Update 1
Sensex above 13,700
The BSE Sensex was firm above the 13,700 mark, in opening session of trade, on investor support.
At 10:13 IST the BSE 30-shares Sensex was up 45.15 points, at 13,725.26. It moved in a range of 13,736.19 and 13,665.52.The total turnover on BSE amounted to Rs 1,507 crore.The market-breadth was strong on BSE, with around two gainers for every loser. For 965 shares that advanced, 464 declined and 38 remained unchanged.Among the Sensex pack, 21 advanced while the rest declined.
BC ties up with IL&FS Investsmart for broking services
Oriental Bank of Commerce (OBC) has signed a memorandum of understanding (MoU) with IL&FS Investsmart to offer online share trading facility to its demat account holders.
Initially, the online share trading facility would be available on a pilot basis at Mumbai. It would be extended to other branches in due course.Currently, OBC has more than 1 lakh demat accounts spread over 111 branches.
The MoU, which was signed by the OBC chairman and managing director, Mr K.N. Prithviraj, and the IL&FS Investsmart managing director and CEO, Mr R.C. Bawa, also provides for the bank`s customers to undertake share trading at designated branches and IL&FS Investsmart personnel at these branches would provide support for share trading.
OBC officials said the MoU would help the bank in expanding its customer base for savings and current accounts.Till date, OBC customers were able to opt for only bank and demat accounts. They could not undertake online trading of shares.
The bank does not have a subsidiary for capital market services, and did not feel it viable to start its own broking subsidiary, as capital market services are easily available with other established players in the market.
Essar may offload 10% in Hutch JV
The Essar Group, which owns 33.1% in Hutchison Essar, may offload a part of its stake in the joint venture (JV), reports Economic Times.
The Essar Group was possibly looking at bringing in a strategic telecom investor on the lines of Bharti Airtel, which has two strategic investors, Singtel and Vodaphone.Private equity investors are also believed to have shown interest. Investment bankers, Stanchart and JM Morgan Stanley, are believed to have been mandated for this purpose.
Essar however, has denied that any such deal was in the offing. People have been approaching the company, but the company is not selling or diluting it`s stake in the company, sources said.
To Read MoreClick Here
EBI lifts ban on opening demat a/c with HDFC Bank
The Securities and Exchange Board of India (SEBI), in a relief order to HDFC Bank, allowed it to open new demat accounts, saying there was no need to continue its earlier directions barring the bank from opening new accounts, reports Business Standard.
The bank was barred from opening fresh demat accounts by SEBI in its interim order in the Initial Public Offering (IPO) scam which came to light during April this year.
However, it clarified that the order gave only a prima-facie finding as to the necessity of interim directions at the stage and accordingly all issues and contentions were left open to consideration by the enquiry officer and to be decided in subsequent proceedings pursuant to the report.
SEBI had barred HDFC Bank for its alleged violation of know-your-clients (KYC) norms, allowing clients to open multiple demat accounts.The regulator had found that 10,213 demat accounts were opened with a common address through HDFC depository participant.This had raised serious concerns over the genuineness of the account holders, which was detrimental to the safety and integrity of the depository system.
In its submission before Sebi, HDFC had pointed out that out of the total alleged 10,213 multiple accounts with common addresses, over 4,800 accounts were opened by employees or ex-employees of corporate houses, where the address of the corporate houses were provided as the correspondence address.
Siemens to sell stake to Nokia Siemens JV
Siemens has announced that its board of directors had decided to divest or sell its stake in its subsidiary, Siemens Public Communications Network (SPCNL) to Nokia Siemens Network India, reports Financial Express.
The stake, comprising 12,425,000 equity shares of Rs 10 each, will be transferred to Nokia Siemens Network India.Nokia Siemens Network India is a J V between Nokia and Siemens on a 50:50 revenue sharing basis.
The operations for Nokia are expected to start by January next year.The decision is said to have been taken consequent to the announcement by the company`s global parent, Siemens AG, Germany for the merger of the network`s business group of Nokia and Siemens` carrier related operations for fixed and mobile networks worldwide.
