NDPMS Wealth Management

RBI has released the policy framework for foreign banks in India. The policy framework is primarily built upon two cardinal principles of reciprocity and single mode of presence. Currently foreign banks in India are present only through branch mode. RBI has inventivised foreign banks to set up a WOS, by allowing them a near national treatment in branch opening (which was constrained earlier). We need some more clarility on the reciprocity aspect (which is one of the cardinal principle behind these guidelines), barring which we believe that foreign banks would be more than willing to enter/expand in India. Moreover the frameworks also specifies that RBI may allow foreign banks to buy Pvt. banks after it makes a review of functioning of foreign banks and foreign investment in Indian banks, but it should not exceed overall FDI limit of 74% in any private bank. This is a positive development for Private Banks in general (both old...

The Telecom Commission has also approved the M&A policy which menas combined telcos can hold up to 50 percent market share in each circle. However, M&A policy may need Cabinet approval. The Telecom Commission, which met in New Delhi today, has decided to go ahead with 800 MHZ spectrum auction and finalised reserve price for 1800 MHz and 900 MHz spectrums, reports CNBC-TV18 quoting sources. Sources in Department of Telecom (DoT) says reserve price for pan India 1800 MHz spectrum has been fixed 15 percent higher and that for 900 MHZ has been fixed 25 percent higher than than what the TRAI had recommended. However, it is still lower than the previous auction price. The Telecom Commission has also approved the M&A policy which means combined telcos can hold up to 50 percent market share in each circle. While M&A policy may need Cabinet approval, EGoM will decide on spectrum pricing. Following the news, telecom stocks like  Idea Cellular , Reliance C...

San Francisco-based Twitter increased its proposed share-price range to between $23 and $25 a share, up from between $17 and $20 a share. That increases the potential size of the offering to $2 billion from $1.6 billion, assuming underwriters sell all offered 80.5 million shares at the higher price. At the top of the revised range, Twitter would have a market capitalization of as much as $13.9 billion, about 26 times its revenue over the past four quarters. That ratio is slightly above the 21 times trailing 12-months revenue Facebook Inc. FB -3.08% priced its own IPO. Twitter's IPO, scheduled for Wednesday, looks promising but investors shouldn't pay over $30 a share, Barron's Andrew Bary says on MoneyBeat. Twitter could raise the price of its offering once more. Under U.S. securities rules, Twitter could increase the amount of money it will raise by up to 20% without a new filing, either in the form of additional shares, or raising the share price...

Ashok Leyland Ashok Leyland (AL) continued registering poor volume performance, with total sales witnessing a decline of 14.6% yoy to 6,803 units led by the weak demand environment amidst slowdown in the economic activity. While medium and heavy commercial vehicle (MHCV) sales declined by 17.5% yoy; Dost sales posted a decline of 10.6% yoy during the month.  Hero MotoCorp  Hero MotoCorp (HMCL) posted record monthly volumes buoyed by the festival demand and strong traction from the rural markets due to good monsoons. Total volumes reported a better-than-expected growth of 18.2% yoy (33.4% mom) to 625,420 units. Mahindra and Mahindra Mahindra & Mahindra (MM) registered slightly better-than-expected growth of 7% yoy (27% mom) to 88,821 units led by the robust growth in the tractor segment, even though the automotive segment continued to witness headwinds due to the slowdown and increasing competition in the utility ...