Equity Research Report 09 November 2015 Ways2Capital

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) CNX NIFTY - The Nifty is open on Monday 8050 in down trend due to globle cues and expectation of rate change in December by federal reserve Nifty traded in 8000-8100 range and made a high of 8060 and low of 7995..From Tuesday market was in minor Uptrend movement and Wednesday traded below the psychological level of 8100 .on Friday Nifty given the gap down opening of 7955 and made low of 7929 but traded in the range of 7900-8000. range and close at 7954. the Nifty in next week likely to trade in the bullish trend of 8200-8300 back of mixed Festival Season and expectation of hopefully result of Bihar election. The resistance for Nifty is of 8175-8200 and support of Nifty is S1 7890 and S2 7748 .The Weekly Resistance for Nifty is R1 8186 R2 8561 and Support For Nifty is S1 7812 and S2 7437. We could also expect the panic zone of Nifty on Monday.

Bank Nifty Future: On Monday Bank nifty open at 17351 and made high of 17372 and traded in the downward movement for whole week.On the Friday market closed in the downtrend . Bank Nifty last hope is 17125 and 1752 . If bank Nifty is Breaking the level of 17125 we can expect it to 17250 and 17400 and on the other hand we can expect the panic zone of Bank Nifty. The Hurdle for Bank Nifty is 17125 and 17250. There is a possibilities of Bank nifty can give the gap up opening according to Technical Analysis but there is a some external impact also on Market. On Monday So there is a chances of Bank nifty can made low level also but all over trend of market will be positive.On the other hand the expectation of fed rate change and results of election can worry to investors this can take away the investors on Monday trading session. And

give the negative movement of Market.The

Resistance of Bank Nifty is R1 17252 and R2 17637 or Support for Bank Nifty is S1 16866 and S2 16480.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY

R2 8175

R1 8033

PP 7961

S1 7890

S2 7748

WEEKLY

R2 8561

R1 8186

PP 7999

S1 7812

S2 7437

MONTHLY

R2 8561

R1 8186

PP 7999

S1 7812

S2 7437

DAILY

R2 17637

R1 17252

PP 17059

S1 16866

S2 16480

WEEKLY

R2 18716

R1 17683

PP 17167

S1 16650

S2 15617

MONTHLY

R2 18716

R1 17683

PP 17167

S1 16650

S2 15617

BANK NIFTY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

8146

7995

8214

8383

BANK NIFTY

17554

17225

17889

18312

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

8196

7702

8681

BANK NIFTY

17793

15828

11767

PATTERN FORMATION ( NIFTY AND BANK NIFTY )

Depiction of Chart - On the above given weekly chart the SMA is indicating if nifty is crossing the moving average line then we could expect the gap up opening of Nifty in Short Term Period. But there is a pressure on Nifty due to globle cues and domestic election results.However it is all depend on the news and always worry that globle market affect for long time. The domestic news can give the movement of Nifty minimum 2-3 % intraday on Monday either positive or negative but according to weekly technical chart of Nifty can give Gap up Opening on Monday expectation of positive results of Bihar election and nifty fifty companies result were also good. on the basis of technical Analysis Nifty resistance will be R1 8186 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 8186 R2 8561 and the support for Nifty is S1 7812 S2 7437.

BANK NIFTY MACD Details of Chart - On the Above given chart of Bank Nifty WEEKLY SMA for week is in consolidated Trend so we can expect The downtrend movement for Bank nifty in Next week trading Session Also. The Resistance for Bank Nifty is R1 17683 R2 18716 and the Support of bank Nifty is S1 15617 S2 16650. Although the Bank if Nifty could break the Resistance level 17252 Level we can expect the upward movement of Bank Nifty for next week .

