Indian stock market indices continue to trade below the dotted line. Oil and gas and banking stocks witnessed maximum selling pressure while IT and FMCG stocks witnessed maximum buying interest.
The BSE-Sensex is down by 32 points, while the NSE-Nifty is down 21 points. BSE Mid cap index is down by 0.48% and the BSE Small Cap index is up by 0.06% respectively. The rupee is trading at 51.50 to the US dollar.
All Public sector banking stocks have been trading in the red led by Vijaya Bank and United Bank of India. As per a leading financial daily, State Bank Of India (SBI) has slashed its home loan processing fees in order to increase its market share. The new fees structure will be followed from January 11, 2012. For loans above Rs 75 lakh, the bank will charge just Rs 10,000 versus Rs 20,000 charged earlier. For loans between Rs 30 lakh to 75 lakh, the fee has been cut to Rs 6,500 from Rs 10,000 earlier. However, for loans below Rs 30 lakh, the fees will be unchanged. It is likely that the other banks will follow SBI's step.
The bank has recently taken some major decisions regarding its operations. It has decided to increase rate on car loans by 50 basis points. The new rate will be in line with the industry standards. Besides, it plans to grow its microfinance portfolio by 50% in the fourth quarter. The bank aims to increase its sectoral exposure to Rs 13 bn -Rs 14 bn from Rs 9 bn by the end of the current fiscal year.
As per a leading financial daily, Bharti Airtel has collected and outsourced the complete advertising inventory in the country to Mogae Media. The deal is first of its kind in Indian telecom industry. The company has outsourced all of its advertising, inventory management and mobile commerce initiatives. This means that Mogae Media will sell all possible advertising space on Mobile, DTH and broadband services of Airtel and run its end to end mobile commerce initiative. This will include giving special offers, discounts, and freebies to subscribers and negotiating deals with companies. The management has refused to share the financial details of the deal. As per the industry sources, the deal will work on a revenue-sharing model.