TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) CNX NIFTY - The Nifty is open on Monday 8333 a minor up trend and traded in the range and made a high of 8336 and low of 8252.From Tuesday market was in minor downtrend movement and Wednesday traded below the psychological level of 8200 .on Friday Nifty given the gap up opening of 8126 but traded in the range of 8100-8150. range and close at 8065 .the Nifty in next week also likely to trade in the range of 8200-8300 back of mixed Festival Season. It is likely to Sell Nifty in the Range of 8185-8190 for targets of 8155-8135 and stop loss at 8205 And Buy 8200-8210for Target of 8250-8300 with stop loss of 8150.The Weekly Resistance for Nifty is R1 8171 R2 8341 and Support For Nifty is S1 8001 and S2 7831. Bank Nifty Future: On Monday Bank nifty open at 18027 and made high of 18029 and traded in the neutral for whole week.On the Friday PSU Banks stocks crashed Vertically. Bank Nifty last hope is 17269 and target of 17012 and 16926. If bank Nifty is Breaking the level of 17269 we can expect it to 17012 and 16900 panic level. The Hurdle for Bank Nifty is 17493 and 17539. There is a possibilities of Bank nifty can give the gap down opening on Monday. On the other hand the demand for Banking industry due to festive season positive market for Bank Nifty after Monday trading session.
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
R2 8341
R1 8171
PP 8086
S1 8001
S2 7831
WEEKLY
R2 8976
R1 8426
PP 8151
S1 7876
S2 7326
MONTHLY
R2 9317
R1 8511
PP 8108
S1 7705
S2 6899
DAILY
R2 17892
R1 17466
PP 17253
S1 17040
S2 16614
WEEKLY
R2 20018
R1 18328
PP 17483
S1 16638
S2 14948
MONTHLY
R2 20206
R1 18376
PP 17461
S1 16546
S2 14716
BANK NIFTY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
8130
8017
8216
8394
BANK NIFTY
17580
17292
17903
18348
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
8360
7635
8670
BANK NIFTY
18104
15800
20086
PATTERN FORMATION ( NIFTY AND BANK NIFTY )
Depiction of Chart - On the above given weekly chart the RSI is in the Range of Buy of Nifty in Short Term Period. But there is a pressure on Nifty due to globle market.However it is not always worry that globle market affect for long time. Nifty can give Gap up Opening on Monday due to festival season and blue chip companies result were also good. on the basis of technical Analysis Nifty will be break the resistance of 8200 and will go ahead There is a possibilities of nifty for next week it can break the Resistance . we can expect the gap up opening of nifty in Next week Resistance for nifty is R1 8171 R2 8341and the support for CNX Nifty is S1 8001 S2 7851.
Depiction of Chart - On the Above given chart of Bank Nifty WEEKLY MACD for week is in consolidated Trend so we can expect The downtrend movement for Bank nifty in Next week trading Session. The Resistance for Bank Nifty is R1 17466 R2 17892 and the Support of bank Nifty is S1 17040 S2 16116. Although the Bank if Nifty could break the support Level we can expect the downtrend movement of Bank Nifty for next week .
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC
EQ
1408
1394
1385
1372
1363
ALBK AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BANKINDIA BHEL BHARTIARTL CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY JINDALSTEL KOTAKBANK LT M&M MRF MARUTI ONGC ORIENTBANK RCOM RELCAPITAL RELIANCE RELINFRA RPOWER
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
76 212 845 483 2603 167 138 207 364 708 329 125 4425 321 3796 882 1286 1123 2650 88 817 285 360 931 1151 92 713 1532 1247 61640 4507 254 144 80 438 963 428 54 243 108 902 394 72 258 164
75 210 838 478 2578 164 135 203 357 700 324 121 4351 314 3751 878 1271 1111 2612 86 808 281 347 921 1141 86 700 1470 1215 40695 4478 250 139 78 430 956 412 52 240 104 895 389 71 252 160
75 208 833 471 2559 162 131 201 354 696 322 119 4290 310 3715 872 1259 1101 2591 84 802 276 338 911 1136 81 681 1435 1194 40103 4439 247 136 76 421 948 395 51 238 101 886 386 70 249 158
74 206 826 466 2534 158 129 197 347 687 318 115 4216 304 3670 868 1244 1089 2553 82 793 272 326 901 1126 75 668 1373 1162 39158 4410 244 132 74 413 940 379 49 235 97 879 382 68 242 152
74 204 821 459 2515 156 127 194 344 683 316 113 4155 300 3634 863 1232 1079 2532 81 787 266 317 891 1121 70 649 1338 1141 38566 4371 241 129 72 403 932 362 47 232 95 870 379 67 239 146
SBIN SSLT( VEDL) SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL UNIONBANK
TOP 15 ACHIEVERS SR.NO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
SCRIPT NAME
B F UTILITIES LTD. 1. MPHASIS
PREV CLOSE
509.25 418.10
KPIT 122.5 TECHNOLOGIES 6. INDIAN 89.85 HOTEL CO. JINDAL STEEL & 75.25 POW NIIT TECHNOLOGIES 544.45 BAJAJ FINSERV DIVI’S LAB
CMP
589.85 482 136.20 99.30 82.95 595.15
1825 1081.65
1971.60 1156.80
ABB INDIA 1198.05 RELIANCE CAPITAL 399.20
1277.65 424.95
KAVERI SEED CO. MINDTREE LTD.
485.05 1475.45
516.30 1567.95
GODREJ CONSUMER 1235.75 RELIANCE INFRA 382.85
1306.50 404
GODREJ LTD.
393.40
1.
373.10
// % CHANGE
SR.NO
+15.83%
1
+15.28%
2
+10.78
3
+10.52%
4
+10.23%
5
+9.13%
6
+8.03%
7
+6.95%
8
+6.64%
9
+6.45%
10
+6.44%
11
+6.27%
12
+5.73%
13
+5.52%
14
+5.44%
15
TOP 15 LOOSERS SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
JUST DIAL SREI INFRA
1038.45 58.15
802.10 45.90
-22.76% -21.07%
CEAT LTD. AMARA RAJA BATT. GUJRAT PIPAVAV LTD. AMTEK AUTO LTD. IINDIA BULL REALEST BHARAT FORGE
1265.10 1023.45
1091.20 900
-13.75% -12.06%
186.10 44.35
166.20 40.25
-10.69% -9.24%
71 933.05
64.55 848.50
-9.08% -9.06%
UNION BANK OF 174.10 INDIA DLF LTD. 131.70
158.80 120.40
-8.79% -8.58%
APOLLO TYRES JAPEE INFRATECH BANK OF BARODA EMAMI LTD.
194.50 14.34
178.55 13.20
-8.20% -7.95%
176.25 1132.30
162.35 1045.00
-7.89% -7.71%
APOLLO HOSPITALS
1412.65
1311.45
-7.16%
APOLLOHOSPITAL FUTURE - APOLLOHSPITAL FUTURE OPEN AT 1326.55 MADE LOW OF 1315 SHOWS BEARISH MOVEMENT. ON DAILY CHART OF APOLLOHOSPITAL IT MOVES IN BEARISH TREND WE CAN MADE SHORT POSITION IN APOLLOHOSPITAL FUTURE BELOW 1300 TGT 1250 SL 1320.
2.
APOLLOTYRE FUTURE - APOLLOTYRE FUTURE SHOWS BEARISH MOVEMENT IN DAILY CHART WE CAN MADE SHORT POSITION IN APOLLOTYRE BELOW 168 TGT 155 SL 172.
3.
BANK OF BARODA FUTURE - BANK OF BARODA FUTURE OPEN AT 163.55 MADE LOW OF 160.10. SHOWS BEARISH MOVEMENT WE CAN MADE SHORT POSITION IN IT BELOW 159 TGT 150,SL 162.
4.
BHEL FUTURE - BHEL FUTURE MOVES IN BEARISH TREND.WE CAN EXPECT FURTHER LOWER SIDE MOVEMENT IN BHEL.MADE SHORT POSITION IN IT BELOW THE LEVEL OF 197 TGT 190 SL 201.
5.
KOTAK BANK FUTURE - WE CAN MADE LONG POSITION IN KOTAK BANK ABOVE THE LEVEL OF 698 TGT 730 SL 690.
6.
