Credit growth in the banking system is low: SBI chief-The Total Investment & Insurance Solutions

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11 July 2017

India's largest lender, State Bank of India's Chairperson Arundhati Bhattacharya on Tuesday said the credit growth in India's banking system is low. The Total Investment & Insurance Solutions

Elaborating on the current economic growth rate and inflation rate, Bhattacharya said: "Credit growth especially in the banking system is low. Nine is the percentage at which the credit should grow. The credit is, however, growing at close to five (per cent).

Today, much of the credit at least for the companies that are doing well comes from the market...if that number is added, the credit growth comes around 7.5 per cent. Even it (the credit growth) is lower than a number it should be." 

According to her, the lender will bring a number of retail products in the digital space and data analytics will play a key role in digital banking.

"We will bring a number of retail products in digital space and in the corporate front, we will also provide... we have lot of plans. Some of them we will begin delivering within in a very short period of time. They are currently undergoing core user group testing. They will be out very shortly," she said. The Total Investment & Insurance Solutions

"On the corporate side, we will be using not only platforms to bring people together, but also analytics to find out who is producing and who is needing what," Bhattacharya said while emphasising on how the lender is going to leverage the digital platform.

Addressing participants at Banking Conclave organised by Ficci, she said the lender will use data analytics in retail banking too. The Total Investment & Insurance Solutions

On the SBI's credit-deposit ratio at around 50.5 per cent in West Bengal, she said: "We need to create right situations for credit absorption. If there is no credit absorption capacity, pouring lot of credit will cause NPAs." The Total Investment & Insurance Solutions

After inaugurating the bank's wealth management services in the city, Bhattacharya, later in the day, said credit absorption capacity in the north and eastern states are relatively low. 

She said that what needs to be done in West Bengal is to have a look at value chain financing.

She, however, said consumption led retail credit growth has been progressing and on the other hand, investment demand has not so far been picked up. The Total Investment & Insurance Solutions

Jio doubles validity period, data for Prime prepaid subscribers-The Total Investment & Insurance Solutions

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11 July 2017

 

JIO (The Total Investment & Insurance Solutions)

Continuing to de-stabilise the telecom market, Reliance Jio has extended the validity period on its prepaid offers for Prime subscribers. The offer will be called 'Jio Dhan Dhana Dhan' and subscribers will get additional days for validity on the offer.

For example, subscribers who recharge for Rs309 and Rs349 will get validity of 56 days as against existing 28 days. Similarly, subscribers who use Rs399 recharge will get validity of 84 days, which is three times the existing 28 days. The Total Investment & Insurance Solutions

In addition, Jio has also doubled its data offer for all schemes ranging from Rs309 to Rs9999. However, the maximum benefit is offered to subscribers who recharge with a voucher of Rs309, Rs399 and Rs509. The Total Investment & Insurance Solutions

 

JIO (The Total Investment & Insurance Solutions)

In a release, Jio says, “The new set of plan benefits will be available from 11th July and will be applicable for all new as well as existing subscribers. As part of these unlimited benefit, customers can enjoy 1GB Data per day at 4G speed followed by unlimited at 128 kbps, unlimited local, STD and national roaming voice calls and unlimited national SMS.” 

“Over and above the Prime exclusive plans, Jio is introducing new Every Day More Value (EDMV) plans. These plans provide 20% more value than competitors’ best plans. It’s Jio’s solemn promise to always offer better value for the best price,” it added.The Total Investment & Insurance Solutions

US newspapers plan to strike Google, Facebook over ad revenue-The Total Investment & Insurance Solutions

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11 July 2017

With Facebook and Google grabbing vast majority of the digital ad market, many newspapers in the US are planning to strike at the tech giants to get an antitrust exemption from Congress to negotiate collectively over advertising revenue. The Total Investment & Insurance Solutions

According to a report in Washington Times on Monday, the News Media Alliance, that represents roughly 2,000 US' national and local newspapers including The New York Times, The Wall Street Journal and The Washington Post, has started reaching out to Capitol Hill to sound out the chances for an exemption. The Total Investment & Insurance Solutions

"We're not looking to break up Google and Facebook by saying they have a duopoly here, what we are saying is there has got to be a way to improve the business model," Paul Boyle, Senior Vice President (Public Policy) News Media Alliance was quoted as saying.

