Today's Banking / Financial News at a Glance 17.06.2020

 17.06.2020: Today's Banking / Financial News at a Glance

🍒 SBI sanctions credit of ₹15,000 crore under GECL to 1.5 lakh MSMEs : State Bank of India (SBI), on Tuesday, said it has sanctioned credit under the Guaranteed Emergency Credit Line Loan (GECL) aggregating to ₹15,000 crore to 1.5 lakh MSMEs (micro, small and medium enterprise) and business enterprises. SBI said in a statement it has so far disbursed loans worth ₹8,700 crore under GECL.According to the statement, additional supportive measures such as Covid Emergency Credit Line, re-assessment of working capital limits, and restructuring of advances are also being made available to MSME customers. Under GECL, a fund based working capital term loan of up to 20 per cent of the entire fund based outstanding as on February 29 is sanctioned to eligible borrowers. The loan amount maximum is capped at ₹5 crore. All borrower accounts (BEs/ MSMEs) with combined outstanding loans of up to ₹25 crore as on February 29and annual turnover of up to ₹100 crore in the previous financial year (FY20) are eligible for GECL funding under the scheme. The maximum tenor of GECL is four years from the date of disbursement. While it comes with a moratorium of 12 months for principal, interest is payable at monthly intervals. The principal has to be repaid in 36 equal instalments after the moratorium period is over. The interest rate on this loan ranges from 7.80 per cent to 9.25 per cent. - Business Line

🍒 Bank of Mahrashtra Q4 profit falls 19% at ₹58 crore : Bank of Mahrashtra (BoM) reported a 19 per cent fall in standalone net profit at ₹58 crore in the fourth quarter ended March 31, 2020, due to a jump in loan-loss provisions, including the Covid-19 pandemic-related regulatory package. The Pune-heaquartered public sector bank had recorded a net profit of ₹72 crore in the year-ago period. The operating profit in the reporting quarter (Q4FY20), however, was up 19 per cent at ₹595 crore against ₹501 crore in the yea- ago period (Q4 FY19).  A ₹crore write-back in provision for taxes supported the bottomline in the reporting quarter. Net interest income (difference between interest earned and interest expended) nudged up 2 per cent to ₹1,022.50 crore (₹1.000 crore in Q4 FY19). Other income, including commission, exchange and brokerage, recovery from written-off accounts and trading income, inched up to ₹392 crore (₹386 crore). - Business Line

🍒 Banking system is in a Catch-22 situation: Indian Bank's Padmaja Chunduru : The Indian banking system is in a Catch-22 situation — balancing between credit growth and bad loans, said Padmaja Chunduru, managing director (MD) and chief executive officer (CEO) of Indian Bank. Chunduru was speaking at a webinar organised by the Indian Chamber of Commerce (ICC) on quantitative easing and credit risk. “Banks are in a Catch-22 situation. If banks don’t give credit, there is a risk of failure of organisations. If banks lend too much, lending might take a hit on the balance sheet. Credit quality is a constraint, and we have to look at ways to assess risks in an uncertain environment,” she said. However, the immediate concern for bankers was to manage the present situation, she added. Indian Bank has 450,000 MSME customers who are eligible for loans guaranteed by the government. - Business Line

🍒 SBI to seek shareholder nod to raise ₹20,000 crore via public issue : State Bank of India (SBI) will be seeking shareholders’ approval to raise up to ₹20,000 crore by way of a public issue, including a follow-on offer and private placement. A general meeting of SBI’s shareholders is scheduled for July 14. In a regulatory filing, India’s largest bank said that based on the assumptions of growth in Risk Weighted Assets and plough-back of profits, it may require to raise additional capital during FY21. In an environment of heightened uncertainty caused by Covid-19, the RBI is of the view that banks must conserve capital to retain their capacity to support the economy and absorb losses, it added. “Further, the bank requires adequate capital to match the anticipated growth in assets and comply with the stipulated level of capital adequacy, especially on account of the requirement of Capital Conservation Buffer, i.e., additional 0.625 per cent, by September 2020, (and)...Counter Cyclical Capital Buffer in the range of 0- 2.50 per cent, depending on the RBI announcement, which may come with a lead time of four quarters,” SBI said. - Business Line