NSE EQUITY DAILY LEVELS COMPANY NAME

R2

R1

PP

S1

S2

ACC

EQ

1403

1393

1382

1372

1361

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

77 212 822 473 2471 182 139 204 353 683 343 122 4519 300 3746 898 1233 1097 2697 83 811 273 342 927 1157 76 668 1394 1297 39204 4562 261 154 80 431 965 410 54 252 98 830 409 71 226 171

76 211 813 470 2458 174 136 198 344 672 339 120 4085 295 3715 892 1222 1092 2681 82 805 270 340 923 1150 74 659 1387 1268 38832 4535 256 150 79 420 959 398 51 247 95 817 402 69 224 167

75 208 807 465 2434 157 133 191 331 661 336 118 3859 290 3687 883 1214 1083 2659 81 802 268 337 916 1136 73 653 1379 1241 38516 4508 252 145 78 413 948 390 49 240 93 808 397 68 219 162

73 207 798 462 2421 148 131 185 321 650 333 116 3425 285 3655 877 1203 1078 2643 80 797 265 335 912 1129 71 644 1372 1212 38144 4481 248 141 77 403 942 378 46 235 90 795 390 66 217 158

72 204 793 457 2397 132 128 178 308 640 330 114 3199 281 3627 869 1195 1069 2621 79 793 262 333 904 1115 70 638 1365 1185 37828 4454 243 136 75 396 931 370 44 228 88 786 385 65 213 152

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

MOTHERSON SUMI ATUL LTD.

PREV CLOSE

CMP

241.95 1560.70

268.75 1724

UNITED SPIRITS LTD. 3140.30 ORIENTAL BANK 136.90

3450 146.80

MPHASIS LTD. NTPC

450.30 129.55

475.30 135.35

TVS MOTOR CO. LTD. COAL INDIA LTD.

271.80 329.75

283.30 343

YES BANK LTD. IOC

729.30 398.40

758.35 412.35

TATA MOTORS LTD. 386.00 POLARISH CONS. 198.10

399.00 204.00

MARICO LTD. HEXAWERE

393.10 252.80

403.70 259.50

BERGER PAINTS

218.80

225.40

1.

// % CHANGE

SR.NO

+11.08 %

1

+10.46 %

2

+9.86 %

3

+6.50 %

4

+5.60 %

5

+4.48 %

6

+4.23 %

7

+4.02 %

8

+3.98 %

9

+3.50 %

10

+3.37 %

11

+2.98 %

12

+2.70 %

13

+2.05 %

14

+2.55 %

15

TOP 15 LOOSERS SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

JUST DIAL CENTRAL BANK

946.45 84.90

764 69.30

-20.70 % -18.37 %

APOLLO TYRES KAVERI SEEDS

190.70 516.45

159.15 439.95

-16.54 % -14.81 %

ADANI ENTERPRISES VEDANTA

91.10 105.05

79 92.25

-13.28 % -12.18 %

J K TYRE INDUSTRIES GATI LTD.

105.70 151.30

92.95 133.20

-12.06 % -11.96 %

DR. REDDY LAB. SREI INFRA.

4107.50 47.55

3629.50 42.15

-11.04 % -11.36 %

CEAT LTD. TATA STEEL

1144.95 247.25

1016 220.10

-11.26 % -10.98 %

JAYPEE INFRATECH BATA INDIA

13.31 524.30

11.85 467.10

-10.97 % -10.91 %

SUNPHARMA.

901

803.70

-10.80 %

JUSTDIAL FUTURE : TODAY JUSTDIAL FUTURE SHOWS BEARISH MOVEMNET.ON DAILY CHART OF JUSTDIAL FUTURE ALSO SUGGEST BEARISH MOVEMENT,WE CAN EXPECT ITS FURTHER BEARISH MOVEMENT WE CAN MADE SHORT POSITION IN IT BELOW 755 TGT 710 SL 770.

2.

ZEEL FUTURE : WE CAN MADE SHORT POSITION IN ZEEL FUTURE BELOW 397 TGT 380 SL 405.

3.

DISHTV FUTURE

: DISHTV CONISTENTLY MOVES IN BEARISH MOVEMNT WE CAN

EXPECT FURTHER BEARISH MOVMENT IN IT. MADE SHORT POSITION BELOW 96 TGT 90 SL 99.

4.

DLF FUTURE : WE CAN MADE LONG POSITION IN DLF FUTURE ABOVE 120 TGT 130 SL 123.

5.

ONGC FUTURE : WE CAN MADE LONG POSITION IN ONGC ABOVE 252 TGT 265 SL 244.

