Bad loans: Why NPA should now stand for No Procrastination Anymore

Bad loans: Why NPA should now stand for No Procrastination Anymore
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Bad loans: Why NPA should now stand for No Procrastination Anymore

Indian State Bank reported a profit of Rs 2800 crore for the fourth quarter and Rs 10,484 crore for the full year. But what has gone unnoticed is that the management of all its subsidiaries (ie Bank of the State of Travancore, Mysore, Bikaner and Jaipur and Hyderabad), the bank recorded a loss of Rs 390 crore for the whole year .

Deducting the Bank’s new consolidated financial statements, it appears that subsidiaries have reported losses of around Rs 6,000 crore for the fourth quarter and almost Rs 11,000 crore for full fiscal year 2010.

This is a big drop in the kitchen that the bank has prepared the merger. It is only by participating in the profits of the associated companies that consolidate OSE 17 has closed the year with a profit of Rs 241 crore.

In other words, the powerful State Bank of India after consolidation will start its scholarship sleeves with ROE and ROA close to zero. It is an unpleasant thought for a government that is trying to consolidate its weakest banks.

The SBI is by far the best of its kind among banks in India. Investment bankers, industry captains and analysts recognize that OSE speakers are sometimes a bit higher than their private sector counterparts. And yet their combined benefit for last year is almost nothing.

The consolidated stock should reflect this weakness, even if the market in its myopia ignored the numbers Friday. If this is the state of the most powerful power supply group that already had synergies with all executives in the same group, one can imagine what the impact could be if weak banks are combined with one of PSA’s largest supply banks.

Seven banks – Dena Bank, Maharashtra Bank, Central Bank, IDBI Bank, Indian banks overseas, Oriental Bank and UCO Bank – posted losses in the fourth quarter. Their gross NPA (non-productive assets) are between 14% and 22%.

What are the options with regard to major banks not so weak that they can be buyers? Punjab National Bank, with a gross NPA of 12.5%; Union Bank with a gross ANP of 11.19% and Banco de Baroda with a gross ANP of 10.46%.

Obviously, none of these three big banks have the means to pay their siblings even weaker siblings. Consolidation, such as OSE absorption of their babies, is not an option considering the current state of the USP’s bank balance sheets.

The government and Reserve Bank of India have two difficult tasks. First, the government should simply spend more money, much more capital. Although this is going to continue a way to curb the growth of small banks, they should simply provide more capital for existing losses and APM.

Maybe you should consider merging the seven weaker banks into one bad bank that at least reduce the number of “yes” it takes to solve a bad loan.

That said, the core nuclear task of resolution is now in the hands of RBI. The central bank should simply accelerate its resolution plan as expected, either to adjust and combine different debt resolution systems or the creation of monitoring committees.

Delay is costly and inexcusable. During a CNBC-TV18 event on March 23, Finance Minister Arun Jaitley had promised a resolution plan in “hours.” However, the order authorizing the RBI took place only six weeks later, on May 5

The RBI was aware of the order and could have a great impact if it had prepared with its resolution plan the day the president signed the order.

Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports
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Ford fires CEO Mark Fields as its shares hover at 52-week low: Reports

Ford Motor Co Executive Director (CEO) Mark Fields must leave the automaker as part of a reorganization that includes other changes in senior management as the company from which they fly close to a minimum of 52 weeks, reported several media outlets Communication on Monday.

Forbes and The New York Times reported James Hackett, head of the Ford unit working on autonomous vehicles, would take the reins. An ad could arrive as early as Monday.
Ford shares fell nearly 40 percent since Campos, 56, took over three years ago at the height of the recovery of the US auto industry. Now, car sales in the US Are falling and Ford’s profit margins are lagging behind those of rival General Motors Co.

Ford’s board of directors and president Bill Ford were unhappy with the company’s performance and tried to comfort it as investments in self-driving vehicles, electric vehicles and transportation services would pay.

Details of the new executive’s moves were not clear Monday. The Wall Street Journal said Sunday that the company was considering new allocations for some of the top field lieutenants.

“We remain focused on our value creation and profitable growth plan,” a Ford spokesman in Europe said in response to the reports. He declined to comment “on speculation or rumors.”

The Ford turmoil comes next, the three Detroit automakers are under pressure to prove they can avoid losses as the US auto market, the source of most of their profits declined after record sales the year past.

