English bl 23 01 2018 by Mahesh Yadav

EMERGING ENTREPRENEURS With major global ambitions, Vineet Rai wants to make Aavishkaar the goto impact fund p2

BUDGET EXPECTATIONS The Finance Minister may focus on GST discounts and Direct Bene t Transfers to boost epayments p6

DIGITAL DRIVE Customers have succeeded by adopting digital early, says Bhanumurthy BM, President and Chief Operating Officer, Wipro p7 Regd. TN/ARD/14/2012-2014, RNI No. 55320/94

Ahmedabad Bengaluru Chennai Coimbatore Hubballi Hyderabad Kochi Kolkata Madurai Malappuram Mangaluru Mumbai Noida Thiruvananthapuram Tiruchirapalli Tirupati Vijayawada Visakhapatnam

QUICKLY ECONOMY

ASEAN pushing early RCEP pact New Delhi, January 22

Exerting pressure on New Delhi to consent early to the Regional Comprehensive Economic Partnership — a mega regional trade pact being negotiated by sixteen nations, the 10 Enggartiasto Lukita member ASEAN grouping expressed hope that India would not let the bloc down in its efforts to conclude the agreement this year. “I believe India will stand with ASEAN to conclude the RCEP this year….and will not disappoint,” said Enggartiasto Lukita, Indonesian Trade Minister, at the ASEANIndia business and p4 investment meet in New Delhi.

BANKING

Axis Bank Q3 net profit jumps 25% Mumbai, January 22

Axis Bank reported a 25 per cent yearon year increase in its thirdquarter net pro t as robust upgradation and recovery in loan accounts alleviated provisioning pressure. It reported a net pro t of 726 crore in the third quarter ended December 31, 2017, against 580 crore in the yearago quarter. Though the operating pro t declined 17 per cent to 3,854 crore, the bottomline was supported by relatively lower loanloss p10 provisioning of 2,754 crore.

IMF sees India as fastestgrowing economy in 2018, 2019... Retains country’s GDP forecast at 7.4% for 2018, scales up world output estimate OUR BUREAU New Delhi, January 22

The International Monetary Fund (IMF) remains bullish on India’s growth potential and has retained its GDP forecast for the country at 6.7 per cent in 2017 and 7.4 per cent in 2018. In its World Economic Outlook Update, it also estimated that the Indian economy would grow by 7.8 per cent in 2019, which make the country the world’s fastest growing economy in 2018 and 2019, the top ranking it brie y lost in 2017 to China. “The aggregate growth fore cast for the emerging markets and developing economies for 2018 and 2019 is unchanged… Growth is expected to…pick up in India…,” said the report, which was released ahead of the World Economic Forum meeting in Davos. The projection is in line with

Pradhan hints at creating ‘giant vertical’ under HPCL Asked to elaborate how the government projects the The next step after the comple ONGCHPCL deal as a “strategic tion of the ONGCHindustan sale” and whether it can be Petroleum Corporation Ltd considered as disinvestment, deal is to see whether the latter Pradhan said, “This should be can evolve into a petrochem looked at as an innovative ver ical major. This can be achieved tical economic integration. We by vertically integrating the should not get caught up in petrochemical subsidiaries of the jargon of whether it is a ONGC with HPCL, said Dhar strategic sale or a disinvest mendra Pradhan, Minister for ment or not.” Petroleum & Natural Gas. Pradhan said this should be Speaking to reporters a day seen as a deal where the Gov after the formal approval of ernment has e ectively trans the ONGC ferred its stake HPCL deal to a govern Y was an Z ment company nounced, for an appre Pradhan reit ciable price. erated that “Government HPCL will revenues have continue to increased. Just operate as an the nancial independent consideration public sector was not an is enterprise sue,” he said, after the adding that “We should not get share sale. “there was an caught up in the jargon of “But after appetite for the whether it is a strategic becoming an oil major in In sale or a disinvestment ONGC group dia, looking at or not.” company, I the price volat DHARMENDRA PRADHAN can see that ility. When the Minister for Petroleum there is po crude price of and Natural Gas tential of cre Z oil rises, the Y ating an in margins for tegrated re nery group,” marketing company come un Pradhan said, hinting of a pos der pressure. Looking at In sible integration of Mangalore dia’s consumption pattern, Re nery And Petrochemicals government experts believed Ltd (MRPL) with HPCL. that this was needed.” He, however, was quick to point out that any decision on Changing economic models this would rest with the boards Pradhan went on to add that “economic models and gov of ONGC and MRPL. “Within the ONGC group, ernance change with time. there are ONGC Mangalore Pet When HPCL was acquired by rochemicals Ltd (OMPL), ONGC the government, it was done so Petro Additions Ltd (OPAL), through parliamentary Acts and HPCL has a stake in Bhat and rules. This came with inda re nery (in joint venture some responsibilities and es partnership with the LN Mittal tablished practices. When we group),” Pradhan noted. “All decided to offload them fur these could belong to HPCL if ther, we found that this was the they wish. This will boost HP best model.” HPCL’s shares closed down CL’s plans to expand in the pet rochemical sector, such as the by 3.55 per cent at 401.75 a ones they have for the Barmer scrip while ONGC’s shares re nery, the West Coast re were up 3.28 per cent at nery and for the one in Kakin 199.95 a share on the bourses. ada. If we combine all these, an Shares of MRPL were up 3.22 integrated re nery vertical per cent at 130 a scrip on the exchanges. can be developed,” he added.

OUR BUREAU

New Delhi, January 22

CM YK

In contrast, China’s growth is expected to slow down from 6.8 per cent in 2017 to 6.6 per cent in 2018 and further to 6.4 per cent in 2019.

Prime Minister Narendra Modi greets officials on his arrival at Zurich International Airport to participate in the World Economic Forum in Davos on Monday PTI

o cial estimates from the Cent ral Statistics O ce, which pegged GDP growth at 6.5 per cent this scal. The Washington DCbased agency had in October 2017 lowered India’s growth forecast re ecting “lingering disruptions associated with the currency ex

change initiative introduced in November 2016, as well as trans ition costs related to the launch of the national goods and ser vices tax.” In April, the IMF had pegged India’s GDP growth at 7.2 per cent for 2017 and at 7.7 per cent in 2018. #4 4 6 6 0 1

Global economy The IMF is, however, more bullish about the global eco nomy and has scaled up its fore cast for world output to 3.9 per cent each in 2018 and 2019, which is 0.2 percentage points higher than its estimate in October. For 2017, it has raised its estim ate for global growth by 0.1 per centage points to 3.7 per cent. “The revision re ects in creased global growth mo mentum and the expected im pact of the recentlyapproved US tax policy changes,” it said. The US tax policy changes are expected to stimulate activity, with the shortterm impact in the US mostly driven by the in vestment response to the corpor ate income tax cuts, said the IMF. It has signi cantly raised the growth forecast for the US to 2.3 per cent in 2017, 2.7 per cent in 2018 and 2.5 per cent next year.

...but on inclusive growth, still lags behind Sri Lanka, Pakistan India comes in at 62 on WEF index seen as an ‘alternative’ to GDP OUR BUREAU New Delhi, January 22

Despite an improved perform ance, India continues to be ranked below neighbours Pakistan, Sri Lanka and Nepal in the Inclusive Development Index released by the World Economic Forum. India has been ranked 62 out of 74 emerging economies on a metric focussed on the living standards of people and future proo ng of economies by the WEF. Pakistan has been ranked 47, Sri Lanka is at 40, and Nepal at 22; Uganda (59) and Mali (60) are also higher on the index than India. This Inclusive Development In dex has been developed as a new metric of national economic per formance as an alternative to GDP. The WEF study said, “Designed as an alternative to GDP, the In clusive Development Index (IDI) re ects more closely the criteria by which people evaluate their countries’ economic progress.” India, the WEF said, re ects an ‘improving trend’. There has

Millet Mission to promote nutrientrich cereals; 800crore outlay on the cards Likely to be announced in Budget; will help tackle malnutrition, support ryots VISHWANATH KULKARNI Bengaluru, January 22

In the National Year of Mil lets, the Centre proposes to adopt a missionmode ap proach to promote the nutri entrich cereals, including sorghum, ragi and foxtail millets. O cial sources said a Mil let Mission is being proposed with an outlay of 800 crore for the next two years to boost production of these cereals, which are naturally rich with protein and nutri ents such as iron, calcium and zinc, and also consume less water and inputs, thus being ecologically sustain able.

Finance Minister Arun Jait ley is expected to make an an nouncement in the forth coming Budget on the provision for the Millet Mis sion, under the National Food Security Mission. Nutrition security The proposed mission, apart from aiming to boost sup plies of these nutricereals, is expected to help address the issue of nutrition security. It will be implemented in at least 16 of the 21 States that grow millets. Besides supporting farm ers with technical inputs, in cluding seeds, the mission will focus on farmgate pro

cessing, aggregation, and provide linkages to the value addition industry and mar kets. Also, seed hubs are being planned in major millet growing States and a referral lab is being set up at the Hy derabadbased Indian Insti tute of Millets Research to give a fresh impetus to R&D activities. On the demand side, the proposed mission

will focus on creating con sumer awareness. India, which grows over halfadozen varieties of mil lets, produces around 20 mil lion tonnes of these nutricer eals, which make up about 7 per cent of the country’s over all foodgrain output of around 275 mt. Pearl millet (bajra, over 9 mt) and sorghum (jowar, over 6 mt) account for a ma jor chunk of the millet out put, followed by nger millet (ragi, at over 2 mt). The minor millets such as foxtail, kodo and proso millet account for less than a mil lion tonnes. Millets in mid-day meal Speaking on the national roadmap for millets at the In ternational Trade Fair on or

ganics and millets in Bengaluru last weekend, Ag riculture Secretary SK Pat tanayak said the NITI Aayog has recommended including millets in the public distribu tion system. Making a pitch for inclu sion of millets into the mid day meal schemes in schools, especially in aanganwadis, where they can help tackle malnutrition, Pattanayak also called upon growers to place millets on the super market shelves of the US. In fact, Akshaya Patra, the midday meal implementing agency in Karnataka, has re cently launched a pilot with a milletbased diet in Bengaluru and has started distributing a milletbased snack to schoolchildren in Telangana.

been a 2.29 per cent improve ment in the overall veyear trend of the IDI for India. The study said, “The country performs best (44th) in terms of Intergenerational Equity and Sustainability, pro ting from a low dependency ratio that is set to further decline as the eco nomy reaps the dividends of an extremely young population (28 per cent of the Indian population was younger than 14 years in 2017).” Though the incidence of poverty has declined in India over the past ve years, six out of 10 Indians still live on less than $3.20 per day. Both labour productivity and GDP per capita posted strong growth rates over the past ve years, while employment growth has slowed. Healthy life expect ancy also increased by approxim ately three years to 59.6, the study added. Norway tops the chart According to the study, Norway tops the chart followed by Ice land and Luxemburg in ad vanced economies. Lithuania, Hungary, and Azerbaijan are the toppers among the emerging economies. Also read p18

IAS officer Sanjeev Kaushik declines SEBI job PALAK SHAH Mumbai, January 22

Sanjeev Kaushik, the 1992 batch Kerala cadre IAS o cer who was appointed as a wholetime member with cap ital markets regulator SEBI, has declined the o er. Kaushik (48) has nearly 12 years of government service left but was asked to resign by the Central government to take up the job at SEBI, where he was appointed wholetime member for three years. Kaushik, currently on depu tation with the Finance Min istry, has instead chosen to go back to Kerala to take up the post of Principal Secretary, a source told BusinessLine. The government has made it mandatory for IAS o cers to resign from service if they take up the wholetime mem ber post with SEBI. Details p12

With SEBI raising bar for MFs, more underperformers may emerge Benchmarking with total returns index will affect largecap funds the most ANALYSIS PARVATHA VARDHINI C BL Research Bureau

SEBI’s move to mandate bench marking mutual funds’ per formance to the Total Returns Index (TRI) from February 1 rather than the price index could increase the number of underdogs in funds. In 2017, almost half the 30 funds benchmarked to the BSE 100 index underperformed this index; twothirds of the mid cap funds benchmarked to the Nifty Midcap 100 index fared worse than this index; and 43 per cent of the funds bench marked to the Nifty 500 index did not outdo this index. This underperformance can worsen when the TRI is used. TRI increases the benchmark return as it takes the dividend payout of stocks also into ac

count besides capital appreci ation. Quantum Mutual Fund, DSPBR Mutual Fund and Edel weiss Mutual Fund are already using TRIs to measure perform ance. A study of the returns from 2011 shows that TRIs have bettered the price indices by 12 percentage points every year since then. This outperform ance remains when consider ing returns over 1, 3 and 5year periods, too. Challenges ahead Mandatory benchmarking to the TRI implies that active fund managers may have to work harder to outdo the bench mark. And that is easier said than done. For one, this changeover comes at a time when, as per SEBI’s direction, a process of categorisation and rationalisation of mutual fund schemes is in the works. Under

this, SEBI has brought in a stricter de nition of large , mid and smallcap stocks as well as funds. These changes are expected to a ect largecap funds the most. Consider this; six out of the 36 funds bench marked to the Nifty 50 re turned lower than the bench mark in the 2017 rally when considering the price index. But, compare it with the Nifty 50 TRI, the number of under performers double to 12.

Higher expense ratios charged by diversi ed large cap funds for their active man agement compared with the ETFs / index funds and narrow ing return di erential between these two categories are expec ted to give a legup to such pass ive funds. On the other hand, while midcap funds did have a bad 2017, moving to TRIs may not af fect them as much as large caps, says Radhika Gupta, CEO,

Edelweiss Mutual Fund. “If your fund size is reasonable, you are doing bottom up stock picking and betting on underre searched sectors and stories, beating a TRI benchmark will not be a problem for midcap funds in the next few years,”she explains. However, Radhika adds that largesize midcap funds that have asset sizes of 10,000 crore or more may nd the go ing di cult after these changes as they would restrict their universe. Secondly, as TRI is a more

stringent benchmark, fund houses will also have to take a relook at whether their present benchmarks are apt. Says Kunal Bajaj, Founder and CEO, Clearfunds.com: “SEBI’s January 2018 diktat on benchmarking to the TRI also requires mutual funds to select a benchmark that is in align ment with the investment ob jective, asset allocation pattern and investment strategy of the scheme.” Currently, inappro priate benchmarks for many funds drive up their outper formance.

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EMERGING ENTREPRENEURS

2 TRACKING DEALS myGate gets 16crore funding Prime Venture Partners has led a 16crore ($2.5 million) rst round of funding in myGate, a mobilebased security management solution for gated premises. Since its launch in Bengaluru in 2016, myGate has validated 24 million visits through its mobile app across one lakh homes. The company will use the money to invest in technology and scale to two million homes across the top seven cities in the next two years.

DEAL OF THE FORTNIGHT

IFMR Capital facilitates SPiCE bond transaction

FMR Capital has facilitated a 50 crore debt for Jaipurbased NBFC Ess Kay Fincorp Pvt Ltd through two single issue partially credit enhanced bond, also known as SPiCE bond, transactions. SPiCE bond is a unique product structure introduced for the rst time in the corporate sector, according to IFMR Capital. Sundaram Asset Management Co and Principal PNB Asset Management Co have subscribed to the debentures. The tenure of both issuances, rated A(SO), is 24 months. The uniqueness of this structure is in the unconditional and irrevocable partial guarantee of 24 per cent provided by IFMR Capital and an additional security cover pool. The guarantee and the cover pool reduce risks for investors and provides credit enhancement for the issuance. Ess Kay has been one of the bene ciaries of IFMR Capital’s product structuring in the last one year. In August, it raised 25 crore through market and credit linked debenture.

Manna Foods secures 152 crore A fund managed by Morgan Stanley Private Equity Asia has invested 152 crore in Southern Health Foods, which makes the Manna Foods brand of natural health food products. The company will use the money to expand in South India and provide part exit to existing investors. The company had earlier raised 30 crore from early growth investors led by Fulcrum in 2015.

Funding ‘inventions’ that solve grassroots issues With major global ambitions, Vineet Rai wants to make Aavishkaar the go-to impact fund N RAMAKRISHNAN

Vineet Rai, Managing Partner & CEO, Aavishkaar, which invests in ventures that solve problems for people at the bottom of the pyramid, has set his sights on a larger global play. Aavishkaar has been investing in ven tures in Sri Lanka, Indone sia and Bangladesh for about two years. It now plans to raise a $150 million Africa fund in 2019 to invest in ven tures in subSaharan Africa and is also look

Rainmatter pumps 2 cr in Streak Rainmatter, Zerodha’s fund and incubator, has invested 2.25 crore in Streak, a platform that enables algo trading without coding. Founded in August 2017, Streak enables stock market traders to create trading algorithms without coding.

CBA Capital to invest in edutech cos CBA Capital has launched a 100crore earlystage education and skilling impact fund, Education Catalyst Fund. It plans to invest in 15 companies in the preSeries A, Series and B equity rounds in education and skilling solutions companies. The investors in the Education Catalyst Fund include Michael & Susan Dell Foundation and Gray Matters Capital, both US based investors in the education sector.

130cr funding for Husk Power Patnabased rural distributed utility company Husk Power Systems has raised about 130 crore ($20 million) from Shell Technology Ventures LLC, Swedfund International and ENGIE Rassembleurs d’Energies. – OUR BUREAU

headquartered fund, which star ted out at around the same time he launched Aavishkaar, in 2001. Now, he says, Abraaj is managing over $11 billion and its new fund is going to be the same size as it had raised in the last 16 years. “Why would we not have the ambition to be the world’s largest impact fund when we have the oldest impact fund,” asks Vineet.

ing at a $300million Asia fund by 2021. Why invest abroad when the opportunities in India itself are enormous and the unmet de mand is huge, you ask him. The opportunity in the US is huge, but Mc Donald’s is in India, right, he argues. Likewise, with Uber which has enough to do in Amer ica, he con tinues. He points to Ab raaj, a Dubai

Getting into social sector He says globally the need for funds that invest in social enter prises is huge, around $2.5 tril lion every year. Mainstream ven ture capital and private equity funds are getting into the social sector. For instance, global private equity player TPG will be man aging the $2billion The Rise Fund. Though Aavishkaar has more experience in investing in social enterprises, it does not have the brand equity of a TPG, says Vineet, adding that there is an opportunity for Aavishkaar to become much better known. “If we don’t do that, we will con

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“Why would we not have the ambition to be the world’s largest impact fund when we have the oldest impact fund?” VINEET RAI Managing Partner & CEO, Aavishkaar

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tinue to remain small,” he adds. He wants to make Aaviskhaar the goto company for man aging or handling large impact funds in future. He maintains that India re mains the priority for Aav ishkaar, but that does not mean it will ignore international op portunities. “It is doing India and going international,” he says. Aavishkaar has so far raised $200 million through ve funds. In 2017, it achieved a rst close of $95 million of a $200million Aavishkaar Bharat Fund. This fund will have to raise the re maining $105 million in the next 12 months. Aavishkaar invests in six sectors – nancial services, clean energy, water and sanita tion, agriculture and rural busi ness, healthcare, and education and vocational training.

On Aavishkaar’s investment strategy, Vineet says it will invest in a venture right from the idea stage. Most often, Aavishkaar is the rst investor in a venture. It writes cheques from 23 crore up to 100 crore. Once it closes the $200million Bharat Fund, it will be able to write even larger cheques, according to him. The AavishkaarIntellecap group has a network of compan ies that provide equity nan cing, venture debt and con sultancy. The group’s subsidiaries include Arohan, a micro nance company; Intel leGrow, a venture debt com pany; and IntelleCash, a mi cro nance incubation company. Vineet believes that nancial services will continue to remain one of the most attractive sec tors for both entrepreneurs and investors.

Overseas expansion It will continue to focus on these sectors, even when it expands its presence in Asia and enters sub Saharan Africa. So far, Aav ishkaar has invested in 58 com panies and exited its invest ments in 23, leaving it with a portfolio of 35 companies. From its exits, it got an average of 3.3 times return in dollar terms, which, says Vineet, is quite a good return. Aavishkaar will invest in 15 companies in the next 34 years.

Target areas There may be more innovations, emerging models and new thought processes. He also be lieves that a ordable housing will be a large sector, probably bigger than even micro nance, given the thrust that the Centre is giving to it. “We believe that agriculture across the board is going to be a huge sector, given the signi c ant change in the palette of Indi ans. We are eating di erent food now and the innovation that

will take place in that space is going to be signi cant,” says Vineet. Another sector that Aav ishkaar expects serious action is logistics. This will not be typical logistics companies, but those that create value for a farmer. For instance, he says, Aavishkaar has invested in Ergos, which is building an integrated agricul ture supply chain and has cre ated a network of microware houses close to farm lands in Bihar. “What you have to do is de ne your area,” says Vineet. For example, he says, Aav ishkaar has invested in Connect India, which is building the last mile distribution network for e commerce companies like Amazon. “Connect India is creat ing massive jobs in rural India through an entrepreneurial op portunity.” It is also allowing a rural Indian to have access to the same product from an e commerce company like Amazon that urban Indians can easily buy. And, it is expanding the market for ecommerce companies, adds Vineet. According to him, Aav ishkaar’s assets under manage ment has crossed $300 million, while that of the AavishkaarIn tellecap group’s is over $650 mil lion. By this scal yearend, Vin eet reckons that the group’s assets under management will be in excess of $800 million.

Seizing the high tide moment How crunching numbers

can multiply your business

Entrepreneurs must take advantage of the favourable start-up policy environment in launching their ventures

NiYO raises 85 crore in Series A NiYO Solutions, a ntech startup for salaried employees, has raised about 85 crore ($13.2 million) in Series A funding. It will use the money to expand its payroll and bene ts platform. Social Capital, JS Capital LLC (the family office of Jonathan Soros) and Horizons Ventures made the investment with participation from existing investor Prime Venture Partners. The company has so far raised more than $14 million through venture capital funding. NiYO aims to serve 5,000 organisations and over one million salaried employees by 2018 end. It has ver 500 companies on board and is being used by more than one lakh salaried employees.

BusinessLine TUESDAY • JANUARY 23 • 2018

THILLAI RAJAN A

Strike while the iron is hot. Noth ing can be truer for an entrepren eur. In an era, where opportunit ies come eeting, seizing the moment when it presents is crit ical. As the third largest startup hub in the world, India has been the sunshine country for start ups and ventures, particularly in the last twothree years. First, the policy environment has been favourable for creating startups. For example, there are at least 14 di erent departments and ministries at the Centre that have launched policies and schemes for startups since 2014. Not to be left behind, several States have joined the act — 22 have formally come out with innovation and startup policies in the last three years. The cumulative targets aimed by the States till 2022 present a compelling picture. While only time will tell whether these ambitious targets would be realised, the magnitude of these targets indicates the emphasis given by States to promote start ups. Clearly, the focus is on creat ing mighty oaks from small acorns. Entrepreneurs should take advantage of the favourable policy environment in launching their ventures. Policy framework Second, there has been a paradigm shift in the policy framework as well. As they say, “Farmers and gardeners know that one cannot make a plant grow. The plant grows itself. What is to be done is provide conditions for growth.” In the same tune, the

policies have been more focussed on creating an ecosystem for start ups. While the initial attempts have been to create startup funds, the policy framework has become more holistic recently. For example, the policies focus on institutional reforms that aims to ease the setting up and opera tion of startups, creation and de velopment of infrastructure, fo cus on providing industry and market linkages, creation of aca demic and university linkages, in centives and concessions, thrust on promoting startups through events and awards. Each of these bene t startups in di erent ways. University linkages help startups access scienti c, technology and research expertise whereas in dustry linkages help in providing the initial market access for them. Incentives and concessions help conserve cash for the startup by reimbursements of duties and fees and subsidising patenting costs. Since creation of infrastruc ture involves signi cant external ities and may not be commer cially viable or have long gestation periods for break even, public sec tor is well equipped to undertake such investments. The govern ments have also realised that cre ation of infrastructure can bene t many generations of startups.

GETTY IMAGES/ISTOCK

Tiger Analytics helps clients act at the granular level N RAMAKRISHNAN

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Inclusivity & democratisation Third, the policies are character ised by high level of inclusivity and democratisation. One does not have be a part of the “old boys’ network” to avail of the policy be ne ts. While the venture capital and other segments of the in vestor community focus on creat ing successful startups and achieving nancial returns, the government policies focus more on elements that lead to an in crease in the overall levels of start up activity. The thinking is that not only would this enable cre ation of more startups thus in creasing the pipeline for in vestors, but also result in startups that are more investment ready, resulting in a winwin situation for both the investor and the en trepreneur. The startup policy environ ment in the country is on a high tide today and it is up to the entre preneur to seize the moment. In a country that has been regularly embroiled in scams, starting with aerospace to co ns, the startup landscape has been comparat ively untainted. For an earnest en trepreneur, this can be the most heartening feature. The writer is a Professor, Department of Management Studies, IIT Madras and Associate, Harvard Kennedy School, Harvard University

Ask Pradeep Gulipalli, cofounder and Chief Delivery O cer of ana lytics rm Tiger Analytics, to give an example of the kind of work they do and he recalls one of the earliest projects they took up. It was in the railway industry, where, he says, one of the biggest expenses for a railway company is the wheels, which have to be re placed nearly every three years due to wear and tear. The di lemma for railway companies is to when exactly replace the wheels. If they replace them too early, they have replaced good wheels. But if they delay the re placement, there is the risk of accidents. Overseas, governments have mandated that sensors be tted at various points on the track. These sensors send out signals when a train passes over. Based on the signal, it is possible, says Pra deep, to nd out whether the wheel has gone bad or is still in good shape. One of the problems, he adds, that their customer was facing was that sometimes the sensors would become defective and send out incorrect signals. The question was to know when the wheels was defective and when the sensor was malfunc tioning, he says. Tiger came up with a solu tion for this. Whenever there is a signal that the wheel is bad, they reanalyse the sensor data, to nd out whether the wheel is really defective or whether the sensor is not work ing properly. “This was a huge suc cess,” says Pradeep. “Today this solution has been adopted as an industry best practice in North

America. All the signals that come from sensors there pass through this system,” adds Pradeep. “It is one of the big success stories we have had,” he says. Tiger Analytics – founded by Mahesh Kumar, 39, Chief Execut ive O cer, and Pradeep, 35 – is working with is a large brokerage rm, which wants them to pre dict when any of its customers are going to leave them. Tiger looked at the frequency and type of trans actions and built mathematical models to say which customers can be considered safe bets and which customers fall under the risky category. This, according to Pradeep, helped the brokerage rm’s customer service team to intervene. Big shift Pradeep, who has civil engineer ing degree from IIT Madras and a Master’s in transportation plan ning from the University of Texas at Austin, worked in a marketing consulting rm in Boston, doing mathematical models and simu lations. He says he got in touch with Mahesh, who has a Ph.D in Operations Research from MIT and a B.Tech in computer science from IIT Bombay, through a social networking site. They realised there was a big shift happening in the analytics space, where thanks

to technology it was possible to crunch large amounts of data, analyse it and act on it at a much more granular level. The duo set up Tiger Analytics in early 2012, with a small initial team in the US. The India o ce, along Chennai’s IT corridor, then came up. Tiger Analytics has about 200 employees, 3035 in the US and the rest in Chennai. Ac cording to Pradeep, 70 per cent of its clients are in the US and the bal ance in India and in Europe. The company’s focus is on nancial services industry and retail Con sumer Packaged Goodsindustry. According to Pradeep, they star ted o working with smaller com panies that needed data to be ana lysed, but could not do it either themselves or hire external con sultants. Over the last three years, it has started working with large enterprise clients, thanks to refer rals. Tiger Analytics has been com pletely bootstrapped and has not raised any external funding. Pra deep feels there is no need for them to raise funds for the mo ment. It has revenues of about 65 crore ($10 million), three fourths of which come from the US, and is growing at a healthy rate.

Pradeep Gulipalli, cofounder, Tiger Analytics N RAMAKRISHNAN

This is the Golden Age of fintech inclusion: Accion’s Michael Schlein The international non-profit organisation invests in and helps grow ventures in the fintech and inclusion space N RAMAKRISHNAN

“India, in the world of nancial in clusion, is the centre of the world,” says Michael Schlein, President and CEO, Accion, an international or ganisation that invests in nancial inclusion and ntech ventures across the world. The Indian government, accord ing to him, has taken a lot of smart decisions and created an infrastruc ture and ecosystem that is helping companies in the nancial inclu sion and ntech sectors. “That is how we can build a nancially in clusive world.” From an outside perspective, the Jan Dhan accounts and Aadhaar have contributed im mensely to nancial inclusion. The CM YK

whole India stack and the set of ini tiatives, they are building the rails that many of these companies will ride on, he says and adds that the leadership in India needs to be lauded for these measures. Michael says “there is a lot that we learn in India that we can export to the world.” He says Accion partners with the Economist Intelligence Unit to an nually rank 65 countries on what they do to promote nancial inclu sion. In the last couple of years, ac cording to him, India is the most improved player. “They have jumped to the top of the list.” More importantly, he points out, a regulator in this area can look around and see who is reg

ulating the best and adapt those practices. Accion, a nonpro t organisa tion, works towards nancial inclu sion and invests in startups in the nancial technology space. It in vests in and helps grow seedstage startups that meet the needs of the underserved. It invests through Ac cion Venture Lab, a seedstage im pact investment initiative, provid ing capital to startups that are innovating for nancial inclusion. It helps established and innovative enterprise maximise their impact through the Accion Frontier Inclu sion Fund, in which Accion is the anchor investor, general partner

and sponsor. This fund is managed by Quona Capital and invests in ntech innovation. Through the Centre for Financial Inclusion, a think tank it has created, Accion in volved in advocacy and research on policy issues. India investment In India, Accion has invested in Shubham Housing Development Finance Company, NeoGrowth Credit Pvt Ltd, IndiaMart, Credit Mantri, Varthana, Aye Finance, Ar

Z Y “I think the people who are going to solve the real problems in the emerging markets are going to be in the emerging markets.” MICHAEL SCHLEIN President and CEO, Accion

Z Y

too, SME Corner, Saija Finance Pvt Ltd, Vindhya eInfomedia, IFMR Holdings and MeraDoctor. Accion, according to Michael, in vests from the seed stage to Series A and Series B stages. That is, it writes cheques starting from $100,000 to a few million dollars, in one or more rounds, and stays invested in the companies 57 years. In some companies, it may exit after about 810 years. Accion’s journey started o with helping micro nance in stitutions across the world – in Latin America, Africa, India. “We have helped build 65 micro nance institutions in 34 countries that today serve millions,” says Michael. “One of the things we do is, we see innovation and we see what is working in di erent parts of the world and we can spread that. We are probably the largest seed in vestor in ntech for inclusion in the world,” he adds. “This,” asserts Mi

chael, “is the Golden Age of ntech for inclusion.” Digital era The digital revolution that is hap pening around the world and the developments on smartphones will help spur more innovations in nancial technology and nancial inclusion. Accion, with its global network, can help ventures in dif ferent parts of the world learn from one another. One of the companies in India that Accion has invested in, Artoo, is exploring partnerships with Accion portfolio companies in Latin America and Africa. Likewise, Accion is opening doors for Vind hya, another company in which Ac cion has put in money, to compan ies in Latin America and Africa. “We can help and we are uniquely set up to help,” says Michael, an alumnus of Massachusetts Institute of Tech nology and who has over three dec

ades of international banking ex perience prior to joining Accion. “We see innovation all around the world and we invest in innova tion regardless of the country. I think the people who are going to solve the real problems in the emer ging markets are going to be in the emerging markets. We prefer to in vest in companies where the entre preneurs are in the markets they operate in,” says Michael. Michael feels that it is inevitable that large nonbanking nance companies and banks will partner with ntech startups; some of the startups may even be taken over by these large institutions. “We are try ing to innovate and then get part ners to take it to scale. If you gure how to get the innovation of these startups with the scale of these large institutions, that is really valu able. That will accelerate the fu ture,” he adds.

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QUICKLY GNFC profit leaps 241% Ahmedabad, January 22

Staterun Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) on Monday reported highest ever performance for the quarter ended December 2017, with net pro t of 228 crore on revenue of 1,591 crore. It posted sharp growth of 241 per cent in net pro t on yearonyear basis. The revenues grew by 30 per cent for the quarter. For the ninemonth period, net pro t touched 461 crore ( 283 crore), up 6 per cent. Commenting on the results, Rajiv Kumar Gupta, Managing Director, commended the company's strategy to reduce the nance cost by more than 50 per cent on quarteronquarter basis. OUR BUREAU

Havells India Q3 net up 27% New Delhi, January 22

Havells India said its combined net pro t grew by 27 per cent to 194 crore in the quarter ended December 31, 2017. In a statement, the company said its combined net revenue was up 31 per cent at 1,966 crore for the period. Anil Rai Gupta, Chairman and Managing Director, said: “We are satis ed with the current quarter performance. We expect that rationalisation of GST rates for electrical product categories would trigger positive sentiments among consumers. We are optimistic on growth.” OUR BUREAU

Mallya extradition trial’s next hearing date still uncertain PRESS TRUST OF INDIA

NPPA chief: Drug pricing will get stringent, but will not be ‘unfriendly’ to pharma industry Supreme Court is in the last leg of hearing on pricing issue PT JYOTHI DATTA Mumbai, January 22

The drug pricing regulator may be “perceived” as being un friendly to the pharmaceutical industry, but that may not be entirely true, observed Bhupen dra Singh, Chairman of the Na tional Pharmaceutical Pricing Authority. Pointing to data that NPPA had on medicines and the more recent cases of exorbitant hos pital bills, Singh said that a sec tion of the industry showed dis torted prices and trade margins. While 75 per cent of the 1 lakh croreplus industry did not show such behaviour, the re maining had “played too much,” he said, referring to the varying margins on the same product. In the recent cases of

Bhupendra Singh, Chairman, National Pharmaceutical Pricing Authority

exorbitant hospital bills, for ex ample, he said, products were seen to have 1000 per cent plus margins. A market pricebased formula to cap medicine prices would be good, if the prices were not “dis torted” in the rst place. At present, the Supreme Court is in its last leg of hearing a case on this issue, with health care advocacy groups calling for a costofproduction based for mula to cap medicine prices.

When there is freedom to price a product, use it in the best interest of the consumer, Singh told industry representatives at a conclave of the Indian Drug Manufacturers’ Association. It is unfortunate that in healthcare, patients are treated as customers he said, urging the industry to distinguish between patients and customers. Given this backdrop, he said that the pricing regime was set to get more stringent for the

Nirma’s Nuvoco Vistas to invest 1,000 cr in captive power plant

pharmaceutical industry. Presently, all drugs on the gov ernment’s National List of Es sential Medicines are under the government’s price control mechanism. But that said, Singh agreed that price control should not be the only approach to tackle the country’s healthcare chal lenges. Government too, needed to increase its spending on healthcare, he said. In fact, contrary to the in dustry perception that the NPPA played only an adversarial role, he called for a Technology Up gradation Fund to help small units adhere to Current Good Manufacturing Practice (cGMP) norms. The pharma industry too, has to evolve to the next level of valueadded products, he said, citing the example of the in fotech industry that has moved up the value chain.

Clariant in India opens healthcare packaging plant

Sanitaryware rm HSIL commissions 160cr pipe plant

OUR BUREAU

London, January 22

The next submissions hearing in the extradition trial of Vijay Mallya over alleged fraud and money laundering amounting to 9,000 crore remains uncer tain as the lawyers are yet to agree on a mutually convenient date. Chief Magistrate Emma Ar buthnot was listed to hear the case at Westminster Magis trates’ Court today, with the 62 yearold embattled liquor baron exempt from attending. However, the case was not discussed in the court as the lawyers are yet to agree on a mutually convenient date. The next hearing date is ex pected within the next few weeks, to be determined intern ally between the legal counsels and announced at a later date. The case had been left unde cided over the issue of admiss ibility of evidence presented by the Indian authorities at a hear ing earlier this month. Judge Arbuthnot is set to rule on the issue once Mallya’s de fence team completes its argu ment claiming “absence of a strong prima facie case” and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, responds in favour of the evidence.

To save 100 crore in cement production cost SURESH P IYENGAR Mumbai, January 22

Nuvoco Vistas Corp (formerly Lafarge India) plans to invest 1,000 crore to set up captive power plants and waste heat recov ery plants at its three factor ies in Chhattisgarh, Jharkhand and Rajasthan. The company expects to save annually 100 crore with commissioning of these projects over the next twothree years. Ujjwal Batria, Managing Director, Nuvoco Vistas Corp, told BusinessLine that the company is in the process of achieving operational excel lence by reducing produc tion cost and focusing on premium products to im prove the pro tability in the cutthroat competitive market. “Currently, all the three plants are dependent on grid for the power supply. Depending on the coal prices at the time of comple

Siemens Gamesa bags 326 MW wind power orders

tion of these projects, we will be saving 2 per unit by tapping into captive power supply,” he added. In 2016, the 7,000crore Ahmedabadbased Nirma Group made waves by ac quiring 11 million tonne of cement production capacity of French cement major La farge for 9,400 crore, pip ping large companies JSW Cement and marquee in vestor Piramal. With completion of the deal, 71yearold Karsanbhai Patel, Founder and Chair man of Nirma, made the soaptosoda ash enterprise the sixth largest cement manufacturer in India tak ing its overall capacity to 13 million tonnes. Nuvoco engaged global consulting rm McKinsey to conduct a study on its ce ment business and chart out its future plan. It has already started working on reducing cost on logistics and implemented measures to increase the contribution of its premium products which accounts for 35 per cent of its total sales. The company will stop us ing Lafarge’s name in its

communication in the next four months. However, it will continue to use the same three ce ment brands Concreto, Dura guard and Infracem to mar ket its products. “We will also use Nirma’s twomilliontonne plant in Rajasthan to crosssell products,” said Batria. Cement demand is pick ing up slowly since Decem ber, especially from the in frastructure projects even while the commercial real estate projects are still lag ging. Luckily for Nuvoco, he said there has been no major new capacity additions happen ing in the Eastern region un like in other markets where the supply is more than the demand. However, the rising raw material cost is a cause of concern and cement com panies are expecting to pass on the incremental cost, he said. Following successful sup ply of read mix concrete to Delhi and Jaipur metro pro jects, the company is in the race to sell RMC for Mumbai metro project.

#4 4 6 6 0 1

Chennai, January 22

OUR BUREAU

Chemical manufacturing com pany Clariant in India inaugur ated its new healthcare pack aging plant in Cuddalore today. Ketan Premani, India Head of Business Unit Medical Spe cialties, said in a press release that the green eld plant is the rst and so far the only ISO8 clean room facility in emerging markets. “The facility will o er Desiccants (a drying agent) and link our customers to Clariant's global packaging design cap abilities,” he added. Adnan Ahmad, Region Head, Clariant in India, said in the press release: “While this plant may not fall in the speciality chemicals category in the tradi tional sense, it is a di erenti ated product o ering.” “In In dia, business line medical specialities has grown over the past few years and this facility will give us clear edge against the competition,” he added. The Swiss manufacturer in India has 11 production sites across Maharashtra, Gujarat, Madhya Pradesh, Tamil Nadu and Telangana in business ver ticals such as pigments, addit ives, industrial and consumer specialities, catalysts and func tional minerals.

Hyderabad, January 22

Sanitaryware company HSIL Ltd has commissioned a 160crore manufacturing plant in Telangana which en ables the company to diver sify into CPVC and UPVC pipes business. With this backward integ ration project, the company is well positioned to o er products for the entire bath room requirements now, in cluding pipes. Located at Ishnapur in Medak district of Telangana, the pipes unit, which has a manufacturing capacity of 30,000 mt, is proposed to be doubled by 2020. Sandip Somany, ViceChair man and Managing Director, said: “Venturing into pipes segment is a natural exten sion of our portfolio of bath room products streams from “from front of the wall” to “behind the wall”. We aspire to be among top four brands in the country over the next ve years in this space.” “The general trend points towards increasing use of corrosionfree pipes in the country’s growing plumbing industry. This is a big posit

Sandip Somany, ViceChairman and Managing Director, HSIL

ive for our new unit as there are very few well established players in the industry in this segment,” he said. The company has entered into an alliance with Sekisui Chemical Co Ltd, a leading $9 billion in revenue Japan ese company for supply of Chlorinated Polyvinyl Chlor ide (CPVC) resin that goes into manufacture of these pipes. “We have entered into this segment and expect a turnover of about 500 crore within three years and take it up to 800 crore within ve years. The market for such pipes is poised for huge upside in the housing sector, water transport and under the Swatch cam paign,” he explained. Referring to its expansion

projects taken up with a capex of 350 crore, Somany said that the company ex pects to commission its ex panded security bottle caps facility also located in Telan gana by September. This project, set up with an investment of 100 crore, will take the capacity up from 230 million units to one billion units per annum. Somany said HSIL board would meet in May to nal ise its plans for the future, where decision of further ex pansion and capex deploy ment is likely to be nalised. Referring to the newly commissioned fullyauto mated manufacturing unit, Somany said it is the 32nd green project to be rated un der the IGBC code and the rst in the plastic sector to get such a rating.

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DCM Shriram pro t rises 56% in Q3 OUR BUREAU New Delhi, January 22

OUR BUREAU Hyderabad, January 22

Siemens Gamesa Renewable Energy has announced it has won multiple wind power or ders adding to 326 MW from several leading Independent Power Producers and various industrial customers in the country. Twentysix projects in all, with installed capacity ran ging between 2 MW and 60 MW, are set for commission ing by March across several sites in India. As per the agreements, Siemens Gamesa will handle the entire infrastructure

needed to operate the pro jects together with the supply, erection and commissioning of 135 units of G1142.0 MW wind turbines and 28 units of its G972.0 MW. “These orders show a posit ive sign of development in the market and boosts our con d ence as we gear up towards the next growth phase for Siemens Gamesa in India. With the support of our loyal customers and an e cient team we are looking forward to a great 2018,” Ramesh Kymal, CEO of Siemens Gamesa's onshore business in India, said in a statement.

Net revenues and net pro t of DCM Shriram have gone by 31 per cent and 56 per cent to 1,784 crore and 213 crore, re spectively, during the third quarter of the current nan cial year compared to the cor responding period last scal, a company statement said. For the rst nine months of the year, DCM Shriram re gistered net revenue of 5,334 crore at yony growth of 28 per cent and the impressive performance was on 68 per cent yony growth from its chemicals business. Gross debt at the end of the third quarter stood at 631 crore against 964 crore in the same period last year.

Cricketer Harmanpreet Kaur to bat for CEAT OUR BUREAU Mumbai, January 22

CEAT Ltd has signed an en dorsement deal with one of the most proli c allround ers in women’s cricket Har manpreet Kaur for two years. The bat endorsement deal will make Harman preet a valuable addition to team CEAT which already has the likes of Rohit Sharma, Ajinkya Rahane and Ishan Kishan on board. Nitish Bajaj, VP Market ing, said: “The pro le of wo men’s cricket has had a staggering increase with the 2017 World Cup itself proving to be one of the breakthrough tourna ments. The Indian women’s cricket team has been per forming brilliantly over the CM YK

Harmanpreet Kaur

years and we at CEAT strongly believe in support ing the sport. We are proud to sign Harmanpreet Kaur as our rst women cricketer on board, who has been an inspiration to budding cricketers on and o the eld.” Harmanpreet was con ferred with an Arjuna Award for her performances throughout her career.

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ASEAN pushes India to conclude RCEP this year

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Bloc to Delhi: ‘Don’t disappoint us’; India calls for ‘balanced and satisfactory’ outcome OUR BUREAU New Delhi, January 22

New Parliament session Japan Prime Minister Shinzo Abe about to deliver his policy speech during a plenary session at the lower house of parliament in Tokyo on Monday. A plan and timing for reaching primary surplus will be unveiled by summer, Abe said in a speech to mark the beginning of the new parliamentary session BLOOMBERG

Dilip Chenoy is new FICCI chief New Delhi, January 22

The Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday appointed Dilip Chenoy as its Director General. Chenoy is currently Chairman of Sant Longowal Institute of Engineering and Technology and Member, Board of Advisors, IILM. He was earlier Managing Director and CEO of the National Skill Development Corporation (NSDC), DirectorGeneral of the Society of Indian Automobile Manufacturers (SIAM). He has also been Deputy Director General of the Confederation of Indian Industry (CII). OUR BUREAU

Mounting pressure on New Delhi to give an early consent to the Regional Comprehensive Economic Partnership — a mega regional trade pact being negoti ated by sixteen nations — the 10 member ASEAN expressed hope that India would not let the bloc down in its e orts to conclude the agreement this year. “I believe India will stand with the ASEAN to conclude the RCEP this year….and will not disap point,” said Enggartiasto Lukita, Indonesian Trade Minister, at the ASEANIndia business and in vestment meet in New Delhi on Monday. Indonesia played a key role in

Shipments may get hit if Democrats, Republicans don’t sort out immigration issue AMITI SEN

New Delhi, January 22

Multilateral lending agency World Bank and India today inked $120 million loan agreement which will help increase access to improved water supply services in peri-urban areas in Uttarakhand. According to an official statement, while Uttarakhand has made significant strides in piloting and implementing innovative approaches in water supply and sanitation services, the peri-urban areas have not been a focus. From 2001 to 2011, the State’s urban population grew by nearly 42 per cent, which is substantially higher than the national average of 32 per cent, it added. Joint secretary in the ministry of finance, Sameer Kumar Khare said that over 700,000 people residing in peri-urban areas of the state are expected to benefit from the programme. PTI

With the US government shut down remaining in e ect on Monday and e orts on in full swing to reach a temporary truce, Indian exporters are keep ing a close watch on the develop ments. They fear that a failure to reach an agreement on the crucial is sue of immigration between law makers could a ect shipments in the days to come. While exporters are hopeful that a vote to end the shutdown with a shortterm spending bill for three weeks will take place as scheduled on Monday, only a longterm solution would put minds to rest. “If the disagreement amongst US lawmakers on immigration is not sorted out and a situation similar to the October 2013 shut down gets replicated, Indian shipments to the US will de n itely get a ected. Although we are given to understand that about 90 per cent of the work force in the US customs and bor

New Delhi, January 22

The Delhi High Court today fixed April 16 for hearing an appeal by former Jharkhand Chief Minister Madhu Koda, who along with others was convicted and sentenced to three years in a coal scam case, and extended his bail till the pendency of his plea. Justice Anu Malhotra, besides Koda, extended the bail of his aide Vijay Joshi till the pendency of his appeal. PTI

New Delhi’s discomfort New Delhi is not comfortable with the ambitious dismantling of import tari s being pushed for by the ASEAN, especially as it

der protection will work, there might be disruption in other al lied services that would lead to delays of our consignments and possible demurrage charges,” said Ajay Sahai from the Federa tion of Indian Export Organisations. The current uncertainty in the US is due to the Democrats not agreeing to support a temporary funding Bill to keep the govern ment open as they are unhappy with the Trump administration’s decision to end the Deferred Ac tion for Childhood Arrivals (DACA), which gives legal protec tion to a category of young im migrants called the ‘dreamers’. Senate Majority Leader Mitch McConnell, on Sunday night, promised to bring immigration legislation up for debate after February 8 so long as the govern ment remained open. The Democrats did not agree to a vote on ending the shut down on Sunday night leading to the crisis continuing on Monday, but there is a possibility of the shortterm funding Bill

Canadian PM Trudeau to visit India from Feb 1723; trade, investment to top agenda OUR BUREAU New Delhi, January 22

Prime Minister of Canada Justin Trudeau will be visiting India from February 1723. He will be visiting Agra, Amritsar, Ahmedabad, Mumbai, and New Delhi. “The visit is aimed at further strengthening bilateral rela tions between the two coun tries in key areas of mutual in terest including trade and investment, energy, science and innovation, higher educa tion, infrastructure develop ment, skill development and space. Cooperation in security and counterterrorism as well as exchange of views on global and regional issues of mutual interest will also form import ant components of the visit,” said a statement issued by the Ministry of External A airs on Monday. Trudeau was expected to visit earlier following Prime Minister Narendra Modi’s visit there in April 2015. Groundwork for visit However, several highpro le visits from Canada have paved the way for Trudeau’s visit. In the last 18 months, 11 Cabinet Ministers from Canada have visited India, including De fence Minister Harjit Singh Sajjan and Minister for Inter national Trade FrançoisPhil ippe Champagne. “India and Canada share a strategic partnership under

CM YK

Commerce Minister Suresh Prabhu with Indonesia Trade Minister Enggartiasto Lukita during the ASEAN-India Business and Investment Meet and Expo in New Delhi on MondayPTI

would also mean allowing duty free access to Chinese goods. The Indian industry does not want the country to commit to high levels of liberalisation as it fears that it could get outpriced in

the domestic market. Prabhu stressed on the need for other RCEP members to de liver in the area of services to ar rive at an agreement. So far pro posals in the area of services,

X W “The RCEP agreement is based on the three pillars of goods, investment and services. We have to work towards a balanced and collectively satisfactory outcome,” said Prabhu.

While India improved upon its initial o ers late last year, this was rejected by other RCEP members as they felt it was only a marginal improvement. In dia’s o ers range between an av erage of 70 per cent and 80 per cent, with the maximum elimin ation commitment for Asean countries. All members have to submit their revised o ers this month which will be discussed at the next round in Indonesia in February.

US govt shutdown keeps Indian At International Energy Forum, India to push for end to Asian Premium exporters on tenterhooks

World Bank loan for Uttarakhand

Koda appeal hearing on April 16

pushing for negotiations on RCEP in 2011 and is keen, like most other ASEAN members, for its early conclusion. Other mem bers of RCEP include China, South Korea, Japan, Australia and New Zealand. India, however, refused to take responsibility for the longwind ing negotiations. “It is import ant to address the sensitivities and aspirations of all parti cipants,” said Suresh Prabhu, Commerce and Industry Minis ter, at the meet.

including on workvisas for movement of professionals, have been disappointing with no member ready to make meaningful contributions. “The RCEP agreement is based on the three pillars of goods, in vestment and services. We have to work towards a balanced and collectively satisfactory out come,” the Minister said. Representatives from Brunei, Cambodia, Myanmar and the Philippines also spoke at the meet which was coorganised by industry body CII as a run up to the Republic Day celebrations. Heads of state from the ASEAN countries are scheduled to parti cipate in the celebrations. The RCEP aims to be the largest freetrade bloc in the world, covering about 3.5 billion people and 30 per cent of the world’s gross domestic product.

X W “If the disagreement amongst US lawmakers on immigration is not sorted out and a situation similar to the October 2013 shutdown gets replicated, Indian shipments to the US will definitely get affected,” says Ajay Sahai of FIEO.

getting passed on Monday noon (US time). The situation, however, may be back to square one if the im migration issue does not get handled satisfactorily in the weeks to come. Engg goods exports Engineering goods exporters, who have witnessed a surge in demand from the US recently, are apprehensive that the present situation could act as a dampener to export growth. “We are apprehensive about the developments in the US. If the shutdown continues and es sential services including ports get a ected, our exports would get hit,” pointed out Suranjan Gupta from the Engineering Ex port Promotion Council (EEPC). #4 4 6 6 0 1

Delhi to host IEF on April 10-12 OUR BUREAU New Delhi, January 22

India is planning to raise the issue of putting an end to the Asian Premium being charged on oil supplied to Asian countries by some OPEC members, while push ing major oil producing countries to come up with a “responsible pricing” policy. “I am con dent if we can con vince the producer countries that expectation of consumers has to be looked into. China, India, Japan and South Korea are very keen that the Asian Premium issue should end. I think these issues will be a few natural discussion points,” Dharmendra Pradhan, Petroleum Minister, told reporters here on Monday. According to Sun Xiansheng, Secretary General, International Energy Forum, in 2017, the global hydrocarbon recoverable reserves were the lowest in 40 years. “This means that the price and supply of oil will be a ected. We need a responsible price, not one as high as $140 per barrel or as low as $20 a barrel,” he added.

GARIMA SINGH New Delhi, January 22

pinned by the values of demo cracy, pluralism, equality for all and rule of law. Strong peopletopeople contacts and the presence of a large Indian Diaspora in Canada provide a strong foundation for the rela tionship,” MEA said. Trade ties During the visit both coun tries are expected to give a ma jor push to bilateral trade and economic ties. There are strong prospects of both sides signing the long pending Foreign Investment Protection and Promotion Agreement (FIPPA) during the visit, which is under negoti ations since 2006. In his last visit to India in November, International Trade Minister Champagne had told BusinessLine in an in terview that the negotiations on the FIPPA are almost com plete and it is ready to be

signed. In 2016, twoway mer chandise trade between Canada and India totalled $8 billion. Bilateral trade in ser vices reached $2.1 billion in the same year. Canadian invest ment in India has increased by over $15 billion over the past three years mainly through in stitutional investors, and the number of Canadian compan ies active in India stands at over 1000. “Canada greatly values its strong relationship with In dia. This visit re ects the high level of priority that Prime Minister Trudeau places on this strategic partnership,” said Nadir Patel, High Com missioner for Canada to India. Trudeau will also be visiting important landmarks during his trip such as the Taj Mahal, Sri Harmandir Sahib (also known as the Golden Temple), the Jama Masjid, and Swamin arayan Akshardham.

The matter is going to be dis cussed at the upcoming Minis terial Meeting of IEF to be held here on April 1012. This is going to be the rst time that India will be hosting the event. It will be cohos ted by China and South Korea. Out of the 71 member countries of the IEF, as many as 50 Energy Ministers are expected to attend the event from countries such as Saudi Arabia, UAE, the US, OPEC na tions, China and Russia. Over 20 international organisations and more than 50 major oil and gas

Will tweaked visa rules make UK attractive to students again? Changed immigration rules may see a rise in the number of Indian students

A file picture of Prime Minister Narendra Modi with Canadian counterpart Justin Trudeau at the 12th G-20 Summit in Hamburg PTI

Oil Minister Dharmendra Pradhan addressing a press conference in New Delhi on Monday KAMAL NARANG

After easing the immigra tion rules from January 11, it is expected that the UK will see an increase in the num ber of Indian students heading there for higher education. Some, however, say that the country needs to tweak policy further to actually see a rise in num ber of students. Given the stringent work visa regulations, the num ber of Indian students ap plying to British universit ies had been dropping for the last few years. The Brit ish Council had pegged the fall at 10 per cent. Until last year, international students had to leave the country after completing their course and then apply for a work visa. No six-month gap “Students had to wait out six months between course completion and getting the graduate certi cates after submitting their disserta tion. Because of this, many students had to return home. However, with the

present change of policy, a student can work on his or her dissertation; while sim ultaneously taking up a job in the UK. With the change in immigration rules, the UK is now better poised to compete in the interna tional student market and regain its status as a fa voured studyabroad des tination,” said Vibha Kagzi, CEO and Founder ReachIvy .com, a career advisory rm. The UK o ers master’s programmes for a year, un like other countries, where the course lasts two years. In the UK, students get the tier 2 visa but, to get the work visa (tier 4), they need to complete a master’s de gree. Work visa “The master’s programme consists of a ninemonth PostGraduate Diploma (PGD) and three months dissertation. Earlier, the stu dents had to complete their master’s degree before switching to a tier 4 visa but now, even after completing the PGD, they will be eli

X W Given the stringent work visa regulations, the number of Indian students applying to British universities had been dropping for the last few years. The British Council had pegged the fall at 10 per cent.

gible for the latter visa,” said Gurinder Bhatti, Chair man and MD, ESS Global, a study abroad consultant. On the impact the policy change will have on those seeking to go to the UK for higher education, Bhatti said: “It’s not going to make any major di erence, they need to implement the same policy for under graduate students too.” It is estimated that the number of inbound stu dents from India in the UK was 18,015 in 2017; this was around 3.6 per cent of the total inbound students. In recent years, the UK has seen a downtrend in the number of international students from India, losing out to Canada and Aus tralia, which have become new favourite study destin ations.

companies are expected to attend the event. IEF members account for over 90 per cent of global oil and gas production and consumption. “The forthcoming IEF Minis terial Meeting will provide us an important opportunity to convey India’s priorities as one of the lead ing oil and gas consuming nation as well as highlight our policy ini tiatives such as Hydrocarbon Ex ploration and Licencing Policy and initiatives to promote FDI and technology infusion,” said Sun.

‘Hike IT exemption limit to 3 lakh’ PRESS TRUST OF INDIA New Delhi, January 22

With rise in personal dispos able income post 7th Pay Commission, the income tax exemption limit needs to be raised by 50,000 to 3 lakh, a SBI report said today. The move will bene t around 75 lakh people, it said. The SBI’s Ecowrap report further said that if the exemp tion limit of interest pay ments under housing loan is increased to 2.5 lakh for ex isting home loan buyers, from 2 lakh now, it will bene t 75 lakh home loan buyers and cost the government just about 7,500 crore. Finance Minister Arun Jait ley is set to present the fth and nal full Budget of the current government on Feb

ruary 1. The government has periodically increased the in come tax slabs from 22,000 in 199091 to 2.5 lakh in 201415.

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BusinessLine TUESDAY • JANUARY 23 • 2018

Post-GST, demand for light, heavy commercial vehicles to grow: Ashok Leyland’s Nitin Seth

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Tax regime has paved way for rms to explore larger centrallylocated warehouses, triggered demand for bigger trucks Auto delivery People looking at driverless delivery vehicles belonging to Chinese ecommerce company JD.com during a test operation at the Sino-Singapore Tianjin Eco-City in Tianjin. The vehicles, when fully charged, can run up to 30 km and carry loads up to 150 kg AFP

Sanofi to buy Bioverativ for $11.6 b Paris, January 22

French healthcare group Sanofi has agreed to buy US haemophilia specialist Bioverativ for $11.6 billion, its biggest deal for seven years, which it said would strengthen its presence in treatments for rare diseases. The move comes at a time of renewed interest by large drugmakers in smaller biotech firms and predictions by some experts that 2018 will see a substantial rise in mergers and acquisitions. Sanofi has agreed to buy all of the outstanding shares of Bioverativ for $105 per share in cash, a premium of 64 per cent to Bioverativ’s closing price on January 19. REUTERS

Richemont offers €2.8 b for YNAP Zurich, January 22

Luxury goods maker Richemont on Monday offered up to €2.8 billion to take full control of Yoox Net-A-Porter (YNAP) in a bid to expand the online retailer as competition for online sales of high-end products grows. Richemont offered €38 per share for YNAP, an almost 26 per cent premium to the e-commerce portal’s closing price on Friday. The Swiss firm, whose brands include jeweller Cartier, pen and accessories maker Montblanc and watchmaker Baume & Mercier, owns 49 per cent of YNAP but only has 25 per cent of voting rights. Its bid values YNAP at about €5.3 billion, YNAP CEO Federico Marchetti said. REUTERS

Celgene to acquire Juno Therapeutics New Jersey, January 22

Celgene Corp said on Monday it would pay about $9 billion in cash to acquire the rest of Juno Therapeutics Inc and gain access to Juno's experimental gene therapy to treat cancer. The $9 billion represents an offer $87 per share to Juno's shareholders and the deal, agreed by both boards, is expected to close in the first quarter of 2018.The acquisition will add JCAR017, Juno's experimental treatment for a type of blood cancer, to Celgene’s lymphoma program. The drug is expected to be approved in 2019 and could bring in peak sales of about $3 billion worldwide. REUTERS

ABHISHEK LAW Kolkata, January 22

GST will boost demand for both light and heavy commercial vehicles in the country, accord ing to Nitin Seth, President, LCV, Ashok Leyland. Consolidation of warehouses is a reality under the new tax re gime and this brings about an ar chitectural change in the coun try’s logistics sector, Seth said. India witnessed multiplicity of warehouses with FMCG and auto companies maintaining at least one warehouse per State. In com parison, the entire Europe and the US is catered to by six to seven warehouses. The one tax regime or GST has done away with multiple State taxes, thereby paving the way for

Hyderabad, January 22

Aviation services trainer Flight Simulation Technique Centre (FSTC) has opened a training centre in Hyderabad to cater to South India. This is the second facility after its agship centre in Gurugram. FSTC is the coun try's rst registered stan dalone DGCAApproved Train ing Organisation (ATO). It was recently approved as training centre by the European Avi ation Safety Agency (EASA). The facility is planned to ease out operations for air lines and the aviation com munity based in the South and will be equipped with modern facilities and brand new simulators. The eightbay facility has di erent genre of simulation

Zonal warehouses “Post GST there could be one large zonal warehouse catering to all eastern States. This would push up demand for HCVs (40 tonnes and above) on one hand for faster movement, while LCVs would be required for faster movement of goods from the zonal warehouses,” Seth told BusinessLine on the sidelines of the launch of its new LCV, Dost Plus. Ashok Leyland, one of the largest commercial vehicle makers, has sold 4,000odd HCVs

Nitin Seth, President, LCV, Ashok Leyland, with the newly-launched Dost Plus in Kolkata DEBASISH BHADURI

(having capacities of 40 tonnes and above) in December. LCV de mand too has improved. According to Seth, LCV sales have grown 25 per cent while me dium and heavy commercial vehicle sales have seen a 30 per cent growth. “The focus will slowly shift to LCVs and HCVs rather than on MCVs only,” he said adding that

New Delhi, January 22

The government must not im pose high taxes on big SUVs and cars just because they are luxury vehicles, instead a reasonable way must be considered to help expand the market and contrib ute more in employment cre ation, according to a Jaguar Land Rover (JLR) India top o cial. Stating that taxes on luxury vehicles in India are among the highest in the world, JLR India President and Managing Dir ector Rohit Suri said this has re stricted volumes growth thereby preventing companies from assembling more models here. “After the cess increase, tax on SUVs have gone up from 43 per cent to 50 per cent. This is one of the highest in the world. This kind of a very high taxation does not allow the market to expand. I am hoping that the govern ment will look through this,” Suri told PTI.