NSE CASH 1.

APOLLOTYRECASH : LONG POSITION CAN BE MADE APOLLOTYRE ABOVE 162 FOR TGT OF 175 WITH SL OF 157.

2.

IOC CASH : IOC TRADED SIDEWAYS WITH POSITIVE BIAS LAST WEEK .LONG POSITION

CAN BE MADE IN IT ABOVE 415 WITH TGT OF 450 WITH SL OF 402.

3.

MOTHERSUMI CASH : MOTHERSUMI GAINED 8% LAST WEEK AND EXPECTED TO SHOW UPWARD MOMENTUM. LONG POSITION CAN BE MADE ABOVE 272 FOR TGT OF 295 WITH 262.

4.

ORIENTBANK CASH : LONG POSITION CAN BE MADE IN ORIENT BANK ABOVE 150 FOR TGT OF 163.50 WITH SL OF 145.50.

5.

HDIL CASH : LONG POSITION CAN BE MADE IN HDIL ABOVE 70 FOR TGT OF 76.50 WITH SL OF 67.50.

NSE - WEEKLY NEWS LETTERS TOP NEWS OF THE WEEK 1. FIIs trim stake in 35 Nifty stocks in Q2 - Foreign institutional investors have reduced their exposure in 35 Nifty companies during July-September quarter as they recast their portfolio primarily on account of global factors. FIIs, on an aggregate basis, holding in 50-share Nifty has remained flat at 28.6 per cent during the period under review, as per a report by ICICI Securities. Market experts said that a slew of global factors including concerns over economic slowdown in China prompted FIIs to reduce their holdings.The global risk off environment perpetuated by the turmoil in Chinese markets and the heightened prospects of an early lift-off in US interest rates impacted flows to emerging markets in the second quarter," the report noted. Moreover, foreign investors have pulled out more than Rs 18,000 crore from the stock markets during the July-September quarter, higher than over Rs 2,600 crore outflow in the preceding three months. However, the report said that inflows will improve in third quarter of the current fiscal .

2. FIIs were net buyers of Rs 1958.95 crore in index futures and options segments on November 02 - According to the data released by the NSE, the Foreign Institutional Investors were net buyers of Rs 1958.95 crore in index futures and options segments, as per Monday’s data, November 02, 2015. FIIs were net sellers of index futures to the tune of Rs 256.04 crore and they bought index options worth Rs 2214.99 crore. In the stock segment, FIIs were net sellers of stock futures worth Rs 266.93 crore, while they bought stock options worth Rs 71.59 crore.

3. Money laundering to become difficult in next 1-2 years: Arun Jaitley - Finance Minister Arun Jaitley today said tax evasion and money laundering will become "extremely difficult" in the next 1-2 years, with real-time global automatic exchange of information system coming into effect. "I am quite certain that the activity is going on in that direction and the next 1-2 years are also going to bring significant results because with almost real-time exchange of information, lives are going to become extremely difficult as far as lawbreakers in that regard are concerned� he said. In his inaugural speech at international conference on 'Networking the Networks', he said tax evasion and parking of illegal money anywhere in the world is increasingly becoming difficult as G20 has taken an initiative and various international agencies have now stepped in. The world is also increasingly moving towards a situation where you can't shift the profits that you earn in one jurisdiction and erode the capital base of that jurisdiction itself," he said.

4.Market regulator Sebi disposes of case against three entities - Markets regulator SEBI has disposed of an alleged violation case against three entities -- Akshay Poddar, Shradha Agarwala, Indrakshi Trading -- saying the charges of non-disclosure of shareholding could not be established against them. The Securities and Exchange Board of India received a complaint alleging violation of shareholding norms by owning shares more than a prescribed limit and making false submissions to the regulator earlier. As per the complainant, these entities, promoters of Gobind Sugar Mills Ltd , acquired five per cent stake in the company through bulk deals. Following the acquisition, shareholding increased to 64.86 per cent from 59.86 per cent but they did not make disclosure about the same thereby violating Substantial Acquisition of Shares and Takeovers norms as they did not qualify for exemption under the said norms, according to the complaint.

