SECTORS ALERT - 19.05.2014
* BANKING: Bank deposits grew 14.8% on year and credit growth increased 13.8% on
year as on May 2, as per RBI data. Bank loans that are not non-performing assets but
could turn problematic vary between 4% and 8% of total advances of public sector banks.
* ECONOMY: Standard & Poor's said reform initiatives taken by the new government in
the next two-three months may have a significant impact on India's sovereign credit
rating.
Moody's Investors Service said the victory of Bharatiya Janata Party-led National
Democratic Alliance in the 16th Lok Sabha polls is likely to sustain investor sentiment
that recently boosted equity indices and rupee. Investment bank UBS remains bullish on
Indian equities after the sweeping win by National Democratic Alliance in the general
elections, and has set a target of 8000 points for the Nifty for 2014.
* FMCG: Gujarat Cooperative Milk Marketing Federation, better known for its Amul
brand, plans to invest 40 bln rupees in two years on expansion.
* GOVERNMENT: Prime Minister Manmohan Singh submits his resignation to
President Pranab Mukherjee, bringing to a close two successive terms of the
Congress-led United Progressive Alliance government.
* POLITICAL: Congress party is likely to undergo a revamp in today's Congress
Working Committee meeting.
* RAILWAYS: The railway ministry has put on hold its decision to hike passenger fare
and freight rates.
* REGULATORY: RBI has eased norms on raising foreign currency funds from indirect
equity holders. More than 30 entities, including brokers and high net worth individuals,
have come under Securities and Exchange Board of India's lens for unusual trading
activity on the Friday, the day Lok Sabha election results were announced.
Central Bureau of Investigation will quiz SEBI chairman U.K. Sinha and former head of
SEBI M. Damodaran in connection with a preliminary enquiry to probe granting sanction
to FINANCIAL TECHNOLOGIES (INDIA) and MCX-SX. Department of Telecom has
suggested amendments to Indian Telegraph rules which will aallow it to get enforcement
powers to test mobile phones for radiation.
* RETAIL: Walmart India has said it will engage the new government and continue to
focus on its cash-and-carry business.
* BANKING: Bank deposits grew 14.8% on year and credit growth increased 13.8% on
year as on May 2, as per RBI data. Bank loans that are not non-performing assets but
could turn problematic vary between 4% and 8% of total advances of public sector banks.
* ECONOMY: Standard & Poor's said reform initiatives taken by the new government in
the next two-three months may have a significant impact on India's sovereign credit
rating.
Moody's Investors Service said the victory of Bharatiya Janata Party-led National
Democratic Alliance in the 16th Lok Sabha polls is likely to sustain investor sentiment
that recently boosted equity indices and rupee. Investment bank UBS remains bullish on
Indian equities after the sweeping win by National Democratic Alliance in the general
elections, and has set a target of 8000 points for the Nifty for 2014.
* FMCG: Gujarat Cooperative Milk Marketing Federation, better known for its Amul
brand, plans to invest 40 bln rupees in two years on expansion.
* GOVERNMENT: Prime Minister Manmohan Singh submits his resignation to
President Pranab Mukherjee, bringing to a close two successive terms of the
Congress-led United Progressive Alliance government.
* POLITICAL: Congress party is likely to undergo a revamp in today's Congress
Working Committee meeting.
* RAILWAYS: The railway ministry has put on hold its decision to hike passenger fare
and freight rates.
* REGULATORY: RBI has eased norms on raising foreign currency funds from indirect
equity holders. More than 30 entities, including brokers and high net worth individuals,
have come under Securities and Exchange Board of India's lens for unusual trading
activity on the Friday, the day Lok Sabha election results were announced.
Central Bureau of Investigation will quiz SEBI chairman U.K. Sinha and former head of
SEBI M. Damodaran in connection with a preliminary enquiry to probe granting sanction
to FINANCIAL TECHNOLOGIES (INDIA) and MCX-SX. Department of Telecom has
suggested amendments to Indian Telegraph rules which will aallow it to get enforcement
powers to test mobile phones for radiation.
* RETAIL: Walmart India has said it will engage the new government and continue to
focus on its cash-and-carry business.