Properties will be positioned as price and designconscious offerings, says MD

VIRENDRA PANDIT

ABHISHEK LAW Kolkata, January 22

Apeejay Surrendra Park Group of Hotels plans to expand across tierII and tierIII towns. While ‘The Park’ continues to remain its primary brand target ing the luxury segment and managing around 1,200 rooms, the company will look at expand ing the ‘Zone by The Park’ brand in tierII and tierIII towns. According to Vijay Dewan, Managing Director, Apeejay Sur rendra Park Group of Hotels, the plan is to have 20 ‘Zone by The Park’ properties over the next few years. Upcoming properties — mostly managed ones — will have around 100 keys and are to be positioned as a “price and designconscious o ering”.

machines of Boeing, Airbus, ATR and DASH 8 (Q400). The new facility will o er ve sim ulators in the rst phase and three in the second phase re spectively for Level D simu lator services to the industry. “FSTC has secured European Aviation Safety Agency (EASA) approved ATO quali cation recently which re ects the quality of train ing that will be o ered,” DS Basraon, Director and CEO, FSTC, India, said in a statement. “Not only in North, now air lines based in South will be able to make substantial sav ings in both costs and time by sending pilots to train at FSTC, Hyderabad facility,” said Sanjay Mandavia, Director and Accountable Manager, FSTC, India, said.

“We are expanding our pres ence through both our brands. For TierII and TierIII markets, we have the ‘Zone by The Park’ brand,” Dewan told BusinessLine on the sidelines of a tourism seminar organised by CII here. Proposed locations While Dewan did not mention the proposed locations for the new properties, market sources say possible locations include Puducherry and Igatpuri. ‘Zone by The Park’ is currently present in Coimbatore, Jaipur, Raipur, Jodhpur and Bengaluru and manages around 500 rooms across six hotels in these places. The hotels, sources say, have around 8085 per cent occu pancy, while under ‘The Park’

Qatar Airways to take delivery of Airbus A350-1000 next month REUTERS

Vijay Dewan, MD, Apeejay Surrendra Park DEBASISH BHADURI

brand occupancy rates are as high as 90 per cent. The group, under ‘The Park’ brand, is looking to add at least two more hotels this year. The 65key luxury boutique property is set to come up in Juhu around June. Another 110 room property in Indore is also

The delivery of Qatar Airways’ rst Airbus A3501000 has been delayed until February due to the “complex seat con gura tion” of the airline’s business class, its chief executive said on Monday. The major Middle East carrier is the launch customer of Europe’s largest twinengined passenger jet and was sched uled to receive its rst of 37 on order last year. “We will be taking delivery of this aircraft next month,” Chief Executive Akbar alBaker told a Doha press conference. Baker said in August 2017 that the rst A3501000 would be de livered in the same year. On Monday, he said installing the ‘Qsuite' business class was tak ing longer than expected and that the aircraft was still being tted out in Toulouse, France.

India is considering lowering tari s for new hydroelectric power projects to help them compete against cheaper forms of electricity, according to people with knowledge of the matter. The Power Ministry has pro posed excluding the costs of building infrastructure such as roads and bridges from tar i s to make new hydropower projects viable, the people said asking not to be named as the discussions are not public yet. Those costs might be borne by the Centre and the States where the projects are located, the people said, adding that the details haven’t been nalised. Power Ministry spokesman Rajesh Malhotra declined to comment.

New Delhi, January 22

Safety measures The Railways is pitching to procure 12 lakh CCTV cameras for surveillance in all trains and stations across the country

the entry gates, aisle and vesti bules, all crucial points at sta tions will have the systems. Currently, there are about 395 stations and about 50 trains that are equipped with CCTV systems. “All mail/express and premier trains, including Ra jdhani, Shatabdi, Duronto and local passenger services, will be equipped with the

modern surveillance systems in the next two years,” said a senior Railway Ministry o cial. The Railways is exploring various options to fund the in stallation of the CCTV surveil lance systems — and may even raise resources from the mar ket, if needed. Given the increased num ber of derailments last year,

Ahmedabad, January 22

India’s online international freight exchange Cogoport is all set to expand its operations glob ally by opening two more overseas o ces in China and at Amsterdam in Holland by March. Launched in May 2016, Cogo port, an aggregator of freight ser vices using technology to make coste ective match between ex porters and importers on one hand and ocean and air freight car riers on the other, is looking at the new opportunities opened by the Government’s portrelated devel opment policies, Kunal Rathore, Cofounder and Head of Business Development, told BusinessLine. The Governmentcerti ed start up currently has o ces at Mum bai, Ahmedabad, Vadodara, Ra jkot, Gandhidham, Gurugram, and Hong Kong. In February, its DelhiNCR o ce will be opened

Power Ministry proposes to exclude costs of building infrastructure such as roads,bridges to make new projects viable BLOOMBERG

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expected to be opened by the end of this year. This apart, the group has also won a management contract from the West Bengal govern ment for a 100key property at Kolkata. Located at the conven tion centre in New Town, in the northeastern fringes of the city, the property will be jointly branded with the State govern ment’s agship ‘Biswa Bangla’ and Apeejay Surrendra Group. “It will be Biswa Bangla hotel and managed by The Park and is expected to be operational by June,” Dewan explained. The group is also rming up plans to set up its second prop erty in Kolkata. It had purchased land on the eastern fringes of the city some years ago. “We will concentrate in India at the moment, especially con sidering the opportunities avail able here,” Dewan said.

and by mid2018, it plans to expand across other cities in India, he said. Cogoport enables price compar ison for trucks, custom and inland docking charges. Combining technology and data, the platform takes into ac count millions of line items such as prices, transit times, vessel de tails for one lakh port pairs across the world and hundreds of suppli ers, among other variables, to dis cover the best freight rates for cus tomers by o ering price comparison across players. It al lows customers to compare rates and book shipment as well as track it online. With Cogoport’s logistics portal, merchants can plan their shipments in advance, enabling ef ciencies. The company also o ers doorto door services by way of price comparisons for trucks, cus tom charges and inland docking charges from the same platform, Rathore added.

Centre considering ways to lower hydel power tariffs

Doha, January 22

A provision of around 3,000 cr is likely in the Budget

CM YK

Export markets The company will also look to tap export markets like West Asia, Russia, Ukraine and West Africa with lefthand drive vehicles. “We will start rolling out left hand drive vehicles from June,” he said. Currently, exports — primarily to SAARC nations — account for 5 per cent of its LCV sales volume and the aim is to take it to 25 per cent by 2020.

PRESS TRUST OF INDIA

Online logistics platform Cogoport to open offices in China, Netherlands

All 11,000 trains, 8,500 stations to have CCTV surveillance

In its endeavour to provide a safe and secure travel experi ence to passengers, Indian Railways is pitching for the procurement of about 12 lakh CCTV cameras to ensure mod ern surveillance systems in all trains and stations across the country. The Railways will make a provision of around 3,000 crore in its budget for 201819 to install CCTV systems in all 11,000 trains — including premier and suburban ser vices — and all the 8,500 sta tions in the Indian rail net work, to provide safety and security at rail premises. According to the plan, while each coach will have eight CCTV cameras covering

the company was already gear ing up for increased demand. The company will invest 400 crore towards capex and product development (LCVs) at its Hosur plant (in Tamil Nadu). The plant has an annual capacity of 50,000 vehicles with an 80 per cent (40,000 units) capacity utilisa tion. Apart from ramping up ca pacity to 100,000 over the next

JLR India head calls for reasonable taxes on luxury cars

Apeejay Surrendra Park Hotels to expand in tier-II, -III towns

Flight simulation centre opened in Hyderabad OUR BUREAU

companies to explore larger cent rallylocated warehouses. This has also triggered changes in the transport sector with bigger trucks and LCVs gaining demand.

two years, Ashok Leyland will also look at having new platforms for rollout of LCVs. It currently has three existing models, all of which were rolled out during its partnership with Nissan. (Ashok Leyland exited the joint venture with Nissan in September 2016.) “We intend to rollout one new model every six months,” Seth said. The company also intends to double its market share in LCVs to 30 per cent over the next twothree years.

the Rail Budget this time is slated to give top priority to safety and prevention of acci dents — followed by improv ing passenger amenities to make the journey pleasant. Finance Minister Arun Jait ley would roll out the details of provision for strengthen ing safety mechanism in train operations in his Budget 201819. Elimination of 4,943 un manned levelcrossings, re placement of all old tracks and strengthening of the re maining tracks are among other safetyrelated proposals that will be highlighted in the Budget. Besides track defects, un manned levelcrossings are among the reasons for a max imum number train accidents. It has been decided to elim inate all unmanned level crossings by 2020, the o cial said.

Nearly 100 gigawatts of electricity potential in India’s rivers is lying untapped be cause of high tari s. Hydro power projects, often located in remote regions, are crucial to stabilise the grid as India looks to add 175 gigawatts of renewable capacity. These plants can be swiftly turned on and o , helping the grid withstand uctuations caused by intermittent sup plies from solar and wind. The cost of building roads and bridges to ferry construc tion equipment can be quite large, because most of the projects are located in hills, said KM Singh, who retired as the Chairman of NHPC Ltd, In dia’s largest hydropower pro ducer. They have a high utility value for States where the pro jects are located and they

and buy more electricity, have been unwilling to buy high cost supplies.

Tariff trouble Nearly 100 gigawatts of electricity potential in the country’s rivers is lying untapped because of high tariffs

should consider bearing these costs. Besides balancing the electricity grid, hydro power is also strategically im portant for India, as it can boost economic expansion in States that border its neigh bours, China and Pakistan. The proposals also include making it mandatory for power retailers to include a share of hydroelectricity in their purchases and provid

ing longerterm loans for such projects to even out tar i s over time, the people said. The proposals have been sent to other ministries for con sultation. Once nalised, the Power Ministry will seek ap proval from the Cabinet, the people said. State electricity retailers, under pressure to shore up their nances so that they can invest in new infrastructure

Supply cost The tari of new hydro pro jects will work out to about 6 a kilowatt hour or more, while most power retailers are looking at a cost of below 5 a kilowatt hour, according to Sambitosh Mohapatra, a partner at PwC India. The dis tribution utilities are unlikely to sign up for such high priced power because they have cheaper electricity avail able from thermal and renew able sources, he said. Wind and solar power tar i s plunged to a record low last year, while the average spot price of electricity in In dia was 3.37 a kilowatt hour as of Friday noon. India has in stalled hydropower capacity of about 45 gigawatts, com pared with a potential of al most 149 gigawatts, according to the Central Electricity Authority.

US solar industry’s $1.5-billion plan to end trade row with China Companies want to use money collected from 2012 tariffs to broker a settlement BLOOMBERG

While US President Donald Trump prepares to announce his decision on new solar panel import tari s, the US in dustry is quietly trying to broker a sweeping deal to settle a di erent trade dispute with China involving an es timated $1.5 billion held by Washington. Since 2012, the US has been collecting duties on panels imported from China. Amer ican solar companies are pushing to divide that money between manufacturers and suppliers in both the US and China as part of a deal that, they say, could e ectively re

set solartrade relations between the two nations. The proposal, which trade experts describe as a long shot at best, would call for Trump to drop existing duties on solar panels —and for the President to not levy new ones. China, in turn, would abandon its own tari s on US polysilicon, a key solarpanel ingredient. There would be many hurdles to making it all happen. Chief among them, of course, is convincing Trump to take a conciliatory stance with China. Yet solar companies say the deal would t squarely into the Presid ent’s agenda. “This administration has a

real opportunity to succeed where others failed as a result of your commitment to a re balancing of trade relations,” Craig Cornelius, Senior Vice President of Renewables at power generator NRG Energy Inc., said at a hearing before Trumps trade representative in December. The White House didn’t im mediately respond to a re quest for comment. Emily Davis, a spokeswoman for the US Trade Representative, de clined to comment.

Trump has until January 26 to decide whether to impose tari s, making it unlikely that any deal will be brokered in time to prevent new duties. Most US solar companies op pose tari s, saying they will cripple the industry and kill tens of thousands of jobs. In the shortterm, many are lob bying to keep any duties as low as possible. Ultimately, they are pushing for a broad deal to end all solar trade bar riers between the US, China and other nations. “We maintain our position that a global settlement, fol lowing the general construct proposed last month by NRG’s Craig Cornelius, would be a welcome outcome to these cases,” Solar Energy In dustries Association Presid ent Abigail Ross Hopper said.

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BusinessLine TUESDAY • JANUARY 23 • 2018

BUDGET EXPECTATIONS

What’s the future of digital payments? Fin Min may focus on GST discounts and direct benefit transfer scheme

and were valued at 7.48 lakh crore.

‘Govt should consider additional tax benefits’ ROBIN RAINA

SURABHI New Delhi, January 22

More than 15 months after the demonetisation of highvalue currency in November 2016, di gital payments continue to be a focus area of the Narendra Modi government, with the incentiv ising of small businesses likely to gure in the Budget. The Goods and Services Tax Council is also looking at a pro posal to encourage digital pay ments. Though it was on the agenda at the 25th meeting of the council that took place on January 18, it is yet to be ap proved. However, expectations are that Finance Minister Arun Jait ley could make a reference to it in his Budget speech on Febru ary 1. Concession According to the broad con tours of the proposal, a 2 per cent concession on the GST rate may be given on payments made by end consumers who choose to pay using credit and debit cards or ewallets. The con cession would have a maximum limit of 100 per transaction. “The consumer will get a be ne t of a 2 per cent discount on purchases if they use digital payment, but will have to pay the normal GST rate for cash purchases,” explained an o cial. The 2 per cent discount would be borne equally by the Centre and State. It is expected that digital payments would also help improve compliance by businesses and help make up for revenue losses. “More small businesses, espe cially payments to Mom and Pop stores, should ideally be made through digital payment methods,” explained the o cial, adding that the objective is

to popularise it in smaller towns and villages. In 201617, the average value of digital transactions was estim ated at 1,833, with nearly 16 per cent of all transactions made for purchases up to 1,000. A majority of digital pay

ments, pegged at 70 per cent, were for transactions valued above 2,000. The government expects about 1,800 crore of digital transactions in 201718, a 67 per cent jump from the 1,076 pay ments made last scal.

Till October, 1,000 digital transactions are estimated to have been already taken place. According to data from the Reserve Bank of India, the total number of retail digital transac tion between April and October 2017 amounted to 799 crore,

Special fund Many proposals of the expert committee on digital transac tions, led by Principal Advisor, NITI Aayog, and former Finance Secretary, Ratan Watal, are also still pending, the key being the setting up of a special fund called DIPAYAN toexpand di gital payments. Tax experts also expect more to take place in the nancial technology space in the Budget. “Technology has played a vital role in creating a positive frame work, and the disruption from the new bank regulations have paved the way for inclusive banking, but the framework needs to be strengthened to wards better infrastructure to deepen rural spirit and boost the newage demand for Fintech,” said Kalpesh Mehta, Partner, Deloitte, India. Agreed Pranay Bhatia, Partner Tax & Regulatory Services, BDO, who said: “It is expected that the focus in the Budget will be on how to bring small businesses to the digital platform.” Another key boost to the di gital payments platform is ex pected from the Jan Dhan and direct bene t transfer (DBT) scheme. With DBT now covering nearly all Central sector schemes, including payment to workers in schemes such as ASHA and midday meal scheme, digital payments are set to get a further boost. The Pradhan Mantri Jan Dhan Yojana has nearly 31 crore bene ciaries who have opened bank accounts. Of these, over 23 crore have also received Rupay debit cards. In December last year, the government also announced that it would bear the merchant discount rate (MDR), the charges merchants pay to banks on payments of up to 2,000 made with debit cards, BHIM App or Aadhaar pay. The facility, which is available for two years, started on January 1.

India’s digital landscape has im proved dramatically over the past 18 months with a series of measures by the government now bearing fruit. Prime Minister Narendra Modi now needs to do some more heavy lifting in terms of incentivising digital trans actions further and clamping down heavily on largesized, illegal cash transfers. A higher foreign invest ment limit in the cashguzzling insur ance sector will also help. Today, the basic electronic blocks for digital transactions to take o are in place – UPI, eKYC and Aadhaar – and they are all talking to each other. The introduction of the Goods and Ser vices Tax will go a long way in bring ing the socalled ‘black economy’ into the mainstream GDP. Citizens should now realise paying lower taxes is far better than concealing illgotten and untaxed wealth. The Finance Minister Arun Jaitley has an opportunity to stand at the cusp of history when he reads his an nual budget on February 1. From n ancial perspective, the Budget should focus on handholding Regional Rural Banks and cooperatives to adopt newer technologies and PointofSale devices, besides encouraging mer chants to adopt them willingly. In centivising card payments and high lighting the costs incurred by banks in dealing with cash should be ad dressed strongly by Jaitley. Tax benefits Postdemonetisation, the govern ment should o er additional tax be ne ts to people availing credit cards, debit cards and platforms such as UPI, among others. As long as cash transac tions continue to go unpunished, tax evasion will be the norm. Cash deal ings need to be the last resort. And this needs to be driven across strongly. For instance, retail lending is a fast growing and critical component of the overall economy. However, lenders are hamstrung to grow busi ness exponentially because online credit histories of potential borrow ers are absent. Contrast this with the Chinese and other western markets

where such pro les are available at the touch of a button. So, how do you form a credit pro le of a potential borrower, who has been dealing in cash for 90 percent of his transactions? Just look at the bank writeo s that have happened in the country. New lenders or players will enter a virgin market only when they see the credit worthiness of borrowers. Besides lending and wealthser vices, Insurtech is also critical. This is the electronic backend of the insur ance sector that provides cheaper and customised policies to buyers across the spectrum. However, the insurance sector is held back due to weak distribution networks and the 49 percent cap on foreign ownership, which prevents largescale investments from coming in. We, therefore, need to strengthen the distribution network to support the sector as a whole and this requires money. FDI in insurance The removal of FDI limit in insurance will encourage more deeppocketed players to enter this huge market with better technology, thereby increasing insurance penetration in India. In practice today, insurance players cater only to the top slice of the nan cial audience, o ering limited ser vices. But, if the industry has to grow, then companies need to evolve an eco system of multiple services o er a wide variety of products to the masses across the country, own the entire electronic chain from the backend to the service delivery, thereby bringing in operational e ciencies to the end consumer. This will ultimately ensure the customer sticks to the provider. Lastly, I believe that India is today ready for a Central Financial Ex change, which can take care of all pay ments across sectors such as remit tances, investments, bill payments and lending, besides elearning, travel and ecommerce transactions. This will facilitate the next level of push to rope in millions that have still stayed away from the bene ts of digitisation. The writer is Chairman, President and CEO at Ebix

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National infra fund ropes in DP World for logistics investment platform

Faulty Daimler steering-column forces Aston Martin to recall DB11 coupes

OUR BUREAU New Delhi, January 22

REUTERS

The National Investment and Infrastructure Fund on Monday announced its rst investment project since its announcement in the Union Budget 201516. “NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India,” said the Finance Ministry. The venture will invest in opportunities in the ports sec tor as well as river ports and transportation, freight cor ridors, portled special eco nomic zones, inland con tainer terminals and logistics infrastructure, including cold storages. “Following its First Close in October 2017 on the fundrais ing side, and now with its rst investment, NIIF is making visible progress,” said Eco nomic A airs Secretary, Subhash Chandra Garg. Additionally, an IndiaUK

Paris, January 22

The infusion of funds will be a boost to India’s ports sector

Green Growth Equity Fund is also being setup under the fund of funds vertical of NIIF, and shall have anchor com mitments of £120 million each from the Government of India (through NIIF) and Gov ernment of UK. NIIF was originally con ceived as India’s own sover eign wealth fund on the lines of Singapore’s investment vehicle Temasek. The pro posed corpus of NIIF is 40,000 crore. It is being op

erationalised by establishing three Alternative Investment Funds. The Centre’s contribution to the AIFs under the NIIF scheme is pegged at 49 per cent. The fund, which is pro fessionally managed, has the mandate to solicit equity par ticipation from strategic an chor partners such as over seas sovereign/quasisovereign/ multilateral/bilateral investors.

Aston Martin has become the latest carmaker to be caught up in a major recall of faulty Daimler steeringcolumn components that can cause unintended airbag deployments. The British sports car maker is recalling all 3,873 DB11 coupes built since late 2015, when production of the agship model began. Aston Martin spokesman Kevin Watters con rmed the recall when contacted by Re uters and said repairs would be carried out to “address an issue with the DB11 steering column upper”. Daimler last year recalled more than 1 million Mer cedesBenz cars tted with steeringcolumn parts, also supplied to Aston and Nis san. The Japanese carmaker’s In niti brand recalled 17,500 a ected vehicles.

A tame Pongal for home-appliance makers Sales of televisions, air conditioners and refrigerators fall compared to last year due to GST, rise in cost of raw materials PURVITA CHATTERJEE Mumbai, January 22

Anticipation of lower GST rates and higher prices deterred con sumers from purchasing household appliances during Pongal this year. States such as Tamil Nadu and Kerala, which usually record high sales in January when the festival is cel ebrated, witnessed lackluster sales across categories such as televisions, air conditioners and refrigerators compared to last year. For instance, LG India wit nessed the lowest growth for its singledoor refrigerators during the harvest season this year. “Our biggest category of singledoor refrigerators de grew by 10 per cent, both in volume and value, during Pongal. Volumes were also at CM YK

for washing machines, while sales of air conditioners also faced degrowth between 34 per cent, as the trade was con fused about energy ratings. New consumers were also de terred by the high prices, which led to degrowth during Pongal over last season,” said P Sudheer, Senior Regional Busi ness Head, South, LG India. Sales fall again In fact, last Pongal, LG had re gistered a 40 per cent growth after demonetisation, and sales were rebounding after the cyc lone and demise of Tamil Nadu Chief Minister J Jayalalithaa. “Sales had improved in Janu ary last year after the loss wit nessed last December due to the cyclone and death of Tamil Nadu Chief Minister. But this January it has dropped by 18 to

Customers were hoping the GST rate would fall to 18 per cent, but prices have been going up steadily in the home-appliance segment

20 per cent compared to last year during Pongal,” added Sudheer. Godrej Appliances also wit nessed a similar trend. “There was low consumer demand as sales did not pick up during Pongal this year. Consumers were postponing their pur chases hoping GST rates would drop from 28 per cent to 18 per cent as prices have been going up steadily in the homeappli ance categories,” said Kamal Nandi, Business Head, Godrej Appliances. Morover, changes in energy labelling norms for categories

such as air conditioners (for which the season is just start ing) has also taken a toll in terms of increased prices. Godrej Appliances witnessed almost 610 per cent drop in sales in categories such as air conditioners during Pongal over last year, while refriger ator sales were down by 34 per cent. “During Januaryour sales have been at certain categor ies. The slide in sales has been happening since demonetisa tion as energy labelling in cat egories such as air conditioners has shifted, making its more ex pensive,” added Nandi.

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IT & TELECOM

BusinessLine TUESDAY • JANUARY 23 • 2018

QUICKLY Infosys bags deal from AS Watson

‘Competition pressure on Airtel, others seen easing’

Bengaluru, January 22

Infosys has bagged a deal from AS Watson Group, an international health and beauty retailer, to accelerate ASW’s digital transformation initiatives. The firm did not disclose the size of the deal, but said it is the official technology partner to provide services across data science and Artificial Intelligence. Thecollaboration is part of ASW’s Technology Partnership Programme, which is aimed at developing strategic partnerships to support the company’s long-term goals. Malian Ngai, Group COO, AS Watson, said: “The programme is designed to transform the short-term contractual relationship to a longer-term strategic relationship to create a win-win for both parties.” OUR BUREAU

Aeon Learning raises $3.2 million New Delhi, January 22

Aeon Learning, an edutech company focussed on online degree programmes and skill development courses, has raised $3.2 million from MEMG Family Office. MEMG Family Office is a fund set up by Manipal Education and Medical Group Chairman Ranjan Pai.“Aeon will use the latest investments towards growing business from its university partnerships, and skill programmes. The start-up expects to reach a student base of over 1,00,000 in the next five years, and is operating in India and the US,” the firm said in a statement. PTI

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Fitch Ratings says current low tariffs are ‘unsustainable’, expects them to rise in 2018 PRESS TRUST OF INDIA New Delhi, January 22

India’s largest telecom operator Bharti Airtel’s weak earnings may have marked a low point for Indian telcos, but some of its pressure could lift this year as Re liance Jiotriggered market com petition starts to ease, according to Fitch Ratings. The statement comes after Air tel last week posted over 39 per cent fall in consolidated net pro t to about 306 crore for the third quarter ended December 31, 2017. Fitch termed the current low industry tari s as “unsustain able”, and expects them to rise in 2018, as Jio switches gear from gaining customers to making reasonable returns on its invest ments in the sector. “Bharti Airtel’s rating head room will narrow due to lower cash generation and high capex requirements in the nancial year ending March 2018 (FY18),”

Fitch Ratings said in a statement. That said, Fitch pointed out that pressure on Airtel and other incumbent Indian telcos “should begin to fade this year” as the competition triggered by Jio’s 2016 market entry begins to ease. It noted that Airtel is commit ted to maintaining an invest mentgrade rating and intends to sell a larger stake in its tower arm, Bharti Infratel, in FY19. In the past one year, it has sold 18.5 per cent in Infratel for about $1.9 billion. “We forecast annual negative free cash ow of $600800 mil lion during FY1819, as Bharti’s cash ow from operations will be insu cient to fund large capex requirements,” Fitch said. Stating that the company has raised its capex guidance to bol ster its 4G network, Fitch said the proposal to allow telcos more time to pay for the spectrum they bought in auctions would

Fitch predicts that Airtel’s revenue and Earnings Before Interest, Tax, Depreciation and Amortisation will ‘rebound’ in FY19 driven by a likely improvement in the blended average revenue per user in the Indian mobile sector as data usage and tariffs rise

the Indian mobile sector as data usage and tari s rise.

End of the tunnel Fitch said the results in the just-concluded quarter could have been the low point for Airtel and other established players BLOOMBERG

“only partially ease cash ow pressures.” Fitch predicts that Airtel’s rev

enue and Earnings Before In terest, Tax, Depreciation and Amortisation (EBITDA) will “re

How a digital wave is sweeping Wipro Wipro COO says digital adoption by customers has reached a tipping point VENKATESH GANESH Bengaluru, January 22

For Wipro, India’s third-largest software exporter, the quarterended December was a mixed bag. While it posted a decline in net profits, it believes that the efforts it has put in for the past few years, is starting to look good, notably in digital. Bhanumurthy BM, President and Chief Operating Officer, Wipro, spoke to BusinessLine on the approach the firm is taking to reorient its 1.6 lakh workforce, how digital is trickling across its old and new clients, and on the organisational changes within the company. Excerpts:

furloughs and some business headwinds (An energy and utilities customer led for bankruptcy). If you look at our guidance, it is good. Our bets are paying o . Cloud has grown 25 per cent on a yearly basis and di gital contributes 25 per cent of revenues. Also, consumption of cognitive automation is increasing amongst customers. On the other side, our localisation ef forts are paying o , with 55 per cent of the US workforce being American citizens. Even though we faced headwinds, our operational e ciencies, demand management, all came together to help us.

In the third quarter, Wipro had faced additional challenges, apart from holidays and furloughs in the US...

There were some headwinds in terms of

You had made some changes after your appointment as CFO. In this environment, is the company structure

sacrosanct or will there be more changes?

We have to be nimble and agile. Firstly, we eliminated many procedures and pro cesses, and looked at everything from a clients’ lens. For example, the method in which digital projects are executed are di erent from the ones in the past. Then, we asked ourselves: ‘How do we transform these people in terms of skills?’; 90,000 people have been skilled in di gital areas. Even managers have been aligned to new ways of working. We have touched the organisation in terms of project manage ment, skills management, governing these pro grammes, across all these levels. So, will a project manager’s role die in the near future?

If you look at the manager role, it will not go away. There are di erent techniques and methods to manage those projects that will be relevant in the future. You need to be a

Z Y Digital adoption in clients is reaching a tipping point in terms of size. As adoption increases, the size of the deal increases BHANUMURTHY BM President and Chief Operating Officer, Wipro

Z Y

scrum master, specialise in agile methodology, etc.

Are companies getting comfortable with digital deals?

Does digital business trickle down to traditional business or, is it independent as of now?

Customers have seen success by being early adopters. They have understood the capabil ities of Wipro, and of our ser vice design through acquisi tions and investments . Consequently, the con dence has increased.

It does trickle. Think of design and think of digital ways of working. Design is a niche and strong capability area with our acquisitions of Designit, Cooper. But the manner in which digital is ex ecuted, has to be aligned with design. That is the reason we are transforming the entire organisation into digital. The next piece is that in the run part of services, even that has become digital, with clients wanting it to be delivered that way. Consequently, the run teams have to be prepared for this. Today, it is very hard to be able to have a proposition for either run or change which does not have a digital component. How margin accretive are digital deals?

It will be hard to quantify at this moment. Digital adop tion in clients is reaching a tipping point in terms of size. As adoption increases, the size of the deal increases. It is varies with customers, geo graphy, etc. What is happen ing is that no conversation is a nondigital conversation.

‘Shoplifting’ from Amazon’s store of the future E-tailer opens first cashier-less shop to public NEW YORK TIMES Seattle, January 22

The rst clue that there’s something unusual about Amazon’s store of the future hits you right at the front door. It feels as if you are enter ing a subway station. A row of gates guard the entrance to the store, known as Amazon Go, allowing in only people with the store’s smartphone app. Inside is an 1,800square foot minimarket packed with shelves of food that you can nd in a lot of other conveni ence stores — soda, potato chips, ketchup. It also has some food usually found at Whole Foods, the supermar ket chain that Amazon owns. But the technology that is also inside, mostly tucked away out of sight, enables a shopping experience like no other. There are no cashiers or registers anywhere. Shoppers leave the store through those same gates, without pausing to pull out a credit card. Their Amazon account automatic ally gets charged for what they take out the door. On Monday, the store will open to the public for the rst time. Gianna Puerini, the ex ecutive in charge of Amazon Go, recently gave tours of the store, in downtown Seattle. Virtual baskets There are no shopping carts

CM YK

or baskets inside Amazon Go. Since the checkout process is automated, what would be the point of them anyway? In stead, customers put items directly into the shopping bag they’ll walk out with. Every time customers grab an item o a shelf, Amazon says the product is automatic ally put into the shopping cart of their online account. If customers put the item back on the shelf, Amazon removes it from their virtual basket. The only sign of the techno logy that makes this possible oats above the store shelves — arrays of small cameras, hundreds of them through out the store. Amazon won’t say much about how the sys tem works, other than to say it involves sophisticated com puter vision and machine learning software. Transla tion: Amazon’s technology can see and identify every item in the store, without at taching a special chip to every can of soup and bag of trail mix. There were a little more than 3.5 million cashiers in

the US in 2016 — and some of their jobs may be in jeopardy if the technology behind Amazon Go eventually spreads. For now, Amazon says its technology simply changes the role of employ ees — the same way it de scribes the impact of automa tion on its warehouse workers. “We’ve just put associates on di erent kinds of tasks where we think it adds to the customer experience,” Puer ini said. Those tasks include re stocking shelves and helping customers troubleshoot any technical problems. Store em ployees mill about ready to help customers nd items, and there is a kitchen next door with chefs preparing meals for sale in the store. Be cause there are no cashiers, an employee sits in the wine and beer section of the store, checking IDs before custom ers can take alcohol o the shelves. Most people who spend any time in a supermarket un derstand how vexing the

Gates guard the entrance to the Amazon Go store in Seattle NYT

checkout process can be, with clogged lines for cashiers and customers who fumble with selfcheckout kiosks. ‘Shoplifting’ At Amazon Go, checking out feels like — there’s no other way to put it — shoplifting. It is only a few minutes after walk ing out of the store, when Amazon sends an electronic receipt for purchases, that the feeling goes away. Actual shoplifting is not easy at Amazon Go. With per mission from Amazon, I tried to trick the store’s camera sys tem by wrapping a shopping bag around a $4.35 fourpack of vanilla soda while it was still on a shelf, tucking it un der my arm and walking out of the store. Amazon charged me for it. A big unanswered question is where Amazon plans to take the technology. It won’t say whether it plans to open more Amazon Go stores, or leave this as a oneofakind novelty. A more intriguing possibility is that it could use the technology inside Whole Foods stores, though Puerini said Amazon has “no plans” to do so. There’s even speculation that Amazon could sell the system to other retailers, much as it sells its cloud com puting services to other com panies. For now, visitors to Amazon Go may want to watch their purchases: Without a register staring them in the face at checkout, it’s easy to overspend.

The acquisitions that Wipro has made involves different cultures, mindsets...

#4 4 6 6 0 1

Instead of looking at the dif ferences, we look at the com monalities. One of the checks we do is whether there is a value match from both the en tities. We have a style of work ing and the companies we have acquired or invested in have theirs. The rest of the or ganisation has to understand the workings from our part ners. On the other hand, they (the acquired rms)can learn from Wipro on the ability to scale, capability of getting scale and managing it. We are well versed with that. There are learnings from both the sides. Are people able to let go of baggages?

It is a work in progress, but Wipro is also changing. Be cause people work on com mon projects, people learn from each other.

bound” in FY19 driven by a likely improvement in the blended av erage revenue per user (ARPU) in

SaaS startup Paper ite secures 2.5 cr in seed funding OUR BUREAU

Revised outlook Fitch said the outlook for the In dian telco sector is “improving” and the results in the justcon cluded quarter could have been the low point for Airtel and other established players. “We revised the sector outlook to stable in 2018, from negative in 2017, as we expect competition to ease now that industry consol idation is all but completed.” The industry revenue growth is likely to be in the midsingle digits, after a decline in 2017.

Start-ups will flourish if regulations are eased: Former Infosys CFO

Chennai, January 22

PRESS TRUST OF INDIA

Paper ite, a SoftwareasaSer vice startup, has secured a seed funding of 2.5 crore ($400,000). The funding round was led by The Chennai Angels. Vinoth Kumar, cofounder, told BusinessLine that the company will use the funding to strengthen its presence in the US and European markets and expand to emerging mar kets such as Latin America, Singapore, Malaysia, the Phil ippines and India. He said: “Currently we have clients in the US and European regions. Now, we will establish local o ces to deepen our market there.” Paper ite enables small to mediumsize companies to improve their sales through contentsharing tools. The tools help enterprises deliver right sales and marketing pitch to potential buyers. “We are in the B2B space and cater to sectors such as nan cial services and technology. “Now the focus is on a spe ci c industry: we are expand ing to healthcare segment that includes life sciences, hospitals and medical devices, pharmaceuticals and auto motive,” Kumar said.

Hyderabad, January 22

India’s startups will ourish if the regulatory environment becomes more friendly, as all other necessary conditions — funding, talent and ability to connect to the global market — are in place, says a senior IT in dustry gure. V Balakrishnan, former Chief Financial O cer of Infosys, told PTI that investors are now fo cussing on B2B startups than B2C. According to him, after two years of churning, there is sta bility in the startup eld now, and funding has become much more focussed, with not all companies attracting money. B2C startups’ funding chal lenges have reduced of late with large players among them having raised money. “But the B2B market is the fo cus now; most of the funds are focussing on B2B because cap ital requirement is low and I think exit is also happening in B2B. I think a lot more focus in the VC circles is on B2B compan ies now than B2C,” he said. The biggest problem faced by startups is on the regulatory and compliance front, Bal akrishnan said, citing the In come Tax Department’s notices

V Balakrishnan, former Infosys Chief Financial Officer

to startups visavis the Angel Tax. “I think some of the regulat ory changes have to be much more friendly for startup com panies, and compliance regula tion should ease because you can’t expect a startup started by an entrepreneur who is 25 30 years (old,) to comply with 3040 laws. “The recent notice issued by Income Tax Department to all startup companies on funding is not helping because you can’t expect a startup company which raised money, to pay tax on the capital.” “Startups should have a dif ferent environment for regulat ory compliance; you can’t ex pect a startup company to adhere to all matured company regulations,” Balakrishnan said.

Wynk Music crosses 75 m app installs OUR BUREAU Mumbai, January 22

Riding on a strong demand for local content, Bharti Air tel’s musicstreaming service Wynk Music has crossed 75 million app downloads, since its launch nearly four years ago. While Bollywood music continued to rule, Indian re gional music streams on Wynk grew more than 100 per cent. Music in Tamil, Telugu, Pun jabi and Kannada accounted for the bulk of the growth in regional content. About 13 per cent of its active users came in from rural India, contribut ing nearly 10 per cent to the overall daily streams, the company said in a statement. “A ordable smartphones and increasing penetration of highspeed data services will continue to add to the uptake of music and other content on smartphones,” said Wynk CEO Sameer Batra. Wynk has a collection of over 3 million songs, includ ing popular music in 12 In dian regional languages. The remixed versions of Bollywood classics to the latest hits continue to grow in popularity and made up for 13 of last year’s top 50 tracks on Wynk. This contributed more than 3 per cent to the overall streams in the year, the com pany added. In a new trend, songs fea tured in popular ad cam paigns — such as Levi’s Let’s Live How We Dance and iPhone X campaign for Best Friend — went viral on the app.

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Feet of clay?

BusinessLine TUESDAY • JANUARY 23 • 2018

Ready, steady, grow: that’s the trick Here’s a case for India staying the course on a medium-speed growth trajectory. High growth’s not always healthy AMARJIT SINGH

A political witch-hunt would not have harmed the Aam Aadmi Party as much if it had managed to live up to its own lofty ideals

y the very virtue that distinguished it from every other political force in India, the Aam Aadmi Party (AAP) stands isol ated as 20 of its MLAs have been summar ily disquali ed for holding an “o ce of pro t” and a similar number faces miscellaneous crim inal charges. When he drove his common man’s car and refused the palatial government bunga low allotted to the Delhi chief minister, Arvind Kejriwal held a mirror that re ected all others as unduly entitled and retrograde in the way they aunted their privileges and perks. Here, nally, was a politician who had internalised the notion of the nationstate as the harbinger of modernity in terms of absolute equality of social relations. By the very act of refusing privileges considered in tegral to those in the legislature, Kejriwal and AAP elevated and empowered the citizen. But when you inhabit that haloed ground, the architecture for future edi ces has to be equally impeccable. While the present dispensation has shown an alarming propensity to target political rivals, it is equally disquieting that an idealistic newcomer such as Kejriwal too has failed to live up to the lofty standards he set. The constitutional principle behind o ceof pro t being a fundamental criterion inviting dis quali cation is the separation of powers between the legislature and the executive. The objective be hind the provision is to ensure absolute inde pendence of the legislators by laying down that they cannot receive favours or bene ts from the executive and thus becomes amenable to their in uence. The o ceofpro t principle does not ne cessarily mean nancial bene ts. Even an admin istrative position without nancial entitlements is against the law. All the other political parties routinely out this principle. By using numbers, parties keep amending the list of o ces to be ex empted from what can constitute the o ce of pro t. The o ce of parliamentary secretary is a device used by political parties to circumvent the constitutional ceiling on the number of ministers as a percentage of total strength of the Assembly. The ruling BJP in Rajasthan as well as the Congress in Karnataka have both used this route. Kejriwal acted no di erent and circumvented the constitu tional principle by enacting an amendment to the Delhi Members of Legislative Assembly (Removal of Disquali cation) Act 1997 to exempt the ap pointments he had made. The di erence was that while other States managed to pass similar Acts, AAP’s Bill did not receive presidential assent and the MLAs have subsequently been disquali ed. AAP now faces byelections in 20 constituencies where both the BJP and the Congress will stretch themselves that extra mile to ensure his party’s defeat. But without the moral armour of a party which professed to be di erent from the rest, for both Kejriwal and his party these elections pose a tough political challenge. It would be di cult for Kejriwal to now argue that behind the high notes there was no banal ambition that he chided all others for.

OTHER VOICES

Another attack in Kabul Pakistan and the Afghan government (must) step up intelligence cooperation to allow both states to target and capture or eliminate militant enemies. There are no militantswho ought to have a future in the region. It is absurd for Pakistan to allegedly seek an outcome in Afghanistan that causes swathes of the Afghan population to recoil in horror. It is similarly absurd for the Afghan and Indian states to seek outcomes that destabilise the Pakistani state. Let peace prevail in Pakistan, Afghanistan and India. KARACHI 22 JANUARY 2018

A fading US empire shuts down again A government shutdown should be regarded as a shameful failure of executive and parliamentary leadership. Yet in the US it has become a tactic. Services stop, public facilities and o ces close, hundreds of thousands of public servants and soldiers go unpaid — and, somehow, this is acceptable. Dysfunctional government, economic stagnation, military overreach and a fraying body politic are classic signs of unravelling empires. The US has all four. MELBOURNE 22 JANUARY 2018

Lobbyists romp in Trump’s Washington The amount spent on lobbying during the rst nine months of Donald Trump’s presidency was higher than in any corresponding period since 2012. Contrary to his promises but not surprisingly, Mr. Trump spent his rst year cementing the inequity he decried at his swearingin. In the rst year of the Trump administration, his words from a year ago have echoed: “Washington ourished — but the people did not share in its wealth.” NEW YORK 21 JANUARY 2018

ust about everyone wants to see India grow rapidly, most of all Indians themselves. The west erners want it because they feel they’ll have a better chance to sell their goods to a booming India, not really caring for India’s economic health. But, high growth is not always the healthy way to go. Imagine an individual on steroids, and we can understand that the longterm ef fects of high growth are economic woes. Just see what’s happening to China presently after its rapid growth of three decades: massive debt, banks performing worse than India, uninhabited cities, and a greater divide between the rich, city class and the poor, rural class, such that political factionalism has quietly taken deep root in the hid den background, threatening to balkanise China into seven coun tries as major politicians struggle for power and in uence. We don’t want that in India.

Too much, too soon Sustained rapid growth of above 7 per cent heats up the economy by in jecting stimulus, causes in ation and ensuing consumer discontent, resulting in a faster grab for money by individuals and corporations, caus ing the mind to spin out of control and crash in some litiga tion suit or risky venture. Ever seen what happens to drivers when they increase vehicle speed? Yes, they are not always able to keep control, and in their recklessness, crash some where. Even though more schools and government hospitals and roads

and power plants can be construc ted, and government jobs in creased, the in ation dragon eats away at savings, creates madness in the escalating prices of property, and then pits family members against each other for inheritance of high value products. India is already seeing so much of the latter that family moral values have be come an absurdity and a rarity. As the philosophers have advised over the ages, the destruction of moral values in individuals precipitates the downfall of national values. Re call the Roman empire in its dying days. Too slow, too little Too slow a growth, say between 1 and 3 per cent, is naturally unpro ductive, because business freezes up, investments in business and sci ence and technology take a dip, while competitors stride ahead. Un employment picks up, leading to social upheaval and family strains and disturbances of its own kind. The type of situation that led to the Arab Spring rears its head where unemployment had risen to 20 per cent and 40 per cent. In a large, varied country like India, the opportunity for strikes, violent demonstrations, and pentup anger un leashing itself arises all too easily. It’s quite obvi ous that no one is think ing of this scenario, but there is reason to expound on the bene ts of very slow growth. For one, tra c stops expanding at its maddening rate, resulting in relatively fewer accidents and ar resting runaway air pollution, as car sales spiral downward. Water demand by industries falls, which eases the burden on our strained

Not quite hare and tortoise Somewhere in between ISTOCK/KARAGRUBIS

water resources. In all respects, eco nomic depression is good for the environment as less trees get cut for development and mining. Less garbage and solid wastes are pro duced as consumers and industries simply consume less, thus easing the adversities on our over lled land lls. Because industrial output falls, river pollution abates and sh be gin to repopulate, improving food security. At the extreme boundary, we all know what happens to the environment if industrial output comes to a halt: the environment smiles and thrives. It is a breath of fresh air for all nonhuman species and Mother Earth. Who’s listening? But no one is talking of halting any thing. The realistic battle is only between medium growth of 4 to 6 per cent and rapid growth of 7 to 12 per cent, while 67 per cent is a

somewhat grey area that can cut both ways. I have demonstrated how rapid growth leads to uncontrollable growth, generating chaos, requir ing that interest rates be reined in, which businesses don’t like to really see. In addition, the economy moves faster with high growth than the ability of humans to manage it successfully: priorities for landuse planning, water consumption, en ergy generation, and farming go out of balance, resulting in more havoc than ever before. And the only one to prosper in this scenario is the in ation dragon, which con sumes all. I have also demonstrated how very slow growth can harm the hu man and national cause, our de fence preparedness, research and development, and survival as a competitive nation. Hence, it is a simple conclusion that one must really grow at a steady pace, under

controlled conditions — to keep our businesses, institutions, and soci ety cohesively connected. It is much better to be content with security than risk insecurity; much better to know we will have a safe tomorrow than have the anxiety of an uncer tain future. The pressures to grow at 712 per cent are misplaced; they stem from an egoistic nationalism only, without consideration of time tested economic consequences. Hence, the present speed of 5 to 6 per cent or 6.5 per cent is just ne for India, and India should with stand criticism from every quarter to stay its course. This is the speed to grow at. Just remember: some what medium speed — not very slow — but steady, wins the race. The writer is a professor of engineering economy and engineering management at the University of Hawaii

Iran battles inflation — and the hijab The gathering force of spontaneous protests in the country’s small towns and cities is a reflection of the people’s unhappiness #4 4 6 6 0 1

RASHEEDA BHAGAT

he year 2017 ended on an ominous note for West Asia with the unemployed and disadvantaged in smaller cities and rural areas of Iran coming out into the streets, protest ing against the rising prices of eggs and other foodstu , and rampant unemployment. Tension and viol ence continue unabated in the other two perennially troubled areas — Gaza and Syria. While Europe is bursting at the seams try ing to accommodate Syrian refugees, there is every indication that West Asia will continue to face violence, displacement and trauma in the new year. The protests in Iran, which broke out on December 28 with anties tablishment rallies being taken out by teachers, workers, farm labour ers and unemployed and disen chanted youth, were at rst puzz ling to West Asia watchers who couldn’t see any particular group of reformists or leaders mobilising the protesters. Beginning with the

northeastern city of Mashhad, the protests quickly spread to some 75 other places., This time the protests were not led by Tehran. They came from the smaller cities against the government’s failure to deliver bet ter economic outcomes — such as lower in ation and the creation of more jobs, as was promised by Pres ident Hassan Rouhani after the nuc lear sanctions were relaxed in 2015 following the nuclear deal with the US. Of course the relatively moderate Rouhani government was quick to blame the protests on “foreign powers”, mainly Saudi Arabia and the US, accusing the former of dir ect involvement and condemning President Donald Trump’s tweets welcoming the protests. It respon ded by its own counterrallies and used force against the protestors, mostly young unemployed, and in the initial round, 25 persons lost their lives. While economic sluggishness and una ordable food prices might have triggered the protests, the political dimension was soon evid ent. There were calls for Iran’s spir itual leader Ali Khamenei to step down. He has an uneasy relation ship with the Rouhani, who swept the last election. Some protestors chanted slogans asking the govern ment to worry less about Palestine

LET TERS TO THE EDITOR Fair revision

Bus services in Tamil Nadu are among the best in the country. Therefore, the recent price hike is long overdue and deserves to be implemented. What could have been tweaked are the odd fares, such as 6, 19, 23, 24, 27 and so on because they create small change problems. Fares of 5, 10, 15, basic ally multiples of 5, are easier to handle. The novel method of in dexing is welcome one as this would ensure that there is no irra tional revision and no skip in revi sion when warranted. The plight of conductors de serves attention. In the north, they don’t go up and down in the bus is suing tickets as the responsibility of holding a valid ticket rests squarely with the commuter. But in the south, the onus lies with the conductor to issue tickets and they are often pulled up for passengers not holding tickets. This is why they have keep going up and down

RS Raghavan Bengaluru

Risky business

This refers to your editorial, ‘No place to hide’ (January 22). There is no dearth of nancial instruments in the market for retail investors to participate in the market and earn better returns than conventional debt instruments. Having said that it is criminal to make a whole sale switch from xed deposits to equity funds. Financial planners advise a mixed portfolio of debt and equity because of the risks in volved. Since most retail investors do not take the help of profes sional nancial planners they end up taking more risk than they should. That’s why the Govern ment should come out with more taxfree bond options. Noida, Uttar Pradesh

and Syria and turn its gaze inward and at the su ering of the Iranian people. Many messages posted on the social media had traces of nos talgia for the monarchy and the late Shah of Iran. Dumping the hijab After the Islamic revolution of 1979, Iranian women have had a troubled relationship with the hijab, with crazy penalties and even imprison ment for not covering their hair completely. So an important part of the ongoing protests is demanding freedom for women opposed to the hijab to discard it. Masih Alinejad, an Iranian journ alist and activist living in the US,

regime killed.” Often the price of freedom is death. Nothing less. So what lies ahead for Iran and its people? The regime may frown on Israeli Prime Minister Benjamin Netan yahu praising the “brave people of Iran” for ghting for their rights, but you cannot keep down for too long a suppressed people, particu larly in a country like Iran where vi olence has often erupted. The last major one was in 2009, when Pres ident Mahmud Ahmadinejad was reelected in an election perceived to be massively rigged. The protests, in favour of the Opposi tion candidates MirHossein Mousavi and Mehdi Karroubi, were crushed mercilessly. But Ahmadine jad was a dictator; ironically the re formists who were expected to get some traction in the Rouhani gov ernment, have been sidelined, and they themselves have been most surprised at this uprising which seems to be headless and risen from the ranks in smaller cities. Hopefully, that is why it may suc ceed, forcing the government to do something about the economy and warning hardliners to back o from forcing women to wear the veil. As Masih Alinejad says, it’s all about choice; veil for her mom and un covered hair, uttering in the breeze if she wants, for herself.

Price of freedom But on Sunday she posted a heart breaking message on Twitter. Post ing a picture of a beautiful young woman with her hair behind a veil, she tweeted: “Her name is Maryam Jafarpour. She was an engineer. She took part in #IranProtests. After be ing arrested, her parents received a call from the regime forces telling them to come and pick up their daughter’s dead body. She is one of the many brave Iranians that this

Send your letters by email to bleditor@thehindu.co.in or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002.

the bus; the problem of small change only complicates matters.

Bal Govind

Everybody’s angry Across Iran AP

gave the call to women opposed to the hijab to remove it, enjoy their unveiled hair and post pictures of themselves doing so on her Face book page, My Stealthy Freedom. The page has already got over 1.08 million ‘likes’ apart from pictures of Iranian women, some with their hair blowing in the wind! Freedom comes in many shapes, and to feel the breeze in your hair, on your face, is certainly one of its most enjoy able forms! Masih said this in an interview: “My mother wants to wear a scarf. I don’t want to wear a scarf. Iran should be for both of us.” She re calls how as a child, she was forced to wear the scarf: “As a kid, my brother was a symbol of freedom that I didn’t have. He was free to run in a green lovely farm” —something that was denied to her.

Being riskaverse, Indian savers traditionally invest in bank depos its and various post o ce savings schemes. After demonetisation, gold and real estate have also lost their charm as investment op tions. Even a rise in bond yields has not lead to a rise in bank and postal interest rates; rather they are declining. The coming budget should do away with tax on interest of bank deposits over 10,000 per annum. Due to the stock market boom, only mutual funds o er better re turns when compared to tradi tional investment products. Already banks are feeling the heat due to rising NPAs and mark to market losses. So banks may not revise their interest rates upwards in tune with rising interest rates. Unless the Government takes steps to introduce retail products for small investors like taxfree bonds with attractive in ation ad justed returns, investors may

gradually move to mutual funds which may severely erode the de posit base of banks and post of ces. Srinivasan Velamur Chennai

India’s economic push of the past two decades is largely due to our savings rate that is higher than that of several countries with AAA rating. A renewed push for savings is overdue. With our household savings at sub20 per cent and gross do mestic savings below 30 per cent , it compels investment to go to stock markets that invariably hurt the small investor. Not that gov ernment bonds are far better. They are ckle and too uid as they lack the loyalty of holding as in small savings. Further they can come only in small tranches. Accrual through small savings is steady. .

Non-bankable funding

While corporates have been ex ploring nonbanking avenues to raise capital, the trend may not continue for long. The lender friendly IBC norms can be expec ted to compel borrowers to bank more upon fund in ows via equit ies and MFs/ETFs; however the cap ital market sentiment may not ne cessarily support the strategy. Amidst skyhigh equity valu ations and uncertain shareholder returns promised within the IRP, investors would be reluctant to park their funds in a rm’s securit ies. That too when the general elec tions are due next year and the geopolitical environment needs stability. Moreover, norms encour aging portfolio concentration and the proposal to limit the retail par ticipation in derivative markets would only aggravate the market risk for potential investors.

R Narayanan

Girish Lalwani

Navi Mumbai

Published by N. Ravi at Kasturi Buildings, 859 & 860, Anna Salai, Chennai-600002 on behalf of KASTURI & SONS LTD., and Printed by D. Rajkumar at Plot B-6 & B-7, CMDA Industrial Complex, Maraimalai Nagar, Chengleput Taluk, Kancheepuram Dist., Pin: 603209. Editor: Raghavan Srinivasan (Editor responsible for selection of news under the PRB Act).

CM YK

ISSN 0971 - 7528

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THINK

BusinessLine TUESDAY • JANUARY 23 • 2018

Follow the money

India must go bullish on Asean

Streamline taxation of capital gains

Despite a looming Chinese presence, the ten-country bloc can offer lucrative business and strategic opportunities

BUDGET WISHLIST

RAHUL MAZUMDAR BAHROZE KAMDIN / ALIFYA HAKIM LOVINA MATHIAS

here is a case for stream lining taxation of capital gains arising to corpor ate India in more than one areas, and we hope Budget 2018 will address the issue. Take double taxation of notional gains under sections 50C/50CA, as also the notional income under sec tion 56(2)(x), on sale of immov able property or unquoted shares. The Finance Act 2017 introduced an antiabuse measure by insert ing section 50CA of the Act to treat the Fair Market Value (FMV) to be full value of consideration in case of unquoted shares of a company. This amendment takes e ect from April 1, 2018 and will, accordingly, apply in relation to the assess ment year 201819 and subsequent assessment years. Such measure was adopted to ensure that the full value of con sideration is not understated. Sim ilar provisions existed for deeming of full value of consideration in cer tain cases such as deem ing of stamp duty value as full value of consider ation, for transfer of im movable property in cer tain cases. The Finance Act 2017 also widened the antiabuse measure by widening the scope of ‘Income from other sources’, section 56(2) (x), to deem the receipt of cash or immovable property or moveable property by any person without consideration or for inadequate consideration in excess of 50,000, as chargeable to tax in the hands of the recipients. Move able property includes shares and securities. These amendments took e ect from April 1, 2017 and the said receipt of sum of money or property on or after April 1, 2017 shall be chargeable to tax. Thus in case of a person (trans feror) who transfers unquoted shares or immoveable property at a price less than the FMV, notional

capital gain is to be computed considering the FMV as the sale consideration as per section 50CA and section 50C of the Act. At the same time, the transferee (recipient) is also subject to tax on the notional income being the dif ference between the FMV and the consideration received for trans fer of the immoveable property and unquoted shares as income under the head “Income from other Sources”. This can lead to double taxation of the same income in the hands of the seller [section 50C and sec tion 50CA] and the buyer [section 56(2)(x)] of such immovable prop erty or unquoted shares of the company. However, section 56 was amended by the Finance (No. 2) Act 2004 to tax gift received in the hands of the recipient from unre lated persons with the abolition of gift tax. The objective of taxing gifts under section 56 of the Act is evident from the speech of the Fin ance Minister while presenting the Finance (No. 2) Bill, 2004: “... I abolished gifttax in 1997. That decision re mains, but the loop hole requires to be plugged to prevent money laundering. Ac cordingly, purported gifts from unrelated persons, above the threshold limit of 25,000, will now be taxed.” In view of the intent of sections of the Act, the transfer that is chargeable to capital gains and taxed as per section 50C or section 50CA of the Act, should not be con sidered for the purpose of section 56 of the Act. However, a clari ca tion is needed on the same by way of an amendment to section 56(2) (x) of the Act to exclude receipt of immovable and moveable prop erty for inadequate consideration. Kamdin is Partner, Deloitte India. Hakim is Senior Manager and Mathias is Manager with Deloitte Haskins and Sells

his Republic Day, heads of the all the ten Asean economies — Thailand, Vietnam, Indonesia, the Philippines, Malaysia, Singapore, Myanmar, Cambodia, Laos, Brunei — will meet in Delhi. And the world will possibly sit up to take note of this gathering for reasons more than one. Asean is touted to become the fourth largest economic bloc in the world by 2030. As the region increasingly witnesses Chinese adventures in and around the In dian Ocean, it has become ìm portant for India to strengthen its relationship with other Asian economies. Not rhetoric, but commerce The 3Cs, namely commerce, con nectivity and culture, should ideally become the pivot of co operation between Asean and In dia. This idea was ttingly placed by External A airs Minister Sushma Swaraj at an Asean event last year. It is true that India’s mythology and culture nd great resonance across the entire Asean region. However, repeated mention of the historical linkages appear rhetor ical, and unable to add any real value as these economies anticip ate a proactive and constructive commercial engagement with In dia. Asean today is one of the most thriving business and commerce centres globally. The region con stitutes around 8 per cent of the global exports, and receives 15 per cent of world investments, while having almost 26 per cent in out ward investments. It is also home to economies such as Cambodia, Laos, Myanmar and Vietnam, which are often touted as the last frontier economies in the world having exhibited more than 7 per cent growth consistently over the past few years. That said, India’s commitment to trade and investment in Asean

remains far from impressive. While around 10 per cent of In dia’s exports goes to Asean, we contribute only 2 per cent to Asean’s total import from across the globe. In fact, the balance of trade has always been in favour of Asean. Asean’s strength today lies in plantations, electronics and heavy machinery, while for India it is largely in computer services, light engineering and pharma ceuticals. Both sides needs to cre ate appropriate frameworks to re duce both tari and nontari barriers to widen the scope of trade, while looking at participa tion in the value chain. Chinese shadow looms There exists the continuous dom inance and interference by China in some of the economies in the region as it gets desperate to win control in and around the subcon tinent. The entire Asean region is ooded with Chinese products. For example, in Cambodia, many government vehicles sport the tag, “Gifted by friends from China”. Coincidentally, India was instrumental in Cambodia secur ing freedom, but today nds it dif cult to have a signi cant com mercial presence in that country. Meanwhile, China has gained signi cant prowess and is able to exploit di erences within Asean. Investments, soft loans, grants and assistance have been o ered to most of the new frontier eco nomies, making it di cult for countries such as India to do genuine business there. Recently, for instance, the Phil ippines expressed its allegiance to China over its ageold partner the US, which could have farreaching strategic and defence spillovers. Amidst all this lies the Malacca Strait, which carries about 40 per cent of world trade and has been of Chinese interest for long; India and the Asean economies have ex pressed concerns over this and have agreed to manoeuvre the maritime borders.