🍒 ECLGS: Tamil Nadu continues to lead in sanctions and disbursals so far : Public Sector Banks (PSBs) have stepped up the efforts on the 100 per cent Emergency Credit Line Guarantee Scheme (ECLGS), sanctioning loans worth ₹32,049.86 crore and disbursed as much as ₹16,031.39 crore to MSMEs as of June 12. Tamil Nadu continued to top the chart of States that has got the maximum sanction and disbursements in value terms, official data tweeted by the Finance Minister’s Office on Tuesday showed. As many as 98,584 accounts in Tamil Nadu got sanctions worth ₹3,342.06 crore under the ECLGS, the data showed. So far ₹2,071.89 crore has been disbursed to 52,568 accounts, it added. After Tamil Nadu, the State that has got the maximum loan sanctions and disbursements from PSBs in value terms is Uttar Pradesh. Loan sanctions have been made to 1,24,616 accounts for an amount of ₹3,337.38 crore. The amount disbursed for MSME units in this State stood at ₹1,607.82 crore in respect of 51,576 accounts. The other states that have seen a significant amount of loan sanctions include Gujarat (₹3,253.87 crore); Maharashtra (₹3,229.31 crore), Karnataka (₹1,910.87 crore), Andhra Pradesh (₹1, 713.40 crore) and Rajasthan (₹1,975.21 crore). - Business Line

🍒 PSBs disburse Rs 16,031 cr loan to MSMEs under emergency credit scheme : The Finance Ministry on Tuesday said public sector banks have disbursed Rs 16,031.39 crore till June 12, under the Rs 3-trillion Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, adversely affected due to Covid-19 crisis. Public sector banks (PSBs) have sanctioned loans worth Rs 32,049.86 crore under the 100 per cent ECLGS for the Micro, Small & Medium Enterprise (MSME) sector starting June 1. The scheme is the biggest fiscal component of the Rs 20-trillion Atmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month."As of 12 June 2020, #PSBs have sanctioned loans worth Rs 32,049.86 crore under the 100% Emergency Credit Line Guarantee Scheme, out of which Rs 16,031.39 crore has already been disbursed," Sitharaman said in a tweet. On May 21, the Cabinet had approved additional funding of up to Rs 3 trillion at a concessional rate of 9.25 per cent through ECLGS for the MSME sector. - Business Line

🍒 HDFC’s committee of directors to meet on June 19 to consider capital raise plan : The committee of directors of mortgage lender HDFC will meet on June 19 to consider capital raising plans. “A meeting of the Committee of Directors of the Corporation, constituted by the board of directors, will be held on Friday, June 19, 2020, to consider seeking shareholders’ approval for raising funds by issue of equity shares and or other securities...,” HDFC said in a regulatory filing on Tuesday. It had recently announced that it planned to raise up to Rs 4,000 crore by way of bonds on private placement basis. - business line

🍒 Yes Bank scam: High Court allows BW BusinessWorld Media to operate two bank accounts freezed by ED : The Delhi High Court has allowed BW BusinessWorld Media Private Limited to operate its two bank accounts that were frozen under the directions from the Enforcement Directorate (ED) which is investigating the Yes Bank scam allegedly involving its co- founder Rana Kapoor and his family. 65 per cent shares of BW BusinessWorld Media are with Kapoor's subsidiary companies, the firm's lawyer said. Justice A K Chawla and Justice Navin Chawla, in separate orders, said the provisional attachment orders of ED was specific for the amounts attached and granted liberty to the petitioners to operate the two bank accounts subject to keeping a balance of the amount so attached in the two accounts. "All the writ petitions are disposed of with the direction that the impugned provisional attachment order of May 5 being specific for the amounts attached, the respective petitioners would be at liberty to operate their bank accounts mentioned in the impugned provisional attachment order subject to keeping a balance of the amount attached and that, this would be without prejudice to the rights and contentions of the respondent numbers 1 and 2 (Centre and ED) to pass such further orders of attachment in accordance with law, as may be called for," the high court said in its orders passed on May 28 and June 10. - economic times

🍒 Government should have a say on prudential banking norms, suggests Swaminathan Gurumurthy : Reserve Bank of India central board director Swaminathan Gurumurthy has suggested that the government should have a say on prudential banking norms, and that it should not be viewed as something against central bank's independence. "The RBI and the government should sit together and offer a one-time restructuring option to all those accounts which are declared NPAs," he said Tuesday, referring to the complimentary role of both the fiscal and monetary authorities.Central banks' autonomy has been a contentious issue across the globe and there is no set formula for the same. Gurumurthy also said that growth stimulus for the economy has to come from internal demand while supply side measures such as pushing bank loans may have limitations at this juncture. - economic times

