The News International Team
1:50 pm Exclusive: The government has appointed managing director-cum-chief executive officers for 4 public sector banks. They are P Kotteswaran for Indian Overseas Bank, Animesh Chauhan for Oriental Bank of Commerce, P Srinivas for United Bank and KK Sansi for Vijaya Bank.
Speaking to CNBC-TV18, P Srinivas said he has been appointed for one year, and that the recovery of United Bank would be faster as the economy was recovering.
Earlier this year, former Chairman and Managing Director of United Bank, Archana Bhargava had quit under a cloud and the bank is staggering under the weight of bad loans. Speaking to CNBC-TV18, Asvin Parekh, Partner, Ernst & Young said the government’s decision to split the chairman’s and managing director’s post was a good one.
1:30 pm Macro-economy outlook: Year 2015 will see CAD and inflation under control, rising GDP, but not a complete goldilocks situation, says Chetan Ahya, chief Asia economist, managing director, Morgan Stanley. He sees a gradual acceleration in GDP and it may inch towards 6 percent toward the end of 2015. He says recovery in capex is still weak as of now, but it is bottoming out, while adding that capex will be the key driver of growth recovery for India.
According to him, there is some improvement in capital goods imports. On the difference in opinion between the Reserve Bank and the finance ministry, he believes Raghuram Rajan and Arun Jaitley’s objectives are not different. He says the finance minister has already clarified that he will leave it to Rajan to decide when to reduce interest rates.
Don’t miss: Mangalore Chemicals up 8% after Zuari ups open offer size
The market is still flat but the Nifty manages to hold above the 8250-level. The Sensex is up 26.40 points at 27429.94 and the Nifty is up 13.25 points at 8261.50. About 1531 shares have advanced, 1113 shares declined, and 118 shares are unchanged.
BHEL, Dr Reddy’s Labs, Hindalco, NTPC and Bharti Airtel are major gainers in the Sensex. Among the losers are M&M, HDFC twins, Maruti and Bajaj Auto.
China stocks closed up more than 2 percent, boosted by a late afternoon rally which helped the stock market become the best performer among major global bourses this year. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 2.2 percent, to 3,533.71 to end up 51.7 percent for the year. The Shanghai Composite Index gained 2.2 percent, to 3,234.68 points, up 52.9 percent year to date.
Gold prices fell by Rs 110 to Rs 26,931 per 10 grams in futures trade today as the metal posted
losses in global markets. Analysts said fall in gold futures was mostly due to a weakening trend in global market. In Singapore, the metal traded lower at USD 1,200 an ounce.