RELIANCE POWER - RPOWER GAINED ABOUT 5% ON LAST TRADING SESSION OF WEEK AND MADE HIGH OF 52.70.LONG POSITION CAN BE MADE ABOVE THE LEVEL OF 53 FOR
TGT OF 57 WITH SL OF 49.85. 7.
NIITTECH - NIITECH GAINED ABOUT 9% IN THE LAST WEEK.LONG POSITION CAN BE MADE ABOVE 612 FOR TGT OF 650 WITH SL OF 595.
8.
HCC - LONG POSITION CAN BE MADE IN HCC ABOVE 27 FOR TGT OF 29.50 WITH SL OF 26.
9.
BHARATFORG - BHARATFORG SHOWED DOWNWARD MOMENTUM LAST WEEK CORRECTED 9% , A PULL BACK RALLY CAN BE SEEN ABOVE THE LEVEL OF 860 . LONG POSITION CAN BE MADE ABOVE 860 FOR TGT OF 930 WITH SL OF 834.
10. AXISBANK - AXISBANK CORRECTED 7% LAST WEEK AND MADE LOW OF 465. LONG POSITION CAN BE MADE ONLY IF IT TRADES ABOVE 480.LONG POSITION IS RECOMENDED ABOVE 480 FOR TGT OF 535 WITH SL OF 462.
NSE - WEEKLY NEWS LETTERS TOP NEWS OF THE WEEK ✍ FPIs and their Advisors await final circular on MAT - The last mile journey in the dispute over the minimum alternate tax could turn out to be a tortuous court feud for many foreign portfolio investors if the government does not step in to keep the taxman at bay and end the controversy once and for all. Even as late as last week, arguing before the Bombay HC the counsel for the I-T department said that FPIs' bank accounts in India, relationship with the custodian that holds the securities on their behalf, and contracts with brokers would be considered to establish that an FPI has a "place of business" in the country. ✍ SEBI mulls mandatory 'Dividend Policy' for listed companies - As a debate continues about IPO- bound airline IndiGo doling out hefty dividend payouts to its promoters, markets regulator Sebi is mulling making it must for all listed companies to have a stated 'Dividend Policy'.The Move is aimed at helping the investors identify stocks with greater return potential, but the proposed “Distribution Distribution Policy” would not mean forcing the companies to pay the dividend,a senior official Said.Rather, it would require the listed companies as also those looking to get listed through Initial Public Offer route to state the circumstances under which their shareholders can or cannot expect a payout, he added. ✍ Government to ease safe harbour rules to attract PE investors to India - The government is set to ease a few pre-set conditions of offshore fund managers to allow private equity investors to shift base to india without attracting a tax on capital gain by relaxing safe harbour rules, The government is likely to allow a 'see through' so that the 10 per cent limit on individual investors does not apply to special purpose vehicles and relax the arm's-length condition that allows only third party fund managers to rekindle investor interest in the scheme as it has failed to attract a single fund manager even eight months after announcing what is known as safe harbour rules, people in the know said. ✍ IMF set for green light on China's yuan joining benchmark currency basket: Sources International Monetary Fund staff are set to give the all-clear for China's yuan to be included in the lender's benchmark currency basket, laying the groundwork for a favourable decision by policymakers, people familiar with the discussions said on Sunday.The IMF's executive board is scheduled to decide in November on putting the yuan on a par with the dollar, yen, euro and pound sterling and a key factor will be its performance against a checklist of technical criteria, as assessed by IMF staff. Three people briefed on the IMF discussions, who asked not to be
named because of the sensitivity of the issue, said a draft report from staff reached a favourable conclusion on including the yuan, also known as the renminbi. ✍ Public sector banks may share best compliance practices with each other - The government has asked public sector banks to share the best compliance practices with each other in order to set up a more robust framework with almost daily exchange of information on any suspicious account. The move comes days after a Rs 6,000-crore alleged black money remittance scam was unearthed at state-run Bank of Baroda. A senior finance ministry official said the decision was taken at a meeting of heads of all PSBs called by minister of state for finance Jayant Sinha. "There are around 150 compliance norms prescribed by the Reserve Bank of India (RBI), over and above some banks have their own best practices. We have asked them to share that amongst each other," said the above quoted finance ministry official. The State Bank of India, the country's biggest state-run lender, will share the details with the government, which will also be circulated to other banks. ✍ China fires to stimulate economy, cuts interest rates for sixth time since November China's central bank cut interest rates on Friday for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy.Monetary policy easing in the world's second-largest economy is at its most aggressive since the 2008/09 financial crisis, as growth looks set to slip to a 25-year-low this year of under 7 percent.Yet underscoring China's drive to deepen financial reforms, which many believe are necessary to invigorate the economy, the People's Bank of China said it was freeing the interest rate market by scrapping a ceiling on deposit rates. ✍ IDBI officials failed to alert on Kingfisher Airlines loan: CBI - The Central Bureau of Investigation has unearthed lapses on the part of the IDBI bank officials who were instrumental in the sanctioning of Rs 950 crore to Vijay Mallya's now defunct Kingfisher Airlines. According to CBI, the executive committee of IDBI bank set up to screen the loan application of Mallya gave a favorable report despite company ratings as BB which is considered to be 'risky'. CBI sources said the committee did not raise red flag at the time the loan was being processed. As per bank norms, the minimum eligibility required is BBB that stands for Better Business Bureau for any financial institution to even consider a request for a loan from the company, said CBI. ✍ Bharti Airtel may invest $200-$400 Million on 3G, 4G infra - Telecom Firm Bharti Airtel said on Monday it may invest an additional $200-400 Million in the current financial year to ramp up 3G and 4G infrastructure. The Company had already announced a capital expenditure
guidance of about $3 billion for this fiscal. Our willingness to spend an additional $200-400 million on capex during the course of this year. A large part of that capex would really be around expanding our footprint in 3G and 4G, Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said during an investor call. ✍ Banks free to fix interest rates on Gold Monetisation Scheme, says RBI - Reserve Bank of India on Thursday issued guidelines for the Gold Monetisation Scheme that allow banks to fix their own interest rates on gold deposits.The RBI Notification in this regard comes ahead of the formal launch of the Scheme by prime Minister Narendra Modi on Novermber 5.The Gold Deposit scheme is aimed at mobilising a part of an Estimated 20,000 tonnes of idle precious metal with households and institutions.As per the guidelines, banks will be free to set interest rate on such deposit, and principal and interest of the deposit will be denominated in gold. ✍ RIL first corporate to sign revised listing pact with BSE - Reliance Industries has become the first corporate to sign the revised listing agreement with the BSE as Mandated under the newly introduced Listing Regulation notified by SEBI. Earlier, the listing agreement was a bilateral agreement between the stock exchange and the company and market regulatory SEBI didn't have regulations on this. Thus each company's agreement with stock exchange could be at variance and lacking the full force of SEBI's rigour. SEBI last month came out with such regulations and a six-month deadline for all companies in which it prescribed the listing agreement. ✍ Federal Reserve expected to hold interest rate at zero - The Federal Reserve is expected to again delay raising interest rates when it begins a two-day policy meeting on Tuesday amid more signs of lethargy in the world economy. With central banks in china and Europe headed in the direction of more easing and deflationary pressures all around, many economists and the debt market are now betting that the first rate increase in more than nine years will not happen until next year.That will buy some more time for emerging market countries and their businesses to prepare better for a long-expected and challenging tightening of US monetary policy. ✍ Divestment department seeks cut in target, Finance ministry eyes PSUs - With the disinvestment department seeking a reduction in the record sell off target of Rs.69,500 Crore for the current financial year,the finance ministry is now eyeing higher payouts from the country’s public sector companies to make good part of the shortfall. Source blamed the poor market conditions and the government’s inability to initiate strategic sale or offload its remaining shares in companies such as Balco and Hindustan Zinc for the shortfall. Besides,