🍒 SBI suspends manager after centenarian woman in Odisha dragged to bank : Five days after a video emerged of a 60-year-old woman in Odisha’s Nuapara district pulling her centenarian mother on a charpoy to a bank to withdraw her money under Jan Dhan Yojana, the Utkal Grameen Bank suspended the bank’s manager on Monday on the direction of the state government. The State Bank of India (SBI), which is the largest stakeholder in Utkal Grameen Bank, suspended manager Ajit Pradhan of Bargaon branch. “While the Branch Manager did not have any intention of harassment, the unfortunate developments have resulted out of a communication gap resulting in a display of inhuman and insensitive approach in the bank’s treatment of senior citizens. Utkal Grameen Bank regrets the whole incident and the matter is being looked into for necessary action,” said a statement from the SBI. - Hindustan Times

🍒 SBI takes Anil Ambani to NCLT to recover Rs 1,200 crore : SBI has filed an application in the national company law tribunal(NCLT) to recover more than RS.1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. Anil Ambani had given personal assurance to the loan amount given to Reliance Communications and Reliance Infratel. The court, directed by BSV Prakash Kumar, on Thursday allowed Ambani seven days to document the answer to the application. A representative of Anil Ambani in a statement said: “The issue identifies with a corporate credit profited by Reliance Communications (RCom) and Reliance Infratel (RITL) and is certainly not an individual advance of Ambani.” The RCom and RITL Resolution Plans were endorsed by 100 percent of their banks in March 2020. These Resolution Plans are anticipating the endorsement of NCLT, Mumbai, it said - dialbank.com

🍒 Mobile app-based payments rise 163 per cent to USD 287 billion in 2019: Report :  Mobile payments initiated by apps, comprising account-to-account transfers and payments made from stored-value accounts, rose 163 per cent to USD 287 billion in 2019, a report by S&P Global Market Intelligence said on Tuesday. The 'India Mobile Payments Market Report' noted that point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24 per cent to USD 204 billion. "While a large number of transactions handled by payment apps include peer-to-peer transactions, mobile phone account recharges and utility bills, mobile payments are increasingly becoming a popular payment choice for retail transactions at the point of sale and online," it added. - economic times

🍒 RBI relaxes norms for the deployment of ATMs by white-label players : In a major departure from the stiff run-rates set under the license terms in 2012, the Reserve Bank of India (RBI) has relaxed the norms for deployment of automated teller machines (ATMs) by white-label players who will not need to put up thousands of units every year. Deployments by white-label ATMs (WLATMs) firms have been poor at 23,597 units, 7 years after they began operations. This is way off the 1,000-25,000 ATMs which would have been added annually by each operator based on the schemes they had opted for. Industry sources say that WLATMs would have deployed as many as 200,000 ATMs had the run rate been maintained.While the central bank has not announced a policy change, industry sources said it has been conveyed to deployers that they will now be evaluated on an annual basis with more realistic targets and the kind of cities (from tier-1 to tier-6) in which ATMs are put up. These targets are confidential and player-specific. “The earlier targets were hard to meet. We had miscalculated as it is a capital-guzzling business and private equity may not continue to support us as in the past,” said the chief executive officer of a white-label deployer. Another sore point was that the central bank did not allow WLATM players to switch over to a different deployment scheme. - Business Standard

🍒 Small banks lose customers in a post Covid flight to safety : Indian companies are fleeing small banks and moving towards larger lenders as slower economic growth, build up in non performing assets, liquidity issues and the demand destruction caused by the Covid 19 pandemic has shaken customer confidence in the banking sector, particularly on private sector banks. The shaken customer confidence in fast-growing private sector banks has led to a flight to safety and a surge in customer deposits and corporate relationships for the bigger and more stable banks, such as SBI, ICICI, Axis and HDFC Bank a study by Greenwich Associates in associatio with Crisil said. "For an Indian banking system already in turmoil before the outbreak of the global pandemic, the COVID-19 crisis represents an especially stern test. In response to the perceived threat, India’s companies are fleeing to the safety of the country’s largest banks," the report said.- economic times