GM CEO Mary Barra, attacks destroyed Greenlight Capital’s hedge fund and its leader, David Einhorn, who wants to install three new directors of the plate manufacturers and split GM’s shares into two classes.

FiatChrysler Cars NV call charges by US authorities and California regulatory authorities that used software to copy in the greenhouse gas emissions reviews and CEO Sergio Marchionne has failed to find a merger partner for the company.

 

Suresh Prabhu inaugurates Wi-Fi facility at 28 railway stations

Suresh Prabhu inaugurates Wi-Fi facility at 28 railway stations
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Suresh Prabhu inaugurates Wi-Fi facility at 28 railway stations

Railway Minister Suresh Prabhu has inaugurated an installation of 28 free wireless railway stations from Konkan.

It also inaugurated the equipment and the improvement of facilities of passengers in the stations Kudal and Chiplun.

Konkan Railway has partnered with broadband service provider and Internet Joister to provide a wireless system in their stations.

“We are launching installed at stations across the country as part of the digital India campaign a free Wi-Fi connection. Google CEO Sundar Pichai also shows interest in this project.

“We are committed to improving and enhancing passenger comfort through the Indian train and believing we would do it,” Prabhu said.

Nikunj Kampani, CMD Joister Infoserve, said: “Through our network, we now open 24/24 Wi-Fi with 2 Mbps and we cover the entrance of the station and its surroundings with unlimited data download.”

A statement issued by Konkan Railway said that, in order to access the free Wi-Fi connection, the user must open Joispot mobile and register using their name and unique telephone number and password (OTP) request.

“Unlimited free Wi-Fi installation will be provided at 28 Kolad stations at MADURE in the initial phase with a speed of 2 Mbps pairs. The system can provide access to approximately 300 users in the larger stations and approximately 100 users in smaller stations “The statement said.

“This facility will help travelers and tourists on the Konkan railway to access critical information and they could use their time productively while waiting for the trains at the stations,” he said.

Prabhu also opened equipment and passenger facilities at Kudal station, which includes the construction of the VIP room, the expansion of platform 1 and 2, among others.

Improvement of passenger facilities at the Chiplun station includes the renovation of the waiting room, an additional conventional 30-meter long shelter on platform 2, additional concrete benches on the platforms, 15 modular shelter on two platforms, one Additional bi-toilet unit on platform 2.

Registration of projects: A double-edged sword under RERA

Registration of projects: A double-edged sword under RERA
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Registration of projects: A double-edged sword under RERA

The second chapter of the governed and Development Act (Act), which deals with the inscription of a project and agents can largely determine their future or failure. It could be a double-edged sword.

Rising Issue 1: Wait for Delays

The Law establishes the basic rule that no one can sell / offer / advertise / invite / market / book unless you have saved the project with the Real Estate Regulatory Authority (RERA). What government infrastructure should be in place for that?

1. President of the RERA
2. The contracting members RERA office
3. A selection committee set up to select the previous one
4. A robust online system to accept registration and monitoring updates
5. A court of appeal to establish

By 1 May 2017, only 13 States had notified the rules. With the exception of some states, no state government has set up infrastructure for recording.

The Law requires that, within three months, the proponents must submit an application to the RERA register. But states have one year to establish RERA governments. Until the end, Authority / Regulatory Officer would be designated by RERA. There is little or no clarity on this subject on earth.

Nervous problem 2: The attack of a different type

Projects, which are underway and for which a Certificate of Compliance (CC) has not been issued before May 1, 2017, must register with the RERA. Ongoing projects have 31 July 2017 and registration. What about finished projects, documents submitted to the competent authorities, but the certificate of completion still to be delivered?

CC applications were filed nationwide before May 1, although much work is still waiting on site. At present there is a fashion in this type of projects. Developers have been trying to be completed before CC inspection. This allows the developer to limit their responsibilities.

Almost all projects within the law and we can expect a lengthy and tedious registration process given the amount of data that needs to be checked and confirmed before signing up.

Unless the submission, revision, clarification and confirmation process is simplified in advance for each RERA, we are able to perform a difficult task for both RERA and developers. Important resources must be deployed to undertake and carry out this task diligently.

Nervous problem 3: increase in paperwork

Most of the information required by the RERA, in relation to the structure of the building, already presented by developers in major metropolitan areas, due to current development norms or municipalities. This should be easy to share. However, these are new, some logical, and another confused. Two of these inclusions are:

1. Locate the details of the project with the latitude and longitude of the project endpoints. The way it protects the interests of an allottee remains a mystery.