they acknowledged that the target was too stiff, considering that the current fiscal’s target was almost three times the best ever receipts of around Rs. 24,350 Crore Achieved in 2014-15. The government has so far managed to mop up Rs 12,700 crore this year, largely due to stake sale in Indian Oil, an issue which mainly saw investment by the Life Insurance Corporation. Earlier this month, finance minister Arun Jaitley had told TOI in an interview that the government will be cautious on stake sales given the low metal prices and the choppy markets. But he had said that government finances were healthy due to low oil prices and he may have some funds for higher allocation to irrigation and infrastructure. ✍ India jumping 12 rank to 130 in the latest ranking by World Bank - The Narendra Modi government's attempts to improve the ease of doing business have yielded good result with the country jumping 12 ranks to 130 in the latest ranking compiled by the World Bank. India was ranked 142 in the ranking for 2015.Singapore has topped the ranking again. India's distance to frontier score used to compile the rankings improved to 54.68 in 2016 from 53.97 in 2015.The Cut off date for the ranking was June 1, implying that the improvement has been achieved in the Short span on one year of this government taking over.In 2015 Ranking, The last one of UPA government, India had slipped a few notches to 142. ✍ Govt plans to start 100 highway projects on PPP mode next year - The government plans to launch 100 highway projects next year through the public-private partnership (PPP mode), union Road Transport and Highways Minister Nitin Gadkari said on Tuesday. The government will award 100 project on PPP mode next year. Under the hybrid model, we will give you on platter projects with land acquisition and environment clearance, “Gadkari Said at the india PPP summit in New Delhi organised by industry chamber FICCI. ✍ WTO says trade facilitation can push global merchandise exports by $1 trillion per annum - Implementation of the Trade Facilitation Agreement has the potential to increase global merchandise exports by up to $1 trillion per annum, with developing countries expected to capture more than half of these gains, World Trade Organization Said. Globle merchandise exports estimated to increase by between $750 billion and $1 trillion per annum. Developing countries exports estimated to increase by between $170 billion and $730 billion per annum. The WTO said in its flagship world Trade Report, which has been release ahead of the crucial talk in December. ✍ RasGas deal: Petronet LNG likely to face Rs 10,000-crore hit - Petronet LNG, India's biggest gas importer, faces a possible Rs 10,000-crore hit as it is locked in a formula that makes it pay the highest price of liquefied natural gas in the world, which many of its buyers are
rejecting, but the company has a take-or-pay contract for gas, which means it is bound to pay its supplier even if it does not take cargoes. Analysts say it will not be able to sell gas worth Rs 9,400 crore as current prices of LNG are half of what Petronet LNG pays RasGas. The company hopes to renegotiate its contract with RasGas, which supplies gas from Qatar. The government had earlier set up an inquiry on alleged irregularities in long-term LNG contracts signed by Petronet. Further, one of its terminals is idling because pipelines are not ready. � New norms soon to boost MF sales: Sebi - Markets regulator Sebi will soon issue norms allowing e-commerce platforms to sell mutual fund products, among other measures, to boost the MF industry. The Securities and Exchange Board of India is also planning to implement know-your-client procedure online, to simplify the process for mutual fund investors and attract wider number of customers. Noting increase in use of e-commerce platform and low penetration of mutual fund products in the country, Sebi chairman U K Sinha said the regulator has "set up a committee under Nandan Nilekani which has had three rounds of meeting already", to suggest ways for boosting MF industry. � Indian market still popular among global investors; MSCI India trading at 37% premium - Globle Investors seem to be pinning hopes on Indian stocks' premium valuation to sustain against its emerging market peers. The MSCI India Index is trading at a 37% premium to the Emerging Market (EM) Index against the five-year average of 34% as fund managers bet that India may be in a position to stay resilient even if the region's economic conditions deteriorate.Flows into EMs may be muted unless they demonstrate the ability to overcome the leadership and macro-economic challenges. India's relatively better macroeconomic position may sustain its premium valuations, said Sanjeev Prasad, senior ED and head - strategy at Kotak Institutional Equities. � Retail investors keen to switch to preference shares & tax-free bonds as FD rates fall Financial advisors have always complained that the Indian investor depends too much on bank deposits for his savings because of their presumed safety and compound interests. But the slide in deposit rates may change this forever.Retail investors are gradually moving to instruments such as preference shares and tax-free bonds, which in the past, did not go down too well with them. Rates offered are in the range of 7.40-8.25% compared with 7-7.5% offered by bank term deposits. With falling deposit rates, a section of the retail investors are now keen to invest in instruments like redeemable preference shares, tax-free bonds, rather than open bank FDs," said Vikram Dalal, managing director, Synergee Capital Services. "An investor can always look at branded company preference shares like Tata Capital, L&T Finance.
✍ Given the long-term interest rate outlook in India - it may be prudent to invest a portion of the investible funds in such securities," he said. The preference shares offer a fixed dividend rate till maturity. Tata Capital, L&T Finance Holding, Infrastructure Leasing & Financial Services now offer dividend rates in the range of 8.33-9.40% with about 5-7 year maturities, which are tax-free. ✍ Once a month, PM Narendra Modi steps in to revive stalled projects - Prime Minister Narendra Modi is personally taking on notorious red tape to clear tens of billions of dollars worth of stalled public projects, hoping that his hands-on intervention can bend a vast, dysfunctional bureaucracy. Once a month, Modi holds a meeting with top state and federal bureaucrats to check why projects have not got off the ground. Since March this year, his intervention has helped revive nearly $60 billion in federal and state projects, according to government data. Modi has won plaudits for the initiative that has chipped away at a $150 billion backlog of planned roads, ports, railways, power stations and other projects. But equally, critics say, the fact he needs to personally intervene shows the level of government inertia in Asia's third-biggest economy. ✍ BOJ holds rates despite overseas headwinds, stagnant inflation - The Bank of Japan held off on expanding its massive stimulus programme on Friday, preferring to preserve its dwindling policy options in the hope that the economy can overcome the drag from China's slowdown without additional monetary support. But the central bank is likely to remain under pressure to expand its already massive asset-buying programme as slumping energy costs, weak exports, and a fragile recovery in household spending keep inflation well short of its 2 percent target. ✍ Defence Ministry gives nod to proposals worth Rs 11,000 cr - The Defence Ministry on Thursday cleared proposals worth Rs 11,000 crore for the modernisation of the armed forces including procurement of four multi-purpose vessels for the Navy and upgradation of heavy lift aircraft IL 76 and IL 78. A decision was also taken to "overcome hollowness" of the ammunitaion and artillery, defence sources said but did not elaborate. The Defence Acquisition Council, chaired by Defence Minister Manohar Parrikar, cleared the pending proposal to procure four multi-purpose vessels for the Navy, each costing Rs 700 crore. The Council also cleared the proposal of procuring two Deep Submerge Rescue Vessel, each costing Rs 750 crore. ✍ In aviation policy draft, Modi government seeks to make air travel affordable Incentives to fly to small towns at affordable costs and easing the norms for domestic carriers
to operate services abroad are some of the highlights of the new draft aviation policy, released on Friday for inputs from stakeholders before finalisation.The primary aim of the policy is to ensure a tariff of no more than Rs. 2500 per ticket for each flying-hour with a host of incentives and other benefits to both airport developers and operators to make the happen. A lot of consultation has taken place. We invite suggestions from stakeholders and public - since it involves the people of india. After all those suggestions come in, we will look into it. Civil Aviation Minister Pusapati Ashok Gajapatji Raju Said. � US wants faster pace of reforms in India, says Nirmala Sitharaman - The US is appreciative of the series of reforms unleashed by the NDA government but feels that it is not happening at the pace it wants, according to Union Commerce Minister Nirmala Sitharaman. Reform is happening but it is happening much slower than they would want it to happen," she said after concluding the 9th round of US-India Trade Policy Forum meeting which she co-chaired along with US Trade Representative Mike Froman. � Economic affairs secretary Shaktikanta Das nominated on RBI Central Board Economic Affairs Secretary Shaktikanta Das has been nominated to the Central Board of Directors of the Reserve Bank. The Central Government has nominated Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, New Delhi as a Director on the Central Board of Directors of the Reserve Bank of India vice Ajay Tyagi," the RBI said in a statement today. The nomination of Das is effective October 30, 2015 and until further orders, RBI said. Das is a 1980 batch IAS officer of Tamil Nadu cadre officer. The Reserve Bank's affairs are governed by the Central Board of Directors.
TOP ECONOMY NEWS 1. India-Africa Forum Summit kicks off in New Delhi - The 3rd India-Africa Forum Summit kicked off on Monday with a meeting among the senior officials of the host nation and 54 countries from the African continent.A moment for the cameras. IAFS formally begins with senior officials meeting," India's foreign ofice spokesperson Vikas Swarup tweeted, soon after a photo session at the venue, the Indira Gandhi Nation Stadium. According to Indian officials, this will, perhaps, be the first time that all the 54 African countries are coming together outside the continent for such a meeting, with 40 of them expected to be represented by their heads of state or government.The two previous India-Africa summits were held in 2008 and 2011, in New Delhi and Addis Ababa but with only representative participation from African countries. The actual summit this time among the leaders is scheduled on October 29.
