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ABFL’s merger with Allahabad Bank gets nod

The bank’s board had approved the proposed merger in December 2016.

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Allahabad-Bank

Kolkata, March 21 : State-run Allahabad Bank on Wednesday said the Ministry of Corporate Affairs has allowed the amalgamation of its wholly own subsidiary – All Bank Finance Ltd (ABFL)-with the lender.

The bank’s board had approved the proposed merger in December 2016.

“..the Scheme of Amalgamation for amalgamation of its wholly-owned subsidiary namely AllBank Finance Ltd with the bank has been confirmed by the Regional Director (Eastern Region), Ministry of Corporate Affairs,” the bank said in a regulatory filing.

The ABFL offers a basket of fee based financial services such as trusteeship services (debenture trustee/security trustee), investment advisory and portfolio management services, distribution of Mutual Funds schemes and other corporate services including valuation of security and so on.

The Board of the company had decided to surrender its NBFC (non banking finance company) licence in 2005.

It had also surrendered its merchant banking licence to market regulator Sebi.

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Weak rupee, global cues depress equity indices; capital goods stocks fall

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SENSEX-

Mumbai, July 19: Depreciation in the Indian rupee coupled with decline in the global markets subdued the key Indian equity indices on Thursday.

According to market observers, heavy selling pressure was witnessed in capital goods, healthcare and IT stocks.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange provisionally closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points.

The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points — lower by 22.21 points or 0.06 per cent — from its previous session’s close of 36,373.44 points.

It touched an intra-day high of 36,515.58 points and a low of 36,279.33 points. The BSE market breadth was bearish with 1,738 declines against 831 advances.

The top gainers on the Sensex were Vedanta, Yes Bank, ITC, Bharti Airtel and Adani Ports whereas Kotak Mahindra bank, Larsen and Toubro, Hero MotoCorp, Tata Steel, Coal India were the top losers.

IANS

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Domestic political uncertainty subdues equity indices

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Mumbai, July 18: Domestic political uncertainty in the wake of a no-confidence motion against the central government dragged the equity indices lower on Wednesday.

According to market observers, profit booking in mid-and-small-cap stocks also subdued the equity indices.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,980.45 points — lower by 27.60 points or 0.25 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,722.41 points, closed at 36,373.44 points — lower by 146.52 points or 0.40 per cent — from its previous session’s close of 36,519.96 points.

The barometer index fell after it touched a fresh all-time high of 36,747.87 points. The index had dipped to a low of 36,320.92 points during the intra-day trade.

On Tuesday — the previous trade session — both the indices had made gains on the back of a slide in global crude oil prices along with expectations of fund infusion into public sector banks.

IANS

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Government increases sugarcane FRP to Rs 275

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Sugarcane

New Delhi, July 18: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 20 per quintal increase in the Fair and Remunerative Price (FRP) for sugarcane to Rs 275 for the 2018-19 season starting October.

“The cost of sugar production is estimated to be only Rs 155 per quintal against which we have decided to give FRP of Rs 275 per quintal. This is 77.42 per cent higher than the cost of production,” Law Minister Ravi Shankar Prasad told reporters here after the cabinet meeting.

The FRP is the minimum price legally guaranteed to farmers for sugarcane.

As per the estimates issued by industry body Indian Sugar Mills Association (ISMA), total sugar production in season 2018-19 starting October is expected to be 35-35.5 million tonnes.

Prasad said that the total remuneration for sugarcane to farmers for the year 2018-19 is estimated to be Rs 83,000 crore.

IANS

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