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Friday, 28 November 2014

Sensex, Nifty end at record closing high on oil prices fall

03:30pm Market Closing

The market ended at new record closing high on Friday following further fall in crude oil prices after the OPEC decided not to cut output. Hopes of rate cut or indication of rate cut in monetary policy on December 2 also pushed market higher.

The Sensex rose 255.08 points or 0.90 percent to close at 28693.99 and the Nifty climbed 94.05 points or 1.11 percent to 8588.25.

About 1499 shares have advanced, 1521 shares declined, and 99 shares are unchanged on the Bombay Stock Exchange.

Punjab National Bank, Bank of Baroda, Asian Paints, State Bank of India, IndusInd Bank, Axis Bank, Tata Motors, Tata Steel and M&M were top gainers, up 2.5-7.4 percent.

However, Cairn India fell 4.44 percent followed by Sesa Sterlite with 3 percent loss. Jindal Steel, Bharti Airtel, ONGC, GAIL and Dr Reddy's Labs declined 0.4-0.9 percent.

03:15pm DLF in News

In a temporary relief for realty major DLF, the Supreme Court (SC) today has granted status quo to the Punjab and Haryana High court order directing re-auction of 350 acre land parcel, which was alloted to the company in the year 2009.

The Punjab and Haryana High court had ordered the Haryana Government to scrap this land deal after concerns were raised by the farmers. Also, it had directed re-auction of this land.

The apex court has also issued notice to the Haryana government with respect to the DLF appeal.

DLF was allotted this land at Wazirabad in Gurgaon for Rs 1750 crore. The company emerged as sole bidder in competitive bids after Unitech, Malaysian Consortium dropped out of it on technical grounds. The real estate player had submitted bids for 12,000 per sq mt as against a reserve price for 11,978 per sq mt.

03:00pm NBFCs in Focus

Shares in non-banking finance companies (NBFCs) gained ground today after the Raghuram Rajan-led Reserve Bank of India (RBI) last evening issued final guidelines for allowing the set up of “payment banks” and “small finance banks” in the country.

Shares of Shriram Transport Finance, Sundaram Finance, SREI Infra Finance, Manappuram Finance and Muthoot Finance surged 3.9 percent to 4.3 percent amid hopes the companies would have a shot at turning themselves into small banks.

The central bank defines a payment bank as one that will be allowed to take deposits and offer remittances up to a small limit (Rs 1 lakh currently) to its customers but cannot lend money. A small finance bank will operate in a similar fashion to a normal bank (by taking deposits, offering withdrawals as well as offering loans) but with a focus on small, underserved areas of the country.

A typical candidate for a payments bank is a telecom company or a retail chain that can tap into its existing captive customers and provide them technology-based financial services such as payments and withdrawals.

While the issue of guidelines pertaining to small banks is expected to pave the way for several non-banking finance companies (NBFCs) to convert into one, a move that would also bring them closer to becoming a universal bank in future. More information please visit this site

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