding in co to 60%: MD
ADF Foods has bought a 4.25 percent stake in the company via a block deal on Thursday, managing director Bimal Thakkar told CNBC-TV18 in an interview. He said the promoter stake in the company stands at around 50 percent post the stake buy. The food processing company gained 8 per cent after domestic high net worth individuals (HNIs) such as Nikhil Vora and Lashit Sanghvi bought stakes in the company via block deals on Thursday, dealers told Reuters.
Bhel commissions 68 MW hydel unit at Himachal Pradesh
State-owned power equipment maker Bhel today commissioned 68 MW unit at the Rampur Hydro Electric Project in Himachal Pradesh. "With the commissioning of one more hydro generating unit of 68 MW at Rampur project, Bhel has commissioned four units of the 412 MW hydro power plant of SJVN Limited,"
Govt rejects GMR plea to extend ToR validity for hydel project
Expert Appraisal Committee (EAC) under the Ministry of Environment and Forests has turned down a request by the GMR Group to extend the validity for preparing terms of reference for a hydel power project being set up in Arunachal Pradesh. The EAC while refusing to extend the validity of the terms of reference (ToR) also suggested the company to hold public meeting before August 2014. "The EAC noted that the extension of the ToR validity is up to August 9, 2014, and there are no convincing reasons to consider the case for extension of the validity of ToR for the project at this stage.
Retail inflation falls to 3-month low of 8.28% in May
Subdued prices of vegetables, cereals and dairy products pushed down retail inflation to a three-month low of 8.28 per cent in May.
The retail inflation, measured on consumer price index (CPI), was 8.59 % in April. In February 2014, retail inflation was at 8.03 %, followed by consecutive rise in March (8.31 %) and April. The CPI data for June 2014 will be released on July 14
Housing prices rose by up to 7 per cent in 12 major cities: National Housing Bank
Housing prices have increased by up to 7.1 per cent in 12 major cities, including Delhi and Mumbai, in January-March period of this year due to a surge in demand, National Housing Bank said on Thursday. Prices witnessed an increase ranging from 1.3 per cent in Bhopal to 7.1 per cent in Surat in comparison to that in the previous quarter of October-December, 2013, the quarterly update of NHB Residex said.
Oil companies stocks fall over fears that Iraq crisis could push up global crude price
Shares of oil marketing companies were down in early morning trade as international crude oil prices showed signs of a rally following a fresh crisis in Iraq. Shares of BPCL were down nearly Rs 17 or around 3% at Rs 582 in the morning session. HPCL was down 2.18% at Rs 418 and Indian Oil traded 2% lower at Rs 344. Traders said that the crisis has risen even as the oil companies were expected to cut petrol prices by one rupee on . If the price cut does take place and international crude prices rise further the OMCs would lose out on their margins as under recoveries would rise.
Bank of India to raise over Rs 10,00 crore
Bank of India is the latest lender to join the ranks of those lining up to raise equity capital. The bank is seeking permission from its shareholder to issue up to 14 crore shares, which at current market price is worth over Rs 4,000 crore. The shares would be issued either by way of qualified institutional placement (QIP), public issue, rights issue, or private placement the bank said.The bank has also said that it would raise an additional Rs 5745 Crore by issuing debt in the form of debentures, subordinated debt or perpetual debt.
Rakesh Jhunjhunwala buys 1.3% in Edelweiss Financial Services for Rs 55 cr
In a block deal worth Rs 55 crore, celebrated investor Rakesh Jhunjhunwala bought a 1.3% stake in homegrown financial services firm Edelweiss Financial Services on Thursday. Jhunjhunwala bought 1 crore shares of the firm at Rs 55 per share from GPC Mauritius, an FII which sold over 2.6 crore of Edelweiss shares at an average price of Rs 56.34 on the BSE.
Padmanabhan appointed chairman of TQMS
In a top-level management rejig, the Tata Group has appointed S Padmanabhan, executive director of Tata Power, as the chairman of Tata Quality Management Services (TQMS). A unit of Tata Sons, TQMS sets standards of excellence across Tata companies. While Sunil Sinha, currently CEO of TQMS has been appointed Tata Sons' resident director, Middle East and North Africa (MENA) region.
Bharti Airtel slumps on Credit Suisse downgrade
Shares of Bharti Airtel slump 3.5% after Credit Suisse downgrades the stock to "underperform"
Essar plans to sell UK refinery
The Essar Group plans to sell the Stanlow refinery in Britain, three sources familiar with the matter said. Essar is seeking to raise $500-$600 million for the plant in the northwest of England, two of the sources said. However other plants recently put up for sale in the UK, Murco's Milford Haven and the Bankrupt Petroplus's Coryton, have failed to find buyers. Essar Energy, the subsidiary of Essar Group that bought the refinery for $350 million from Shell in 2011, declined to comment.
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