2. Details about the area and the number of garages provided / sold. I’m not sure of the popularity of garage now one day, but the parking basement is not mentioning.

If you look at the list of about 15 sub-clauses of the Law that highlight the data submitted by the proponent, he realizes that the designs, consultants, deadlines, etc. Changes due to internal and external factors. Agents may not be able to execute; It may be to hire consultants, the area or design department can be improved.

What does the developer do when these changes occur? Inform RERA on a regular basis? Submit details or drop an addition?

Cutting-edge number 4: rising costs

Registration, quarterly documentation, additional time and costs, title insurance, delays in approval, free registration for each phase, etc., would increase construction costs. This should be sent to the consumer.

GST: Govt dictating prices goes against free-market spirit; will anti-profiteering law end up as tax terrorism?

GST: Govt dictating prices goes against free-market spirit; will anti-profiteering law end up as tax terrorism?
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GST: Govt dictating prices goes against free-market spirit; will anti-profiteering law end up as tax terrorism?

In an interview with CNBC TV-18 on Monday, revenue secretary Hasmukh Adhia gave an explicit warning to companies planning to raise product prices before the start of the goods and services tax (GST) July 1 .

Adhia in her non-indirect, open threat called on companies to block rate hikes until the GST will be implemented and suggested that any price increases, even if made for reasons such as higher ticket costs may be investigations.

“My suggestion would be everything for now, until the GST will be implemented, if it can contain price increases.” Unless this is a serious problem of rising costs, we can not absorb it immediately. Hold on for a while, “Adhia said. “But even if it has to absorb the cost and what it should do, it’s further research,” said Adhia CNBC-TV18.

Adhia responded to a question on the fight against speculation in the GST laws stating that it is essential to ensure that the benefits of reducing the effect of taxes after the GST will be passed on to consumers. Adhia’s comments came after noticing that some companies may have to increase their prices so that margin success is not important once the GST will occur and that the benefit of the tax reduction is passed on to the consumer.

The government’s desire to avoid such irrevocable price increases that will finally come to the common man is indeed commendable.

But the problem arises when the government puts market prices instead of facilitating market functioning. Adhia should remember that companies that change the price can be based on increased costs of inputs, competition and seasonal factors, among others. The tax is only one component.

When Adhia says price increases will be a “survey question” that automatically sends businesses into panic and opposes the principles of a free market. The anti-speculation law aims to ensure that the benefits of GST reach people, but it should not become a tool to terrorize the market to artificially control prices to get the desired result of GST startup.

Remember, in an interview with Moneycontrol, Adhia said that inflation will not rise after the application of GST from July 1 and the government took care to ensure that prices do not rise. Inflation will decline by 2 percent by the end of the year.

Reading the two together, the government is determined to see that prices do not rise in the post-GST market to deliver on its promises. Prices should fall if there are genuine reasons, but should not be an element of force on the part of the government behind such a move.

As mentioned above, the tax is only one part that decides the final price of a product. Government dictating prices can be very damaging to the principles of a free market. It’s going to be very destructive for companies to keep prices high on input costs when they fall. In addition, changes in the tax regime allow companies to pass on the benefits of the final price to the consumer. The strength of the market force companies to do so.

The GST is a historical shift in India’s economy, perhaps the most important indirect tax reform India has ever known. It is important that the government ensures that the transition does not become a painful experience for both industries for the common man.

You must have confidence in the market. The actual benefits of GST changes occur only after a delay since the system has to adapt to the change. It is not necessary that the economic benefits of GST change occur immediately. In a note Monday the ICRA rating agency said the GST’s impact on economic growth should be neutral during fiscal year 2018.

Elon Musk hints at delay in Tesla’s India plans due to local sourcing norms

Elon Musk hints at delay in Tesla's India plans due to local sourcing norms
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Elon Musk hints at delay in Tesla’s India plans due to local sourcing norms

India’s local procurement rules could hamper Tesla’s entry into the auto industry in Silicon Valley country founder Elon Musk had previously suggested that it could happen soon “this summer.”

“Maybe I’m misinformed, but I was told that 30 percent of the parties should be located and that supply does not exist yet in India to support this,” Musk said on the Twitter microblogging platform, in response to a question about Of the company leaving their cars in India in 2017 or 2018.