According to Boyle, newspapers had thought allowing their articles to be shared on social media would earn them a piece of the digital ad market.

"But Facebook doesn't always allow the reader to click through to the publisher's website, denying the news website ad revenue from that reader," he stated.

Facebook, however, said the company is committed to helping quality journalism thrive on its platform. The Total Investment & Insurance Solutions

"We have already been working with publishers and we're making progress through our work and have more work to do," the report quoted Campbell Brown, Head of News Partnerships at Facebook, as saying. The Total Investment & Insurance Solutions

According to media reports, Google and Facebook control nearly two-thirds of the digital advertising industry, and newspaper revenue from advertisements declined to $16 billion in 2016, down from about $50 billion 10 years earlier.

"Google and Facebook dominate web traffic and online ad income. Together, they account for more than 70 per cent of the $73 billion spent each year on digital advertising, and they eat up most of the growth," David Chavern, President of News Media Alliance, was quoted as saying. 

"Nearly 80 per cent of all online referral traffic comes from Google and Facebook. This is an immensely profitable business," Chavern said. The Total Investment & Insurance Solutions

Reacting to the News Media Alliance's latest move, Google said it wanted to help news publishers succeed and lately, it had built numerous specialised products and technologies, developed specifically to help distribute, fund, and support newspapers.

"This is a priority and we remain deeply committed to helping publishers with both their challenges, and their opportunities," Google was quoted as saying in a press statement.The Total Investment & Insurance Solutions

Global Stocks Mixed Ahead Of Yellen Testimony-The Total Investment & Insurance Solutions

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11 July 2017

Global stock markets (The Total Investment & Insurance Solutions)

Global stock markets were mixed on Tuesday as investors awaited Federal Reserve chair Janet Yellen's testimony to the U.S. Congress. The Total Investment & Insurance Solutions

KEEPING SCORE: Britain's FTSE 100 fell 0.8 percent to 7,308 and the CAC40 of France lost 0.3 percent to 5,152. But Germany's DAX climbed 0.1 percent to 12,461. Wall Street looked set for a lackluster start with Dow and S&P 500 futures both 0.1 percent lower.

YELLEN FACTOR: Traders are looking ahead to potential news out of the Federal Reserve when Yellen addresses Congress on Wednesday and Thursday. Investors will look for clues as to how aggressively the Fed will continue to raise rates and start to unwind its big bond-buying stimulus program. The latest U.S. economic reports, particularly for jobs, have been upbeat.

PAGE TURNER: In corporate news, shares in London-based publisher Pearson fell a sharp 6 percent after the company said it would sell another 22 percent stake in Penguin Random House. That will leave it with only 25 percent, to the 75 percent stake of Germany's Bertelsmann. Investors seem concerned that Pearson is losing control of a valuable unit in the longer-term.

ASIA'S DAY: Japan's Nikkei 225 index gained 0.6 percent to 20,195.48 on expectations the yen will weaken further against the dollar as the central bank strives to keep long-term bond yields low. Hong Kong's Hang Seng added 1.5 percent to 25,877.64. The Kospi in South Korea climbed 0.6 percent to 2,396.00 while Australia's S&P ASX 200 edged 0.1 percent higher to 5,728.90. The Shanghai Composite index yoyo'd and eventually ended the day down 0.3 percent at 3,203.04, while shares in Southeast Asia were mixed. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude fell 45 cents to $43.95 a barrel in electronic trading on the New York Mercantile Exchange. It added 17 cents to settle at $44.40 a barrel on Monday. Brent crude, used to price international oils, lost 48 cents to $46.40 a barrel. The Total Investment & Insurance Solutions

