TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Last week Nifty made a new record high of 9367 the Index made a low of 9130 and closed at 9304. On Monday Benchmark index opened in a positive note up by 35 points or 0.37 per cent at 9339. most of the future listed stocks declared their Quarterly results better than expected that triggered the rally in Market. The overall Market Sentiment is not so upbeat considering some doubt about Global reflation trade going on for the last one year. Also lingering concern and various “ war of words” regarding the North Korea issue may have kept the market extremely cautious. On Wednesday trading session, The Indian market benchmark Index Nifty traded in a narrow range of 48 points through out trading session. Index opened at 9345, made a high of 9346 and closed at 9312 after making a low of 9298. Nifty price to Earning ratio is currently at around 23 and many analyst have started to advice investors to take out their positions and be on the sidelines. But high P/E ratio does not necessarily indicate overvaluation. If further earnings are better with the forthcoming quarterly results of remaining companies, it will adjust its valuation automatically. Current trend is likely to continue for a longer timeframe unless we have some unexpected disastrous global or domestic event in the foreseeable future. Time and Price action Suggest that Nifty has to Sustain over 9280 for up move toward 9340-9460. On the Flip side Sustaining below 9260 will drag the Index towards 9156-9004 in near term. BANK NIFTY : - Last week Bank Nifty made a record high of 22383 and closed at the highest level at 22358. The Index opened at 21592 and made a low of 21579. Public Sector Banks rallied the most. Bank Nifty opened on a Strong note on Monday trading session up by 54 points or 0.24 per cent at 22412. The Development on Banking NPA resolution, fate of PSB’s Consolidation and further updates on goods and Services Tax. There is a strong buzz from various policy makers including Reserve Bank of India to privatize some of the fragile Public Sector Bank’s, Although if implemented, this may be a significant Banking reform in India, but the proposal may also face political backlash not only from the oppositions, but also from Government own stakeholders. India’s NPL may be now around Rs.15 trillion against official Dec’16 figure of around Rs.6.5 trillion and most of these (around 70%) is confined within 30-50 large industrial groups, involving lack of project viability and other structural issues. Nifty Bank too made a record high of 22853 and closed at the highest level at 22604. The Index opened at 22412 and made a low of 22240. PSU banks rallied the most in last week. As of now Bank Nifty has to Sustain Above 22600 for further rally toward 22930-23102. On the Flip side Sustaining below 22580 may drag the Index towards 22476-22321.
Monday, 8 May 2017
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
9616
9412
9310
9208
9004
R2
R1
PP
S1
S2
9622
9414
9310
9206
8998
R2
R1
PP
S1
S2
9622
9414
9310
9206
8998
R2
R1
PP
S1
S2
23609
22971
22652
22333
21695
R2
R1
PP
S1
S2
24345
23155
22560
21935
20775
R2
R1
PP
S1
S2
24345
23155
22560
21935
20775
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
9233
9111
8753
8654
BANK NIFTY
21907
21354
20162
19697
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
9164
9119
8550
BANK NIFTY
21953
21123
18744
PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above Given Daily Chart of Nifty Index Applied Technical Indicators Entire technical indicators are trading into the overbought phaseonce again after the Strong boom fund in short to medium terms given that , It is likely to found accidental profitable selling around the Resistance in Nifty Index. It may register the level of 9100 after breaking decending triangle are with the heavy volume and being closed below its steady two days. The Strong improved pro move upper Bollinger band is opening on 9391 to 9480 in Nifty which can be considered as Near Strong Resistance Profitable Selling may remain in the surge of below 9391 when the historical level can be found up to 9480 by crossing 9391 and giving close on it. The Crucial Resistance for Index is 9345-9410 and Crucial Support for Nifty index is 9286-9208 .
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above Given Daily Chart of Bank Nifty has Applied Bollinger Band along with Parabolic SAR. As we can see Enteire indicators are in negative trend and on the overbought phase. Bank Nifty is Expected to trade in the catious note as 22600 is a crucial level if giving clos on it, Bank Nifty may drag towards 22486-22352. On the Up side Sustaining above 22650 can move the Index towards 22889-22963 in near Term.
