U.S. stocks shoot up on robust U.S. jobs report; Dow rises 1.24%

Investing.com - Investing.com - U.S. stocks rallied on Friday after a better-than-expected September jobs report fueled hopes that a more robust economy will fuel more business for corporate America.

At the close of U.S. trading, the Dow 30 rose 1.24%, the S&P 500 index rose 1.12%, while the NASDAQ Composite index rose 1.03%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 9.16% at 14.68.

The Department of Labor reported earlier that the U.S. economy added 248,000 jobs in September, far more than the expected 215,000 increase. The number of jobs created in August was revised to 180,000 from a previous estimate of 142,000.

In addition, the U.S. unemployment rate ticked down to 5.9% last month from 6.1% in August.

Analysts had expected the rate to remain unchanged, and the numbers sparked a rally in the stock market by fueling expectations that stronger corporate earnings will accompany a more robust U.S. economy.

Elsewhere, the Institute of Supply Management said its non-manufacturing purchasing managers' index slipped to 58.6 in September from a reading of 59.6 in August. Analysts had expected the index to fall to 58.5 last month, though investors shrugged off the data.

A separate report showed that the U.S. trade deficit narrowed to $40.10 billion in August from $40.30 billion in July, whose figure was revised from a previously estimated deficit of $40.60 billion.

Analysts had expected the trade deficit to widen to $40.90 billion in August.

Leading Dow Jones Industrial Average performers included Goldman Sachs Group Inc (NYSE:GS), up 2.81%, J P Morgan Chase & Co (NYSE:JPM), up 2.48%, and Walt Disney Company (NYSE:DIS), up 1.91%.

The Dow Jones Industrial Average's worst performers included Caterpillar Inc (NYSE:CAT), down 0.02%, Chevron Corporation (NYSE:CVX), which was up 0.47%, and Pfizer Inc (NYSE:PFE), up 0.53%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.87%, France's CAC 40 rose 0.92%, while German markets were closed on holiday. Meanwhile, in the U.K. the FTSE 100 rose 1.26%.

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Forex - EUR/USD drops to 2-year lows on upbeat U.S. jobs report

Investing.com - Investing.com - The euro dropped to 2-year lows against a surging dollar on Friday after data revealed the U.S. added far more payrolls in September than markets were expecting.

In U.S. trading, EUR/USD was down 1.22% at 1.2515, up from a session low of 1.2501 and off a high of 1.2675.

The pair was likely to find support at 1.2500, the low from Sept. 5, 2012, and resistance at 1.2716, Monday's high.

The Department of Labor reported earlier that the U.S. economy added 248,000 jobs in September, far more than the expected 215,000 increase. The number of jobs created in August was revised to 180,000 from a previous estimate of 142,000.

In addition, the U.S. unemployment rate ticked down to 5.9% last month from 6.1% in August.

Analysts had expected the rate to remain unchanged, and the numbers boosted the dollar by cementing expectations for the Federal Reserve to close its monthly bond-buying program later this month and begin hiking interest rates sooner rather than later in 2015.

Elsewhere, the Institute of Supply Management said its non-manufacturing purchasing managers' index slipped to 58.6 in September from a reading of 59.6 in August. Analysts had expected the index to fall to 58.5 last month.

A separate report showed that the U.S. trade deficit narrowed to $40.10 billion in August from $40.30 billion in July, whose figure was revised from a previously estimated deficit of $40.60 billion.

Analysts had expected the trade deficit to widen to $40.90 billion in August.

The U.S. jobs report served as the pair's chief steering current, eclipsing otherwise cheery European data showing that euro zone retail sales rose 1.2% in August, beating expectations for an uptick of 0.1%, after 0.4% fall in July.

Year-on-year, retail sales increased by 1.9% in August, more than the expected 0.5% rise. July's figure was revised to a 0.5% gain from a previously estimated 0.8% rise.

Earlier Friday, Markit said the euro zone services PMI ticked down to 52.4 in September from 52.8 the previous month, confounding expectations for the index to remain unchanged.

Markit also reported that Germany's services PMI rose to 55.7 last month from a reading of 55.4 in August, while France's services PMI fell to 48.4 in September from 49.4 in August.

