NSE WEEKLY NEWS UPDATE

✍ IDBI Bank, LIC ink pact to offer PM Jeevan Jyoti Bima Yojana
IDBI Bank and Life Insurance Corporation (LIC) of India have signed a memorandum of understanding (MoU) for implementing ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY), according to a media report. PMJJBY is the central government’s scheme to bring the entire nation under the ambit of insurance coverage. Recently, LIC signed an MoU with Corporation Bank in Mangaluru for implementing PMJJBY. Under PMJJBY, Corporation Bank’s Aadhar-linked savings account holders will be eligible for life insurance up to Rs. 2 lakh for a premium of Rs. 330 (plus service tax) per annum.


✍ LIC increases stake in NMDC to 10.12%
LIC has bought 7.98 crore shares, or 2.13 per cent, of NMDC to take its total stake in NMDC to 10.12 per cent. Based on the current share price of NMDC at Rs. 135.60 per share, LIC’s holding in the company is worth around Rs. 5,440 crore. Prior to this acquisition, LIC held 8.11 per cent stake in NMDC. The shares have been purchased through open market acquisitions between September 20, 2014, and April 9, 2015, NMDC said in a regulatory filing to the BSE.

✍ Govt to consider minimum monthly pension plan soon
The Cabinet is expected to consider the labour ministry's proposal to provide the minimum pension of Rs. 1,000 per month to workers till perpetuity, according to a media report. Labour ministry had earlier sent a Cabinet note seeking permission to allow EPFO to extend the minimum pension scheme till perpetuity, the report added. The proposal is expected to be discussed by the Cabinet next week after Prime Minister Narendra Modi returns from his three-nation tour, the report further said.

✍ CRISIL slips 7% post Q1 results
Shares of CRISIL Ltd were trading lower 7% at Rs. 2,177 on BSE today. The Company has posted a net profit after of Rs. 563.20 million for the quarter ended March 31, 2015 as compared to Rs. 687.10 million for the quarter ended March 31, 2014. Total Income has decreased from Rs. 3,121.20 million for the quarter ended March 31, 2014 to Rs. 3,107.20 million for the quarter ended March 31, 2015.
The company has recommended an interim dividend of Rs. 4 per equity share of face value of Re. 1 each, for the financial year ending December 31, 2015. The Dividend will be paid on May 12, 2015.
The stock opened at Rs. 2,360 as against the previous close of Rs. 2,346 on BSE. It has hit a high of Rs. 2,365 and a low of Rs. 2,162 on BSE today.


✍ No capital gain tax on roll-over of MFs beyond 36 months
The rollover of mutual fund fixed maturity plans (FMPs) beyond 36 months will not attract capital gains, Central Board of Direct Taxes (CBDT) said in a circular on Thursday. A tax of 20 per cent will be charged at the time of redemption of plans. The CBDT has issued the clarification with regard to taxation on rollover of FMPs beyond 36 months. “The rollover...will not amount to transfer as the scheme remains the same. Accordingly, it is hereby clarified that no capital gains will arise at the time of exercise of the option by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting out of the scheme, as the case may be,” CBDT said. FMPs are closed-ended funds having a fixed maturity date wherein the duration of investment is decided upfront.


✍ Sun Pharma Board approves allotment of 33.49 Cr equity shares to Ranbaxy Shareholders
Sun Pharmaceutical Industries Ltd has announced that the Allotment Committee of the Board of Directors has approved the following at their meeting held on April 10, 2015 pursuant to merger of erstwhile Ranbaxy into the Company:

Allotment of 334,956,764 (Thirty Three Crore Forty Nine Lakh Fifty Six Thousand Seven Hundred and Sixty Four) equity shares of Re. 1 each to the shareholders of erstwhile Ranbaxy in the ratio of 8 (eight) equity shares of Re. 1 each of the Company for every 10 (ten) equity shares of Rs. 5 each of erstwhile Ranbaxy held. After allotment, the total number of issued and paid up equity shares of the Company has aggregated to 2,406,120,674 of Re. 1 each.

Allotment of 5,000 Secured Rated Redeemable 9.20% Non-Convertible Debentures of the Face Value of Rs. 10,00,000/- each to the NCD holders of erstwhile Ranbaxy in the ratio of 1 (One) NCD of Rs. 10 lac each of the Company for every 1 (One) NCD of Rs.10 lac each held in erstwhile Ranbaxy. After allotment the total number of NCDs of the Company is 5,000 Secured Rated Redeemable 9.20% Non-Convertible Debentures of the Face Value of Rs. 10,00,000/- each.

Torrent Pharma plans to acquire Encore's derma business
Torrent Pharmaceuticals is planning to seal a deal to acquire the dermatology business of Mumbai-headquartered Encore group, according to reports. Report said that the deal size may be valued at Rs. 350 crore. The acquisition of derma business of Encore group provides Torrent Pharma access to global market also.


✍ HDFC Bank is set to introduce 'iWatch' banking
HDFC Bank is all set to introduce “watch banking” or “i-watch”, according to a media report. The Bank's mobile banking application (app) will be available on the Apple Watch, which will be launched in India later this month, the report added. HDFC Bank’s mobile banking app has about 75 features. The Bank will offer around 10 features commonly available on the mobile banking app. Among the common features include balance enquiry, re-charge of pre-paid mobile phones, cheque book request and account statement, as well as paying utility bills.

✍ Lakshmi Vilas Bank revises interest rates on term deposits
Lakshmi Vilas Bank has revised the interest rates on the domestic term deposits from Tuesday, 14 April 2015. For deposits having maturity period of 91 to 180 days, the interest rate for retail investors and senior citizens is revised to 8.1%. For deposits having maturity period of two years and less than three years, the interest rate for retail investors is revised to 8.8% and for senior citizens the rate is 9.3%.

✍ RBI releases data on international trade in services
The Reserve Bank of India released the data on India’s International Trade in Services for February 2015. The value of exports stood at $14,099 million during February 2015 as against $14,250 million in January 2015. The value of import was at $7,896 million during February 2015 as against $7,788 million in January 2015. The Reserve Bank releases provisional aggregate monthly data on India’s international trade in services with a lag of around 45 days. The data being provisional would undergo revision when the Balance of Payments (BoP) data are released.

✍ Axis Bank cuts home loan rates by 20 bps to 9.95%
Axis Bank has revised interest rates on its floating home loan to 9.95 per cent, a cut by 20 bps effective April 13. The bank has also introduced a single slab applicable for all salaried customers irrespective of the loan amount. The bank has accordingly aligned the pricing for new borrowers, an Axis Bank statement said. In a bid to aid affordable housing finance, Axis Bank also reduced its interest rate on Asha Home loans by 30 bps.


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