Connect with us

Business

Markets open on a higher note on Tuesday

Published

on

sensex-wefornews

Mumbai, April 18: The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a higher note during the morning session of the trade.

The Sensex of the BSE after opening at 29,487.78 points, touched a high of 29,680.63 points and a low of 29,487.78 points.

On Monday, the Sensex closed at 29,413.66 points.
by 242.59 points or 0.82 per cent.
The Sensex is trading at 29,656.25 points up

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 9,163.00 points after closing at 9,139.30 points.

The Nifty is trading at 9,185.40 points in the morning.

IANS

Business

Jio to invest Rs 10,000 crore in 3 years in UP: Mukesh Ambani

Published

on

mukesh-ambani

Lucknow, Feb 21: Reliance Jio will invest another Rs 10,000 crore in Uttar Pradesh over the next three years, Reliance Industries Limited Chairman Mukesh Ambani said here on Wednesday.

“Today I am happy to inform this audience that Jio is one of the largest investors in Uttar Pradesh with investments of over Rs 20,000 crore. Jio is providing the highest quality data at the lowest price in the world to over 2 crore citizens of Uttar Pradesh,” Ambani said while addressing the Uc.

“I have come to Lucknow to assure the Prime Minister and the Chief Minister that Jio’s Digital Revolution is here to make the maximum contribution to UP’s development revolution,” he added.

While talking about affordable handsets, JioPhone, Ambani said: “Jio will make available over two crore JioPhones in UP within the next two months on a priority basis.”

He mentioned that Jio has already created over 40,000 direct and indirect jobs in the state.

“Jio will establish a Centre for the Fourth Industrial Revolution within the campus of a reputed university in Uttar Pradesh,” Ambani added.

IANS

Continue Reading

Business

Moody’s places PNB’s ratings under review for downgrade

Published

on

New Delhi, Feb 20: Moody’s Investors Service on Tuesday placed under review for downgrade Punjab National Bank’s (PNB) local and foreign currency deposit rating of Baa3/P-3 and foreign currency issuer rating Baa3, an official statement said here.

It said “likely financial impact of the fraudulent transactions is the key driver for the review for downgrade.”

At the same time, Moody’s has placed the bank’s Baseline Credit Assessment (BCA) and adjusted BCA of ba3 and the Counterparty Risk Assessment (CRA) of Baa3(cr)/P-3(cr) under review for downgrade.

PNB, the second largest public sector bank in India, has detected a $1.8 billion fraud in one of its branches in Mumbai, which is being investigated by the Central Bureau of Investigation and the Enforcement Directorate. The amount of fraudulent transactions is equivalent to eight times the bank’s net income of about Rs 1,320 crore ($206 million).

“The primary driver for today’s rating action is the risk of weakening of the bank’s standalone credit profile, as a result of the discovery of a number of fraudulent transactions. On February 14, 2018, PNB announced to the Indian stock exchanges that the bank had discovered some fraudulent and unauthorized transactions amounting to Rs 113.9 billion ($1.8 billion),” Moody’s said.

The credit rating agency said the fraudulent transactions represent a contingent liability and the financial impact would be determined by the relevant law in India.

“Nevertheless, Moody’s expects that PNB will need to provide for at least a substantial portion of the exposure. As a result, the bank’s profitability will likely come under pressure, although the actual impact will depend on the timing and quantum of provisions that need to be made, as well as any prospects for recovery,” the statement said.

“The fraudulent transactions represent about 230 basis points of the bank’s risk-weighted assets as of 31 December 2017. As such, PNB’s capital position would deteriorate markedly, and fall below minimum regulatory requirements, if the bank is required to provide for the entire exposure. Consequently, PNB may need to raise capital externally – mainly from the government – to comply with the minimum Basel III capital requirement of an 8 per cent common equity tier 1 (CET1) ratio by March 31, 2019,” Moody’s said.

Moody’s said the review for downgrade will focus on: the timing and quantum of the financial impact of the fraudulent transactions; any management actions taken to improve the capitalisation profile of the bank, and any punitive actions taken by the regulator on the bank.

“Moody’s assumes a very high probability of government support for PNB in times of need, resulting in a three-notch uplift to its deposit and issuer ratings from its BCA. In the review for downgrade, Moody’s will also assess government support for the bank’s deposits and senior unsecured debt.”

Given the review for downgrade, Moody’s said it is unlikely to upgrade PNB’s ratings over the next 12-18 months.

“Nevertheless, Moody’s could affirm the ratings, if the financial impact of the fraudulent transactions is much smaller than what Moody’s anticipates in this rating action, and/or if the bank manages to strengthen its capital position to a level above the minimum regulatory requirements — including the capital conservation buffer — under Basel III standards, and/or the bank returns to profitability on a sustainable basis,” the statement added.

IANS

Continue Reading

Business

Key Indian equity indices open flat

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,913.94 points, traded at 33,843.41 points (9.25 a.m.) — up 68.75 points or 0.20 per cent — from its previous session’s close.

Published

on

Mumbai, Feb 20: Key Indian equity indices traded on a flat note on Tuesday with marginal upward movement in both the indices.

The wider Nifty50 of the National Stock Exchange (NSE) traded at 10,392.90 points, up 14.50 points or 0.14 per cent from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,913.94 points, traded at 33,843.41 points (9.25 a.m.) — up 68.75 points or 0.20 per cent — from its previous session’s close.

The Sensex has so far touched a high of 33,931.90 points and a low of 33,753.50 points during the intra-day trade.

The BSE market breadth was bearish with 603 declines and 466 advances.

IANS

Continue Reading
Advertisement

Most Popular