5. Deepak Singhal appointed Executive Director of RBI - The Reserve Bank has appointed Deepak Singhal as Executive Director with effect from today. "Deepak Singhal has taken over as the new Executive Director at the Reserve Bank of India today, November 2, 2015," RBI said in a communication. Prior to this, Singhal was the Regional Director in-charge of RBI in New Delhi. He has also headed Department of Banking Operations and Development, Human Resource Development Department and Premises Department at central office of central office of RBI and office at Belapur, Navi Mumbai. Singhal will look after Central Security Cell, Corporate Strategy and Budget Department, Department of Corporate Services, Human Resource Management Department (including HR Operations Unit), Rajbhasha Department and Right to Information Act Division.

6. NSE campaign in Jammu and Kashmir: It is time to fire stock investments! - National Stock Exchange, one of the two largest exchanges of India, has now entered the hilly terrains of Jammu and Kashmir in a move aimed at driving people towards stock market investments.

NSE, in association with the capital market regulator Securities and Exchange Board of India, J&K Bank and University of Kashmir, organized a Regional Investor Awareness Programme Monday on "Economic Empowerment through Financial Education", at Srinagar. The exchange has signed an Memorandum of Understanding with the University of Kashmir as well during the program. The MOU will enable students to learn financial market skill from the next academic year. All courses will be initially at the post graduate level. J&K is a state, fraught with terrorism over decades. The prolonging political upheaval has caused a havoc in the local economy leading to large scale joblessness amid drying up industrial activities.

7. FII-MAT row finds fodder on place of business - Following the A P Shah Committee recommendations, the income tax Act was amended to give exemption to foreign institutional

investors from minimum alternate tax. However, the tax law did not have clarity on the treatment of foreign portfolio investors if they have a permanent establishment in India. This lack of clarity resulted in fresh tax demands. The tax department has sought an explanation from about 10 FPIs whether they have a presence in India. According to the tax laws, a foreign entity is considered to have a PE if it has a functioning subsidiary, branch office in India or an agent executing sales for them. In the case of FPIs investing in Indian markets, they execute their trades through a broker or a bank thus, generating sales. In income tax parlance, this is construed as PE presence. However, according to most tax treaties, a broker or any other independent agent would not be construed a PE if such broker is acting in the ordinary course of his business. “Unlike the budgetary amendment effective April 2015, the treatment for past cases could continue to be mired in ambiguities because of the PE examination,� said Rajesh H Gandhi, partner, Deloitte Haskin & Sells.

8. FII outflow in Q2 at $2.5billion, highest since '09 financial crisis - India bore the brunt of the sell off in emerging markets with FII equity outflows touching $2.5 billion in the second quarter of 2015-16, the highest since the global financial crisis. The outflow was the second highest among EMs with Taiwan taking the top spot. FII outflows hit new highs during the last quarter of 2007-08 after the meltdown that followed the global economic recession. Though FIIs trimmed their stake in 35 out of the 50 stocks on the Nifty index, their holdings remained flat at 28.6 per cent on an overall basis during the quarter. FIIs cut their positions significantly in nine Nifty stocks. They have been reducing their holdings for more than two quarters in 16 Nifty stocks in the IT, private banks, automobiles and utilities sectors. The sustained selling by FIIs pulled the Nifty down by 5 per cent in July-September Despite the selling, inflows from DIIs stood at around $4.1 billion during the quarter. While FIIs were overweight on private sector banks, financial services and pharmaceutical companies, they were underweight on consumer staples, industrials, energy and PSU banks. FIIs sold underperforming stocks and bought out performers. On the contrary, DIIs bought underperforming stocks and sold outperforming stocks. FIIs sold fundamentally weak and high beta non-financial stocks.