2. DBS Sees FY16 GDP growth at 7.4 per cent with downside risks - India is expected to clock 7.4 per cent growth rate this fiscal with a downside risk amid weak exports, slow pace of structural reforms and investment spending, says a DBS report. According to the global financial services firm, though better production numbers and improved discretionary spending are encouraging for the country's growth prospects, the capex cycle is yet to take-off convincingly and this could affect the economy's return to high growth rates."DBS expects FY16 real GDP growth at 7.4 per cent with downside risks," the report said. "India clocked a GDP growth of 7.3 per cent for financial year 2015. While not all growth cylinders are firing at once, some are showing progress," DBS said in a research note and added that industrial production quickened in July-August, both manufacturing and services PMIs improved in the September quarter and discretionary spending is turning up at a modest pace. 3. FIPB to consider seven FDI proposals on October 30 - : Inter-ministerial body FIPB will consider seven foreign investment proposals,including that of IIFL Holdings, Volkswagen Finance pvt. Ltd. And sharekhan Ltd, on October 30.The Foreign Investment Promotion Board , headed by Economic Affairs Secretary Shaktikanta Das, will meet on Friday to take up seven FDI proposals listed on the agenda, the Finance Ministry said. Among others, proposals of Monsoon Capital LLC, SeQuent Scientific Ltd, Agile Electric Sub Assembly Ltd and Serap India Private Ltd are on the agenda. India Allows FDI in most of the sector through automatic route but FIPB approval is Required for proposals in certain segments that are considered sensitive to the company and Security of the Company.IIFL Holdings,an NBFC, is seeking approval for increasing foreign equity from 52.29 percent to 100 percent by way of issuing shares to FIIs.The Estimated investment is Rs. 3,201.5 Crore. 4. WTO sees up to $3.6 trillion boost to trade from deal to cut red tape - The benefits of a treaty that will cut red tape at borders and standardize customs procedures are much larger than previously thought and could add $3.6 trillion to annual global exports, the World Trade Organization said in a report on Monday.The WTO's trade facilitation agreement, struck at a ministerial conference in Bali in December 2013, will do more to boost trade than if all the world's import tariffs were removed, cutting costs 9.6 to 23.1 percent, the WTO calculated. You could say that it's global trade's equivalent of the shift from dial-up internet to broadband," said WTO Director-General Roberto Azevedo. Once the new rules come into effect, which Azevedo hoped would happen by the end of 2016, it will cut waiting times at customs, lessen the potential for corruption and hasten foreign direct investment into weaker economies. The TFA had previously been expected to add $400 billion to $1 trillion to trade, according to various economic studies.
5. Ease of doing business: India improves ranking; Singapore tops the list, says World Bank - The Narendra Modi government's attempts to improve the ease of doing business have yielded good result with the country jumping 12 ranks to 130 in the latest ranking compiled by the World Bank.India was ranked 142 in the ranking for 2015.Singapore has Topped the ranking again. India’s distance to frontier score used to compile the rankings improved to 54.68 in 2016 from 53.97 in 2015. The cut-off date for the ranking was June 1, implying that the improvement has been achieved in a short span on one year of this government taking over. In 2015 ranking, the last one of UPA government, India had slipped a few notches to 142. 6. Invest in Africa for resources and growth, says Sushma Swaraj -Indian companies must invest in African countries as they offer resources and growth opportunities that can be a win-win situation for both sides, External Affairs Minister Sushma Swaraj said. Sharing her experience after meeting visiting foreign ministers of African nations, Swaraj said countries in that continent offer immense business and investment opportunities for India. Nowhere is the impact of economic growth and development as visible as in Africa...The day you combine your strength with their needs, that would be a win-win situation for both...their needs would be fulfilled and you would make money," she said while addressing the India-Africa Business Forum here. 7. US Fed keeps rates unchanged; puts December hike on agenda - The US Federal Reserve kept interest rates unchanged on Wednesday and in a direct reference to its next policy meeting put a December rate hike firmly in play.Investors had expected the Fed to remain pat on rates, but the overt reference to December came as a surprise.The central bank also downplayed recent global financial market turmoil and said the US labour market was still healing despite a slower pace of job growth. In determining whether it will be appropriate to raise the target range at its next meeting, the committee will assess progress - both realised and expected toward its objectives of maximum employment and 2 per cent inflation," the Fed said in a statement after its latest two-day policy meeting. Investors quickly shifted their expectations of a December hike, with rates futures contracts upping the chance of a move this year to 43 per cent from 34 per cent prior to the statement. 8. Energy, farm cooperation top Modi’s one-on-ones with African leaders - Expanding cooperation in oil/energy, agriculture, infrastructure, tourism and Defence sectors dominated the one-on-one meetings Prime Minister Narendra Modi had with 19 African Heads of State and officials, who are in Delhi for the 3rd India-Africa Forum Summit.Briefing news persons, a senior official of the External Affairs Ministry said the issue of increasing cooperation in the oil sector came up at meetings with Nigeria, Niger and Equatorial Guinea.During their discussions
on cooperation between India and Nigeria in the oil sector, the Nigerian President informed the PM that India had become its largest importer of oil replacing the US, while the President of Niger told the PM that his country had further liberalised foreign direct investment rules in the oil sector,� a senior official of the External Affairs Ministry said. At the meeting with Swaziland, sugarcane processing as an area of cooperation was discussed, the official added. 9. GST, bankruptcy code important reforms for India, says World Bank - The World Bank on Wednesday said introduction of Goods and Services Tax and bankruptcy code were crucial reforms for India to implement.World Bank Country Director Onno Ruhl hoped that the Indian Parliament would pass the GST bill and also the bankruptcy code in the ensuing winter session. The GST's beneficial impact would be seen in 2018 if the law was made in 2016, he told reporters in the national capital in connection with the World Bank ranking India 130 out of 189 nations in its report on 'Doing Business 2016'. 10. India Offered Generous commitments to combat climate change , says Arvind panagariya - India has not shied away from coming forward with generous commitments to combat climate change even as developed nations have fallen short of their obligation to provide finance as well as technologies for mitigation, NITI Aayog Vice Chairman Arvind Panagariya said. In a blog post on the NITI Aayog website, he said that the responsibility for arresting
the
climate
change
phenomenon
rests
principally
with
the
developed
countries.Panagariya said that commitments by India are more ambitious than even much publicised offers by China. 11. Strengthening ties: India to offer concessional credit of $10 billion to Africa, says PM Modi. - Seeking to boost ties with Africa, Prime Minister Narendra Modi on Thursday said that India will offer concessional credit of $10 billion over the next five years. "This will be in addition to our ongoing credit programme," he said. We will also offer a grant assistance of $600 million. This will include an India-Africa Development Fund of $100 million and an India-Africa Health Fund of $10 million," Modi said.
12. Coal India takes IT route to track Mining projects - The world’s largest coal miner is planning to put in place a mechanism to monitor execution of mining projects that cost over Rs. 150 crore as the PSU behemoth eyes an output of one billion tonnes by 2020. According to a Coal India Ltd. Official, a tender document has been drafted by the PSU to set up an IT-enabled system to monitor and evaluate projects. In the first phase,the monitoring and evaluation system will be set up for project costing Rs.150 crore or more, official said. The government
has set an ambitious one billion tonnes of production target for CIL by 2020. 13. India to see average growth of 8.8% in next decade: Dun & Bradstreet - India's economic landscape is expected to undergo a major transformation over the next decade and is likely to achieve an average growth rate of around 8.8 per cent, a Dun & Bradstreet report says. According to the report, this increase in growth rate would culminate into high per capita income over the years. We believe India has the potential to achieve a higher growth rate, given its domestic fundamentals," D&B said in a report titled 'Manufacturing India 2025' which outlines the country's growth journey during the next decade. We expect India to realise its potential and achieve an average growth rate of around 8.8 per cent during the next decade," it said adding that with this, India's nominal GDP is expected to touch USD 3.4 trillion by 2019-20 fiscal and further to around USD 7.0 trillion by 2024-25 fiscal. 14. Gold Monetisation Scheme: Collective effort needed to unlock 20,000 tonnes of precious metal - The success of the government's gold monetisation scheme aimed at unlocking 20,000 tonnes of the precious metal lying idle in households depends largely on the tripartite agreement between refiners, banks and collection centres, experts said. If banks can work out effective tie-ups with refiners and collection centres then they can offer a better rate of interest to those who want to deposit gold with them, said members of India Gold Policy Centre at IIM Ahmedabad. The industry wants an interest rate of 2% for one year, 2.5% for three to five years and 3% for long term gold deposits for 12-15 years. 1.