Looking pretty Vietnam, a booming economy, is one of the Asean members

India in 2015 announced a 500crore Project Development Fund, which was meant to encour age Indian businesses to set up ventures in CLMV countries (Cam bodia, Laos Myanmar and Viet nam). The region o ers a lot of op portunities for Indian entities in project exports, supply contracts, and creating utility infrastruc ture, apart from having manufac turing setups. It is important for India that such initiatives are real ised soon, especially when it faces competition from an aggressive Chinese. Many freetrade zones have already come up in the frontier economies. For example, Japan is helping build one in Sihanouk ville in Cambodia and another at Thilawa in Myanmar, while Taiwan is aiding one at Vientiane Industrial Trade Park in Laos. Viet nam already has a freetrade zone ourishing with Singapore’s sup port. India must strive to penetrate in select Asean economies where China is well entrenched, while increasing its in uence in others where China is gaining a foothold. India must shrug o its tradi tional inertia and replicate the Chinese approach of o ering the entire bouquet of its services to

engage with the Asean econom ies. This would essentially mean avoiding procrastination and in ordinate delay. Good economics Indian businesses could bene t by setting up production units in Asean, which could then act as a platform for them to enter China with whom Asean has an FTA. In dia could also bene t from Asean’s trade agreements with other economies in the region. Further, the ambition to have an Asean Economic Community would catapult the ten economies of $2.6 trillion into a single mar ket and production base, provid ing Indian business unparalleled access to over 622 million people, almost double the populaton of the US. However, India needs to be cau tious while negotiating the Re gional Comprehensive Economic Partnership (RCEP) with China be ing the big elephant in the room. Trade facilitation is another key area. It is important for Indian banks to set up operations in the region which would help Indian businesses. Aspects such as Mutual Recog nition Agreement in the context of services should be rati ed at

the earliest keeping aside any ap prehension on the impact that this could have on Asean’s ser vices sectors which are largely con ned to Singapore. India may also explore opportunity to be a part of the AsiaPaci c Economic Cooperation or APEC, and to the Chiang Mai Initiative Multilateral isation (CMIM) — a mechanism created in 2010 to help manage re gional nancial crisis. Both India and Asean would re quire to chisel their existing policies to facilitate trade and in vestment and, more importantly, maintain a sustainable environ ment for peace in the region. Given that the US is moving to wards protectionismwith the withdrawal from the TransPaci c Partnership, its in uence over Asean may see some relegation. In this context, a benign and nonhegemonic engagement between India and Asean would yield sound economic results and would be a shot in arm as far as strategy is concerned. Should this happen, it may possibly be one of the most successful foreign policy initiatives of the Modi govern ment. The writer is an economist with EXIM Bank. The views are personal

#4 4 6 6 0 1

BusinessLine TWENTY YEARS AGO TODAY

All you wanted to know about... B

The annual World Economic Forum opens in Davos today. In the rst visit by an Indian Prime Minister since 1997, Narendra Modi will attend the meet, where he will interact with global business leaders besides delivering the keynote address.

TRAI will meet o cials of telecom rms to discuss issues that would be taken up during the year. The meeting comes in the backdrop of the nancial di culties being faced by the industry, which has seen its revenue and pro tability come under pressure.

Om Prakash Rawat will take over as Chief Election Commissioner. He will oversee elections in Tripura, Meghalaya and Nagaland scheduled for February. Karnataka, Madhya Pradesh, Rajasthan and Chhattisgarh too will go to the polls under his watch.

The Supreme Court will hear a plea by the state govern ments of Rajasthan and Madhya Pradesh against the release of Deepika PadukonestarrerPadmaavat. The apex court on January 25 paved the way for the nationwide release of the lm.

Traders will observe a day long ‘Delhi trade bandh’ to protest the ongoing sealing of business establishments by BJPruled civic bodies. The Confederation of All India Traders has said the sealing is being conducted by “sidelining fundamental provisions” of MCD Act, 1957 “under the guise of order of the Supreme Court”. CM YK

DHURAIVEL GUNASEKARAN

SLATE

EBI has recently asked mutual funds to reduce their TER or Total Expense Ratio. It may oat a discussion paper on the subject. SEBI believes that reducing the TER will ensure that mutual fund investors get a better deal. What is it? Mutual funds are professionally managed investment vehicles which help investors to grow their money by investing in nan cial assets such as equities, bonds, gold and other assets. Mutual fund companies charge a cost to their investors for managing their schemes. This cost is called the Total Expense Ratio. Mutual funds typically incur two types of expenses. One, there are nonrecurring expenses dur

ing the launch of a fund, which in India, are usually borne by the fund house and not charged to in vestors. Two, there are recurring expenses such as the manage ment fee, distributors’ commis sion, registrar’s fee, trustee fee and marketing expenses. These expenses are total up to the TER, which is expressed as a percent age of assets managed. In India, the maximum TER that a fund can charge its in vestors is prescribed by SEBI. Equityoriented funds are al lowed to charge a TER of 2.5 per cent. The cap is set lower for debt and index funds at 2.25 per cent and 1.5 per cent, respectively. SEBI guidelines further set sublimits for TER based on the size of the as sets managed. For equity schemes, fund houses can charge 2.5 per cent for the rst 100 crore, 2.25 per cent for 100 crore to 400 crore, 2 per cent on the next 400 crore to 700 crore and 1.75 per cent on any sums above 700 crore. For debt schemes, the limits are 25 basis points lower in each slabs. An additional 30 basis points can be charged by the mu

easy

tual fund if 30 per cent or more of their in ows are received from beyond the top 15 cities. Funds can also charge for the service tax on their management fee. Hence, an equity fund with a corpus up to 100 crore may end up char ging upto 3.3 per cent. Why is it important? While mutual funds in the de veloped world charge a variety of fees and costs to investors, in In dia, almost all the costs are packed into the single metric of TER (the only cost outside of it is the exit load). The fund manager’s fee and distributors’ commission are two of the main components in the expense ratio. Though the investor does not pay an outof pocket commission to the distributor while invest ing in a mutual fund, the fund company pays it and charges it to investor as a part of the expense ratio. SEBI has taken various meas ures to rationalise the expense ra tio of mutual funds. In 2012, it made it mandatory for mutual funds to launch ‘Direct’ options in all their schemes. Direct plans are meant for investors who deal

january 23, 1998

directly with the fund house and do not use the services of a dis tributor. As there are no commis sions to be paid under this route, the expense ratios of Direct plans are notably lower than those of Regular plans.

I-T Dept zeroing in on corporate dodgers

After ring its rst salvo on potential income tax assessees, the Revenue Department is now training its guns on corporates evading the tax net. Highlyplaced sources said the Department has already compiled a list of ‘missing’ companies — those rms which are registered with the Registrar of Companies but have not been ling any tax returns. “On the lines of updating the database on potential IT assesses, we are enriching our information bank on all corporates. The Department is obtaining details of economic transactions of cdmpanies, particularly those who have not been coming clean under the IT provisions, from all concerned agencies.

Why should I care? While paying a 50 or 100 basis points more to a fund manager may not seem like a big deal when most equity funds are churning out double digit returns, even a small increase in TER has a dispro portionate impact on what you nally get from your fund. Costs are not the only factor to consider while choosing funds. The excess return generated by the fund manager over the long term is more important. But when choosing between two funds with similar performance, TER is critical. TER is also import ant in xed return categories such as debt funds.

UTI puts off schemes till after polls

The Unit Trust of India has postponed the launch of new schemes till the elections are over in order to take advantage of the upswing in the market expected after the elections and to avoid any logistics problems during elections. The schemes that, are planned to be launched after the elections are: UGS10,000, a sector speci c scheme targeted at the banking and technology sector, an open ended debt fund, an infrastructure fund and a turnaround fund. The trust has a target of Rs. 12,000 crores for the current nancial year, which ends in June. NTT rethinks RPG’s Basic Teleservices

The SouthEast Asian crisis’ rst victim in the telecom sector could well be RPGpromoted Basic Teleservices. RPG’s partner, Nippon Telephone and Telegraph has indicated that it would either scale back or completely withdraw its exposure in the company, which has a mandate to lay the rst basic private network in Tamil Nadu. NTT, primarily owned by the Government of Japan, and Itochu of Japan hold a 49 per cent in Basic Teleservices.

The bottomline Don’t pinch pennies but demand value for your money. A weekly column that puts the fun into learning

bl two-way crossword 1027

not so easy

ACROSS

DOWN

ACROSS

DOWN

01. This proves the point (2,4,2,4) 08. Mining excavation above ground (8) 09. Refuse of grain (4) 11. Little (5) 12. Very small quantity (7) 13. A river sh (4) 15. Use spoon (4) 19. Gnawing pain of conscience (7) 20. Illicitly made liquor (5) 22. Succulent root vegetable (4) 23. Fish that yields caviar, isinglass (8) 24. Adventurous, showing initiative (12)

02. Eighth letter of Greek alphabet (5) 03. Secret, mystical (6) 04. Plant yielding gingilioil (6) 05. Kidney, French bean (7) 06. Negociant (4,8) 07. More than a little; of some importance (12) 10. Poem, elaborate lyric (3) 14. Observation, remark (7) 16. Put to the test (3) 17. Crushing, mixing implement (6) 18. Enchants (6) 21. Vast expanse of water (5)

01. Simply proves what horsebox does at Horse of the Year (2,4,2,4) 08. Sort of mining poets can write about (8) 09. No end of a trademark for breakfast food (4) 11. About a pound in alms, maybe it’s not much (5) 12. A very little company I’d form and keep silent about (7) 13. Fish from river dance needs no nitrogen (4) 15. Start to wake up in prison (4) 19. Compunction felt by some, err though they may (7) 20. A Highland dancer’s shout for illicit whisky (5) 22. Source of sugar that will administer cane, one is told (4) 23. Guest Ron takes out is a supplier of caviar (8) 24. Showing plenty of initiative in green strip development (12)

02. The thanks one gets in a letter from Greece (5) 03. Mystical, the way it will almost happen to a lieutenant (6) 04. Oilplant will open as if by magic (6) 05. Hot car I got for a bean (7) 06. He supplies the drinks in March : ten, we ordered (4,8) 07. Think skilled enough for quite a lot (12) 10. A poem that starts o describing Elysium (3) 14. A remark from Conservative taking moment to unravel (7) 16. Attempt a score at Twickenham (3) 17. A rouser of game, at getting in the drink (6) 18. Amulets that do some damage in the Civil Service (6) 21. It may be Indian canoe of a sort (5)

SOLUTION: BL Two-way Crossword 1026 ACROSS 1. Podium 8. Shoal 9. Forward 11. Selected 12. Berry 15. Loll 16. Sip 17. Lime 19. Trope 21. Contrary 24. Younger 25. Melon 26. Kitten DOWN 2. Ozone 3. Inwardly 4. Mars 5. Aster 6. Fort 7. Plod 10. Dentistry 12. Bill 13. Clarinet 14. Here 18. Grand 20. Piece 21. Comb 22. Null 23. Yolk

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BANKING

Axis Bank Q3 net rises 25%

QUICKLY Bond yields, call rate rise Mumbai, January 22

Government bonds (GSecs) rose following good demand from corporates and banks. The 7.17 per cent GSec maturing in 2028 rose to 99.33 from 99.13 previously, while its yield eased to 7.26 per cent from 7.29 per cent. The interbank call money rate ended higher due to renewed demand from borrowing banks amid tight liquidity in the banking system. It nished at 6 per cent from last Friday’s level of 5.90 per cent. It resumed higher at 6 per cent and moved in the 5.756.05 per cent range. PTI

RBI fines Ramky Finance Mumbai, January 22

The Reserve Bank of India (RBI) has imposed a monetary penalty of 1 lakh on Ramky Finance and Investment (P) Ltd for failure to comply with the directions/orders issued by it from time to time. The central bank said the company changed its name to Ramky IWM Private Ltd with effect from March 31, 2016, without obtaining its prior approval. “The company was issued a showcause notice (SCN) on January 20, 2017, for the purpose of imposing penalty. The company’s response to the SCN was duly considered and not found to be satisfactory. The company was also accorded a personal hearing by the RBI on August 16, 2017,” the RBI said in a statement. OUR BUREAU

Strong recoveries, lower loanloss provisioning boost bottomline OUR BUREAU Mumbai, January 22

Axis Bank reported a 25 per cent yearonyear (yoy) increase in third quarter net pro t as robust upgradation and recovery in loan accounts alleviated provi sioning pressure. India’s thirdlargest private sector bank reported a net pro t of 726 crore in the quarter ended December 31, 2017, against 580 crore in the yearago quarter. Though the operating pro t declined 17 per cent to 3,854 crore, the bottomline was sup ported by the relatively lower loanloss provisioning of 2,754 crore ( 3,576 crore in the year ago period). Net interest income (di er ence between interest earned and interest expended) grew 9

QR code-based mobile payments on the rise: Paytm Epayment rm to invest 500 cr this year on merchant training, awareness initiatives OUR BUREAU Kochi, January 22

Paytm, the mobile payment solutions platform, will be in vesting 500 crore this year to conduct merchant train ing and awareness initiatives to scaleup operations across the country. Tom Jacob, Regional Head, Paytm, told newspersons that QRbased mobile payment is fast emerging as the default payment method for mer chants and the QR code is now enabling merchant part ners across the country to ac cept unlimited payments dir ectly into their bank accounts at zero per cent fee. The company is aiming to enrol ve lakh merchants in Kerala this year, as over one lakh merchants across the State accept Paytm today, he

BusinessLine TUESDAY • JANUARY 23 • 2018

said. He pointed out that there has been a major boom for QRbased payment solu tions, especially after demon etisation of highvalue cur rencies, and the trend is still continuing. Currently, there are about 300 million registered users since the six years of launch and over six million mer chants. The company said small stores and homebased entrepreneurs transact the most using Paytm. Kerala is one of the top four markets in the country for largest merchant acceptability, he added. The rate of adoption of QR based payment “will increase further as our merchants can now accepts payments from Paytm, UPI or cards at zero cost round the clock and throughout the year,” he added. Asked about the revenue generation model, Jacob said the company is now focus sing on expanding its foot print across the country rather than generating revenue.

per cent to 4,732 crore ( 4,334 crore). Other income (comprising fee, trading pro t and miscel laneous income) declined 24 per cent to 2,593 crore ( 3,400 crore). The decline in other income is solely due to a sharp dip in trad ing income to 200 crore ( 1,525 crore in the yearago period). The other two components of other income — fee income was up 24 per cent to 2,246 crore and miscellaneous income jumped 110 per cent to 147 crore — showed a healthy growth. Powered by robust growth in retail (29 per cent) and SME loans (27 per cent), overall advances in creased 11 per cent to 4,20,923 crore. Corporate credit grew 12 per cent. Loan pickup was visible across lending segments, said Jairam Sridharan, Group Execut ive and Chief Financial O cer. He also attributed this to strong base e ect as loan growth was muted in the yearago period (due to demonetisation). Going

Upgradations and recoveries in loan accounts were substan tially higher at 4,008 crore ( 1,048 crore in the preceding quarter). Due to this, the loan loss provision stood lower at 2,754 crore ( 3,576 crore in the yearago quarter). During the reporting quarter, the bank recovered substantial amount in cash from an IT/ITeS account and also upgraded one account in the steel sector. On the bad loans front, Jairam said the conversation is shifting from nonperforming assets (NPA) recognition to their resolution. As at Decemberend 2017, gross nonperforming assets (GNPAs) came o to 5.28 per cent of customer assets from 5.90 per cent as at Septemberend 2017. GNPAs in absolute terms were lower at 25,000 crore against 27,402 crore as at December end 2016. Axis Bank shares closed at 611.05 apiece, up 3.52 per cent over the previous close on the BSE.

Jairam Sridharan, CFO, Axis Bank

ahead, he expects loan growth to moderate. Total deposits were up 10 per cent yoy to 4,08,967 crore. The proportion of lowcost current account, savings account (CASA) deposits in total deposits im proved to 49 per cent as at Decemberend 2017 from 48 per cent as at Decemberend 2016. Fresh slippages in the report ing quarter moderated to 4,428 crore against 8,936 crore in the preceding quarter.

Lower slippages and provisioning aid earnings But pressure on net interest margin continues Q3 COMMENT RADHIKA MERWIN BL Research Bureau

A substantial sequential fall in slippages, lower pro visioning and marginal im provement in core per formance aided Axis Bank’s earnings in the December quarter. While the positive sur prise on the pro tability front is welcome, sustain ability of asset quality per formance, meaningful re covery in the bank’s core net interest income and pace of recoveries and up grades in NPAs in the com ing quarters, will be imper ative for the bank to draw investor interest. Bottom of NPA cycle? There have been several positive developments in the bank’s asset quality in

the December quarter. Not ably, slippages have halved to 4,428 crore in the December quarter, from the previous quarter. Also, provisioncoverage ratio has seen a signi cant improvement from 60 per cent in the previous quarter to 66 per cent in the December quarter (68 per cent on IBC accounts). However, sustainability of these trends will be keenly watched. Given the sharp bad loan divergences pertaining to FY17 reported in the September quarter, steep fall in slippages in the December quarter is not al together surprising. Also, at 4,428 crore, slippages are still at elevated levels, when compared to the June or even September quarters (sans divergences). Also, while upgradation and recoveries have shot up from 1,048 crore in the September quarter to 4,008 crore in the Decem ber quarter, a major por

X W While the bank has indicated that the focus, going forward, will be on resolution rather than on recognition of bad loans, it needs to be seen how the pace of recoveries pans out

tion of this pertains to two accounts which were de clared NPAs in the Septem ber quarter (of the nine re classi ed as NPAs after the RBI’s annual riskbased su pervision). While the bank has in dicated that the focus, go ing forward, will be on res olution rather than on recognition of bad loans, it needs to be seen how the pace of recoveries pans out. #4 4 6 6 0 1

Pressure on NIM In the December quarter of last year, loanloss provi sions had grown vefold. On such a high base, a relat ively lower provision in the

latest December quarter has led to a 25 per cent yoy growth in net pro t. While the fall in badloan provisioning has aided earnings, a meaningful re covery in the bank’s core net interest income is still awaited. Shift in loan portfolio to betterrated corporates and reset of loan rates (lower) pegged to MCLR (marginal cost of funds based lending rate) have impacted the bank’s net in terest margin (NIM). Hence, despite a strong loan growth of 21 per cent yoy in the December quarter, the bank reported a sluggish 9 per cent growth in its net interest income. Axis Bank recently raised its oneyear MCLR by ve basis points to 8.3 per cent. As liquidity in the banking system tightens, pricing power may return to banks, leading to a rise in lending rates. This can of fer some cushion to mar gins in the coming year.

Rupee hovers above a key support A break below 64 can lead to renewed weakness in the currency CURRENCY CALL GURUMURTHY K BL Research Bureau

It was a volatile week for the ru pee. The currency witnessed a sharp fall last Tuesday and touched a low of 64.11. However, this sharp down move was shortlived as the ru pee managed to recoup most of the loss thereafter. It rose to a high of 63.63 on Friday and fell back again on Monday to test 64 before closing at 63.87, down 0.6 per cent for the week. Deficit concerns India’s trade de cit widening to a threeyear high was a major trig ger in dragging the rupee lower towards 64.11 initially last week. The weak data also kept the cur rency under pressure all through the week by limiting the upside. Data release from the Com merce Ministry showed that the country’s exports in December 2017 increased 12.36 per cent (yearonyear) and the imports surged 21.12 per cent over the same period. A sharp rise in gold and crude oil imports pushed the trade de cit to a threeyear high of $14.88 billion. The de cit was $10.55 bil lion a year ago in December 2016 and was at $13.83 billion in November 2017. Crude oil prices are expected to remain elevated and increases the possibility of the de cit widening in the coming months. This could restrict the strength ening of the rupee from a long

term perspective and keep the currency under pressure. Dollar outlook Uncertainty on whether the US government will run into a shut down kept the dollar mixed all through last week. The dollar in dex was stuck in a narrow range between 90 and 91 over the last one week. The index had not re acted much on Monday after the government shutdown came into e ect from Saturday. The immediate outlook for the index is unclear. A crucial sup port for the index is at 89.80. Whether the index manages to reverse higher from there or not will be the key in deciding the next trend. A bounce from this support can ease the downside pressure and trigger a relief rally to 91 or even 92. But a strong break below 89.9 will increase the likelihood of the index tum bling to 88. Such a fall in the dol lar index may aid the rupee to strengthen further. Rupee outlook As long as the rupee manages to sustain above 64, the shortterm outlook will remain bullish. The currency will come under pres sure only on a strong break be low 64. Such a break can drag the rupee lower to 64.5 and 64.6 over the short term. Having said that, while the rupee remains above 64, it can move up to test the key resistance levels of 63.25 and 63. Inability to break further above 63 can keep the rupee range bound, between 63 and 64, for some time. But if the rupee manages to surpass the hurdle at 63, it can strengthen further to 62.8 and 62.7. As mentioned last week, this move towards 62.8 or 62.7 is pos sible only if the dollar index breaks below 89.8.

Clarity on MAT awaited for IBC cases ARCs also expect some relief on the GST charged on management fee

BUDGET EXPECTATIONS RADHIKA MERWIN BL Research Bureau

In a bid to provide tax relief to companies under the Insolv ency and Bankruptcy Code for resolution, the Income Tax De partment recently decided to relax norms for levy of Min imum Alternate Tax (MAT) from the current nancial year (201718). This move is intended at ad dressing the industrywide de mand for MAT exemption on notional pro t arising from debt waiver under IBC. The legislative amendment enabling these changes are likely to be brought in as part of the Finance Bill in the upcom ing Budget. Besides this, the in dustry is also awaiting more clarity and respite on the taxa tion front. As per the circular issued by the Central Board of Direct Taxes (CBDT), companies under

IBC will be allowed to set o losses brought forward, includ ing unabsorbed depreciation, from the book pro t for levy of MAT under Section 115JB of the IT Act. This is no doubt a relief from the earlier tax provisions where MAT is levied on book pro t after deducting the amount of loss brought for ward or unabsorbed depreci ation, whichever is less. Siby Antony, Chairman, Edel weiss ARC, explains: “If there is a corporate borrower with a debt outstanding of, say, 45,000 crore. Let us say that a buyer bids for 25,000 crore. As per the earlier MAT provisions, the di erence (extinguishing of li ability) 20,000 crore would have been treated as notional pro t and the buyer would have to pay MAT on it. This would have depressed the value of bids.” Under the recent amendment by CBDT, if the

X W As recoveries happen, management fee is paid to ARCs. GST of 18 per cent on this fee, in effect, leads to leakage of recoveries to banks: Siby Antony, Chairman, Edelweiss ARC

company has carry forward losses to the tune of 20,000 crore, then this can be set o against the notional pro t, in e ect providing relief under MAT provisions. But this does not satisfy the demand of the industry for full waiver of tax on such notional gain irrespective of brought

forward losses, says Siby Ant ony. “In the above case, if the broughtforward losses are less than the 20,000 crore of no tional gain, then MAT will still be levied on the remaining por tion. We expect more clarity on this in the Budget. In BIFR (Board for Industrial and Finan cial Reconstruction) it was given total waiver.” The ARC industry is also ex pecting some relief on the GST charged on the management fee. Currently, when an ARC ac quires an asset, it creates a trust to take on the asset. One trust can have a bulk of bad loans. The trust issues security re ceipts to the selling banks as well as other investors. “As recoveries happen, the management fee is paid to ARCs from the trust. GST of 18 per cent on this fee, in e ect, leads to leakage of recoveries to banks,” explains Antony. GST levied on the manage ment fee has become a mean ingful amount. “At Edelweiss ARC, we may end up paying about 100150 crore as GST for the current scal,” adds Antony.

Dewan Housing Finance net up 25% OUR BUREAU Mumbai, January 22

Driven by a robust growth in loan disbursements, Dewan Housing Finance Corporation (DHFL) reported a 25 per cent increase in third quarter net pro t at 306 crore against 245 crore in the yearago period. The housing nance company’s net interest income increased 21.55 per cent year onyear (yoy) to 626 crore. Net interest margin declined a tad to 3.03 per cent from 3.07 per cent in the yearago quarter. Loan disbursements jumped 54 per cent to 10,846 crore in the reporting quarter. Loan sanctions shot up 75 per cent to CM YK

16,552 crore. Assets under management (AUM) grew 29 per cent to 1,01,286 crore for the quarter ended December 31, 2017. Loan book outstanding grew 22 per cent to 83,962 crore. DHFL’s product mix shows that in the reporting quarter the proportion of home loans in total loans came down to 63 per cent (from 69 per cent in the yearago period); loan against property increased to 18 per cent (16 per cent); project loans were up at 15 per cent (12 per cent); and SME loans nudged up to 4 per cent (3 per cent). Kapil Wadhawan, Chairman

and Managing Director, said: “The quarter has been truly sig ni cant and a milestone one for DHFL in taking asset under management over the 1 lakh crore mark. “The disbursement growth of 53.6 per cent amounting to 10,846 crore is yet another signi cant mark this quarter, which speaks of the momentum gained by the team to harness the growth po tential in the a ordable homes segment through close engage ment with customers and de velopers alike.” DHFL’s shares closed at 629.95 apiece, up 2.90 per cent over the previous close on the BSE.

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POLITICS

BusinessLine TUESDAY • JANUARY 23 • 2018

Disqualify 12 BJP legislators in Chhattisgarh, demands Cong Cites AAP case in Delhi; accuses BJP MLAs of holding offices of profit

drew only the nancial power of dis cretionary fund conferred upon the parliamentary secretaries. “The parlia mentary secretaries are still enjoying perks in the form of bungalows, cars.” He said the BJPled dispensation is scared that disquali cation of the 11 MLAs will reduce them to a minority government. In the 90member House, the BJP has 49 MLAs, followed by the Congress (39), Independent (1) and BSP (1).

PRESS TRUST OF INDIA Raipur, January 22

The Opposition Congress in Chhattis garh on Monday demanded the dis quali cation of 11 MLAs of the ruling BJP for “holding” posts of parliament ary secretaries, a day after 20 Aam Aadmi Party legislators in Delhi were disquali ed in an “o ce of pro t” case. “The action taken in Delhi has proved that the appointment of the BJP MLAs in Chhattisgarh to the posts of parliamentary secretaries is also un constitutional. Therefore, a similar ac tion should be taken by the Election Commission against these MLAs here for holding o ces of pro t,” Congress leader Mohammad Akbar told reporters. He said he had led a petition in the Chhattisgarh High Court last year, seeking quashing of the appointment of the MLAs as parliamentary secretar ies. He had also written to the poll panel on the issue in 2016. “In re sponse to my letter, in November 2016, the ECI stated that it goes into the dis quali cation of sitting MLAs only if a reference is made to it by the Governor

of the State concerned.” Akbar, a former minister, said he wrote to Governor Balramji Das Tan don after the EC’s response. “However, even after a year, the Governor did not refer the matter to the ECI for consid eration.” He alleged that the Governor was not discharging his Constitu tional duty. ‘HC order violated’ He also accused the Raman Singh gov ernment of violating the Chhattis garh High Court order by not withdrawing the facilities entitled to the parliamentary secretaries, who are on a par with State ministers. The High Court, which is yet to pass any order on Akbar’s petition, had earlier directed the State government to withdraw the power of all parlia mentary secretaries. However, Akbar alleged that the government with

Demand raised in Haryana, too Meanwhile, a demand was also made in Haryana for the disquali cation of four BJP MLAs from the State Assembly. In July last year, four chief parliament ary secretaries (CPSes) in the Manohar Lal Khattarled BJP government resigned nearly two weeks after the Punjab and Haryana High Court set aside their appointment. But, after President Ram Nath Kovind accepted the recommenda tion of the Election Commission to disqualify 20 lawmakers of AAP, the pe titioner in Haryana’s o ce of pro t case has demanded disquali cation of four BJP MLAs who resigned after the Punjab and Haryana High Court’s order. JS Bhatti said, “Chief Parliamentary Secretary (CPS) is an unconstitutional term. The High Court took cognisance

Supreme Court takes over all hearings on judge Loya’s death CJI-headed Bench says it will look into all documents ‘with utmost seriousness’

Puducherry MLAs must go: BJP The BJP said it would submit a petition to the Election Commission, seeking disquali cation of eight MLAs of the ruling Congress and its ally DMK here for ‘holding o ces of pro t’. BJP’s local unit President V Saminathan al leged that eight MLAs, six of the Con gress and two of the DMK, were also chairmen of the Puducherry govern ment sponsored statutory bodies. A Congress legislator has also been func tioning as Parliamentary Secretary to the Chief Minister, he said. Sinhas back AAP Meanwhile, BJP leaders Yashwant Sinha and Shatrughan Sinha have backed the AAP over the disquali ca tion of its MLAs, with the former call ing the president’s decision a “tughluqshahi” order. “Politics of vendetta or politics of vested interests just don’t last long. Don’t worry, be happy!” Shatrughan Sinha tweeted.

BJP, Opposition members of House panel differ on simultaneous elections OUR BUREAU New Delhi, January 22

PRESS TRUST OF INDIA New Delhi, January 22

The issues raised in pleas re lating to CBI judge BH Loya’s death were “serious”, the Su preme Court said on Monday, but it also castig ated a senior lawyer for bringing up BJP chief Amit Shah’s name in the case. At the time of his death in 2014, Loya was hearing the Soharabuddin Sheikh fake encounter case. The apex court, which said it would also took umbrage at senior advocate Indira Jaising, who during the hear ing, inferred a possible fu ture order that the apex court may gag the media in the case. A Bench headed by Chief Justice Dipak Misra was hear ing two PILs on Loya’s death. Crucially, the bench trans ferred to itself two other pe titions pending at Nagpur and Mumbai benches of the Bombay High Court. The Bench, also compris ing Justices AM Khanwilkar

of this and issued orders. If Delhi and Haryana are part of India then how come there are two separate laws?” However, Khattar said the situation in Haryana and Delhi is di erent. “We already have a law in place, but the court said this is not correct so we have removed them.”

Four senior judges of the apex court had, at a press meet on January 12, questioned the manner in which sensitive cases were being allocated and the Loya case was one of them

and DY Chandrachud, re strained all high courts in the country from entertain ing any petition relating to the case. Loya, who was hearing the sensitive Sohrabuddin Sheikh fake encounter case, had allegedly died of cardiac arrest in Nagpur on Decem ber 1, 2014, when he had gone to attend a wedding. The Bench asked the parties to catalogue all those documents relating to Loya’s death that have not been led so far, and submit them for its perusal on February 2, the next date of hearing. “We must look into all docu

ments with utmost serious ness,” it said. The Bench was irked when senior advocate Dushyant Dave, appearing for a Bom bay lawyers’ body which has led a PIL in the High Court there, mentioned the name of BJP president Amit Shah during the hearing, alleging that everything has been done to protect him (Shah). “As of today, it is a natural death. Then, do not cast as persions,” the Bench said, while considering the strong opposition on the issue by senior advocate Harish Salve, the counsel for the Maha rashtra government.

Several amendments need to be e ected to the Consti tution to make simultan eous elections to Lok Sabha and State Assemblies pos sible, a senior o cial of the Legislative Department has told the Parliamentary Standing Committee on Personnel, Public Griev ances, Law and Justice. At a meeting of the panel here on Monday, the mem bers sought the views of Le gislative Department Sec retary G Narayana Raju on the issue of simultaneous elections, a matter that is close to the ruling BJP. Raju is learnt to have told the panel that many articles in the Constitution, includ ing Article 356 and Article 83, may have to be revisited to implement the pro posal. He reportedly said that till 1967, elections to States and the Centre were almost simultaneous. Raju told the members that while in certain cases the tenure of Houses may have to be curtailed, in some other cases, the tenure may have to be extended. The BJP members in the panel said it simultaneous

elections will be in the country’s interest. They said the concept of “One Nation, One Election” could be implemented phase by phase. A BJP mem ber said the tenures of about ten States will have to be altered and a con sensus can make it possible. Opposition members ar gued that such a move would not be feasible in the current situation. Thre is no national consensus on the matter, and it will be against federal principles. Representatives of the Election Commission also briefed the panel on “elect oral reforms”. Senior BJP leader Bhu pender Yadav is the Chair man of the panel. In 2015, the panel, under Congress leader EM Sudar shana Natchiappan, had submitted a report on the matter, saying that while “holding simultaneous elections may not be feas ible in 2016, or even in a dec ade”, a solution to frequent elections would have to be found if “India is to com pete with other nations in [the] developmental agenda”. #4 4 6 6 0 1

For the first time in 25 years, the Left appears precariously perched ONTHEGROUND INTRIPURA PRATIM RANJAN BOSE Recently in Tripura, January 22

For Joydeb Goswami, 45, who sells a cheap meal of rice and sh at Ambassa on the sole National Highway in Tripura, life has sud denly become exciting. “Mone hochchhe poriborton hoye jabe (I think the government will change),” Goswami says. Some 40 km from Ambassa, jhoom (shifting cultivation) farmercouple Sagar Burman and Sitadevi sell coconuts on the roadside. They, too, anticipate change. The Burmans belong to the Tripuri, or Tipra, tribe, which once ruled the State and are now a Christian minority. They will vote for the NC Debbarmaled Indigenous People’s Front of Tripura (IPFT), which has allied with BJP. Re vived in 2009, this is the strongest force in the State after the ruling CPI(M), the IPTF has its base in the hill constituencies and has been demanding a sep arate tribal State of ‘Twipraland’. While formal announcements are due, the IPFT has reportedly been o ered 10 of the 20 seats re served for Scheduled Tribes. Charged atmosphere Goswami and Burman are no ex ceptions. From Sabroom in Tripura’s southernmost tip, to Dharmanagar on the northern corner, many believe the reign of the 25yearold Left Front govern ment will end as the State votes on February 18. Some reserved comment but con rmed that the contest is evenly poised. And only a few who spoke to BusinessLine from within earshot of the CPI(M)’s o ces, ex pect an easy win for the Left. This is unprecedented for a State where the CPI(M)led Left Front won 50 of 60 seats in the 2013 Assembly election, corner ing nearly 54 per cent of votes polled. Also unprecedented is the spate of political violence. Clashes between BJP and CPI (M) activists has now become a routine a air. On January 18, the day elections were announced, at least seven persons were in

jured in di erent parts of the State. “I’ve never seen such a charged atmosphere for a long time,” said a small grocery shop owner at Baramura, approximately an hour’s drive from the capital city of Agartala. Shift of the Congress vote There are many reasons behind the change, the most important of which is the nearcomplete shift of Congress votes — of ap proximately 40 per cent — to the BJP. The Congress ended 2013 with 10 seats and is now left with two. This is largely due to defection, initially to the Trinamool Con gress, and eventually to BJP. But the shift of the vote bank was not driven by leaders. On the contrary, traditional Congress activists, like Kartik Singh (56) of Sabroom, who are now upbeat about the BJP’s win, accuse the State Congress leadership of working as a ‘BTeam’ of the rul ing CPI(M). Singh, a commerce graduate, did not land a government job, practically the sole employment opportunity here, allegedly due to his a liation to the Congress. None of the four children of Chit taranjan Saha (70) of Chakma Ghat got a job either. Senior Congress leaders con de that the party’s common agenda with the CPI(M) at the Centre, and especially the Left Congress coalition in West Bengal in 2016, had a serious im pact on their image in Tripura. They are now hoping to play a spoiler to the BJP’s prospects in 2018. Jobs, a major issue But the shift of the Congress’ vote bank is not the CPI(M)’s biggest worry. In Chief Minister Manik Sarkar’s 20year rule, Tripura wit nessed much development: ac cess to public utilities — electricity, roads, water — im proved. One rarely comes across a beggar in Tripura. What is missing though are revenue generation and employ ment opportunities. O cially, nearly twothird of the 35 lakh population is in the BPL category, and NREGA and other Central as

sistance schemes are a major in come generator. This is creating unrest among the youth, who may play deciding roles in this election. To add to the trouble, the Su preme Court recently ordered the termination of over 10,000 teachers, recruited in violation of parameters set by the Right To Education Act, 2009. The BJP has tapped this votebank by propos ing a onetime concession by the Centre. The party is also expected to gain the support of a signi cant section of State employees who are deprived of the bene ts of the last two pay commission re commendations. To recruit more employees at same wage bill, Tripura freezes the salary of entrylevel group C and Dlevel sta for ve years at barely 500 7,000 a month, lower than the earnings of a driver. Rainbow alliance Riding on the resentment against the Left, the BJP has tried to form a rainbow alliance. So far, they have been partly successful. An alliance with the IPFT has been struck. According to party’s State incharge, Sunil Deodhar, discussions are on with Bijoy Ku mar Hrangkhawl’s Indigenous Nationalist Party of Twipra (INPT), which wields signi cant in uence in at least three seats. Sources said e orts are also on to rope in Rajeswar Debbarma’s IPFT (Twipraha) which controls the fate of at least one seat. Will these parties be able to stitch together a coalition? Both the INPT and the IPFT (Twipraha) oppose the IPFT’s claim for separ ate State. Naturally, their inclu sion in the alliance will improve the prospect of the BJPled coali tion in the Bengali dominated plains. But, if the votes are divided, the Left will surely have a clear edge in the 20 tribal districts that they traditionally pocket. BJP convinced IPFT to drop the demand for Statehood in the poll manifesto. They also expect the demand to die a natural death once Parliament clears a Bill for creating a State Council, repla cing the existing district coun cils that have limited freedom.

A BJP supporter during party President Amit Shah’s recent rally in Ambasa, Tripura PTI

JD(S) rules out post-poll ties with Congress OUR BUREAU Mangaluru, January 22

The Janata Dal (Secular) is likely nalise its candidates for the Karnataka Assembly elections by the third week of February. Addressing presspersons in Mangaluru on Monday, JD (S) supremo HD Deve Gowda also ruled out an alliance with the Congress. It would contest all 224 As sembly seats in Karnataka. Given the party’s association with the Left parties in Kerala, the former prime minister said the JD(S) is ready to alloc

CM YK

JD(S) supremo and former prime minister HD Deve Gowda addresses the media in Mangaluru, on Monday HS MANJUNATH

ate some Assembly segments to the Left in Karnataka, too. Asked if the JD(S) would

have any postpoll alliance with the Congress in case of a hung Assembly, Gowda said:

“I have burnt my ngers hav ing supported the Congress earlier”. The JD(S) had 58 MLAs and Congress, 63 legislators in 2004, in spite of which, his party had to face many problems. To a query on the entry of people from other parties to the JD(S), Gowda said a former MLA from Uttara Kan nada district had joined the party now. Though he said many more are likely to join the party in the coming days, Gowda declined to reveal any names.

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MARKET WATCH

BusinessLine TUESDAY • JANUARY 23 • 2018

New Budget date turning lucky?

QUICKLY

Nifty 50 gains 4% this year till date ahead of Budget day; last year the index scored 6.6% PRIYA KANSARA Mumbai, January 22

Mixed trend Asian stock markets were mixed on Monday after global investors shrugged off the latest US government shutdown AP

SEBI slaps 10 lakh on Gold Multifab New Delhi, January 22

SEBI on Monday imposed a penalty of 10 lakh on Gold Multifab’s (GML) promoter Vivek Bhatia for not complying with the regulator’s direction to provide an exit opportunity to the rm’s shareholders post its IPO. Following allegations of irregularities with regard to allotment of shares and utilisation of money received in the IPOof GML, among others, the regulator conducted an investigation to ascertain the extent and nature of the same and subsequently found them guilty of violating norms. The regulator had also prohibited GML from accessing the capital markets for a period of three years and debarred the rm’s directors from dealing in securities for the same duration. PTI

Shriram MF tweaks plan features New Delhi, January 22

Shriram Mutual Fund has revised the classi cation of Shriram Equity and Debt Opportunities Fund according to new guidelines issued by SEBI, the fund house said in a newspaper notice. Effective February 23, the scheme will be categorised as an aggressive hybrid fund, as against its current category of openended equityoriented fund. To bring uniformity, standardise scheme categories and enable ease of investment to investors, the regulator, on October 6, mandated fund houses to categorise all their existing and future schemes into ve broad categories and 36 subcategories. COGENCIS

The new Budget date of February 1 seems to be lucky for Indian equity investors as benchmark in dices have given robust returns in the run up to the Budget for a second consecutive year. Till date this year, Nifty 50 has gained 4 per cent already and it’s just a matter of six more trading sessions be fore the Budget is announced on February 1. In 2017, Nifty 50 had gained 6.6 per cent in the one month to the Budget day the highest since cal endar year 2008. “It seems that our markets are replicating last January’s perform ance as we can see addition of an other 4 per cent from December (2017) close,” Sameet Chavan, Chief Analyst — Technical and De

rivatives, Angel Broking, said. Before 2017, Nifty had fallen in the range of 0.67.0 per cent one month ahead of the Budget day in eight out of eleven budgets (in cluding interim budget). In the re maining three, gains were 0.71.4 per cent. (The Union Budget used to be announced on February 28 or 29 (leap year) before 2017.) 2017 rally Indian equity markets hit new life time highs several times and gained 2728 per cent in 2017 due to a combination of factors, such as fading e ects of demonetisa tion, pre and postGST regime, ro bust in ows from mutual funds, falling crude prices and in ation (until last few months), stable gold prices, improving corporate nancial performance, rally in

While the Budget may not ne cessarily be highly populist due to scal constraints, a lot of focus is expected to be on areas such as rural economy, agriculture, infra structure, housing and reducing the burden of direct taxes on the common man, which will, in turn, help kickstart the economic growth. However, the govern ment will have to consider the downside risk factors, such as rising crude/commodity prices, spike in in ation, rm interest rates, continued high nonper forming assets and lowerthanex pected revenues from GST before wooing the citizens for the Gen eral Elections in 2019. December 2017 quarter results so far have also been encouraging across most sectors and especially from biggies, including RIL, ITC, Hindustan Unilever and Infosys according to experts. This has also helped maintain good sentiments and buying momentum.

auto/metal stocks, runup in realty stocks post RERA, favourable out look towards IT sector recently and positive news ow in the banking sector (recapitalisation, FDI), among others. The rally continues this year too due to optimism about a good Budget after the twin blows of de monetisation and GST in 2017 on the common man and the Indian economy, respectively. On Monday, Nifty 50 closed at a new high of 10,966.20, up 4 per cent till date in 2018. Risk factors “The market continued its up ward trajectory by supporting the premium valuation with better third quarter earnings. FIIs’ con tinued preference for domestic market on expectation of a good Budget lifted the market senti ment,” said Vinod Nair, Head of Research, Geojit Financial Services.

PRESS TRUST OF INDIA New Delhi, January 22

Concerned over Singapore Stock Exchange’s plan to launch single future stocks of Nifty 50 compan ies, NSE chief Vikram Limaye on Monday said the move will shift li quidity out of Indian markets. The NSE said it will consider all options to consolidate liquidity. “There is a concern surround ing liquidity of the Indian markets being fragmented and moving o shore,” Limaye said. He said NSE is focussed on what is in the best interests of the In dian markets and in that context all options will be considered to consolidate liquidity. The reaction comes after SGX announced its plan to launch trad ing in singlestock futures in Nifty 50 companies from next month. NSE is believed to have asked SGX to delay the launch as the move might take away volumes from the domestic bourse.

Vikram Limaye, MD & CEO, NSE

SGX and NSE have a licensing agreement that allows futures and options based on the Nifty 50 in dex to trade in Singapore. How ever, existing products track in dices and sectors and not individual shares. “We are in discussions with SEBI and government and have also sounded SGX of the concerns. We will evaluate all options and take appropriate decision,” Limaye said.

Asked to resign from IAS, Kaushik declines SEBI job

Q3 results weigh

PALAK SHAH Mumbai, January 22

New Delhi, January 22

File picture shows a view of the Wipro campus in Bengaluru. The stock of the IT major dropped 2.33 per cent after it posted 8.4 per cent fall in net pro t in Q3 GRN SOMASHEKAR

X W

on the SEBI board and the idea is to avoid having another IAS o cer on the regulator’s board to main tain is ‘autonomy and independ ence,’ the source said. Yet, the ap pointment of the SEBI chairman is done with approval from the Prime Minister’s O ce and even the post of executive director can be lled by government o cers on deputation. Kaushik had requested to the government that he be allowed to go to SEBI on deputation but that has been rejected, the source said. When contacted, Kaushik said he was waiting a favourable out come of his application and de clined to comment further.

Chooses to become Principal Secretary of Kerala

IB Ventures gets nod for rights issue Indiabulls Ventures has received capital markets regulator SEBI’s approval to raise 2,000 crore by issuing equity shares to its existing shareholders on rights basis. The company had led draft papers with SEBI in September and obtained “observations” from the regulator on January 18, the latest update with the markets watchdog showed. Proceeds of the issue will be utilised to meet the company’s funding requirements and to support future growth of its consumer nance and asset reconstruction businesses through its subsidiary rms, according to the DRHP. PTI

‘Single-stock futures launch at SGX will dent our liquidity’

Sanjeev Kaushik, the 1992 batch Kerala cadre IAS o cer, who was appointed a wholetime member (WTM) with capital markets regu lator SEBI has declined the o er. Kaushik (48) has nearly 12 years of government service left but was asked to resign by the Central gov ernment to take up the job at SEBI, where he was appointed a WTM for a period of three years. Kaushik, currently on deputation with the Finance Ministry, has instead chosen to go back to Kerala to take up the post of Principal Secretary, a source told BusinessLine. The government has made it mandatory for IAS o cers to resign from service if they were to take up the job of WTM with SEBI. A government representative from the Finance Ministry already sits

Kaushik had requested to the government that he be allowed to go to SEBI on deputation but that has been rejected, the source said.

year job when he has more than 10 years or more of service left with the government. KM Abraham, another Kerala cadre IAS o cer, was the last WTM who had come on government deputation to serve on the SEBI board till 2012. He is now the Cab inet Secretary to Kerala govern ment and Kaushik is likely to join under Abraham. Earlier, SEBI mainly attracted retired o cers to ll the post of WTM. When Rajeev Agarwal, the 1983 batch o cer joined SEBI as WTM, he had to resign from government service even though he had around seven years left before re tirement. Then, Agarwal was ap pointed for ve years.

Counter view There is a counter view to the gov ernment’s argument that a rule not allowing IAS o cers to go on deputation to SEBI may make it dif cult for the government to nd younger and specialised talent from the pool of o cers. No IAS of cer would like to take up a three

Ajay Tyagi, the current SEBI chairman, was a 1984 batch IAS from o cer Himachal Pradesh. He too had to resign from adminis trative service after the govern ment noti ed his SEBI appoint ment last year. Initially, Tyagi was appointed for ve years but an other notice said the appointment had been cut short to three years. But Tyagi is 58 years old and had only two years of government ser vice left. The retirement age for SEBI board members is 65 years. In con trast, G Mahalingam, the newlyap pointed WTM at SEBI, has been given a veyear term. He came to SEBI from the RBI where he was ex ecutive director and a regional dir ector. Hunt for two more WTMs With Kaushik declining the job, SEBI now has to hunt for two WTMs as the regulator recently created one more post for a WTM. The whole process of interview will be reconducted, the source said.

#4 4 6 6 0 1

DAY TRADING GUIDE 10968 • Nifty 50 Futures S1

10920 10880 10980 11000

COMMENT

Key resistances ahead. Go short with a stoploss at 11,015 if it reverses lower from 11,000

Apollo Micro Systems makes stellar debut Stock soars 60% on Day 1 OUR BUREAU

1964 • HDFC Bank

Chennai, January 22

1950

1915

1980

2000

COMMENT

Initiate fresh long positions with a stoploss at 1,935 if the stock bounces from 1,950

1150 • Infosys S1

1120

1100

1160

1200

COMMENT

Uptrend is intact. Go long and also accumulate on dips. Keep the stoploss at 1,110

Shares of Apollo Micro Systems on Monday made a dream de but at the bourses. The stock listed at almost 70 per cent premium at 465 on the NSE against its issue price of 275. The stock further rose to 480 before settling with a

The public issue was sub scribed 248 times, thanks to strong response from all cat egories of investors — quali ed institutional buyers (102 times), noninstitutional in vestors (958 times), retail indi vidual investors (40 times) and employees (16 times). For retail investors, the com pany had o ered a discount of 12 to the issue price. The com pany had hit street with a price band of 270275 a share.

gain of 60.6 per cent at 441.75, which is also the day’s low, on the NSE. On the BSE, it made a debut at 478 and scaled a high of 479.95 and closed at the day’s low of 454.1 on the BSE. The IPO of Apollo Micro Sys tems, which caters to the De fence sector, saw overwhelm ing response from investors. It received bids for about 38,000 crore against the IPO size of 156 crore.

For the scal 2017, the com pany closed with total income of 211.79 crore, and pro t after tax of 18.57 crore. Ahead of the issue, Apollo Micro Systems had raised 47 crore from anchor investors, including Jupiter South Asia In vestment Co and Sundaram Mutual Fund. The company will use the funds to meet additional work ing capital needs and for other general corporate purposes.

NSE Futures

273 • ITC S1

270

266

275

277

COMMENT

Immediate outlook is not clear. Avoid trading this stock until a clear trade signal emerges

200 • ONGC S1

198

195

205

210

COMMENT

Hovers above a support. Go long with a stoploss at 196 if the stock reverses higher from 198.

971 • Reliance Ind. S1

960

940

985

1000

COMMENT

Uptrend gains momentum. Go long and also accumulate on dips with a stoploss at 950

306 • SBI S1

300

295

310

320

COMMENT

Stuck in a narrow range. Go short with a stoploss at 303 if the stock declines below 300

3113 • TCS S1

3000

2940

3130

3200

Type-Exp-Stk.Pr

Open

Banknifty-Jan 26889.90 Banknifty-Feb 26949.90 Nifty-Jan 10914.50 Nifty-Feb 10944.90 Adanient-Jan 197.70 Adaniports-Jan 432.75 Adanipower-Jan 37.75 Ashokley-Jan 121.65 Asianpaint-Jan 1185.10 Auropharma-Jan 638.00 Axisbank-Jan 593.05 Bajaj-Auto-Jan 3212.70 Bajfinance-Jan 1709.90 Bankbaroda-Jan 165.40 Bankindia-Jan 165.40 BEML-Jan 1515.55 Bharatforg-Jan 735.20 Bhartiartl-Jan 498.70 BHEL-Jan 97.85 Biocon-Jan 560.80 BPCL-Jan 472.60 Canbk-Jan 360.90 Canfinhome-Jan 477.60 CAPF-Jan 763.60 Ceatltd-Jan 1865.50 Centurytex-Jan 1408.00 CESC-Jan 1108.00 Chennpetro-Jan 457.95 Cipla-Jan 603.35 Coalindia-Jan 286.50 DHFL-Jan 614.50 DLF-Jan 249.00

Outlook is bullish. Go long if the stock breaks above 3,130. Keep the stoploss at 3,080

TODAY'S PICK Delta Corp ( 350.2)

The outlook for the stock of Delta Corp is bullish. The stock surged 4 per cent on Monday breaking above key nearterm resistance levels of 337 and 342. It also made a new high of 351.95 and has closed around it on a strong note. This marks the resumption of the shortterm uptrend that has been in place since December 2017. The level of 342 will now serve as a good shortterm support, limiting the downside. Dips to this support level may nd fresh CM YK

26801.70 26830.00 10883.50 10907.05 195.60 432.75 36.55 119.50 1161.60 636.45 582.25 3207.55 1680.10 163.30 160.85 1502.00 728.70 488.25 97.15 556.65 466.30 355.95 472.15 757.00 1826.95 1392.55 1093.00 427.30 594.20 283.85 614.50 245.55

27015.50 27064.20 10968.00 10992.50 198.50 438.10 37.60 121.35 1174.60 642.00 612.25 3279.05 1707.65 165.20 164.60 1519.25 738.75 491.15 104.25 600.00 470.10 364.10 486.20 779.70 1840.05 1419.20 1112.90 428.50 602.30 285.30 630.50 251.60

Qty Vol

56459 2317.80 18276 698.24 138891 27831.15 63168 6741.98 5750 16628.00 5990 12827.50 2281 102860.00 3131 42287.00 4410 4201.20 7253 19541.60 56411 36615.60 4269 1929.00 6331 5529.50 6240 44572.00 2778 17406.00 3207 1839.90 2423 5666.40 7876 30496.30 8022 48847.50 12064 4827.60 2814 9631.80 5176 9609.60 2467 4678.75 4736 4958.40 2905 1026.20 3373 3859.90 3370 4650.25 2080 3043.50 2266 8614.00 3347 17549.40 19272 24105.00 2961 40360.00

Type-Exp-Stk.Pr

Drreddy-Jan Escorts-Jan Federalbnk-Jan GAIL-Jan Godrejcp-Jan Godrejind-Jan GSFC-Jan Havells-Jan Hcltech-Jan HDFC-Jan Hdfcbank-Jan Heromotoco-Jan Hindalco-Jan Hindpetro-Jan Hindunilvr-Jan Ibulhsgfin-Jan Icicibank-Jan Icicipruli-Jan IDEA-Jan IDFC-Jan Idfcbank-Jan Indiacem-Jan Indusindbk-Jan Infibeam-Jan INFY-Jan IOC-Jan ITC-Jan Jetairways-Jan Jindalstel-Jan Jpassociat-Jan Jswsteel-Jan Jublfood-Jan

Open

2460.15 771.20 103.00 471.05 1044.40 620.85 152.50 548.95 961.00 1908.75 1952.50 3599.15 257.55 404.40 1363.95 1309.80 351.95 434.70 100.85 58.10 58.50 186.70 1684.05 142.05 1140.05 387.35 274.50 792.85 264.15 23.40 281.80 2160.20

High

2525.00 789.00 103.60 471.75 1095.00 640.90 157.25 564.00 976.65 1923.60 1986.00 3627.60 258.50 414.90 1369.00 1364.00 351.95 448.00 102.30 59.10 59.80 187.60 1690.00 150.00 1153.80 387.60 274.95 798.50 267.50 24.30 281.80 2296.85

Low

2459.80 765.20 101.55 452.25 1042.55 612.50 151.85 540.00 947.70 1868.30 1952.25 3591.00 251.20 398.25 1350.00 1301.15 343.70 433.10 99.25 57.25 57.85 182.50 1667.95 142.05 1134.20 378.75 271.55 778.55 261.10 21.70 276.70 2141.05

2503.80 786.20 101.85 458.75 1092.45 638.95 155.50 553.65 969.45 1875.70 1966.20 3611.20 254.85 402.95 1358.10 1357.65 350.40 437.40 99.80 58.60 59.55 185.35 1675.40 147.60 1150.80 382.65 273.15 785.00 264.45 22.05 279.05 2266.45

Low

Qty Vol

6858 3368.50 2557 3142.70 4386 66379.50 3346 12728.00 2029 1512.00 2171 1569.00 2676 17667.00 5405 3354.00 8027 7995.40 8796 15644.50 19238 20795.50 2775 1613.80 5190 39970.00 12319 20914.43 4887 8848.20 20368 13642.00 16264 78405.25 5588 5422.30 4086 47985.00 4349 149727.60 6790 139437.00 2862 19495.00 9577 5203.20 3308 19512.00 19149 26204.40 3073 9439.50 7166 84549.60 2844 5358.00 3854 26469.00 6204 212024.00 6294 38652.00 30633 2844.00

Type-Exp-Stk.Pr

Justdial-Jan Kotakbank-Jan KPIT-Jan Ktkbank-Jan L&Tfh-Jan Lichsgfin-Jan LT-Jan Lupin-Jan M&Mfin-Jan ManappuramJan Maruti-Jan Mcdowell-N-Jan Mindtree-Jan NCC-Jan Niittech-Jan ONGC-Jan Pcjeweller-Jan PFC-Jan PNB-Jan Powergrid-Jan Raymond-Jan Rblbank-Jan RCOM-Jan Recltd-Jan Relcapital-Jan Reliance-Jan Relinfra-Jan SAIL-Jan SBIN-Jan Srtransfin-Jan Sunpharma-Jan

Open

High

Low

Qty Vol

558.75 1056.80 196.95 159.25 172.10 560.05 1347.95 924.35 475.20

606.90 1074.00 202.95 160.35 178.70 576.00 1403.00 932.25 492.80

558.25 1056.50 196.10 156.60 171.65 560.00 1346.35 913.00 472.00

601.40 12716 3162.60 1069.25 8090 12474.40 200.40 2285 11758.50 158.55 2240 21173.60 178.35 4695 34168.50 574.60 8731 13051.50 1399.70 10352 12527.25 930.20 5147 10397.40 490.20 4741 5556.25

119.95 9356.35 3742.50 702.55 126.35 732.95 198.60 585.25 120.75 176.25 196.30 1086.60 527.35 28.85 156.10 530.00 945.00 518.30 93.10 303.50 1428.75 573.00

121.55 9375.00 3893.90 760.00 128.65 773.00 205.20 591.65 120.80 177.35 197.00 1107.75 531.90 29.40 156.65 540.00 972.80 518.30 93.50 309.00 1491.00 579.80

119.15 9295.10 3724.00 693.45 124.00 726.05 198.55 579.25 119.10 172.55 194.85 1081.55 522.10 28.35 154.45 519.45 938.05 504.35 91.75 303.50 1415.25 570.15

121.15 9332.20 3784.30 755.05 127.20 768.15 200.25 584.00 120.25 176.30 195.25 1103.90 530.40 28.70 155.95 522.75 969.80 510.30 92.75 306.25 1477.75 576.95

Low

3409 9603 11733 8076 2065 4045 11162 4900 2388 7648 2180 2779 2756 2015 2395 8466 48229 6613 2795 12796 1967 11263

29178.00 2271.00 1677.75 2701.20 25304.00 1342.50 36892.50 14874.00 56520.00 35228.00 26236.00 4068.80 5201.00 73500.00 32886.00 11837.25 40216.00 9590.10 56808.00 62337.00 1721.40 39723.20

Type-Exp-Stk.Pr

Open

High

Low

Qty Vol

Suntv-Jan 1051.00 1057.00 1031.55 1037.30 2799 Tatachem-Jan 720.45 738.45 720.45 735.40 2776 Tatacomm-Jan 637.55 645.90 629.60 643.15 3170 Tataelxsi-Jan 1019.90 1086.65 1019.90 1081.10 4752 Tataglobal-Jan 308.15 314.80 307.60 309.65 5366 Tatamotors-Jan 419.95 423.95 419.10 421.75 10523 Tatamtrdvr-Jan 243.75 244.80 238.00 239.35 3941 Tatasteel-Jan 751.25 757.60 747.50 753.35 11361 TCS-Jan 2947.10 3131.75 2925.10 3112.85 27804 Techm-Jan 552.60 574.15 550.75 570.85 6943 Titan-Jan 892.60 913.90 889.90 912.20 5281 Torntpower-Jan 300.35 307.70 296.65 306.10 2174 Tv18brdcst-Jan 59.75 61.50 59.15 61.30 1937 UBL-Jan 1089.90 1174.00 1088.50 1155.55 2497 Ujjivan-Jan 411.05 415.45 407.50 411.30 2594 Ultracemco-Jan 4325.70 4347.95 4272.55 4340.65 2376 Unionbank-Jan 141.85 141.85 137.95 140.80 3637 UPL-Jan 806.70 820.30 803.80 814.30 6632 VEDL-Jan 327.10 332.55 324.20 326.90 11672 Vguard-Jan 240.55 250.90 240.25 247.95 2857 Voltas-Jan 615.00 626.50 612.40 624.85 2544 Wipro-Jan 320.00 329.00 319.10 322.20 10032 WockpharmaJan 912.15 924.00 896.05 918.95 2167 Yesbank-Jan 348.95 358.45 348.30 355.60 16011 ZEEL-Jan 601.60 614.30 598.00 608.55 3762 Qty: No of Contracts; Vol: Volumes; OI: Open Interest(in 000s)

4144.00 8488.50 7106.40 1884.00 23382.00 49648.50 18505.00 16856.00 5021.75 11486.40 6747.00 3720.00 67269.00 1554.00 6004.80 1517.60 20252.00 9490.80 39170.25 3030.00 2537.00 27564.00 2694.60 40493.25 7424.30

NSE Options Type-Exp-Stk.Pr

Open

S&P CNX NIFTY [75]

BL Research Bureau

27045.40 27087.75 10982.40 11006.90 202.45 442.50 38.55 122.05 1186.00 645.00 622.40 3286.90 1726.05 167.90 165.75 1526.90 742.00 498.95 105.15 607.60 479.55 367.00 487.40 784.85 1877.75 1424.00 1123.85 457.95 604.75 289.50 638.70 253.45

Low

COMMENT

S1, S2: Support 1 & 2; R1, R2: Resistance 1 & 2.