Elsewhere, the euro was down against the pound, with EUR/GBP down 0.10% at 0.7839, and down against the yen, with EUR/JPY down 0.05% at 137.30.

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NYMEX crude down in early Asia as investors look ahead to U.S. jobs data

Investing.com - Investing.com - Crude oil prices fell in early Asia on Friday as investors looked ahead to latest the U.S. jobs report which could bolster the dollar further.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $91.29 a barrel, down 0.15%, after hitting an overnight session low of $88.20 a barrel and a high of $91.00 a barrel.

Overnight, crude futures came off earlier lows after data revealed fewer in the U.S. sought first-time joblessness assistance last week, a sign the economy continues to recover and will demand more fuel and oil going forward.

Separately, on the ICE Futures Exchange in London, Brent oil futures for November delivery fell Thursday to $93.42 a barrel, the lowest since June 2012.

The U.S. Labor Department reported earlier that the number of individuals filing for initial jobless benefits in the week ending Sept. 27 decreased by 8,000 to 287,000 from the previous week's revised total of 295,000.

Analysts had expected jobless claims to rise by 2,000 to 297,000 last week, and while the numbers brought oil up from earlier lows, the commodity remained in negative territory due to ongoing concerns that global supply far exceeds demand.

Investors were now looking ahead to Friday's U.S. nonfarm payrolls report, which was expected to show that the economy about 215,000 jobs in September.

On Wednesday, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories decreased by 1.4 million barrels in the week ending Sept. 26, confounding expectations for a gain of 0.7 million barrels, though global supply concerns ending the buying sprees.

Total U.S. crude oil inventories stood at 356.6 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 1.8 million barrels, compared to forecasts for a decline of 0.8 million barrels, while distillate stockpiles declined by 2.9 million barrels.

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Dollar mixed on upbeat U.S. data, ECB move, Ebola scare

Investing.com - Investing.com - The dollar traded mixed to lower against most major currencies on Thursday, buoyed by upbeat data out of the U.S. labor market, while pressured lower by an Ebola scare and a European Central Bank decision to hold off on fresh stimulus measures.

In U.S. trading on Thursday, EUR/USD was up 0.40% at 1.2670.

Despite its recent rate cuts and announced plans to buy assets, the European Central Bank concluded on Thursday it would take a wait-and-see approach to current stimulus tools before loosening policy further should the need arise.

ECB President Mario Draghi reiterated that the bank is unanimous in its commitment to using additional unconventional measures if necessary, but a decision to stick with policies in place gave the euro support, which came at the greenback's expense.

Recent data revealed that the euro area's inflation rate slumped to a five-year low of 0.3% in September.

Also on Thursday, Draghi outlined details of its asset-purchasing program announced last month, which will include the purchase of covered bonds beginning this month and asset-backed securities later in the fourth quarter.

The program is to run for two years and will substantially increase the ECB's balance sheet, he said, adding the program will also help get inflation back to the ECB's long term target of 2%.

The ECB held its benchmark interest rate at a record-low 0.05%, its marginal lending rate at 0.30% and left its deposit facility rate unchanged at -0.20%.

Meanwhile in the U.S., the Labor Department reported earlier that the number of individuals filing for initial jobless benefits in the week ending Sept. 27 decreased by 8,000 to 287,000 from the previous week's revised total of 295,000.

Analysts had expected jobless claims to rise by 2,000 to 297,000 last week, which gave the dollar some support.

The data came after payroll processor ADP on Wednesday said that the U.S. private sector added 213,000 jobs last month, slightly ahead of expectations for jobs growth of 210,000.

Investors were now looking ahead to Friday's U.S. nonfarm payrolls report, which was expected to show that the economy about 215,000 jobs in September.

Elsewhere, news a man traveling from Liberia infected with the Ebola virus arrived in the United States and came into contact with others softened the greenback by stoking market concerns that if general fears grow, traveling and shopping may slow, which could affect U.S. recovery.

The dollar was down against the yen, with USD/JPY down 0.46% at 108.39, and down against the Swiss franc, with USD/CHF down 0.21% at 0.9540.