World Bank retains India growth forecast at 7.5% for 2015-16 - The World Bank
says India, now the world's fastest growing economy, is relatively well-positioned to weather the global volatility and even set for a modest acceleration in growth in the years ahead. The latest India Development Update expects India's economic growth to be at 7.5% in 2015-16, followed by a further acceleration to 7.8% in 2016-17 and 7.9% in 2017-18," the development lender said in its biannual report "India Development Update" released on Thursday. "However, acceleration in growth is conditional on the growth rate of investment picking up to 8.8% during FY16 to FY18," the bank warned listing a number of reforms the country needs to undertake flagging the goods and services tax as most urgent. 2.
RBI has allowed custodians or banks to short-sell in the government bond market
- The Reserve Bank of India has allowed custodians or banks to short-sell in the government bond market with primary members or individual bank customers, who invest through lenders, holding a kind of depository account with the central bank, a move aimed at drawing retail participation. So far, institutions mostly invest in sovereign securities market. More investments
from retail investors are expected to add more liquidity in the secondary market. 17. Moody's to PM Narendra Modi: Rein in members or risk losing credibility - Against the backdrop of controversies like on beef, Moody's Analytics today cautioned Prime Minister Narendra Modi that the country may lose domestic and global credibility if he doesn't rein in the members of his party. In a report titled India Outlook: Searching for Potential, Moody's Analytics said for the country to reach its growth potential it has to deliver the promised reforms. 18. India Eyes Bankruptcy Reform to Ease Decades of Gridlock - A group of government appointed Advisors has recommended sweeping changes to india’s outdated and overvalued bankruptcy system, aiming to Mordenise a process that take several Years and cost of investors and taxpayers billions. The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India, a country with no single bankruptcy code and where competing laws, unclear jurisdictions and inadequate resources can leave cases languishing for decades. The proposals, to be handed to the Finance Ministry as early as Monday, will impose deadlines for the first time and establish a network of insolvency professionals to lighten courts' workload and tackle delays, TK Viswanathan, Chairman of the Bankruptcy law reform committee said. 19. Government approves 16 FDI proposals worth Rs 4,722 crore - The government has cleared 16 foreign investment proposals, including that of HDFC Capital and Ageon Religare Life Insurance Company, amounting to Rs 4,722 crore.The investment proposals were approved following the recommendation for the same by the Foreign Investment Promotion Board, headed by Economic Affairs Secretary Shaktikanta Das. 20. India to see Average growth of 8.8 % in next decade : D&B - India's economic landscape is expected to undergo a major transformation over the next decade and is likely to achieve an average growth rate of around 8.8 per cent, a Dun & Bradstreet report says. According to the report, this increase in growth rate would culminate into high per capita income over the years.“We believe India has the potential to achieve a higher growth rate, given its domestic fundamentals, D&B said in a report titled 'Manufacturing India 2025' which outlines the country's growth journey during the next decade. We expect India to realise its potential and achieve an average growth rate of around 8.8 per cent during the next decade," it said adding that with this, India's nominal GDP is expected to touch $3.4 trillion by 2019-20 fiscal and further to around $7.0 trillion by 2024-25 fiscal. 21. India not immune to global demand slowdown, says World Bank - Though the World Bank in its latest India Development Update has maintained the country's GDP growth estimate
at 7.5 per cent for the current financial year, it has sounded cautious about the country's growth prospects in the medium term given "slowdown in global demand and heightened volatility".According to World Bank, "While the growth will likely remain above 7 per cent in the next fiscal year, uncertainty about its momentum is high and downside risk ample. The update further says that though in the near term the country is relatively well-positioned to weather the global volatility, in the medium term the country's economy is not immune to a slowdown in global demand and heightened volatility.
TOP CORPORATE NEWS 1. UPL second quarterly net profit jumps 11% to Rs 185 crore - Agri-chemicals major UPL on Monday reported a 11.53 per cent rise in its consolidated net profit at Rs 185.21 crore for the quarter ended on September 30, on account of increase in income. The company had clocked a net profit of Rs 166.06 crore in the year ago period. Total income from operations during the July-September quarter rose to Rs 2,801.46 crore from Rs 2,662.32 crore in the year ago period, as per company's BSE filing. UPL, formerly known as United Phosphorus Ltd has 24 manufacturing sites 10 in India, four in France, two in Spain, three in Argentina, one each in the UK, Vietnam, Netherlands, Italy and China. The Mumbai-based group also has two other firms Advanta and UEL, which are also listed. Bharti Airtel Q2 profit jumps 10 per cent to Rs 1,523 crore - Bharti Airtel, India's top telecom operator, on Monday reported a 10.1 per cent jump in consolidated net profit to Rs 1,523 crore for the quarter ended September 30, on the back of growth in data traffic."The company had reported a net profit of Rs 1,383 crore for the corresponding period last financial year," Airtel said in a statement. Total revenue of the company rose 4.3 per cent to Rs 23,836 crore for the reported period compared to Rs 22,845 crore last year. Consolidated mobile data revenues grew 49.8 per cent to Rs 3,806 crore, boosted by data traffic growth of 76.3 per cent. Airtel's revenue growth in India has accelerated to 13.3 per cent in Q2 on an underlying basis, the highest in the last 12 quarters. With the commercial launch of 4G services across 334 towns and roll-out of 3G services in our gap circles, we are now best positioned in the industry to leverage the fast growing data market," Bharti Airtel MD and CEO Gopal Vittal said.
Premji Invest acquires minority stake in Hygienic Research - Premji Invest, the investment arm of Wipro Group chairman Azim Premji, today announced the acquisition of a significant minority stake in Hygienic Research Institute, one of the largest home grown hair-care- focused FMCG companies. 4.HDFC Q2 net up 18% on Q-Q basis - Housing Development Finance Corp., India's largest mortgage lender, said quarterly net profit rose 18.1% aided by strong loan demand from middle income and salaried class individuals to buy homes. The company plans to raise funds through American Depository Receipt and has also got board approval for issue of rupee denominated bonds overseas. Its net profit rose to Rs 1,605 crore in the quarter ended September 30, 2015 from Rs 1,305 crore a year ago. The company saw 24% jump in demand for loans coming from individual segment. Its total loan book grew 18% to Rs 2.38 lakh crore. .5. Nestle looks to resume Maggi production at all plants - Having resumed production of Maggi noodles at three plants, Nestle India today said it is in talks with state authorities concerned to start manufacturing of the product at other facilities also. Nestle has resumed manufacturing of Maggi Noodles at three of its plants at Nanjangud , Moga and Bicholim . "In compliance with the orders of the High Court of Bombay, fresh samples from these newly manufactured batches will be sent for testing to the three accredited laboratories mandated by the High Court," Nestle said in a communique to the Exchange. 6. IndiGo IPO Sees Promising Start, QIB Quota Oversubscribed - The initial public offering of Inter globe Aviation, the promoter of low-cost carrier indigo, Received good response on the first day on Tuesday, with the qualified institutional investors quota getting oversubscribed within the first hour.The Aviation company saw QIBs bidding for 97,45,590 shares, around 1.14 times the number of shares on offer in this segment, which is 85,22,935. All the bids came in from FIIs, as domestic institutions had not made any bid till the time of filling of this report, NSE data Showed. Non-institutional investors bid for 3,545 Shares the quota limit of up to 58,19,749 shares. Retail investors, on the other hand, bid for 70,425 shares against 13,579,407 shares set aside for the category. The company, which holds dominant market share of 35.3 per cent of India's aviation industry, on Monday allotted shares to 43 anchor investors, including Merrill Lynch, the Singapore government-owned GIC, Goldman Sachs, Ruane, Cunniff & Goldfarb, Fidelity Investments and DSP Blackrock, in a pre-issue share sale. The allocation to anchor investors constituted nearly 30 per cent of the total issue. It fetched a total of Rs 832 crore, the company said on Monday. Inter Globe Aviation Shares are on block at a price band of Rs 700-765 per share. The three-day issue will be closed for subscription on Thursday.