GURUMURTHY K

High

buyers coming into the mar ket. The stock is now in an un charted territory and the up side is open for a rally to 400 or even higher levels as long as the broader markets re main positive. Shortterm traders can go long. Accumulate longs at 343 with stoploss at 333 for the target of 390. Revise the stoploss higher to 355 as soon as the stock moves up to 362. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

CE-25Jan-8600 CE-25Jan-10500 CE-25Jan-10600 CE-25Jan-10700 CE-25Jan-10750 CE-25Jan-10800 CE-25Jan-10850 CE-25Jan-10900 CE-25Jan-10950 CE-25Jan-11000 CE-25Jan-11050 CE-25Jan-11100 CE-25Jan-11150 CE-25Jan-11200 CE-25Jan-11600 CE-22Feb-9000 CE-22Feb-10700 CE-22Feb-10800 CE-22Feb-10900 CE-22Feb-11000 CE-22Feb-11100 CE-22Feb-11200 CE-22Feb-11300 CE-22Feb-11400 CE-22Feb-11500 CE-22Feb-12000 PE-25Jan-10000 PE-25Jan-10100 PE-25Jan-10200 PE-25Jan-10300 PE-25Jan-10400 PE-25Jan-10450 PE-25Jan-10500 PE-25Jan-10550 PE-25Jan-10600 PE-25Jan-10650 PE-25Jan-10700 PE-25Jan-10750 PE-25Jan-10800 PE-25Jan-10850 PE-25Jan-10900 PE-25Jan-10950 PE-25Jan-11000 PE-25Jan-11100 PE-25Jan-11500 PE-22Feb-10000

High

Low

2305.00 2375.00 2280.00 2362.75 401.90 483.55 388.00 471.90 306.70 386.00 290.35 370.80 217.90 287.85 197.70 274.55 171.50 241.00 154.00 228.15 122.65 193.00 110.15 179.25 90.00 147.70 73.05 134.00 50.25 105.00 40.10 92.00 21.00 68.80 21.00 58.60 20.00 42.00 12.05 35.10 9.00 22.45 6.05 18.15 4.20 12.30 3.45 9.45 2.50 7.30 2.20 5.65 1.90 4.65 1.70 3.70 0.15 0.85 0.15 0.40 1898.15 1979.70 1886.00 1963.80 315.20 385.00 305.05 375.05 244.75 312.00 233.20 300.40 174.70 239.95 172.00 230.05 132.20 177.70 119.80 169.95 79.90 126.90 79.80 120.75 49.15 89.00 49.05 84.55 33.60 59.65 33.60 55.85 22.00 38.80 22.00 36.45 20.00 25.00 14.20 22.55 1.30 4.25 1.30 2.15 1.55 2.40 1.00 1.85 1.50 2.65 1.40 2.20 1.80 2.80 1.40 2.35 1.30 3.00 1.30 2.80 3.00 3.90 2.10 3.60 3.55 4.60 3.50 4.20 3.00 5.45 3.00 4.65 4.50 6.70 4.50 5.25 7.00 8.50 5.40 6.05 7.40 11.30 6.50 7.25 18.95 20.50 7.10 8.90 23.05 24.50 10.20 11.25 12.00 30.00 12.00 14.60 27.00 42.60 17.50 19.25 48.75 62.80 24.60 27.70 72.50 90.00 36.50 40.70 103.05 126.85 58.75 65.85 198.95 215.00 128.40 140.65 591.25 614.25 514.35 526.00 17.05 18.00 13.05 14.60

Qty Vol

7312 5769 8380 24177 9823 112684 31747 368130 118767 422813 70473 148790 15741 58009 4221 6533 4732 21129 13856 28829 20897 29572 13895 13483 17668 16246 35973 20125 21913 30569 39204 6088 77657 10273 110183 28188 201874 73887 375570 113219 390377 46602 88532 6684 6053 14133

1677675 1269750 1348800 1555800 406275 2249175 845925 3582900 1110450 5111400 1175325 3150225 328425 2460900 91650 751650 922575 2037375 1071375 1840725 1134750 983400 423825 539100 851625 678825 3159675 1290600 2815275 4292325 4222575 520050 7065450 569250 5995950 743175 5874675 1157625 6066225 1794375 4358250 944025 1245825 96825 855300 2196150

Type-Exp-Stk.Pr

PE-22Feb-10200 PE-22Feb-10300 PE-22Feb-10400 PE-22Feb-10500 PE-22Feb-10600 PE-22Feb-10700 PE-22Feb-10800 PE-22Feb-10900 PE-22Feb-11000

Open

25.45 32.00 41.00 55.85 73.95 94.95 120.20 155.90 199.00

High

26.30 34.45 46.25 62.35 81.65 104.85 134.45 169.95 215.50

AXIS BANK LIMITED [1200] CE-25Jan-590 13.65 34.80 CE-25Jan-600 9.45 27.25 CE-25Jan-610 6.70 20.55 CE-25Jan-620 4.35 15.10 CE-25Jan-630 2.20 10.65 CE-25Jan-640 1.90 7.15 CE-25Jan-650 1.50 5.00 PE-25Jan-570 5.00 8.80 PE-25Jan-580 6.50 12.85 PE-25Jan-590 13.20 18.00 PE-25Jan-600 18.90 24.00 PE-25Jan-610 24.00 24.00 CNX BANK INDEX [40] CE-25Jan-26500 413.45 578.10 CE-25Jan-26600 364.75 483.00 CE-25Jan-26700 290.70 403.40 CE-25Jan-26800 239.05 329.05 CE-25Jan-26900 151.00 262.50 CE-25Jan-27000 134.85 204.65 CE-25Jan-27100 94.95 160.00 CE-25Jan-27200 69.70 128.90 CE-25Jan-27300 48.70 104.00 CE-25Jan-27400 37.70 86.65 CE-25Jan-27500 26.75 74.00 CE-25Jan-27600 20.90 64.90 CE-25Jan-27700 15.55 52.80 CE-25Jan-27800 14.00 44.00 CE-25Jan-27900 6.95 22.90 CE-25Jan-28000 7.00 17.00 CE-01Feb-27000 251.05 390.00 CE-01Feb-27500 101.45 190.25 CE-22Feb-26000 1024.90 1214.55

Qty Vol

22.00 29.00 38.25 50.90 67.20 85.85 110.10 139.00 174.05

23.20 30.30 39.80 53.20 69.30 89.05 114.75 143.55 180.45

5334 7204 7725 22875 17311 24527 31813 18430 10325

826725 910050 1850025 3813825 1452900 1169850 1175400 727275 598350

10.10 6.65 4.35 2.90 1.85 1.25 0.80 0.80 1.30 3.00 5.10 8.10

25.05 18.50 12.70 9.25 6.05 3.80 2.65 1.15 1.95 3.65 6.60 10.85

2673 9325 6670 12346 6342 6207 3829 2803 5799 4040 5302 2424

403200 848400 764400 1279200 790800 781200 722400 426000 900000 519600 694800 289200

362.00 287.90 223.20 165.05 121.95 88.75 61.95 42.70 28.65 19.50 13.70 10.20 6.80 5.35 5.00 3.90 228.00 67.20 984.95

554.25 461.85 383.95 308.25 242.00 186.80 139.75 101.95 73.60 53.00 39.30 28.50 20.65 14.55 11.05 8.20 381.65 179.75 1192.10

6270 3603 9157 32668 91489 189794 143298 150746 128260 96902 147183 41997 30410 24896 10504 30137 2581 3754 5544

302280 197360 213440 146280 233880 787840 239600 327400 277600 266480 522480 135920 143360 110480 62640 167520 40600 65600 543760

Type-Exp-Stk.Pr

Open

High

CE-22Feb-26500 686.95 840.40 639.45 CE-22Feb-27000 408.55 522.25 371.10 CE-22Feb-27500 220.00 292.45 195.50 PE-25Jan-23300 0.50 0.70 0.30 PE-25Jan-25500 6.95 8.65 5.20 PE-25Jan-25600 9.70 11.10 5.55 PE-25Jan-25700 9.65 12.80 5.95 PE-25Jan-25800 12.25 14.95 6.05 PE-25Jan-25900 12.25 18.30 7.80 PE-25Jan-26000 13.40 21.55 8.35 PE-25Jan-26100 13.40 25.00 10.30 PE-25Jan-26200 23.95 31.50 13.75 PE-25Jan-26300 32.00 41.10 19.20 PE-25Jan-26400 45.00 54.85 27.30 PE-25Jan-26500 58.20 73.00 37.55 PE-25Jan-26600 65.50 100.80 50.60 PE-25Jan-26700 85.50 130.45 67.00 PE-25Jan-26800 128.35 169.65 87.40 PE-25Jan-26900 158.90 219.15 119.20 PE-25Jan-27000 220.00 283.05 155.00 PE-25Jan-27100 298.65 350.85 204.05 PE-25Jan-27200 393.15 425.65 252.65 PE-01Feb-26500 137.90 200.40 135.85 PE-22Feb-26000 140.25 185.15 140.25 PE-22Feb-26500 266.00 315.50 244.00 PE-22Feb-27000 459.40 525.00 427.30 BHEL [7500] CE-25Jan-105 0.40 2.90 0.35 DEWAN HOUSING FIN CORP LT [1500] CE-25Jan-640 8.20 13.55 6.70 HDFC BANK LTD [500] CE-25Jan-1960 15.95 33.50 13.00 CE-25Jan-1980 11.95 21.70 7.25 CE-25Jan-2000 6.90 13.55 4.25 ICICI BANK LTD. [2750] CE-25Jan-350 8.10 8.10 2.80 INFOSYS LIMITED [600] CE-25Jan-1140 9.95 20.00 8.00 CE-25Jan-1160 3.45 10.00 3.00 CE-25Jan-1180 1.70 4.85 1.45 JUBILANT FOODWORKS LTD [500]

Qty Vol

824.30 510.30 285.25 0.55 6.50 7.05 7.65 9.10 10.60 11.65 13.85 18.05 23.40 31.60 42.60 56.95 74.85 97.95 127.90 166.90 215.15 272.55 166.40 164.05 280.80 441.15

3388 8927 6988 25968 11570 4468 5605 11238 16573 64838 28889 38211 46198 61713 145783 91981 107937 104282 83157 48649 5136 4367 2819 9965 19632 9841

119400 256560 95200 1040 630720 96760 119400 151880 175440 889400 153160 350040 340560 322400 824680 360480 429760 307440 270640 311760 35440 70800 40440 307320 300440 488600

2.20

2649

5970000

9.10

2974

849000

18.00 9.60 5.90

3452 3990 4309

320000 316000 600000

5.90

4128

3181750

18.10 8.65 4.15

2729 6254 3481

415200 792000 493200

Type-Exp-Stk.Pr

Open

High

Low

CE-25Jan-2200 25.00 118.90 25.00 88.65 CE-25Jan-2250 16.45 84.95 14.00 55.25 CE-25Jan-2300 9.00 59.00 7.10 34.05 LARSEN & TOUBRO LTD. [750] CE-25Jan-1380 5.40 26.50 5.35 24.80 CE-25Jan-1400 3.20 15.15 2.60 13.50 MARUTI SUZUKI INDIA LTD. [75] CE-25Jan-9400 125.95 126.00 91.10 101.60 CE-25Jan-9500 81.00 88.10 60.00 70.65 UNITED SPIRITS LIMITED [250] CE-25Jan-4000 20.65 67.00 20.65 46.90 RELIANCE INDUSTRIES LTD [1000] CE-25Jan-940 18.25 36.00 13.60 32.60 CE-25Jan-960 9.60 22.45 7.20 19.15 CE-25Jan-980 5.10 13.00 3.75 10.10 CE-25Jan-1000 3.00 7.20 2.00 5.30 CE-25Jan-1020 2.90 3.95 0.85 2.80 CE-25Jan-1040 2.00 2.70 0.65 1.35 PE-25Jan-900 2.20 2.65 0.50 0.60 PE-25Jan-920 5.10 6.45 1.20 1.40 PE-25Jan-940 11.35 14.90 3.25 3.70 PE-25Jan-960 24.95 28.65 8.50 9.50 STATE BANK OF INDIA [3000] CE-25Jan-310 4.05 4.05 2.50 3.20 TATA CONSULTANCY SERV LT [250] CE-25Jan-2950 34.50 176.85 16.50 162.30 CE-25Jan-3000 10.10 136.35 5.70 119.60 CE-25Jan-3050 5.80 98.75 2.70 81.20 CE-25Jan-3100 3.50 64.00 1.90 52.55 CE-25Jan-3150 1.25 38.85 1.25 29.80 CE-25Jan-3200 1.45 23.30 1.00 15.70 PE-25Jan-2900 12.40 14.30 3.20 3.75 PE-25Jan-2950 30.00 37.90 4.95 5.75 PE-25Jan-3000 62.35 62.35 9.20 11.25 YES BANK LIMITED [1750] CE-25Jan-360 3.05 4.45 2.05 3.65 CE: Call European, PE:Put European,CA: Call American PA:Put American,Vol: Volumes OI: Open Interest

Qty Vol

5221 2793 7880

128500 104500 272500

3420 3267

438000 368250

3639 3275

125550 179850

3062

232000

12496 27563 19842 19307 6265 3933 4266 7992 9361 5970

1642000 2599000 3132000 3852000 1234000 1023000 1031000 1328000 1546000 951000

2753

5916000

2416 8512 7313 10948 4604 4895 3760 3522 3717

123750 210500 147250 183250 107500 170500 223500 149000 195750

3087

2065000

Join@Daily_English_Papers . ..... . . . .. 446601

CH-X

STOCKS

BusinessLine TUESDAY • JANUARY 23 • 2018

Market Snapshot

Market Overview NSE

Turnover

BSE

MSEI

Cash ( cr)

35915.33

4919.79

0.11

Futures ( cr)

126642.6

Options ( cr)

604988.6

Volume ('000)

1632900

357756

4.000

Trades ('000)

11521.05

1527.57

0.28

Adv: 983 Nifty Put/Call ratio

NSE Index Watch

S&P BSE Index Watch

Dec: 799

Unch: 70*

1.02

(1.05)

DII Flow ( cr)

3583.17(B)

4045.04(S)

Nifty open interest

2,78,31,150 (3,06,82,800)

* NSE data; Number of Stocks

Sell

Net

Date

Buy

Sell

Net

Jan 22

7002.31

5434.80

1567.51

Jan 22

3583.17

4045.04

461.87

Jan 19

6214.90

5127.06

1087.84

Jan 19

3716.09

3506.23

209.86

0.66

Jan 18

9015.80

7097.88

1917.92

Jan 18

4396.02

5053.48

657.46

12544.6 12894.95

2.07

Jan 17

7934.70

7125.75

808.95

Jan 17

4688.22

4519.61

168.61

31404.6

0.77

Jan 16

8266.56

7520.86

745.70

Jan 16

4002.63

4249.01

246.38

% Chg

BSE SENSEX

35613.97

35798.01

0.81

INDIA VIX

BSE 100

11381.22

11434.66

0.71

NIFTY 50

10883.2

10966.2

0.66

NIFTY 500

9721.45

9787.3

6763.56

6880.15

1.38

BSE PSU

9121.34

9075.02

0.21

30510.18

30617.50

0.47

BSE BANKEX

NIFTY IT NIFTY NEXT 50

Highs & Lows

Buy

BSE TECK

DII Activity

FII Activity Date

Open

Index

Open

Index

15.39 10.08

13.98

31207.25

Pr cl Close

Name

Sector By Sector % Change

52wk high

52wk low

11677.55

0.11

12108.80

9507.95

Nifty Bank

27041.20

26909.50

0.49

27074.90

19435.45

Shilpa Medicare has informed the exchanges that the US FDA has completed inspection of the company’s API UnitI and UnitII at Raichur, Karnataka, between January 16 and 19. The FDA concluded the inspection with three Form 483 observations. Shilpa Medicare is in the process of submission of a corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines in response to the Form 483 issued at the end of inspection. The stock of Shilpa Medicare gained 2.3 per cent at 600.50 on the NSE.

Mercator has informed the exchanges that it has incorporated a wholly owned subsidiary Mercator Oceantransport Ltd in India. The move is aimed at taking forward the business restructuring plans of the company to focus on the shipping business and allied activities through a subsidiary. The main objective of the subsidiary is to carry on the business of establishing, maintaining and operating all kinds and types of shipping, ship management and ship transport business, and to provide related services across the globe, including in India. Shares of Mercator closed at 43.85, up 2.3 per cent, on the NSE. Om Metals Infraprojects on Monday informed the exchanges that its associate company Om Metals Infotech Pvt Ltd has secured a compromise/settlement with Riya Garments. The latter has agreed to withdraw its claim on the land (56,000 sq mt). The land (in Jaipur) was purchased by Om Metals Infotech from IDBI Bank in an auction in the year 200607 and Riya Garments had challenged the sale. The execution of the settlement agreement would be presented to the High Court of Rajasthan in a few days, the company said. The stock of Om Metals gained 0.68 per cent at 66.25 on the NSE.

Nifty Commodities

Majesco (Buy) CMP: 560.1 Target: 667 Majesco Ltd’s stock rose by 3.9 per cent and 5.37 per cent on Friday and Monday respectively. The company reported strong 2QFY18 results on the revenue front, which rose 8.8 per cent qoq in dollar terms, led by strong order book growth seen in 1QFY18 (over 20 per cent qoq); cloud revenue rose 28 per cent qoq, aided by the key IBM partnership. Good revenue growth helped in 395 bps qoq rise in EBITDA margin. Industry fundamentals and the key IBM partnership will enable Majesco to boost revenue growth going forward. Cloud o ering — Potential ‘Trump Card’: 6070 per cent of the deal pipeline in the past few months has been for cloud services. Of the addressable market of $25 billion for Majesco, around $1516 billion relates to the L&A market, while $9.25 billion relates to the US P&C market. We currently have a target price of 667 on the stock. Business Line is not responsible for the recommendations sourced from third party brokerages. Reports may be sent to: blmarketwatch@gmail.com

Calendar L JANUARY 23

Alembic Limited: Results Can Fin Homes Limited: Results Chennai Petroleum Corporation Limited: Results Crompton Greaves Consumer Electricals Limited: Results Edelweiss Financial Services Limited: Results/Dividend Hester Biosciences Limited: Results Indiabulls Housing Finance Limited: Results/ Dividend Indiabulls Real Estate Limited: Results L&T Technology Services Limited: Results Menon Bearings Limited: Results NIIT Limited: Results Nucleus Software Exports Limited: Results Onward Technologies Limited: Results Oriental Hotels Limited: Results PNB Housing Finance Limited: Results Prime Securities Limited: Results Rane (Madras) Limited: Results

CM YK

4232.80

5086.40

5076.20

0.20

5153.55

3751.10

14128.10

1.99

14662.80

10613.50

Nifty Fin Service

11093.15

11073.25

0.18

11132.60

7874.10

Nifty FMCG

27607.75

27517.10

0.33

29037.85

21725.95

Nifty Infra

3693.30

3672.50

0.57

3748.90

2894.50

12894.95

12633.85

2.07

12924.60

9592.25

Nifty Media

3558.55

3540.55

0.51

3675.85

Nifty Metal

4006.15

4033.40

0.68

4256.40

2829.10

21507.50

21308.80

0.93

21840.85

15401.40

5510.80

5469.55

0.75

5722.50

3853.35

14690.35

0.02

14945.85

10405.50

Nifty Pharma

9654.80

9637.80

0.18

10806.80

8314.50

Nifty PSE

4248.30

4249.30

0.02

4446.50

3693.15

Nifty PSU Bank

3685.50

3710.70

0.68

4335.20

2928.30

353.95

347.30

1.91

375.15

178.75

14567.25

14491.00

0.53

14582.65

10823.00

Nifty MNC

Nifty Realty Nifty Serv Sector

Traded Vol '000

Delivered Vol '000

% Delivered

Prev close

% Chg

1101

100

17.58

16.75

Raj Oil

392

100

3.09

Nitesh Est

142

100

16.56

Indosolar

255

100

9.92

H/L

683.80 627.40 4.00

R*Shares 1130.79 1128.79

0.62

352.00 350.15

3.81

Radico Kh

404.40 389.60

6.58

Vinyl Che

100.85 117.35 16.36

Dishman C

392.40 384.75

6.59

Reliance

974.30 971.50

4.32

33.70 13.28

Excel Cro

3624.70 3598.55

5.54

Shemaroo

585.00 550.55 10.40

535.85 599.25 11.83

Gna Axles

Sonata So

315.00 311.30

29.75

474.40 454.10 0.57

Godrej Co 1098.00 1092.70

3.97

Stampade

8.90

2.47

8.50

0.00

0.25 16.67

Godrej Pr

910.25 882.05

7.04

Sundaram 2100.05 1968.90 3.16

687.80 588.95 14.37

Grindwell

574.95 556.65

1.69

Tcs

3134.70 3116.40

5.31

1.60

Technocra

604.00 600.15

4.61

Ti Financ

739.00 724.10

2.06

0.30

Kss

0.35

0.30 14.29

Guj. Raff

Nakoda

0.50

0.45 10.00

H D F C

74.35

73.05

1924.35 1872.00 1.54

Hdfc Bank 1988.00 1963.35

0.57

Uti Nifty

1139.19 1137.59

1.04

Icici Pr.

125.00 119.09

0.72

Uti Sense

372.55 372.55

0.85

Info Edg.

1460.00 1415.05

0.60

Vakrang

479.90 473.65

6.06

Jindal Wo

661.05 638.35

2.54

VGuard I

250.00 247.60

3.32

38.15

1.87

Jubilant

2299.00 2273.30

8.60

Wabco Ind 7959.95 7911.35

0.78

443.35 438.05

1.06

Kotak Ban

275.68 274.01

0.27

L ALL - TIME LOW

Andhra Su

715.00 703.35

4.43

Larsen &

1403.65 1398.85

2.00

Cl Educat

Apl Apoll

2536.00 2514.55

0.56

Mphasis

812.90 802.00

1.58

Guj.NreD

Axis Nift

1091.12 1091.12

0.09

Niit Tech

770.30 765.75

5.18

Irb Invit

Biocon

614.40 603.85

6.06

Oriental

60.95

1.75

Magadh Su 149.00 149.50 2.92

Coffee Da

374.90 359.55

2.90

R*Shares 2744.50 2741.58

0.26

Note: % change is over previous day's close

119.35 107.45 9.97

Dalmia Bh

L ALL - TIME HIGH Name

H/L Close

38.15

21St Cent Adani Por

64.00

276.10 277.70 0.07 1.20

1.25

85.75

0.00

86.74 2.31

NSE Circuit Breakers Pr cl Close

Name

Pr cl Close

Mirc Elec

48.50

50.90 10

L UPPER

High Delivery Stocks

Name

Delta Cor

Gruh Fina

2761.30

14687.90

Nifty Midcap 50

Cyient Lt

Mps Infot

3305.40

14409.90

Nifty MID100 Free

7.05

3I Infote

What to Watch

7.40 10

Name

Pr cl Close

High Grou

14.40

13.90 10

Jaypee In

15.75

15.00 10

4.00

4.20 10

Action Co

151.55 166.60 10

Motor & G

41.95

43.20 10

Kaushalya

4.96

Asian Hot

342.05 401.15 20

Nagreeka

47.15

45.00

Magnum Ve

15.45

14.75 10

2.95

4.75

Apollo Si

1370.001435.60 10

Manak Alu

16.50

16.15 10

17.02

2.70

Bhansali

Nagreeka

47.15

45.00

9.93

0.10

Bs Limite

182.25 191.35

Naga Dhun 2049.701952.85 10

Noida Tol

12.45

13.65

1.55

Omax Auto 119.55 143.45 20

95.75

Naga Dhun 2049.701952.85 10

10883

100

4.74

4.98

4.82

Cambridge

97.70

Prakash C

8.05

8.45 10

Nu Tek In

Gyscoal

273

100

9.80

9.77

0.31

Euro Cera

7.70

8.05 10

Pvp Ventu

8.50

8.90 10

Paramount

Shekhawati

205

100

0.72

0.73

1.37

Fineotex

76.45

79.55 10

Stampede

8.50

The P K T

Bil Energy

1926

100

1.78

1.70

4.71

Gemini Co

Shah Allo

20.00

22.00

Prakash C

8.05

Hexatradex

163

100

65.25

68.25

4.40

Godawari

493.95 518.60 10

Surana In

3.50

3.60 10

Pvp Ventu

8.50

8.90 10

Rtninfra

137

100

6.99

6.97

0.29

Guj Nre D

7.40 10

Religare

52.25

52.75 10

Supremex

310

100

23.25

23.75

2.11

Hb Stockh

Srs Limit

1.85

1.80 10

Khoobsurat

368

100

0.39

0.38

2.63

Supreme T

2.30

2.20 10

Kushal

553

100

153.60

154.35

0.49

Hind Synt

13.55

14.20

Uttam Val

0.35

453

100

4.39

4.47

1.79

Jaypee In

15.75

15.00 10

L LOWER

Videocon

21.75

20.70

Stellar Cap

240

100

4.10

4.30

4.65

Jyoti Str

12.00

12.60 10

Cambridge

Visagar P

1.50

1.45

391

100

11.29

10.85

4.06

Kaushalya

4.00

4.20 10

Gujarat N

1.30

1.25 10

Zodiac Jr

50.60

50.00

Metkore A

3.65

3.70

Guj Nre D

1.25

1.25 10

Electrosteel

High Volume Stocks Close ( )

Volume

20day Avg Vol

Gain (%)

Khait.Ind

59.95

26073

4062

542

Zod.Jrd

50.00

15536

2564

506

Name

Univ.Cab

177.35

360119

77606

364

Gnfc

511.70

6931704

1615315

329

Reliance

971.50

20892838

5018845

316

Panac.Bio

288.70

985878

265498

271

Kamat Htl

151.05

1175100

325318

261

Hpcl

401.80

9692575

2938530

230

Andhar Sug

703.35

221961

86463

157

Orient Htls

60.95

2009326

821819

144

Balrampur

124.15

5300482

2217752

139

Gar.Wal.Rp

1010.00

78611

35198

123

67.60

8345592

3821990

118

143.75

4186381

1992497

110

6.70

3863

1960

Alembic Hind.Oil.Ex Norben

0.85

Alembic, Savita Oil: Eyes on buyback meet Shares of Alembic will remain in focus on Tuesday, as its board meets to consider December quarter results and a proposal to buy back its shares. The board of Savita Oil Technologies too will meet on January 23 to consider a buy back of shares. Investors in these companies will closely monitor the quantum of buy back, mode of buyback (open market, or tender route) and o er price. Promoters’ discre tion will also be closely mon itored by investors.

The stock of 8K Miles Software Services may remain under pressure, as one of the pro moters RS Ramani, sold stake in the company. According to bulk deal data with the NSE, Ramani sold about 6.82 lakh shares, in two tranches 4.32 lakh shares (at 748.64) and 2.5 lakh shares ( 750). DSP BlackRock MF bought 4.26 lakh shares at an average price of 748. At the end of Decem ber, Ramani had held 11.575 lakh shares, of which four lakh are locked in.

L&T Tech, CG Consumer, NIIT results Tuesday will see a host of com panies including Crompton Greaves Consumer, Can Fin Homes, Edelweiss Financial, Hester Biosciences, Indiabulls Real Estate, Indiabulls Hous ing, L&T Technologies, NIIT, Nucleus Software, Onward Technologies, Oriental Hotels, PNB Housing, Prime Securities, RBL Bank, United Spirits, Shemaroo, Symphony, Swaraj Engines, Syngene, Wabco, and Vinyl Chemicals declaring their nancial results for the period ended December 2017.

1.25

1.25 10

Tarapur T

7.45

46.80

47.95 10

2774.852913.55

Heg Ltd

8K Miles: Promoter pares stake

0.90

Videocon

21.75

Zenith Bi

0.55

Zenith Ex

52.15

97.70

20.70

0.60 20 54.75

95.75

1.65

1.60

15.20

14.50

621.45 590.40 10 8.45 10

Note: % denotes circuit limit

BSE Circuit Breakers Name

Pr H/L

H/L

Name

H/L

Pr H/L

Name

H/L

Pr H/L

L UPPER

15.34

14.58 5

Omax Auto 119.50 143.40 20

3I Infote

7.03

7.38

Magnum Ve

Axisaegpg

10.89 10

Mirc Elect

48.30

50.70

Nutek Ind

1.62

1.54 5

151.10 166.20 10

Euro Cera

7.85

8.24

Paramount

15.20

14.45 5

Action Co

9.90

NoidaTol

12.43

13.67 10

Pvp Vent

8.46

8.88

Easter Si

5.68

5.40 5

Shah Allo

19.90

21.85 10

Prakash C

8.11

8.51

Euro Multi

2.45

2.33 5

4.77

4.54 5

182.15 191.25

Jyoti Str

11.99

12.58

Amsons

Heg Limit 2776.452915.25

Gi Engine

3.55

3.72

Jpinfratec

15.80

15.05 5

495.35 520.10

0.53

0.55

Sunstar R

14.75

14.05 5

Srs Limit

1.90

1.81 5

96.95

95.05 2

Bhansali

Zenith Bi

4.00

4.20

L LOWER

Chemtech

24.00

25.20

Nagreka C

Motor&Gen

42.20

44.30

Radaan Me

Hind.Synt

12.05

12.65

Skp

Godawari Kaushal I

44.90 5

Cambridge

3.42

3.25 5

Winsome Y

2.35

2.31 2

28.20

26.80 5

Comfort C

12.40

12.20 2

47.25

Future OI Gainers

The Long & Short of it

Company

#4 4 6 6 0 1

FIIs reduce long positions, while rolling over and adding more short positions, signalling bearish view

Futures Price %Chg

Open Interest Volume %Chg

VGUARD

3030000

8.84

247.95

3.12

M&M Fin

5556250

6.09

490.20

3.76

JP Associates 212024000

5.16

22.05

1.15

NIITTech

1342500

3.83

768.15

5.05

Havells

3354000

3.45

553.65

0.79

MINDTree

2701200

2.88

755.05

7.65

Asian Paints

4201200

2.47 1174.60 1.31

NIFTYMID50 BHEL Divis Lab

515400

0.01 5553.35

48847500

0.63

2567200

104.25

1.71 6.76

0.74 1080.45 1.60

Future OI Losers Company

Wipro

Price

RELIANCE SECURITIES

0.25

Nifty Energy

Nifty IT

Who Moved My Nifty 50

Broker’s Call

4086.80

4097.00

Nifty Consumption

Ksk Energy

Pr Close

342.05 401.15 17.28

L TOP LOSERS

11690.85

H/L

Omax Auto 119.55 143.45 19.99

Sobha

Nifty Auto

Name

Asian Hot

India Pow

Company News

L TOP GAINERS

Source: Exchange

Note: Exchange, NSDL, CDSL data

G 71.50 pts.

Days Chg

Pts

Volume

Who Moved My Nifty Next 50 PE

Mktcap ( Cr.)

Reliance Ind . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 971.50. . . . . . . . . . . . 40.20. . . . . . . 35.96. . . . . . . . 20892838. . . . . . . . 19.37. . . . . . . . . . 334942.83 TCS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3116.40. . . . . . . . . . 157.10. . . . . . . 20.29. . . . . . . . . . 2183555. . . . . . . . 24.53. . . . . . . . . . 155107.83 Axis Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 611.55. . . . . . . . . . . . 21.30. . . . . . . . . 8.79. . . . . . . . 21790443. . . . . . . . 44.26. . . . . . . . . . . 97221.12 L&T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1398.85. . . . . . . . . . . . 27.40. . . . . . . . . 8.77. . . . . . . . . . 3067658. . . . . . . . 50.15. . . . . . . . . . 172465.31 HDFC Bank . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1963.35. . . . . . . . . . . . 11.15. . . . . . . . . 5.92. . . . . . . . . . 2212442. . . . . . . . 31.96. . . . . . . . . . 401420.78 ONGC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 200.70. . . . . . . . . . . . . . 7.00. . . . . . . . . 5.13. . . . . . . . 23165754. . . . . . . . 14.55. . . . . . . . . . . 56663.87 Kotak Bank . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1074.10. . . . . . . . . . . . 13.55. . . . . . . . . 4.69. . . . . . . . . . 3189930. . . . . . . . 54.36. . . . . . . . . . 143187.29 Indiabulls HFL. . . . . . . . . . . . . . . . . . . . . .. . . . . 1355.15. . . . . . . . . . . . 53.35. . . . . . . . . 4.48. . . . . . . . . . 2123773. . . . . . . . 18.59. . . . . . . . . . . 43867.41 Infosys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1150.00. . . . . . . . . . . . . . 6.55. . . . . . . . . 3.40. . . . . . . . . . 4825107. . . . . . . . 15.95. . . . . . . . . . 229814.18 YES Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 355.35. . . . . . . . . . . . . . 6.00. . . . . . . . . 2.86. . . . . . . . 13456538. . . . . . . . 21.69. . . . . . . . . . . 65316.35 Tech Mahindra . . . . . . . . . . . . . . . . . . . . .. . . . . . . 569.50. . . . . . . . . . . . 16.60. . . . . . . . . 2.69. . . . . . . . . . 4127554. . . . . . . . 15.41. . . . . . . . . . . 35613.04 Bajaj Auto . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 3274.50. . . . . . . . . . . . 64.10. . . . . . . . . 2.26. . . . . . . . . . . 223845. . . . . . . . 25.19. . . . . . . . . . . 44534.02 Tata Motors . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 421.90. . . . . . . . . . . . . . 3.85. . . . . . . . . 1.85. . . . . . . . . . 4643782. . . . . . . . . . 0.00. . . . . . . . . . . 77963.03 Zee Entertainment . . . . . . . . . . . . . .. . . . . . . 608.85. . . . . . . . . . . . . . 8.50. . . . . . . . . 1.21. . . . . . . . . . 2713393. . . . . . . . 37.71. . . . . . . . . . . 33332.01 HCL Tech . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 966.35. . . . . . . . . . . . . . 8.05. . . . . . . . . 1.16. . . . . . . . . . 2215659. . . . . . . . 19.40. . . . . . . . . . . 53811.18 Sun Pharma . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 576.15. . . . . . . . . . . . . . 4.05. . . . . . . . . 1.16. . . . . . . . . . 3072409. . . . . . . . . . 0.00. . . . . . . . . . . 63588.66 UPL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 813.60. . . . . . . . . . . . 11.25. . . . . . . . . 1.07. . . . . . . . . . 2396370. . . . . . 107.32. . . . . . . . . . . 29779.13 Adani Ports . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 438.05. . . . . . . . . . . . . . 4.60. . . . . . . . . 0.91. . . . . . . . . . 7092514. . . . . . . . 31.78. . . . . . . . . . . 33565.68 UltraTech Cement. . . . . . . . . . . . . . . .. . . . . 4330.00. . . . . . . . . . . . 30.00. . . . . . . . . 0.81. . . . . . . . . . . 179728. . . . . . . . 46.19. . . . . . . . . . . 45174.77 Hero MotoCorp. . . . . . . . . . . . . . . . . . . .. . . . . 3602.95. . . . . . . . . . . . 13.20. . . . . . . . . 0.44. . . . . . . . . . . 320126. . . . . . . . 21.07. . . . . . . . . . . 46769.74 Lupin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 930.05. . . . . . . . . . . . . . 5.95. . . . . . . . . 0.37. . . . . . . . . . 1132432. . . . . . . . 19.54. . . . . . . . . . . 22278.32 Coal India . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 285.05. . . . . . . . . . . . . . 1.05. . . . . . . . . 0.36. . . . . . . . . . 3025790. . . . . . . . 13.06. . . . . . . . . . . 37157.86 Bajaj Finance . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1706.35. . . . . . . . . . . . . . 4.45. . . . . . . . . 0.27. . . . . . . . . . . 924498. . . . . . . . 45.46. . . . . . . . . . . 40333.35 Dr Reddys Lab . . . . . . . . . . . . . . . . . . . . .. . . . . 2496.55. . . . . . . . . . . . . . 6.20. . . . . . . . . 0.19. . . . . . . . . . . 692415. . . . . . . . 54.84. . . . . . . . . . . 30232.65 Bosch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 19981.50. . . . . . . . . . . . . . 5.35. . . . . . . . . 0.01. . . . . . . . . . . . . . . 6083. . . . . . . . 46.51. . . . . . . . . . . 18295.50 Ambuja Cements . . . . . . . . . . . . . . . . .. . . . . . . 268.45. . . . . . . . . . . . . 0.15. . . . . . . . 0.03. . . . . . . . . . 1955296. . . . . . . . 49.04. . . . . . . . . . . 19722.72 IndusInd Bank . . . . . . . . . . . . . . . . . . . . .. . . . . 1683.20. . . . . . . . . . . . . 0.80. . . . . . . . 0.11. . . . . . . . . . . 820236. . . . . . . . 29.63. . . . . . . . . . . 85752.72 Tata Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 752.20. . . . . . . . . . . . . 0.80. . . . . . . . 0.14. . . . . . . . . . 3605727. . . . . . . . 16.53. . . . . . . . . . . 50407.85 Aurobindo Pharma . . . . . . . . . . . . . .. . . . . . . 640.80. . . . . . . . . . . . . 2.40. . . . . . . . 0.18. . . . . . . . . . 1236464. . . . . . . . 19.46. . . . . . . . . . . 18020.81 Cipla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 601.15. . . . . . . . . . . . . 1.60. . . . . . . . 0.21. . . . . . . . . . . 933769. . . . . . . . 40.59. . . . . . . . . . . 30485.23 NTPC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 172.40. . . . . . . . . . . . . 0.35. . . . . . . . 0.28. . . . . . . . . . 4518855. . . . . . . . 14.80. . . . . . . . . . . 52596.17 PowerGrid Corp . . . . . . . . . . . . . . . . . . .. . . . . . . 195.30. . . . . . . . . . . . . 0.80. . . . . . . . 0.46. . . . . . . . . . 5531239. . . . . . . . 12.71. . . . . . . . . . . 42912.64 Maurti Suzuki . . . . . . . . . . . . . . . . . . . . . .. . . . . 9310.10. . . . . . . . . . . 13.85. . . . . . . . 0.48. . . . . . . . . . . 454188. . . . . . . . 31.07. . . . . . . . . . 123745.40 Bharti Infratel . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 343.50. . . . . . . . . . . . . 2.55. . . . . . . . 0.51. . . . . . . . . . 6688121. . . . . . . . 25.88. . . . . . . . . . . 26684.30 Indian OilCorp . . . . . . . . . . . . . . . . . . . . .. . . . . . . 382.50. . . . . . . . . . . . . 3.45. . . . . . . . 0.91. . . . . . . . . . 1696363. . . . . . . . 11.64. . . . . . . . . . . 39005.06 Hindalco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 255.10. . . . . . . . . . . . . 2.90. . . . . . . . 1.10. . . . . . . . . . 6230212. . . . . . . . 38.03. . . . . . . . . . . 37223.63 Eicher Motors . . . . . . . . . . . . . . . . . . . . . .. . . 27649.80. . . . . . . . . 359.65. . . . . . . . 1.25. . . . . . . . . . . . . 34466. . . . . . . . 41.66. . . . . . . . . . . 36901.39 Hind Unilever. . . . . . . . . . . . . . . . . . . . . . .. . . . . 1355.10. . . . . . . . . . . . . 7.35. . . . . . . . 1.36. . . . . . . . . . 1014403. . . . . . . . 61.36. . . . . . . . . . . 96791.80 M&M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 759.60. . . . . . . . . . . . . 5.80. . . . . . . . 1.40. . . . . . . . . . . 934811. . . . . . . . 24.00. . . . . . . . . . . 70824.68 Asian Paints. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1176.00. . . . . . . . . . . 13.90. . . . . . . . 1.63. . . . . . . . . . . 942542. . . . . . . . 64.79. . . . . . . . . . . 53016.78 BPCL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 469.15. . . . . . . . . . . . . 8.15. . . . . . . . 1.65. . . . . . . . . . 2168115. . . . . . . . 14.10. . . . . . . . . . . 36637.38 GAIL (India) . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 457.40. . . . . . . . . . . 11.35. . . . . . . . 1.89. . . . . . . . . . 4637380. . . . . . . . 21.62. . . . . . . . . . . 29396.88 ITC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 273.65. . . . . . . . . . . . . 0.90. . . . . . . . 1.99. . . . . . . . . . 8339156. . . . . . . . 31.71. . . . . . . . . . 233471.22 Wipro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 321.55. . . . . . . . . . . . . 7.40. . . . . . . . 2.17. . . . . . . . . . 4572569. . . . . . . . 17.35. . . . . . . . . . . 36362.09 Vedanta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 326.95. . . . . . . . . . . . . 4.70. . . . . . . . 2.27. . . . . . . . . . 7508442. . . . . . . . . . 9.46. . . . . . . . . . . 60766.83 Bharti Airtel . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 490.70. . . . . . . . . . . . . 7.20. . . . . . . . 2.46. . . . . . . . . . 4084647. . . . . . . . . . 0.00. . . . . . . . . . . 64730.30 State Bank . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 306.50. . . . . . . . . . . . . 2.75. . . . . . . . 2.65. . . . . . . . 12622645. . . . . . . . 29.36. . . . . . . . . . 113766.15 HPCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 401.80. . . . . . . . . . . 14.40. . . . . . . . 2.79. . . . . . . . . . 9692575. . . . . . . . 10.09. . . . . . . . . . . 30001.32 ICICI Bank . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 351.50. . . . . . . . . . . . . 2.10. . . . . . . . 3.50. . . . . . . . 15269782. . . . . . . . 26.33. . . . . . . . . . 225724.60 HDFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1872.00. . . . . . . . . . . 29.25. . . . . . 12.12. . . . . . . . . . 3649174. . . . . . . . 40.39. . . . . . . . . . 298970.01 Note: free oat market cap

Price

Days Chg

G 238.95 pts.

Pts

Volume

The Under 50s

Mktcap ( Cr.)

Godrej Consumer . . . . . . . . . . . . . . . . .. . . . . 1092.70. . . . . . . . . . . . 41.75. . . . . . . 43.43. . . . . . . . . . . 700187. . . . . . . . 83.64. . . . . . . . . . . 27546.08 BHEL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 104.55. . . . . . . . . . . . . . 7.00. . . . . . . 39.24. . . . . . . . 19820608. . . . . . . . 75.96. . . . . . . . . . . 14202.26 Titan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 909.75. . . . . . . . . . . . 18.30. . . . . . . 31.51. . . . . . . . . . 1495629. . . . . . . . 78.31. . . . . . . . . . . 37960.18 Shriram Trans Fin . . . . . . . . . . . . . . . .. . . . . 1476.25. . . . . . . . . . . . 48.25. . . . . . . 28.91. . . . . . . . . . . 496793. . . . . . . . 23.53. . . . . . . . . . . 21435.88 Bajaj Finserv . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 5051.45. . . . . . . . . . . . 78.40. . . . . . . 19.56. . . . . . . . . . . 104891. . . . . . 606.46. . . . . . . . . . . 30546.79 United Spirits . . . . . . . . . . . . . . . . . . . . . .. . . . . 3787.15. . . . . . . . . . . . 73.20. . . . . . . 17.12. . . . . . . . . . . 901007. . . . . . 212.09. . . . . . . . . . . 21464.74 LIC Hsg Fin . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 575.05. . . . . . . . . . . . 13.05. . . . . . . 16.31. . . . . . . . . . 1974033. . . . . . . . 14.60. . . . . . . . . . . 17412.39 Piramal Ent . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2830.20. . . . . . . . . . . . 36.25. . . . . . . 12.41. . . . . . . . . . . 166916. . . . . . 185.33. . . . . . . . . . . 23473.19 Colgate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1172.55. . . . . . . . . . . . 21.60. . . . . . . 11.88. . . . . . . . . . . 167067. . . . . . . . 54.58. . . . . . . . . . . 15626.92 Oracle Fin . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 4208.00. . . . . . . . . . 113.95. . . . . . . 10.43. . . . . . . . . . . . . 34273. . . . . . . . 31.79. . . . . . . . . . . . . 9336.17 IPrulife . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 438.75. . . . . . . . . . . . . . 9.05. . . . . . . 10.19. . . . . . . . . . 7017568. . . . . . . . . . 0.00. . . . . . . . . . . 11966.42 Avenue Supermarts Ltd. . . . . . .. . . . . 1176.30. . . . . . . . . . . . 31.95. . . . . . . . . 9.05. . . . . . . . . . . 487998. . . . . . 119.50. . . . . . . . . . . . . 8075.22 Bharat Elec . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 175.40. . . . . . . . . . . . . . 2.65. . . . . . . . . 8.60. . . . . . . . . . 2628379. . . . . . . . 25.31. . . . . . . . . . . 13790.60 Siemens. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1319.20. . . . . . . . . . . . 19.85. . . . . . . . . 7.29. . . . . . . . . . . 228818. . . . . . . . 41.47. . . . . . . . . . . 11744.85 Motherson . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 384.40. . . . . . . . . . . . . . 2.10. . . . . . . . . 6.75. . . . . . . . . . 1168798. . . . . . . . 85.33. . . . . . . . . . . 29943.11 Shree Cement. . . . . . . . . . . . . . . . . . . . . .. . . 18479.35. . . . . . . . . . 124.75. . . . . . . . . 6.28. . . . . . . . . . . . . 35976. . . . . . . . 49.93. . . . . . . . . . . 22531.92 Cummins Inida . . . . . . . . . . . . . . . . . . . .. . . . . . . 913.70. . . . . . . . . . . . 10.40. . . . . . . . . 5.83. . . . . . . . . . . 364007. . . . . . . . 34.62. . . . . . . . . . . 12410.60 Britannia Ind. . . . . . . . . . . . . . . . . . . . . . . .. . . . . 4707.35. . . . . . . . . . . . 22.90. . . . . . . . . 5.56. . . . . . . . . . . . . 80901. . . . . . . . 65.60. . . . . . . . . . . 27692.86 Mrf Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 69677.30. . . . . . . . . . 521.30. . . . . . . . . 5.29. . . . . . . . . . . . . . . 3327. . . . . . . . 30.11. . . . . . . . . . . 17139.66 Havells. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 552.65. . . . . . . . . . . . . . 5.05. . . . . . . . . 4.95. . . . . . . . . . 2573233. . . . . . . . 63.97. . . . . . . . . . . 13128.56 Marico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 316.35. . . . . . . . . . . . . . 2.25. . . . . . . . . 4.79. . . . . . . . . . . 468259. . . . . . . . 51.88. . . . . . . . . . . 16333.42 Container Corp . . . . . . . . . . . . . . . . . . . .. . . . . 1483.25. . . . . . . . . . . . . . 9.60. . . . . . . . . 4.34. . . . . . . . . . . 562403. . . . . . . . 36.59. . . . . . . . . . . 16267.25 Torrent Pharma . . . . . . . . . . . . . . . . . . .. . . . . 1451.35. . . . . . . . . . . . 20.85. . . . . . . . . 4.22. . . . . . . . . . . 170417. . . . . . . . 41.63. . . . . . . . . . . . . 7122.44 ABB India. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1602.30. . . . . . . . . . . . 16.45. . . . . . . . . 3.60. . . . . . . . . . . . . 79849. . . . . . . . 86.31. . . . . . . . . . . . . 8488.52 DLF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 250.95. . . . . . . . . . . . . . 1.65. . . . . . . . . 3.04. . . . . . . . . . 5026796. . . . . . . . 84.72. . . . . . . . . . . 11192.75 PidilitInd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 895.00. . . . . . . . . . . . . . 4.65. . . . . . . . . 2.95. . . . . . . . . . . 428801. . . . . . . . 60.93. . . . . . . . . . . 13768.96 Petronet LNG . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 237.80. . . . . . . . . . . . . . 0.75. . . . . . . . . 2.32. . . . . . . . . . 1630985. . . . . . . . 18.83. . . . . . . . . . . 17835.00 NHPC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 30.05. . . . . . . . . . . . . . 0.20. . . . . . . . . 1.78. . . . . . . . . . 5105065. . . . . . . . 13.61. . . . . . . . . . . . . 6474.14 GSK Consumer . . . . . . . . . . . . . . . . . . . .. . . . . 6648.40. . . . . . . . . . . . . . 7.00. . . . . . . . . 0.34. . . . . . . . . . . . . . . 4484. . . . . . . . 43.90. . . . . . . . . . . . . 7828.86 Ashok Leyland . . . . . . . . . . . . . . . . . . . . .. . . . . . . 121.05. . . . . . . . . . . . . . 0.00. . . . . . . . . 0.00. . . . . . . . . . 7431883. . . . . . . . 31.99. . . . . . . . . . . 17361.97 Power Finance . . . . . . . . . . . . . . . . . . . . .. . . . . . . 120.00. . . . . . . . . . . . . 0.20. . . . . . . . 0.74. . . . . . . . . . 2963447. . . . . . . . . . 6.06. . . . . . . . . . . 10771.53 Tata Power . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 92.10. . . . . . . . . . . . . 0.10. . . . . . . . 0.75. . . . . . . . . . 3904900. . . . . . . . . . 0.00. . . . . . . . . . . 16690.35 ACC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1827.20. . . . . . . . . . . . . 2.30. . . . . . . . 0.80. . . . . . . . . . . 236750. . . . . . . . 45.19. . . . . . . . . . . 15440.61 GSK Pharma . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 2463.05. . . . . . . . . . . 10.55. . . . . . . . 0.92. . . . . . . . . . . . . 12715. . . . . . . . 64.71. . . . . . . . . . . . . 5215.69 Dabur India . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 363.10. . . . . . . . . . . . . 0.70. . . . . . . . 1.63. . . . . . . . . . . 939881. . . . . . . . 64.98. . . . . . . . . . . 20467.46 Punjab Natl Bank . . . . . . . . . . . . . . . . .. . . . . . . 176.00. . . . . . . . . . . . . 0.40. . . . . . . . 1.72. . . . . . . . 11370450. . . . . . . . 31.09. . . . . . . . . . . 18356.84 Oil India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 371.80. . . . . . . . . . . . . 2.85. . . . . . . . 2.14. . . . . . . . . . . 686019. . . . . . . . 17.92. . . . . . . . . . . . . 6751.32 Bank of Baroda . . . . . . . . . . . . . . . . . . . .. . . . . . . 164.80. . . . . . . . . . . . . 0.60. . . . . . . . 2.34. . . . . . . . . . 8918325. . . . . . . . 39.30. . . . . . . . . . . 15568.75 Glenmark. . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 620.20. . . . . . . . . . . . . 4.10. . . . . . . . 2.53. . . . . . . . . . . 497055. . . . . . . . 10.50. . . . . . . . . . . . . 9275.04 Rural Elec . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 155.65. . . . . . . . . . . . . 0.80. . . . . . . . 2.67. . . . . . . . . . 2400565. . . . . . . . . . 5.50. . . . . . . . . . . 12603.24 Cadila Health . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 438.75. . . . . . . . . . . . . 2.80. . . . . . . . 2.96. . . . . . . . . . . 491150. . . . . . . . 42.12. . . . . . . . . . . 11229.18 SAIL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 92.45. . . . . . . . . . . . . 0.85. . . . . . . . 3.62. . . . . . . . . . 4967870. . . . . . . . . . 0.00. . . . . . . . . . . . . 9546.68 Emami . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1245.85. . . . . . . . . . . 16.40. . . . . . . . 4.15. . . . . . . . . . . 162908. . . . . . . . 88.65. . . . . . . . . . . . . 7634.73 IntGlobeAvi. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1198.15. . . . . . . . . . . 12.45. . . . . . . . 4.74. . . . . . . . . . . 281928. . . . . . . . 20.11. . . . . . . . . . . 11051.15 Proc & Gam . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 9276.40. . . . . . . . . 139.50. . . . . . . . 5.42. . . . . . . . . . . . . . . 5979. . . . . . . . 67.84. . . . . . . . . . . . . 8732.44 Sun TV Network . . . . . . . . . . . . . . . . . .. . . . . 1033.65. . . . . . . . . . . 16.55. . . . . . . . 6.73. . . . . . . . . . . 482950. . . . . . . . 40.24. . . . . . . . . . . 10183.64 Hindus Zinc . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 292.45. . . . . . . . . . . . . 6.90. . . . . . . . 7.22. . . . . . . . . . 2433313. . . . . . . . 12.61. . . . . . . . . . . . . 7414.17 NMDC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 144.15. . . . . . . . . . . . . 2.25. . . . . . . . 7.34. . . . . . . . . . 2690707. . . . . . . . 15.62. . . . . . . . . . . 11401.87 JSW Steel . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . 278.65. . . . . . . . . . . . . 3.45. . . . . . 14.80. . . . . . . . . . 2143377. . . . . . . . 21.82. . . . . . . . . . . 28963.01 Idea Cellular . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . 99.50. . . . . . . . . . . . . 2.80. . . . . . 15.84. . . . . . . . . . 7526353. . . . . . . . . . 0.00. . . . . . . . . . . 13639.53