Cement and financial are the only two sectors which were bought by both FIIs and DIIs. 9. With recent cuts in bank FD rates, investors rush to the post office deposits - The recent cuts in bank FD rates are driving investors to post office instruments. After the rate cuts in early October, a five-year fixed deposit with the country's leading banks fetches 7-7.75%. In comparison, a time deposit with the post office for the same duration fetches 8.5%. With 10-year National Savings Certificates you get 8.8%. Financial advisers said expectations of lower returns from post office deposits after the Union Budget in 2016 are prompting investors

to lock in a portion of their money in this instrument. Soon after Reserve Bank of India's 50 basis points repo rate cut in September, the government said it would review the small savings rates in order to facilitate transmission of monetary policy easing. Banks have complained that higher interest rates on small savings schemes have made their deposits rates uncompetitive. "I am advising investors to shift from bank deposits to post office time deposits, as and when their deposits come up for maturity," said Jitendra Solanki, a New Delhi-based financial planner.

10. Record setting quarter for aerospace and defence M&A: Report - The third quarter of 2015 saw a record $52 billion in merger and acquisition announced deals in the defence and aerospace industry, more than the whole of 2014, according to a report released by the US arm of audit firm Price Water house Coopers. This year is already a record year, and we believe that 2016 will continue to be very active, and likely above the rolling ten-year average, which will be approximately $25 billion after 2015," said Scott Thompson, who heads PwC's US aerospace and defence practice. The report said that the total number of deals for 2015 was worth $64 billion, more than a 190 percent increase from the $22 billion for the whole of 2014.

11. NPAs to peak by this fiscal year, recovery to take longer: Fitch - Fitch Ratings has said that formation of stress assets of Indian banks' is likely peak this fiscal year, although recovery of those loans may take much longer. Rating company said that the share of bad loans to total loans would improve after touching a high of 11.1% in fiscal year march 2015. NPL formation should be held back by a pick-up in GDP growth, which we forecast to reach 7.8% and 8.0% in fiscal year 2016 and fiscal year 2017 respectively," Fitch said in a report released today. It has predicted that the share of bad loan would jump to 10.9% by March 2016.

12. Larger female workforce can add Rs 46lk cr to GDP: McKinsey - The socio-political consequences of gender bias for society's progress have been well documented. What is not so widely known is that the discrimination against women has an economic cost--or opportunity cost, depending on how you look at it--as well. A report by McKinsey Global Institute estimates that bridging the gender gap in India could add Rs 46 lakh crore to the country's gross domestic product in 2025. This economic boost, the report states, translates into 1.4 percent per year incremental GDP growth. "About 70 percent of the increase would come from raising India's female labour-force participation rate from 31 percent at present to 41 percent in 2025.

This would bring 68 million more women into the economy over this period," says the report.

13. RBI fixes gold bonds issue price at Rs 2,684 per gram - Reserve Bank has fixed the public issue price at Rs 2,684 per gram for the sovereign gold bonds, for which applications will be accepted from November 5 to 20. Aimed at providing an alternative to buying physical

gold, the gold bond scheme will offer investors an interest rate of 2.75 percent and a choice to buy bonds worth 2 grams of gold, up to a maximum of 500 grams. "The issue price of the sovereign gold bond for this tranche has been fixed at Rs 2,684 per gram of gold," the RBI said in a statement today.

14. In a first, Chinese central bank invests in Indian govt bonds - People’s Bank of china, the world second-largest holder of financial assets after the US Federal Reserve, has emerged as acreditor to the indian government. The central bank of china, which functions as a monetary authority as well as a regulator of financial institutions, bought Government of India bonds soon after New Delhi’s decision to raise the permissible investment limit in gilts for offshore investors. PBoC is registered with the indian capital market regulator SEBI as a registered foreign portfolio investors The new nomenclature for foreign institutional investors under a new regulatory regime. The move hints at a greater acceptability of rupee in the global financial market and its relative stability compared with other emerging market (currencies. China may be testing the water with india deciding to progressively allow foreign investment in government bonds. Diversifying its foreign exchange reserve, indian G-secs offer a higher yield” Said a regulatory source. The development comes at a time when PBoC has sold a small slice of its holding in the US treasury bills. It is widely perceived that PBoC has been offloading dollars and buying yuan to prop up the local exchange rate. The central bank’s forex reserve is now at 3.51 trillion, down from $ 4 trillion in June 2014.

