Monthly Archives: March 2019

Can not reduce LIC in IDBI stake

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In the matter of reducing the majority stake in the Mumbai-IDBI Bank, Life Insurance Corporation (LIC) can take help from the Finance Ministry and it can keep its 51 per cent stake.
Indeed, the country’s largest life insurer LIC has been asked to bring 51 per cent of the recently bought shares in IDBI Bank in 3-5 years to bring it to 15 per cent, due to which its ownership will go. LIC is likely to suffer losses.
According to insurance regulator IRDA guidelines, no insurance company can hold more than 15 percent stake in a listed company. There is no permission from the Reserve Bank to hold promoter’s stake in more than 15 per cent of a private sector bank. In the case of IDBI, both regulators had approved LIC under special arrangement. But now both are in favor of reducing it.
Let us know that earlier in the institutions like ITC, Corporation Bank, LIC has more than 15 percent stake and many times LIC has not reduced the stake even after the dispute. Similarly, in the case of IDBI, it can take help on the matter of reducing stake from the Finance Ministry.
Recently, IRDA Chairman Subhash Chandra Khuntia had said that we will set the deadline for LIC to reduce stake in IDBI Bank. We have asked LIC to make an offer about this. After that we will decide on this. According to sources, it is not possible to reduce the share of 51 per cent in a few months. It will take a long time. Now the regulator has to decide on it.
The decision on deadline could affect the price of IDBI Bank shares. Hence, Irda had asked the LIC to give a proposal about reducing stake. In June last year, IRDA had given permission to LIC to buy a 51% stake in IDBI Bank, which is in debt trapped with debt burden. LIC has deposited Rs 14,500 crore in the bank on December 28 and on January 21 after it has provided 5,030 crore rupees. In December 2018 quarter, the bank’s losses have tripled to 4,185.48 crore. This loss was Rs 1,524.31 crores a year ago.

SBI to raise 20,000 crores deadline

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The central board of Mumbai-State Bank of India (SBI) will be meeting this week in which the time limit for raising the equity capital of Rs 20,000 crore from the market can be increased by the end of the financial year 2019-20.
In December last year, the bank’s shareholders had approved plans to raise Rs 20,000 crore in various ways including follow-up public issues (FPOs). SBI said in the information given to the stock exchanges, “The central board meeting of the bank is March 22 2019, in which to increase the capital of Rs. 20,000 crore, the board’s approval deadline will be increased to March 31, 2020. In the Bombay Stock Exchange, SBI’s share was trading at Rs 295.50 with a fall of 0.74 per cent.

Market closes with edge

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Continuous growth continued for the sixth day in the Mumbai-market. Last week, the closed market closed with a sharp rise on Monday. At the end of the turnover, BSE’s 30-share index Sensex closed at a level of 70.75 points i.e. 0.19 percent and at 38095.07 level. On the other hand, NSE’s 50-share index Nifty closed 35.35 points, which is 0.31 per cent higher at 11462.20 level.
However, the Nifty touched a level of 11,500 at one time, but the profits at the upper level were seen here. In the Sensex and Bank Nifty, pressure from upper levels also made pressure. Bank Nifty also closed at record highs on strong buying in bank stocks. Realty stocks are a big boost today.
In the mid-and small-caps, shares were seen in good purchases along with giant stocks. The BSE Mid-cap Index was up 0.20 per cent to close at 15141.05. On the other hand, the smallcap index climbed 0.13 per cent to 14818.19 levels. Oil and gas shares also today witnessed strong buying. BSE’s oil and gas index climbed 1.55 percent.
Bank shares also saw strong purchases. Bank Nifty closed at a level of 29596.10 with an increase of 0.73 percent. The Nifty’s private bank index gained 0.87 percent and the PSU bank index gained 0.61 percent.
Today there is a shopping environment in banks, realty, media, FMCG and metal stocks. The Nifty’s realty index closed 2.8 percent, the media index 0.70 percent, the FMCG index was down 0.73 percent and the metal index jumped 0.67 percent.
However, today’s business saw decline in auto, IT and pharma stocks. Nifty’s auto index today closed 1.4 percent, IT index 1.2 percent and pharma index 0.2 percent weakness. Maruti’s stock also broke more than 2.5 per cent of the reports of production cuts today. Due to lack of demand, the company will reduce production by 26% in March. Today also show pressure on other auto and auto ancillary stocks.

Higher Delivery Quantity (14/03/2019)

SingleDataSeriesExample_01
NAME DELV QTY AVG QTY CLOSE
GSPL 3479218 250113 180.50
SOLARINDS 54977 6724 1033.75
THYROCARE 70936 12537 533.20
INOXWIND 1599342 342421 73.10
CREDITACC 360206 85583 471
PRESTIGE 2957553 746678 211.50
MAHINDCIE 422276 118802 243.05
RELAXO 379157 118574 755.60
PGHH 6736 2221 10294.90

52 Week High Breakout (14/03/2019)

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GUJFLUORO 1067.05
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