Indian Indices Open Flat

Mon, 28 Mar 09:30 am

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Barring Japan, major Asian stock markets have opened the day on a mixed note with stock market in Hong Kong and Indonesia trading lower by 1.4% and 1.3% respectively. However, stock market in China is trading higher by 0.5%. Major indices in Europe ended their previous session deep in red. The rupee is trading at 66.86 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 17 points (up 0.1%) and NSE Nifty is trading higher by 9 point (up 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.1% and 0.2% respectively. Major sectoral indices have opened the day on a mixed note with stocks from metal and pharmaceutical sectors witnessing selling pressure. However, stocks from information technology sector is witnessing buying interest.

An article on Livemint states, the value of mobile-banking transaction rose more than fourfold from a year ago period in the month of December 2015.

Bankers attribute this surge to an increase in the number of corporate customer transacting on their phone. Few banks are also conducting sessions with its corporate clients to convey the advantages of moving from web to mobile. Mobile banking leads to cost effective as well as timely transactions.

Reportedly, one of the main challenges in bringing corporate clients to mobile banking services is the two-person approval system that companies have for financial transactions. However, banks are trying to address this problem by coming up with better technologies which allows more coordinated transactions among different users from the same company.

Further, growth from retail mobile banking has also boosted the mobile banking transactions. Retail mobile banking includes mobile recharges, bill payments, money transfers, purchases on e-commerce websites. With the sale of smartphones expected to rise sharply in India, there will a resultant increase in the mobile banking transactions.

Increasing usage of mobile banking will force banking companies to possibly alter their business models. It turns out that the top five banks comprising of State Bank of India, ICICI, HDFC Bank, Axis and Kotak accounted for 92% of the total mobile banking transactions in December 2015.

In another news update, Tata Steel will be taking decision on its two loss making plants located in United Kingdom (UK) in the upcoming board meeting. The board will discuss as to whether to retain or sell the plants in Scunthorpe and Port Talbot in UK.

Company's European business has remained under pressures, owing to the UK steel crisis. Cheap imports from China and some other countries such as Russia and South Korea is putting intense pressure on the company's margins. Provided the company sells the plants, it will affect 18,000 direct and indirect jobs in the region.

Reportedly, according to the Times, a 400 million pound rescue deal to sell the plant to Greybull Capital is "on track".

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