CURRENCIES: The dollar rose to 114.32 from 114.04 yen late Monday. The euro slipped to $1.1395 from $1.1400.The Total Investment & Insurance Solutions

Nifty, Sensex Make a New All-time High – Monday closing report-The Total Investment & Insurance Solutions

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10 July 2017

I had mentioned in Friday’s closing report that Nifty, Sensex were likely to trade sideways. The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Positive global cues and buying in banking, IT (information technology) and capital goods stocks pushed the Indian equity markets to fresh highs during the mid-afternoon trade session on Monday. Equity benchmarks started-off on a strong note with both equity benchmark indices hitting record highs. Global cues and buying support aided in the markets' rise, pointed out market analysts. On the NSE, there were 966 advances, 515 declines and 472 unchanged. On the BSE, there were 1,554 advances, 1,090 declines and 165 unchanged. 

Full-fledged trading resumed on the National Stock Exchange of India (NSE) during the mid-afternoon session on Monday after a technical glitch impacted trading during an early-morning session. The stock exchange said that the technical glitch impacted trading on its Cash and Future and Option (F&O) segment during the early-morning trade session, and that the glitch has been resolved. The NSE said that all its market segments were operational as of 12.30 p.m. An earlier statement from the bourse said: "Due to technical reasons in cash market, trading has been stopped in both Cash and F&O segment of the NSE. The technical team of NSE is looking into the issue." However, stock brokers contacted by IANS said that though the trading has resumed some minor issues in the Cash segment remained. "It has restarted now. The problem seems to be resolved. However, some minor display issues on the cash segment are still there. The Futures segment is operating seamlessly," a stock broker told IANS here. According to the broker, the problem about price updation and "placing of orders" started during the early phase of the day's trade session. "Afterwards, we were informed by the NSE that trade will restart at 10.15 a.m. and then at 11.00 a.m.," the broker said. The technical glitch was noticed after the NSE stock rates were not in tandem with BSE (Bombay Stock Exchange) scrip prices.

India's steel consumption grew by 4.6% to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016 while the country's steel exports jumped by nearly 66% in the April-June period, a Ministry report said. "India's consumption of total finished steel saw a growth of 4.6% in April-June 2017 at 20.999 mt (million tonne) over same period of last year, under the influence of a rising production for sale," the report said. The Ministry's study also pointed out overall consumption at 7.204 mt in June was down by four per cent over the previous month (May 2017) and was up by 5.3% over corresponding month (June 2016) last year. "Export of total finished steel was up by 65.9% in April-June 2017 at 1.387 mt over same period of last year. Overall exports in June 2017 at 0.648 mt was up by 0.9% over May 2017 but was up by 20.2 per cent over June 2016," said the report of Joint Plant Committee. However, the import of total finished steel at 1.715 mt in June quarter declined by 6.4% over same period in 2016. Overall imports at 0.653 mt in June was up by 17% over May and increased year-on-year by 3.2% over same month last year (June 2016). India was a net exporter of total finished steel in April-June 2017, the report said. Steel Authority of India shares closed at Rs63.00, up 2.19% on the BSE and Tata Steel shares closed at Rs559.20, up 0.98% on the BSE.

Airtel has launched 'Project Next', a digital programme which, it says, will transform customer experience across all its services, with an investment of Rs2,000 crore over the next three years. "We plan to invest Rs2,000 crore over the next three years to launch several digital innovations to make our customers' experience more simple and interactive," said Gopal Vittal, Managing Director and CEO (India and South Asia), Bharti Airtel. As part of the project, the company will revamp all its 2,500 stores across the country. It will also introduce data rollover opportunity for customers so that their data of a particular month if unused does not go waste. Bharti Airtel shares closed at Rs405.40, up 5.39% on the BSE. The Total Investment & Insurance Solutions

