Briefly Business: BofA-ML upgrades state-run banks; SBI stocks up 1%

BofA-ML upgrades state-run banks; SBI stocks up 1%

mumbai: Brokerage Bank of America Merrill Lynch has turned positive on state-run banks, including SBI, on expectation of a rate cut by RBI this month-end as well as better-than-expected loan recoveries.

Kotak sees oil under-recoveries rising

mumbai: Brokerage firm Kotak Institutional Equities has revised its estimates of under-recoveries on diesel, kerosene and LPG to Rs 1.3 trillion for FY'14 against Rs 1 trillion amid firmness in international oil prices, weaker exchange rate and the government failing to increase diesel prices.

LIC sells Cipla shares; lowers stake to 6.21%

mumbai: Life Insurance Corporation has sold 2.12 per cent stake in drug manufacturer Cipla through open market transactions over a period of nearly five months. The insurer has reduced the stake to 6.21 per cent.

'No regulator-fixed tariffs for new ports'

mumbai: To boost private sector investment in state-owned ports, the shipping ministry has said it has taken an "in-principle" decision to abolish the tariff setting regulator's oversight for new projects.

NHAI moves HC against GVK Group

NHAI has told the GVK Group, which threatened to quit the Shivpuri-Dewas project, alleging delays in approvals that it has filed a petition in the Delhi High Court against the company for not allowing it to encash the performance guarantee. As per norms, a concessionaire has to submit a performance guarantee of 6 per cent, which in GMR's case is Rs 270 crore and in the GVK case about Rs 100 crore. In GMR's case, the company had moved the high court first and taken a stay, saying that NHAI should not be allowed to encash the guarantee.

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