Tesla opened reservations for its most affordable Model 3 sedan in India in April 2016, with industry leaders such as Vishal Gondal, Vijay Shekhar Sharma, Mahesh Murthy and Vani Kola. The $ 3, $ 35,000 sedan is expected to hit the road between late 2017 and early 2018.
It is unclear how and when Tesla plans to serve customers in India that had already booked its Model 3 sedan. In addition, even if the company makes a formal entry into the country by the end of this year or next year, India lacks Suitable recharging infrastructure, especially for high voltage electric vehicles, such as those built by Tesla.

While India has set an ambitious goal to move to 100% electric mobility in 2030, local procurement is still used to boost the country’s manufacturing sector. Tesla closer to a technology company than a traditional automaker would have trouble meeting local supply standards of 30 percent on the first day.

A solution to India’s needs in terms of local supply for Tesla could be for the manufacture of lithium-ion here, a measure that would musky said Tesla more sense in the long run. “Given the strong local demand, a Gigafactory India would probably make a long-term sense,” musk said in 2015.

However, while India was on the musky radar for a long time, it is unlikely that the company is rushing to manufacture batteries here quickly. Tesla began producing lithium-ion cells at its own Gigafactory facility in the Nevada desert in January, and only a third of the facility was complete.

Indian Prime Minister Narendra Modi met with Elon Musk and visited Tesla’s headquarters during his visit to Silicon Valley in 2015. The two leaders discussed the implications of the development of battery technology, energy storage and renewable energy by the India. Musk apparently had made a plan to bring the wall current power storage unit into a country.

Earlier this month, Tesla began taking orders for its solar roof – ceiling paints with integrated solar panels – with musk said it could order in almost every country. However, on the company’s website, India has not been on the list of countries where Tesla will accept orders for its sunroof.

India’s Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi

India's Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi
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India’s Macro-Economic Indicators Improved In Last 3 Years: PM Narendra Modi

GANDHINAGAR Developed by Aadhaar and Jan Dhan Yojana, India has improved on all macroeconomic indicators in the last three years, Prime Minister Narendra Modi said on Tuesday.

“The budget deficit, the balance of payments deficit and inflation declined, while the GDP growth rate, foreign exchange reserves and public capital investment increased,” said PM at the opening of the 52nd annual meeting of the African development bank Gandhinagar.

The prime minister said India had made tremendous progress in development and could share with Africa some of the strategies used by its government over the past three years.

He said that two crucial factors behind the growth story of India were universal banking and universal biometric identification.

“The first set of changes we have made has been in the banking system. We launched Ene Dhan Yojana under which more than 280 million bank accounts were opened for the poor in rural and urban areas.

“Thanks to the initiative, almost all Indian families have a bank account,” he said.

The second key element was the universal biometric identification system called Aadhar, says PM Modi.

“This avoids claiming benefits for those who do not qualify. This allows us to ensure that those who deserve the help of the government are provided with ease while eliminating non-original claims,” he said.

PM Modi said that granting scholarships directly to the poor rather than indirectly through price concessions, India has made large tax savings.
He said that India and Africa have a long history of cooperation with strong ties that lasted for centuries.

“India’s partnership with Africa is based on a model of cooperation to meet the needs of African countries.”

“After taking office in 2014, I made Africa a priority for India’s foreign and economic policy,” the prime minister said.

He then said that he visited six African countries since becoming prime minister, there was no country in Africa that has been visited by an Indian PM in the last three years.

He said trade between Africa and India has increased over the past 15 years, while it has doubled in the past five years to almost $ 72 billion in 2014-15.

“From 1996 to 2016, Africa accounted for almost one-fifth of India’s direct foreign investment.”

The prime minister said that most of the challenges facing India and Africa were the same, including high and poor farmers, and empowerment of women.

“Our challenges also include ensuring that our rural communities have access to financing and building infrastructure in financial constraints and maintaining macroeconomic stability so that inflation is contained,” he said.

PM Modi said India can not compete with Africa in long distance races at sports arenas, “but I can assure you that India will always support you side by side in the long and difficult race for a better future.”

Tejas Express With on Board Wi-Fi, Infotainment System Set to Flag Off

Tejas Express With on Board Wi-Fi, Infotainment System Set to Flag Off
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Tejas Express With on Board Wi-Fi, Infotainment System Set to Flag Off

 

Texas Express, slated to begin Monday afternoon, will come with many modern technologies on board, such as Wi-Fi, information and entertainment system, LED TV, CCTV, etc. At a top speed of 200 km / h, the new Tejas Express is faster than Shatabdi Express, it has fire and graffiti detection facilities, smoke detection. The doors of the 13 coaches, including executive coach, are centralized.