The greenback was up against the pound, with GBP/USD down 0.25% at 1.6144.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.09% at 1.1155, AUD/USD up 0.80% at 0.8803 and NZD/USD up 1.47% at 0.7900.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.33% at 85.72.

On Friday, expect markets to track the U.S. jobs report.

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Forex - Yen weaker ahead of BoJ consumer survey, thin trade

Investing.com - Investing.com - The Japanese yen weakened in early Asia on Thursday with a central bank survey on consumer views due later in the day and in overall thin trade in the region.

USD/JPY traded at 109.07, up 0.17%, while AUD/USD was nearly flat at 0.8735, up 0.02%.

Hong Kong and China markets remain shut on Thursday. Hong Kong will re-open on friday and mainland China on Oct. 8.

The Bank of Japan releases the fourth quarter survey on consumer sentiment and inflation expectations at 1330 Tokyo (0430 GMT).

In Australia, August trade balance and building approvals data are due at 1130 Sydney time (0130 GMT). The trade balance is expected to show the deficit narrowed to A$700 million in August compared with a deficit of A$1.4 billion in July, as exports fall is expected to be slower than fall in imports. For building approvals data, expectations are for a gain of 1.0%, a slower pace than the 2.5% increase in July.

Overnight, the dollar cooled its recent rally against most major currencies and traded mixed after data revealed U.S. factory floors may not be as bustling as markets once inspected.

The employment sub-index slowed to 54.6 from 58.1 in the previous month, while the new orders sub-index fell to 60.0 from 66.7.

At the same time, separate data revealed that U.S. construction spending fell 0.8% in August to an annual rate of $960.96 billion. Analysts were expecting a decline of only 0.5%, and the day's data gave a few investors room to sell the greenback for profits.

The dollar has posted noteworthy gains in recent sessions on sentiments U.S. monetary policy will tighten while Europe and Japan remain loose.

Elsewhere on Wednesday, data showed that the U.S. private sector added more jobs than expected in September, which gave the greenback some support.

Payrolls processor ADP reported that the U.S. private sector added 213,000 jobs last month, just ahead of expectations for jobs growth of 210,000. The economy created 202,000 jobs in August.

The report came ahead of Friday's government non-farm payrolls report, which includes both public and private sector employment. The government report was expected to show that the U.S. economy added more than 200,000 jobs for a sixth successive month in August.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.04% at 85.97.

On Thursday, the U.S. is to publish the weekly report on initial jobless claims as well as data on factory orders.

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NYMEX crude holds steady off U.S. supply report, Saudi price cut news

Investing.com - Investing.com - Crude oil prices held largely steady in early Asia Thursday with positive stocks data out of the U.S. clashing with news that Saudi Arabia lowered the official selling prices for its crude oil.

Hong Kong and China markets remain shut on Thursday. Hong Kong will re-open on Friday and mainland China on Oct. 8.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $90.82 a arrel, down 0.02%, after hitting an overnight session low of $91.24 a barrel and a high of $92.96 a barrel.

Brent oil slid 0.5% to $94.16 a barrel, the lowest settlement since June 28.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories decreased by 1.4 million barrels in the week ended September 26, compared to expectations for a gain of 0.7 million barrels.

Total U.S. crude oil inventories stood at 356.6 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 1.8 million barrels, compared to forecasts for a decline of 0.8 million barrels, while distillate stockpiles declined by 2.9 million barrels.

Oil prices have taken a beating on fears global supply far exceeds demand, though Wednesday's data rekindled expectations for a more robust U.S. recovery to offset slumping European and Asian economies.

Mixed data out of the U.S. contained enough positive nuggets to keep Tuesday's buying spree going.

The Institute of Supply Management reported earlier that its manufacturing index fell to 56.6 in September from 59.0 in August.

Economists had expected the index to decline less and come in at 58.5, though oil rose anyway, as longer-term analyses of economic indicators point to a more robust U.S. economy despite potholes here and there.

The employment sub-index slowed to 54.6 from 58.1 in the previous month, while the new orders sub-index fell to 60.0 from 66.7.

At the same time, separate data revealed that U.S. construction spending fell 0.8% in August to an annual rate of $960.96 billion. Analysts were expecting a decline of only 0.5%.

