NSE - WEEKLY NEWS LETTERS
SBI hits three-year high as Q4 profit beats Street
The stock has moved higher by nearly 6% to Rs 2,653, its highest level since May 2011 on the National Stock Exchange. State Bank of India (SBI) has moved higher by nearly 6% to Rs 2,653, its highest level since May 2011, after reporting a better-than-expected net profit of Rs 3,041 for the quarter ended March 31, 2014 (Q4FY14). Analysts, on an average, had expected net profit of Rs 2,787 crore from the country’s largest state-owned lender. The bank had reported a profit of Rs 3,299 crore in the same quarter last year.

Sebi raises cash transaction limit in MFs to Rs 50,000
Investors without Permanent Account Number (PAN) can now put as much as Rs50,000 in mutual funds in cash every year. Sebi on Thursday said it was increasing the limit for cash investments to Rs50,000 from Rs20,000.The move is aimed at helping mutual funds sell products in small towns and rural areas, where transactions happen in cash rather than through banks.

Sundaram Finance sells Cibil stake to TransUnion stake to 55%
Global credit and information services company TransUnion has picked up an additional 7.5% stake in Cibil to take its holding in the country's largest credit information company to a majority 55%.



RBI eases gold import norms
The Reserve Bank of India (RBI), on Wednesday, allowed star trading houses (STH) and premier trading houses (PTH) to import gold under the 20:80 scheme. This follows representations made by jewellers and bullion dealers over the last several months. According to the guidelines of the scheme, importers can buy gold provided a fifth of the imported quantum is exported as finished products like jewellery. The RBI has also permitted banks to provide gold metal loans (GML) to domestic jewellery manufacturers out of the eligible domestic import quota to the extent of GML outstanding on their books as on March 31, 2013.

Flipkart acquires Myntra in India's biggest e-commerce deal
Flipkart India, India’s biggest e-commerce player, said on Thursday it will buy out rival Myntra.com in a move that will help the retailer consolidate its position in the online multi-brand retail sector and take on competitors like Amazon.com that are beefing up their presence in the $3-billion Indian market.

LIC India sells 2.53% stake in Maruti Suzuki
The country's largest car maker Maruti Suzuki India today said Life Insurance Corporation of India has sold 2.53 per cent stake in the company over a period of almost six months. LIC sold 62,23,598 equity shares, representing 2.53 per cent, of MSI between November 21, 2012, and May 17 this year.

Tata Steel may face higher raw material costs due to shutdown of mines in Odisha
Moody's Investors Service has said that if Tata Steel's (Ba3 negative) seven mines in Odisha stay closed for over a year, the company's only operational crude steel making facility in India will likely face higher raw material costs and lower EBITDA (earnings before interest, taxes, depreciation and amortization) levels. The orders come close on the heels of the iron ore mining shutdowns in Karnataka and Goa, inspired by the outcome of the Shah Commission report and investigation into illegal mining.

ONGC claims RIL tapped Rs 30,000 crore gas from its Krishna-Godavari field
State-run Oil and Natural Gas Corporation on Thursday claimed before the Delhi high court it has suffered loss of Rs 30,000 crore as a result of Reliance Industries Ltd exploiting - an euphemism for siphoning - gas from its block in the Krishna-Godavari basin.

HDFC seeks to raise Rs 1000 crore via bonds
The Housing Development Finance Corporation (HDFC), India's largest mortgage lender, on Wednesday launched its first private bond issue in 2014-15 to raise up to Rs 1,000 crore, offering about 9.13% for a 366-day maturity. The issue came after a 2-month lull as firms were seeking exemption on certain redemption reserve requirements under the amended Companies Act. On the first day, the company raised about Rs 850 crore, according to merchant bankers familiar with the development.

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