“Tomorrow will be a historic day for Indian Railways when Texas Express, which has modern equipment such as information and entertainment detectors on board, wireless, CCTV, fire and smoke, tea distributor / coffee, etc. Its first race Of Mumbai, “said DK Sharma, general manager of the central train. Sharma, who inspected the train at Chhatrapati Shivaji Terminus, Bombay (CSTM) compared to Texas Express “airplane that moves on the ground.”

“I would say traveling through this premium now offer a better experience of flying in a plane. This train would pass through the lush vegetation of the Konkan ribbon, giving a panoramic view of the sea, mountains and valleys, which You will enjoy the trip and not just the destination (Goa), “he said.

When asked about reports that there were some badly damaged Texas Express windows, even before its release, the official said, “We have taken note of this and that is not a problem now.”

Texas route and schedule express
Giving details of the route and schedule of trains, Sharma said he would run between Mumbai and Karmali (Goa) five days a week during the non-monsoon period and three days a week during the monsoon s’ stopping at Dadar, Thane, Panvel, Ratnagiri and Kudal stations.

“Train No. 22119 Texas Superfast Express will leave at 5 am CST Tuesday, Wednesday, Friday, Saturday and Sunday May 24 and arrive in Karmali at 1:30 pm on the same day.

Train No. 22120 Texas Express Superfast will leave Karmali at 14:30 on Tuesday, Wednesday, Friday, Saturday and Sunday, May 23 and will arrive at the CCT at 9:00 pm, “he said.
This train will have an AC steering chair with a capacity of 56 seats and 12 chairs AC seats with a capacity for 78 people in each car, Sharma said.

Reservations for Texas express tickets
CR Chief Commercial Officer Shailendra Kumar welcomed the “positive response” by passengers when booking early train tickets.

Kumar, who accompanied Sharma during the train inspection, added: “Ticket bookings started a few minutes to open this morning in the first four hours, 207 passengers have booked tickets for the remote control and a car seat 10 The executive. ”

Comparing the details of the tariffs, Kumar said that the rate in business class Texas Express has been set at Rs. 2680 with food and Rs. 2525 without food, and for chair AC chairs, the price was set at Rs 1280 with food and Rs. 1155 without food.

Kumar also reported that railroads had planned optional catering services on board.

“If a passenger does not allow food services at the time of booking the ticket and decided to purchase meals on board, an additional amount of Rs.50 per service, in addition to the prescribed restoration fee will be charged under virtue subject To availability, “he added.

RBI outlines broad plans on $150 billion bank bad loan resolution

RBI outlines broad plans on $150 billion bank bad loan resolution
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RBI outlines broad plans on $150 billion bank bad loan resolution

Mumbai: The Reserve Bank of India (RBI) on Monday outlined the outline of a plan to solve the problem of $ 150 billion of bad debt that plagues banks.

The move comes two weeks after the Indian government changed the rules, giving the central bank more power to deal with deteriorating loans.

Among plans announced Monday night, the RBI said it revised and revised the current guidelines for the restructuring of stressed loans. He is also working on a framework to help “facilitate objective and coherent decision making” for cases that may be subject to insolvency courts.

In order to prevent borrowers from seeking credit ratings, the RBI said that it “explored the possibility that the assessment scores are determined by the Reserve Bank itself and paid for by a fund created from the banks And the Reserve Bank “.

The RBI did not explain how the new system would work, but some have tentatively welcomed the move as a positive step.

“So far we have ignored a company if its rating was made by a rating agency considers less. But now, the RBI’s criteria in the assignment of ratings should help us to better clarify how we evaluate the odds,” said a major treasury Of a private sector bank.

The slowdown in economic growth and, in some cases, impaired lending practices were attributed to deteriorated loans higher, more than 20 majority-owned government banks that have the most poor resources.

The resolution of the problem loans problem is the centerpiece of the economic policy of the government of Prime Minister Narendra Modi and has issued an executive mandate earlier this month to change the rules of the country’s banking regulatory law.

In the expected increase in bankruptcy under the Bankruptcy and Insolvency Code, the RBI said it had already requested information from banks on the current state of their large stressed assets. The regulator said he plans to form a separate panel, which consists mainly of independent members, to advise on this.

The central bank said in the near future will also meet with stakeholders, including banks, asset reconstruction companies, rating agencies, and private equity firms, among others, for their cooperation and coordination.