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Dpsc Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.70. . . . . . . . . . . . . 29.75. . . . . . . . . . . 13.28. . . . . . . . . 470600. . . . . . . . . 47.55. . . . . . . . 29.20 National Steel & Agro Ind . . . . . . . . . .. . . . . . . . 45.85. . . . . . . . . . . . . 41.25. . . . . . . . . . . 11.15. . . . . . . . . 476773. . . . . . . . . 51.60. . . . . . . . 21.40 Shah Alloys Limited . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.00. . . . . . . . . . . . . 20.00. . . . . . . . . . . 10.00. . . . . . . . . 186319. . . . . . . . . 23.90. . . . . . . . 14.05 Noida Toll Bridge Co Ltd . . . . . . . . . . . .. . . . . . . . 13.65. . . . . . . . . . . . . 12.45. . . . . . . . . . . . 9.64. . . . . . . . . 997947. . . . . . . . . 17.15. . . . . . . . . . 8.15 Zenith Birla (India) Ltd . . . . . . . . . . . . . .. . . . . . . . . . 0.60. . . . . . . . . . . . . . . 0.55. . . . . . . . . . . . 9.09. . . . . . . . . 166824. . . . . . . . . . . 0.80. . . . . . . . . . 0.45 Jyoti Structures Ltd . . . . . . . . . . . . . . . . . . .. . . . . . . . 12.60. . . . . . . . . . . . . 12.00. . . . . . . . . . . . 5.00. . . . . . . 1069887. . . . . . . . . 15.50. . . . . . . . . . 6.85 Kaushalya Infra Dev Ltd. . . . . . . . . . . .. . . . . . . . . . 4.20. . . . . . . . . . . . . . . 4.00. . . . . . . . . . . . 5.00. . . . . . . . . 180714. . . . . . . . . . . 6.60. . . . . . . . . . 2.40 Gvk Pow. & Infra Ltd. . . . . . . . . . . . . . . . . .. . . . . . . . 23.15. . . . . . . . . . . . . 22.05. . . . . . . . . . . . 4.99. . . . . . . 2836281. . . . . . . . . 27.85. . . . . . . . . . 5.00 Prakash Constrowell Ltd . . . . . . . . . . .. . . . . . . . . . 8.45. . . . . . . . . . . . . . . 8.05. . . . . . . . . . . . 4.97. . . . . . . 3875691. . . . . . . . . 10.65. . . . . . . . . . 3.15 3I Infotech Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 7.40. . . . . . . . . . . . . . . 7.05. . . . . . . . . . . . 4.96. . . . . 12182877. . . . . . . . . . . 9.20. . . . . . . . . . 3.60 Ksk Energy Ventures Ltd . . . . . . . . . . .. . . . . . . . 18.10. . . . . . . . . . . . . 17.25. . . . . . . . . . . . 4.93. . . . . . . 4373411. . . . . . . . . 20.60. . . . . . . . . . 6.20 Genus P&B Limited . . . . . . . . . . . . . . . . . . .. . . . . . . . 14.20. . . . . . . . . . . . . 13.55. . . . . . . . . . . . 4.80. . . . . . . . . 450132. . . . . . . . . 15.20. . . . . . . . . . 4.75 Pvp Ventures Limited . . . . . . . . . . . . . . . .. . . . . . . . . . 8.90. . . . . . . . . . . . . . . 8.50. . . . . . . . . . . . 4.71. . . . . . . . . 942654. . . . . . . . . 10.60. . . . . . . . . . 4.20 Viji Finance Limited . . . . . . . . . . . . . . . . . . .. . . . . . . . 11.25. . . . . . . . . . . . . 10.80. . . . . . . . . . . . 4.17. . . . . . . . . 601715. . . . . . . . . 11.75. . . . . . . . . . 3.50 Madhucon Projects Ltd. . . . . . . . . . . . .. . . . . . . . 34.65. . . . . . . . . . . . . 33.30. . . . . . . . . . . . 4.05. . . . . . . . . 284207. . . . . . . . . 65.40. . . . . . . . 24.70 Mcdowell Holdings Ltd. . . . . . . . . . . . . .. . . . . . . . 48.05. . . . . . . . . . . . . 46.25. . . . . . . . . . . . 3.89. . . . . . . . . 229892. . . . . . . . . 57.50. . . . . . . . 35.75 Emco Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 22.05. . . . . . . . . . . . . 21.25. . . . . . . . . . . . 3.76. . . . . . . . . 699064. . . . . . . . . 33.90. . . . . . . . 16.40 Hindustan Construction Co . . . . . . .. . . . . . . . 38.05. . . . . . . . . . . . . 36.90. . . . . . . . . . . . 3.12. . . . . 12568318. . . . . . . . . 48.10. . . . . . . . 31.90 Morepen Lab. Ltd . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.70. . . . . . . . . . . . . 41.45. . . . . . . . . . . . 3.02. . . . . 10581717. . . . . . . . . 44.45. . . . . . . . 14.70 Indo Rama Synthetics Ltd . . . . . . . . .. . . . . . . . 49.40. . . . . . . . . . . . . 48.00. . . . . . . . . . . . 2.92. . . . . . . . . 179415. . . . . . . . . 56.90. . . . . . . . 25.30 Rattanindia Power Limited . . . . . . . .. . . . . . . . . . 7.60. . . . . . . . . . . . . . . 7.40. . . . . . . . . . . . 2.70. . . . . . . 7874949. . . . . . . . . . . 9.60. . . . . . . . . . 5.30 Coral India Fin & Hous Lt . . . . . . . . . . .. . . . . . . . 42.35. . . . . . . . . . . . . 41.25. . . . . . . . . . . . 2.67. . . . . . . . . 175231. . . . . . . 320.50. . . . . . . . 39.55 Sterling Biotech Ltd . . . . . . . . . . . . . . . . . .. . . . . . . . . . 3.90. . . . . . . . . . . . . . . 3.80. . . . . . . . . . . . 2.63. . . . . . . . . 488496. . . . . . . . . . . 6.80. . . . . . . . . . 3.10 Sunil Hitech Engr. Ltd. . . . . . . . . . . . . . . .. . . . . . . . 13.65. . . . . . . . . . . . . 13.30. . . . . . . . . . . . 2.63. . . . . . . 2634210. . . . . . . . . 16.25. . . . . . . . 10.10 Viceroy Hotels Limited . . . . . . . . . . . . . .. . . . . . . . 19.35. . . . . . . . . . . . . 18.90. . . . . . . . . . . . 2.38. . . . . . . . . 470958. . . . . . . . . 24.70. . . . . . . . 15.50 Mercator Limited . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 43.85. . . . . . . . . . . . . 42.85. . . . . . . . . . . . 2.33. . . . . . . 2920433. . . . . . . . . 55.25. . . . . . . . 32.70 Ifci Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 31.00. . . . . . . . . . . . . 30.30. . . . . . . . . . . . 2.31. . . . . 17628181. . . . . . . . . 34.60. . . . . . . . 20.60 Pratibha Inds. Ltd. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . 8.90. . . . . . . . . . . . . . . 8.70. . . . . . . . . . . . 2.30. . . . . . . . . 166214. . . . . . . . . 14.40. . . . . . . . . . 5.65 Sharon BioMedi Ltd . . . . . . . . . . . . . . . . .. . . . . . . . . . 7.10. . . . . . . . . . . . . . . 6.95. . . . . . . . . . . . 2.16. . . . . . . . . 149499. . . . . . . . . . . 9.90. . . . . . . . . . 4.95 Hotel Leela Ventures Ltd . . . . . . . . . . .. . . . . . . . 22.00. . . . . . . . . . . . . 21.55. . . . . . . . . . . . 2.09. . . . . . . . . 575893. . . . . . . . . 27.30. . . . . . . . 15.75 Prajay Eng. Syn. Ltd. . . . . . . . . . . . . . . . . .. . . . . . . . 17.45. . . . . . . . . . . . . 17.10. . . . . . . . . . . . 2.05. . . . . . . . . 133148. . . . . . . . . 20.30. . . . . . . . . . 7.50 A2z Infra Engineering Ltd . . . . . . . . . .. . . . . . . . 40.85. . . . . . . . . . . . . 40.05. . . . . . . . . . . . 2.00. . . . . . . 1059686. . . . . . . . . 52.65. . . . . . . . 33.55 Pincon Spirit Ltd. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 38.55. . . . . . . . . . . . . 37.85. . . . . . . . . . . . 1.85. . . . . . . . . 292212. . . . . . . . . 80.15. . . . . . . . 28.55 Andhra Cements Limited . . . . . . . . . .. . . . . . . . 13.35. . . . . . . . . . . . . 13.15. . . . . . . . . . . . 1.52. . . . . . . . . 256225. . . . . . . . . 16.00. . . . . . . . . . 7.80 Sanwaria Consumer Limited . . . . .. . . . . . . . 27.05. . . . . . . . . . . . . 26.65. . . . . . . . . . . . 1.50. . . . . . . 1592766. . . . . . . . . 34.40. . . . . . . . . . 6.50 Manali Petrochemicals Lt . . . . . . . . . .. . . . . . . . 38.00. . . . . . . . . . . . . 37.45. . . . . . . . . . . . 1.47. . . . . . . . . 444964. . . . . . . . . 49.40. . . . . . . . 30.20 Hilton Metal Forging Ltd. . . . . . . . . . . .. . . . . . . . 39.85. . . . . . . . . . . . . 39.30. . . . . . . . . . . . 1.40. . . . . . . . . 105383. . . . . . . . . 54.45. . . . . . . . 17.25 Metkore Alloys & Ind Ltd . . . . . . . . . . .. . . . . . . . . . 3.70. . . . . . . . . . . . . . . 3.65. . . . . . . . . . . . 1.37. . . . . . . . . 170011. . . . . . . . . . . 7.05. . . . . . . . . . 2.50 Gmr Infrastructure Ltd. . . . . . . . . . . . . .. . . . . . . . 22.95. . . . . . . . . . . . . 22.65. . . . . . . . . . . . 1.32. . . . . 44668065. . . . . . . . . 25.05. . . . . . . . 12.45 Nagarjun Fert And Che Ltd . . . . . . . .. . . . . . . . 24.00. . . . . . . . . . . . . 23.70. . . . . . . . . . . . 1.27. . . . . . . . . 763458. . . . . . . . . 28.40. . . . . . . . 11.40 Indbank Merch Bank . . . . . . . . . . . . . . . . .. . . . . . . . 29.75. . . . . . . . . . . . . 29.40. . . . . . . . . . . . 1.19. . . . . . . . . 731225. . . . . . . . . 31.40. . . . . . . . 12.05 Spic Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 42.40. . . . . . . . . . . . . 41.90. . . . . . . . . . . . 1.19. . . . . . . . . 525623. . . . . . . . . 57.85. . . . . . . . 20.50 Il&Fs Investment Managers . . . . . .. . . . . . . . 26.05. . . . . . . . . . . . . 25.75. . . . . . . . . . . . 1.17. . . . . . . 1253097. . . . . . . . . 35.25. . . . . . . . 13.50 Jaiprakash Associates Ltd . . . . . . . . .. . . . . . . . 21.95. . . . . . . . . . . . . 21.70. . . . . . . . . . . . 1.15. . . . 230608204. . . . . . . . . 30.45. . . . . . . . . . 9.15 Tanla Solutions Limited . . . . . . . . . . . . .. . . . . . . . 39.60. . . . . . . . . . . . . 39.15. . . . . . . . . . . . 1.15. . . . . . . . . 730439. . . . . . . . . 66.40. . . . . . . . 29.50 Burnpur Cement Ltd. . . . . . . . . . . . . . . . . .. . . . . . . . 13.25. . . . . . . . . . . . . 13.10. . . . . . . . . . . . 1.15. . . . . . . . . 256607. . . . . . . . . 17.00. . . . . . . . . . 7.20 Zee Media Corporation Ltd. . . . . . . .. . . . . . . . 44.45. . . . . . . . . . . . . 43.95. . . . . . . . . . . . 1.14. . . . . . . . . 690260. . . . . . . . . 49.90. . . . . . . . 32.80 Sumeet Ind Limited . . . . . . . . . . . . . . . . . . .. . . . . . . . 33.20. . . . . . . . . . . . . 32.85. . . . . . . . . . . . 1.07. . . . . . . . . 457714. . . . . . . . . 45.10. . . . . . . . 23.60 Ginni Filaments Ltd . . . . . . . . . . . . . . . . . . .. . . . . . . . 39.65. . . . . . . . . . . . . 39.25. . . . . . . . . . . . 1.02. . . . . . . . . 101383. . . . . . . . . 65.40. . . . . . . . 24.50 Indosolar Limited . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 10.00. . . . . . . . . . . . . . . 9.90. . . . . . . . . . . . 1.01. . . . . . . . . 518291. . . . . . . . . 14.75. . . . . . . . . . 5.90

27564000 31.55

5021750 30.56 3112.85

BHARATFIN

5246000 27.55 1004.35 0.34 38652000 25.02

HCL Tech

7995400 23.81

969.45

1.04

LIC Hsg Fin

13051500 23.58

574.60

2.23

Axis Bank

36615600 21.52

612.25

3.47

Tech Mahindra 11486400 21.42

570.85

3.09

TataMotor DVR 18505000 20.82

239.35 1.93

16628000 20.80

198.50 0.35

Adani Ent

Prev Close

Volatility (%)*

Strike Price

LTP

Vol(Contracts)

Turnover* ( Lakhs)

Open Interest

Strike Price

LTP

Vol(Contracts)

Turnover* ( Lakhs)

Open Interest

29.45

28.70

29.55

1.6235

25Jan18

11000

33.75

422813

3495960.58

5111400

25Jan18

10800

50.85

251544

2046326.16

5610675

RNAVAL

49.55

49.90

49.70

50.15

1.0801

25Jan18

10900

88.05

368130

3027044.64

3582900

25Jan18

10700

25.30

217941

1752744.18

6740025

JP Associates

21.95

21.70

22.05

21.80

0.9327

25Jan18

11100

8.55

148790

1239443.39

3150225

25Jan18

10600

13.40

119188

948645.90

6861750

1539.25

1398.25

1540.50

1404.00

0.9277

25Jan18

10950

56.40

118767

978974.41

1110450

25Jan18

10900

104.85

81636

673466.39

2113125

Expiry Date

48.00

48.90

48.15

49.10

0.9235

25Jan18

10800

175.60

112684

924051.62

2249175

25Jan18

10500

7.45

76662

604117.45

7324950

603.90

556.65

601.40

557.40

0.8487

25Jan18

11050

17.20

70473

584747.43

1175325

25Jan18

10750

35.75

53136

429696.22

1429575

IFCI

31.00

30.30

31.20

30.40

0.7562

25Jan18

11200

3.20

58009

487403.94

2460900

25Jan18

10400

4.50

34843

271886.72

4785600

GMR Infra

22.95

22.65

22.90

22.55

0.7549

25Jan18

10850

131.90

31747

260588.42

845925

25Jan18

10850

71.55

34755

284515.99

1473900

Reliance Power JUSTDIAL

Adani Power

37.60

38.05

37.60

38.10

0.6571

22Feb18

11200

85.25

29572

249912.97

983400

25Jan18

10650

18.00

29361

234890.72

1113375

IDFCBANK

59.35

58.70

59.55

58.85

0.6552

22Feb18

11000

170.05

28829

240946.08

1840725

25Jan18

10300

2.95

19445

150252.29

4504500

ICIL

116.70

119.80

117.00

120.00

0.6436

Jindal Steel

263.75

264.15

264.45

264.85

0.6340

MINDTREE

757.35

702.40

755.05

701.40

0.6253

Reliance Cap

522.55

529.25

522.75

530.70

0.6227

Jain Irrigation

139.80

136.00

140.45

135.85

0.6095

* Annualised

FII Derivative Statistics Buy

Index Futures Index Options Stock Futures Stock Options

Sell

Open Interest

Contracts

Amt in Cr.

Contracts

Amt in Cr.

Contracts

Amt in Cr.

54505 675277 282841 166695

4603.94 61227.98 21715.08 13600.14

75972 716007 270306 164145

6408.31 64739.03 20638.07 13370.42

303767 1059046 996103 124905

25913.49 90028.85 75716.35 9872.60

* Notional Turnover

Active Stock Puts

Active Stock Calls Expiry Date

Strike Price

LTP

Vol (Contract)

Open Interest

Expiry Date

Strike Price

LTP

Vol(Contract)

Open Interest

Reliance Ind

25Jan18

960

17.65

27563

2649000

ITC

25Jan18

270

1.75

4930

2510400

Reliance Ind

25Jan18

980

9.60

19842

3275000

ICICI Bank

25Jan18

330

1.00

3643

5362500

Reliance Ind

25Jan18

1000

4.80

19307

3941000

HDFC Bank

25Jan18

1900

3.90

3404

398500

Reliance Ind

25Jan18

940

31.30

12496

1676000

Yes Bank

25Jan18

340

3.00

3400

1172500

Company

279.05 1.03

Positive Trend Company

Spot Price

Future Price

% Diff

31.00

31.20

0.65

BALRAMCHIN

124.15

124.85

0.56

CASTROLIND

0.51

IFCI

187.90

188.85

Dish TV

71.00

71.35

0.49

SOUTHBank

32.20

32.35

0.47

JP Associates

21.95

22.05

0.46

Jain Irrigation

139.80

140.45

0.46

Hexaware

352.20

353.55

0.38

Dabur

363.10

364.45

0.37

TVSMotor

715.00

717.60

0.36

Negative Trend Company

ACC

Spot Price

Future Price

% Diff

1827.20

1813.95

0.73

603.85

600.00

0.64

IndusInd Bank

1683.20

1675.40

0.46

Kotak Bank

1074.10

1069.25

0.45

Siemens

1319.20

1313.45

0.44

JUSTDIAL

603.90

601.40

0.41

38.05

37.90

0.39

ICICI Bank

351.50

350.40

0.31

ICICIPRULI

438.75

437.40

0.31

MINDTree

757.35

755.05

0.30

Biocon

HCC

Company

Transation Date

Qty

L Equity

28.65

INDIAVIX

Futures Close

Active Nifty Puts

Active Nifty Calls

Stock Close

Reliance Com

5.60

JSW Steel

Company

(in )

322.20 1.89

TCS

Insider Info

Note: free oat market cap

High Volatile Counters

Futures Price %Chg

Open Interest Volume %Chg

Axis Bank

25Jan18

620

8.70

12346

1314000

Tata Steel

25Jan18

750

7.60

3278

481000

TCS

25Jan18

3100

42.20

10926

182000

ITC

25Jan18

260

0.35

3242

2584800

Axis Bank

25Jan18

600

17.80

9325

856800

TCS

25Jan18

2900

9.30

3094

216000

TCS

25Jan18

3000

106.95

8512

210500

State Bank

25Jan18

300

1.65

2934

4098000

Jubilant Foods

25Jan18

2300

29.90

7880

283500

Yes Bank

25Jan18

330

1.30

2881

1223250

TCS

25Jan18

3050

65.60

7313

150750

HDFC Bank

25Jan18

1920

6.55

2811

212000

Kotak Mahindra Bank Churchil Bhatt(S) Lloyd Joseph Lobo(B) Mohair Investment & (R) Larsen & Toubro R N Mukhija(S) Roy S N(S) Apollo Tyres PTL Enterprises (B) PTL Enterprises (B) Vardhman Textiles Vardhman Holdings (B) Adishwar Enterprises(S) Sunteck Realty ChandrashekharMah(S) Rajesh Gupta(S) Ramco Systems Srinivasan S(S) YES Bank Malcolm Athaide(P) Kingshuk Jagat Chakr(S) Rajnish Datta(S) Punit Malik(B) Aseem Gandhi(B) Subramanian Ayyar(S) K.V.N. YesuBabu(S) DLF Poonam Madan(S)

22012018 500 15012018 1000 17012018 2700000 19012018 18012018

10000 2000

19012018 18012018

75000 300000

18012018 18012018

94591 109045

19012018 19012018

3106 2240

15012018

13282

13112017 18012018 22012018 17012018 17012018 22012018 22012018

37500 341000 10000 64500 250000 10000 9550

15012018

5000

ICICI Prudential Li Toshit Kumar(S) 22012018 K.C.P. V R K Grandsons Inve(S) 17012018 V R K Grandsons Inve(S) 18012018

17210 9000

4669

(B) Acquier, (S) Seller, (P) Pledge (R) Revoke, (I) Invoke

Join@Daily_English_Papers . . . .. . . ... 446601

CHX

STOCKS

BusinessLine TUESDAY • JANUARY 23 • 2018

Company

Open

High

Low

Qty

52 W High

52 W Low

Company

Index Stocks BSE Close

Adani Ports [2] . . . . . . . . . . . . . . .. . . . . 433.45. . . . . 438.05. . . . . 434.00. . . . . 443.35. . . . . 432.55. . . . 7092.51. . . . . 443.35. . . . . 283.60. . . . 34. . . . . 437.70 Ambuja Cem [2] . . . . . . . . . . . . . .. . . . . 268.60. . . . . 268.45. . . . . 269.00. . . . . 269.20. . . . . 265.30. . . . 1955.30. . . . . 291.30. . . . . 216.05. . . . 49. . . . . 268.80 Asian Paints [1] . . . . . . . . . . . . . . .. . . . 1189.90. . . . 1176.00. . . . 1192.00. . . . 1193.70. . . . 1164.10. . . . . 942.54. . . . 1261.25. . . . . 945.00. . . . 65. . . . 1176.70 Auro Pharma [1] . . . . . . . . . . . . . .. . . . . 643.20. . . . . 640.80. . . . . 639.00. . . . . 644.15. . . . . 636.20. . . . 1236.46. . . . . 808.95. . . . . 504.00. . . . 19. . . . . 641.00 Axis Bank [2] . . . . . . . . . . . . . . . . .. . . . . 590.25. . . . . 611.55. . . . . 595.95. . . . . 621.75. . . . . 583.15. . . 21790.44. . . . . 621.35. . . . . 441.50. . . . 44. . . . . 611.05 Bajaj Auto . . . . . . . . . . . . . . . . . . . .. . . . 3210.40. . . . 3274.50. . . . 3200.00. . . . 3283.00. . . . 3200.00. . . . . 223.85. . . . 3381.00. . . . 2688.00. . . . 25. . . . 3272.10

286 0.81%

Bharti Air [5] . . . . . . . . . . . . . . . . .. . . . . 497.90. . . . . 490.70. . . . . 495.60. . . . . 498.50. . . . . 488.00. . . . 4084.65. . . . . 565.00. . . . . 304.10. . . 130. . . . . 489.70 BOSCH Ltd . . . . . . . . . . . . . . . . . . .. . . 19976.15. . . 19981.50. . . 19920.20. . . 20174.40. . . 19875.00. . . . . . . 6.08. . . 25245.20. . . 18602.00. . . . 46. . . 19944.20 BPCL . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 477.30. . . . . 469.15. . . . . 480.00. . . . . 480.05. . . . . 465.25. . . . 2168.12. . . . . 550.00. . . . . 400.17. . . . 14. . . . . 468.80 Cipla [2] . . . . . . . . . . . . . . . . . . . . .. . . . . 602.75. . . . . 601.15. . . . . 604.40. . . . . 605.00. . . . . 593.10. . . . . 933.77. . . . . 663.00. . . . . 479.00. . . . 41. . . . . 601.10 Coal India . . . . . . . . . . . . . . . . . . . .. . . . . 284.00. . . . . 285.05. . . . . 287.10. . . . . 289.70. . . . . 283.70. . . . 3025.79. . . . . 332.10. . . . . 234.00. . . . 13. . . . . 284.35 Dr Reddy [5] . . . . . . . . . . . . . . . . . .. . . . 2490.35. . . . 2496.55. . . . 2440.00. . . . 2519.00. . . . 2440.00. . . . . 692.42. . . . 3175.00. . . . 1901.65. . . . 55. . . . 2491.50 Eicher Motor . . . . . . . . . . . . . . . . .. . . 28009.45. . . 27649.80. . . 28009.45. . . 28097.75. . . 27590.00. . . . . . 34.47. . . 33483.95. . . 22406.00. . . . 42. . . 27652.00 GAIL . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 468.75. . . . . 457.40. . . . . 470.05. . . . . 471.65. . . . . 451.10. . . . 4637.38. . . . . 518.00. . . . . 342.60. . . . 20. . . . . 457.10

Indices scale new highs; RIL, ONGC lead

HCL Tech [2]. . . . . . . . . . . . . . . . . .. . . . . 958.30. . . . . 966.35. . . . . 960.00. . . . . 974.90. . . . . 945.00. . . . 2215.66. . . . . 974.55. . . . . 778.05. . . . 19. . . . . 967.15

Mumbai, January 22

HDFC [2] . . . . . . . . . . . . . . . . . . . . .. . . . 1901.25. . . . 1872.00. . . . 1901.00. . . . 1924.35. . . . 1863.95. . . . 3649.17. . . . 1924.70. . . . 1231.00. . . . 40. . . . 1874.15

Stocks ended at record highs for the fourth session in a row on Monday on sustained foreign fund in ows and persistent buying by domestic investors in bluechips led by Reliance Industries, ONGC and TCS. Stocks have been on a record setting spree following better thanexpected earnings by leading companies and recent cut in GST rates for certain products and services. TCS rose 5.36 per cent to close at a new high of 3,113.15, followed by RIL at 4.5 per cent at 971.2. ONGC spurted by 3.28 per cent after it got the goahead to acquire the government’s entire 51.11 per cent stake in HPCL for 36,915 crore. Axis Bank rose 3.52 per cent as it posted 25 per cent growth in Q3 net. Among the losers, Wipro dropped 2.33 per cent after it posted 8.4 per cent fall in net pro t in Q3. PTI

HDFC Bank [2] . . . . . . . . . . . . . . . .. . . . 1952.20. . . . 1963.35. . . . 1960.00. . . . 1988.00. . . . 1953.15. . . . 2212.44. . . . 1986.00. . . . 1231.20. . . . 30. . . . 1963.80 HeroMoto [2] . . . . . . . . . . . . . . . . .. . . . 3589.75. . . . 3602.95. . . . 3592.75. . . . 3621.90. . . . 3589.10. . . . . 320.13. . . . 4200.00. . . . 3044.70. . . . 21. . . . 3602.80 Hindalco [1] . . . . . . . . . . . . . . . . . .. . . . . 258.00. . . . . 255.10. . . . . 258.00. . . . . 258.80. . . . . 251.10. . . . 6230.21. . . . . 283.95. . . . . 169.55. . . . 35. . . . . 255.10 HPCL . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 416.20. . . . . 401.80. . . . . 405.00. . . . . 414.65. . . . . 398.35. . . . 9692.58. . . . . 493.00. . . . . 326.33. . . . 10. . . . . 401.75 HUL [1] . . . . . . . . . . . . . . . . . . . . . .. . . . 1362.45. . . . 1355.10. . . . 1363.00. . . . 1365.00. . . . 1346.45. . . . 1014.40. . . . 1405.00. . . . . 839.00. . . . 58. . . . 1357.15 ICICI Bank [2] . . . . . . . . . . . . . . . .. . . . . 353.60. . . . . 351.50. . . . . 352.40. . . . . 352.90. . . . . 344.80. . . 15269.78. . . . . 355.00. . . . . 232.27. . . . 26. . . . . 351.30 IndiabullHSG [2] . . . . . . . . . . . . . .. . . . 1301.80. . . . 1355.15. . . . 1304.80. . . . 1363.70. . . . 1300.00. . . . 2123.77. . . . 1374.95. . . . . 741.30. . . . 19. . . . 1354.15 IndusInd BK . . . . . . . . . . . . . . . . . .. . . . 1684.00. . . . 1683.20. . . . 1684.00. . . . 1695.80. . . . 1676.60. . . . . 820.24. . . . 1818.00. . . . 1211.65. . . . 30. . . . 1683.00 Infosys [5]. . . . . . . . . . . . . . . . . . . .. . . . 1143.45. . . . 1150.00. . . . 1132.15. . . . 1156.95. . . . 1132.00. . . . 4825.11. . . . 1164.45. . . . . 861.50. . . . 15. . . . 1150.30 IOC. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 385.95. . . . . 382.50. . . . . 388.00. . . . . 388.50. . . . . 379.25. . . . 1696.36. . . . . 462.60. . . . . 350.60. . . . 12. . . . . 382.40 ITC [1] . . . . . . . . . . . . . . . . . . . . . . .. . . . . 274.55. . . . . 273.65. . . . . 275.00. . . . . 275.50. . . . . 271.70. . . . 8339.16. . . . . 353.20. . . . . 250.35. . . . 31. . . . . 273.35 Kot.Mah.Bk [5] . . . . . . . . . . . . . . .. . . . 1060.55. . . . 1074.10. . . . 1061.00. . . . 1078.20. . . . 1044.00. . . . 3189.93. . . . 1114.35. . . . . 718.50. . . . 52. . . . 1071.30 L&T [2] . . . . . . . . . . . . . . . . . . . . . .. . . . 1371.45. . . . 1398.85. . . . 1289.20. . . . 1403.65. . . . 1289.20. . . . 3067.66. . . . 1405.00. . . . . 922.00. . . . 46. . . . 1398.95 Lupin [2] . . . . . . . . . . . . . . . . . . . . .. . . . . 924.10. . . . . 930.05. . . . . 925.00. . . . . 933.00. . . . . 918.55. . . . 1132.43. . . . 1572.25. . . . . 807.00. . . . 20. . . . . 929.60 M&M [5] . . . . . . . . . . . . . . . . . . . . .. . . . . 765.40. . . . . 759.60. . . . . 762.10. . . . . 769.00. . . . . 756.00. . . . . 934.81. . . . . 785.58. . . . . 588.95. . . . 27. . . . . 759.85 Maruti [5] . . . . . . . . . . . . . . . . . . . .. . . . 9323.95. . . . 9310.10. . . . 9349.00. . . . 9356.75. . . . 9271.60. . . . . 454.19. . . 10000.00. . . . 5644.00. . . . 38. . . . 9306.65 NTPC . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 172.75. . . . . 172.40. . . . . 173.00. . . . . 173.30. . . . . 171.45. . . . 4518.86. . . . . 187.95. . . . . 153.30. . . . 14. . . . . 172.35 ONGC [5] . . . . . . . . . . . . . . . . . . . .. . . . . 193.70. . . . . 200.70. . . . . 198.00. . . . . 205.95. . . . . 198.00. . . 23165.75. . . . . 212.00. . . . . 155.30. . . . 14. . . . . 199.95 PowerGrid. . . . . . . . . . . . . . . . . . . .. . . . . 196.10. . . . . 195.30. . . . . 196.15. . . . . 196.95. . . . . 195.00. . . . 5531.24. . . . . 226.40. . . . . 188.05. . . . 13. . . . . 195.00 Reliance . . . . . . . . . . . . . . . . . . . . .. . . . . 931.30. . . . . 971.50. . . . . 948.00. . . . . 974.30. . . . . 940.00. . . 20892.84. . . . . 974.50. . . . . 507.03. . . . 19. . . . . 971.20 SBI [1] . . . . . . . . . . . . . . . . . . . . . .. . . . . 309.25. . . . . 306.50. . . . . 308.35. . . . . 308.75. . . . . 304.05. . . 12622.65. . . . . 351.50. . . . . 241.25. . . 145. . . . . 306.25 Sun Pharma [1] . . . . . . . . . . . . . . .. . . . . 572.10. . . . . 576.15. . . . . 573.00. . . . . 578.90. . . . . 568.85. . . . 3072.41. . . . . 728.45. . . . . 433.15. . . . . -. . . . . 576.30 Tata Motors [2] . . . . . . . . . . . . . . .. . . . . 418.05. . . . . 421.90. . . . . 419.05. . . . . 424.40. . . . . 418.45. . . . 4643.78. . . . . 553.00. . . . . 357.95. . . . . -. . . . . 421.55 Tata Steel . . . . . . . . . . . . . . . . . . . .. . . . . 753.00. . . . . 752.20. . . . . 752.00. . . . . 756.40. . . . . 747.35. . . . 3605.73. . . . . 792.55. . . . . 428.25. . . . 14. . . . . 752.10 TCS [1] . . . . . . . . . . . . . . . . . . . . . .. . . . 2959.30. . . . 3116.40. . . . 2961.00. . . . 3134.70. . . . 2922.00. . . . 2183.56. . . . 3130.00. . . . 2154.30. . . . 24. . . . 3113.15 Tech Mahindra [5] . . . . . . . . . . . .. . . . . 552.90. . . . . 569.50. . . . . 550.00. . . . . 572.40. . . . . 549.70. . . . 4127.55. . . . . 572.50. . . . . 357.60. . . . 15. . . . . 569.55 UltraTech . . . . . . . . . . . . . . . . . . . .. . . . 4300.00. . . . 4330.00. . . . 4325.00. . . . 4344.25. . . . 4260.55. . . . . 179.73. . . . 4594.30. . . . 3421.85. . . . 49. . . . 4330.05 UPL [2] . . . . . . . . . . . . . . . . . . . . . .. . . . . 802.35. . . . . 813.60. . . . . 809.70. . . . . 819.80. . . . . 805.00. . . . 2396.37. . . . . 902.00. . . . . 680.95. . . 105. . . . . 813.90 Vedanta Ltd [1] . . . . . . . . . . . . . . .. . . . . 331.65. . . . . 326.95. . . . . 332.50. . . . . 332.70. . . . . 324.50. . . . 7508.44. . . . . 346.80. . . . . 217.95. . . . 13. . . . . 326.60 Wipro [2] . . . . . . . . . . . . . . . . . . . .. . . . . 328.95. . . . . 321.55. . . . . 317.00. . . . . 328.95. . . . . 317.00. . . . 4572.57. . . . . 334.75. . . . . 222.78. . . . 18. . . . . 320.80 YES Bank [2] . . . . . . . . . . . . . . . . .. . . . . 349.35. . . . . 355.35. . . . . 349.95. . . . . 358.25. . . . . 348.75. . . 13456.54. . . . . 383.25. . . . . 269.42. . . . 21. . . . . 355.25 Zee Ent [1] . . . . . . . . . . . . . . . . . . .. . . . . 600.35. . . . . 608.85. . . . . 599.80. . . . . 616.70. . . . . 598.00. . . . 2713.39. . . . . 619.35. . . . . 465.05. . . . 38. . . . . 609.15 Company

Open

High

Low

Qty

52 WH

52 WL

BSE Cl

55.00 55.85 55.75 56.50 54.55 83.47 68.00 33.25 18 55.85 20 Micron [5] 3i Info 7.05 7.40 7.05 7.40 6.7512182.88 9.27 3.60 7.38 3m India 18182.15 18806.20 18139.00 19070.00 18000.10 1.97 20097.00 10750.00 8218861.80 5PaisaCap 329.65 323.65 332.65 339.00 322.00 6.86 650.00 241.00 - 323.85 63MoonsTec [2] 106.15 105.00 106.80 108.00 104.50 191.94 166.00 53.80 7 105.15 8K Miles [5] 826.05 781.05 830.70 835.00 748.00 1521.00 1024.00 364.75 679 781.55

A ................................................ A2Z InfraEng Aarti Drug Aarti Ind [5] Aarvee Den AB Money [1] Aban Off [2] ABB India [2] Abbott ABCapital ACC Accel Front AccelyaKal Action Con [2] Adani Ent [1] Adani Pwr Adani Trans. ADF Foods AdityaBirFas Ador Weld AdvancEnzy [2] Advani Hot [2] Aegis Log [1] AgriTech Ind Agro Tech Ahluwalia [2] AIA Engg [2] Ajanta Phr [2] Ajmera AksharChem Akzo Alankit [1] Alembic [2] Alembic Ph [2] Alicon [5] Alkali Met AlkemLabs [2] Alkyl Amine [5] Allahbd.Bk Allcargo [2] Allsec Alpha Lab Alphageo Amararaja [1] Ambika Cot AMD Ind AMJLandHold Amrutanjan [2] Anant Raj [2] Andhar Sug Andhra Bk Andhra Cem Anik Ind AnjPortCemen Ansal Hsg Ansal Pro [5] Apar Ind Apcotex Ind [5] ApexFznFoods APL Apl Apollo Hsp [5] ApolloSindo ApolloTyr [1] Aptech Archidply Archies [2] Arcotech Ltd [2] ArihantSuper AroGranite ArowGreenTec Arrow Text Arshiya [2] ArtemGlobSC Arvind ArvindSmart Asahi India [1] Asahi Song Ashapura [2] AshapuraInti Ashiana [2] Ashima Ashok Ley [1] Ashoka Bld [5] Asian Gran Asian Htl-E Asian Htl-N Aspinwall&Co Aster Life Astra Mic [2] Astral Poly [1] AstraZen [2] AstronPaper Atlanta [2] Atul Atul Auto [5] Aurionpro AUSmallFinBk Ausom Auto Axl Auto Stamp Autolite AvadSug&Egy Avanti Feeds [2] AvenuSupmart AVT Natl [1] AxisCades [5] AYM Syntex

40.05 698.00 1126.35 54.85 87.75 230.05 1585.85 5488.10 177.05 1829.50 63.00 1454.30 151.55 199.70 38.05 228.35 287.85 167.50 541.10 289.70 77.90 289.80 116.40 687.50 372.60 1599.80 1560.05 311.35 721.80 1877.20 68.85 63.45 547.05 652.50 90.15 2218.95 716.90 70.80 194.35 433.60 44.75 898.45 825.00 1489.80 41.90 29.35 612.45 71.30 673.50 56.50 13.15 42.60 248.00 28.25 29.65 827.70 491.80 738.55 2500.65 1139.40 1370.00 264.80 346.15 109.45 41.10 51.05 168.45 75.80 488.95 44.70 103.85 123.25 449.45 204.65 369.45 363.50 96.45 463.95 178.70 33.55 121.05 227.80 583.05 342.05 285.25 518.70 568.90 116.55 837.50 1118.65 145.60 115.25 2892.95 439.90 227.00 720.40 76.45 1707.65 97.00 71.90 772.60 2454.90 1144.35 50.35 195.75 66.40

40.85 715.60 1135.40 53.40 86.70 231.25 1602.30 5536.90 178.40 1827.20 63.95 1458.70 166.60 198.90 37.60 227.30 293.45 166.05 549.10 286.95 79.40 285.15 117.30 681.75 362.75 1593.30 1588.65 310.70 725.60 1871.55 70.25 67.60 550.25 670.60 93.80 2242.95 710.30 70.50 202.20 430.55 43.90 943.25 824.45 1487.60 43.95 27.85 606.95 71.70 703.35 56.15 13.35 41.40 242.30 28.95 28.75 834.55 496.75 740.10 2514.55 1168.80 1435.60 259.60 357.50 108.95 41.20 50.20 165.65 72.45 494.45 44.60 104.95 123.15 446.15 206.80 367.90 360.15 94.55 462.80 178.00 31.80 121.05 231.50 593.65 401.15 300.55 514.60 599.80 117.80 844.60 1156.65 142.60 117.05 2869.30 440.55 227.55 716.70 78.55 1705.25 97.45 73.00 720.25 2505.30 1176.30 50.65 203.55 64.70

40.50 703.00 1120.05 56.70 88.60 230.40 1595.00 5380.00 177.70 1816.50 61.35 1488.00 150.10 198.00 38.10 225.10 289.40 168.00 544.00 290.40 80.00 289.80 117.80 687.90 370.00 1605.00 1561.00 313.00 734.95 1887.10 70.50 63.75 550.00 658.70 94.45 2279.90 716.90 70.25 196.60 433.25 44.90 909.50 825.40 1490.00 43.00 30.00 613.00 71.70 670.00 56.35 13.65 43.35 253.70 29.00 29.70 830.00 485.00 740.00 2485.00 1148.00 1433.00 265.90 346.50 109.45 40.75 51.05 167.15 73.10 492.00 45.00 104.80 126.60 451.65 205.00 371.95 363.50 97.20 464.40 181.25 34.00 121.65 227.05 581.80 352.00 287.00 516.00 583.00 117.50 835.00 1126.00 145.90 116.00 2950.00 444.60 225.00 715.00 75.05 1715.00 99.00 73.80 752.00 2437.05 1149.00 50.50 196.80 67.75

41.25 734.80 1145.30 56.70 88.60 236.40 1611.20 5550.00 179.40 1832.55 64.00 1488.00 166.70 202.35 38.30 230.00 300.00 168.00 559.00 290.70 82.00 289.80 118.80 700.00 373.85 1616.05 1595.00 313.00 734.95 1888.50 71.90 69.50 554.00 678.60 96.00 2279.90 732.00 70.80 203.50 436.20 45.35 985.00 834.70 1499.95 46.90 30.00 619.90 72.40 715.00 56.55 13.65 43.35 253.70 29.30 29.75 852.00 500.00 761.80 2536.00 1172.00 1438.50 265.90 361.00 110.30 42.05 51.40 168.50 74.90 496.00 45.55 107.50 126.60 452.80 208.00 373.80 365.00 98.10 471.00 182.45 34.00 121.95 233.75 600.00 410.45 304.90 529.90 606.00 120.65 850.00 1185.00 148.50 118.20 2950.00 447.15 228.50 720.10 80.95 1738.00 99.00 73.80 785.00 2530.00 1186.70 51.60 206.20 67.85

40.25 1059.69 701.60 17.56 1120.05 16.04 51.70 50.29 86.05 144.53 226.05 1840.60 1565.00 79.85 5380.00 1.66 176.00 2018.03 1805.50 236.75 61.35 34.83 1450.00 2.37 150.00 1404.37 196.00 5740.12 36.6021712.30 221.90 868.15 288.00 211.60 165.00 189.64 541.00 25.36 284.40 94.24 78.30 48.77 282.25 140.40 116.00 7.23 678.15 12.71 362.15 34.21 1580.05 11.44 1558.35 190.38 305.60 92.20 710.10 9.13 1870.00 2.09 68.70 279.34 62.50 8345.59 542.30 30.29 656.00 5.78 88.20 82.35 2224.75 45.45 704.00 4.47 69.50 1715.45 195.05 601.51 425.90 6.19 43.50 20.54 898.00 140.28 811.65 351.92 1463.05 1.67 41.00 37.55 27.55 24.36 602.00 6.92 70.60 1311.87 660.25 221.96 55.65 1235.15 13.00 256.23 41.10 5.29 240.30 6.04 28.10 98.95 28.25 208.59 821.15 10.56 485.00 5.62 730.00 144.91 2459.90 26.11 1141.95 246.20 1405.25 1.21 257.30 1411.13 343.80 391.84 107.80 54.61 40.75 205.53 49.75 587.19 164.30 101.63 71.95 134.03 485.60 5.88 44.30 22.82 103.10 117.17 122.05 7.77 442.55 681.60 203.30 27.86 362.25 42.80 356.00 3.89 93.70 264.60 450.00 169.76 177.50 105.05 31.35 785.50 119.20 7431.88 227.05 703.40 581.80 46.38 328.40 100.91 273.30 49.94 512.05 1.32 566.00 104.05 116.95 366.32 835.00 16.20 1116.25 5.73 142.00 603.94 114.60 568.91 2775.10 12.07 438.15 26.96 225.00 49.97 700.00 684.26 75.00 26.09 1685.10 14.34 94.10 12.53 71.50 13.35 713.30 59.28 2437.05 45.72 1147.05 488.00 50.10 152.74 193.00 316.45 64.20 32.94

52.70 784.80 1175.40 95.80 164.45 280.40 1619.45 5707.20 264.00 1869.00 81.80 1864.00 172.30 208.00 47.75 252.00 347.50 188.60 658.85 445.00 88.00 300.00 149.00 815.00 425.70 1702.00 1870.00 365.65 941.95 2095.00 88.65 69.50 709.30 763.00 106.00 2468.00 765.85 92.50 228.80 531.10 56.60 1101.00 954.55 1857.00 59.10 35.45 790.00 84.95 713.90 76.10 16.02 82.35 294.00 36.00 36.20 909.00 530.00 941.40 2587.00 1356.75 1823.20 288.80 403.95 130.80 55.25 162.29 211.00 98.40 715.00 58.40 119.95 154.45 477.85 222.40 438.55 423.80 119.75 568.95 250.35 38.30 133.00 268.50 617.00 409.90 319.30 579.50 684.00 149.40 870.00 1278.00 174.00 131.90 3084.00 511.90 283.50 739.00 88.25 1769.95 119.50 110.60 1315.00 3000.00 1289.00 62.15 228.00 101.90

33.65 456.25 680.00 26.55 26.80 161.10 1072.80 3996.00 173.55 1318.00 28.80 1260.00 46.00 77.05 25.90 60.50 144.30 141.35 280.00 244.00 50.00 127.50 28.35 475.00 236.00 1276.00 1106.00 148.30 638.00 1375.50 17.35 33.85 469.75 360.00 52.00 1578.00 310.00 62.85 155.25 306.00 27.75 750.00 665.45 1028.05 25.65 19.10 517.00 42.35 220.00 48.65 8.30 23.70 164.05 18.90 14.55 617.00 305.00 195.00 1002.00 959.00 330.00 171.60 178.20 60.30 22.60 45.65 100.10 57.00 417.00 38.00 34.00 107.80 353.80 67.50 191.85 236.00 47.05 354.20 135.20 14.00 81.00 160.75 251.00 195.30 100.55 185.15 475.00 101.05 378.00 882.55 112.50 72.20 1958.25 389.85 103.05 496.40 21.00 618.00 53.90 48.45 420.00 550.00 558.75 33.50 107.50 52.55

26 32 52 13 83 38 42 25 72 39 43 104 46 109 2 53 24 35 30 16 14 40 50 52 28 31 34 27 20 45 23 14 11 32 15 48 40 15 5 17 20 46 97 67 72 27 298 33 24 27 22 36 39 46 31 59 16 74 22 25 21 58 32 56 18 90 62 12 36 22 130 57 11 42 3 31 120 33 154 16

40.80 712.70 1135.90 53.70 87.35 231.15 1597.60 5504.25 178.35 1829.10 64.90 1464.25 166.20 198.05 37.55 226.15 293.95 165.65 547.90 286.65 80.00 285.00 118.25 686.20 365.20 1587.45 1586.35 310.85 725.10 1871.10 70.25 67.60 548.40 675.90 93.05 2240.20 710.60 70.45 201.75 429.70 43.80 954.90 825.15 1494.90 44.00 608.55 71.60 701.45 56.05 13.37 41.65 243.15 28.90 28.75 833.70 495.45 738.80 2541.15 1164.90 260.90 357.00 108.90 41.05 50.30 160.40 72.55 495.40 44.80 104.70 445.55 205.90 367.00 361.15 94.40 462.30 177.80 31.90 121.05 232.05 595.10 400.20 298.40 600.90 117.50 841.05 1160.85 117.20 2874.45 441.60 227.10 714.05 78.30 1699.50 97.55 72.40 717.10 2512.15 1176.55 50.70 202.75 65.00

B ................................................ Bafna Phr Bajaj Corp [1] Bajaj Elect [2] Bajaj FnSv [5] Bajaj Hind [1] Bajaj Hld Bal Phr Balaji Amn [2] Balaji Tele [2] Balkrishna [2] Ballarpur [2] BalmerLaw Balrampur [1] Ban.Amn.Spg Ban.Amn.Sug Banco Ind [2] Bang Over Bans.Syn BASF Bata India [5] Bayer Crop Beardsell [2] Bedmutha BEL [1] BEML Berg.Paint [1] BF Inv [5] BF Util [5] BGR Engy Bhageria Ind [5] BhagngrInd BhagyangPr [2] Bhans.Eng [1] Bharat Bij Bharat For [2] Bharat Gea Bharat Ras Bharat Wire BharatFinInc BharatRdNwk Bharti Infr BHEL [2] Bhushan Stl [2] BigBlocConst Bilpower Biocon [5] BirlaCorp Bk of Ind Bk of Mah Bk ofBar [2] BKMInd BL Kash [1] Bliss GVS [1]

25.85 499.70 530.75 4973.05 14.75 2800.50 109.05 692.75 155.25 1139.65 16.30 251.45 122.70 319.60 2145.35 247.80 38.25 135.25 2219.30 716.25 4575.35 66.75 26.50 172.75 1513.60 246.65 338.20 512.00 135.65 278.65 44.55 23.30 182.25 1387.05 735.75 192.30 4343.35 137.10 1006.35 185.30 493.35 97.55 64.95 136.15 1.90 569.35 1158.00 164.95 21.00 165.40 37.75 61.00 202.85

25.40 491.80 521.70 5051.45 14.50 2800.85 108.10 700.75 155.35 1138.80 16.15 249.65 124.15 322.80 2109.40 254.25 38.45 133.20 2200.60 730.35 4650.15 68.80 26.55 175.40 1515.90 249.60 344.80 525.20 139.75 293.15 45.20 23.00 191.35 1404.30 739.70 200.75 4266.80 138.25 1005.05 188.60 509.05 104.55 65.45 136.40 1.90 603.85 1169.55 164.30 21.00 164.80 37.85 61.60 199.90

CM YK

25.45 490.00 533.80 5000.00 14.80 2811.00 109.00 692.75 156.00 1135.00 16.30 251.95 122.70 331.40 2130.00 248.10 38.10 136.50 2214.95 717.00 4580.00 66.85 27.95 173.40 1512.00 247.00 339.80 514.40 136.60 276.45 46.50 23.00 184.00 1389.00 732.00 195.30 4405.00 137.50 1006.35 184.00 505.00 98.10 65.45 137.05 1.95 568.90 1158.00 163.40 21.10 166.00 37.65 60.70 198.15

25.80 493.45 535.75 5064.95 14.90 2815.00 111.95 705.00 156.70 1142.70 16.45 255.00 125.90 331.40 2135.25 258.00 40.40 138.00 2229.85 732.00 4752.00 69.60 27.95 175.90 1523.20 253.15 347.95 528.45 141.65 294.70 46.50 23.90 191.35 1420.00 743.80 204.80 4405.00 141.90 1013.45 190.95 525.00 105.60 67.40 139.50 1.95 614.40 1185.00 165.20 21.25 167.65 38.75 62.75 201.50

25.10 9.89 484.00 53.96 519.00 136.34 4951.00 104.89 14.45 2094.26 2738.95 6.87 107.15 56.91 690.20 34.26 154.70 88.08 1130.05 139.59 15.70 1800.56 248.00 77.10 116.50 5300.48 315.20 6.61 2050.10 0.52 248.10 87.22 38.10 9.21 132.65 8.27 2192.90 9.05 714.95 358.10 4525.35 7.75 66.00 5.88 26.45 8.93 172.35 2628.38 1500.40 216.98 247.00 678.85 336.00 149.48 510.30 537.54 135.10 141.22 276.20 33.86 44.00 35.38 22.50 3.00 183.25 1012.19 1388.00 17.68 729.25 708.59 191.05 48.77 4225.00 1.49 136.10 101.31 1001.25 483.29 184.00 13.32 489.90 13.69 97.4019820.61 64.60 2041.26 135.00 128.24 1.85 14.12 559.10 8470.01 1150.00 50.15 160.80 2797.13 20.85 954.29 163.20 8918.33 37.50 1.91 60.60 222.18 194.30 465.64

33.30 525.00 584.80 5835.00 18.80 3035.75 128.00 781.00 203.00 1285.63 22.70 302.00 182.50 406.70 2625.00 276.25 52.40 261.00 2430.00 833.00 5050.00 96.84 50.00 192.95 1947.45 285.75 430.85 599.00 184.95 406.60 57.80 29.80 217.40 1498.70 750.00 231.90 5000.00 166.00 1067.90 218.65 698.80 121.77 102.80 159.00 2.11 612.90 1290.00 216.70 40.70 206.60 50.00 71.95 230.00

20.00 - 25.45 342.50 34 488.30 226.10 49 520.65 3028.20 606 5054.05 13.08 - 14.50 1870.80 28 2783.00 85.05 37 107.65 271.10 26 701.15 85.00 36 155.65 552.50 32 1138.30 11.30 - 16.20 201.00 18 249.70 116.25 5 124.20 279.00 26 323.75 1721.00 20 2078.80 189.05 18 255.30 26.90 14 38.00 121.05 25 132.60 1121.00 190 2192.45 456.70 50 728.85 3685.00 53 4641.15 48.55 - 68.00 21.70 - 27.50 132.32 25 175.25 1125.75 47 1519.10 208.00 60 250.00 145.00 44 343.70 313.20 - 524.60 122.00 48 140.25 228.00 16 293.80 19.40 17.00 - 23.30 22.00 37 191.25 805.00 47 1406.85 459.28 50 738.85 101.10 53 200.50 1900.00 28 4315.25 73.50 - 138.75 650.60 - 1005.70 170.45 - 189.70 454.25 38 499.85 80.93 76 104.35 45.50 - 65.30 59.00 61 135.90 0.88 1 1.95 295.00 84 603.10 668.10 82 1161.35 111.40 - 164.15 20.80 - 21.00 133.60 39 165.00 22.65 20.10 - 61.25 129.00 42 199.20

52 WL

BSE Cl

BLSIntlServ [1] 233.25 239.25 235.70 242.00 233.05 262.02 293.00 119.15 Blue Blends 34.95 35.65 34.10 36.55 34.10 12.05 64.00 26.85 Blue Dart 4645.50 4731.45 4645.50 4749.00 4645.50 2.89 5422.00 3830.65 BlueCoast 131.30 131.30 131.30 131.30 131.30 0.01 154.90 105.00 BlueStar [2] 773.85 779.45 790.00 798.00 766.55 18.56 845.00 498.15 Bodal Chem [2] 163.35 163.65 164.70 165.70 162.85 179.54 193.60 127.15 Bomay Bur [2] 1601.25 1590.70 1600.00 1627.45 1572.00 109.79 1820.00 535.00 Bombay Dye [2] 254.50 257.85 257.70 265.00 255.00 3262.98 304.20 52.60 Bombay Ray 88.30 85.05 88.45 89.75 84.80 293.59 232.50 84.50 BPL 96.75 101.40 96.95 102.75 96.80 651.76 121.75 53.00 Brigade 291.80 292.40 294.15 299.00 290.20 35.97 324.65 151.00 Britannia [2] 4684.45 4707.35 4675.00 4752.00 4670.00 80.90 4963.70 3044.55 Brooks Lab 105.85 106.25 106.55 107.60 106.05 23.64 162.00 98.35 BS 1.55 1.55 1.60 1.60 1.55 601.36 131.30 52.55 BSE 909.60 915.35 913.00 919.95 911.00 113.70 1200.00 886.05 BSL 103.55 106.15 103.55 111.00 102.20 37.60 131.30 52.55

13 98 70 17 33 21 66 28

238.80 34.30 4722.30 778.10 164.45 1592.00 257.85 85.00 101.10 293.80 4704.30 106.15 107.70 107.70

Company

Open

High

Low

Qty

52 WH

441.55 97.70 135.70 362.70 474.55 122.95 764.45 388.95 501.70 621.05 116.45 1390.95 135.75 187.75 293.60 1866.85 19.70 19.10 342.25 73.80 670.25 7.30 346.60 1409.40 351.80 3627.45 55.80 1109.05 95.40 154.40 1322.70 40.00 100.60 175.90 623.65 277.90 277.90 559.40 349.40 1150.95 53.65 80.30 1473.65 507.30 41.25 574.35 39.35 364.00 262.25 446.50 4.75 240.35 1965.20 262.55 390.65 903.30 343.45 81.75 653.55

438.75 95.75 135.80 362.95 485.10 121.25 777.95 392.65 503.80 621.75 116.50 1382.75 133.80 187.90 295.70 1837.85 19.00 18.45 345.00 73.20 680.95 7.05 339.20 1415.80 356.05 3625.75 56.90 1111.25 96.40 155.65 1309.10 41.40 99.15 174.55 622.45 277.70 273.75 551.75 359.55 1172.55 53.85 80.90 1483.25 497.25 42.35 575.15 39.00 369.50 260.70 427.70 4.75 256.65 1995.10 260.80 395.85 913.70 366.60 84.70 627.40

441.25 99.00 136.25 360.00 477.45 122.90 762.00 390.30 499.00 621.00 116.95 1395.00 135.30 187.70 294.25 1866.95 19.85 19.80 353.70 73.50 670.25 7.45 350.90 1406.20 353.00 3627.45 56.00 1108.00 94.80 155.00 1327.85 40.15 98.35 175.45 621.05 280.00 277.00 559.40 341.00 1150.00 55.35 80.00 1476.70 515.00 43.50 570.85 39.70 366.50 263.90 460.00 4.75 240.00 2000.00 263.10 387.00 903.30 348.50 81.05 658.10

445.00 99.65 137.70 366.00 486.20 124.90 782.85 394.40 515.00 635.00 118.95 1399.00 137.35 189.80 298.90 1875.00 21.45 19.80 353.70 73.90 688.80 7.90 350.90 1422.00 358.70 3669.05 57.45 1116.60 98.15 159.40 1327.85 41.90 102.35 176.45 630.00 280.00 284.00 561.55 374.90 1174.00 55.35 83.90 1500.00 515.00 43.50 577.75 39.70 374.70 263.90 460.00 4.75 257.95 2009.90 265.15 399.00 919.95 375.00 85.45 683.80

435.30 95.75 134.45 355.80 472.00 119.10 755.70 383.00 499.00 620.05 116.05 1375.00 131.70 187.00 292.25 1825.05 18.50 18.20 343.50 73.00 652.25 6.65 335.55 1393.85 350.00 3602.00 54.15 1091.10 94.35 154.25 1294.55 40.05 97.85 172.75 619.50 276.10 272.00 547.15 341.00 1146.95 52.50 80.00 1470.55 494.05 41.00 570.85 38.80 364.00 260.50 426.70 4.75 240.00 1976.00 255.45 387.00 903.00 343.00 80.85 622.70

491.15 6.85 691.49 1798.12 877.34 52.79 1231.69 318.27 2.26 31.55 28.78 64.03 66.19 1762.41 69.18 239.40 1907.53 497.42 17.34 770.14 7.53 1105.37 201.96 404.41 575.96 2.45 2148.50 323.55 2255.42 629.94 182.67 4.09 61.13 383.91 19.45 2.00 73.10 132.88 1260.16 167.07 106.19 5.52 562.40 11.30 175.23 105.51 252.11 40.26 252.37 1472.94 1.00 51.06 20.91 302.91 49.46 364.01 175.81 70.44 1554.91

558.00 104.60 154.70 463.40 666.60 131.70 902.00 437.40 569.80 783.90 142.00 1800.00 167.00 226.90 371.80 2030.00 26.74 30.40 454.00 125.00 793.10 7.89 363.00 1471.85 486.00 4300.00 65.90 1188.95 99.00 164.50 1371.00 55.35 121.00 189.00 751.00 474.00 308.00 598.90 374.60 1175.50 64.85 78.40 1500.00 554.00 105.10 588.00 64.70 468.80 305.50 477.10 5.65 295.00 2184.95 295.00 428.00 1096.20 423.45 95.30 683.00

334.35 43 439.35 59.75 63 95.05 71.00 - 135.70 261.99 21 363.05 334.42 23 485.60 61.10 47 121.85 584.00 30 778.00 326.10 38 391.00 355.00 72 508.85 374.00 49 622.20 37.30 32 116.45 1293.00 25 1390.80 85.20 16 133.20 176.58 29 188.20 253.45 35 295.05 1070.55 27 1835.45 10.20 - 19.10 16.15 14 18.45 292.50 11 345.15 70.60 - 73.35 571.00 61 684.40 3.90 7.09 178.00 45 340.60 794.50 70 1418.35 243.15 2035.00 46 3651.10 32.35 - 56.80 684.00 17 1109.85 62.70 41 95.10 76.15 15 155.70 913.00 25 1310.20 20.30 66.25 28 98.20 124.55 21 174.25 553.50 144 622.55 274.15 118 276.30 158.00 20 273.00 435.00 23 553.60 197.20 - 360.20 863.00 55 1171.30 21.35 18 53.80 26.55 912.00 37 1487.95 231.00 27 500.10 21.08 19 42.40 307.10 25 572.10 38.05 - 39.00 345.00 8 371.55 184.10 24 260.65 324.10 7 427.10 3.40 4.55 90.50 16 259.00 1752.45 58 1992.25 147.00 55 261.05 245.50 61 395.50 822.00 37 913.65 251.05 19 367.65 48.00 31 84.50 435.05 19 630.50

D................................................ Dabur [1] Dalm.B.Sug [2] Dalm.Bhr [2] DamodarInd Datamatics [5] DB Corp DB Realty DCB Bk DCM DCMShriram[2] De Nora Deccan Cem [5] Deep Ind Deepk.Fer Deepk.Ntr [2] Delta Corp [1] Den Net Dena Bk Dewn HsgFin DFM FOODS Dhamp.Sug Dhanlk.Bk Dhanuka Ag [2] Dhar.Sugar Dhun.Inv DhunserPetro Diamond Pwr DIC India DiligenMedia DilipBuildco Dish TV [1] DishmanCar [2] Divis Lab [2] DixonTec(In) DLF Ltd [2] D-Link [2] DollarInd Dolp.Off DPSC Dred.Corp DrLalPathLab DuconInfrTe [1] Dwarikesh [1] Dynac.Sys Dynamatic

363.80 119.35 3028.40 127.00 128.85 352.75 71.70 189.65 112.00 569.10 282.80 610.55 218.35 389.85 282.45 337.30 121.50 26.10 612.50 1789.40 193.25 28.75 782.10 25.85 474.95 164.70 19.25 584.35 9.95 946.20 72.65 360.95 1098.30 3830.15 249.30 130.50 455.40 128.05 29.75 747.00 903.05 47.45 44.70 48.30 1951.45

363.10 107.45 2987.20 130.80 136.90 347.40 70.20 187.85 111.20 595.25 284.05 608.45 225.65 407.20 290.00 350.15 121.10 25.95 631.05 1769.10 185.30 28.50 793.45 25.35 467.45 169.40 19.35 589.90 10.05 932.50 71.00 384.75 1077.85 3824.85 250.95 132.30 455.80 128.20 33.70 753.75 913.05 48.10 41.15 48.30 1948.05

365.15 114.10 3025.00 127.00 129.00 352.75 73.80 189.65 114.80 579.00 285.50 610.55 220.00 391.80 283.00 337.00 121.50 26.20 615.00 1798.00 192.50 28.85 789.95 26.40 475.50 164.00 19.80 575.65 9.70 946.80 73.05 373.95 1095.95 3858.90 250.50 130.10 451.00 128.95 29.70 749.95 902.00 48.40 41.25 49.95 1955.50

368.45 118.00 3028.35 132.80 138.35 354.00 73.80 190.45 114.85 627.00 289.80 618.20 227.90 411.00 292.00 352.00 123.40 26.20 638.00 1830.00 192.55 28.85 794.90 26.40 490.00 170.70 19.85 597.50 10.25 954.60 73.20 392.40 1103.70 3885.00 253.10 137.65 463.40 131.90 34.60 764.90 926.85 48.45 42.75 52.00 1999.90

361.30 105.00 2970.00 124.10 128.65 345.15 69.30 185.20 110.25 574.00 281.00 606.30 220.00 390.85 281.20 332.65 118.55 25.90 614.00 1717.80 183.45 28.30 772.00 24.70 465.00 164.00 19.20 575.65 9.70 927.00 70.60 369.50 1067.25 3780.00 245.60 130.10 451.00 127.20 29.70 736.55 891.25 46.90 40.50 47.75 1933.60