🍒 Adequate scope for 100 bps repo rate cut: SBI report : There is adequate scope for the repo rate to decline by at least 100 basis points from the current levels, according to State Bank of India’s economic research report, Ecowrap. Repo rate is the interest rate at which banks draw funds from the Reserve Bank of India (RBI) to overcome short-term liquidity mismatches. Currently, this rate is at 4 per cent. Since the beginning of this calendar year, the RBI has cut the repo rate by 115 basis points from 5.15 per cent to 4 per cent.SBI’s economic research department believes that aggressive rate cuts could limit the cost of government borrowings. In this regard, the report observed that inflation is set to decline precipitously from the current levels to below 3 per cent and average growth during FY22 will be less than 1 per cent. - Business Line

🍒 PNB Housing Finance plans to sell corporate loans up to Rs 2,000 crore : PNB Housing Finance (PNB HFC) plans to sell corporate loans worth up to Rs 2,000 crore in the current financial year (2020-21) to further release capital and use the same for growing retail home loan book. PNB HFC is in talks with banks for offloading a part of corporate loan book, and expects to finalise the deal in next few weeks, said Neeraj Vyas, managing director and chief executive officer of the housing finance company. The company plans to focus on the lower risk-weighted retail assets business and bring down the share of corporate loans in its assets under management (AUMs). - Business Standard

🍒 Coronavirus impact: SBI goes virtual to reach out to its customers : State Bank of India (SBI), the country’s largest lender, kept nearly all of its 22,000 strong branches and nearly 60,000 automated teller machines (ATM) functional during the coronavirus (Covid-19) lockdown and went virtual to reach out to its customers, with top officials directly connecting with customers to explain a range of products that the government introduced as part of its stimulus packages. “Not even a single working day of the lockdown, our branches were not functioning. Barring 100-150 branches in the containment zones, all branches were operational. We ensured that the banking services are available to all our customers across our channels. We have three major channels – branch, ATM and banking correspondents. In this lockdown, 90 per cent of our ATMs were operating all through. For any ATM network, this uptime is one of the best," said CS Setty, MD for Retail & Digital Banking. The bank is now going virtual to meet its customers directly, and has organised 125 e-town hall meetings for its micro, small and medium enterprise (MSME) customers. - Business Line

🍒 RBI to issue advisory against coercive loan recovery practices : Concerned over rising instances of coercive recovery measures being used against small borrowers, the Reserve Bank of India (RBI) is expected to issue an advisory to all its regulated entities cautioning them against taking such steps, said a person aware of the development. Social media has been abuzz for the last couple of weeks with complaints against app-based lenders using a host of techniques, from calling the borrower's contacts, to hurling abuses on text messages. The person cited above said while people have been complaining on social media platforms, not many have reached out through proper channels of the ombudsman. The RBI had introduced an Ombudsman Scheme for Digital Transactions, with effect from 31 January, 2019. An email sent to RBI seeking comments did not elicit a response. - Live Mint

🍒 RBI may allow one-time restructuring of stressed loans with conditions :  Reserve Bank of India (RBI) is exploring the option of allowing banks a one-off restructuring of loans, said a senior official aware of the matter on condition of anonymity. This is one of the suggestions made by the banking industry to help sectors affected by coronavirus and also deal with the stress building up on account of suspension of insolvency proceedings for a year. “The option is on the table… When and in what manner, we have to see. In fact there were representations that don’t give restructuring, funds will get diverted and moratorium is enough. But there is a lot of demand from the industry. In certain sectors there is definitely a need like sectors that are hit. Those are more in need. But it has to be for all. But there needs to be some conditions in place," said the official. - Live Mint

🍒 After years of losses, CSB Bank back in black : CSB Bank on Monday reported a net profit of Rs 12.72 crore for FY20, thereby breaking a streak of continuous losses, bank sources said. It had reported a net loss of Rs 197.42 crore in FY19. The Kerala-based lender reported a net loss of Rs 59.69 crore for the fourth quarter ended March 31 against a loss of Rs 150.64 crore in the year-ago period. Operating profit for FY20 stands at a record of Rs 281 crore against Rs 13 crore in FY19. In FY20, the bank earned net interest income (NII) of Rs 592 crore against Rs 440 crore, a growth of Rs 152 crore or 35%. Net interest margin (NIM) improved to 3.2% from 2.5%. NII income witnessed a growth of 63% and stood at Rs 222 crore against Rs 136 crore for the same period last year. “FY20 has been a landmark year as we got listed and have come back to profitability after many years of continuous losses, MD & CEO CVR Rajendran said. - financnial express

🍒 Wary of infections, people shun ATMs : A lengthy lockdown and the fear of infections from mass-use ATMs prompted many Indians to turn to Aadhaar-enabled Payment System (AePS) and point of sale (PoS) terminals to withdraw cash, central bank data showed. Cash withdrawals from ATMs in April fell 47% from March to 286 million, data from the Reserve Bank of India (RBI) showed. In the same period, cash withdrawals from Aadhaar-enabled Payment System (AePS) terminals more than doubled to 87 million. Cash withdrawal volumes at point of sale (PoS) terminals grew 21% between March and April to 4 million, with customers restricting themselves to a more controlled environment and with several housing societies arranging for cash withdrawals at their doorsteps. - Live Mint.