The BSE Sensex was firm above the 13,700 mark, in opening session of trade, on investor support.
At 10:13 IST the BSE 30-shares Sensex was up 45.15 points, at 13,725.26. It moved in a range of 13,736.19 and 13,665.52.The total turnover on BSE amounted to Rs 1,507 crore.The market-breadth was strong on BSE, with around two gainers for every loser. For 965 shares that advanced, 464 declined and 38 remained unchanged.Among the Sensex pack, 21 advanced while the rest declined.
BC ties up with IL&FS Investsmart for broking services
Oriental Bank of Commerce (OBC) has signed a memorandum of understanding (MoU) with IL&FS Investsmart to offer online share trading facility to its demat account holders.
Initially, the online share trading facility would be available on a pilot basis at Mumbai. It would be extended to other branches in due course.Currently, OBC has more than 1 lakh demat accounts spread over 111 branches.
The MoU, which was signed by the OBC chairman and managing director, Mr K.N. Prithviraj, and the IL&FS Investsmart managing director and CEO, Mr R.C. Bawa, also provides for the bank`s customers to undertake share trading at designated branches and IL&FS Investsmart personnel at these branches would provide support for share trading.
OBC officials said the MoU would help the bank in expanding its customer base for savings and current accounts.Till date, OBC customers were able to opt for only bank and demat accounts. They could not undertake online trading of shares.
The bank does not have a subsidiary for capital market services, and did not feel it viable to start its own broking subsidiary, as capital market services are easily available with other established players in the market.
Essar may offload 10% in Hutch JV
The Essar Group, which owns 33.1% in Hutchison Essar, may offload a part of its stake in the joint venture (JV), reports Economic Times.
The Essar Group was possibly looking at bringing in a strategic telecom investor on the lines of Bharti Airtel, which has two strategic investors, Singtel and Vodaphone.Private equity investors are also believed to have shown interest. Investment bankers, Stanchart and JM Morgan Stanley, are believed to have been mandated for this purpose.
Essar however, has denied that any such deal was in the offing. People have been approaching the company, but the company is not selling or diluting it`s stake in the company, sources said.
To Read MoreClick Here
EBI lifts ban on opening demat a/c with HDFC Bank
The Securities and Exchange Board of India (SEBI), in a relief order to HDFC Bank, allowed it to open new demat accounts, saying there was no need to continue its earlier directions barring the bank from opening new accounts, reports Business Standard.
The bank was barred from opening fresh demat accounts by SEBI in its interim order in the Initial Public Offering (IPO) scam which came to light during April this year.
However, it clarified that the order gave only a prima-facie finding as to the necessity of interim directions at the stage and accordingly all issues and contentions were left open to consideration by the enquiry officer and to be decided in subsequent proceedings pursuant to the report.
SEBI had barred HDFC Bank for its alleged violation of know-your-clients (KYC) norms, allowing clients to open multiple demat accounts.The regulator had found that 10,213 demat accounts were opened with a common address through HDFC depository participant.This had raised serious concerns over the genuineness of the account holders, which was detrimental to the safety and integrity of the depository system.
In its submission before Sebi, HDFC had pointed out that out of the total alleged 10,213 multiple accounts with common addresses, over 4,800 accounts were opened by employees or ex-employees of corporate houses, where the address of the corporate houses were provided as the correspondence address.
Siemens to sell stake to Nokia Siemens JV
Siemens has announced that its board of directors had decided to divest or sell its stake in its subsidiary, Siemens Public Communications Network (SPCNL) to Nokia Siemens Network India, reports Financial Express.
The stake, comprising 12,425,000 equity shares of Rs 10 each, will be transferred to Nokia Siemens Network India.Nokia Siemens Network India is a J V between Nokia and Siemens on a 50:50 revenue sharing basis.
The operations for Nokia are expected to start by January next year.The decision is said to have been taken consequent to the announcement by the company`s global parent, Siemens AG, Germany for the merger of the network`s business group of Nokia and Siemens` carrier related operations for fixed and mobile networks worldwide.
posted by SY at 11:20 AM
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