939.88 729.90 71.21 21.22 379.76 44.97 590.21 981.66 40.85 1287.45 5.14 3.90 138.39 360.32 518.90 6099.58 763.12 1468.03 6239.15 1.36 523.63 360.55 15.32 38.04 4.67 52.48 113.38 1.02 82.53 279.55 7976.60 1135.44 690.86 20.97 5026.80 138.71 9.26 382.39 470.60 227.30 51.86 91.37 4959.90 16.35 4.53

368.00 202.20 3348.95 146.80 164.85 395.20 85.95 213.00 153.00 628.05 332.00 660.00 343.70 499.80 294.85 351.95 149.55 50.00 677.85 2141.00 330.85 44.70 940.00 43.40 542.00 196.00 50.50 635.00 14.40 1059.00 110.95 392.35 1141.75 4490.85 273.95 154.00 2469.85 158.00 47.55 920.00 1126.00 74.95 80.50 66.00 3220.00

263.10 64 363.15 106.50 5 107.60 1752.00 305 2986.80 73.00 15 131.30 93.00 20 137.10 338.00 19 347.70 32.25 - 69.80 117.00 25 187.05 104.20 - 111.30 261.00 12 592.55 217.15 - 284.35 486.78 20 607.60 192.00 9 225.60 233.00 29 408.30 97.00 48 290.20 112.25 114 350.25 65.00 - 120.70 23.70 - 25.95 269.20 17 629.95 1122.00 95 1741.80 160.05 4 186.75 23.55 - 28.50 631.15 32 791.90 20.80 - 25.20 160.00 33 471.40 71.25 - 168.90 15.85 - 19.55 432.65 - 588.00 6.75 235.45 24 932.90 68.00 - 71.15 275.00 124 385.45 533.10 31 1078.75 2510.00 95 3838.30 127.20 85 251.55 85.10 59 132.30 397.00 72.80 - 128.55 29.20 438.00 52 754.20 717.65 50 911.75 27.25 - 48.05 37.81 5 41.20 16.50 21 48.30 1910.10 - 1939.90

E ................................................ ECE Ind Eclerx EdelFinSer [1] EID Parry [1] EIH [2] EIH A Htl Eimco Elec. Eng [2] Elec.Stl.Cs [1] Electrotherm Elgi Eqp [1] Elgi Rbr Emami Inf [2] Emami Ltd [1] Emco [2] Emkay Glo Emmbi Ind EnduranceTec Energy Dev Eng.India [5] Ent.Net.Ind Equitas Hold ErisLifeSci [1] Eros Intl Esab Ind Escorts ESI [2] Essar Shp EsselPack [2] Ester [5] Euro Cer EuroMulti Eurotex Ever.Kanto [2] Everady [5] Everest Ind Excel Crop [5] Excel Ind [5] Exide [1]

343.50 1540.20 280.05 358.75 198.75 527.05 525.35 92.00 35.25 162.85 302.10 51.05 347.65 1262.25 21.25 215.30 217.85 1280.00 30.95 180.55 778.50 155.15 780.00 224.55 818.65 772.45 5.55 28.70 296.25 59.60 7.70 2.60 35.50 61.85 443.55 583.40 3409.50 729.35 221.20

340.50 1552.65 289.55 349.50 203.55 533.50 518.40 93.05 35.20 159.95 308.30 51.35 343.05 1245.85 22.05 216.55 219.65 1275.65 31.25 177.10 769.80 153.20 768.00 229.50 823.60 786.50 5.35 29.05 295.25 59.00 8.05 2.50 34.70 64.80 451.75 574.15 3598.55 735.85 223.60

361.05 1540.00 281.25 356.00 196.65 542.00 525.35 92.00 35.45 161.95 299.15 51.25 346.00 1270.95 22.25 219.95 217.85 1280.15 31.40 181.00 770.00 154.30 779.90 224.90 820.00 776.00 5.60 28.75 297.95 59.95 7.70 2.50 38.20 62.45 443.30 580.00 3439.00 735.60 222.00

361.05 1558.00 291.20 360.00 215.00 549.00 525.35 93.70 36.15 165.00 311.20 53.40 349.50 1270.95 22.70 222.80 219.90 1284.05 31.75 182.60 779.95 155.30 784.90 233.55 836.00 790.00 5.65 29.20 299.95 61.80 8.05 2.50 38.20 65.90 455.50 589.70 3624.70 753.00 226.10

337.50 1540.00 280.20 348.10 196.50 525.05 515.00 88.60 35.10 159.00 298.35 51.15 341.30 1235.00 21.55 211.00 215.90 1250.05 31.00 175.65 755.55 152.20 766.00 224.65 807.05 765.45 5.35 28.10 292.25 58.10 7.70 2.50 34.55 61.70 438.40 569.55 3357.00 725.00 221.00

0.27 20.97 3424.84 102.33 305.75 7.51 2.22 766.43 429.38 8.67 36.57 31.96 59.83 162.91 699.06 30.54 9.46 26.60 307.96 2403.64 6.74 1309.97 29.84 561.47 7.97 604.93 102.89 71.77 77.74 115.05 42.99 0.25 1.24 1084.80 40.28 26.63 47.75 23.47 1354.95

188.80 1595.00 309.40 391.95 231.50 635.00 700.00 113.50 44.60 308.80 325.20 70.45 406.00 1428.00 33.55 320.70 264.10 1397.00 69.10 206.20 1008.00 188.05 830.95 308.40 1075.00 822.60 9.19 35.85 317.00 73.50 15.08 3.93 51.00 77.75 465.00 635.00 3619.00 775.00 249.70

85.05 266 1141.65 21 1551.25 107.45 160 289.05 270.00 26 348.70 96.50 96 203.55 286.05 39 535.05 361.20 14 521.85 45.00 - 92.90 23.50 32 35.20 125.05 - 160.45 183.00 71 307.45 39.00 59.95 51 343.50 985.00 89 1245.50 16.85 - 21.90 57.00 40 217.80 124.15 28 220.45 581.25 75 1276.20 14.35 - 31.15 140.95 32 177.85 715.00 97 767.95 133.45 - 153.25 510.50 46 766.15 164.30 26 229.65 551.00 40 820.85 343.85 44 784.35 2.00 5.40 23.15 - 28.95 226.00 70 292.40 30.00 - 59.00 5.52 8.24 1.30 2.33 28.40 - 34.05 30.00 - 64.95 228.00 34 457.00 185.00 39 573.80 1630.00 52 3590.85 343.30 47 733.20 191.20 28 223.35

F ................................................ FACT

57.95

56.80

56.55

57.45

56.30

138.24

63.65

28.10

56.75

Open

High

Low

Qty

52 WH

52 WL

BSE Cl

G ................................................ Gabriel [1] Gallant Isp Gallant Mtl Gamm.Infra [2] Gandhi Tub [5] Ganesh Hsg Ganesha Ecos Gar.Wal.Rp Gard.Silk Gatewaty Gati [2] Gayt. Proj [2] GE Ship GE T&DInd Geecee Gemini Com [1] Genesys [5] GenInsCorpIn Genus Pwr [1] GeojitFinSer GEPowerIndia GHCL GIC Hsg Gillette Ginni Fil Gita.Gems GKW Glaxo Cons Glaxo Phr Glb.Vect Glenmark [1] GM Brew GMDC [2] GMR Inf [1] GNA Axles GNFC Goa Carb GOCL Corp [2] God.Pow.Isp Godfrey [2] Godrej Cons [1] Godrej Ind [1] Godrej Pr [5] GodrejAgrovt Gokaldas [5] Goldiam Int Golds.Infr [4] GoodLuck St [2] GP Petrol [5] GPTInfraProj Granuels [1] Graphite [2] Grasim [2] Gravita [2] GreenlaInd [5] GreenPly [1] Grindwel [5] GRP Ltd Gruh Fin [2] Grvs.Cot [2] GSFC [2] GSPL GSS Info GTL GTL Infra GTN Ind GTPLHathway Gufic Bio [1] Guj. NRE Guj.Alk Guj.Flu [1] Guj.Ind.Pow Guj.NRE DVR Guj.Pipav Guj.Sid.Cem Gujarat Gas Gul.Amb.Ex [2] Gul.Apl Gulf Oil Lub [2] GulshanPoly [1]

C ................................................ Cadila HC [1] Cambridge Camlin Fine [1] Canara Bk CanFinHom [2] Cantabil Cap.First CapaciteInfr CapitalTrust Caplin Point [2] CapriGlo [2] CARE CarrerPnt CastrolIndia [5] CCL Prd [2] Ceat Celebrity Celes.Bio Cent Enka Cent.Bk Cent.Elec Cent.Ext [1] Cent.Ply [1] Cent.Txt CentDepoSer Cera San [5] Cereb.Int CESC CGPo&InSo [2] Chamb.Frt CholaFin CIL Nova Cineline Ind [5] CitiUn Bk [1] Clari.Chm CLEducateLtd CMI CochinShip CoffeeDayEnt Colgate [1] CompuageIn [2] Con.FinHld Concor ControlPrint CoralIndFin [2] Corom.Intl [1] Corp Bk [2] Cosmo Film Cox&King [5] CPCL Creat.Eye [5] Crest Ventu Crisil [1] CromGrCon [2] CUMI [1] Cummins [2] Cupid Ltd Cybertech CYIENT Ltd [5]

FairchemSpec 411.35 417.30 410.00 419.00 400.20 16.40 595.00 380.00 120 417.60 FDC [1] 238.55 239.50 237.45 244.75 235.20 74.35 269.80 164.00 26 239.40 Fed Bk [2] 103.15 101.60 102.95 103.40 101.3010433.19 127.75 75.45 20 101.55 Fed.Goetze 570.60 564.60 577.45 577.45 561.00 4.90 650.80 465.10 39 567.20 FeddersElect 77.40 77.65 77.10 78.70 77.10 77.16 96.25 59.25 - 77.40 Fiem Ind 989.35 977.30 998.80 998.80 970.00 8.34 1191.00 821.40 28 976.05 Filatex 222.35 222.80 220.00 227.95 218.00 151.19 251.35 65.40 19 222.60 Fin.Cable [2] 741.75 743.70 747.00 747.00 733.90 37.29 750.00 406.00 33 741.20 FineotexChe [2] 76.45 79.55 77.00 80.25 73.00 2575.83 106.05 23.50 48 79.55 Fino.Ind 665.20 655.75 665.25 669.50 649.30 20.82 752.80 448.00 27 658.55 Firstsource 44.70 43.85 44.60 44.85 43.50 3671.33 49.30 30.40 15 43.80 ForFinSerInd 268.90 264.45 266.35 267.05 261.00 10.78 394.00 255.00 - 267.00 Fortis Hlt 145.45 147.20 145.10 148.50 145.10 5273.74 230.90 123.40 - 147.10 Foseco 1932.75 1893.85 1946.10 1946.10 1882.20 1.04 2336.15 1282.00 39 1898.40 Fut. Life [2] 372.10 385.05 366.00 392.60 366.00 153.33 410.55 158.00 89 385.95 Fut. Mkt 129.55 130.50 129.55 131.90 128.05 16.22 200.55 43.20 - 130.70 FutEntpDVR [2] 45.60 45.45 44.65 46.90 44.65 14.36 57.80 17.15 2 45.50 Future Cons 68.25 68.60 69.00 69.25 67.00 2168.83 79.10 22.35 FutureEntp [2] 45.80 45.90 45.95 46.40 45.55 648.22 62.05 18.00 - 45.90 FutureRetail [2] 531.60 538.85 531.00 544.70 530.50 292.04 657.09 164.02 52 538.40 FuturSuplyCh 675.25 694.90 677.80 697.90 675.00 71.69 749.00 660.00 -

Sensex

BajajFin [2] . . . . . . . . . . . . . . . . . . .. . . . 1701.90. . . . 1706.35. . . . 1714.00. . . . 1726.00. . . . 1678.00. . . . . 924.50. . . . 1989.00. . . . . 904.00. . . . 46. . . . 1705.20 BharInfratel . . . . . . . . . . . . . . . . . .. . . . . 346.05. . . . . 343.50. . . . . 344.50. . . . . 349.00. . . . . 339.80. . . . 6688.12. . . . . 481.90. . . . . 283.10. . . . 26. . . . . 343.20

189.45 353.85 48.05 3.95 423.25 166.10 424.95 1003.60 44.30 237.80 137.65 218.70 450.95 425.40 160.85 0.85 299.05 782.75 80.55 115.30 934.65 324.00 447.20 6682.35 39.25 68.40 652.20 6641.40 2473.60 158.95 624.30 980.40 149.75 22.65 456.70 495.25 1037.10 620.50 493.95 989.80 1050.95 621.85 824.05 592.50 123.50 81.70 215.00 125.75 82.90 210.65 135.60 779.60 1223.55 178.85 1209.55 371.35 547.40 1546.70 687.80 137.25 152.50 211.10 38.70 15.10 6.30 19.00 166.65 126.95 1.30 876.00 888.85 127.40 1.25 153.15 36.10 866.75 257.60 233.20 923.25 87.30

186.95 341.70 47.05 3.80 426.60 167.85 422.10 1010.00 44.10 238.20 139.30 218.55 457.35 420.60 159.30 0.90 307.90 784.80 81.20 117.35 976.55 326.35 455.35 6621.85 39.65 67.70 639.15 6648.40 2463.05 163.40 620.20 989.55 150.35 22.95 454.10 511.70 1049.85 612.85 518.60 985.25 1092.70 640.00 882.05 599.75 122.15 81.40 228.25 132.05 90.30 211.10 138.80 804.05 1239.30 181.50 1185.20 372.85 556.65 1525.65 588.95 138.15 155.05 209.70 38.30 15.00 6.20 18.30 164.40 127.55 1.25 890.60 882.35 127.90 1.25 151.20 36.10 877.25 264.60 235.10 899.15 89.00

190.00 364.00 49.00 4.00 426.00 167.15 424.75 1017.80 44.00 241.90 138.00 220.05 458.80 425.75 160.85 0.90 296.00 780.30 80.80 116.00 921.10 325.00 449.95 6699.95 39.75 68.35 655.00 6600.00 2450.75 159.05 627.45 980.00 150.95 22.70 468.90 496.90 1042.00 614.00 518.60 990.00 1045.00 623.00 824.05 588.50 124.50 83.70 215.00 126.50 83.05 213.80 136.90 784.00 1224.00 178.00 1211.05 376.70 555.00 1555.80 690.10 137.85 151.00 211.20 39.40 15.00 6.35 18.65 169.40 127.85 1.25 876.00 895.00 128.40 1.30 153.50 35.90 859.00 260.00 236.00 932.80 87.90

191.95 365.00 49.00 4.00 429.90 168.90 425.90 1020.00 44.70 241.90 141.70 221.00 463.00 428.00 161.80 0.90 315.25 792.10 82.90 117.90 1044.70 333.50 457.00 6699.95 40.25 69.90 682.95 6665.90 2473.25 166.30 627.45 1015.00 152.35 23.45 474.40 534.00 1068.60 637.95 518.60 1000.95 1098.00 641.00 910.25 607.80 124.50 83.70 235.00 135.00 92.50 215.95 139.40 815.00 1241.90 182.00 1244.95 376.70 574.95 1601.00 692.00 138.80 156.85 215.05 40.25 15.70 6.40 18.70 169.40 131.00 1.25 900.00 909.00 128.50 1.30 154.00 36.50 880.00 270.00 236.45 932.80 91.00

185.85 109.89 336.25 39.04 45.45 36.71 3.70 6440.95 425.00 10.26 165.10 264.41 419.00 11.24 1001.00 78.61 43.70 100.25 235.05 82.17 137.00 1597.67 215.55 260.89 451.40 83.68 415.20 42.23 158.10 13.57 0.90 4.50 296.00 87.87 777.30 61.46 79.10 478.51 115.05 220.05 921.10 110.57 324.55 250.12 443.05 160.99 6601.00 4.68 39.40 101.38 66.70 2662.63 627.00 0.23 6575.05 4.48 2413.00 12.72 156.95 35.54 618.25 497.06 980.00 87.84 149.80 338.99 22.5544668.07 446.55 464.87 496.00 6931.70 1023.95 237.25 610.25 3.69 518.60 68.32 978.60 64.05 1041.25 700.19 611.05 1071.90 824.00 525.21 588.50 83.90 120.60 104.46 81.00 28.36 215.00 351.09 124.55 561.47 83.00 1144.70 209.00 7.64 135.75 1647.94 781.90 1898.85 1206.00 424.45 177.50 185.70 1171.20 94.55 367.35 19.99 545.00 19.05 1453.90 4.71 574.00 3483.89 136.25 987.68 151.00 2362.70 208.70 274.60 37.25 760.69 14.85 130.16 6.15 4631.79 18.25 3.60 162.70 14.70 126.75 91.27 1.25 2134.59 860.15 172.08 870.05 25.65 126.40 78.05 1.20 147.63 149.80 616.58 35.65 45.68 859.00 14.75 260.00 127.49 232.00 2.67 896.00 8.32 85.75 164.85

222.70 510.35 62.00 5.41 444.95 189.65 480.00 1070.45 53.60 292.00 154.45 237.55 482.40 474.40 193.80 2.05 390.00 899.00 86.00 147.05 1048.00 344.00 623.20 7196.90 65.30 104.80 792.90 6732.00 2795.00 203.45 973.10 1212.00 181.20 25.00 475.00 548.50 1215.40 700.00 560.00 1375.80 1094.50 699.70 909.00 636.00 142.60 99.30 248.70 142.50 103.60 247.25 157.00 908.00 1299.90 193.85 1399.95 401.05 570.00 1802.00 713.55 178.00 166.30 235.50 40.00 20.10 8.60 26.25 190.30 144.30 3.25 932.35 959.00 150.55 3.13 179.00 40.85 973.95 281.00 307.95 1098.50 113.95

106.85 173.55 33.95 2.66 280.00 74.30 177.20 574.10 27.00 210.90 101.60 124.60 350.00 277.85 106.75 1.00 139.05 752.30 36.50 36.50 533.05 203.65 280.10 4025.00 24.85 53.00 350.30 4856.05 2309.05 101.00 528.00 389.00 110.00 12.52 188.00 236.40 100.00 286.30 85.95 835.10 755.50 418.50 322.05 522.15 52.00 70.15 27.20 71.90 70.40 101.30 101.95 94.00 702.22 41.05 620.00 245.05 317.00 1160.50 330.65 112.70 102.30 151.50 19.00 12.45 3.95 14.80 126.60 54.15 1.18 368.95 462.60 100.00 1.18 126.25 23.55 530.10 88.00 136.50 645.00 72.00

30 26 13 20 18 25 24 50 26 32 16 13 35 42 33 8 15 82 20 44 74 12 10 25 12 24 25 20 217 114 34 84 130 24 176 16 29 60 24 77 51 51 55 34 50 82 63 20 17 21 34 62 20 42 8 32 50 26 22 33 20

187.55 344.90 47.70 3.81 428.50 167.65 420.95 1009.85 43.95 238.00 139.50 218.45 455.65 159.75 1.33 307.25 81.05 976.80 325.85 454.40 6624.40 39.70 67.55 6642.25 2456.65 163.30 621.35 986.10 149.70 22.90 454.40 510.60 1046.00 612.25 520.10 985.50 1089.25 637.10 880.95 121.45 81.65 227.35 132.45 90.60 211.00 138.90 803.20 1237.70 181.05 1180.95 374.25 548.30 1536.60 592.20 138.45 155.10 210.00 38.50 15.00 6.23 18.05 165.05 127.45 1.24 889.20 880.35 127.80 1.24 150.80 35.95 876.35 263.90 235.10 900.10 89.65

H................................................

#4 4 6 6 0 1

1.09 1107.80 Harita Seat 1023.95 1021.15 1023.95 1034.75 999.25 Hathway [2] 42.10 41.65 42.25 43.25 41.10 2813.45 49.45 Hatsun Agro [1] 833.20 810.35 836.00 836.00 782.25 42.56 970.00 HavellsIndia [1] 547.60 552.65 548.60 564.15 538.70 2573.23 575.00 HB Stk 46.80 47.95 48.00 49.10 46.40 79.80 58.75 HBL Pwr [1] 64.10 66.60 64.35 67.30 63.80 670.31 76.40 HCC [1] 36.90 38.05 37.10 38.70 36.8512568.32 48.00 HCG 299.60 300.90 297.00 304.85 291.00 32.72 319.30 HCL Info [2] 58.50 59.20 58.85 59.70 58.00 2372.68 64.75 HDFCStandLif 481.50 470.20 481.50 488.85 469.00 3825.80 494.30 HDIL 60.90 61.60 61.00 62.00 60.3511823.29 101.85 HEG 2774.85 2913.55 2843.00 2913.55 2823.10 585.57 3146.95 Heidelbrg 162.35 161.20 163.00 164.70 160.00 146.43 189.25 Herc.Hoi [1] 147.00 148.50 152.50 152.50 144.30 10.44 183.70 Herit.Fds [5] 800.40 793.35 792.00 799.85 780.15 21.90 885.10 Hester Biosc 1608.90 1622.65 1628.90 1638.00 1605.00 4.55 1949.80 Hexaware [2] 350.40 352.20 352.40 353.90 347.05 950.42 368.75 HFCL [1] 32.50 32.10 32.80 32.80 31.70 5909.89 36.65 HighGrdEn [1] 14.40 13.90 14.00 14.30 13.70 363.50 40.00 Hikal [2] 226.05 225.05 229.40 229.40 223.10 36.20 264.90 HIL 1652.30 1665.15 1675.00 1713.50 1640.45 66.81 1775.00 Hilton Mtl 39.30 39.85 39.70 41.20 38.05 105.38 54.55 Himat.Seid [5] 391.70 390.85 392.00 399.20 390.00 43.96 444.35 Hind.Compo [5] 501.90 516.85 504.00 525.00 504.00 3.90 802.66 Hind.Cop [5] 86.90 90.35 87.40 91.90 86.25 4096.21 110.55 Hind.Media 252.65 261.30 261.00 265.00 254.00 22.12 297.95 Hind.N.Gls [2] 164.80 160.20 161.25 165.95 160.00 0.16 191.80 Hind.Oil.Ex 132.10 143.75 136.50 147.00 135.75 4186.38 153.75 Hind.Rect [2] 130.00 130.90 131.00 133.00 128.70 3.41 154.90 Hind.Syn 13.55 14.20 14.20 14.20 14.20 15.58 13.59 Hind.Znc [2] 299.35 292.45 300.50 301.60 291.15 2433.31 333.40 HindujaGlo 922.40 969.90 924.50 973.75 920.05 62.05 1012.00 HindujaVen 768.55 757.45 768.55 773.95 751.00 9.86 865.70 HiTech Gr 511.65 522.20 511.65 525.05 510.55 6.77 601.90 Honda Siel 1417.45 1420.50 1431.60 1431.60 1405.05 2.41 1675.00 Honey.Aut 17913.80 17690.70 17980.80 18100.00 17508.75 1.90 21899.00 Hotel Leela [2] 21.55 22.00 21.55 22.40 21.35 575.89 27.25 HPLElect&Pow 151.05 149.70 151.05 151.50 148.50 67.85 164.45 HSCL [1] 173.50 186.55 175.30 187.90 175.00 2839.71 197.00 HSG&UrbanDev 83.50 84.30 83.05 84.80 82.60 1436.39 102.35 HSIL [2] 482.05 488.75 484.95 490.00 477.00 39.32 564.35 HT Media [2] 108.65 108.50 108.95 112.45 107.60 613.64 118.50 Hubtown 131.40 129.10 131.80 133.65 127.55 462.45 173.00

651.20 30 1014.25 27.05 - 42.00 425.00 94 807.90 385.00 61 552.15 15.60 8 47.60 38.50 42 66.45 31.90 - 38.00 215.45 127 300.50 39.80 - 59.10 307.00 45.10 16 61.65 175.00 118 2915.25 109.50 43 161.15 125.00 - 148.95 447.50 72 790.35 716.00 49 1622.65 187.50 25 352.40 11.85 - 32.10 8.00 6 14.00 191.35 27 224.70 623.00 20 1663.10 17.40 - 39.90 290.50 20 390.50 450.00 36 514.95 55.45 87 90.35 225.00 11 262.90 74.00 66.65 117 143.50 72.77 - 130.15 5.42 - 12.65 226.75 13 292.80 490.65 18 970.45 437.40 15 756.10 291.50 40 521.60 1296.10 28 1418.60 9220.05 7317630.30 15.75 - 22.00 103.30 34 149.95 40.40 51 186.45 66.15 18 84.10 277.20 40 487.70 78.00 17 108.80 83.40 19 128.95

I................................................. Ibull Real [2] ICICILombard ICRA IDBI Idea Cell IDFC IDFC Bank IFB Ind IFCI IFGLRefract IG Pet Igarshi IIFLHoldings [2] IL&FS Trn IL&FS Ven [2] IMPAL Ind Terr [2] Ind.Bk.Mer Ind.Card Ind.Cem Ind.Gly Ind.Hume [2] Ind.Metals Ind.Nippon Ind.Ovr.Bk Ind.Ram.Sy IndbullsVent [2] Indian Bk Indian Htl [1] IndianEgyExc Indo Count [2] Indoco Rem [2] Indotech Tr IndoThai Indra.Gas [2] Indra.Med INEOS Styro Infibeam Inc [1] Infinite Info Edge Infrasoft Ingersoll Inox Leis Inox Wind Insectic IntellecDesi [5] IntGlobAviat Intl Paper Inventure IPCA Lab [2] I-PruLifeINS IRB Infra ITD Cem [1] ITDC ITI IVP IZMO Ltd

241.40 827.60 3969.05 60.55 102.30 58.00 58.70 1419.25 30.30 317.85 775.80 840.60 700.35 81.35 25.75 1204.65 223.05 29.40 196.20 184.70 517.55 430.65 659.80 1126.15 23.15 48.00 274.95 381.25 142.45 1620.80 119.80 274.45 216.70 101.40 311.50 56.35 1062.25 143.75 352.50 1406.55 723.95 819.75 284.60 135.90 840.20 174.90 1210.60 364.80 14.75 579.80 429.70 236.85 216.55 512.10 128.10 198.40 73.70

243.30 853.60 3971.20 61.10 99.50 58.55 59.35 1416.20 31.00 313.50 762.70 837.95 697.15 83.10 26.05 1210.75 222.00 29.75 195.75 184.75 519.75 422.95 690.05 1139.30 23.00 49.40 281.80 382.05 150.65 1617.90 116.70 287.45 217.15 99.45 309.70 57.20 1043.35 147.15 360.00 1415.05 722.85 820.45 280.40 136.50 844.60 173.55 1198.15 384.05 15.25 588.35 438.75 239.45 216.80 522.00 128.50 197.00 72.90

243.60 822.05 3969.05 60.60 102.20 58.00 57.80 1437.60 30.70 310.45 765.00 840.00 701.00 84.10 25.90 1209.00 216.35 30.00 195.05 185.40 519.50 431.80 660.00 1116.30 23.25 48.65 276.60 381.70 142.20 1619.95 120.20 275.25 221.00 102.80 312.00 56.35 1078.15 144.00 359.95 1410.00 720.20 835.00 280.20 136.50 844.80 174.90 1210.60 368.90 14.25 583.00 434.65 236.80 217.75 517.70 129.60 198.40 73.70

245.80 857.85 3987.00 61.50 102.20 59.00 59.65 1437.60 31.65 325.00 778.00 848.70 714.90 85.05 26.70 1239.85 223.85 30.65 200.30 187.00 526.70 434.30 703.00 1164.95 23.25 49.95 284.00 384.85 152.50 1635.10 120.70 296.00 221.75 104.95 314.55 57.85 1078.15 149.55 361.85 1460.00 734.00 835.00 284.95 138.00 845.35 177.75 1210.60 385.00 15.65 593.25 448.35 240.50 218.00 537.00 132.20 204.85 75.00

241.00 3233.29 816.00 269.45 3951.00 0.66 60.35 2249.72 99.10 7526.35 57.2013107.33 57.7011987.50 1391.25 7.10 30.6017628.18 310.45 12.61 759.05 45.53 830.15 77.46 694.00 151.95 81.55 566.35 25.70 1253.10 1190.05 2.06 216.35 7.61 29.05 731.23 195.00 1.97 182.05 3816.77 512.95 235.34 421.50 14.97 657.60 84.50 1116.30 6.74 22.85 579.96 47.85 179.42 276.05 1545.16 376.10 512.87 141.20 4229.50 1614.00 29.79 116.00 1707.70 273.80 730.35 215.10 6.23 94.50 231.78 308.75 1250.29 56.35 86.78 1036.00 95.04 142.45 5243.17 355.85 48.83 1395.00 146.42 720.00 7.31 815.00 8.16 279.25 184.87 135.90 71.49 842.00 41.46 172.00 394.59 1188.15 281.93 358.55 165.98 14.25 37.47 570.25 192.88 433.00 7017.57 236.00 774.81 212.00 62.33 509.30 21.71 127.35 541.27 195.30 7.38 72.20 16.42

269.50 872.00 4448.00 86.50 123.75 68.00 70.35 1542.90 34.55 374.40 840.00 1125.00 725.06 124.20 35.15 1443.00 252.55 31.40 223.20 226.00 589.00 591.00 823.00 1424.80 32.25 57.50 306.00 428.00 152.65 1677.00 209.90 314.00 258.05 128.50 344.20 68.35 1168.80 195.75 385.45 1457.50 855.00 940.00 309.20 208.70 965.60 195.00 1346.35 418.00 20.99 656.00 507.90 272.40 234.90 747.00 164.90 234.00 86.00

74.60 619.00 3726.00 50.25 69.55 50.80 51.10 467.15 20.60 290.05 224.00 688.50 265.13 70.00 13.20 741.40 145.50 12.00 170.00 134.60 146.00 357.00 385.00 505.00 21.50 26.20 20.00 242.60 98.83 1490.00 95.00 179.00 177.05 19.05 183.62 50.25 592.10 87.00 199.19 796.35 306.00 645.00 213.30 104.90 508.05 96.50 816.00 272.00 10.50 400.00 337.50 193.80 144.75 261.70 40.45 121.95 43.00

47 43 23 92 19 36 124 11 37 31 28 50 34 26 5 32 231 12 129 13 79 10 36 25 34 14 76 411 34 57 27 22 20 20 46 42 21 50 63 21 27

242.80 856.85 3980.00 61.10 99.60 58.40 59.35 1425.05 30.95 769.40 833.10 694.85 83.35 26.05 1210.95 222.55 29.80 197.95 184.70 519.95 422.70 689.10 1139.80 23.00 49.35 281.20 381.65 150.85 116.70 287.60 216.35 98.35 309.70 57.00 1039.70 146.90 358.30 1410.85 724.60 819.65 279.70 136.40 844.05 173.10 1197.85 383.35 15.04 588.65 438.35 239.25 217.10 128.30 195.80 72.25

J. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.15 76.85 76.85 77.50 75.50 289.87 95.65 J&K Bk [1] Jagran [2] 176.35 178.90 180.85 180.85 176.00 35.15 208.55 Jags.Phr [5] 37.90 37.35 38.90 38.90 37.15 30.95 50.75 Jai Corp [1] 187.65 191.25 189.00 195.50 186.10 2381.93 223.30 Jaihind Pro 5.65 5.45 5.65 5.65 5.45 0.10 6.75 Jain I.DVR [2] 87.55 87.10 87.60 88.30 85.80 268.88 99.95 Jain Irrg [2] 136.00 139.80 136.60 140.45 134.10 7703.47 146.40 Jamna Au [1] 75.95 76.00 76.30 76.75 74.80 1943.13 91.35 Jay Bhr [5] 525.95 534.70 525.00 538.00 523.00 30.75 748.75 Jay.Agro [5] 423.45 423.25 426.40 427.75 416.10 9.75 571.45 Jaypee Inf 15.75 15.00 15.40 16.50 15.0013629.48 25.60 JB Chem [2] 326.15 324.00 327.00 329.95 321.25 47.01 367.65 JBF Ind 203.30 202.25 203.90 206.15 201.45 37.99 326.00 JBM Auro [5] 510.05 510.05 516.75 528.75 507.15 96.34 628.50 Jet Air 793.20 783.40 793.00 798.00 780.20 1349.94 883.65 JHS Svend 69.95 69.55 70.45 71.10 69.15 79.10 83.05 Jind P.Inv 75.35 76.70 75.45 78.40 75.00 5.31 108.70 Jind.Drl [5] 202.55 204.25 203.00 207.15 200.20 121.15 235.00 Jind.Poly 381.85 386.25 383.80 389.95 380.10 97.44 476.10 Jind.Saw [2] 157.75 165.30 157.90 169.75 157.10 4487.42 179.80 Jind.Stl&P [1] 264.15 263.75 263.70 266.70 261.20 6732.31 275.70 Jind.World [5] 622.55 638.35 645.00 661.05 621.00 101.36 663.70 JindStain(H) [2] 208.60 202.95 209.70 210.45 202.20 561.11 252.00 JK Cem 1128.15 1153.05 1135.00 1168.00 1120.00 15.33 1194.95 JK Lak.Cem [5] 433.65 430.70 433.05 437.05 429.00 27.50 535.00 JK Paper 142.95 148.00 143.30 155.50 142.95 2319.93 169.90 JK Tyre [2] 179.70 177.85 180.10 182.65 177.00 957.45 186.55 Jkumar Inf [5] 320.40 336.05 326.00 345.00 326.00 212.09 362.00 JM Fin [1] 166.95 163.85 167.50 169.45 163.10 3431.61 190.95 JMC Proj 596.90 592.50 591.25 610.00 587.00 18.56 688.00 Jocil 191.35 193.75 191.50 195.00 187.00 8.03 238.00 JohnCntHita 2687.85 2685.00 2648.05 2699.70 2648.05 4.73 2775.00 Joyt.Str [2] 12.00 12.60 12.35 12.60 12.00 1069.89 15.54 JP Associ [2] 21.70 21.95 23.50 24.55 21.60230608.20 30.40 JP Pwr 7.45 7.45 7.60 7.80 7.40 3720.31 10.20 JSL [2] 114.00 115.90 115.20 119.90 114.05 426.91 132.40

59.85 161.00 28.05 68.05 5.23 56.00 82.80 36.06 326.60 258.08 7.90 255.00 136.00 230.00 352.00 36.00 50.25 137.05 316.10 57.80 75.60 86.00 98.85 700.00 345.00 88.00 112.00 181.60 67.90 214.50 156.00 1310.00 6.98 9.15 3.90 40.80

18 2 38 30 19 27 18 62 31 22 66 19 17 34 17 24 72 12 25 97 24 93 21

76.60 178.75 37.40 191.60 5.85 87.25 139.85 76.05 534.20 421.75 15.05 324.40 202.15 509.90 782.55 69.70 77.35 203.65 386.65 165.65 263.65 635.80 202.95 1171.35 430.30 148.25 178.10 338.25 163.95 595.95 2664.35 12.58 21.95 7.44 115.60

Company

JSW Enr JSW Hld JSW Stl [1] Jub.Food Jub.Ind Jub.Life [1] JullundurMot JustDial JVL Agro [1] Jyo.Lab [1]

Open

High

Low

Qty

52 WH

52 WL

BSE Cl

91.70 88.70 91.70 92.05 88.25 6466.27 97.50 58.80 1792.80 1747.10 1785.05 1799.95 1740.00 2.93 2007.00 1460.20 282.10 278.65 283.00 283.50 276.60 2143.38 292.95 175.05 2093.30 2273.30 2155.00 2299.00 2141.55 6219.27 2295.95 817.60 249.70 246.80 246.05 252.00 246.00 37.17 418.00 200.05 879.95 887.45 884.35 911.90 882.65 943.96 974.50 600.00 243.60 238.55 249.90 249.90 236.65 4.57 299.55 179.00 556.65 603.90 558.90 610.00 558.00 8941.77 648.00 326.10 38.15 37.90 38.00 39.25 37.40 2270.48 39.90 17.80 375.45 371.15 377.90 379.45 370.00 701.10 441.00 325.00

26 22 95 70 32 32

88.60 1751.15 278.80 2268.50 246.75 887.15 602.55 37.80 371.45

K ................................................ Kabra Ext [5] Kaj.Cera [1] Kakt.Cem Kalp.Pwr [2] Kaly.Inv Kaly.Stl [5] Kamat Htl Kanani Ind [1] Kanor.Chem [5] Kansai Ner [1] Karn.Bk Karur vys bk [2] Kaushlya Inf Kaveri Seed [2] Kavveri Tel KAYA Ltd KCP [1] KCP Sug [1] KEC Intl [2] KEI Ind [2] Kesar Ent Kesar Ter [5] Kesoram In Kewal Clo Keynote KhadimIndia Khait.Ind Kilitch Kingfa S&T KIOCL Kiri Ind Kirl.Bros [2] Kirl.Elec Kirl.Ind Kirl.Oil [2] Kitex [1] KM Sug [2] KNR Con [2] Kohin.Foods Kokuyo [1] KoltePatil Kopran Kothari Pet [5] Kothari Pro Kothari Sug KPIT Cum [2] KPR Mill [5] KRBL [1] KridhanInfra [2] KSB Pumps Kwality [1]

128.70 717.30 383.70 468.25 2499.45 375.55 135.50 10.00 95.25 526.75 158.85 115.35 4.00 510.60 12.60 1096.05 149.10 30.85 359.80 392.75 60.95 185.80 145.75 1774.15 70.00 705.15 60.55 86.35 1068.20 333.45 596.05 377.40 45.30 1470.60 391.70 298.20 18.30 302.30 81.80 142.85 372.75 73.40 27.90 204.90 16.30 196.65 811.35 629.65 121.05 893.65 100.95

131.20 716.30 383.65 480.30 2550.40 373.60 151.05 9.80 97.30 509.80 158.35 117.95 4.20 522.95 12.60 1121.20 147.45 30.65 357.50 396.55 60.25 187.80 151.40 1789.55 73.00 702.10 59.95 87.45 1112.90 339.35 636.35 390.55 45.20 1465.00 403.10 298.05 18.15 310.95 81.45 145.65 378.25 78.05 28.20 208.55 15.95 199.95 812.15 630.65 128.90 887.00 102.50

128.40 714.00 385.00 470.00 2474.00 375.65 136.00 10.15 96.00 528.80 159.00 116.00 3.80 510.75 12.95 1098.00 150.00 30.50 361.00 394.85 60.95 185.50 146.75 1787.15 70.00 700.00 62.45 84.75 1074.90 339.90 598.85 379.00 45.00 1470.20 391.00 296.10 18.20 307.90 82.00 143.00 372.75 74.00 28.00 202.00 16.75 196.50 812.35 619.00 123.00 890.00 101.00

132.40 720.55 387.35 483.50 2559.95 381.85 153.90 10.20 98.15 528.80 160.05 118.95 4.20 525.95 13.15 1137.70 150.00 31.25 364.45 400.85 62.20 195.00 152.45 1822.90 73.00 712.70 62.45 88.85 1135.00 344.00 643.30 394.50 46.10 1495.95 427.00 302.90 18.45 316.00 83.00 152.50 382.00 79.50 28.70 215.50 16.75 202.70 819.90 636.80 130.00 898.70 103.65

128.40 56.70 168.00 107.00 705.75 99.19 787.55 540.65 382.00 24.52 448.90 292.75 468.05 83.50 535.95 262.50 2474.00 0.87 2955.00 1160.00 370.75 60.55 469.15 322.20 136.00 1175.10 153.95 29.70 9.55 12.20 18.50 8.21 95.00 119.36 112.50 67.00 504.25 222.06 608.00 330.55 156.55 2586.36 181.15 112.10 115.55 941.86 150.20 77.01 3.80 180.71 6.49 2.59 509.55 539.32 708.10 447.90 12.25 7.14 15.84 8.10 1079.05 33.22 1262.00 711.00 144.30 137.41 170.10 83.85 30.25 179.65 33.40 15.75 355.35 205.07 395.00 142.55 388.20 294.97 423.45 133.05 60.00 4.86 139.80 47.00 185.10 15.06 250.00 167.05 145.75 784.31 173.40 119.60 1765.00 1.29 2199.95 1575.00 70.00 0.55 97.80 35.50 695.00 13.50 740.00 650.00 57.65 26.07 62.95 10.40 84.15 8.47 93.50 43.70 1068.20 20.50 1169.85 615.00 331.00 21.63 502.85 12.00 596.35 763.19 674.40 227.05 379.00 50.03 432.00 198.30 45.00 152.08 100.80 26.95 1460.50 0.70 1671.00 816.00 391.00 984.64 450.00 321.10 293.95 52.95 384.29 198.00 18.05 182.18 37.50 17.95 303.00 143.83 348.80 169.00 81.00 89.58 95.65 59.60 143.00 322.83 156.55 80.50 368.10 245.94 404.60 84.90 74.00 926.12 102.50 51.05 27.10 33.70 0.55 0.28 202.00 19.51 246.40 166.00 15.80 55.37 15.85 4.45 195.75 1776.22 211.70 104.60 803.00 26.76 882.00 564.50 619.00 76.08 673.00 329.70 122.60 817.50 142.00 47.50 880.15 4.35 936.00 600.00 101.00 642.74 169.05 95.50

29 44 8 26 44 13 9 13 52 10 15 18 24 26 27 15 12 28 14 5 67 98 18 72 8 31 39 20 6 20 28 28 12 32 25 32 49 19

130.95 717.30 385.70 478.95 2545.25 373.20 151.00 9.71 97.60 508.85 158.65 117.75 4.20 522.50 12.22 1120.65 147.70 357.75 395.40 60.00 189.60 151.40 1809.95 60.05 87.80 1123.65 636.55 388.75 1476.00 401.40 296.00 18.10 309.65 81.45 145.65 377.70 78.10 0.49 207.50 199.50 821.70 628.50 129.45 885.00 102.70

L ................................................ L&T Fin Hld L&TInfotech [1] L&TTechSer [2] La Opala [2] Lak.Pre Scr Lak.Vl. Bk LambodText [5] LaurusLabs LeelElect LG Balakri Liberty Sh LIC Hsg Fin [2] Linc Pen&Pla Lincoln Phar Linde Ind LMW Lok.Mach Lovable LT Ovrseas [1] Lumax tech Lumx Ind Lux Indust. [2] Lyka Labs Lypsa Gem

172.25 1118.40 996.80 664.60 49.95 141.65 71.20 543.65 289.70 1007.50 249.10 562.00 450.45 237.45 536.35 6116.90 71.00 237.60 92.80 760.90 2051.55 1525.30 67.00 37.70

178.30 1125.10 1027.25 656.45 48.45 140.30 71.05 549.70 292.00 1009.30 252.90 575.05 474.55 261.40 540.90 6226.15 70.30 235.50 93.05 767.45 2071.20 1540.75 68.55 37.50

172.90 1125.95 996.00 664.50 50.00 140.95 72.30 548.20 290.60 1008.10 249.45 561.70 450.45 239.35 540.00 6120.00 70.35 237.10 93.00 779.95 2085.00 1569.00 67.70 37.70

178.80 1140.00 1035.00 689.00 50.00 141.85 72.30 550.80 294.50 1018.30 257.45 576.30 482.00 272.40 547.90 6249.90 71.60 238.95 94.90 780.00 2085.00 1569.00 69.65 38.05

171.40 6348.38 213.60 93.35 128 178.30 1107.00 53.15 1229.00 653.35 18 1124.85 980.00 34.56 1149.50 671.00 24 1023.40 655.00 37.15 744.00 451.70 58 656.75 47.85 3.87 61.00 35.75 - 48.00 139.15 406.58 106.85 68.55 13 70.65 6.01 89.35 52.55 12 70.85 539.00 81.18 634.00 468.00 27 549.70 289.70 106.84 340.40 168.00 18 291.50 995.25 5.02 1138.80 534.00 25 1000.00 249.40 28.94 308.90 160.00 100 252.85 560.10 1974.03 794.10 513.60 15 573.45 442.65 25.43 530.00 220.00 65 477.10 237.75 1212.45 272.15 148.00 24 262.75 538.05 85.51 598.85 352.00 173 539.60 6045.10 5.64 6628.15 3638.00 32 6207.20 70.05 61.10 109.70 66.30 43 70.30 235.10 35.25 283.40 184.05 42 235.75 92.60 869.66 109.90 36.35 86 93.15 765.95 5.48 872.00 420.00 57 769.45 2033.65 2.29 2241.00 1014.10 38 2077.65 1520.00 437.38 1570.50 649.95 62 1530.30 66.60 120.86 81.90 38.65 - 68.60 37.05 134.88 55.45 34.25 - 37.50

M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468.60 488.60 470.90 490.90 470.40 1619.79 502.10 263.65 88 488.35 M&M Fin [2] Maan Alum 158.70 160.45 152.00 168.50 147.15 25.83 183.65 38.58 19 160.15 Madhav 70.00 69.75 72.75 72.75 69.20 10.84 86.50 53.00 28 69.90 Madhucon [1] 33.30 34.65 33.35 35.45 33.25 284.21 65.40 24.90 11 34.40 MagadhSug&En 154.00 149.50 154.00 154.00 149.00 14.54 364.00 149.50 2 150.10 Magma Fin [2] 174.70 171.60 176.50 176.50 170.15 64.92 191.40 94.50 - 172.65 Magn.Ven 15.45 14.75 16.00 16.15 14.70 79.22 23.85 3.06 - 14.64 Mah.Cie.Auto 240.85 238.45 241.90 241.90 237.50 96.42 270.05 188.50 138 238.50 Mah.Holi 368.50 362.65 369.90 369.90 360.00 41.99 469.00 266.67 37 366.50 Mah.Life 529.65 518.85 526.00 535.00 516.20 50.85 563.00 319.53 60 519.50 Mah.Scoot 2761.25 2794.80 2734.00 2798.00 2734.00 1.63 3441.65 1581.10 52 2782.30 Mah.Seam [5] 520.75 529.60 526.50 542.85 517.10 89.70 550.00 262.00 23 528.60 MahangrGas 1044.85 1044.30 1050.00 1064.95 1041.15 264.81 1345.00 845.00 23 1047.55 MahaSteelInd 100.90 103.90 100.00 105.00 99.20 135.07 192.50 55.00 30 106.80 MahindraLog 492.20 491.65 492.95 501.85 485.30 42.89 559.90 405.10 Maithan 926.20 975.05 931.90 986.05 931.90 189.60 994.00 341.00 10 972.70 Majesco [5] 532.55 558.55 533.00 569.40 533.00 642.08 591.00 300.00 248 560.10 Malu Paper 42.95 42.75 43.50 44.20 42.10 50.33 52.80 20.55 - 43.15 Man Ind [5] 144.55 143.15 146.40 148.30 142.10 420.92 161.00 45.40 24 143.30 Man Infr [2] 67.50 68.50 68.20 69.80 67.95 515.63 74.55 37.80 23 68.65 ManakAlumi [1] 16.50 16.15 16.40 16.65 15.70 32.52 19.25 5.10 - 16.08 Manaksia [2] 70.35 70.30 71.75 71.75 69.10 78.90 86.00 55.00 10 70.00 Manali Pet [5] 37.45 38.00 37.85 38.40 37.55 444.96 49.40 30.00 22 38.10 Manap.Fin [2] 119.65 120.90 120.75 121.50 118.80 6054.68 126.40 75.60 14 121.00 ManCoatMe [1] 20.70 20.75 20.50 22.00 20.00 54.83 25.90 6.91 - 20.50 Mang.Cem 416.55 428.65 419.95 430.25 41 M C m M D M B M M O M N M M MA M M mC m M w M M M V & M U M M DH M R MCX M m M B M P M M M M M C M M M M M MM MM C M M MO M P M M M C M M M M G M m M MP M MRP M N M M M A M A M w M C M B M C M

N NAC N D N O N N C N C N N P N NA CO N w N D N H N P N B G N B N N N BV N N C N NB C NCC NC ND V N C C N N N N N N w N NHPC N N N N m N B N N N N C NMDC N N N NRA w NRB B NRB N N w

O O OC O C O OM M Om A Om OMDC Om O M

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BusinessLine TUESDAY • JANUARY 23 • 2018

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Low

Qty

52 WH

81.78 169.45 Onward Te 120.70 128.10 119.00 129.50 119.00 Oracle Fin [5] 4094.05 4208.00 4118.65 4213.00 4091.25 34.27 4220.00 Orbit Exp 164.15 164.80 164.00 165.30 159.65 11.81 190.00 Oricon Enter [2] 66.75 66.60 67.00 67.90 66.00 1318.66 72.40 Orient Bell 315.00 323.30 319.95 326.00 316.25 18.97 375.30 Orient Cem [1] 167.40 169.40 170.00 171.00 165.95 99.36 183.80 Orient Grn 13.00 13.00 13.10 13.20 12.80 461.38 17.29 Orient Htls [1] 59.90 60.95 60.45 64.00 60.10 2009.33 64.00 Orient Ref [1] 166.45 165.35 163.90 168.80 163.90 58.43 186.80 Orient.Bk 122.80 122.45 123.00 123.10 120.40 1506.30 190.80 OrientAbr [1] 51.15 51.85 51.15 52.90 49.75 120.12 67.00 OrientalCar 1303.05 1273.25 1300.85 1303.00 1266.00 6.74 1589.00 Ortel Commun 32.65 32.85 33.90 33.90 32.00 23.55 143.40 Oswal Chem 36.75 37.55 36.75 37.70 36.55 76.61 18.45

52 WL

BSE Cl

64.55 115 128.30 3201.60 33 4205.35 115.65 24 164.95 50.00 66.90 156.00 30 325.05 124.65 64 169.75 7.90 12.92 22.30 61.30 113.05 28 164.75 111.00 122.45 27.90 51.95 792.20 26 1283.30 27.25 33.25 9.76 15.10

P ................................................. 47.25 47.75 47.75 46.70 P&S Bk 47.35 Page Ind 22050.80 22019.35 22149.90 22315.00 21925.00 PalredTech 107.75 104.35 107.50 107.50 102.00 Pan.Petro [2] 234.35 237.00 239.00 239.00 231.35 Pan.Univ [5] 12.25 11.85 12.60 12.60 11.65 Panac.Bio [1] 270.60 288.70 271.65 290.75 252.00 Paper Pro [2] 346.75 344.05 347.00 354.90 340.05 ParagMilk 274.90 291.35 276.00 293.40 276.00 ParamComn [2] 15.20 14.50 15.20 15.60 14.45 Parsvnath [5] 25.10 25.25 25.10 26.30 24.05 Patel Eng [1] 80.60 81.10 80.90 83.15 80.15 Patel Int 81.20 82.30 81.15 84.05 81.15 Patspin Ind 27.90 27.40 27.35 27.80 26.90 PC Jewl 587.35 583.00 585.00 590.70 578.00 PDS Multinat 333.20 340.80 333.05 345.00 330.00 Pearl Glo 132.90 133.20 133.05 136.20 133.00 Peninsula [2] 36.05 36.00 36.35 36.65 35.50 Pennar Eng 105.70 107.80 108.85 108.85 106.00 Pennar Ind [5] 63.60 63.80 63.90 64.80 63.30 Persistnt 769.10 788.90 772.70 818.00 753.85 Petron Eng 133.00 133.55 134.90 135.85 133.05 Petronet 237.05 237.80 237.50 238.55 233.30 PFC 120.20 120.00 121.00 121.00 119.10 P zer 2123.00 2145.55 2123.00 2178.00 2110.05 PG Elec 422.70 427.65 412.60 436.00 412.60 PGHH 9415.90 9276.40 9381.05 9418.90 9231.45 Phil.Carbon 1301.45 1287.95 1293.00 1321.20 1275.00 Phoenx.Mil [2] 606.80 617.50 600.00 628.60 600.00 PI Ind [1] 997.15 986.85 997.15 1007.90 978.00 PidiliteInd [1] 890.35 895.00 891.05 904.75 886.60 PinconSpirit 37.85 38.55 39.40 39.40 38.10 Pion.Dist 203.65 209.05 205.00 213.00 205.00 Pion.Emb 39.00 41.40 39.00 42.20 39.00 PiramalEntp [2] 2793.95 2830.20 2815.00 2835.85 2785.00 Pitti Lam [5] 95.35 97.15 95.00 98.60 95.00 Plastiblen [5] 239.55 241.15 245.00 245.00 236.05 PNB Gilts 45.40 45.10 45.50 45.60 44.80 PNB Housing 1304.15 1292.25 1305.00 1312.00 1285.00 PNC Infratec [2] 191.00 192.30 191.10 196.75 190.20 PodarHseDVPT 1148.30 1169.90 1159.95 1180.00 1126.95 PoddarPigmen 304.50 305.70 313.80 313.80 301.85 Pokarna Ltd [2] 229.85 228.95 238.00 238.00 226.95 Polaris [5] 411.75 416.20 406.20 422.40 406.20

41.38 72.30 44.45 15 47.35 8.18 25779.00 13650.10 8221995.25 32.34 181.80 84.05 107.00 42.38 268.00 70.93 29 235.10 54.45 15.65 6.69 11.83 985.88 302.40 129.00 288.45 15.10 387.00 201.00 47 345.50 1014.00 318.90 203.00 71 291.35 290.57 19.91 3.20 14.55 58.64 33.90 12.00 25.35 388.50 106.90 64.00 32 80.85 57.06 98.00 70.10 24 82.25 20.62 43.95 11.55 27.50 2062.02 600.65 176.65 41 581.85 6.62 365.00 131.00 339.70 4.67 178.00 110.00 134.85 473.48 44.00 14.40 35.80 27.72 158.00 81.75 18 108.10 464.25 79.00 40.00 23 63.90 716.82 818.65 558.05 21 789.35 0.89 217.15 118.35 134.95 1630.99 275.45 177.50 19 237.35 2963.45 169.00 112.75 17 120.10 24.91 2171.00 1625.00 34 2143.25 39.74 460.00 148.00 106 428.70 5.98 9899.85 6667.95 68 9234.40 693.47 1594.90 251.00 30 1290.95 55.55 679.60 337.55 55 615.80 79.03 1035.00 674.15 33 987.00 428.80 972.00 624.80 58 895.85 292.21 80.30 28.60 4 38.60 29.59 253.90 128.00 7 210.00 63.76 58.00 33.00 41.90 166.92 3083.05 1670.00 185 2821.50 49.79 118.60 46.50 28 97.35 14.43 333.30 199.50 25 238.65 245.60 64.80 42.90 7 45.05 124.75 1715.30 827.00 32 1292.40 98.96 228.40 99.50 31 192.30 4.41 1635.95 821.00 1169.00 17.67 358.85 220.00 16 304.15 72.81 323.00 171.00 65 229.25 199.85 425.00 153.60 37 416.55

Poly.Medi [5] 265.30 259.75 270.00 271.10 259.00 22.59 319.90 Polyplex 543.70 551.25 544.10 557.00 535.10 16.67 601.00 Ponnie Sug 180.20 177.85 179.95 180.65 171.70 7.39 259.40 Power Mech 874.30 876.90 875.00 883.15 870.00 4.54 930.00 PrabhatDairy 212.45 220.40 212.00 224.80 209.00 284.27 258.00 Praj Ind [2] 112.90 114.20 113.60 114.80 112.15 898.75 131.50 Prajay 17.10 17.45 16.45 17.80 16.45 133.15 20.34 Praksh.Cons [1] 8.05 8.45 7.65 8.45 7.65 3875.69 10.79 Praksh.Ind 242.30 241.70 243.70 253.35 240.00 3577.63 276.00 PrataapSnack 1159.95 1155.20 1160.05 1162.00 1154.20 5.50 1415.00 PrecisionCam 125.00 125.85 128.90 128.90 125.00 31.85 166.50 Precot 84.35 85.90 85.05 87.70 85.05 5.84 116.30 Precsn.Pipe 640.95 657.55 649.90 663.65 642.00 38.69 721.00 Precsn.Wre [5] 274.90 271.15 278.80 278.80 270.00 24.65 324.10 Premier 34.25 34.95 34.25 35.90 33.30 53.25 42.40 Premier Poly lm 40.90 41.70 40.20 42.00 40.20 2.21 284.85 PremierExplo 441.85 444.35 440.05 452.90 438.50 19.61 539.35 Pressman [2] 70.10 71.45 70.95 72.30 69.25 37.57 87.70 Prestige Est 310.80 313.50 310.00 315.90 306.05 349.86 356.10 PRICOL [1] 117.10 121.85 117.00 126.90 114.15 747.21 137.65 Prime Foc [1] 108.60 107.95 109.90 112.80 107.35 198.96 135.00 Prime.Sec [5] 54.35 53.50 53.50 54.40 52.05 76.86 66.50 Prism Cem 141.90 142.60 142.00 145.00 140.60 890.60 158.95 ProzoneIntu [2] 61.05 62.15 60.80 62.50 60.80 187.68 78.35 PSPProjects 569.20 564.80 570.00 575.45 561.60 44.94 595.00 PTC 115.90 114.80 115.55 116.00 113.80 1027.47 130.20 PTC Ind Fin 36.65 36.65 36.85 37.10 36.55 826.83 50.70 Pudum.Ind [2] 15.75 15.55 15.05 16.30 14.60 21.01 18.20 PudumjePap [1] 27.95 28.10 28.95 28.95 27.60 95.44 34.20 Pun.Natl.Bk [2] 176.40 176.00 176.10 177.30 172.2011370.45 231.60 Punj Lloyd [2] 23.55 23.60 23.60 24.15 23.10 1730.49 29.15 Punj.Chem 472.15 470.55 476.65 476.65 464.00 3.23 520.90 Punj.Mohta 34.80 34.60 35.50 35.55 34.55 14.80 84.40 Puravankra [5] 147.65 148.75 148.50 151.45 147.00 237.95 182.00 PVP Ven 8.50 8.90 8.50 8.90 8.10 942.65 10.70 PVR 1469.05 1474.10 1474.40 1483.35 1456.75 83.85 1659.70

190.10 39 259.25 352.00 40 550.45 156.10 8 178.70 389.95 21 875.05 99.00 126 220.40 61.00 67 114.10 7.50 17.70 3.26 8.51 65.20 14 242.25 1133.70 103.85 25 125.30 65.00 179.35 30 656.45 110.00 22 271.90 28.00 34.85 114.00 6 273.75 328.00 32 442.05 44.20 21 71.75 148.00 43 312.05 75.75 44 121.95 76.00 108.40 23.80 53.55 86.35 143.15 32.80 62.00 190.00 81.00 11 114.65 34.35 8 36.65 10.00 15.15 18.55 12 28.30 126.45 31 175.80 17.70 23.60 257.75 471.60 30.05 34.95 44.00 36 149.15 4.50 8.88 1145.00 78 1474.80

Q................................................. Quess Corp QuickHealTec

1052.00 1075.25 1050.00 1087.10 1048.90 351.90 354.35 352.00 361.60 348.50

205.10 1198.90 630.15 632.40 403.50 172.75

77 1074.40 45 353.80

R ................................................. R Sys Intl [1] Radaan [2] Radha Madh Radico [2] Rain Ind [2] Raj TV [5] Raj.Exp [1] Rajsr.Sug Rajvir Ind Rallis [1] Rama News Ramco Cem [1] Ramco Ind [1] Ramco Sys Ramk.Forg Ramky Inf Rana Sug Rane (M) Rane Brk Rane Eng Rane Hld Ratnamani [2] RattanIndPow Raymond RBL Bank RCF Rcom [5] RECL Redington [2]

44.85 3.45 27.40 365.55 432.35 59.50 821.95 51.85 47.00 266.80 33.75 785.55 304.70 511.05 825.20 223.40 7.05 702.25 1105.65 582.60 2249.75 1062.65 7.40 1081.90 523.30 101.25 29.45 156.45 189.55