🍒 Lakshmi Vilas Bank says it received non-binding letter of intent from Clix Capital : Lakshmi Vilas Bank (LVB) on Monday said it has received a preliminary non-binding letter of intent (LoI) for an investment from Clix Capital Services and Clix Finance India. This is the embattled lender’s second public attempt at raising capital after the Reserve Bank of India (RBI) turned down a proposal for its merger with Indiabulls Housing Finance in October last year. The announcement of the LOI being received by the bank came during market hours and the bank’s stock ended 4.94% higher than its previous close on the BSE at Rs 15.30 - financial express

🍒 ATM withdrawals, cheques, NEFT, RTGS drop in April, but, this govt payment mode spiked : As the country imposed a nationwide lockdown in the wake of coronavirus, transactions and payments via various banking modes witnessed great decline. While cheque payments, ATM withdrawal, NEFT and RTGS, were down by 26-71% in April as against March, direct benefit transfers surged, according to the Reserve Bank of India (RBI) data, The Indian Express reported. Government’s Aadhar-enabled direct benefit transfer (DBT) payments spiked in April and reported 138% jump making DBT the only transaction and payment method which was used more than the normal levels. Overall, payments transactions shrunk by 46% in value in April over the previous month as the nationwide lockdown impacted various economic activities. Days after imposing a lockdown, the government had announced cash benefits to people under the Pradhan Mantri Garib Kalyan Yojana to provide income support to the poor during the lockdown period. Under the financial relief package, the government had announced that 2.40 crore women Jan Dhan account holders will be given Rs 500 per month for three months. First instalment of Rs 2000 due to farmers in 2020-21 was also disbursed in April, among other measures. - Financial Express

🍒 Covid-19 to accelerate India Inc's migration to safe, large banks : The pace of corporate client migration to big and safest banks in India will gather pace as companies look for security and support during and post the crisis triggered by Covid-19 pandemic. The share of large private banks in corporate relationships have moved from 27 per cent in 2017 to 32 per cent in 2019, according to Greenwich Associates, a Crisil group company. Besides, scale and domain expertise, digitisation, quality of service and variety of product suite will be the differentiator in taking a call on changing banking relationship.“Even before Covid-19, Indian companies were worried about the stability of some banks and their own access to funding and liquidity,” said Gaurav Arora, Head of Asia at Greenwich Associates in a statement. India’s biggest private sector banks were gaining business from their smaller private-sector counterparts, due in large part to fallout from the Yes Bank restructuring. - Business Standard

🍒 ICICI Lombard adds special features to its health insurance policies : Private sector ICICI Lombard General Insurance has introduced special features in its health insurance policies to help customers in the current coronavirus pandemic. The insurer has cut down the waiting period to 15 days from 30 days for Covid-19 in-patient claims. It has also decided to maintain the ‘no claim bonus’ benefit even if the customer has a hospitalisation claim for Covid-19. Further, with milder cases being advised to self-isolate at home, it has introduced a home healthcare benefit to honour claims for such treatment. “As the Covid-19 pandemic continues to throw new challenges, we thought it is important to embellish our health insurance proposition to ensure that we effectively meet the emerging needs of our customers. The additional benefits, offered at no extra cost, should enable our policyholders to derive maximum benefit from their health insurance cover,” Sanjeev Mantri, Executive Director, ICICI Lombard told reporters on Tuesday. - Business Line

🍒 Centre's final stimulus package likely in Sept-Oct: RBI Director S Gurumurthy : The Centre is likely to announce the final stimulus package in the "post-COVID era" in September or October, RBI Director S Gurumurthy said on Tuesday. Speaking at a webinar organised by the Bharat Chamber of Commerce, Gurumurthy said the package of more than ₹20 lakh crore announced by the central government can be described as an interim measure. "The final stimulus package is expected to be announced in the post-COVID era which may be in September or October," the RSS ideologue said. The chartered accountant said India has come up with the package using money generated by the economy. "Unlike the European nations and the US, which have been printing money by monetising deficit, there is little scope for India to do that," he said. - Live Mint