After a huge fall in sugar production 2016-17, that forced the import of 500,000 tonnes, official and industry circles expect the upcoming "sugar year" to be sweeter, thanks to a good monsoon and signals of better yield from the field. According to the officials in the Agriculture Ministry and organisations representing private and cooperative sugar factories, output in 2017-18 (the "sugar year" starts from October) is to cross 25 million tonnes, almost 25% higher than in 2016-17. "Most of the water reservoirs in the sugarcane-producing states, especially in Maharashtra, are filled to their normal level. In addition, the cultivation area in Uttar Pradesh is likely to be increased. As per the inputs from the state Cane Commissioners, we are expecting the output to go above 25 million tonnes," said a senior official, who requested anonymity. Bajaj Hindustan Sugar shares closed at Rs15.90, down 2.81% and Parrys Sugar Industries shares closed at Rs47.65, down 12.08% on the BSE. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Show cause notices to nearly 6,000 NGOs over foreign funds-The Total Investment & Insurance Solutions

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10 July 2017

The government has served show cause notices to nearly 6,000 NGOs for not filing their annual income and expenditure details for three or more years in a violation that may lead to cancellation of their licenses to receive foreign funds. The Total Investment & Insurance Solutions

The Union Home Ministry in a circular issued on Monday said the notices have been issued to 5,922 associations because they have failed to upload their annual returns under the Foreign Contribution (Regulation) Act despite being given adequate opportunities to do so.

"In spite of sufficient and adequate notice, it has been observed that 5,922 associations have not uploaded their annual returns for the three or more than three years within the stipulated time given in the notice," the circular read. The Total Investment & Insurance Solutions

"Such associations have now been issued show cause notice as to why their registration under the Foreign Contribution (Regulation) Act, (FCRA) may not be cancelled under Section 14 of FCRA, 2010, for failure to upload their annual returns from 2010-11 to 2014-15."

It said that the associations -- which include educational and missionary trusts, shrine managements -- were given an opportunity by way of a public notice to file their missing annual returns from 2010-11 to 2014-15 within a period of one month time without payment of penalty or compounding fee for non filing of annual returns.

"This was followed by regular alerts to the associations but despite all this they didn't upload their annual returns." The Total Investment & Insurance Solutions

Associations that receive foreign funds are required to submit their annual return for every financial year beginning on April 1 within nine months of the closure of the financial year.The Total Investment & Insurance Solutions

SEBI approves ICEX's request to restart live trading-The Total Investment & Insurance Solutions

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10 July 2017

Indian Commodity Exchange Ltd (ICEX), a screen based on-line derivatives exchange for commodities, on Monday said it has received approval from Securities and Exchange Board of India (Sebi) to re-commence live trading operations. The Total Investment & Insurance Solutions

In a statement issued here, ICEX said it has successfully complied with all Sebi mandated norms prescribed for the commodity exchanges, and implemented world-class technology and risk management systems. The Total Investment & Insurance Solutions

The exchange has already received approval from SEBI to launch the diamond futures contract - the first in the world. The Total Investment & Insurance Solutions

The exchange has all necessary infrastructure to handle deposits, grading and sealing, vaulting and deliveries of diamonds as part of its preparation to launch the diamond contracts, the statement said. The Total Investment & Insurance Solutions

"We are grateful to Sebi for granting the final approval to ICEX for re-commencement of trading operations. With all requisite approvals in place, ICEX is poised to go-live by end-August, 2017," said ICEX MD and CEO Sanjit Prasad, as per the statement.

Prior to launch, ICEX will now be stepping up enrolment and training of members, conducting mock trials and other aspects.The Total Investment & Insurance Solutions

US Stock Indexes Edge Higher In Morning Trading; Oil Slides-The Total Investment & Insurance Solutions

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10 July 2017

U.S. stock markets (The Total Investment & Insurance Solutions)

Major U.S. stock indexes edged higher in morning trading Monday, led by gains among technology and materials companies. Real estate stocks were down the most. Investors had their eye on the latest company deal news. They're also looking ahead to the next wave of corporate earnings, which begin rolling out this week, and Federal Reserve chair Janet Yellen's upcoming testimony to Congress.