44.95 3.40 27.35 389.60 431.90 59.70 821.25 50.50 48.70 270.95 33.75 781.20 305.10 510.35 840.05 222.50 6.90 712.70 1096.80 597.35 2359.45 1070.20 7.60 1102.45 530.65 98.70 28.65 155.65 188.00

44.35 3.40 27.80 363.50 431.00 60.80 822.00 50.50 46.05 268.40 34.10 785.55 304.00 502.00 829.00 222.00 7.05 706.05 1105.20 583.00 2298.00 1065.00 7.50 1089.90 526.00 101.35 29.00 156.10 190.00

47.95 3.40 28.00 404.40 440.00 61.00 827.00 51.25 48.75 273.55 34.90 795.30 308.95 524.00 846.00 226.95 7.05 723.25 1122.15 605.00 2399.00 1076.95 7.85 1108.70 531.90 101.65 29.35 156.40 190.20

44.00 36.41 3.40 14.60 27.00 427.56 363.50 6977.86 426.20 2408.70 59.05 32.50 814.00 600.86 49.60 84.92 46.00 0.90 267.25 510.31 33.30 69.36 778.05 84.30 303.15 75.42 502.00 27.07 814.00 12.03 220.10 72.73 6.85 461.84 695.00 8.98 1085.00 4.44 583.00 3.12 2230.00 3.35 1050.00 7.05 7.40 7874.95 1079.00 261.53 521.65 644.17 98.10 4827.51 28.3055758.13 154.30 2400.57 186.20 178.48

63.50 3.70 41.10 403.85 475.50 74.30 872.30 77.80 51.45 289.40 39.45 839.95 326.10 572.90 891.00 271.05 15.37 824.75 1447.00 742.90 2579.00 1217.00 9.60 1141.00 600.00 111.50 41.77 223.80 210.05

P C

C m

Beststeel [2] 112.65 Bhagira.Chem 328.75 Bhagwati Aut 119.90 Bharat Bhush 20.10 Bharat Seats [2] 236.85 Bharatagri 149.90 Bhilwara Sp. 12.10 Bhilwra Tec [1] 17.70 Bihar Sponge 2.47 Bilcare Ltd. 79.30 Bindalagro 36.80 Binny Ltd. [5] 248.30 Biopac India 33.85 Birla Pretec [2] 7.89 Bl.Chip Tex 133.80 Bla Ros Ind [1] 49.75 Bl 9.94 Bloom Dekor 63.90 Bnaltd 277.65 Bnk Capital 135.50 Bodhtree 91.15 Bom.Cycle 3029.60 Borosil Glas [1] 1046.50 Bp Capital 13.64 Brawn Bio 66.60 Bright Bros. 114.05 Camex Ltd 39.65 Camph.& All 1250.75 Camsonbio 20.60 Camsonseeds 29.05 Caprihans 110.55 Captain Poly 155.80 Carnation In 49.45 Catvision 47.60 Ceejay Finan 205.45 Cenlub Indus 69.00 Centru Cap [1] 75.20 Chamanl Se [2] 170.40 Chandni Te 39.35 Charterlogis [1] 22.60 Chd Dev Ltd [2] 15.21 Chemb Chm [5] 268.40 Chemtech Ind 24.00 Cheviot Co. 1385.90 Choice Int. 177.35 Choksi Imag 35.30 Chordia Food 180.70 Chowgule St 17.20 Cil Securits 36.25 Citadel 83.40 Claris Life 365.45 Cllimited 62.70 Cmi Fpe 1252.50 Cni Res Ltd [1] 3.43 Cochin Min. 197.15 Com Fincap 16.32 Comfort Com 12.40 Competent Au 262.40 Conart Eng. 52.10 Concord 30.75 Con Petro [1] 37.90 Coral Lab. 936.70 Corpor Cour 22.00 Cosboard Ind 43.05 Cosco India 406.40 Cosyn 98.45 Cranex Ltd. 18.05 Crowntours 14.30 Csl nance 655.80 Ctl [1] 5.07 Cybele Ind 7.88 Cybermate [2] 3.63 DaiIchi Kar 416.15 Daikaffil Ch 72.20 Danube 4.74 Deccangold [1] 37.25 Deepak Spinn 107.75 Denis Chem 102.45 Dhampure Sgr 16.55 Dhan Roto Sp 39.00 Dharamsi Chm 109.95 Dharani Fin. 17.47 Dhindia 28.40 Dhoot I.Fin. 73.30 Dhp India Lt 573.55 Diamines&Chm 104.75 Diamondyd [5] 1165.05 Diana Tea Co [5] 25.95 Dil Ltd 2544.05 Dion 43.40 Disa India 6445.00

117.75 335.00 124.00 21.10 240.35 150.35 11.70 18.05 2.41 78.50 37.55 242.55 35.50 8.12 137.70 47.30 10.31 60.35 305.40 136.85 95.65 3050.00 1030.50 14.32 67.40 115.70 40.00 1262.35 20.70 29.40 109.75 165.15 51.85 48.50 205.75 66.90 75.80 178.90 37.65 22.60 15.78 276.45 25.20 1425.50 179.90 36.45 189.70 17.60 35.30 83.00 370.25 67.10 1238.20 3.42 188.60 16.57 12.20 266.55 51.25 29.85 37.05 940.00 22.60 44.20 412.90 99.50 18.95 15.01 683.75 5.12 7.75 3.80 414.90 73.45 4.65 37.15 107.60 106.95 16.75 40.00 110.10 17.13 28.90 75.15 599.65 105.35 1157.30 25.30 2534.45 43.45 6510.00

35.00 22 45.10 1.05 3.25 24.45 27.50 107.00 57 389.70 63.30 430.80 51.50 59.75 484.95 52 823.60 49.00 4 50.45 36.70 205.00 35 271.15 18.05 33.55 612.00 30 781.30 190.70 47 304.15 313.15 27 509.85 373.80 55 826.50 63.60 11 222.15 6.12 6.87 399.00 40 719.55 915.10 21 1100.50 535.00 599.00 751.00 53 2367.10 651.05 37 1075.00 5.33 7.64 492.00 126 1101.15 366.05 40 528.95 53.20 36 98.65 9.60 28.70 136.75 6 155.60 101.00 37 187.80

Company

Refex Ref Rel Cap Rel.Ind.Inf Rel.Infra Relaxo [1] RelHomeFin Religare RelNavalEngg RelNippon Renais.Jwl Repco Home Repro Resp.Ind [1] Revathi Rico Auto [1] Rolta Rossell [2] Royal Orchd RPG Life [8] RPower RPP Infra RS Soft [5] RSWM Ruby Mills [5] Ruch.Paper Ruchi Soya [2] Rupa [1] Rush.Decor

21.10 21.25 529.25 522.55 560.75 574.15 517.85 509.60 638.20 628.15 81.00 82.70 52.25 52.75 49.90 49.55 293.50 295.40 328.85 333.30 683.85 693.05 731.00 741.15 40.40 40.00 717.65 712.55 93.55 94.45 68.50 70.65 118.35 118.50 195.35 198.40 523.40 527.55 48.90 48.00 306.75 308.00 81.15 81.10 385.30 382.45 404.00 400.15 195.00 198.35 19.05 18.75 463.40 461.05 971.45 1033.85

Open

High

21.10 21.50 531.25 537.80 563.40 582.00 514.00 517.00 641.05 649.00 81.65 82.90 49.65 54.25 49.90 50.80 295.00 302.00 331.00 340.00 684.00 698.00 740.00 764.60 40.40 40.60 715.15 723.70 93.80 96.05 68.40 71.40 120.00 121.45 197.80 204.90 527.60 548.00 49.10 49.10 306.35 309.50 81.95 84.40 394.90 394.90 410.00 410.05 195.80 200.00 19.05 19.40 461.05 469.00 990.00 1080.75

Low

Qty

52 WH

52 WL

BSE Cl

21.00 17.63 30.90 12.51 14 21.20 519.75 4040.70 780.90 373.32 22 522.70 559.55 842.20 684.00 388.70 60 573.20 503.50 1637.01 630.00 390.60 10 509.35 621.25 18.39 723.50 413.00 59 626.65 80.50 283.69 113.00 62.25 49.6515083.86 259.50 34.25 52.90 49.05 5307.80 72.65 33.65 292.00 308.78 335.00 237.50 326.00 35.62 384.80 128.00 20 335.40 681.10 257.16 923.00 552.00 22 694.55 727.60 7.14 862.95 381.30 40 745.25 39.95 27.85 107.40 34.50 40.45 706.00 1.13 1062.00 575.50 16 712.00 93.40 649.76 110.90 43.75 32 94.65 68.20 1725.40 82.10 50.25 3 70.50 115.20 20.52 149.90 89.00 118.35 195.60 217.41 216.65 78.85 46 198.90 520.00 33.82 606.40 294.00 123 527.80 47.65 7822.29 65.20 34.65 48.00 301.00 44.69 362.20 211.65 26 307.10 79.00 151.06 110.00 59.10 81.05 381.35 8.46 510.00 302.15 30 384.35 395.00 10.88 456.00 297.00 18 396.85 193.85 78.20 219.80 116.80 12 197.65 18.65 1286.03 33.75 15.40 18.75 459.80 38.59 590.00 246.45 51 459.70 960.00 241.64 1190.90 541.00 54 1034.20

S ................................................. S H Kelkar 306.45 310.25 309.70 313.90 303.00 Sadbhav [1] 411.30 404.50 411.30 413.00 402.00 SadbhavInf 147.60 145.25 148.00 148.00 145.00 Sagar Cem 1048.65 1050.65 1052.00 1065.95 1045.00 SAIL 93.30 92.45 93.35 93.45 91.60 Saksoft 228.10 231.85 228.45 234.70 228.45 Sakth.Sug 23.85 23.90 24.15 24.15 23.15 SalasarTech 308.85 311.95 309.95 314.60 308.10 Salzer Elec 219.60 226.85 218.30 228.30 218.30 Sambhaav [1] 13.05 12.65 13.05 13.45 12.50 Sanco Ind 45.05 42.85 45.75 45.75 40.00 Sandesh 1258.15 1268.35 1260.00 1289.75 1260.00 Sang.Forg 40.60 40.65 41.60 41.60 40.00 Sangam 184.05 178.65 184.15 186.95 178.10 Sangh.Mov [2] 170.15 172.45 171.00 173.10 169.90 Sanghi Ind 133.20 133.90 133.25 136.00 133.00 Sano 4743.15 4712.40 4743.15 4791.00 4670.00 Sarda Ene 573.25 599.00 577.85 604.90 577.50 Saregama 786.35 802.60 786.35 816.70 786.35 Sarla Perf [1] 64.55 67.65 65.10 69.20 64.65 Sasken 737.10 741.65 732.00 755.00 732.00 Sathv.Ispat 31.10 31.05 31.45 32.50 30.80 Satin Credit 504.20 500.60 504.05 507.20 498.10 Savita 1559.90 1623.65 1570.00 1630.00 1563.55 SBILifeInsur 711.50 714.65 704.10 717.00 701.85 Schae erInd 5618.00 5843.55 5626.45 5874.00 5626.40 SChand&Co 488.60 485.75 490.40 493.30 484.00 Schneider [2] 122.35 122.00 123.20 123.55 121.10 SCI 88.90 90.10 89.05 91.50 88.80 SE invt 338.00 320.20 340.05 340.05 310.40 SecuriIntSvc 1260.40 1228.45 1279.00 1279.00 1201.30 Sel Manu 3.25 3.25 3.25 3.30 3.15 Sequent Sc [2] 94.25 92.90 94.90 94.90 92.65 Sesh.Paper 1119.15 1136.65 1130.00 1170.00 1123.00 SetcoAuto [2] 65.50 68.75 65.50 69.60 64.20 Shah Alloy 20.00 22.00 21.25 22.00 20.50 Shakt.Pump 488.15 507.15 489.65 510.00 489.65 Shal.Paints [2] 203.20 200.00 202.55 208.00 199.00 SHALBY 240.05 253.65 241.60 256.00 240.35 ShankarBldg 1716.35 1719.10 1712.00 1764.95 1705.00 Shanthi Grs [1] 156.30 158.80 157.00 159.00 155.60 Sharda Motor 2477.20 2480.85 2480.00 2500.00 2465.10 ShardaCropch 443.35 452.15 441.00 459.00 441.00 SheelaFoam [5] 1571.15 1585.65 1560.20 1613.95 1540.00 Shemaroo Ent 498.70 550.55 524.00 585.00 515.00 Shilpa Med [1] 586.90 600.50 586.90 605.30 572.00 ShirpurGold 177.05 181.05 177.15 182.95 177.15 Shiv.Global 20.45 19.15 19.35 19.90 18.80 SHIVA TEXYARN 614.50 615.05 602.00 620.00 602.00 Shivam Auto [2] 89.70 90.15 89.55 91.85 88.30 Shop.Stop [5] 517.65 530.10 518.00 537.00 516.05 Shr.CU.Fin 2052.65 2052.40 2052.50 2063.35 2041.60 Shr.EPC 28.45 27.95 28.60 28.85 27.70 Shr.Ren.Sug [1] 15.95 15.60 15.95 16.00 15.60 Shr.Tr.Fin 1428.00 1476.25 1435.95 1488.95 1411.40 Shre PushChe 298.05 295.55 299.80 304.40 292.60 ShreeCements 18354.60 18479.35 18030.00 18500.00 18005.00 Shreyans 202.90 201.00 203.15 204.80 198.80 Shreyas 584.65 591.05 586.70 597.80 580.00 Sicagen 51.55 53.05 53.00 53.55 51.60 Sical Log 238.00 240.25 247.00 247.00 235.00 Siemens [2] 1299.35 1319.20 1290.00 1322.00 1288.55 SimbholiSug 23.50 22.90 23.90 23.90 22.70 Simp.Inf [2] 601.65 599.05 602.95 611.00 592.00 Sintex [1] 24.20 23.95 24.30 24.35 23.85 SintexPlaTec 76.85 76.45 77.20 77.45 76.15 SitiNetwork 24.95 24.85 24.95 25.00 24.55 Siyaram [2] 739.95 730.00 745.00 745.00 728.00 SJVN 34.90 34.95 35.00 35.15 34.80 SKF India 1827.80 1839.60 1845.00 1852.00 1750.00 Skipper [1] 247.00 254.85 247.00 257.75 245.95 SKM Egg 88.20 88.40 90.30 91.00 87.10 Smartlink [2] 116.45 114.75 116.00 119.80 112.40 SML Isuzu 869.00 879.60 869.05 884.00 862.45 SMS Phr [1] 102.00 104.70 102.95 116.70 100.80 SMSLifeScien 415.05 418.45 415.00 425.00 415.00 SnowmanLogi 60.25 61.15 60.55 63.20 59.80 Sobha 535.85 599.25 539.95 608.00 535.00 Solar Ind [2] 1137.45 1128.05 1147.00 1147.00 1122.45 Som Dist 263.80 273.05 265.00 276.80 265.00 Somany [2] 860.95 846.80 865.00 866.35 824.10 SomiConveyor 69.95 69.55 69.75 72.00 67.30 Sona Koyo [1] 104.55 107.00 105.40 107.45 104.75 Sonata [1] 303.80 311.30 304.80 315.00 297.95 SorilInfrRes 270.35 286.00 270.45 289.00 262.00 South In Bk [1] 32.25 32.20 32.10 32.40 32.00 SPApparels 403.00 397.40 409.80 409.80 394.25 Spec.Rest 168.90 171.15 174.95 177.50 167.55 SphereGlobal 44.00 43.15 44.20 44.50 43.00 SPIC 41.90 42.40 42.15 42.95 41.20 Spice Mobil [3] 24.80 24.15 25.00 25.10 23.85 SPL Ind 24.85 24.70 23.65 24.90 23.65 SPML Infra [2] 143.30 143.40 143.30 145.80 142.00 SQS India 536.50 527.60 540.00 540.00 526.45 Sr.Leathrs 258.00 264.70 259.00 270.75 259.00 Sr.Ray.HHP 207.70 202.60 207.70 212.35 199.40 SREI Infr 100.55 100.75 100.80 101.30 99.25 SRF 1909.80 1950.20 1905.00 1957.50 1890.95 SrikalahPipe 398.20 398.00 400.00 404.40 391.00 SRS 1.85 1.80 1.80 1.80 1.80 StampedeCap 8.50 8.50 8.75 8.90 8.15 Star Pap 289.10 291.45 289.00 299.00 284.00 StarCement [1] 132.85 133.90 134.75 135.10 132.40 Steel Strp 1096.05 1100.85 1085.00 1115.90 1085.00 SteelExIndia 34.55 34.50 34.20 35.75 34.20 Stel Hld [1] 128.15 128.15 132.95 132.95 127.15 Ster.Bio [1] 3.80 3.90 3.80 3.95 3.75 Ster.Tech [2] 376.05 368.60 376.45 377.45 365.05 Ster.Tool [2] 401.40 397.15 400.60 405.05 391.50 Str.Arcolab 805.75 800.20 803.05 812.40 795.00 Subex 10.80 10.65 10.85 11.30 10.55 Subros [2] 373.10 377.75 373.10 382.90 373.10 Sud.Chem [2] 445.75 448.30 449.00 457.75 445.20 Sumeet 32.85 33.20 33.10 34.05 32.65 Sumit.Sec 1111.45 1100.10 1111.50 1134.95 1090.10 Sun Phr Adv [1] 496.85 501.70 501.00 507.20 494.50 Sund.Brak 656.80 654.60 673.95 674.00 642.50 Sund.Clay [5] 4970.35 4980.95 4821.25 5200.00 4710.10 Sund.Fast [1] 556.15 551.80 556.15 564.45 550.00 Sund.Fin 2033.10 1968.90 2033.00 2100.05 1955.30

374.76 333.00 236.60 453.89 438.85 262.00 98.34 157.50 89.65 7.15 1161.40 680.00 4967.87 101.40 53.00 4.55 312.60 185.00 75.97 44.40 22.95 13.08 344.70 198.00 48.04 248.90 167.60 160.86 16.70 5.12 148.58 145.00 40.00 0.69 1509.00 818.75 4.21 50.00 32.85 48.45 324.00 177.00 24.57 274.10 130.00 202.08 144.00 55.60 8.05 4945.00 3901.00 177.57 639.75 227.00 158.34 953.55 200.25 553.83 82.40 41.55 39.01 785.00 375.00 76.56 75.00 30.55 186.92 525.25 243.55 11.58 1700.00 746.05 464.74 740.00 629.00 2.85 5988.70 3773.70 17.14 700.00 425.45 149.12 163.00 114.50 711.38 113.50 61.70 42.32 401.55 140.70 22.22 1295.05 705.10 242.11 4.45 2.22 71.56 150.55 92.50 15.54 1225.00 650.00 2290.79 74.15 33.45 186.32 24.30 14.00 114.17 556.85 143.00 38.93 302.70 135.14 1309.49 274.40 209.90 75.24 2365.00 545.00 67.19 178.90 104.00 2.96 3099.65 1110.05 7.59 567.80 419.00 1.99 1850.00 926.75 341.08 586.45 316.55 99.54 748.95 537.10 5.25 233.60 87.20 83.81 24.65 11.30 3.74 669.90 435.00 191.88 108.15 42.00 79.68 602.00 280.80 5.99 2648.00 1824.00 183.13 33.90 17.20 1395.28 22.40 12.00 496.79 1543.45 890.00 51.04 337.60 171.35 35.98 20560.00 14915.30 52.55 234.00 105.10 1.45 645.00 222.00 94.87 63.40 23.90 97.43 285.00 198.15 228.82 1470.00 1123.30 35.82 40.35 22.10 13.34 650.00 272.20 2508.77 38.55 14.09 1794.45 136.50 66.55 250.40 41.45 23.00 17.07 799.00 274.00 561.64 40.15 30.00 6.12 2010.00 1267.70 65.35 292.50 140.00 69.35 116.30 60.50 45.44 137.00 85.10 17.18 1385.00 833.55 2044.79 120.90 66.60 5.10 549.65 128.45 1819.37 71.00 46.00 1638.20 687.00 256.40 11.08 1232.15 695.00 533.06 284.85 114.00 34.09 973.80 544.95 19.07 87.00 42.00 76.39 131.40 68.30 570.60 314.90 142.95 361.48 397.80 88.75 8732.07 34.75 18.82 12.51 482.00 347.00 183.40 195.35 59.50 23.19 78.75 37.10 525.62 58.00 20.50 83.07 33.60 13.07 3.71 33.50 16.15 65.09 187.95 48.70 6.05 712.45 403.00 6.98 342.50 117.10 13.94 263.50 110.20 1627.35 137.70 80.20 156.71 2045.00 1420.00 98.73 448.85 275.40 254.05 8.25 1.59 116.14 8.90 2.60 201.84 318.20 134.70 183.06 151.35 102.00 4.96 1225.00 660.00 218.69 133.55 32.05 14.47 0.50 0.15 488.50 6.77 3.05 818.58 404.15 107.00 23.29 477.70 170.00 170.28 1259.00 754.00 8084.19 13.13 7.70 74.25 442.00 171.00 97.11 471.60 319.75 457.71 41.73 23.69 0.59 1349.00 409.05 165.27 532.40 273.00 4.57 836.45 361.05 4.63 6195.00 3005.05 86.49 600.00 305.60 41.53 2085.00 1245.05

72 309.90 33 402.85 76 146.00 56 1047.55 92.35 24 231.15 23.80 19 226.55 12.60 13 1269.60 40.90 27 179.40 24 172.10 40 133.65 36 4714.10 15 598.30 111 801.05 12 67.50 20 741.50 31.10 498.95 24 1620.10 121.90 89.90 22 323.85 3.24 92.85 12 1123.50 56 68.50 21.85 46 506.70 200.65 142 1718.25 56 157.35 20 2489.45 22 449.05 70 1563.00 25 553.10 33 598.80 181.85 3 19.70 90.25 222 525.90 24 2042.05 27.80 15.65 24 1473.50 27 297.60 5018402.80 8 201.35 22 590.05 29 52.95 30 240.15 66 1317.50 23.05 21 600.25 11 23.95 35 725.95 10 35.05 36 1844.15 23 265.55 26 87.45 41 115.35 83 879.50 21 105.15 61.15 36 599.25 76 1130.05 39 273.75 47 845.10 68.15 79 107.10 24 311.00 34 286.60 20 32.20 20 396.25 172.10 35 43.05 38 42.55 23.60 24.75 19 143.95 27 533.85 39 266.15 13 203.40 44 101.05 31 1949.45 13 398.20 1.81 8 291.65 77 134.30 25 1100.70 3.92 72 367.60 34 398.10 80 799.25 10.68 44 378.95 40 449.00 7 33.15 83 1097.30 500.85 75 663.90 240 4959.20 34 550.85 39 1965.90

Company

Sund.Multi [1] Sun ag Sunil Hitec [1] Sunteck [1] SunTVNet [5] Superhouse Supr.Ind [2] Supr.Infra Supr.Petro Supr.Tex [5] Suprajit [1] Surana Ind Surya Rosh Suryalaxmi Sutlej Te [1] Suven Lif [1] Suzlon [2] Swan Ener [1] Swaraj Eng Swle. Ener Symphony [2] Syncom Synd.Bk Syngene Int

Open

High

4.45 82.35 13.30 418.75 1050.20 177.30 1462.30 123.00 383.55 2.30 309.45 3.50 433.90 97.95 101.40 198.35 15.10 229.70 2046.60 471.85 1999.30 7.35 78.95 615.80

4.35 81.80 13.65 415.65 1033.65 178.70 1424.60 121.90 395.30 2.20 307.60 3.60 445.35 96.85 101.80 199.25 15.00 225.75 2065.70 480.95 1992.65 7.40 77.15 628.90

4.55 82.70 13.50 420.50 1048.00 175.05 1453.00 122.00 381.00 2.30 309.45 3.65 436.70 98.00 101.95 199.05 15.10 226.10 2050.00 479.90 2012.00 7.35 78.95 615.10

4.55 82.85 14.40 420.50 1056.60 181.10 1453.25 125.00 402.15 2.35 315.00 3.65 452.00 98.75 103.50 202.00 15.20 228.55 2077.45 490.00 2012.00 7.50 78.95 639.70

Low

Qty

4.30 1734.12 81.00 392.08 13.40 2634.21 412.00 469.71 1028.55 482.95 175.05 19.41 1411.00 26.77 121.20 19.94 381.00 47.20 2.20 139.59 305.00 200.50 3.45 34.49 432.50 199.20 95.15 14.35 101.10 79.34 197.10 221.32 14.8020158.97 221.10 507.85 2033.10 4.25 478.55 7.31 1983.05 10.25 7.10 233.65 75.45 3656.11 608.35 202.48

52 WH

52 WL

6.50 90.70 16.24 435.00 1097.05 227.95 1489.95 132.30 447.20 5.34 348.50 5.36 465.45 135.45 115.00 230.00 22.25 235.00 2545.00 633.00 2212.75 8.50 95.65 639.00

2.55 33.25 10.20 118.00 515.90 136.05 890.00 68.00 213.95 1.81 184.40 2.58 181.00 83.00 77.50 155.00 12.80 111.90 1322.00 328.80 1153.75 4.00 61.40 430.00

BSE Cl

4.36 19 81.50 9 13.71 64 415.60 40 1034.05 25 178.35 50 1422.60 123.80 25 395.50 2.23 56 305.30 3.66 28 443.90 42 96.20 14 101.75 20 199.80 13 14.95 224.45 34 2069.65 17 481.30 78 1986.35 7.34 77.05 43 626.75

T ................................................. Tainwala Taj GVK [2] Take Sol [1] Talbros Talwalkar Tanla Sol [1] Tara Jwl Tarmat TastyBiteEat Tata Chem Tata Cof [1] Tata Com Tata Elxsi Tata Global [1] Tata Inv Tata M DVR [2] Tata Metlk Tata Spng TataPowerC [1] Tatapur TCI Express [2] TCI Fin TCPLPackage TD Power TeamleaseSvc Techno Elec [2] Technocr TejasNetwork TeraSoftware Tex.Infra [1] Tex.Rail [1] TGB Banq Thanga.Jwl The Byke Hos

115.55 186.95 165.95 316.00 334.95 39.15 18.50 66.85 9419.60 724.65 159.90 633.85 1037.95 308.35 876.75 243.70 883.95 1174.00 92.20 7.45 544.25 26.90 691.15 179.25 2281.85 395.10 573.70 404.25 65.20 62.90 109.30 57.85 611.30 173.90

112.75 188.40 167.90 316.75 343.00 39.60 18.40 65.70 9225.70 735.80 160.75 644.50 1078.75 308.85 877.45 239.05 887.60 1194.30 92.10 7.40 545.40 26.95 697.55 178.85 2255.70 405.90 600.15 391.30 65.15 62.85 111.55 59.25 615.10 173.60

115.55 188.50 164.15 312.00 334.90 39.50 18.20 66.85 9650.00 728.00 160.00 638.00 1039.90 307.05 880.00 243.90 884.00 1180.00 92.60 7.80 554.00 26.95 711.90 180.00 2283.10 388.00 574.00 405.00 65.00 63.40 109.70 58.00 617.95 174.80

116.50 194.90 170.95 324.60 345.20 40.15 18.65 67.60 9650.00 739.00 162.95 650.00 1085.00 314.95 892.80 244.80 901.85 1212.00 92.75 7.80 554.00 27.40 711.90 181.00 2375.00 415.00 604.00 405.00 65.40 64.70 112.40 61.50 620.00 175.00

111.00 184.10 163.00 312.00 331.00 38.90 18.15 64.25 9200.00 719.00 159.55 629.10 1029.05 306.60 868.35 237.60 878.10 1160.00 91.25 7.25 540.50 26.60 695.00 175.15 2241.05 388.00 572.55 385.10 63.55 62.25 109.10 57.25 608.50 172.25

9.09 149.70 340.79 202.00 176.41 183.90 30.77 353.65 147.85 358.05 730.44 66.45 109.79 48.50 25.72 83.45 0.7311090.00 837.93 781.20 698.03 183.45 696.05 784.00 1088.52 1084.00 3278.44 328.80 40.31 955.00 4752.14 346.00 175.48 975.10 353.25 1239.00 3904.90 101.75 4.13 11.25 12.69 645.00 53.42 35.20 2.15 748.00 70.56 271.00 13.04 2536.80 30.81 438.95 53.15 599.45 185.55 472.00 13.86 121.00 78.59 78.80 639.55 128.80 149.43 77.45 4.00 700.85 37.33 220.70

43.50 13 110.80 118.40 135 188.50 118.20 105 168.45 123.50 35 319.20 209.00 15 344.35 29.40 39.60 16.25 18.30 30.00 29 65.75 3682.00 95 9189.05 508.80 24 734.10 115.50 23 161.05 570.45 643.60 643.75 32 1078.10 126.10 52 309.20 570.25 24 876.25 208.05 238.95 340.00 18 884.60 591.55 16 1193.85 75.90 45 91.90 5.53 7.82 284.10 44 544.00 20.10 13 27.05 580.00 155.00 177.20 850.00 54 2262.40 314.50 34 404.15 385.00 17 594.50 257.00 52.20 36 65.60 39.50 59 62.60 84.00 111.70 47.50 59.50 179.00 43 612.00 150.25 22 173.60

Company

VadivrSpeChe Vaibhav Vakrang [1] Vard Text Vard.Acry Vard.Hld Vard.SPC VarunBevera Vascon Vaswani Venky's VenusRem Vesuvius Veto Switch VGuard [1] Vice.Htl Video.Ind VidhiSpclIng [1] Vijay.Bld Vijaya Bk VikasEcoTec [1] Vimta Lab [2] Vinati Org [2] Vindh.Tel Vinyl Chm [1] VIP Ind [2] VIPClothing [2] Vipul Ltd [1] Visagar [1] Visak.Ind Vivi Lab [2] VLS Fin Voltamp Voltas [1] VRL Logistic VST Ind VST Til

Open

High

Low

179.30 688.15 446.60 1499.70 52.40 5300.60 149.85 676.20 44.90 16.55 2455.45 93.95 1392.85 235.25 239.65 18.90 21.75 96.35 29.45 66.70 42.10 174.80 967.85 1224.05 100.85 362.50 84.65 71.75 1.50 769.40 94.85 86.70 1124.60 618.20 405.15 3117.75 2516.40

179.55 709.35 473.65 1455.65 52.55 5311.80 154.00 694.85 44.30 17.10 2552.50 93.25 1409.40 237.75 247.60 19.35 20.70 98.55 29.15 67.10 41.10 181.50 942.00 1224.10 117.35 367.00 83.80 73.15 1.45 781.05 93.20 87.85 1122.70 624.95 399.70 3101.85 2458.65

177.10 688.15 449.40 1471.20 53.80 5370.00 156.00 682.00 45.15 15.80 2480.95 92.60 1392.85 239.00 241.50 18.80 21.80 97.80 30.50 66.60 42.40 174.95 968.00 1242.65 101.40 365.55 85.00 71.95 1.50 769.40 95.40 87.75 1125.00 615.05 405.25 3117.75 2520.00

183.00 719.00 479.90 1511.00 53.80 5450.60 157.90 700.00 45.20 17.50 2609.60 95.90 1425.00 241.60 250.00 19.75 22.80 99.80 30.50 68.30 42.45 183.00 974.05 1243.55 119.65 373.00 85.40 74.40 1.50 789.95 95.70 89.80 1136.00 626.85 407.50 3138.95 2533.95

175.35 688.15 446.60 1449.00 52.35 5251.00 150.00 675.05 43.30 15.80 2430.00 92.25 1365.00 236.00 240.00 18.70 20.70 96.55 29.10 66.10 39.90 173.30 910.00 1193.35 101.40 364.25 82.90 71.95 1.45 764.10 92.80 86.65 1120.00 611.15 385.50 3098.10 2445.55

Qty

9.20 40.08 5468.06 22.32 24.04 0.61 29.89 137.47 672.84 63.56 156.59 91.44 9.14 53.49 2930.73 470.96 5064.69 113.97 56.97 1268.96 3681.11 94.94 22.63 9.84 790.28 207.41 225.80 10.26 589.82 58.80 712.92 152.46 3.15 1377.16 351.46 3.90 10.21

52 WH

52 WL

235.70 768.00 479.90 1565.10 188.60 6188.70 194.65 761.55 58.80 24.15 3046.00 125.90 1486.10 265.00 249.90 24.80 110.00 115.90 36.00 97.40 48.50 188.20 1122.00 1472.00 122.30 393.80 101.50 102.45 2.82 839.90 153.30 105.00 1367.00 675.00 458.00 3774.00 2723.85

142.60 297.65 148.50 1125.00 141.35 1980.05 75.36 341.25 28.20 7.57 480.00 88.00 1091.00 127.65 125.79 15.55 12.10 49.10 11.00 50.20 16.00 103.00 681.00 597.00 61.60 121.90 42.22 56.50 0.76 200.00 91.15 52.65 930.00 321.10 284.65 2372.35 1770.00

BSE Cl

68 708.65 80 471.20 13 1454.35 165.65 8 5296.70 30 154.85 54 689.80 44.45 17.20 22 2554.10 27 93.55 30 1407.25 26 237.30 75 247.35 19.40 20.80 32 98.70 29.25 8 67.30 27 41.15 37 180.85 36 946.30 20 1227.75 24 117.30 56 366.40 84.10 73.90 1.48 24 779.10 6 93.30 88.15 17 1119.30 39 624.80 43 406.95 28 3102.05 27 2460.75

W ................................................ Wabco Ind [5] Walch.Ind [2] Webel SL Weiz.Fx Weizman Wels.Corp [5] Wels.India [1] Welspun Ent. Wendt West C Pap [2] Wheels Ind Whirlpool Win.Diamon [2] Win.Yarns Wockhardt [5] WonderlaHoli WS Ind

7849.95 219.85 127.45 1332.65 57.95 190.00 73.20 180.55 3280.55 313.45 2267.30 1481.65 131.05 2.40 904.45 415.35 7.35

7911.35 222.05 130.25 1303.60 56.65 193.60 72.80 183.00 3425.45 323.25 2232.35 1499.15 127.25 2.40 917.10 415.35 6.95

7715.00 220.00 127.45 1340.05 57.95 191.65 73.10 182.10 3375.00 312.60 2249.00 1483.00 131.85 2.40 908.05 415.00 7.35

7959.95 226.70 132.80 1345.90 57.95 197.15 73.90 185.50 3450.00 324.90 2329.00 1513.70 133.60 2.40 921.90 422.80 7.35

7700.00 3.97 7948.00 5157.05 218.95 298.72 272.90 132.80 126.95 262.77 176.75 48.50 1293.00 5.25 1640.25 216.50 55.25 7.55 82.60 27.20 182.80 1470.99 197.00 78.80 71.85 1316.71 99.55 60.00 180.10 317.02 198.00 60.35 3286.40 1.07 4260.00 1765.00 312.60 164.33 348.40 131.80 2215.00 1.71 2410.00 1220.00 1476.00 19.24 1680.00 887.25 125.10 253.10 139.50 42.30 2.40 1.13 2.46 1.80 893.20 1227.74 1012.00 531.50 410.00 93.69 424.40 330.00 6.85 175.03 14.00 5.86

67 7892.85 221.85 4 130.70 38 1314.45 23 55.55 18 193.85 17 72.70 44 183.20 70 3433.40 11 321.75 42 2225.00 57 1498.55 55 126.55 2.31 917.20 65 414.10 6.93

X-Z . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Xchang Zee Learn [1] Zee Med [1] Zen Bir Zen Exp Zen Tech. [1] ZensarTec Zicom Zod.Clo Zod.Jrd Zuari Ag Zuari Glo ZydusWel Zylog [5]

61.90 62.30 61.90 62.90 61.80 45.85 45.45 45.65 45.95 45.00 43.95 44.45 44.40 44.85 44.00 0.55 0.60 0.60 0.60 0.60 52.15 54.75 52.15 54.75 52.15 126.65 129.95 127.05 133.25 126.65 908.45 936.05 910.25 947.50 910.25 25.85 25.70 25.50 26.45 25.45 214.45 215.25 220.80 225.00 211.25 50.60 50.00 48.55 52.00 48.10 513.20 520.15 514.00 527.50 510.00 212.20 221.65 214.00 224.90 210.10 1103.40 1092.85 1111.00 1119.25 1082.00 4.15 3.95 4.30 4.30 3.95

7.24 71.00 424.42 51.35 690.26 50.15 166.82 0.77 0.46 62.00 175.69 158.10 101.26 954.50 136.60 48.80 2.17 254.00 15.54 56.40 93.68 689.45 163.10 320.10 3.39 1165.00 307.16 6.01

46.20 38.35 33.65 0.49 46.00 46.45 735.50 19.10 174.50 29.00 313.40 111.60 809.00 2.86

62.25 35 45.80 44.35 0.55 27 93 129.80 27 937.55 25.45 214.45 13 50.00 21 518.75 39 221.80 37 1091.55 3.96

Exchange Traded Funds The PKTeaPro TheMandRetVe Themis TheNewIndAss Thermax [2] Thiru Aroo Thiru.Chem Thom.Cook [1] ThyrocareTec Tidewater [5] TIFinHolding TIL Time Gty Time Tech [1] Timken Tinplate Tita.Wag [2] Titan [1] TN News TN Petro Tokyo Pl Tor.Pwr TorrentPhar [5] Tou.Fin.Cor TPL Plastech Trans.Corp [2] Trent [1] Trib Bhimji Trident Trigyn TRIL [1] Triv.Eng [1] Triv.Tur [1] TT TTK Prst TTKHealtcare TubeInvIndia Tulsi Ext TV Today [5] TV18 Br [2] TVS Mot [1] TVS Sri

#4 4 6 6 0 1

621.45 168.10 621.95 606.50 1293.40 53.70 2177.85 249.95 699.25 7079.00 709.45 588.40 70.85 208.00 922.75 291.85 168.00 891.45 442.55 63.80 124.05 302.80 1430.50 164.75 685.40 285.05 330.95 136.65 84.90 160.70 38.60 70.25 133.60 122.35 8644.00 837.75 272.65 3.40 452.70 59.45 715.20 3621.00

590.40 170.00 607.45 617.75 1289.50 53.45 2251.95 250.20 700.00 7174.15 724.10 604.10 69.55 209.80 918.25 300.30 169.60 909.75 438.95 64.15 126.25 305.60 1451.35 164.45 667.75 279.10 326.70 136.00 87.50 165.50 38.75 66.00 133.35 122.45 8668.85 838.55 277.35 3.20 451.65 61.20 715.00 3604.80

590.40 171.00 614.15 609.00 1303.10 54.90 2183.00 252.40 699.00 7094.95 708.25 586.00 73.80 210.00 925.00 293.45 166.60 890.00 442.55 63.80 124.05 303.00 1438.00 165.05 686.00 284.40 326.10 132.60 85.35 160.05 39.00 68.00 134.50 123.00 8645.00 845.00 281.00 3.55 453.00 59.90 715.00 3620.00

609.55 172.40 628.55 619.00 1311.00 54.90 2275.00 257.05 714.00 7242.00 739.00 610.00 73.80 212.45 928.00 307.40 170.00 912.00 445.00 64.65 128.80 307.35 1474.80 168.45 706.00 287.90 330.80 139.00 88.00 169.70 39.35 68.00 134.70 125.45 8715.90 849.65 281.00 3.55 460.95 61.50 722.95 3671.85

590.40 167.35 597.10 605.00 1277.30 51.30 2180.00 247.55 694.10 7012.45 696.00 586.00 68.50 208.30 910.10 292.50 166.05 887.10 435.05 63.80 124.05 296.60 1422.10 162.15 662.60 277.85 325.95 132.60 85.00 155.40 38.20 65.15 132.65 118.65 8540.10 831.00 268.55 3.05 448.10 59.10 710.15 3600.00

15.11 71.17 2.15 29.98 70.79 13.58 142.52 481.11 28.66 1.10 30.13 10.43 8.04 56.24 7.66 2915.65 859.16 1495.63 89.56 128.14 9.47 1204.86 170.42 315.56 1.27 35.92 45.39 435.28 640.55 627.84 272.21 1313.04 45.42 146.28 4.91 0.59 22.16 10.39 82.30 6202.43 434.97 2.06

680.00 245.40 798.10 750.00 1375.00 82.30 2437.00 274.15 779.90 7925.00 739.00 686.35 95.00 232.60 1008.00 324.80 189.50 938.00 499.00 84.00 167.00 306.95 1572.10 182.00 780.90 349.65 361.35 155.00 109.50 169.00 47.59 107.90 167.00 141.50 8911.20 945.00 308.90 5.80 486.15 66.90 794.90 4304.05

140.00 123.50 44 169.55 380.00 73 613.10 533.10 786.55 72 1292.20 52.20 53.50 728.50 17 2249.20 185.85 250.30 611.10 44 699.05 5390.00 26 7161.55 530.00 267.20 8 599.00 21.00 14 69.15 86.00 47 209.20 601.10 64 915.60 76.55 66 300.05 97.50 134 168.85 358.40 78 908.95 289.15 137 439.65 26.50 27 64.05 97.00 22 126.65 171.50 20 305.65 1143.50 42 1451.55 55.90 18 163.85 427.60 46 672.45 157.00 27 278.20 205.05 100 326.40 61.50 49 135.65 62.10 14 87.40 87.65 165.20 29.11 38.85 65.00 5 66.00 113.10 44 133.05 45.40 122.30 5300.00 65 8662.05 680.00 52 215.70 2.40 3.00 211.00 23 450.95 33.15 61.25 377.75 56 714.40 2912.00 23 3593.20

U................................................. 1096.05 1155.55 1097.00 1175.00 1090.00 664.04 1199.00 UB [1] Ucal Fuel 315.90 320.25 311.10 324.40 309.05 213.46 338.00 Uco Bk 31.20 30.90 31.40 31.40 30.80 481.36 44.80 U ex 468.40 468.30 468.40 474.00 462.15 43.45 506.75 UFO Moviez 483.25 489.20 484.00 493.00 484.00 14.25 610.95 Ugar Sug [1] 23.50 23.70 23.80 24.20 23.00 118.18 43.00 Ujaas [1] 26.45 26.05 26.00 26.65 25.90 555.20 48.40 UjivanFinSer 409.25 410.90 410.00 415.45 407.00 1008.29 464.55 UmangDair [5] 87.95 92.10 91.70 94.95 88.50 85.44 106.95 Unichm Lab [2] 363.50 366.35 364.50 368.80 364.20 400.62 382.00 Union Bk 141.35 140.35 141.20 141.20 138.05 2546.93 205.00 Uniph.Ent [2] 89.30 96.10 89.00 97.50 89.00 43.59 111.55 Uniply 399.85 396.00 395.10 405.00 395.00 55.64 466.65 Unitd.Bk 17.75 17.70 17.70 17.75 17.60 262.89 29.25 Unitech [2] 9.05 8.95 9.15 9.30 8.8524736.99 12.24 United Spr 3713.95 3787.15 3759.00 3896.70 3720.30 901.01 4003.45 Univ.Cab 170.20 177.35 170.00 183.95 167.40 360.12 209.65 Usha M Ed [1] 1.50 1.45 1.50 1.50 1.45 23.21 3.69 Usha Mar [1] 28.40 27.95 28.65 28.65 26.85 1161.79 32.30 Utm.Sug 120.20 109.75 121.80 121.80 108.00 139.36 211.45 Uttam Value [1] 0.35 0.35 0.30 0.35 0.30 7295.13 0.86

715.80 173.00 28.50 256.05 316.00 22.20 20.60 285.00 64.50 234.10 123.80 64.10 217.00 16.90 4.42 1831.25 86.70 1.64 17.00 69.35 0.31

98 1154.70 25 319.65 31.10 20 469.50 22 487.05 23.60 17 26.05 77 410.45 91.55 1 366.90 140.55 39 96.80 87 396.00 17.70 8.97 98 3780.80 25 175.75 1.85 27.90 3 111.20 0.32

V ................................................. V Mart V2 Retail VA T Wab [2] Vadilal

1586.55 1635.30 1587.00 1670.00 1586.55 457.30 447.85 455.00 457.10 439.30 618.90 638.10 619.00 648.95 617.95 921.45 919.70 922.00 935.00 915.65

C m

P C

Raj Glo Wir 692.90 Raj Packagin 41.60 Rajkumar Frg 58.50 Rajoo Engin. [1] 50.35 RamRat.Wir[5] 207.50 Rama Petro 4.07 Rama Phosph 101.95 Rama Pulp 55.00 Raminfo 38.60 Rapicut Carb 77.65 Rasandik Eng 240.00 Rasi Electro [2] 7.09 Rasoi Ltd. [200] 42999.90 Rathi Bars 33.45 Rathi Graph. 17.68 Raunaqepc 169.50 Rci Ind 215.95 Rdb Rasayan 77.00 Rdb Realty 46.05 Regency 34.30 Regentrp 6.14 Rel.Chemotx 119.15 Relhome 80.80 Remi Edel 37.85 Resonance 38.80 Restile Cer. 8.66 Rexnord Ele. 72.90 Riba Textils 111.00 Richa Ind 17.25 Ridhi Sidhi 685.55 Riga Sugar 14.14 Risa Intl [2] 1.77 Rishabh Digh 60.00 Rishi Laser 37.55 Rishiroop 137.80 Rishitech 85.45 Rit Pro Ind 10.49 Rmgalloy [6] 12.29 Rnam 292.10 Rodium 150.00 Roto Pumps [2] 123.95 Royale Manor 13.33 Rts Power Co 49.95 Rub la Int. [5] 86.80 Ruttonsha In 54.00 S.I.Paper 153.00 S.R.Indus. 34.45 Saboo Sodium 21.50 Sadhana Nitr 134.70 Safal Securi 1.02 Safari Ind. [2] 520.10 Sagarsoft 75.95 Sahara Housg 73.50 Sahya Indu 281.90 Saibaba [1] 14.45 SaintGobain 60.50 Salasar 309.70 Sambandam Sp 161.70 Samkrg Pist. 336.80 Sampre Nutri 82.60 Samrat Pharm 111.25 Samte Fash. [2] 5.19 Sandu Pharma 39.35 Sandur Mang. 1353.40 Sangal Paper 175.75 Sangam Adv 51.90 Sankhya Info 147.10 Sappl 220.00 Sat Ind Ltd [2] 41.90 Sauras.Cem. 95.35 Sawaca Busi 3.14 Sbcl 63.35 Sbilife 709.75 Sbisensex 373.80 Scanp Geom [2] 26.95 Scapdvr [1] 8.61 Schand [5] 489.55 Scooters Ind 66.50 Setfbse100 113.98 Seyaind 700.10 Sh.Karthik P [5] 20.50 Sh.Rajes.Pap 19.20 Sha Eng Pla 1120.10 Shah Food(P) 133.75 Shalby 239.30 Shalib.Finan 154.70 Shalima Wir [2] 19.10 Shantai 174.75 Shantanu She 7.65 Shardul Secu 47.35 Sharp India 55.00

696.55 42.25 59.00 51.05 221.15 4.27 108.35 57.75 40.70 75.95 235.00 6.93 45149.00 32.35 17.16 171.50 224.45 80.90 47.90 34.90 6.30 142.95 82.35 36.40 38.35 8.37 72.55 108.90 18.00 822.65 14.22 1.69 58.60 38.50 137.15 83.65 10.00 12.53 295.65 154.00 121.90 13.63 48.80 89.30 52.00 159.00 32.75 20.90 141.40 1.04 505.00 83.50 72.00 278.25 14.20 59.20 312.00 158.00 338.20 83.95 111.15 5.09 38.65 1400.45 167.00 54.40 146.00 217.05 41.20 96.00 3.29 64.45 713.75 377.99 25.65 8.68 487.75 63.20 114.83 714.25 21.35 18.30 1144.80 140.15 253.95 155.00 20.05 172.55 7.50 47.40 52.25

9.65 1785.45 466.00 225.30 555.45 134.00 326.74 749.00 480.00 6.24 1174.00 520.00

52 36 24 64

1632.75 446.80 636.05 919.70

Company Axis Gold [100] AXISAMC AXISNIFTY Bank BeEs Birla Gold Birla Nifty [100] Canara Gold [100] EDELAMC EQ30 Gold BeEs [100] Goldmanamc CPSEETF HangSengBees HDFC Gold [100] HDFCAmcNift [100] HDFCAmcSens ICICI PRU NIFTY IWIN ICICI PRU NV20 IWIN ICICI PRU SENSEX IWIN ICICIPRAMC BHARATIWIN ICICIPRAMCLOWVOLIWIN ICICIPRU NIFTY100 IWIN ICICIPruGIWi ICICIPruMidC IDBI Gold [100] IDFCAMC IDFNIFTYET Infra BeEs InvesIndGold [100] InvesInNifty Kotak Nifty [5] Kotak PSU Bk KOTAKMAMCKOTKBKETF KOTAKMAMCKTNV20ETF Kotal Gold LICNAMC CNFENGP LICNAMC CNFNHGP LICNAMC CNMFET Liquid BeEs [1000] MostGold MostM50 [7] MostM50 NiftyBeEs NiftyJrBeEs [1] PSU Bk BeEs Qgold [100] RELCAPAMC RELCONS RELCAPAMC RELDIVOPP RELCAPAMC RRSLGETF RelCNX100 SBIAMC SETF10GILT SBIETF Gold SBIETF NIFTY 50 SBIETF NIFTY BANK SBIETFNN50 Sharia BeEs UTI Gold [100] UTIAMC UTINEXT50 UTIAMC UTINIFT UTIAMC UTISENS

Pre Cl

NSE Cl

Vol

52 WH

52 WL

BSE Cl

2629.20 1090.09 2734.60 2811.60 109.50 2804.70 240.00 2694.70 30.16 2991.75 2751.15 1111.25 3680.50 111.70 49.90 369.50 37.92 83.32 118.24 273.35 76.88 2800.00 108.50 374.81 2750.00 1114.00 109.92 369.75 273.28 50.75 263.25 112.70 119.25 16.02 1000.00 22.85 103.57 491.33 1121.84 315.95 411.85 1338.05 52.82 29.31 16.90 115.00 161.00 2738.35 110.36 269.74 313.62 259.00 2658.30 310.64 1125.85 369.40

2622.30 1091.12 2741.58 2800.00 107.75 2805.00 242.00 2690.10 30.31 3040.00 2745.55 1118.70 3577.00 112.55 50.50 373.42 38.13 83.53 119.09 273.65 77.65 2773.35 109.00 373.73 2731.05 1122.00 110.62 371.39 274.01 51.20 262.95 113.35 116.49 16.00 1000.00 23.09 103.52 495.94 1128.79 320.11 409.77 1336.05 52.95 29.59 16.84 116.50 162.00 2733.75 111.13 271.73 314.35 256.98 2646.90 313.88 1137.59 372.55

0.08 0.15 1.41 0.23 0.61 0.00 0.77 23.87 543.58 0.01 0.75 0.15 0.01 66.71 1.65 0.15 2042.31 0.07 3.55 2.60 5.94 0.42 0.12 0.71 0.11 0.01 70.83 2.21 14.03 0.16 11.36 0.00 0.09 0.62 957.22 76.29 5.41 1.23 33.04 40.45 0.67 0.24 1.86 0.00 0.43 0.12 0.06 4.07 19.64 1.29 0.37 0.58 1.51 9.88 0.05 0.07

2694.95 1091.12 2740.00 2921.00 3330.00 2864.50 289.40 2741.95 31.49 3199.99 2823.00 1250.00 4145.00 120.00 56.00 393.00 38.51 92.21 125.00 293.00 84.95 3330.00 115.25 1174.60 3226.60 1145.00 1114.35 416.00 275.68 54.55 275.00 127.00 123.67 20.55 1009.00 24.86 107.90 506.99 1130.80 325.40 465.00 1355.25 62.96 32.99 17.46 120.00 193.28 2794.40 119.50 300.00 330.00 310.00 3069.99 335.90 1139.19 372.55

2470.15 830.30 1875.50 2606.00 2526.05 2500.40 194.00 2500.05 25.50 2116.50 2552.00 724.30 2345.00 85.00 37.00 245.90 35.20 74.72 77.00 220.00 53.70 2526.05 84.00 827.30 2407.00 790.00 718.50 283.90 190.71 32.00 246.11 77.00 76.20 13.80 952.90 14.75 75.90 325.10 850.00 227.95 327.00 1245.00 37.93 20.51 16.50 87.31 145.40 2536.00 85.00 190.73 230.00 180.10 2485.00 226.40 755.90 278.10

2611.25 2739.75 2839.00 2689.83 30.25 3010.00 2747.00 1106.00 38.12 1071.30 370.00 262.07 1000.01 23.20 495.50 1129.29 319.95 415.00 1337.70 257.25 2643.00

*: Closing price is the average of trade price(s) for the last half an hour;52Week High/Low gures pertain to BSE. Shares of face value other than 10 is indicated in brackets immediately following the name of the company. Qty (No of shares traded) is denoted in thousands. The PE(priceearnings multiple) of each stock is based on the latest declared earnings. The PE computation takes into account the per share earnings of each company for the latest 12 months.