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ADANI PORTS
EQ EQ
1704 352
1682 348
1646 342
1624 338
1588 332
AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BPCL BHEL BHARTIARTL BOSCH LTD BHARTI INFRATEL CIPLA COALINDIA CAIRN INDIA LTD DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY IDEA CELLULAR KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL
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 EQ EQ EQ EQ EQ
251 1173 529 2958 209 755 177 351 24135 377 559 286 2636 436 1234 843 1581 1549 3436 196 964 305 283 1440 946 84 918 1747 1343 69632 6716 190 164 34 685 1382 604 49 309 235 643 272 2349 442 85 448 214 1642 529 352
248 1159 516 2920 198 739 174 348 23793 371 553 282 2617 426 1214 835 1562 1540 3399 190 959 301 280 1424 938 83 913 1734 1330 68966 6683 187 162 33 668 1355 591 48 302 229 636 266 2336 431 84 440 201 1627 517 348
244 1147 509 2901 191 730 173 345 23406 365 549 280 2605 420 1198 825 1551 1533 3374 187 954 298 278 1414 929 82 906 1719 1319 67733 6642 184 160 31 655 1340 583 46 297 223 631 261 2319 424 83 434 191 1615 510 342
241 1133 496 2863 180 714 170 342 23064 359 543 276 2586 410 1178 817 1532 1524 3337 181 949 294 275 1398 921 81 901 1706 1309 67067 6609 181 158 30 638 1313 570 45 290 217 624 255 2306 413 82 426 178 1600 498 338
237 1121 489 2844 173 705 169 339 22677 353 539 274 2574 404 1162 807 1521 1517 3312 178 944 291 273 1388 912 80 894 1691 1295 65834 6568 178 156 28 625 1298 562 43 285 211 619 250 2289 406 81 420 168 1588 491 332
TOP 15 ACHIEVERS SR.NO
SCRIPT NAME
//
PREV CLOSE
CMP
% CHANGE
TOP 15 LOOSERS SR.NO
SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
1
INDIABULLS
1016
1106
+ 8.76 %
1
TATAMOTORS LTD 458
419
- 8.56 %
2
ICICI BANK
278
298
+ 7.20 %
2
HINDALCO
199
185
- 6.80 %
3
ADANI PORTS
327
344
+ 5.26 %
3
LUPIN LTD.
1338
1252
- 6.43 %
4
BHARTI INFRATEL
354
366
+ 3.35 %
4
RELIANCE
1395
1328
- 4.80 %
5
GRASIM INDUS
1155
1192
+ 3.21 %
5
ZEEL
526
505
- 4.03 %
6
ASIAN PAINTS
1120
1146
+ 2.35 %
6
TATA STEEL
449
433
- 3.48 %
7
SBIN
289
296
+ 2.16 %
7
BHARTI AIRTEL
355
344
- 3.02 %
8
TCS
2273
2320
+ 2.08 %
8
AURO PHARMA
606
589
- 2.93 %
9
ACC LIMITED
1626
1660
+ 2.07 %
9
NTPC
164
159
- 2.92 %
10
HINDUNILVR
934
953
+ 2.03 %
10
INDUSIND BANK
1444
1408
- 2.55 %
11
BOSCH LTD.
