Fund infusion in PSU banks is credit positive: Moody’s
mumbai: The recapitalisation of Indian public sector banks by the government is credit positive as it increases the chance that these banks will meet regulatory capital requirements while maintaining loan growth to economically important sectors, Moody’s said. “Before the capital infusion, we estimated that at the end of fiscal 2014 just six of the 11 public sector banks we rate would have reported Tier 1 capital ratios of more than 8% regulatory minimum under Basel II. The government’s capital infusion will not only raise the capital levels of all rated banks, but we also expect that it will allow three more banks to meet the minimum,” Moody’s said. However, Moody’s said the need for larger capital injections to public sector banks is symptomatic of the fundamental economic and credit challenges that are not addressed by capital injections.
Vodafone India launches intl roaming packs
new delhi: Vodafone India today launched international roaming packs for both pre-paid and post-paid customers offering a discount of 95 per cent on data charges and up to 78 per cent on voice calls. The roaming packs cover 53 countries including UK, USA, UAE, Thailand and Singapore, the company said in a statement. The packs are available for a rental of Rs 599 and Rs 1,499 for post-paid customers and come with a validity of 10 and 30 days, respectively. Pre-paid users can avail the offer through recharge vouchers of Rs 673 and Rs 1,684, respectively, for the same validity period. The company said with the packs, customers can access data for Rs 30 per MB on international roaming.
Rs 21 lakh fine on 6 firms in Sanjay Dangi case
MUMBAI: Sebi has slapped a total penalty of Rs 21 lakh on six entities for alleged failure to comply with market watchdog’s summons related to its probe on fraudulent trading activities by Sanjay Dangi and associated entities. In six separate orders, the Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 10 lakh on Ivory Consultants and Rs 3 lakh on Forever Merchants. Besides, it has slapped fine of Rs 2 lakh each on — Sarswati Vincom, Winall Vinimay, Alps Vyapar and Hi-Tech Heritage. Sanjay Dangi and his associates have already faced regulatory actions in connection with various violations in securities markets.
BSNL launches mobile app for Android phones
new delhi: BSNL today launched a new Mobile application ‘My BSNL App’ for Android and Windows Mobile Phone users. With increasing penetration of Small Phones, this simple and Smart App will enable customers to pay their Post paid Bills and dp Pre-paid TopUp from anywhere at anytime, it said in a release. This Mobile based access to the ‘Online Payment Gateway’ enables BSNL to reach the customers in the nook and corner of the Country and provide a visually appealing, User-friendly application facilitating a hassle free payment mechanisation for its landline/wireless (GSM/CDMA/WiMax) Postpaid and Prepaid Segment.
Bharti Infratel Q2 consol net drops 22%
new delhi: Bharti Infratel Ltd, the tower subsidiary of Bharti Airtel Ltd, today reported a 22% sequential decline in its Jul-Sep consolidated net profit at Rs.2.77 bn as revenues from tower rentals remained almost flat. Rental per tower per month for the reporting quarter was at Rs.65,608, up merely 0.6%, while revenues per operator per month declined 0.2% to Rs.33,996.
Syndicate Bank Q2 profit flat at Rs 470 cr
new delhi: Public sector lender Syndicate Bank has reported 1.4% increase in net profit to Rs 470.12 cr for the July-September quarter. It had posted net profit of Rs.463.37 cr for the same period of last fiscal, 2012-13. The total income in Q2, 2013-14 increased to Rs 4,850.35 cr.