BSE Stocks P C

A.K.Capital 563.90 A.Sarabhai 10.89 Aail [5] 75.30 Aanchalisp 19.45 Aarey Drugs 56.40 Aayush 61.95 Abc India 101.00 Abhiinfra 4.53 AbmKnowled[5] 117.60 Ace Software 25.05 Acknit Ind 133.55 Acme 27.50 Acrycil Ltd. 589.85 Adcindia 247.60 Adinath Exim 25.20 Ador Fontech[2] 125.40 Advik Labors 6.17 Advikca [1] 4.01 Ael [5] 51.75 Aimco Pesti. 207.85 Aishwary Te [5] 10.14 Ajanta Soya 69.55 Ajcon Global 37.60 Ajil 77.10 Alexander 25.35 Alfa Transfo 30.75 Alora 4.97 Alu Fluoride 129.75 Amal Product 190.25 Amco India L 48.05 Amines&Plast [2] 85.55 Amsons 4.77 Andhra Petro 64.70 Andrew Yule [2] 36.40 Anjani Synt. 34.00 Antif Bearng 530.75 Anuh Pharma[5] 175.75 Aplaya [1] 5.27 Apm Indus. [2] 64.85 Apollopipes 640.45 Apple Financ 4.25 Aptl 5.07 Aquapiv 28.70 Architorg 52.00 Ar n 473.75 Arihant Cap. [5] 167.25 Arnold Hold [2] 7.04 Artemis [2] 123.00 Artson Eng [1] 102.15 Ashari 43.50 Ash 115.00 Ashiana Isp. 29.50 Ashirwa Cap [1] 3.21 Ashish Poly. 14.12 Ashnoor Tex. 25.45 AshokAlco 103.45 Asian Oil e 263.05 Asian Tea 17.50 Asm Technolo 154.30 Asso.Alcohol 272.40 Assoc.Stone [1] 40.70 Astron 145.15 Asyainfo 42.90 Athenaglo 18.05 Atishay 104.90 Atv Projects 13.00 Aunde Ind 69.95 Auro Lab. 81.30 Austin Engg. 138.45 Avantel Ltd 478.20 Avonmore 36.30 Axel Polymer 27.55 Axtel Indus. 116.40 B.N.Rathi Se 47.65 Baid Leasing 189.10 Bajaj Steel 208.05 Balasore [5] 79.10 Balmer La.In 456.65 Balurghat Te 7.16 Bambino Agro 306.05 Basant Agro [1] 8.36 Bcl 168.90 Bcp Ltd 138.15 Bcpal [1] 6.20 Bdh Indus. 82.90 Beekay 489.10 Benares Hot 1119.00 Bengal Tea & 62.75 Bengla& Asm 2586.55 Beryl Drugs 15.03 Best E.Hotel [1] 71.50

567.25 11.00 78.05 18.80 57.15 65.00 101.10 4.68 116.20 23.80 131.50 28.80 589.85 250.70 26.45 123.10 6.39 4.15 49.25 218.20 9.98 68.05 38.65 75.65 24.10 30.50 4.88 131.25 192.90 49.45 84.20 4.54 67.90 36.45 36.85 524.90 173.55 5.36 65.30 652.35 4.04 5.03 29.20 52.80 478.65 166.75 6.99 123.95 101.80 43.65 114.00 28.10 3.21 14.82 25.40 105.00 268.20 17.75 156.15 272.00 40.40 142.80 39.85 18.50 108.65 13.03 67.30 83.50 138.55 488.10 39.90 28.45 123.40 46.10 184.20 201.95 80.75 453.50 6.81 305.90 8.65 171.20 136.20 5.89 81.25 498.00 1159.45 60.70 2708.90 14.49 67.95

C m

CM YK

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P C

Divya.Granit 110.20 Dnamedia [1] 9.96 Dolat Inv. [1] 10.64 Dollex Ind. [5] 4.08 Dolphin Medi 1.82 Dr.Agar.Eye 810.00 Duke Offshor 103.65 Duro Pack 26.45 Dwitiya [2] 264.00 Dynamic Ind. 89.00 Eastern Tred 98.00 Easterngas 27.90 Ecoplast Ltd 124.00 Ecoreco 74.45 Edsl 5.47 Elantas 2142.90 Eldeco Hous. 2543.50 Elegant Marb 195.25 Elixir 42.50 Elpro Inter [1] 61.30 EmamiPaper [2] 210.90 Eml 62.70 Empire Ind. 2244.95 Enkei Wheel [5] 404.00 Epc Indus. 189.55 Escort Finan 4.08 Essar Secu 7.88 Everest Org. 153.90 Expo Gas [4] 10.05 Facor Alloys [1] 3.85 Fairdeal Fil 43.80 Faze Three L 95.70 Ferro Alloys [1] 13.20 Fiberwb In 165.80 Flex Foods 141.20 Floracorp 8.15 Florence 2267.00 Fluidomat 210.35 Fomento Hote 156.25 Foods & Inns 1251.70 Forbes & Co 4229.40 Force Motr 3295.35 Fortis Mlr 62.15 Freshtrop Fr 166.10 Front Buss [5] 7.60 Frontier Spr 224.95 Fsc 674.30 Funny 8.33 G.G.Dandekar [1] 92.50 G.K.Consult. 5.98 G.S.Auto Int [5] 15.75 Galaxy Enter 26.50 Ganes Benzo [1] 95.25 Garnet Const 38.75 Garnet Intl 1692.40 Garware Poly 191.35 Gayatri Sugr 10.55 Gblinfra 112.95 Gee Ltd [2] 54.40 Gencon 186.05 Gennex Lab [1] 4.94 Ggpl 196.20 Gicre [5] 781.95 Glcl 26.00 Glittek Gran [5] 4.15 Gloster 698.45 Gmetcoal [100] 22.60 Gmm Pfaudle[2] 731.90 Godavari Dru 38.85 Godrejagro 592.85 Goldcorp 57.00 Golden Goen [5] 9.42 Golden Lamin 722.00 Goodricke 406.10 Goodyear (I) 1176.45 Gopala Poly. 156.40 Govind Rubb. 22.20 Graue& Weil [1] 73.10 Gravity (I) 4.75 Grm Overseas 278.00 Grovy 32.00 Gtv 25.50 Guj.Auto Ge [2] 315.10 Guj.Borosil [5] 130.75 Guj.Craft In 55.00 Guj.Hotels 129.90 Guj.Intrux 110.65 Guj.Themis. [5] 51.80 Haldyn Glass [1] 48.15 Hardcastle 452.25 Harya Cap n 60.00

111.70 10.04 10.64 3.89 1.79 782.85 101.85 26.45 277.00 88.50 96.75 28.45 121.65 72.35 5.74 2118.30 2538.50 196.30 44.25 63.05 213.00 63.95 2442.40 402.15 187.55 3.96 7.49 152.25 9.56 3.78 42.55 91.25 13.45 165.00 144.70 8.50 2299.55 211.75 162.90 1247.15 4185.35 3294.85 63.35 170.00 7.80 237.50 695.15 8.37 90.20 6.27 15.60 26.60 93.30 37.95 1701.50 198.90 10.22 115.20 53.60 186.95 5.03 191.25 784.20 27.00 4.00 705.00 23.70 788.05 40.55 597.30 58.95 9.48 724.85 446.70 1176.55 157.10 22.10 73.15 4.70 270.00 33.60 26.75 306.50 129.45 57.70 130.90 112.00 53.45 47.95 462.75 64.95

P C

Hawaeng 73.95 Hawkins Cook 3143.90 Hb Estate De 29.50 Hb Portfolio 46.75 Hdfclife 482.95 High Energy 479.15 Him.Fibres [1] 7.56 Himalaya Int 33.65 Hind Alumin 167.30 Hind Mills 349.50 Hind.Fluroca 15.62 Hind.Foods 469.05 Hind.Tin Wrk 96.20 Hindu.Adhesi 90.00 Hypersoft 8.75 Icsl [1] 6.02 Iex 1612.95 Ifglexpor 318.85 Iisl 15.95 Imcap 71.10 Inani Marble [2] 23.05 Incap Ltd. 114.30 Ind Cem Cap 6.47 Ind.Acrylics 18.30 Ind.Bank Hsg 35.45 Ind.Leas.Dev 5.37 Ind.Toners 304.00 IndaRubber [2] 185.85 India Gelat. 128.25 India Home 122.45 India Niveh [1] 44.15 India Touris 514.15 Indian Sucro 45.15 Indicap 83.35 Indo Amines 122.05 Indokem Ltd. 31.85 Indsil Hyd 191.50 Indus.&Prud. 1387.40 Inn.Tech.Pac [1] 87.30 Inno Invest 12.07 Insilco Ltd. 29.05 Int.Conveyor [1] 30.90 Integra Eng [1] 61.65 Inter Glob F 25.60 Inter St.Oil 24.25 Inter.Combus 535.05 Inter.Travel 219.25 Invest &Prec 467.35 Ion Exchange 551.55 Isgec 8117.35 Ishan Dyes 58.55 Ist Ltd. 1129.90 Istrnetwk [4] 4.72 Isw Ltd [1] 4.12 Itl Industrs 275.85 Jagatjit Ind 121.40 Jagson Airli 3.17 Jaimata Glas [1] 0.37 Jaipan Indus 61.30 Jameswarren 135.25 Jasch Indust 70.10 Jaus Polymer 27.75 Jay Ushin 788.95 Jaykay [1] 9.36 Jayshri Chem 20.25 Jaysn Dyest [1] 76.45 Jct Ltd [2] 3.87 Jenburkt Ph. 574.80 Jetinfotran 62.20 Jindal Cap. 9.97 Jindal Hotl 73.00 Jkagri Gen 1580.80 Joindre Capi 38.90 Joonktollee 192.90 Josts Eng. 1270.05 Jriiil [2] 1.60 Jstl 51.20 Jtl Infra 177.00 Jupiter Info 88.35 Jyoti Ltd. 58.15 Kabsons Indu 10.10 Kallam Spg. [2] 22.75 Kalpacomme 17.70 Kamadgiri 150.00 Kamaholding 4044.25 Kaman Hsg 23.50 Kanchi 240.45 Kanco Tea 116.85 Kanishk St. 13.00 Kanpur Plast 159.25 Kapilraj 30.05

74.00 3149.60 28.10 44.50 470.75 477.75 7.49 35.30 166.20 346.25 14.85 474.20 96.45 95.00 9.18 6.32 1613.25 315.50 15.77 73.95 24.00 112.00 6.15 18.75 37.20 5.63 302.15 185.50 125.80 124.35 43.60 522.40 42.90 83.70 120.95 31.70 193.80 1376.20 87.30 12.30 29.10 30.30 59.80 24.40 24.65 543.80 220.45 460.20 564.45 8041.95 57.75 1111.05 4.50 3.92 289.60 121.30 3.17 0.36 62.25 139.70 70.35 29.05 796.55 9.36 20.30 78.00 3.82 576.95 65.75 9.64 82.15 1644.15 39.35 200.05 1275.70 1.60 50.00 173.50 90.05 61.80 10.20 23.85 17.35 149.20 4127.25 22.35 247.35 112.00 12.35 159.15 29.20

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P C

Kcp Sugar In [1] 30.70 Keerthi 171.80 Keltech En. 1323.45 Kennametal 865.75 Kerala Ayur 95.70 Kesar Petro [1] 50.95 Key Corp.Ltd 26.65 Kg Denim 67.80 Khadim 702.90 Khator Fibre 19.40 Khod.India 80.90 Kic Metaliks 193.65 Kilburn Chem 136.25 Kilburn Engg 95.95 Kilpest (I) 139.95 Kiocl 334.40 Kiran Vypar 181.10 Kirl.Ferrous [5] 106.55 Kirlosar Pn 950.80 Kirloskar El 45.20 Kisan Mould. 199.20 Kkalpanaind [2] 38.40 Kmc Shil [1] 22.75 Kotak Sensex 358.00 Kotaknifty 109.00 Kothari Ferm 53.00 Krettosys 33.55 Kriti Nutri [1] 32.45 Ksl & Ind. [4] 12.87 Kuantum 888.85 KulkPower [5] 54.65 Kunststoffe 29.65 Lactose(I) 140.75 Laffans Petr 26.20 Lahoti Over. [2] 25.70 Lakshmi Elec 763.75 Lakshmivilas 141.80 Lancor Holds[2] 35.20 Landmar Lei [1] 0.78 Lawreshwar 49.15 Lee&Nee Soft 5.77 Link Pharma 25.20 Lkp Fin 117.75 Lkpsec [2] 23.40 Ll cl 16.90 Lloyds Met E [1] 18.65 Lords Chloro 66.80 Lotus Choc 46.05 Loy.Tex Mill 670.00 Ludolow Jute 104.10 Machino Plas 272.70 Madrasfert 47.80 Mafatlal Ind 329.65 Magna Electr 221.90 Maha.Rubtech 56.85 Mahlog 492.40 Majestic Aut 193.40 Makers Lab. 94.80 Mallcom 300.95 Mancredit [1] 4.02 Manorg 170.20 Mansi Financ 34.90 Marsons 6.04 Martin Burn 41.40 Maruti Infra 30.25 Mas n 629.30 Master Trust 95.90 Maxima Syst [2] 8.34 Medi Caps 30.80 Medicamen Bi 716.55 Mel 16.65 MenoPiston [1] 31.85 Mescon 66.10 Metroglobl 92.95 Mient [1] 51.15 Milkfood 389.55 Mishka 27.00 Modern Steel 20.10 Modinatural 134.80 Modiso Met. [1] 79.60 Monarch 90.20 Monotyp Ind [1] 4.13 Morarka Fin. 40.50 Morgan Cru 1054.60 Moschi Semi [2] 40.40 Mpl 21.20 Msr India [5] 39.65 Multibase I 681.90 Mys Petro 162.80 N.G.Ind.Ltd. 84.85 N.R.Agarwal 537.55

30.50 174.10 1301.95 843.90 96.75 51.20 27.95 67.85 702.80 20.10 78.90 197.50 135.45 95.70 146.90 338.05 186.95 107.45 955.30 45.05 205.65 39.25 22.90 363.76 111.00 52.80 32.90 34.75 12.23 885.35 57.35 30.35 140.90 26.95 24.40 777.50 140.35 33.20 0.81 48.75 5.66 26.45 118.10 22.80 16.90 20.50 66.95 46.45 670.55 104.45 270.00 46.65 322.70 225.30 55.75 493.10 203.05 96.30 300.50 4.09 185.10 36.60 6.07 41.50 30.15 637.45 100.50 8.35 30.75 722.35 15.85 33.35 62.80 95.35 50.95 376.80 26.50 20.50 135.05 79.95 90.05 4.05 40.00 1010.00 40.45 21.80 39.40 683.35 162.55 87.85 539.15

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P C

Nagpur Power 42.65 Nalin Lease 29.45 Narmada Gel 167.70 Nat.Peroxide 2266.60 Nat.Plastic 66.10 Nateco 86.80 Nat t 225.25 Nath Pulp 45.90 Natural Caps 136.00 Nettlinx Ltd 87.80 Newlight 22.30 NglFine Chm [5] 464.95 Nhcfoods 14.85 Niacl [5] 605.40 Nicco Parks [1] 49.70 Nikhil Adhsv 273.45 Nile Ltd. 947.15 Niraj Cement 33.75 Nirlon 214.95 Nitta Gela 244.00 Novartis [5] 670.95 Npr Finance 42.35 Nr Interna 4.88 Ntc Indust 50.05 Oasis 83.05 Oasis Secur. 26.55 Odysse Corp [5] 3.01 Odyssey Tech 45.65 Ok Play (I) 123.55 Olympia Ind. 226.00 Orient Bever 118.40 Oriental Ven 459.00 Oscar Inv. 205.15 Overseas Syn 7.75 Ozoneworld 35.50 P.G.Foils 214.95 Pact [1] 3.73 Padmaind 78.85 Padmalaya Te 6.00 Pana Energ 348.40 Panyam Cemen 61.60 Parle Softwr 11.80 Parnaxlab 57.85 Pas.Acrylon 27.15 Patel Airtem 194.80 Paushak Ltd 1320.20 Pawansut 4.90 Pbm Polytex 93.25 Pcs Tech 30.65 Pentokey Org 26.45 Perm Magnets 101.00 P Infotech 11.14 Phoenix Int. 18.00 Phoenix Tn 15.00 Photoquip(I) 23.55 Phytochem I. 71.00 Piccadily Ag 16.85 Piccadily Su 7.95 Picturhouse 7.00 Pinconlife 15.20 Pion Invest 54.10 Pix Trans 187.35 Pml 4401.35 Poel 77.55 Polo Hotels 9.13 Polychem 456.50 Polylink Pol [5] 27.60 Polymech.Mch 33.70 Poona Dal 75.05 Porwal Auto 55.30 Pradeep Met. 103.25 Pranav.Spin 20.45 Premco Glob. 426.00 Prerna Infr 21.15 Prima Plasti 229.15 Prime Prop [5] 45.85 Prime Urban [2] 23.00 Pritikauto 138.40 Priya Ltd. 47.80 Pro Fin Cap. 219.40 Provestser 20.70 Pspproject 569.80 Ptcil 585.75 Pun.Alkali 30.00 Pun.Communi. 40.95 Pvvinfra 17.70 Pwasml 46.20 Quadrant [1] 2.31 Raclgear 70.35 Radhe Devlop 19.60 Radiocity 399.25

43.15 29.60 164.95 2263.60 66.50 87.40 238.30 47.55 133.30 87.05 21.25 462.00 15.10 615.65 50.20 259.80 950.65 33.20 212.75 245.40 669.85 42.30 5.12 49.45 78.45 27.80 2.93 45.20 127.60 217.00 113.20 480.95 204.90 7.81 34.05 218.20 3.67 79.00 6.00 350.00 60.20 12.00 56.45 26.95 190.15 1379.40 4.66 93.35 32.55 25.15 95.95 10.59 17.24 14.58 24.50 72.15 16.15 8.03 6.90 14.90 52.25 193.00 4415.00 77.75 9.31 447.80 28.60 32.10 71.30 55.00 103.00 19.05 429.95 22.05 229.35 45.90 23.10 134.50 45.45 227.00 20.00 567.80 597.20 28.50 44.40 16.95 46.75 2.32 69.45 19.05 404.45

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P C

Shervani Ind 714.80 Shetron Ltd 73.65 Shilp Gravur 147.85 Shiv.Bimetal [2] 98.25 ShivCement [2] 31.45 Shiva Fert. 91.35 Shivalik 775.15 Shreeganes 281.00 Shreeram 50.00 Shri Dinesh 212.10 Shri Krish 15.10 Shriram Asse 81.60 Shristinfra 287.35 Sienergy [1] 9.00 Sika Inter. 230.40 SimmonMar [2] 112.85 Simran Farms 145.20 Sinclair Hot 456.80 Singer India [2] 54.90 Sintexplast [1] 76.75 Siprojects 248.40 Sir Shadi La 61.00 Sis 1255.05 Sita Enter. 23.00 Skcil 175.50 Sk [1] 4.47 Skp 28.20 Skp Secure. 75.00 Sky Indust. 57.45 Skyl Millar [1] 5.10 Smifs Capita 56.90 Smslife 408.30 Snl Bearings 401.35 Solitair Mc 58.00 Southbiotec 4.46 Sovereign Di 14.46 Spectra Ind. 32.50 Spel Semicon 16.65 Spicejet Ltd 121.75 Srg H 232.60 Sri Digv Cem 27.95 Srs Finance 14.57 Srs Real [1] 7.49 Sspdl Ltd 87.40 Stanrose Maf 174.70 Starlit 14.48 Starlite Com 53.55 Std.Battery [1] 9.80 Steel Exch 34.30 Steelcast [5] 197.95 Steelco Guj. 9.40 Sterl Inter [1] 2.64 Stovac Ind. 3115.35 Str Gre Woo 18.80 Suchitra 65.50 Suditi Ind. 88.95 Sukjit Strch 548.20 Sumedha Fisc 48.20 Sunil Agro F 66.40 Sunil Health 91.45 Sunshield Ch 333.95 Sunstar R [1] 14.75 Super Crop. [2] 28.05 Supreme Ho 32.25 Supremex [1] 23.75 Suraj Ltd 61.25 Surat Text. [1] 5.82 Suryalata Sp 173.55 Suryamba Sp 73.35 Sv Global [5] 128.00 Svartcorp [1] 8.71 Svpglob 568.10 Swarnasa 21.35 Swasti Vinay [1] 4.81 Swiss Glass 220.10 Sybly Inds. 5.68 Syschem (I) 13.03 Systamatix C 19.79 T & I Global 88.00 Taalent 164.30 Tahl 13.50 Talbroseng 367.35 Tam.Jai.Mill 5.60 Tamboli Cap 116.10 Taneja Aero. [5] 62.55 Tarai Foods 8.23 Tata Yodogaw 85.45 Tcfc Finance 37.55 Tcpl Pack 699.75 Teesta Agro 39.35 Tejasnet 404.70

679.10 78.55 147.65 101.80 31.60 92.20 813.90 271.00 49.95 204.75 14.55 85.65 289.40 8.61 241.90 112.45 144.65 462.60 53.00 76.50 248.50 60.40 1220.90 21.85 173.90 4.39 26.80 74.95 56.20 4.87 55.40 415.05 414.95 56.50 4.57 14.46 33.15 16.50 121.70 243.45 28.70 14.00 7.12 83.65 170.70 14.68 52.10 10.29 34.40 198.00 9.84 2.59 3210.20 19.70 65.50 91.75 548.10 49.95 68.00 91.40 341.30 14.05 28.40 31.65 23.25 62.55 5.72 175.70 75.00 125.05 8.33 556.65 22.30 5.20 216.75 5.65 13.47 20.77 89.60 179.35 14.15 358.20 5.62 111.60 64.40 7.90 87.60 36.60 695.00 40.50 392.30

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Tgvsl 71.35 Tiger Logs 228.05 Tiindia [1] 273.80 Timex Group [1] 63.50 Tirupati Sar [5] 19.00 Titan Biotec 69.60 Titan Secur. 6.38 Toyamind [1] 5.99 Transchem 33.95 Transcorp In [2] 42.00 Transfreight 22.25 Transgene Bi 2.47 Transpek 1397.40 Trio Mercan 12.40 Triton Valve 2447.95 Triveni Glas 22.60 Ttil 8.20 Tuticorin. 16.50 Tyche Inds 135.20 Tyroon Tea 51.15 Udaip Ceme [4] 29.40 Udl [2] 67.50 Ultracab 99.25 Ultramarine [2] 378.45 Uni Abex 565.60 Unimo Over [1] 2.35 Unique Organ 12.30 Unistar Mult 4.05 Universal Cr [1] 3.92 Upsurge Inv. 81.90 Utinext50 311.03 Utiniftetf 1096.00 Valiant Comm 80.15 Valson Indus 40.10 Vama Inds [2] 27.25 Vanicom 6.42 Vardhman Ind 15.40 Vas Infra 11.91 Vbc Ferro 53.55 Vbind 106.75 Vedavaag 67.10 Veejay Laksh 68.55 Veer Energy 38.95 Veerhealth 19.05 Vegetable [1] 3.76 Velan Hotels 7.41 Veljan 1150.20 Vertex Sec. [2] 3.04 Viaanindus [1] 40.10 Victor Mil [100] 3823.45 Victory Papr 55.10 Vijay Textil 53.00 Vikas Gran 6.23 Vikas Wsp [1] 15.77 Vikram Therm 123.00 Vippy Spin. 51.80 Vipulorg 185.95 Virat Crane 46.00 Virat Indus. 191.80 Virinchi 130.80 Virtual Glo [1] 1.81 Visagar Fin [2] 1.08 Vishal [5] 380.15 Vista Pharma[2] 47.00 Vivid Ind [5] 60.70 Vivo Bio Tec 50.10 Vkjinfra [1] 2.66 Voith Paper 918.00 Walchand Pf 167.90 Wall St.Fin. 38.50 Wallfort Fin 128.15 Waterbase 310.80 Welcast 1210.00 Wepsoln 54.15 Westlife Dev [2] 356.95 Whiteorg 127.35 William.Fin. 38.65 Wim Plast Lt 1372.05 Wimsome Text 65.50 Winsome Brew 11.17 Wpil Ltd. 706.45 Yamini Inves [1] 6.68 Yash Papers 70.80 Yogi Sungwon 2.87 Yuken India 4237.25 Zenlabs 52.60 Zf Steering 1280.90 Group T

73.35 231.65 277.80 64.60 19.55 70.50 6.12 6.01 34.15 44.10 21.15 2.35 1401.85 12.75 2564.90 21.90 7.85 16.00 134.25 52.60 29.35 64.15 100.60 382.50 541.00 3.07 12.40 3.86 3.85 83.50 313.94 1115.00 83.15 42.00 27.10 6.74 14.66 12.17 52.65 108.75 66.90 69.60 39.95 19.50 3.74 7.64 1148.00 3.00 40.10 3912.00 57.85 55.60 5.96 15.46 122.95 53.05 185.80 48.30 190.15 130.60 1.84 1.10 391.00 46.00 58.75 51.80 2.70 902.05 171.00 38.10 129.05 326.30 1238.90 53.45 376.35 132.40 40.20 1346.45 67.75 10.62 716.80 6.55 73.30 2.73 4234.80 55.00 1301.50

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21St Cen.Mgm Apollo

37.25 37.95 0.00 454.10

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Dhabriya Dynemic Pro Guj.Raffia

170.95 167.05 208.20 207.35 71.35 73.05

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Jaibala Ind Kushal [2] Mah.Ras.Apex

17.50 17.20 154.35 153.60 113.60 119.25

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Obi Ltd Optiemus Ybrantdigi [2]

91.00 92.20 275.00 281.90 7.02 6.99

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NSE Trade for Trade P C

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G C&C C C W C CCC C CO C m C C mm C C m m C C C C H C C C C M DCW D M D D m D DQ N D K D D m A M

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C m G G w& G H M H H D H M H M HOV C A A & &C M w W w w m O C m M V C N &N M A K K m K m K KDD K K K K K K m m G

PBA Infra 18.90 18.70 Pearl Poly 39.00 37.60 PilaniInvInd 3086.30 3094.80 PILItalicLif [1] 15.85 15.55 Pirmal.Phy 42.05 44.15 PochirajuInd 6.90 6.60 Pradip 4.05 3.85 Pratibha [2] 8.70 8.90 Prit.Nandi 23.85 23.95 Provogue [1] 6.50 6.30 PSL 4.90 4.90 PTL Ent [2] 56.90 57.60 RainbowPap [2] 3.85 3.70 RamaSteel[5] 262.30 256.05 RamgplPolytx 3.75 3.90 Ramsarup 2.65 2.65 RattanIndIn [2] 7.00 6.95 Ravi K Dis 20.25 19.25 Reg.Cermic 8.65 8.25 Remsons 90.15 89.95 Rollatainers [1] 6.65 6.95 Ruchi Inff [1] 5.40 5.65 SabEvents 17.95 17.10 Sakuma Exp. 153.15 151.55 SAL Stl 6.55 6.85 SalonCotspin 145.45 138.85 Salora 53.00 52.80 Samtel Col 1.80 1.75 Sanwaria [1] 26.65 27.05 SastasundVen 118.95 118.75 SE Power 10.90 10.40 SEAMEC 180.20 185.25 Selan Exp 239.60 233.85 ShrRam.Mul [5] 14.40 14.15 Shriram Pist 1823.10 1840.50 ShyamCent [1] 12.65 12.45 SignetInd [1] 8.55 8.65 SIL Invest. 508.30 500.65 Simp.Proj 36.90 35.35 Sita Shr Fd 4.95 4.90 SkilInfra 52.50 50.75 Soma Text 15.45 15.05 SorilHolding [2] 193.95 203.60 Spentex 8.20 7.80 Sri Adh Br 31.30 29.75 StampeCap [1] 16.10 15.

M M M M m M M N M M M MC M M M M M N N w N M N NK OC O C A O m O C O m O O O O A

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Join@Daily_English_Papers . . . . . . . .. 446601

CHX

COMMODITIES

0 Commodity Watch

QUICKLY Buyer resistance saps rubber Kottayam, January 22

Spot rubber fell further . RSS4 weakened to 126.50 from 127 and 127.50 a kg respectively, according to traders and the Rubber Board. The grade declined to 123.50 (124.50) on buyer resistance. February futures surrendered to 125.05 (128.12), March to 126.90 (129.94), April to 129.49 (132.86) on the NMCE. RSS3 (spot) rmed up to 111.22 (111.10) at Bangkok. January futures improved to 117.85 (117.31) on the TOCOM. Spot rubber rates ( /kg): RSS4: 126.50 (127); RSS5: 121 (123); ISNR 20: 113 (113.50) and Latex (60% drc): 87.50 (88.50). OUR CORRESPONDENT

Mixed trend in soyabean,oil Indore, January 22

Despite strong global cues, decline in buying support at higher rates arrested the uptrend in soya oil with soya re ned being quoted at 73035 for 10 kg (down 10 from last week) , while soya solvent declined to 697700/10 kg. The rally in soyabean continued amid declining arrivals with its prices in Indore mandis today rising to 3,45075 a quintal. Plant deliveries too were higher at 3,40050 a quintal. Soyameal on the spot ruled at 25,00026,000 a quintal. OUR CORRESPONDENT

Selling pressure drags sugar

Gold

Silver

Copper

Brent Crude

Crude Palm Oil

$1333.20 1.30H

$17.07 0.02G

$7041 35H

$68.63 0.31H

$629.29 11.15G ¢13.30 0.11H

per ounce

per tonne

per barrel

per tonne

Sugar prices at the Vashi spot market crashed further by 4050 a quintal as Maharashtra’s mills sold the commodity at 4050 less on slack bulk demand. Naka rates too were down. Arrivals were at 5860 truck loads and local dispatches were at 5556 loads. The Bombay Sugar Merchants Association’s spot rates: (in ) Sgrade 3,060 3,200 and Mgrade 3,1523,400. Naka delivery rates: (in ) Sgrade 3,0203,250 and Mgrade 3,0803,350. OUR CORRESPONDENT

Sugar per pound

Drop pepper from import list of free trade pacts: Growers, trade plead with Centre

Crude oil hovers near $70/bbl even as Saudi, Russia vow to continue output cuts ®BLOOMBERG January 22

To protect the industry from cheaper, illegal imports from Sri Lanka, Vietnam Kochi, January 22

gin to Vietnamese imported pep per into India via Sri Lanka.

The Indian Pepper and Spice Traders, Farmers, Producers and Planters Consortium (IPSTPC) has urged the Commerce Minis ter, Suresh Prabhu, to remove black pepper from SAFTA (South Asian Free Trade Area) and ISFTA (IndoSri Lanka Free Trade Agree ment) import list in order to save domestic growers. In a memorandum to the Min ister on Saturday, Kishor Shamji Kuruwa, IPSTPC Cochin Chapter Head, claimed that Sri Lankan pepper had lost its eligibility for any concession from India ever since its production rose to over 28,000 tonnes, and with Sri Lankan authorities allegedly is suing, wrongly, Certi cate of Ori

Trade pacts, output He said the free trade in pepper was implemented in 2006 and 2003 when Sri Lankan produc tion was around 8,00010,000 tonnes. “Such phenomenal increase in recent years in its output gradu ally has resulted in Sri Lankan ex porters dumping their pepper in the Indian market under the shade of these two agreements in spite of the Indian government imposing an MIP,” he said. It is surprising that still Sri Lankan pepper is being imported under SAFTA with 8 per cent im port duty which works to 40/kg. Besides, they are still holding

GK NAIR

duty free import licence under ISFTA. MIP yields no result The minimum import price or MIP of 500 a kg on CIF value works out to nearly $7,850/tonne against the prevailing prices of $4,7004,900 CIF Indian port. The landed cost comes to 350 a kg including an import duty of 8 per cent. The di erence between the landed cost and the domestic price here is substantial, at 55 to 95 a kg, he said. If this situation continues, it will be at the cost of India’s pepper farmers, who are trying to market their 2018 new crop, he said. Meanwhile, some Karnataka importers are understood to have shipped in Vietnam pepper at the Bangalore ICD and paid 54 per cent duty but allegedly on heavily underinvoiced consign ments. It is alleged that as against

ernment is immediately needed,” Sunil Tamgale, Chair man, Scienti c Agro Technolo gies (SAT), a division of Interna tional AgroConsultancy, Bengaluru, told BusinessLine.

the original price of $4,550 a tonne, the invoice price was $3,550 depriving the country of duty of $540/tonne. Slipping into the domestic markets part of the pepper im ported for valueaddition and re export also adds to the pressure on domestic prices. “The only solution to this is correct and thorough monitor ing. This will ensure that the spent pepper, which remains after extraction, does not slip into the local market. This is where a policy change by the gov

Vietnam pepper Already in 2017, pepper exported “from and via Sri Lanka” hit 3,000 tonnes, including not only their own produce but also Vietnam pepper, which was issued the Cer ti cate of Origin, says the IPSTPC. Moreover, it is being widely al leged that Vietnam pepper — destined for Nepal, Myanmar and Bangladesh — is arriving into India through the borders. The Centre had, in a bid to pro tect farmers, imposed 70 per cent import duty. For ASEAN coun tries (Vietnam) it was 54 per cent in 2017, but this year it is 52 per cent, according to the ASEAN agreement.

Rubber farmers warn against cup lump imports Kochi, January 22

the industry as a means to further reduce domestic rubber prices.

Natural rubber growers are up in arms over the reported move to permit the tyre industry to import rubber cup lumps. Cup lumps are oxidised rubber, mostly contaminated with dirt and other extraneous material, and their import has been prohibited as a phytosanitary measure by In dia. The growers alleged that the present move has been mooted by

No quality standards Con rming the development, sources in the Rubber Board told BusinessLine that the Centre has constituted a committee to recom mend quality standards for rubber cup lumps. The Board had earlier taken a view that import of cup lumps could not be permitted because there are no quality standards xed

V SAJEEV KUMAR

Mumbai, January 22

BusinessLine TUESDAY • JANUARY 23 • 2018

by either domestic or international agencies. The Association of Plant ers of Kerala (APK) is also against the move saying that it would spell doom for the crisisridden rubber sector and urged the government to desist from any such initiatives. The planters’ body pointed out that import of unprocessed raw materials is not encouraged any where in the world — particularly if the same item is produced within the country. India is already importing 45 per

cent of its rubber requirement by way of processed TSR made from these cup lumps abroad and these is no reason for lumps to be impor ted in large quantities for pro cessing in the country. Bacterial actions Raising apprehensions, PC Cyriac, former Chairman of the Rubber Board, said that rubber cup lumps are produced in unsanitary condi tions in countries like Thailand and Vietnam. The unsanitary condi

tions have been the breeding ground for all sorts of bacteria. At a time when the industry is demand ing high quality rubber sheets, this import is unnecessary, he added. He cited the destruction of whole plantations in Brazil, the home of rubber, due to spread of bacteria through a plantation dis ease, South American Leaf Blight. “It will be ruinous if India imports cup lumps and other similar ma terials without any processing,” Cyriac said.

Brent crude oil declined even after Saudi Arabia and Russia pledged over the weekend to continue oil supply cuts. Futures in London slipped 0.2 per cent, erasing earlier gains. “Output limits should remain through 2018 as rebalancing may be achieved next year,” Saudi Ara bia’s Energy Minister Khalid AlFa lih said in a Bloomberg television interview held with his Russian counterpart on Sunday. Russia is prepared to cooperate with OPEC after the current curbs expire, Minister Alexander Novak said. Neither minister said whether the cuts would continue next year. Benchmark Brent has eased after supply curbs by the Organisation of Petroleum Exporting Countries and its allies to reduce a global glut earlier this month pushed prices above $70 a barrel for the rst time since December 2014. Banks including Citigroup and JP Morgan Chase & Co predict the coalition may begin winding down cuts from the middle of the year, before a scheduled end in Decem ber, as the market rebalances. There was no sign of such a move at this weekend’s meeting between OPEC members and some of their allies in Oman. Brent for March settlement fell 14 cents to $68.47 a barrel at 1:01 pm on the Londonbased ICE Futures Europe exchange. It traded at a premium of $5.27 to March West Texas Intermediate. WTI for February delivery, which expires Monday, slipped 6 cents to $63.31 a barrel on the New York Mer cantile Exchange, after falling 1.5 per cent last week.

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Lower GST on drip irrigation gear, sprays to help farmers: ICRA OUR BUREAU New Delhi, January 22

The GST Council’s decision to cut tax rates on dripirrigation sys tems and mechanical sprays will help farmers, rating agency ICRA said on Monday. But bene ts ac cruing to fertiliser industry from the reduction of tax on fertiliser grade phosphoric acid would only be marginal, it added. The council, at its meeting on January 18, decided to reduce GST rates on dripirrigation systems, mechanical sprays and phos phoric acid from the earlier 18 per cent to 12 per cent. The GST Coun cil has also cut the tax rate on bio pesticides from 18 per cent to 12 per cent. “The reduction in the tax rates on dripirrigation systems reiter ates the focus of the government to promote irrigation facilities for the farm sector. The decline in tax rate on biopesticides is in line with the Government’s intent to promote the use of these products through various gov

ernment schemes and should en courage farmers to use these products as an alternative to the chemical pesticides,” said K Ravichandran senior vicepresid ent and group head, corporate ratings at ICRA, in the statement. While the tax rate cut on phos phoric acid would help fertiliser industry in terms of lower input tax credits resulting in lower working capital blockage, delay in reimbursement of the input tax credits adds to the strain in the liquidity position of the industry that is already impacted by delay in receipt of subsidies from the government, ICRA said. However, while the industry was expecting the tax rate on both ammonia and phosphoric acid to be reduced to 5 per cent to resolve the issue of inverted duty struc ture, no change in the tax rate on ammonia and 12 per cent tax rate on phosphoric acid will continue to result in large unused input tax credits for the industry and asso ciated liquidity issues, he said.

WEEKLY OUTLOOK

Immediate outlook unclear for MCX Aluminium GURUMURTHY K BL Research Bureau

The aluminium futures con tract on the Multi Commodity Exchange (MCX) was volatile in the past week. The contract fell to a low of 139 per kg ini tially on Tuesday last week and then reversed sharply higher from there. However, this upward re versal was shortlived as it faced strong resistance around 145 and halted after making a high of 144.9 on Friday. The contract has come o from this high and is cur rently trading at 143/kg. Immediate outlook is not clear. Key support is at 140 and resistance is at 145. A breakout on either side of 140 or 145 will determine the next move. Traders can stay out of the market until a clear trend emerges. If the contract declines be

low 140, it can come under renewed selling pressure. In such a scenario, a fall to test the crucial support level of 137 is possible. If the contract manages to reverse higher from 137, a relief rally to 140 or even higher levels is pos sible. In that case, a broad rangebound move between 137 and 146 can be seen. But if the contract breaks below 137 decisively, it can tumble to 132 or 131 on the back of pro t booking. On the other hand, if the contract manages to sustain above 140 in the coming days and breaks above 145 decisively, the downside pres sure can ease. The contract can then target the next key longterm trend resistance level of 148. Note: The recommendations are based on technical analysis. There is a risk of loss in trading.

TECHNICAL ANALYSIS

Palm oil futures will test supports, rise GNANASEKAAR T

Malaysian palm oil futures ended higher on Monday with a more than 1 per cent gain. on Monday evening, rising on the back of bullish sentiment at an industry con ference held in Karachi this week. Prices are expected to trade at 2,5002,700 ringgit ($635686) a tonne due to fall ing production from March onwards, and as stock levels decline from now until July, said leading vegetable oils analyst Dorab Mistry on Saturday. CPO active month April are yoyoing with a bearish bias, but positive indications are emerging though it is uncer tain to con rm it just yet. A bounce from MYR 2,433 per tonne has revived bullish hopes. A retracement to 2,550 looks likely now with inter mediate resistance at 2,51015 CM YK

. A close above here in good volumes can hint at further upside to 2,550 followed by 2,64045 in the coming ses sions. As illustrated earlier, des pite the corrective declines from time to time, the bigger picture bullish trend still re mains intact. Though, it looks like a head and shoulder has been con rmed, such a pat tern coming after a recent double bottom has more chances to fail, which is why we are still holding on to a mediumterm bullish out look. Either prices could rst

dips to 2,42025 followed by 2,36070 and then retrace higher, or, a direct rise above 2,520 could see a retracement higher immediately. The favoured view still ex pects while prices hold above supports in the broader pic ture, it could eventually inch higher. Wave counts: A possible new impulse looks to have started again. One of our tar gets at 1,850 was met. The rally from there looks very impressive. We expected prices to push higher to wards 2,645 initially and then correct lower towards 2,425 or even lower to 2,225 , and then subsequently rise to wards a medium to long term target at 3,600 . But a shortterm fall below 2,800 now has caused doubts on our overall bullish expecta tions. The present up move from 2,425 looks impulsive

with potential targets around 2,94550 while 2,585 holds. The equality target for the present up move lies around 3,12025 . But a fall be low 2,530 has changed the counts and we will review it in the next update. RSI is in the neutral zone now indicating that it is neither overbought nor over sold. The averages in MACD are still below the zero line of the indicator hinting at a bearish to be intact. Only a crossover again above the zero line could hint at a bullish reversal again. Therefore, look for palm oil futures to test the support levels and rise . Supports are at MYR 2,445, 2,420 and 2,370. Resistances are at MYR 2,520, 2,555 and 2,645. The writer is the Director of Commtrendz Research. There is risk of loss in trading.

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Facebook says it wants to simplify blood donation Over 60-lakh blood donors signed up KV KURMANATH

QUICKLY American Center Kolkata shut Kolkata, January 22

The American Center Kolkata and the Library will remain closed from Monday for an indefinite period but consular services will not be affected, the American Center said in a statement. “The American Center in Kolkata and the Library will remain closed to the public until further notice. Any inconvenience is regretted. Consulate Kolkata services will continue to function during the lapse in Congressional appropriations,” the statement said. “If you have a scheduled visa interview or American Citizen Services appointment, please arrive at the consulate at your designated time,” it said. On Saturday, the US government officially shutdown for the first time in five years after the Senate rejected a short-term spending bill to keep the federal government running. PTI

Facebook, which launched a rst inIndia healthcare initiative to pool up blood donors, says the re sponse for the call has been tre mendous. “Over 60 lakh users have re gistered their names on the spe cial window that we launched in October 2017,” Hema Budaraju, Product Manager (Health) at Face book, told BusinessLine. After see ing good response to the initiative in India, the rm is planning to replicate it in Bangladesh. She was in Hyderabad in con nection with the annual blood donation drive organised by the NTR Trust here to mark the death anniversary of Telugu Desam founder NT Rama Rao. She said the rm has noticed a signi cant number of posts on the social me dia platform, with users seeking blood from their friends, relatives and other followers. “We then

After seeing good response to the initiative in India, Facebook is planning to replicate it in Bangladesh

studied the challenge and dis cussed it with the ecosystem part ners such as hospitals, the needy and the donors. We found that there is not enough supply of safe blood,” she said. Reaching the donors People are expected to ask around for the blood for their kin who are in urgent need of blood. “Our aim is to make it easier for people to

donate. We let them know about the requirement by sending noti cations,” she said. The feature allows hospitals, blood banks and nongovern mental organisations to reach out to the donors. “By raising aware ness and growing the number of blood donors in India, we want to make it easier for people and or ganisations to give and receive blood,” she said.

Neuberg Diagnostics to focus on new-generation technology SWATHI MOORTHY Chennai, January 22

Neuberg Diagnostics, backed by entrepreneur GSK Velu, will focus on new generation technologies in the dia gnostics space and will part ner with labs and research centres. Velu, Chairman and Man aging Director, Trivitron Healthcare and major in vestor, Neuberg Diagnostics, said new generation techno logies like genomics, meta bolomics and proteomics that provide accurate dia gnosis and also combination diagnostics, where hospitals, pharma companies and pathologists work together, is the future of diagnostics in dustry. “But, India is lagging be hind in terms of technology. So, this is the area I want to fo cus on and what I’m trying to do with Neuberg Dia

Velu, Chairman and MD, Trivitron Healthcare BIJOY GHOSH

gnostics,” he added. There are ve labs under Neuberg — Anand Diagnostic Laboratory Services, Supratech Micro path, Ehrlich labs, Global Labs and Minerva Labs and around 450 crore has been invested in acquiring major shares and upgrading these labs. Infrastructure models The company will have three infrastructure models —

Global centre of excellence, Regional reference centres and Satellite centres. There are three centres of excel lence: Anand Diagnostics in Bengaluru in the area of pro teomics and metabolomics; Supratech in genomics space and Global Labs from South Africa in virology and testing infectious diseases. “We are also creating an infrastruc ture to upgrade other labs. Currently, there are 10 labs and 40 satellite centres for all the ve companies put to gether in the South and West India. “We want to increase it to 100 in the next two years,” he added. “The focus will be to expand in all States in the South and West India, Africa, West Asia and South Asia mar kets like Sri Lanka, Bangladesh and Nepal,” Velu said. “We are in talks with the major pharmaceutical com

panies as well,” Velu said. “If we are talking about person alised medicine, all stake holders pharmaceuticals, diagnostics and clinicians should work together. This is another area we are working on,” he added. “We also want to establish research centres in the US and European markets. Talks are on with some universities and small labs in the re gions,” Velu said. According to him, having a presence will give the company access to latest technologies and bring it to India. But, there are challenges. “Though there are startups working in this space, the market is still nascent. Unless you have your presence there, it will be di cult to bring them to India,” he added. The company will invest another 300 crore for the expansion plans in coming years.

CM assures all support to industry OUR BUREAU Chennai, January 22

The Tamil Nadu govern ment has assured the in dustry of its commitment to ease of doing business and attracting investments to the State. The Tamil Nadu Chief Minister Edappadi K Palan iswami today assured in dustry representatives from the Confederation of Indian Industry (CII) of easy access for industry to meet with senior government o cials, including himself, ac cording to a member of the delegation. The Chief Minister had re acted positively to in dustry’s request to include

approvals for brown eld expansions under the single window system for clearances, the member said. A facility will be provided in the singlewin dow clearance mechanism soon. The delegation included Vinod Dasari, Managing Director, Ashok Leyland; KM Mammen, Chairman and MD, MRF Ltd; Venu Srinivasan, Chairman and MD, TVS Motor Company; R Dinesh, Joint Managing Dir ector, TVS & Sons; CK Ran ganathan, CMD, Cavinkare; P Ravichandran, President, Danfoss Industries; M Pon nuswami, Group CMD, Pon Pure Chemicals Group and

Gadkari keen to boost bamboo cultivation in Yavatmal region PRESS TRUST OF INDIA Yavatmal (Maharashtra), January 22

Hyderabad, January 22

Cast your vote at: www.thehindubusinessline.com

P Shivakumar, CEO, Apollo Hospitals, according to an o cial note. The Chief Minister has sent out a heartening mes sage to the industry with the meeting, the member said. Industries Minister MC Sampath, Chief Secretary Girija Vaidyanathan, Fin ance Secretary K Shan mugam and K Gnanadesikan, Additional Chief SecretaryIndustries, were present. “There wasn’t any agenda and it was not a structured meeting. The top industrial ists met the CM and he o ered to extend any help from the government re

lated to industry. They were all pleased with his ap proach. We have also told the industry that we will be available to them to sort out any speci c issue,” Gnanadesikan told BusinessLine. An industry representat ive pointed that the Chief Minister should meet in dustrialists from various sectors often for valuable feedback in order to main tain a friendly investment climate. “Such meetings are the need of the hour as neighbouring states are ag gressively trying to snatch new investments from Tamil Nadu,” he said on condition of anonymity.

Union Minister Nitin Gadkari has said the government is working towards encouraging petrol, diesel and gas produc tion from biomass and called for encouraging bamboo cul tivation to boost farmers’ income. He said since bamboo is now listed under the category of a grass and the forest depart ment’s permission is not re quired to grow and cut it for commercial purposes. Bioeth anol could be produced from it. “We need to encourage bam boo cultivation in this (Vid arbha) region in order to en sure nancial stability of farmers,” the minister said. He was speaking at the in auguration of four lanes of the NH930, stretching between Warora and Wani, and the rail overbridge at Pimpalkhuti vil lage here. He said infrastructure pro jects worth thousands of crores have been sanctioned

First International Dam Safety Conference today PRESS TRUST OF INDIA

Union Minister Nitin Gadkari

for the development of Yavat mal district in eastern Maha rashtra. Nearly 3,500 crore has already been sanctioned for the construction of high ways between Wardha Yavat mal, Yavatmal Mahagaon and Mahagaon Warangal, he said. The work for four lanes on NH930, involving a cost of 904.25 crore, is being imple mented under the EPC (engin eering, procurement, construc tion) mode, he said. “We have already allotted 10,000 crore for the construc

Bengaluru, January 22

Builders Association of India (BAI) National President HN Vijaya Raghava Reddy shares with BusinessLine the details of the tumulus phase the construction and real estate industry underwent after the regulatory reforms and how the industry is looking to the 28th annual BAI convention to take the industry forward. How are builders coping with the new regulatory framework?

ised, having proper project development plans, capital procurement systems and adhering to the rules. The Centre has recently announced massive spending on infrastructure, housebuilding and others. What is your view on it?

The recent spending an nouncement by the Central government is very encour aging. But the announced spending has to be translated into realised projects within the timeline. Post tender acceptance and project clear ance by the government, and land acquisition issues often hold up projects. We cannot avoid paying interest on the capital generated through bank loans during the dead lock period and it threatens our survival in certain cases.

The regulatory frame work will bring more order to the sector. Operators who depended on capital from the market and the buyers only will no longer be able to operate that way. Only players who are or ganised and plan their pro jects and capitals in a profes sional manner can survive now. Being a small player or big player does not matter. What matter is being organ CM YK

Y Z

What is the level of skill shortage in the sector?

The outlook for the construction sector is very positive with the government ready to mobilise $1 trillion investment plan over the next five years HN VIJAYA RAGHAVA REDDY BAI National President

Z Y

What measures has BAI taken to address it?

Construction industry ex pects to employ 80 million workers by 2020. The pro ductivity of Indian construc tion workers is very low cur rently. If we can enhance productivity, it will bring down project execution time

drastically. BAI, in association with the government as well as private bodies, has taken up training of construction workers. For the construc tion industry, we have formed Construction Skill Development Council of In dia (CSDCI), and Builders’ As sociation of India is one of the promoters. To train con struction workers, huge funds are needed. The gov ernment has collected more than 40,000 crore as on September 30, 2017, from the contractors towards ‘Labour Welfare Cess’, and a min imum of 20 per cent of this amount should be made available for skilling the con struction workers. How is the credit flow from banks?

Credit ow from banks has signi cantly reduced and is more stringent following de monetisation and RERA. Many projects held up by the combined impact of demon etisation and RERA could not

tion and upgradation of the national highways in Chandrapur and Yavatmal dis tricts,” Gadkari said. The minister said 1 trillion has been allotted for the water conservation projects in Maha rashtra, out of which 20,000 crore has already been re leased. “Nearly 12 projects will be undertaken in Yavatmal un der the scheme,” Gadkari said. He said the government is also working on encouraging the production of liquid and gaseous fuels from biomass which would enhance help the farmers in the region. “In Nagpur city, buses run on ethanol and e orts are on to generate secondgeneration ethanol from biomass and agriwaste,” he added. He said the government is looking into the feasibility of introducing plastic LPG cylin ders to reduce their cost. “We are examining its feasib ility with a view to reducing the LPG prices ranging from 200250 per cylinder,” Gadkari added.

TN to launch two-wheeler subsidy scheme on February 24

New Delhi, January 22

#4 4 6 6 0 1

The rst International Dam Safety Conference will begin in Thiruvananthapuram today, the government said in a state ment on Monday. Kerala Chief Minister Pinarayi Vijayan will inaugurate the twoday confer ence, will be presided over by Union Minister of State for Wa ter Resources Arjun Ram Megh wal. As many as 550 delegates from over 20 countries, includ ing the US, Switzerland, Spain and Australia, will take part in the conference. Seven dam safety manuals developed under the Dam Re habilitation and Improvement Project (DRIP) will also be re leased for implementation during the conference. A soft ware programme to document authentic asset and health in formation pertaining to the large dams in the country, known as the Dam Health and Rehabilitation Monitoring Ap plication (DHARMA), will also be launched.

For working women and transgenders OUR BUREAU Chennai, January 22

The Tamil Nadu govern ment will launch the two wheeler subsidy scheme for working women and trans genders next month. Christened as Amma Two Wheeler Scheme, the state government will extend 50 per cent subsidy or 25,000, whichever is lower, for the purchase of a moped or less than 126cc automatic scooter of can didate’s choice, according to an o cial statement. Eligibility The launch of the scheme on February 24 will coin cide with the birth an niversary of the former Chief Minister Jayalalithaa. Women who are selfem

ployed, working in private establishments, organisa tions supported by the state government, societal organ isations and state govern ment industry projects; women contract labourers, Accredited social health act ivists and women registered with the bodies of organ ised and unorganised work ers, among others can avail themselves of the scheme. Preference will be given to women living in remote and hilly areas, women who are breadwinners of the family and women who are divorced, unmarried, wid owed and orphaned. The candidate should be in the age group between 18 and 40 years. The bene ciary should be a native and resident of Tamil Nadu. Also, the applying candid ate should possess a valid driving licence and her an nual income should not be

more than 2.5 lakh Since the subsidy is extended with the objective of enhan cing the livelihood of work ing women, the bene ciaries should not sell or transfer the vehicle in the rst three years, the statement said. How to apply? The applications will be is sued at the o ces of the district collector, corpora tion, municipality and pan chayat freeofcost from Monday. The lled in applications, along with the necessary documents, have to be sub mitted at the respective of ces on or before February 5. In 2016, the AIADMK elec tion manifesto said the gov ernment will o er 50 per cent subsidy to buy a moped or scooter for a working woman.

Audi CEO exudes optimism Dassault Systems to set up 3D Experience Centre in AP

CH RS SARMA

Visakhapatnam, January 22

The luxury car segment is set to recover and regain acceleration, after overcoming GST hassles, Jerome A Edward, CEO, Audi, Andhra Pradesh and Telangana, said here on Monday. He was here to launch second generation Audi Q5. He said the premium car segment had bounced back after facing prob lem for two months after the roll out of the GST regime. He said the company willopen aservice centre at Vijayawada in a month to explore full potential of demand in the Amaravati capital region. “Now, we nd GST quite businessfriendly. Everyone has fallen in line. The market is also picking up,” he said. He said Andhra Pradesh ac

counts for 20 per cent of Audi owners in Telangana and Andhra Pradesh, which the company is con dent of raising to 30 per cent during the current year. Last year, Audi sold 160 plus cars in Andhra Pradesh and 400 plus in Telangana. So far, 3,500 Audi cars have been sold in all. He said the company had set up a full edged showroom and service centre in Hyderabad and Visakhapatnam. The second ser vice centre in Hyderabad will be opened shortly. On demonetisa tion, he said though they were hit initially, within a few months, the market had picked up. On new Audi Q5, he said the response to the ‘talk of the market’ model was very good. Two variants of the new model are available onroad at 64.63 lakh and 69.55 lakh.

‘Outlook for construction sector is very positive’ ANIL URS

pay back the debts as the ma jor part of their inventory went unsold. This has promp ted the banks to be more stringent in sanctioning loans. What is the current scenario in construction and building industry?

Demonetisation has af fected the economy. It has hit liquidity adversely and im pacted real estate and con struction industry acutely. Being primarily a nonorgan ised sector, 7080 per cent of the real estate transactions were in cash. At the ground level, work ers are paid their wages in cash. GST ensured that we don’t have to pay multiple tax components amounting to 32 per cent. GST was later brought down from 28 per cent to 18 per cent, encour aging the industry. RERA brought real estate developers under the ambit of certain regulations primarily to protect the in

terest of buyers, implying a certain order and clarity into the sector. However, at the imple mentation level, there are failures; RERA too has serious failures hampering the func tioning of the sector. The Centre had given cer tain exibility to State gov ernments only to bring minor changes/deviations in the RERA Act, but some State governments attempted meddling with the Act.

M SOMASEKHAR Hyderabad, January 22

Dassault Systems, the European multinational soft ware major, will set up a 3D Ex perience Centre in Andhra Pra desh. It will impart training to students and make them in dustryready in aerospace & defence, automotive and ship building areas. MoU with APSSDC The France headquartered company and the Andhra Pra desh State Skill Development Corporation (APSSDC) have signed a memorandum of un derstanding. A 3D Experience platform with built in in dustry solutions experience will be the latest facility. As per industry reports, the aerospace and defence in dustry in India is one of the fastest growing markets in the world with a signi cant push to indigenous manufacturing. Promoting selfreliance, indi genisation and technology upgrades, achieving econom ies of scale and developing capabilities for exports re quire that the talent to be de veloped inhouse at a rapid

pace to meet the demand. Sim ilarly, the automotive industry is growing and seeing changes like electric vehicles (EVs), shared mobility, emission and safety norms promising a po tential to create 65 million ad ditional jobs and contributing over 12 per cent to the country’s GDP. The 3D Experience Centre aims to meet these require ments for skilled manpower and facilitate employability to the youth in the state. It will en hance the employability skills of the engineering and poly technic students by making them industryready, says a press release.

What is the outlook for the construction and building industry?

The outlook for the construc tion sector is very positive with the government ready to mobilise $1 trillion invest ment plan over the next ve years. About 80100 per cent of this plan can be a reality if the core issues are addressed from the root level. We hope that that 2018 Budget will be re ective of the recommend ations made by us.

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BusinessLine TUESDAY • JANUARY 23 • 2018

India@Davos

How IL&FS won the Zojila tunnel project bid

‘India’s richest 1% cornered 73% of wealth generated in 2017’ World’s poorest saw no rise in wealth, says Oxfam survey PRESS TRUST OF INDIA Davos, January 22

The richest 1 per cent in India cornered 73 per cent of the wealth generated in the country last year, a new sur vey showed on Monday, presenting a worrying pic ture of rising income inequality. Besides, 67 crore Indians comprising the population’s poorest half saw their wealth rise by just 1 per cent, as per the survey released by the in ternational rights group Ox fam hours before the start of

The Oxfam survey shows a worrying picture of rising income inequality in India

the World Economic Forum meet in Davos. The situation appears even more grim globally, where 82 per cent of the wealth gener ated last year worldwide went to the 1 per cent, while

3.7 billion people that ac count for the poorest half of population saw no increase in their wealth. The annual Oxfam survey is keenly watched and dis cussed in detail at the WEF, where rising income and gender inequality is among the key talking points for the world leaders. Last year’s survey had showed that India’s richest 1 per cent held a huge 58 per cent of the country’s total wealth — higher than the global gure of about 50 per cent. This year’s survey also showed that the wealth of In dia’s richest 1 per cent in creased by over 20.9 lakh crore during 2017 — an amount equivalent to total

Co has local area expertise, and on-going projects helped it place the lowest bid MAMUNI DAS New Delhi, January 22

Local area specialisation in Jammu and Kashmir helped IL&FS bag the 4,899crore Zojila pass tunnel project that will connect Srinagar, Kargil and Leh. The company bid was as low as almost half of the highest bidder, enabling it to emerge as lowest bidder in the tendering process con ducted by the Road Ministry, o cials told BusinessLine.

Union Budget in 201718, Ox fam India said. More billionaires The report titled ‘Reward work, not wealth’, Oxfam said, reveals how the global economy enables wealthy elite to accumulate vast wealth even as hundreds of millions of people struggle to survive on poverty pay. Iit will take 941 years for a minimum wage worker in rural India to earn what the top paid executive at a lead ing Indian garment rm earns in a year, the study found. Oxfam India urged the In dian government to ensure that the country’s economy works for everyone and not just the fortunate few.

Experience in ongoing pro jects in J&K — where the ter rain is di cult, climate harsh, and law and order situation volatile — helped IL&FS com mit to complete the project at a relatively low budget. The low cost could be partly explained by the fact that the company is also implement ing the Zmorh tunnel pro ject, and has completed the ChenaniNashri tunnel pro ject in the region. This means it has already mobilised man

and machinery in the region, which has a di cult topography. For the ChenaniNashri project, it was supported by Jammuheadquartered Beigh Construction Company, a rm with expertise in tunnel ling that has also implemen ted several road and rail pro jects like the Banihal rail link. The steep altitude, extreme cold weather and law and or der problems make it di cult for contractors to work in the region. Also, the area where the Zojila pass tunnel project has to be implemented sees a

drop in temperature to sub zero levels. It remains inac cessible for almost six months a year. The project is mainly aimed at providing allweather con nectivity to the strategically important Leh, which is oth erwise accessible only six months a year. The prebid conference saw interest from 11 road de velopers, though only four placed bids. The bidders apart from IL&FS were JP Group, L&T and Reliance Infrastructure. “The bids ranged from 4,899 crore to 8,900 crore,” an o cial said.

5 things you may want to know about Davos AGENCE FRANCE-PRESSE Davos, January 22

With the WEF kicking o in earnest on Tuesday, here is a guide to the weeklong event in the Swiss Alps. What is Davos? Davos is shorthand for the World Economic Forum, which in its original guise was founded in 1971 by Ger man business professor Klaus Schwab as a way for European corporate leaders to learn from their US coun terparts. Political leaders star ted attending in the 1970s, and since then it has been morphed into an annual jam boree of the global elite. Who’s coming? Who isn’t coming, more like. Among the 2,500 delegates and 70 world leaders, Prime Minister Narendra Modi will be the rst of the week’s key

Chill! Swiss police stand on the roof of the Kongress Hotel next to the Congress Center in Davos on Monday AP

note speakers on Tuesday. Large contingents are com ing from Europe and Africa. Celebrities Elton John,and Shah Rukh Khan are among the attendees. US President Donald Trump will close the meet with a speech on Friday. Who’s not invited? While some 4,000 Swiss sol diers and police will keep a

close eye on the Davos en virons, one group of young socialists intends to rally in the village itself when Trump arrives on Thursday, giving voice to nearly 17,000 people who have signed a petition declaring he is not welcome in Switzerland. Beyond Davos, a bigger antiTrump protest is expec ted in Zurich on Tuesday.

What’s on the agenda? The theme this year is ‘Creat ing a shared future in a frac tured world.’ From breakfast seminars to midnight drinks, via lm screenings and morning sessions of medita tion and yoga, every day is packed. While only one fth of at tendees are women, the or ganisers are keen to harness discussion about the #MeToo movement. How to chill? Chilling in a literal sense is not hard in Davos, where the snowfall has been even heav ier than usual this winter. If you’re a delegate and want to hit the shops, you’ll probably be out of luck. Many retail outlets and even a church are handing over their premises — for hefty rents — to corporate clients to use as their base for the week. #4 4 6 6 0 1

Anything, everything veg: ghar ka swad for the PM ASIAN NEWS INTERNATIONAL Davos, January 22

Full of beans Sumitro Ghosh, CEO, Tata Starbucks, said the company expects to close FY18 with 24 new stores SOMASHEKAR GRN

Starbucks India getting a whiff of tier II cities After setting up 106 stores in metros over the past ve years, Starbucks India, a 50:50 joint venture between Tata Global Beverages and Seattlebased Starbucks Cor poration, is looking to enter tier II cities in FY19, said a top company executive. It already has stores spread across Mumbai, Pune, Hyderabad, Chennai, Delhi and Bengaluru. The company, which cel ebrated its fth anniversary in India last October, expects to end FY18 with 24 new stores, ramping up its total store count to 115. Plans are on to enter Kolk ata, its seventh metro mar ket, in early 2018.

old market for us, India is a veyearold one.” Ghosh said the company sees India becoming one of its top ve markets in the world in the long term. Asked how much of the co ee served in the stores are sourced from India, Ghosh said: “Roughly, Espresso ac counts for over 60 per cent of our beverages. “Every Americano, Latte, Cappuccino and all of our Frappuccinos are based on the Espresso beverage, which is made from Indian co ee beans sourced from Tata Co ee plantations in Co org. We also import an Italian blend, and two single origin blends from Kenya and Sumatra, which we serve in our stores.”

Kolkata entry “After we enter Kolkata, we are looking at tier II cities to open new stores and are in the process of evaluating them. “We are growing fast and will beat the number of new stores opened in FY18 next scal,” Sumitro Ghosh, CEO, Tata Starbucks Pvt Ltd, told BusinessLine. Pointing out that India has seen the fastest rollout of stores in the history of in ternational markets (out side of the US), he said: “We get compared to the China market a lot, which has over 3,000 Starbucks stores and is growing at 500 stores a year. “While China is a 15year

Grow in India The Alphonso Frappuccino, introduced in India in 2014, is now o ered in Starbucks markets outside India. The India Estate blend that is sold in whole bean form over the counter in the com pany stores here is being sold online in the US and other countries. Tata Nullore Estate’s co ee became the rst Indian cof fee to be roasted and sold at the company’s home city of Seattle in 2016, which was later rolled out across other Starbucks stores in the US. A second Indian estate spe ci c co ee has been selected to be sold in the US, and will soon be announced, said Ghosh.

SANGEETHA CHENGAPPA Bengaluru, January 22

CM YK

A team of chefs from the Taj Group is preparing a lavish spread at the WEF in Davos. Mainly consisting of Indian cuisine, the spread prepared by these chefs will be served at three di erent venues. Raghu Deora, the logistical head for the entire mission, said: “I have been told that he (PM Narendra Modi) likes any thing and everything veget arian. It will be like ghar ka swad Davos mein.” He added that it is quite di cult to prepare Indian dishes here, as the spices are quite dif

ferent. “We are a team of 32 chefs and managers catering to ‘India Adda’, ‘AP Lounge’ and ‘In dia Reception’ for about 12,000 people. PM Modi will be having our food at three di erent ven ues. There is a much bigger In dia presence in Davos,” he ad ded. “Almost 1,000 kg of spices have been brought from India — some handcarried, some couriered.” Deora, along with Nitin Ma thur, the executive chef at Taj Krishna, Hyderabad and Neville Pimento, resident manager at Taj Lands End, Mumbai, will be leading the team of chefs at dif ferent venues.

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