22991
23453
+ 2.01 %
11
SUN PHARMA
641
630
- 1.83 %
12
MARUTI SUZUKI
6524
6654
+ 1.98 %
12
IOC
440
433
- 1.58 %
13
ULTRATECH CEM
4248
4329
+ 1.91 %
13
ONGC
186
183
- 1.47 %
14
HCL TECH
814
829
+ 1.90 %
14
L&T
1749
1724
- 1.45 %
15
HERO MOTOCORP
3318
3376
+ 1.75 %
15
CIPLA
557
549
- 1.35 %
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS ✍ TOP NEWS OF THE WEEK Sovereign Ratings Upgrade due despite weak government finances: DBS - Increasingly, economists and other market participants are making a strong case for revising India’s sovereign ratings despite a weak combined Fiscal position. In the light of signs of political stability recent state elections, a strong external sector balance sheet a positive growth outlook supported by improving Rural incomes, higher public sector wages, lower borrowing costs and moderate inflation an upgrade in the rating outlook appears probable over the next one Year, said Singapore based Investment bank DBS. Even as a section of economists site weak fiscal situation may delay rating revision, many Asian economies have seen a sovereign ratings upgrade despite weak government finances but have had high growth. India should also benefit from a similar trend,it said. India’s current rating by major rating agencies is 'BBB-‘ or at the lowest notch of investment grade rating with a stable outlook. “ Why should India, the fastest growing emerging market for over one year now, with all macroeconomic fundamentals being positive, rated just BBB-“ said Deeepak Parekh in an interview. Government to Achieve 3.5 per cent Fiscal Deficit for FY 17 - Controller General of Accounts Government to meet 3.5% fiscal deficit target for FY17: CGA - The government is confident of achieving the fiscal deficit target of 3.5 per cent for 2016- 17, the newly appointed Controller General of Accounts , Anthony Lianzuala, said. After taking charge Mr. Lianzuala a 1982 batch civil Accounts Service Officer - said his office has given timely input to the government on expenditure and receipt front to assess is fiscal road-map. "We have done our best and I think the government will be able to achieve its target of fiscal deficit of 3.5 per cent," he said. Further, he explained that his office sends input to the government on a daily basis to assess its fiscal position. "For example, in the last 15 days of March, we have given all our inputs on expenditure and receipt collection on a day-to-day basis. This helps the government in seeing how much fiscal deficit it is on a particular date," said the official. India to see $ 35-40 billion worth impact investments by 2025 - India may witness the ‘’’India is projected to see impact investments worth up to $ 40 billion by 2025 as the country is in a "sweet spot" with high potential to deliver solutions for various problems, according to global grouping GIIN. Based in New York, the Global Impact Investing Network is a not-for-profit group that works to promote impact investments and has around 230 members.
Generally, impact investments refer to those made with the aim of having a social and environmental impact along with the investors getting financial returns. GIIN's Advisor for South Asia, Anil Sinha said, there has been tremendous development in India around impact investing activities in the last five years and the country is in a sweet spot. "In India, about $ 4 billion has been invested as part of impact investments in about five years. On an average annual basis, it is around $ 1 billion," Sinha said in an interview. Manufacturing sector grows for 4th straight month in April - Indian manufacturing sector registered growth for the fourth straight month in April, but at an unchanged rate from the previous month, as rise in new orders was offset by moderate increases in output, a survey said. The Nikkei Markit India Manufacturing Purchasing Managers’ Index — an indicator of manufacturing activity — matched March’s reading of 52.5. Though the upturn in order books was “most pronounced” since last October and new export orders rose for the third month in a row, the rate of expansion eased from March. April is the fourth straight month in which manufacturing sector registered growth after the demonetisation-induced contraction at the end of 2016. A reading above 50 indicates expansion, while any score below the mark means contraction. “Buoyant domestic demand coupled with sustained growth of new orders from abroad boosted the upturn in total new business received by Indian manufacturers in April,” said Pollyanna De Lima, Economist at IHS Markit and author of the report. South India likely to get normal to excess rain: Weather Risk Management - : Weather Risk Management Services has said south India is likely to get normal to excess rain this monsoon, a forecast that could ease concerns in a region where agriculture has suffered due to back-to-back droughts. The forecast for north India, however, is not as promising. The region, which received normal rains last year, could see deficient rainfall this time, the climate risk management and weather forecasting agency said on Friday. Southern portions of the country are expected to receive normal to excess rainfall in both southwest and north-east monsoons this fiscal,” said Kranti Prasad, senior consultant, climate sciences, Weather Risk Management Services, however, he added that south India could experience deficient rainfall in October but would receive normal to excess rains during November. GST will propel economy to eight per cent growth rate in next fiscal: Shaktikanta Das The Indian economy will grow 8 per cent next fiscal as the full-year impact of the landmark Goods and Service Tax will be seen by that time, Economic Affairs Secretary Shaktikanta Das has said. The 8 per cent growth rate in 2018-19 fiscal year will compare to a projected 7.5 per cent GDP expansion in the current financial year and 7.1 per cent of 2016-17. Speaking to select media on the sidelines of the Asian Development Bank's 50th annual meeting, Das said while the government continues to step up on reform measures, the country's largest ever
demonetisation of currency notes led to widening of tax base and curbing of a parallel shadow economy. In 2017-18, we are expecting a 7.5 per cent growth. The GST will be introduced from July 1. The impact this year will be felt for nine months. By next year, the GST would have stabilised much more. So, a full-year impact of the GST will be seen in 2018-19. It would be reasonable to expect that in 2018-19, India will be close to 8 per cent growth," he said.
