India's growth speeds up in after-glow of Modi's triumph
The Indian economy clocked 5.7% GDP growth in the quarter ended June 2014, government data released Thursday showed, up 1.1% from 4.6% in the quarter ended March 2014. GDP growth for the full financial year ended March 2014 was 4.7%
The GDP growth beat estimates. A Reuters poll of more than 40 economists had pegged economic growth in the June quarter at 5.3%.
"We are at the starting point of the pickup in the growth cycle in India," said Sonal Varma, an economist with Nomura. "This data gives us the first sign into that."
She expects the economy to expand 6 percent year-on-year in the fiscal year to March 2015, higher than 5.5 percent estimated by the Reserve Bank of India and faster than a near decade-low of 4.7 percent last year.
"We believe economy is definitely on a path of improvement," said Shubhada Rao, chief economist at Yes Bank in Mumbai. "For the full year, we could see a 60 to 80 basis points improvement from the last year."
Are We in Banking Scam or Crises ????
PSU banks were caught in bear grip on Thursday after report suggested that the Economic Offence Wing (EOW) Mumbai is probing role of public sector banks relating to the fixed deposit (FD) scam. CNX PSU Bank Index fell 1.2 percent.
Meanwhile, the sources on Tuesday said the finance ministry ordered forensic audit in case of non-performing assets (NPA) of UCO Bank and that forensic audit will find out irregularities in loan sanction.
While clarifying on the forensic audit by finance ministry, the bank said (in its filing to the exchange), "The forensic audit is being undertaken in the bank in respect of four old accounts which are all standard accounts in bank’s books. However, the material impact, if any, will be known after completion of forensic audit."
Meanwhile These individuals and middlemen in collusion with bank officials carried out fixed deposit scams at public sector banks including Dena Bank, UCO Bank, Bank of India, Vijaya Bank, Oriental Bank of Commerce, Central Bank of India, Punjab National Bank, State Bank of Bikaner and Jaipur and Dhanalakshmi Bank, according to the agency.
“Dhanalaxmi Bank has been defrauded of Rs.141.8 crore while Dena Bank of Rs.45.23 crore,” said the DCP of EOW.
The EOW was cooperating with the Central Bureau of Investigation in the case, as some of the accused were the same as those who perpetrated the Dena Bank and Oriental Bank of Commerce frauds, EOW officials said. Apart from those two banks, officials from Vijaya Bank, UCO Bank, Bank of India and Dhanlaxmi Bank were under scrutiny for alleged involvement, EOW said.
So far, EOW has arrested four people involved in the fraud and is in the process of arresting six others. The EOW has also arrested the alleged mastermind of the scam Mohammed Fashiuddin, promoter of the Showman Group. “We are also investigating the role of the bank officials involved in the fraud,” said Sinha.
According to a senior official at Central Bank of India, the bank is yet to receive any communication from the EOW. Similarly, an official at UCO Bank stated that no intimation had been received by the bank from the law enforcement agency.
“The EOW has not gotten in touch with the bank’s head office regarding any investigation yet, but it did verify some branch-level transactions,” said a senior official at Dhanlaxmi Bank.
CBI has also registered cases regarding fixed deposit frauds at some branches of Dena Bank and Oriental Bank of Commerce adding up to nearly Rs.400 crore. On 20 August, financial services secretary G.S. Sandhu had stated that the finance ministry is conducting forensic audits at Dena Bank and Oriental Bank of Commerce after details of the irregularities came to light. On the same day, Oriental Bank of Commerce said in a filing to the stock exchanges that it detected irregularities in transactions worth Rs.180 crore involving the Jawaharlal Nehru Port Trust (JNPT), which had filed a complaint with the CBI in February.
Dena Bank also issued a statement on 20 August on a similar fraud. The bank’s Malabar Hill branch in Mumbai received term deposits from various entities and government organizations between 30 January and 5 May. The term deposits amounting to Rs.256.69 crore were pledged to the bank by the same signatories to obtain overdraft facilities of Rs.223.25 crore.
On Thursday, the PSU Bank Index on NSE fell 1.79% while the benchmark NSE Nifty was up 0.23%. Shares in Dena Bank fell 2.99%, Vijaya Bank fell 0.77%, UCO Bank fell 1.5%, Oriental Bank of Commerce fell 2.58%, Syndicate Bank fell 2.53%. The investigation by the EOW and CBI comes on the heels of an alleged bribery scandal, earlier this month, involving Syndicate Bank and some companies.
So What Does Chart says about Banking Index..
>>> Bank Nifty - As Posted on Last Weekly Review <<<
>>> Click the chart to see on full screen <<<
Last Week wrote Bank Nifty facing a Resistance at 16000. See what happened.
>>> Bank Nifty - Happened and Yet to <<<
>>> Click the chart to see on full screen <<<
Yes, its a clear Message - Unless 16000 can't Cross - News and Chart suggest there may be some correction. So upto what level?? - Lets See in detail on Hourly Chart.
>>> Bank Nifty - Hourly Chart <<<
>>> Click the chart to see on full screen <<<
Bank Nifty Facing a Stiff Resistance @ 15794, If unable to cross may see correction as shown on chart. If able to cross above the given resistance then it should cross 16000 as said on daily chart given above.
>>> NIFTY Hourly - As Posted Last Weekly Review <<<
>>> Click the chart to see on full screen <<<
Last Week wrote that nifty moving towards the upper channel after a small expanding triangle correction. See what happened ..
>>> Nifty Hourly - Happened and Yet to <<<
>>> Click the chart to see on full screen <<<
Price should cross 7970 and RSI must give a Break out for further Upmove. Else Possible Correction may set in.
>>> Outlook for Bank Stocks - On FD Scam <<<
>>> UCO BANK <<<
>>> Click the chart to see on full screen <<<
>>> BANK INDIA <<<
>>> Click the chart to see on full screen <<<
>>> SBIN <<<
>>> Click the chart to see on full screen <<<
>>> ORIENTBANK <<<
>>> Click the chart to see on full screen <<<
>>> PNB <<<
>>> Click the chart to see on full screen <<<
>>> ANDHRA BANK <<<
>>> Click the chart to see on full screen <<<
NOTE :- All the above Bank Stocks are not for trading purpose. Since these stocks are on Scam News - given purely for educational purpose Only. Have your own analysis or consult with your friends before taking any position. Stocks Pattern may possibly change along with the outcome of Scam News.
>>> L&TFH - As Posted on 27th Aug, 2014 <<<
>>> Click the chart to see on full screen <<<
Last Week wrote, that the stock may rise, But instead fell down. Lets see what's next ?!
>>> L&TFH - Happened and yet to <<<
>>> Click the chart to see on full screen <<<
Next support on the middle line of Pitchform, Lets wait and see.
>>>> INFY <<<<
>>> Click the chart to see on full screen <<<
INFY - Filled the Gap for Wave B and ready for fall. Just Sell and Earn
>>> PERFORMANCE - For the Month of Aug, 2014 <<<
Send email to niftyforall@yahoo.com for more details.