KEEPING SCORE: The Standard & Poor's 500 index was up 4 points, or 0.2 percent, to 2,429 as of 11:11 a.m. Eastern time. The Dow Jones industrial average gained 16 points, or 0.1 percent, to 21,430. The Nasdaq composite rose 15 points, or 0.3 percent, to 6,168. The Russell 2000 index of smaller-company stocks fell 8 points, or 0.6 percent, to 1,407. The indexes rose on Friday.

TECH RALLY: Technology companies led all other company sectors in morning trading. Flir Systems rose $1.13, or 3.3 percent, to $35.83. Nvidia climbed $4.40, or 3 percent, to $151.16, while eBay added 81 cents, or 2.4 percent, to $35.04. The Total Investment & Insurance Solutions

RETAIL SLUMP: Retailers were among the big decliners. Best Buy slid $3.84, or 6.6 percent, to $54.03. Gap fell $1.09, or $4.81, to $21.55. Kohl's gave up $1.69, or 4.4 percent, to $36.55.

OFF THE MARKET: Abercrombie & Fitch slid 20.4 percent after the struggling teen fashion retailer said over the weekend that it is no longer up for sale. The company, which said in May it was talking with several possible buyers, said that sales remain strong at its surf-inspired Hollister brand and is continuing to work on improving the performance at Abercrombie. The stock shed $2.49 to $9.67.

TAKING A SWING: ClubCorp vaulted 30.5 percent after private equity firm Apollo Global Management agreed to buy the golf and country club company for $17.12 a share, or $1.1 billion. ClubCorp gained $4 to $17.10. Apollo was up 53 cents, or 2 percent, to $26.87.

DIALING DEALS: Hawaiian Telcom surged 18.7 percent on news the phone company will combine with Cincinnati Bell in a deal Hawaiian Telcom said is worth $650 million, or $30.75 per share of its stock. As part of the deal, Cincinnati Bell is buying another company, OnX Enterprise Solutions, for $201 million. Shares in Hawaiian Telcom added $4.56 to $29. Cincinnati Bell slid $1.35, or 7 percent, to $18.

EARNINGS: Companies including Pepsi Co. and Delta Air Lines, Inc. are due to release earnings this week as U.S. companies begin their second-quarter reporting season. The market expects earnings per share growth of about 7 percent from companies in the S&P 500.

FED WATCH: Yellen testifies Wednesday and Thursday before U.S. lawmakers. Investors are looking for signs of how the Fed might react to the latest jobs and inflation data. "We expect she will once again encourage expectations for the start of balance sheet normalization in September, followed by another rate hike in December — dependent on the data, of course," said Jim O'Sullivan of High-Frequency Economics. The Total Investment & Insurance Solutions

BONDS: Bond prices rose. The yield on the 10-year Treasury note fell to 2.38 percent from 2.39 percent late Friday. The Total Investment & Insurance Solutions

ENERGY: Oil prices rebounded after an early slide. Benchmark U.S. crude was up 39 cents, or 0.9 percent, to $44.62 a barrel in New York. Brent crude, used to price international oils, was up 42 cents, or 0.9 percent, to $47.13 a barrel in London. The Total Investment & Insurance Solutions

MARKETS ABROAD: In Europe, Germany's DAX was up 0.6 percent, while the CAC 40 in France was 0.6 percent higher. The FTSE 100 index of leading British shares was up 0.5 percent. Earlier in Asia, Tokyo's Nikkei index gained 0.8 percent, while Hong Kong's Hang Seng added 0.7 percent. Sydney's S&P-ASX 200 gained 0.4 percent. India's Sensex rose 0.9 percent. Kospi added 0.1 percent.

CURRENCY: The dollar rose to 114.20 yen from 113.99 yen late Friday. The euro fell to $1.1388 from $1.1404.The Total Investment & Insurance Solutions