� TOP ECONOMY NEWS
Considering the protectionist trends in the developed world, India could become a leading player in the manufacturing sector in the world, if we improve on manufacturing in the country, said the FM, Arun Jaitley, while addressing the Confederation of Indian Industry, reported a national news agency. “on services, we are among the leading. But the question is, can we improve our manufacturing?" said Jaitley.
The American business community is encouraged by the highest level of engagement between India and the US under the Trump administration and looks forward to elevate the ties even further, the head of a top American industry advocacy group has said.
The GST would not increase compliance burden on assessees and all apprehensions in this regard are misplaced, Revenue Secretary Hasmukh Adhia said today.
The Central Board of Direct Taxes has received maximum number of Advance Pricing Agreements applications from the US in the last five year (2012-13 to 2016-17). The CBDT, the Apex policy making body of the income-tax department, has so far received 42 application for India-US bilateral APAs.
With only 13 states and UTs notifying rules under the realty law that came into effect, apex body CREDAI expects that the remaining will soon implement this law and asked member developers not to panic. CREDAI will hold workshops across the country to help its over 10,000 member developers prepare for compliance of provisions of the Real Estate Act, 2016, its national President Jaxay Shah said.
Market participants will have to gear up for the new series Index of Industrial Production with the base year 2011-12 on May 9. The new series of the index is being launched with an aim to map economic activities more accurately. The New base year of 2011-12 has been finalised and a high-level panel had firmed up the methodology for the IIP Index. The IIP as of now is calculated on the base year of 2004-05.
The adventurous moves by the government to weed out black money from the economy seem to bear fruits even as the number of income tax return filings have remarkably gone up. A report Published has revealed that an Additional 95 lakh people have filed tax returns.
With the rise in FDI inflow, the India has also continued to witness the FDI outflow. India’s biggest FDI outflow destinations include Mauritius and Singapore. However, Surprisingly the FDI source for the country are also the same Mauritius and Singapore. This has caused many doubtful things to arise. It is important to examine FDI outflows from India and FDI inflows in India. The Indian government recently banned participatory notes to curb the threat of round tripping. The government should examine all the possible issues related to FDI inflows.
Data by the Institute of International Finance on Tuesday, 2 May 2017, showed that the Emerging markets have witnessed fifth straight month of net 'Non-Resident' portfolio inflows in April, their best run since the first half of 2015.
Public sector banking stocks such as Bank of Baroda, Allahabad Bank, Syndicate Bank, Punjab National Bank and State Bank of India surged when the reports came out regarding PMO agreeing to the idea of the creation of the bad bank, as reported on a leading business channel.
The Government of India on Friday issued an ordinance to amend the Banking Regulation Act, 1949, whereby it can issue order to Reserve Bank of India - the banking regulator, to issue directions to any bank to initiate the insolvency resolution process under the provisions of Insolvency and bankruptcy code 2016, against defaulting entities. The ordinance also empowers RBI to appoint members in the committees constituted for resolution of stressed assets.