7. Vedanta Q2 net profit declines 41% to Rs 974 crore - Vedanta on Tuesday reported a 40.6 per cent fall in consolidated net profit to Rs 973.97 crore for the quarter ended September 30 on the back of lower commodity prices. Billionaire Anil Agarwal-led mining conglomerate had reported a net profit of Rs 1,639.93 crore during the second quarter of 2014-15. The company which was earlier known as Sesa Sterlite, saw its net sales drop to Rs 16,349.21 crore during the quarter from Rs 19,448.14 crore in the year-ago period. Revenues during the quarter at Rs 16,349 crore were 16 per cent lower than last year on account of the fall in crude oil and metal prices, partially offset by higher volumes at Zinc India, Oil & Gas and TSPLas well as rupee depreciation, the company said in a statement. 8. TVS Motors Q2 net profit rises 22 per cent to Rs 116.41 crore - Two-wheeler manufacturer TVS Motor company on Tuesday reported 22.78 % increase in standalone net profit at Rs 116.41 crore for the second quarter ended September 30, 2015. The company had posted a net profit of Rs 94.81 crore during the July-September quarter of the previous fiscal. Net sales of the company, on a standalone basis, was up 7.99 per cent to Rs 2,880.72 crore during the period under review as against Rs 2,667.44 crore of the same period last fiscal.Total sales were up 0.38 per cent to 6,78,718 units during the second quarter of FY16 as against 6,76,139 units of the same period last fiscal.However the total sales of two-wheeler declined 0.30 per cent to 6,78,718 unit During the quarter to 6.46 lakh units against 6.48 lakh unit in the corresponding quarter of the previous fiscal. 9. Bharti Airtel Sells 700 Towers in Burkina Faso to Eaton Towers -
Sunil
Mittal-promoted Bharti Airtel has sold its 700 towers in Burkina Faso to Eaton Towers, making it the most recent deal the Indian telecom major has concluded in its move to sell its towers in Africa and use the proceeds to pare debt. While the two did not disclose financial details, a person familiar with the matter put it at about $150 million. with this, Bharti Airtel has sold over 9000 telecom towers across eight countries in Africa. Of these, 2,500 tower in four countries have been sold to Eaton, the two companies said in a joint statement on Tuesday. So far, Airtel has raised about $1.85 billion from tower sales in the continent. Under the agreement, Airtel has committed to a 10-year tenancy contract with Eaton Towers in all the four countries—Ghana, Uganda, Kenya and Burkina Faso. 1.
Axis Bank : Strong operating performance in Q2 - Axis Bank reported healthy
results on all key parameters for the September quarter. The 23 per cent growth in loans was in line with recent trends at the bank and fuelled by continued traction in retail and corporate loans, which grow 25 per cent each.This helped net interest income rise 15 per cent
year-on-year to Rs. 4,062 Crore.Though fee-income grew 14 per cent to rs. 1,813 crore versus 16-20 per cent in the past four quarters,it is still healthy.Asset quality was stable with gross non-performing asset and net NPA unchanged sequentially at 1.38 per cent and 0.48 per cent, Respectively; Y-o Y these were up four basis point(bps) each. The cumulative value of net restructured advances fell a per cent to Rs. 8,426 crore. Axis has managed to keep asset quality under check with gross NPA ratio of 1.3-1.4 per cent over the past few quarter. As a result, provisions fell both y-o-y and sequentially. All these aided net profit, which grew 19 per cent y-o-y to Rs 1,916 crore. Although the profit figure was a tad short of Bloomberg consensus estimate of Rs 1,944 crore, it was partly due to a 47 per cent fall in treasury profits to Rs. 376 Crore 2.
India Inc's external borrowings fall 32% at $2.6 billion in September - External
commercial borrowingsby Indian firms declined by 32 per cent to $ 2.61 billion in september, according the Reserve Bank data on Tuesday. The borrowings were at $3.18 billion in the same month last year.However, ECBs Raised by indian firms in August this year were significantly lower at $750.77 million, as per RBI data. Of the total amount raised during last month, $1.48 billion was through approval route, while $1.13 billion came via automatic route. Two players Reliance Industries Ltd and Global Vectra Helicorp took the approval route to refinance earlier ECBs and import of capital goods, respectively.Major loan takers under automatic route were Hindustan Petroleum Corporation Ltd Rural Electrification Corporation and MCC PTA India Corp. Pvt Ltd . 12. Dabur Q2 net profit up 19% at Rs 341 crore - FMCG major Dabur today posted 18.7 per cent rise in consolidated net profit to Rs 341.1 crore for the second quarter ended September 30, on account of robust growth in key consumer categories like toothpastes, hair oils and home care. The company had posted net profit of Rs. 287.5 crore during the same period of the previous fiscal, 2014-15.Net Sales of the company rose to Rs. 2,092.1 crore for the second quarter,2015-16, up 8.7 per cent, as compared to Rs. 1, 924.1 crore in the year-ago period, Dabur Ltd. Said in a statement. 3.
Inter Globe Aviation’s Rs. 3,018 crore IPO over-subscribed - Indigo’s parent
InterGlobe Aviation's Rs 3,018-crore initial public offer, the biggest in nearly three years, was over-subscribed by 1.06 times till afternoon on the second day of the issue today.The IPO received bids for 3,20,48,760 shares against the total issue size of 3,01,22,088 shares, data available with the NSE till 1300 hrs showed.The quota reserved for qualified institutional buyers was over-subscribed 3.59 times, sources said.The portion reserved for retail investors saw 9 per cent subscription and non-institutional investors category was subscribed 2 per cent.
14. JSW Energy Q2 net up 54% at Rs 492 crore - Sajjan Jindal-controlled JSW Energy today posted 54.3 per cent rise in consolidated net profit at Rs 491.96 crore for the quarter ended September 30, helped by higher net generation and lower fuel costs. Company's consolidated net profit in the year-ago period was Rs 318.63 crore, JSW Energy said in a regulatory filing. The net sales during the quarter increased 12.4 per cent to Rs 2,491 crore over Rs 2,216.05 crore in the corresponding quarter of previous fiscal, The Company Said. EBIDTA before exceptional items for the quarter is Rs 1,088 crore as against Rs 973 crore in the corresponding quarter of the previous year, an increase of 12 per cent," the company said. 15. Syndicate Bank Q2 net up 5 per cent at Rs 332 crore - Public sector lender Syndicate today reported 5.3 per cent rise in its net profit at Rs 332.37 crore for the second quarter ended September 30, 2015. The bank's net profit in the July-September quarter of the previous fiscal stood at Rs 315.60 crore. Total income increased to Rs 6,670.19 crore during the second quarter from Rs 5,680.96 crore earned in the year-ago period, the bank said in a filing to BSE. For bad loans and contingencies, The bank made a provision of Rs 440.29 crore during the period, down from Rs 537.79 crore a year ago. However, the bank's asset quality slipped with gross non-performing assets or bad loans rising to 3.72 per cent of gross advances during the reported quarter, from 3.43 per cent a year ago 16. Exide Q2 Net Profit Up 24% at Rs. 156 crore - Battery major Exide Industries today posted 24.09 per cent rise in net profit at Rs 156.06 crore for the second quarter ended September 30, 2015-16. The company had posted a net profit of Rs 125.76 crore for the same period of previous fiscal. Net sales of the company, however, declined to Rs 1,736.41 crore for the second quarter, as against Rs 1,759.82 crore during the same period of 2014-15, Exide Industries said in a filing to the BSE. Mukesh Ambani says Punjab may be first state with mobile broadband network in every village - Reliance Industries Chairman Mukesh Ambani said on Wednesday he is looking forward to Punjab becoming the first state in the country where every village will be covered with broadband mobile connectivity as he committed to invest towards digital infrastructure in the state.Participating in the second edition of Progressive Punjab Investor's Summit in Mohali, Ambani said Reliance had already invested Rs 3,900 crore in the state. 18. J K Tyre Q 2 net profit up 54.2% at Rs. 118 Crore - J K Tyre Ltd has reported 54.2 per cent rise in its net profit at Rs.118 crore for the quarter ended September 30, 2015 as compared