In addition, the RBI said it would expand a follow-up committee to guide banks in restructuring the deteriorating loans.

In addition to the new members, the scope of the panel will be expanded to go beyond the limited mandate of the cases currently handled, the regulator said.

Live: Sensex Falls Nearly 200 Points, Sun Pharma Shares Slump 8%

Live: Sensex Falls Nearly 200 Points, Sun Pharma Shares Slump 8%
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Live: Sensex Falls Nearly 200 Points, Sun Pharma Shares Slump 8%

The Sensex fell nearly 200 points and then moved Nifty 9400 due to weak pharmaceutical capital, consumer goods, banking, real estate and energy. Pharmaceutical stocks were among the most affected by trade so far with top-tier pharma stocks like Sun Pharma, Cipla and Aurobindo Pharma, ranging from 3 to 5 percent each. Analysts say the Nifty is likely to trade in the range of 9400 to 9500 and on the rise and any leaks on either side of the ridge will determine the trend of the future index.

12:34: The width of the market is still very bearish, while 2122 stocks fall, while stocks of 409 advance on the BSE.
12:05: shares of gas company owned GAIL India, have fallen more than 6 percent to Rs 365.50 on Tuesday after reporting after Monday market hours, 69% of its profit. For the quarter from January to March due to the value of its investment in the Dabhol power plant. Gail India reported a gain of Rs. Rs 260 million for 4Q against Rs. 832 crore profit for the same period the previous year. Analysts surveyed by NDTV Profit had estimated that the net profit of Rs. 1,113 crore.

11:30: Real estate stocks reflect the selling pressure. The BSE index of real estate fell by 2.32 percent; HDIL was the top loser of this space, up to 5.47% Rs. 84.75. DLF, Unitech, Oberoi Realty, Indiabulls Real Estate, Phoenix Ltd and Sobha Ltd. were also among the losers, behind 1 to 3.65% each.

11:11: Videocon Industries was the top loser of small space cap 20 percent at Rs 64.80. Tanla Solutions Dhunseri Petrochem Limited, Indo Count Industries, Den Networks, Mirza International and Sharda Cropchem were also among the losers, front To 7.8 to 15% each.

10:50 Shares of Sun Pharma extend losses, fell 7 percent to reach a 52 week low of Rs 589 ..

10h30: the width of the market was extremely bearish, since 1969 shares declined, while only 269 advanced to the Bombay Stock Exchange.

10:16 am Sun Pharma shares fall 6 percent to reach a new 52-week high Rs. 601 after its US-based subsidiary, Taro Pharma has reported lower than expected earnings.

10:06: Sales pressure visible through the table excludes some IT stocks.

9:59 am: Adani companies was the top loser of the average space, 7% to Rs 112.60 .. Reliance Communications, Bank of India, Indian Bank, Adani Power, Havells India, GMR Infra, minimum required limit, Infra and Jindal Steel were also among the losers, down from 4.6 to 7% each.

09:45: GAIL India was one of the best Nifty losers, a 5.2 percent to Rs 369.85 after the company unveiled the market hours reported on Monday a 69% fall in net income in the fourth. Quarter after realizing the value of its investment in the Dabhol power plant.

Net income for the January-March quarter of the last fiscal year was Rs. Rs 260.16 million or Rs. 1.54 per share, compared to Rs. Rs 832.13 million or Rs. 4.92 per share, net profit for the same period last year.

9:41: The shares of the PSU banks extended their movement yesterday. The sub-index of the PSU PSSE NSE-Nifty bank index fell 1.73 percent; Bank of India was the best loser in this space 5% to Rs. 150. Oriental Bank of Commerce, Bank of Allahabad, Union Bank, Punjab National Bank, Andhra Bank, Baroda Bank and IDBI bank were among the laggards.

9:31 am: Broad markets posted a lower performance analysis. The indices of the mid-body and the small BSE lid fell by more than 1.5% each.

09:24: In the Nifty stock basket, 37 was reduced, while the advanced 14. Sun Pharma was the loser at the top Nifty, 5% at Rs. 607. GAIL India, Aurobindo Pharma, Cipla, Baroda Bank, Indiabulls Housing Finance, State Bank of India, Harbors Adani, Tata Power and Ambuja Cements were also among the losers, down 1.6 to 4.7 percent each.

09:20: Stock markets decline after a positive start. Sensex drops 56 points at 30515 and Nifty slides 24 9415.