Really supporting oil, however, was an upbeat report on the U.S. private-sector labor market.

Payrolls processor ADP reported that the U.S. private sector added 213,000 jobs last month, just ahead of expectations for jobs growth of 210,000. The economy created 202,000 jobs in August.

The report came ahead of Friday's government nonfarm payrolls report, which includes both public and private sector employment.

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U.S. stocks fall in end-of-quarter selloff; Dow declines 0.17%

Investing.com - Investing.com - U.S. stocks fell on Tuesday as investors sold on the last day of the third quarter to re-position themselves for year-end trading in a session marked by lackluster U.S. data.

At the close of U.S. trading, the Dow 30 fell 0.17%, the S&P 500 index fell 0.28%, while the NASDAQ Composite index also fell 0.28%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 2.07% at 16.31.

Equities edged lower on Tuesday as investors took the end of the third quarter to sell stocks with the aim of buying growth stocks towards the end of 2014 to boost yearly fund performance.

Lackluster U.S. data added to Tuesday's selloff as well.

The Conference Board reported earlier that its consumer confidence index fell to 86.0 this month from 93.4 in August, whose figure was revised up from a previously reported 92.4.

Analysts expected the index to decline to 92.5 in September.

A separate report showed that a Chicago-area purchasing managers' index fell to 60.5 this month from 64.3 in August. Analysts had expected the index to decline to 61.9 in September.

Leading Dow Jones Industrial Average performers included Visa Inc (NYSE:V), up 1.17%, Coca-Cola Company (NYSE:KO), up 1.01%, and General Electric Company (NYSE:GE), up 0.85%.

The Dow Jones Industrial Average's worst performers included McDonald's Corporation (NYSE:MCD), down 1.47%, Home Depot Inc (NYSE:HD), down 1.20%, and Boeing Company (NYSE:BA), down 1.05%.

European indices, meanwhile, ended the day largely higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 1.42%, France's CAC 40 rose 1.33%, while Germany's DAX rose 0.55%. Meanwhile, in the U.K. the FTSE 100 fell 0.36%.

On Wednesday, the U.S. is to release the ADP report on private-sector job creation, which leads the government's nonfarm payrolls report by two days. Later in the session, the Institute of Supply Management is to release a report on manufacturing activity.

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Pagaria Energy: Outcome of AGM

Women Networks has informed that the Annual General Meeting (AGM) of the Company was held on September 30, 2014.

To read the full report click here

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NYMEX crude prices fall in Asia as U.S. stockpiles eyed

NYMEX crude prices fall in Asia as U.S. stockpiles eyed

Investing.com - Investing.com - Crude oil prices eased in Asia on Tuesday with investors looking ahead to weekly industry and government reports on U.S. crude oil stockpiles expected to be bearish.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $94.31 a barrel, down 0.21%, after hitting an overnight session low of $92.75 a barrel and a high of $94.63 a barrel.

The global Brent oil contract rose 0.2% to $97.20 a barrel on the ICE Futures Europe exchange Monday.

Overnight, better-than-expected U.S. personal spending data coupled with news of refinery closures sent oil prices trading near session highs.

The Commerce Department reported earlier that U.S. personal spending rose 0.5% in August, beating expectations for an increase of 0.4%, after a 0.1% dip in July, which boosted oil prices on hopes that a more robust U.S. economy will consume more fuel and energy going forward.

The report also showed that personal income, reflecting income from wages, investment, and government aid, rose 0.3%, up from 0.2% in July, and broadly in line with forecasts.

Oil prices continued to see support after Friday's news that U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast.

Elsewhere, prices rose ahead of seasonal refinery closures, when facilities are tweaked to produce gasoline and other products better suited for colder weather.

Aside from seasonal maintenance, unplanned closures at refineries in Canada and Texas pressured prices up as well.

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Forex - Japanese yen gains ahead of busy data day in Asia

Investing.com - Investing.com - The Japanese yen gained and the Australian dollar held steady ahead of busy data sets in Asia on Tuesday.

USD/JPY traded at 109.43, down 0.05%, while AUD/USD 0.8721, up 0.01%.