15. Sebi tells mutual fund industry: No new offers until plans are merged - SEBI has categorically told the mutual fund industry that it will not clear any of their new launches until fund houses, merged existing schemes with similar characteristics, the latest instance of the stock market regulator ticking off the MF industry in recent weeks.The capital market regulator, which has long been pushing for the merger of similar schemes to cut down duplication and under performance, is miffed with assets management companies that they have not merged similar schemes despite the government removing a key tax hurdle to facilitate such actions in the last budget. We are for simplification of products. Unless the fund house is able to explain the difference, Sebi is not clearing any scheme," a senior Sebi official told ET. "We have told them you have no excuse for not merging the schemes," the official added. Multiplicity of schemes has been a major bugbear for Sebi for some time. The issue of multiple schemes with similar characteristics was first raised during CB Bhave's tenure as the Sebi chief. After UK Sinha took over from Bhave, he pushed for merger of mutual funds.The mutual funds has said expand.

16. Govt fixes 2.25-2.50% interest on gold monetisation scheme - Entities participating in Gold Monetisation Scheme can earn up to 2.50 percent interest rate on their idle gold. Interest rate on Medium and Long Term Government Deposit are 2.25 percent and 2.20 percent, respectively, according to a notification issued by RBI today. The tenor of medium term would be between 5-7 years while long term would for 12-15 years tenure. The deposit under MLTGD category will be accepted by the designated banks on behalf of the central government. The receipts issued by the Collection and Purity Testing Centre and the deposit certificate issued by the designated banks shall state this clearly. The government had in September cleared the gold monetisation scheme aimed at tapping part of an estimated 20,000 tonnes of idle gold worth about Rs 5,40,000 crore into the banking system. The gold received under MLTGD will be auctioned by the agencies notified by the government and the sale proceeds will be credited to government's account held with RBI, it said.

17. SunEdision to supply cheapest solar power in India - US-based SunEdison has won a bid to sell solar power in India at a record low tariff, which could boost the appeal of the renewable source at a time when Prime Minister Narendra Modi is pushing for clean energy to combat climate change. Solar energy still has a long way to go before it can effectively compete with coal, given questions over consistent supply and transmission. But falling rates could unlock more government support for solar and wind energy. Modi's government expects clean energy to yield business worth $160 billion in India in the next five years, and established US companies like SunEdison and First Solar Inc are likely to be the biggest beneficiaries.

SunEdison won the auction for a 500 megawatt project in the southern state of Andhra Pradesh, bidding to supply power at 4.63 rupeesper kilowatt-hour, Upendra Tripathy, new and renewable energy secretary, told Reuters on Wednesday 18. Moody's warns of impact from China slowdown and US rate hike - Moody's Investor Services says a slowdown in global growth linked to China and a rise in US interest rates are the two main reasons why it could lower its credit grades for countries next year. In a report Wednesday, the credit ratings agency warned that a sharp slowdown in China would have "broad implications and negatively affect trading partners and economies that are highly dependent on commodity exports." It also said a rate hike from the U.S. Federal Reserve, which would be its first in more than nine years, could hit emerging market economies that have seen money pour into their economies in the era of super-low US borrowing costs. Overall, Moody's said its view for sovereign creditworthiness in 2016 is "stable" due to a "shallow economic recovery."

19. Janet Yellen: December rate hike a 'live possibility' - Federal Reserve Chair Janet Yellen said Wednesday that December would be a "live possibility" for a rate hike if the upcoming data are supportive. "Now no decision has been made on that and, what it will depend on, is the [Federal Open Market Committee's] assessment at the time. That assessment will be informed by all of the data that we collect between now and then," she said, testifying before the House Financial Services Committee. Janet Yellen also said she and the committee expect the economy to grow "at a pace that's sufficient to generate further improvement in the labor market, and to return inflation to our 2 percent target." "If the incoming information supports that expectation, then or statement indicates that December would be a live possibility," she said.

20. RBI comfortable with existing interest rates: RBI Governor Raghuram Rajan - RBI Governor Raghuram Rajan on Thursday said the central bank is comfortable with the current level of policy rates till more room builds up, even as the government expressed hope for further cuts. "What we said in our monetary policy statement is that we essentially looked at all the room we had and we have taken full advantage," Rajan said. Stating that RBI was data-dependent on its monetary policy, the Governor said, "Until more room builds up... we are comfortable with where we are." RBI in its September bi-monthly monetary policy review cut interest rate by 0.5 per cent, much higher than that popular expectations for a rate cut of 25 basis points. The benchmark repurchase rate has subsequently come down from 7.25 per cent to 6.75 per cent, lowest in four-and-half-years.

