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Key Indian equity indices open in Red

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Sensex

Mumbai, Nov 15: Key Indian equity indices on Wednesday after opening on a positive note moved to negative region during the morning session of the trade.

The Sensex of the BSE after opening at 32,944.94 points which was also the high point and later came down to 32,828.87 points.

On Tuesday, the Sensex closed at 33,941.87 points.

The Sensex is trading at 32,960.30 points down by 81.57 points or 0.25 per cent.

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 10,171.95 points after closing at 10,186.60 points.

The Nifty was trading at 10,156.95 points in the morning.

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Key equity indices open in red

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Sensex down

Mumbai, Sep 25: The key Indian equity indices opened on a negative note on Tuesday, owing to a weak rupee and rising crude oil prices.

At 9.30 a.m., the wider Nifty50 of the National Stock Exchange traded at 10,918.85 points, lower by 48.55 points or 0.44 per cent from its previous close.

The BSE Sensex which had opened at 36,350.25 points, traded at 36,183.86 points, lower by 121.16 points or 0.33 per cent from its previous close of 36,305.02 points.

So far, it has touched an intra-day high of 36,454.03 points and a low 36,180.16 points.

IANS

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Dena Bank board okays merger with Bank of Baroda, Vijaya Bank

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Merger of Bank

Mumbai, Sep 24 : The Dena Bank board on Monday approved the merger proposal with Bank of Baroda and Vijaya Bank proposed by the government last week.

The government last Monday announced the merger of three state-run banks — Dena Bank, Vijaya Bank and Bank of Baroda — that will make it the country’s third-largest bank with a combined business of Rs 14.82 lakh crore.

In a stock exchange filing, Dena Bank, the smallest of the three banks proposed to be merged, said the consolidation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in India and globally.

Dena Bank has a total business size of Rs 1.73 lakh crore and is also under the Prompt Corrective Action (PCA) framework of the Reserve Bank of India (RBI) on account of its high non-performing assets (NPAs), or bad loans, which for the Indian banking system as a whole have crossed the staggering level of Rs 10 lakh crore.

Read More : Merger of BoB, Vijaya, Dena banks in 4-6 months: BoB MD

“To be more efficient in the changing environment, the banks in the public sector space need to be bigger to meet the credit needs of a growing economy, absorb shocks and have the capacity to raise resources without depending unduly on the exchequer.

“Consolidation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in India and globally,” the filing said.

“Amalgamation of our Bank with Bank of Baroda and Vijaya Bank would result in a strong amalgamated bank, equipped with financial cushion to deal with post-amalgamation requirements during the stabilisation phase.”

While making the merger proposal last week, Finance Minister Arun Jailtey said the consolidated entity’s capacity to absorb a weaker bank guided the decision “to propose this merger to the boards”.

The government said the amalgamated entity will have a net NPA ratio at 5.71 per cent, which is significantly better than the public sector banks’ (PSBs) average of 12.13 per cent, and declining further.

“The combined business of amalgamated entities would make it second-largest PSB of the country,” Dena Bank said.

This is the second such exercise in the last 18 months. In the previous mega merger, five associate banks and the Bharatiya Mahila Bank became part of the state-run State Bank of India on April 1, 2017, making the country’s largest lender among the world’s top 50 banks.

IANS

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Sensex ends 536 points lower, Nifty below 11,000-mark

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Sensex down

Mumbai, Sep 24: Slump in the financial stocks along with a weak rupee and high crude oil prices dragged the S&P BSE Sensex down 536 points on Monday and the NSE Nifty50 lost nearly 170 points to close below 11,000-mark — slipping into the red for the fifth consecutive session.

On the other hand, the rupee weakened during the day to trade around 72.59 (4.15 p.m) per US dollar against the previous close of 72.20 per greenback.

With all the major sectors contributing to the sell-off, top sectoral losers were banking, auto and finance.

At 3.30 p.m, the wider NSE Nifty50 provisionally closed at 10,974.90 points, lower 168.20 points or 1.51 per cent from the previous close of 11,143.10 points.

The BSE Sensex, which had opened at 36,924.72 points, provisionally closed at 36,305.02 points, lower 536.58 points or 1.46 per cent from the Friday’s close of 36,841.60 points.

The Sensex touched an intra-day high of 36,945.50 points and a low of 36,216.95 points.

IANS

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