In New Zealand, ANZ's September business confidence and activity outlook is due at 1300 (0000 GMT). The last survey showed a big fall in confidence, down 16 points
and a total fall of 46 points since the peak in February.

In Japan are August unemployment rate, household spending and job offers to seekers ratio all due at 0830 Tokyo time (2330 GMT).

The forecast for the unemployment rate is 3.8%, unchanged from July, while that for household spending is down 3.8% on year in real terms, a fifth consecutive year-on-year drop.

Later, at 0850 (2350 GMT), there's August preliminary industrial output and retail sales data. The forecast for industrial output is a fall of 0.2% on month, while for retail sales, it is a gain of 0.5% on year, a second straight year-on-year rise.

Then at 1030 (0130 GMT), August preliminary average cash earnings are then due followed by August housing starts at 1400 (0500 GMT), seen down 14.2%

In Australia, the Reserve Bank of Australia releases private sector credit numbers at 1130 Sydney time (0130 GMT) with a forecast for a gain of 0.4% month-on-month.

In China, HSBC/Markit is due to release the final reading of their September PMI at 0945 local (0145 GMT). The flash reading, released last week, showed a surprise uptick to 50.5 from August's final 50.2, helping lift sentiment in a market which had been braced for a sub-50 reading.

Markets in Chins will be closed from Oct. 1 to Oct. 7 for the week-long National Day holidays.

Overnight, the dollar traded mixed against most major currencies as investors digested a mixed bag of U.S. data.

The National Association of Realtors reported earlier that its pending home sales index fell 1.0% to 104.7 in August from 105.8 in July. Economists had expected the index to tick down 0.1% last month.

Separately, the Commerce Department said that U.S. personal spending rose 0.5% in August, beating expectations for an increase of 0.4%, after a 0.1% dip in July.

The report also showed that personal income, reflecting income from wages, investment, and government aid, rose 0.3%, up from 0.2% in July, broadly in line with forecasts.

On Friday, the dollar advanced after the Commerce Department said U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.01% at 85.76.

On Tuesday, the U.S. is to publish data on business activity in the Chicago region and a report on consumer confidence.

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Gold prices fall further in Asia as strong dollar prospect weighs

Investing.com - Investing.com - Gold prices eased further in Asia on Monday as investors expect continued dollar strength on an expected Federal REserve rate hike sometime next year.

On the Comex, gold futures for December delivery traded at $1,217.80 a troy ounce, down 0.08%.

Last week, gold futures ended close to their lowest levels of the year as the U.S. dollar notched up its eleventh consecutive week of gains, hitting investor demand for the precious metal.

A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.

The dollar was boosted after the Commerce Department reported that U.S. gross domestic product was revised up to 4.6% in the three months to June from a previous estimate of 4.2%. It was the fastest rate of expansion since the fourth quarter of 2011.

The upbeat data added to the view that the strengthening economic recovery may prompt the Federal Reserve to raise interest rates sooner than markets are expecting.

Expectations for higher interest rates going forward are considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.

Investors will be looking ahead to Friday's U.S. nonfarm payrolls report for further indications on the strength of the economic recovery, after August's report fell short of expectations

Also on the Comex, silver for December delivery fell 0.45% to $17.545 an ounce. Comex copper for December delivery was flat at $3.038 a pound.

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Pop supergroup hits British number one spot with "Bang Bang"

LONDON (Reuters) - "Bang Bang", a collaboration between pop artists Jessie J, Nicki Minaj and Ariana Grande, took the top spot in Britain's singles chart, selling nearly 100,000 copies in its first week, the Official Charts Company said on Sunday.

The single, which will feature on Jessie J's new album, knocked Sigma's "Changing" into second place, while Taylor Swift's "Shake it off" rose two places to number three. "Blame" by Calvin Harris slipped to fourth, while former chart topper "Prayer in C" by Lilly Wood completed the top five.

British indie group Alt-J scored their first ever number one album with the newly-released "This is all yours", the follow up to their 2012 debut "An Awesome Wave". Veteran U.S. singer-songwriter Barbra Streisand's "Partners" held on to second spot in the album chart, while Sam Smith also remained unmoved in third place with "In the Lonely Hour"

"Wanted on Voyage" by George Ezra rose to fourth, while Leonard Cohen's "Popular Problems" debuted in the charts in fifth position.