The week ended with weaker major indices in the markets. Nifty shed 74.6 points to close at 9285.3 levels. On the Friday’s trading session, Foreign Institutional Investors took out nearly Rs. 363 Crore from the markets. The FIIs were the net sellers in the past week taking out around Rs. 3245 Crore from the markets in past week.
The new ordinance rolled out to flush out the NPAs from the banking system of the country. The ordinance received Presidential nod and gave addition fuel to RBI to hunt down the willful defaulters. The ordinance to amend the Banking Regulation Act will give the Reserve Bank of India unprecedented power to take decisions on resolution of individuals bad loan cases and the
development augurs well for the banking industry as a whole.
� TOP CORPORATE NEWS The stock of Balrampur Chini Mills Limited slipped 1.8% at Rs. 159.8 on news of National Green Tribunal slapping Rs. 25 lac fine on the company. The stock has witnessed a fall almost for all trading days after consolidating at its 52-week high levels of 170. The fine was regarding environmental degradation allegedly caused by operations at Uttar Pradesh units. Strategic move by the Infosys Limited to hire about 10,000 Americans, which is mere 5% more to its total workforce, might cost the Infosys about $ 1 billion in wages, reported. Bajaj Auto Limited reported a decline in its total sales in April 2017, by 0.3 per cent to 3.29 lakh units against a sale of 3.30 lakh units in April 2016. A drop in the domestic sales by 21 per cent to 177,887 units from 226,133 units in the same month a year ago, as an affect of the BS III vehicle ban dampened the total sales of the company. Reliance Industries Limited is one of the best wealth creators in large cap space on YTD basis. The stock has gained almost 27% on YTD thus outperforming the benchmark index Sensex. One of the reasons for long-term investors to bet on RIL has been the expectation of the company turning to be a free cash flow positive from FY19. The stock of Sun Pharma Limited Advanced Research Company on Wednesday rose 1.71% to Rs 325 at 9:45 AM IST after the company informed of a board meeting to be held on 5 May 2017 to consider proposal for raising of additional funds by way of issue of equity shares/warrants convertible, as per Exchange filing. Sudan denied the extension of license to India's ONGC Videsh for operating an oilfield as the country sought higher royalties and taxes from the Indian PSU in order to make up for the revenue lost due to a drop in the oil prices. Asian Granito India Limited, one of India’s largest tiles companies is planning to double its revenues in coming 3-4 years. The company has set a revenue target of Rs. 2,000 crore and aim to be among the top 3 tiles companies in India in its vision for 2020. Indian Steel making company Tata Steel Limited has completed the sale of its Speciality Steels business for around 100 million euros to Liberty House Group reported a Source.
Strides Shasun Limited on Friday announced that its Active Pharmaceutical Ingredients manufacturing site in Puducherry was recently inspected by US FDA and the approval was renewed with ‘Zero 483’ status. Over the last month, three facilities were inspected by US FDA and cleared with Zero 483 Status. Dilip Buildcon Limited surged by over 9% or Rs. 37 on May 5, 2017. The stock surged on account of the introduction of RERA and GST along with the company strengthening its presence in the market by winning new infrastructure development projects. Recently the company bagged three road projects worth Rs 3,269 crore in Maharashtra. The debt-burdened infrastructure company, Jaiprakash Associates Limited failed to pay interest on non- convertible debentures even as the due date expired three months back. The parent company Jaypee Group has sold off several assets to curtail its debt burden. The company also sold off its cement plants with a total capacity worth 21.1 million tonnes per annum for Rs 16,189 crore to UltraTech Cemen.
