MUMBAI: YES Bank, India's fifth-biggest private sector lender by assets, has asked market regulator Sebi to probe the "intentions" of analysts of brokerage UBS, who, in a recent report, had painted a bleak picture of the bank's finances if its borrowers were to default.

The bank alleged that UBS' analysts did not make "full and fair disclosure" of their "interests" before publishing the report.

The UK today announced that it will ban overseas students from outside the European Union to work while they study in the country from the next month, a move that will hit students from countries like India.

UK immigration minister James Brokenshire said that from next month students from outside the European Union who come to study at publicly-funded further education (FE) colleges in Britain will lose the right to work for up to 10 hours a week.

Markets are trading lower in today’s session as the Consumer price index- (CPI) based inflation for June jumped to a four-month high of 5.4%, mainly driven by higher than expected food inflation dampening the hopes of a further rate cut.

Meanwhile, investors remain cautious ahead of the WPI numbers due to be released later during the day.

Market regulator Sebi is working on a platform for reporting securitisation deals, Reserve Bank of India deputy governor R Gandhi said on Tuesday.

Gandhi, speaking at an industry conference in Mumbai, said banks' drive to securitise priority sector loans will revive the segment.

Microsoft has announced plans for a celebratory debut this month of Windows 10 operating software designed to spread the US software titan's offerings across a broad range of devices.

Word that Windows 10 would be welcomed in grand style came less than a week yesterday after Microsoft said it will cut 7,800 jobs and write down the value of its struggling mobile phone division acquired last year from Nokia by some $7.6 billion.

Markets have recovered from the lower levels and are trading marginally positive led by pharma shares. However, the upside is capped due to selling among index heavyweights like Tata Motors, RIL and HDFC.

At 10:40AM, the 30-share Sensex was up 11 points at 27,972 and the 50-share Nifty was up 2 points at 8,462.

Reliance Industries, for a change, has outperformed the broader markets, rebounding from its closing lows of Rs 810 at the end of March 2015 to Rs 1,007 now. Jio’s launch might have helped, but not so much to boost the stock by 24% in less than four months.

While strong gross refining margins (GRM’s) had led to the initial spike despite weak crude prices, investments in core business that will likely boost earnings in another 18 months has given analysts a reason to turn bullish.

Indicating the polarisation of the stock market, country largest FMCG maker ITC is now trading at an all-time high discount to its smaller peers in the benchmark Nifty. Hindustan Unilever (HUL) and Asian Paints are now trading at more than twice the price to earnings multiples of ITC. The tobacco to FMCG major is now trading at 26x its net profits in the trailing 12-months. In comparison, HUL now commands a valuation ratio of 53.5x while Asian Paints has become one of the most expensive stocks in the index with a price-earnings multiple of 55x. (See the chart).

SBI Mutual Fund has cut its stake by 3 per cent in Vijay Mallya-led McDowell Holdings to 5.77 per cent.

SBI Mutual Fund, which had 8.77 per cent earlier, brought down its shareholding in the company to 5.77 per cent, McDowell Holdings said in a filing to BSE.

Ajoy Mukherjee, executive VP and global head, HR at India’s largest IT services provider Tata Consultancy Services (TCS) is undertaking a mammoth task of training one-third of its employees or 100,000 people on digital technologies.

The need and reason is obvious. With close to 12.5% revenue of the $15.5 billion company coming from the digital space (that represents close to $2 billion), having trained set of skills is a necessity.

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