to Rs.76.5 crore for the same quarter in the previous year.The company’s total income has decreased by 3.7 per cent to Rs.1791 crore for the quarter under review from Rs.1,859 crore for the corresponding quarter of the previous year. 19. Jet Airways net up 25% - Jet Airways posted a 25.5 per cent growth in net profit for the quarter ended September 30, posting a second quarter profit after eight years, as low aviation turbine fuel prices and high passenger traffic boosted company’s turnaround efforts. Jet’s total revenue for the second quarter increased 8.1 per cent to Rs. 5,504 crore from Rs. 5,092 crore last year. Passenger revenues rose 9.5 per cent to Rs.4,682 crore from Rs. 4,277 crore. Net income grew 25.5 per cent to Rs.87.6 crore. Naresh Goyal, Chairman of Jet Airways, said: “The Indian domestic aviation market is witnessing robust growth with traffic growing by 20 per cent. Jet Airways is committed to contributing to this growth by providing enhanced connectivity. Our financial performance in the second quarter clearly demonstrates that our efforts are showing results.” 20. Just Dial Q1 Net profit Up 47 per cent at Rs. 46 crore - Local search engine Just Dial has reported a 47.03 per cent surge in its net profit at Rs 46.30 crore for the quarter ended September 30, on rise in income. The company had clocked a profit of Rs 31.49 crore in the year ago period. Total income from operations rose to Rs 171.27 crore in the July-September quarter of the current financial year from Rs 147.40 crore in the year ago period, the company said in a regulatory filing today. 21. Dr Reddy's Q2 beats estimates, profit up 26% to Rs 722 cr - Dr Reddy's Laboratories' July-September quarter earnings beat analysts expectations on Thursday. Profit grew by 25.8 percent year-on-year to Rs 722 crore from Rs 574.1 crore and revenue increased by 11.2 percent to Rs 3,989 crore from Rs 3,587.8 crore. 22. Yes Bank Q2 profit rises 26% despite asset quality concerns - Private sector lender Yes Bank 's July-September quarter earnings beat analysts' expectations on Thursday. Profit increased 26.4 percent year-on-year to Rs 610.4 crore, driven by strong net interest income, other income and operating profit. However, higher provisions and tax cost limited profitability. Net interest income, the difference between interest earned and interest expended, jumped 29.5 percent to Rs 1,108.5 crore in same period, boosted by credit growth. Profit was estimated at Rs 593 crore and net interest income at Rs 1,085.8 crore for the quarter, according to analysts polled by CNBC-TV18. Yes Bank said advances grew by 29 percent Rs 80,015 crore and deposits increased by 24 percent to Rs 99,344.3 crore compared to same quarter last year,
adding net interest margin inched up 10 basis points to 3.3 percent year-on-year but sequentially that remained flat. Corporate banking business accounted for 68.2 percent of advances portfolio and the rest 31.8 percent constituted by retail & business banking. 23. Rakesh Jhunjhunwala makes huge bid in IndiGo IPO - Billionaire investor Rakesh Jhunjhunwala is said to have placed a sizeable bid in the initial public offer of InterGlobe Aviation, the operator of no-frills airline Indigo, on Thursday. The investor submitted his application just before the issue closing on Thursday, just as it looked like the non-institutional segment, which includes high net worth investors and companies, would go undersubscribed.At 4 pm, the issue was subscribed about 6 times, according to data from BSE and NSE. The qualified institutional buyers portion was subscribed 19 times with foreign investors bidding for almost 80% of the total bids reserved for this category. Mutual funds bid for 0.38 times the shares in the category. 24. Emami slumps 6% post 33% decline in Q2 net profits - Shares of Emami slipped 6 per cent in Friday's trade after the company announced a 33 per cent slump in net profit at Rs 61.34 crore for the quarter ended September 30 compared with Rs 91.52 crore reported for the same quarter a year ago. Total income from operations rose 17.36 per cent to Rs 574.62 crore for the quarter under review compared with Rs 489.60 crore in the same period of last financial year. 25. Jet Airways repays Rs 558 cr loans in September quarter - Jet Airways said it has repaid loans worth Rs 558 crore in the September quarter and expects its debt burden to come down as business improves. However, the leading carrier anticipates its debt to be marginal higher before tapering off. The airline saw its net profit jump 25 percent to Rs 87.59 crore in the July-September period. 26. Kotak Mahindra Bank Q2 profit rises 28% to Rs 569.5 cr - Private sector lender Kotak Mahindra Bank 's standalone profit grew by 28.1 percent year-on-year to Rs 569.5 crore for July-September quarter, including ING Vysya Bank earnings. Consolidated profit shot up 31.2 percent to Rs 942 crore during the quarter compared to Rs 718 crore in year-ago period. Standalone numbers consist of only core banking operations while consolidated numbers include banking as well as other businesses like broking, insurance, investment banking etc. 27. PNB Housing Finance hires banks for $385 million IPO: Report - PNB Housing Finance has hired banks including Barclays, JPMorgan and Morgan Stanley for a Rs 2500 crore initial
public
offering,
IFR
reported
on
Friday,
citing
two
sources
close
to
transaction."Investment banks Kotak and JM Financial will also advise PNB Housing in the
planned
IPO,
slated
for
the
first
half
of
2016,
IFR,
a
Thomson
Reuters
publication,said.State-run Punjab National Bank owns a 51 per cent stake in PNB Housing, while Carlyle Group owns the remainder. 28. L&T Q2 profit rises 15.5% to Rs 996cr on other income boost - Engineering and construction major Larsen and Toubro
has reported a 15.5 percent year-on-year growth in
consolidated profit at Rs 996 crore in July-September quarter, boosted by other income. Revenue grew by 10.6 percent to Rs 23,393 crore from Rs 21,159 crore in same period.Profit was estimated at Rs 944 crore on revenue of Rs 23,409 crore for the quarter, according to analysts polled by CNBC-TV18. L&T has reported an exceptional gain of Rs 309.6 crore during the quarter.
TOP BANKING AND FINANCIAL NEWS OF THE WEEK ✍ Yes Bank on Tuesday Said it has been taken into the Dow Jones Sustainability Indices, making it the only domestic bank to get into the Index.The private sector lender has been selected as an index component of the Dow Jones Sustainability Indices in the Emerging Market Index, a bank release said. The bank was selected from 116 banks from emerging markets that were invited to apply for the index. Indian Banks’ Association mulls exempting experts from general banking work - In light of the Rs 6,100-crore Bank of Baroda money remittance case, Indian Banks’ Association is considering a proposal to engage specialist officers only in their areas of core competencies rather than general banking business. Specialist officers for audit, forex and credit, among others are at times roped in for general banking business due to shortage of staff, putting some specialized operations under-staffed, a senior public sector bank official said. Following the alleged Rs 6,100-crore Bank of Baroda black money remittance case, the need was felt the lenders should have expertise in surveillance.In a recent meeting of heads of public sector banks with Minister of State for Finance Jayant Sinha, it was decided that IBA should examine the issue of specialized talent for surveillance and analytics. “One of the action points was that we need specialized expertise in surveillance and analytic algorithm, and IBA is working on that,” Sinha had said.Besides, he had said banks should strictly follow the benchmarking with compliance standards set by the Reserve Bank and go for organizational restructuring wherever required.