(Reporting by William James; Editing by Mark Trevelyan)

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Indians, Americans see each other in positive light: Survey

In India, a majority of the public (55 percent) has a favourable view of the US, including 30 per cent with a very positive outlook, according to the survey. Only 16 percent see the US unfavourably, while 29 percent offer no opinion.

Prime Minister Narendra Modi's visit to the US comes at a time when people of both countries continue to see each other in a largely positive light, according to a Pew Reasearch Centre survey. While Madison Square Garden's sold-out shows usually include headliners like Bruce Springsteen, Madonna or Arcade Fire, tomorrow's reception for Modi is expected to draw an equally massive crowd of nearly 20,000 Indian-Americans, it said.

Modi's appearance at the midtown Manhattan entertainment venue is part of his first trip to the US as leader of the world's largest democracy and comes at a time when people of both countries continue to see each other in a largely positive light, the survey said. In India, a majority of the public (55 percent) has a favourable view of the US, including 30 per cent with a very positive outlook, according to the survey. Only 16 percent see the US unfavourably, while 29 percent offer no opinion. These high ratings are essentially unchanged from late last year, when 56 of the Indian public gave the US positive marks. Americans return the positive feelings, with a majority (55 percent) expressing a favourable assessment of India.

This shows little change compared with the last time Americans were asked to rate India in 2009, when 56% saw the emerging Asian power favourably. As with Indians' views of the US, Americans' regard for India differs by gender, income and education. Men (60 percent) and those who are better educated (59 percent) are more likely than women (51 percent) and those with less education (50 percent) to have a favourable view of
India.

Higher income Americans (63 per cent) also see India more positively, though about half with lower incomes (51 per cent) share this sentiment. The support that Indians and Americans voice for one another may reflect the ever-increasing importance of the Indian diaspora in the US and its involvement in American politics. The Indian-American population now totals over 3 million people, most of whom are highly educated and earn above the median US household income, according to a 2012 Pew Research Centre report on the growing number of Asian Americans. Nearly nine-in-ten adult Indian Americans report being foreign-born, and roughly seven-in-ten (69 percent) have close family still in India. Of those with family remaining in India, about half (49 percent) still send money back on a regular basis.

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Kingfisher secures stay against UBI's wilful defaulter tag

KFA and its erstwhile directors had filed a writ in Calcutta HC against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as the ex-parte decision of UBI's grievance redressal committee.

Kingfisher Airlines  announced that it has secured a stay from Calcutta High Court on the decision of the grievance redressal committee of the  United Bank of India which had earlier declared the airline and its directors as wilful defaulters.

UBI has been directed to file its affidavit-in-opposition by November 3 and the petitioners have been asked to file their reply one week thereafter. The next date of hearing is November 10, 2014.

Commenting on the stay granted by the court, Prakash Mirpuri, Vice President-Corporate Communications, Kingfisher Airlines, said: "We had earlier stated that we would legally challenge the wrongful decision of United Bank of India and that we have great faith in the judiciary in our country. We will legally defend our position on all allegations going forward." 

Kingfisher Airlines along with its erstwhile directors had filed a writ petition in Calcutta High Court against UBI and others, challenging the constitutional validity of the RBI master circular on wilful defaulters as well as challenging the ex-parte decision of UBI's grievance redressal committee.

The matter was listed for hearing on Friday (September 26) before Justice Debangsu Basak. After hearing counsel for the petitioners and the bank, Justice Basak passed an order in which he held that, prima facie, the bank acted in breach of the principles of natural justice by not making over the documents referred to and relied upon by it to KFA prior to the hearing. Thus, not enabling KFA to make an effective representation against the charges/allegations made against them in relation to being declared wilful defaulters.

Kingfisher Air stock price

On September 26, 2014, Kingfisher Airlines closed at Rs 1.87, up Rs 0.06, or 3.31 percent. The 52-week high of the share was Rs 6.84 and the 52-week low was Rs 1.72.

The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.01.

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