21. Prime Minister has Launched 3 gold scheme and national Gold Coin - Prime Minister Narendra Modi has launched the three Gold related scheme-Gold Monetisation Scheme Gold Sovereign Bond Scheme and the Gold Coin and bullion Scheme. PM Modi also unveiled the first ever National Gold Coin minted in india with the national emblem of Ashok Chakra engraved to be released among other on the occasion. Speaking at the event the PM Modi Said the question of Physical gold’s security will now be ruled out and woman will benefit the most of these Schemes.

22. US productivity rises in the third quarter, manufacturing strong - U.S. Nonfarm productivity unexpectedly rose in the third quarter as a decline in self-employed workers contributed to overall hours worked falling for the first time in six years, restraining labor-related production costs.The Labor Department said on Thursday that productivity, which measures hourly output per worker, increased at a 1.6 percent annual rate after increasing at an

upwardly revised 3.5 percent rate in the second quarter. Manufacturing productivity increased at its fastest pace in four years, led by the durable goods sector.

23. Govt clears rescue package for state power firms - The government approved a rescue package for its loss-making electricity utilities on Thursday, the power minister said, a move Prime Minister Narendra Modi hopes will increase the supply of power and help spur economic growth. Power Minister Piyush Goyal said after a meeting of the Cabinet the government had cleared the package, which it has been working on for several months, to ease the financial crunch at state-owned utility companies.

24. Infrastructure development top priority; Rs 4Lakh crore stuck projects rolled: PM Narendra Modi - The government has rolled out stuck projects worth Rs 4 lakh crore in the past six months, Prime Minister Narendra Modi said on Thursday. Modi, who was in Kundli on Delhi-Haryana border to lay the foundation stone of three roads projects costing over Rs 13,800 crore that will decongest traffic in Delhi and National Capital Region, said infrastructure was the top priority of his government and building roads was the fastest means to bring economic growth. Showering praise on road transport and highways minister Nitin Gadkari for the work done since the government assumed charge in May 2014, Modi said that no one has done as much for the roads and highways sector in the past 60 years as Gadkari has done. Modi said that road projects like Bharatmala and Setu Bharatam will accelerate the pace of development in the country. "Bharatmala will connect 123 districts to national highways. Under the Setu Bharatam project, we'll be building over 400 new bridges," the Prime Minister said. He said that his government had brought in new rules to accelerate the pace of implementing projects.

"We'll not only create highways but also I-ways. Our mission is to provide 24x7 power to all villages of India by 2022," Modi said.

25. PM Modi says economic reforms to transform India -

Prime Minister Narendra

Modi on Friday inaugurated the Delhi Economics Conclave, which will be hosted by the Finance Ministry. Here are the highlights of the Prime Minister’s speech during the inaugural ceremony Like * Poor sanitation and lack of cleanliness is much more than issue of health *We are now moving towards universal neem coating of urea *Agriculture remains India’s mainstream in terms of providing livelihood, we have introduced series of reforms *Believe it or not,accounts opened under Jan-Dhan yojana today have a total balance of almost Rs 26000 crores

*GDP growth is up & inflation is down, foreign investment is up, current account deficit is down *Maximum value for every rupee spent,maximum empowerment for our poor,maximum technology penetration among masses: PM Narendra Modi TOP ECONOMY NEWS 1. Bridging gender gap may add Rs 46 lakh crore to India's GDP in 2025: McKinsey Pushing gender equality can deliver a sizeable additional economic growth and could add Rs 46 lakh crore to India's GDP in 2025, a McKinsey report says.According to the new report by McKinsey Global Institute titled The Power of Parity: Advancing Women's Equality in India', bridging the gender gap will have a huge economic impact and the boost could translate into 1.4 per cent per year incremental GDP growth for India. Advancing gender equality can deliver sizeable additional economic growth and broad-based prosperity to the world -- nowhere more so than in India," the report said, adding that delivering that impact will require tackling significant gender gaps in society and driving a national agenda for change that involves all stakeholders. About 70 per cent of the increase would come from raising India's female labour-force participation rate to 41 per cent in 2025, from 31 per cent at present. This would bring 68 million more woman into the economy over this period.