Cadila healthcare Limited received the final approval from the USFDA to market the drug, Budesonide Capsules, 3mg. Budesonide Capsules are widely used for the treatment of mild to moderate active Crohn’s disease. NBCC Limited on Friday announced that it has signed a MoU with the government for the construction of a new office complex worth Rs. 226.84 crores, reported a leading business news paper. Larsen & Toubro Infotech reported exemplary results for the Q4FY17. The company’s results fared better than the expectations of the market experts. The company’s consolidated net profit grew by 11.8% on a yearly basis at Rs. 255 crore in Q4FY17 and the revenue from operations increased by 7.7% to Rs. 1,677 crore on in FY17, as compared to the previous year. The board of the Godrej Properties Limited has approved the sale of its entire stake in Godrej Investment Advisers Private Limited subject to requisite approvals. The stock witnessed high volumes at around 1110 hours on Friday. Varun Beverages Limited new manufacturing unit being set up by the PepsiCo’s bottler, Varun Beverages, in the Hardoi district of Uttar Pradesh will manufacture a range of Pepsi products in the unit, as the company stated in a filing.
Yes bank Limited has said on Thursday that it has entered into a partnership with United Arab Emirates-based banking group Emirates NBD to provide loan against deposits to non-resident Indians. The Non-resident Indians in the Gulf nation can avail loans in the local currency from Emirates NBD against the external fixed deposit and foreign currency deposits with Yes Bank, according to the deal.
Jubilant Pharma Limited, a wholly owned subsidiary of Jubilant Life Sciences Limited through one of its wholly-owned subsidiaries, has signed an asset purchase agreement with Triad Isotopes Inc. and its parent, Isotope Holdings, Inc. to acquire substantially all the assets which include the radiopharmacy business of Triad. Berger Paints Limited, one of the leading Indian paint company and manufacturer, recently signed an agreement with Rock Paint, headquartered in Japan, to market automotive refinish paints and further advance to set up a joint venture between the two firms eventually. The Federal Bank has reported the strong financial results for the quarter ended March 31, 2017. There are many investors speculating about the government’s stance on the resolution of Non-Performing Assets.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK Public sector lender Indian Bank will raise Rs. 5,000 crore to Support loans for Infrastructure as well as affordable housing. The bank's board of directors will take up the proposal to raise money at its meeting to be held next week. A proposal for issue of long term bonds for financing of infrastructure and affordable housing up to an amount of Rs. 5,000 crore will be taken up for approval.on May 5, 2017," Indian Bank said in a regulatory filing. Banks have sold Rs. 2.44 trillions of bad loans to 23 Asset Reconstruction Companies and despite a surge in stressed assets to around 15 per cent, there was a slowdown in transactions in recent months. Around Rs. 2.44 trillion worth of gross NPAs have been sold to ARC’s till now," the report by industry lobby Assocham and Edelweiss ARC said. Large private banks and some state owned banks are expected to take a cue from country's largest lender State Bank of India in lowering deposit rates. Countries largest bank has cut deposit rates by up to 50 basis points for maturities above two years but have retained the
7.40% on one year deposits for senior citizen. Also, the bank has decided that it will continue to offer 6.90% one year to 455 days which attracts maximum deposits. A slew of public sector Banks, including Punjab National Bank and Union Bank, plan to raise a combined Rs. 17,800 crore in one or more tranches this year through various instruments like bonds issue and follow on offer. The country's second largest public sector lender Punjab National Bank will raise up to Rs 3,000 crore through Basel III compliant additional tier-I bonds. The money raise will be subject to availability of headroom in one or more tranches, the bank said in a regulatory filing. The bad loan ordinance will allow the Reserve Bank of India to ensure that dissenting banks come to the negotiating table and accept resolution plans adopted by the majority of lenders or the one that's most feasible in the circumstances. They won't be able to hold out for fear of writedowns or getting caught up in subsequent investigations by government agencies. The Reserve Bank of India sprang into action as soon as the government notified the ordinance on bad loans, with the regulator offering more teeth to groups of lenders to deal with recovery proceedings and telling banks to stick to majority-agreed plans or face a penalty. State Bank of India, the country’s largest, sees a "positive turnaround" in the nation’s bad loan mess after the government implements a new rule aimed at resolving the problem, chairman of the lender said.
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