Author Archives: nimishshah

Uco Bank’s loss of Rs 999 crore

UCO-Bank-final-image2-770x433

In the third quarter of the financial year 2019, the government bank UCO Bank lost Rs 999 crore, while the deficit was Rs 1,016.4 crore in the same period of the financial year 2018. In the third quarter, interest income of UCO Bank rose 0.8 percent to Rs 826.6 crore, from Rs 820 crore in the same period last year.
Similarly, the bank’s bad loans (NPA) gross witnessed an increase, which reached 27.39 per cent. Earlier it was at 25.37 percent. Net NPA also increased from 11.97 percent to 12.48 percent. The bank reduced the provision during this period and it came down from Rs 1,643 crore to Rs 1,400 crore, compared to Rs 1,385 crore in the third quarter of last year.

Chatelet hotel gives shock to investors

stock market news

Mumbai-based Raheja Group’s company Chalet Hotel has come down from its issue price after listing its shares on BSE at around 4 per cent of the premium. At the moment, this stock was now getting an edge. On the BSE, the shares of Chalet Hotels were held at ₹ 291 per share. The issue price of Chalet Hotels for listing was fixed at Rs 280 per share. While closing, the stock dropped to Rs 290.40 with declines.
The issue of Chalet Hotels was open from January 29 to 31. From the issue, the company raised Rs. 1641 crores. Chalet Hotels is a company of Raheja Corp Group. It has hotels in Mumbai, Hyderabad and Bangalore. The company has 5 five star hotels. Work is going on at 3 new hotels in Mumbai and Hyderabad. JW Marriott-Mumbai, Renaissance-Mumbai, Four Points-Mumbai, Marriott White Field-Bangalore, The Westin-Hyderabad Chalet hotels are the names of the hotels.
RBI reduced rates
Mumbai-The Reserve Bank of India announced a quarter-quarter reduction in the repo rate under quarterly review. Clearly, the decision of the central bank of the country will increase the pressure on banks to reduce interest rates. Therefore, you can expect that in April, 2019, when the bank determines its new rates, the interest rates of the loan will also be reduced.
Let us state that in the recent budget the central government had made the people happy and now the RBI has also made it happy, so that it will be benefited as electoral voting. The Reserve Bank has cut interest rates for the first time since August, 2017.
Banks calculate interest rates in different ways on different types of loans. For instance, in case of loan related to the marginal cost of fund based rate ie MCLR, there is a possibility of EMI decreasing. But for this, you will have to wait for a loan reset date. In this case, some banks decide a six-month and some one-year reset date. In this case, you will have to wait for the reset date to take advantage of the reduction in interest rates.
If your home loan is linked to the base rate or benchmark prime lending rate (BPLR), then you should immediately shift to MCLR based home loan because there is greater transparency in MCLR and external benchmark based arrangements.
If you want to take a new home, you should also decide in favor of MCLR based loan or you should wait for an external benchmark based system. The bank will announce it in April, 2019. New home loan customers should also consider taking loans in the Prime Minister’s housing scheme. The government has increased its period from March 2019 to March, 2020.

Closes with market downturn

Sensex ends down

After the Mumbai-Rbi policy, the profits in the market appear to be dominant. The markets closed flat after losing the daylight. Both the Nifty and the Sensex show pressure at the upper level immediately after the policy. At the end of the turnover, BSE’s 30-share index Sensex closed at 36971.09 with a weakness of 4.14 points, i.e. 0.01 per cent. On the other hand, NSE’s 50-share index Nifty closed 6.95 points, i.e. 0.06 percent, at the level of 11069.40.
However, the Nifty managed to survive 11050 Bank Nifty also slipped 15 points, but the improvement from the lower level has definitely come. The mid-cap index showed in Josh and closed above 125 points. In the business, JSW Steel, RIL, L & T and Power Grid saw the worst decline. At the same time, Zee Entertainment, Sun Pharma, Eicher and Bajaj Auto saw the highest growth.
The auto, pharma, media and FMCG stocks saw the highest buying. The Nifty Auto Index today closed nearly 2 per cent, FMCG Index of 0.79 per cent of the Pharma Index was up 1.7 per cent. The Nifty’s PSU Bank and the Realty Index were closed in the red mark. Bank Nifty today closed at 27387.15 with a weakness of 0.06 per cent due to the pressure of the sell-out in PSU banks.

Three banks will soon merge

stock market news

After the merger of Vijaya Bank and Dena Bank in Bank of Baroda, the government is going to merge three more banks soon. It can be announced after Union Minister Arun Jaitley returns from the United States. After the merger of these banks, it will become the second largest bank in the country.
According to information the government is going to merge the Punjab National Bank, Oriental Bank of Commerce and Punjab & Sind Bank. The government can take this decision before or after the elections. If the government stamps the merger proposal of these banks, then it will become the second largest public sector bank after SBI and will also beat the other merged bank with Bank of Baroda.
PNB and Punjab & Sind Bank have their headquarters in Delhi, while OBC is located in Gururgram. After the merger of these three banks, the total deposits of the new bank will be 16.5 lakh crore rupees. It will include deposits of 9.6 lakh crore and debt of Rs 7 lakh crore.

Vodafone-Idea shares go up

vodafone-idea

Mumbai-Vodafone Idea shares saw a sharp increase on Thursday and they were trading 10 percent more. In fact, the Telecom Disputes Settlement and Appellate Tribunal (DTSAT) has ordered the telecom department to return the bank guarantee of Rs 2,113.5 crore. Its impact on the company’s shares on Thursday
Let us know that on Wednesday, Vodafone Idea had issued a financial results, in which it had a loss of more than Rs 5,005 crore. The company said that on January 21, 2019, a decision came in favor of the company, in which TDSAT had ordered Dot to issue the order to return the bank guarantee of Rs 2,135 crore to the company within two months.
During the quarter, the total debt on the company is Rs 1,23,660 crore, including the deficit spectrum payment obligation of Rs 91,480 crore given to the government. Due to cash and cash equivalent of Rs 8,900 crore, the net loss on the company reached level of Rs.1,14,760 crore, while in the quarter ended September, 2018, it was at the level of Rs.1,12,510.

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