2. India's gold monetisation scheme may be ready in weeks - Modi - A programme to attract gold owned by households into a bank deposit scheme to monetize the precious metal could be ready in weeks, Prime Minister Narendra Modi said on Sunday, a step aimed at cutting expensive imports.The scheme would allow people to put their gold into banks in return for interest payments in an attempt to mobilize thousands of tonnes of the metal sitting idle in Indian households.Indians prize gold as gifts and as a way of storing wealth. The country consumes nearly 1,000 tonnes of gold every year, most of it imported, and gold is the second-biggest expense on the import bill after oil.In his monthly radio address, Modi said the programme should be ready before Dhanteras next month, a festival when it is considered an auspicious period to buy gold."Please, don't let your gold be dead money," Modi said. "Gold is very important for the country. Gold can become an economic strength for us."Huge gold imports were blamed for pushing the country's current account deficit to a record $190 billion in 2013, prompting the government to hike its duty on imports to 10 percent, an all-time high. 3. Check company's accounts before giving loan, government tells banks - To put an end to rising cases of non-performing assets in banks and loans to undeserving entities, the government has now made it mandatory for all financial institutions to obtain an affidavit from auditors who sign balance sheets of companies applying for advances. Banks have also been asked to validate and verify these balance sheets and profit and loss accounts with the ministry of corporate affairs before sanctioning loans. The instructions have been issued by the finance ministry based on a Central Vigilance Commission directive, chief vigilance commissioner KV Chowdary told.Chowdary said the CVC was concerned about fake documentations where banks extended advances based on balance sheets that later proved to be fudged. The department of financial services in the finance ministry has issued instructions to all government banks to ensure that these profit and loss accounts of companies are verified and validated with the ministry of corporate affairs before extending loans. 4. Nippon Life to buy another 23% stake in Reliance Life Insurance for Rs 2,500 crore Nippon Life Insurance is set to acquire another 23% of Reliance Life Insurance for Rs 2,500 crore to increase its stake in the joint venture with Anil Ambani's Reliance Capital to 49 per cent, two people familiar with the matter said. This will be the second such deal between the Japanese company and Reliance Capital in less than a month, and also the second by an overseas investor to increase its stake in a local insurer since India raised the cap for foreign holding in the sector to 49 per cent in April. The planned investment will make Nippon Life one of the largest Japanese investors in India, with a cumulative investment of Rs 8,865 crore. After entering the Indian market in March 2011, it has till date invested Rs 6,365 crore in two
Reliance Capital subsidiaries: Reliance Life Insurance and Reliance Capital Asset Management.The deal, which is likely to close by early to mid-November, will reduce Reliance Capital's stake in the joint venture to 51 per cent from 74 per cent. At Rs 2,500 crore for a 23 per cent stake, the JV's valuation in this round will be lower than in March 2011 when Nippon Life paid Rs 3,062 crore for a 26 per cent stake, valuing Reliance Life then at Rs 11,800 crore. "The current transaction is likely to conclude at an equity value of about Rs 0,800 crore," one of the people said. 5. First International Financial Services Centre banking unit starts operations at GIFT City - The country's first International Financial Services Centre has become operational at the Gujarat International Finance Tec-City with the launch of the country's first IFSC banking unit set up by YES BANK. Four more banks State Bank of India, IDBI Bank IndusInd Bank and Federal Bank have also received a final approval from the Reserve Bank of India and will be starting their IBU operations soon. Over 15 financial institutions have been allocated space at the GIFT IFSC. The IFSC at GIFT is attracting a lot of interest from the BFSI sector in India, especially from banks, insurance companies and other financial services players who want to tap the global markets. An IFSC banking unit allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements. These IBUs can offer products such as external commercial borrowings to its customers. It will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers. 6. RBI to Tap overseas regulators in BOB probe : Deputy Governor S S Mundra - Reserve Bank of India will seek information from the overseas regulators to investigate the trail of money with regards to the alleged Rs 6,000-crore foreign exchange remittance scam unearthed early this month, a top RBI official said. RBI will invoke the provisions of exchange of information from overseas regulatory authority," SS Mundra, deputy governor of the central bank said on Tuesday. Speaking to reporters at the sidelines of a FICCI event in Mumbai, Mundra said the central bank is also making all attempts to plug loopholes that led to the alleged illegal transfer of more than Rs 6,000 crore to Hong Kong and Dubai from Bank of Baroda's Ashok Vihar branch in Delhi, which is being investigated by Enforcement Directorate and CBI.. 7. CBI searches REI Agro Offices for alleged bank fraud of over Rs 3,814 crore - The Central Bureau
of investigation on Tuesday Searched several location of Delhi and
Kolkata-based Basmati rice exporter REI in connection with the alleged fund misappropriation and loan fraud of more than Rs. 3,814 crore. REI Agro is one of the largest exporter in the
world and was also the cosponsor for IPL team of Delhi Daredevils in 2013. The agency in its FIR registered on the complaint of UCO bank named its four directors. CBI said that they have unearthed rubber stamps of Andhra Bank and a Dubai-based company indicating that the company was also engaged in forging documents. 8. 20 Commercial Banks Want to tie up with India post Payment Bank - About 20 commercial Bank have initiated talk with the department of post for strategic tie-up with its proposed payment bank India post payment bank.Department of posts is among the eleven applicants to have received approval from the Reserve Bank of India to float a payments bank. The tie-up will involve payments banks sourcing loans for commercial banks, while commercial banks will offer credit cards to customers of payments banks. PN Ranjit Kumar, postmaster general (Mumbai), said, "All payments banks are expected to get into alliance or collaborations with some leading banks or financial institutions. Several commercial banks have evinced interest to forge tie-ups with India Post Payments Bank. However, it is premature for India Post to consider partnerships at present." Payments banks are expected to ride on technology to of-fer cheaper and quicker remittance service to customers, and many banks fear that they could actually eat into their business. 9. Bank credit Grows 9.54 Per cent to Rs. 67,83,127 crore - Scheduled commercial bank’s credit increase by 9.54 per cent to 67,83,127 crore in the fortnight ended oct. 16, According to RBI data. The Loans stood at Rs. 67,83,127 crore in the same period last year.Advances grew by 9.45 per cent at Rs 68,30,245 crore in the previous fortnight from Rs 62,40,256 crore in the same period last year. We are not seeing any fresh investments. Demand from corporate is not there. We can see some pick up in the fourth quarter," Dena Bank Executive Director R K Takkar said. In the reporting period, deposits rose by 11.17 per cent to Rs 90,73,325 crore as against Rs 81,61,169 crore same period last year.Deposits increased by 11.25 per cent to Rs 91,63,815 crore as against Rs 82,36,670 crore in the year-ago period. Demand deposits stood at 8,02,320 crore, up 9.28 per cent from Rs 7,34,127 crore. Time deposits grew 11.36 per cent to Rs 82,71,007 crore from Rs 74,27,042 crore in the same period last year, the data showed. 10. HDFC Bank Ranked 27th Safest bank Globally by “The Banker� - Private sector lender HDFC Bank has been rated 27th safest bank in the world, according to latest Bank Safety Ranking by 'The Banker', a Financial Times publication. The bank has been ranked 27th globally among 250 banks and stood at number 6 in Asia Pacific region, a statement said. The ranking is based on capital, asset quality, profitability, how the bank funds itself, and the risk environment for each bank's home country.As per the report, Axis Bank has been ranked at 71,
ICICI Bank at 85 and State Bank of India at the 201 position.Also, Punjab National Bank has been ranked at 206, Bank of Baroda 214, Canara Bank 222 and IDBI at 235 position in the Asia Pacific region. 11. Yes Bank Q2 profit rises 26% despite asset quality concerns - Private sector lender Yes Bank 's July-September quarter earnings beat analysts' expectations on Thursday. Profit increased 26.4 percent year-on-year to Rs 610.4 crore, driven by strong net interest income, other income and operating profit. However, higher provisions and tax cost limited profitability. Net interest income, the difference between interest earned and interest expended, jumped 29.5 percent to Rs 1,108.5 crore in same period, boosted by credit growth. Profit was estimated at Rs 593 crore and net interest income at Rs 1,085.8 crore for the quarter, according to analysts polled by CNBC-TV18. Yes Bank said advances grew by 29 percent Rs 80,015 crore and deposits increased by 24 percent to Rs 99,344.3 crore compared to same quarter last year, adding net interest margin inched up 10 basis points to 3.3 percent year-on-year but sequentially that remained flat. Corporate banking business accounted for 68.2 percent of advances portfolio and the rest 31.8 percent constituted by retail & business banking. 12. Micro finance credit gains momentum with ADB loan - Micro finance credit is again gaining momentum, with better regulations reducing the prospect of default risks. The Asian Development Bank is ready to disburse the first tranche of a partial guarantee loan programme through private sector lender IndusInd Bank. As much as 13-15 micro lenders will benefit from it with total credit going up to Rs 400-450 crore. IndusInd Bank will act as a local currency lender with initial allocation of up to Rs 130 crore, or $20 million, of guaranty limit from ADB an executive familiar with matter said. IFMR Capital, a non-banking finance company (NBFC) which is backed by the US-based Leap Frog Investments, will also provide a partial guarantee against such credit while ADB would guarantee 50%, taking it to 60%. ADB, IndusInd and IFMR Capital have already signed an agreement for a partial guarantee programme to provide local currency financing to micro finance institutions in India. 13. Edelweiss ARC to raise Rs 800 crore in form of bank loan and bonds -
Edelweiss
Asset Reconstruction Company, the company which specialises in buying stress loans from banks, is set to raise Rs 800 crore in form of bonds and bank loans. The company has received AA- (structured obligation) rating from Care on the back of a letter of comfort issued by its parent company Edelweiss Financial Services. The rating cover Rs 400 crore for bonds and Rs 400 crore in form of long term bank facilities.
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