🍒 ABSLI launches Child’s Future Assured Plan : Aditya Birla Sun Life Insurance has launched a new insurance plan that customers can buy for their child’s future. The plan, ABSLI Child’s Future Assured Plan, aims at assured returns combined with protection, to financially secure a child’s future milestones. “This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones - education and marriage by providing the required cash flow to help you meet your goals for your child’s future,” it said in a statement on Tuesday. - Business Line

🍒 Standard Life Investments to offload 5.64% stake in HDFC AMC via OFS : Promoter entity Standard Life Investments will sell 5.64 percent stake in HDFC Asset Management Company via an offer for sale (OFS) in the next two trading sessions. Standard Life Investments and HDFC held 26.89 percent and 52.72 percent stake, respectively, as of March 31. "Standard Life Investments proposes to sell up to 60,00,000 equity shares (representing approximately 2.82 percent of the total issued and paid-up equity share capital of HDFC Asset Management Company) through an offer for sale issue on June 17-18," HDFC AMC said in a BSE filing. - Moneycontrol.com

🍒 Yes Bank plans to raise Rs 12,000-15,000 crore via FPO issue soon : Yes Bank is considering a follow on public offer (FPO) to raise funds via equity. Sources told CNBC Awaaz the FPO plan is likely to be finalised by the board soon. One of the sources quoted above told CNBC Awaaz that the FPO size is likely to be in the Rs 12,000-15,000 crore range and the offer price band is likely to be in the Rs 12-15 per share.- Moneycontrol.com

🍒 Gross tax collection falls 31 per cent so far in June quarter : Gross tax collection fell 31 per cent till June 15 of the current fiscal, with advance corporate tax mop-up declining 79 per cent, an official said on Tuesday. Earlier, erroneously reported that there was a 31 per cent decline in gross advance tax collection in the June quarter. "Gross direct tax collection fell a full 31 per cent to Rs 1,37,825 crore in the first quarter of FY21, down from Rs 1,99,755 crore in the June 2019 quarter," an income tax official told - economic times

🍒 Gold near 2-month high at Rs 47,540, silver also jumps : Gold prices climbed Rs 493 to Rs 47,540 per 10 gram, the highest in nearly two months in the Mumbai bullion market on rupee depreciation and stronger equity markets. The gain was also supported by the US Federal Reserve's decision to buy individual corporate bonds in the secondary market. The rate of 10 gram 22-carat gold in Mumbai was Rs 43,547 plus 3 percent GST while that of 24-carat was Rs 47,540 plus GST. The 18-carat gold quoted at Rs 35,655 plus GST in the retail market. Silver prices rose Rs 955 to Rs 47,870 per kg from its closing on June 15.

🍒 Sensex, Nifty end higher in a volatile session; HDFC twins gain over 4% : The equity indices ended Tuesday in a volatile note with gains after giving up most of them in noon trade. Investors booked profit from the day's high due to tensions in the India-China border. The 30-share BSE index Sensex jumped 376.42 points or 1.13 per cent to close at 33,605.2, while the 50-share NSE index Nifty closed at 9,914, up 100 points or 1.02 per cent.The Sensex hit an intraday high of  34,022.01 and a low of 32,953.30. Similarly, the Nifty touched an intraday high of 10,046.15 and a low of 9,728.50.Tata Motors was the top loser in the Sensex pack, dropping 5.87 per cent. Bharti Infratel, IndusInd Bank, Tech Mahindra and Axis Bank too fell up to 2.92 per cent.On the other hand, HDFC Bank, HDFC, ICICI Bank, JSW Steel and Hindalco rose up to 4.14 per cent.

🍒 Rupee pares initial gains, settles 17 paise down at 76.20 against US dollar : The rupee pared initial gains and closed 17 paise lower at 76.20 (provisional) against the US dollar on Tuesday amid escalation in border tension with China. The rupee which opened the day on a strong note at 75.89 against the US dollar, pared the gains to settle at 76.20 against the US dollar, down 17 paise over its previous close.

🍒 Shares of Central Bank of India in Stock Market : 71% of moneycontrol users recommend buying Central Bank of India Shares. In BSE, shares closed at Rs.16.51 against rs.16.30. In NSE, shares closed at Rs.16.50 against Rs.16.25..

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