At the time of writing, the INR was trading at 63.61 to the US$. Stocks in Europe were trading mixed at the time of writing.
As per the financial daily, Tech Mahindra, a subsidiary of Mahindra & Mahindra, has applied to the Reserve Bank for setting up a payment bank The licences for this are expected to be granted in the next few months. The board has expressed desire for payment bank. Mahindra Finance is likely to hold around 50% stake in the proposed payment bank Tech Mahindra is among the 41 applicants who are vying for a payment bank licence from the RBI. Payment banks would be allowed payments and remittance services through various channels.
Majority of automobile stocks have closed on a weak note led by Escorts and Force motors. Auto major, Maruti Suzuki declared its 4QFY15 results. Revenues grew by 12.5% YoY for the quarter ended March 2015. The profits witnessed a robust growth of 60.5% YoY. Higher volume growth, favorable currency, lower costs helped the bottomline. The car maker sold 3,46,712 vehicles during the quarter, registering a of 6.7% compared to corresponding quarter of last fiscal. The growth in export vehicles was 12.4% YoY. It contributed approx 8.5% to the total vehicles sold.