15 May 2014 - Wealth18.com

May152014 by wealth18.comNo Comments

Rakesh Jhunjhunwala invests Rs 9 crores in Orient Cement

Stocks

15-May-2014 Rakesh Jhunjhunwala today picked up 17.1 lakh shares of Orient Cement for about Rs 9 crore through an open market transaction. According to the bulk deal data, Jhunjhunwala bought 17,10,000 shares of Orient Cement at an average price of Rs 53.1 per share, valuing the transaction at Rs 9.08 crore. Orient Cement was an initiative of C K Birla Group. The firm later de-merged and became an independent public limited company. The firm began cement production in 1982 and presently its total capacity stands at 5 MTPA (metric tons per annum). As part of its growth plan to reach 15 MTPA by year 2020, Orient Cement is geared up for its latest Greenfield project with a proposed capacity of 3 MTPA at Chittapur, in Gulbarga district, Karnataka. Shares of Orient Cement today surged 7....

May152014 by wealth18.comNo Comments

NRI cannot seek registration as foreign portfolio investor: Sebi

News

SEBI has said a non-resident Indian (NRI) will not be allowed to seek registration as a foreign portfolio investor (FPI). However, a fund that has NRIs as investors will not be prevented from obtaining registration as an FPI. FPIs would encompass all foreign institutional investors (FIIs), their sub-accounts and qualified foreign investors (QFI) under a new regime that comes into force on June 1. Existing overseas investor classes such as FIIs, sub-accounts and QFIs will have to convert to the new regime eventually. "An NRI cannot seek registration as FPI," according to information available on the Securities and Exchange Board of India (Sebi) website. "Presently, a fund having NRIs as its investors is not prohibited from obtaining registration as FII/SA. The same practice shall con...

May152014 by wealth18.comNo Comments

Send Money from UAE to India instantly – Emirates DirectRemit

NRI

UAE-based bank 'Emirates NBD' has launched 'DirectRemit' service which would enable customers to speedily transfer money to other banks in India. A first-of-its-kind remittance service, it would also allow Non-Resident Indian (NRI) customers to remit money to any HDFC Bank Account in India in just 60 seconds. Money Transfer time Emirates NBD said with the launch of this service, customers can transfer money to other banks in India with their remittance being processed within an hour. Delivery to HDFC Bank is immediate, Mon-Sat 7am-8pm UAE time. All other bank credits will take 60 minutes, Mon-Fri 7:30am-4:30pm UAE time, Sat 7:30am-10:30pm UAE time. Charges Transfers to HDFC Bank and ICICI Bank accounts in India - FREE Transfers to all other Indian banks - AED 10 According to...

May152014 by wealth18.comNo Comments

Now 10 year olds can open and operate bank account alone: RBI

News

No more piggy banks for little ones because now children above the age of 10 can open their own bank accounts and withdraw, transfer and deposit money all by themselves. Children older than 10 years will no longer need the help of their parents or guardians to open and operate a savings bank account. To boost financial inclusion, the Reserve Bank of India (RBI) said that banks were at liberty to allow minors above 10 years to independently open and operate savings bank accounts. As of now, banks allow minors to operate bank accounts only along with a parent or a guardian. All children and teenagers below the age of 18 are considered minors under current rules. RBI also allowed banks to offer additional facilities like internet banking, ATM, debit card and chequebook to a minor. However, ...