2.India could cut corporate tax to 25% earlier than expected: Revenue secretary Hasmukh Adhia - The Indian government could cut corporate tax to 25 percent from 30 percent before a previous deadline of four years, and will provide a roadmap for ending corporate tax exemptions shortly, Revenue Secretary Hasmukh Adhia said on Monday.Finance Minister Arun Jaitley, while presenting his annual budget in February, announced that the government would gradually pare corporate tax by 5 percentage points during the next four years and roll back various tax exemptions.

3. September infrastructure output up 3.2% y/y, fastest growth in 4 months - Infrastructure output grew at its fastest pace in four months to 3.2 per cent in September from a year ago, mainly driven by higher production of electricity and fertilisers, government data showed on Monday. The output had grown 2.6 per cent year-on-year in August. The infrastructure sector accounts for nearly 38 per cent of India's industrial output.

4. Manufacturing growth cools to 22-month low in October - Manufacturing growth slowed down to almost two year's low in October despite it being a festival season, showed the widely-tracked Nikkei purchasing managers' index survey. Output growth eased as new orders were not as forthcoming. Even after that, companies employed additional hands, for the first

time since January. Meanwhile, inflation in some commodities came back, because of which the Reserve Bank of India may pause its move to soften interest rate regime. PMI fell to a 22-month low of 50.7 in October against 51.2 in September. Both represents growth, but October reflected slowing down of expansion. This is so because the index above 50 points implies a growth and one below that shows contraction. PMI was indicative of a weaker improvement in business conditions across the sector, said Markit Economics, a complier of PMI. Output growth eased in October on the back of a slower increase in new orders. Rates of expansion in both production and order books were the weakest in their current 24-month sequences of growth, with panellists reporting challenging economic conditions and a reluctance among clients to commit to new projects. Sector data indicated that consumer goods was the best performing category in October, while improving operating conditions were also seen in the intermediate goods sub-sector. Conversely, capital goods firms saw business conditions deteriorate in the latest month as output and new orders declined for the first time since September 2014 and August 2014 respectively.

5. September core sector up 3.2% YoY vs 2.6% in August - Growth in output of the country's eight "core" sectors grew 3.2 percent year-on-year in September, compared to 2.6 percent in August, as high growth in electricity and fertilizers was offset by slow growth in every other sector. Government data released today showed electricity and fertilizer production grew 10.8 percent and 18.1 percent. In other sectors, steel, oil and cement production fell 2.5 percent. 0.1 percent and 1.5 percent, respectively, while output of coal, gas and petroleum refinery products grew between 0.5 percent and 1.9 percent. For the six-month period between April and September, core sector growth stood at 2.3 percent, compared to 5.1 percent last year during the same period.

6. Moody’s projects stable growth rate for India - Global rating agency, Moody's Investors Services has reiterated its stand, projecting stable growth rate for India and has said that the Indian economy would grow at 7.5 percent in the current fiscal and improve marginally in the following year. It said “We expect that India’s real GDP will grow at 7.5 percent in the financial year ending March 31, 2016 (FY16) and 7.6 percent in FY17,” it further added that these growth rates would be slightly faster than the 7.4 percent recorded in FY15 and substantially better than from FY12 to FY14. In its report it also pointed that India’s average annual expansion of 7.7 percent over the past decade is one of the fastest growth rates globally, as its favorable demographics and the opportunities afforded by a large and diverse national market with high levels of savings have overcome the effects of weak physical infrastructure and sometimes disjointed policies. However, during this long growth period, the country experienced a significant slowdown in FY12-13 driven in part by policy bottlenecks impacting

project investments. Though, in past two years some of these problems were addressed. There has been a focus on improving the ease of doing business, particularly with respect to approvals required from the government.

7. GAIL plans to build smart villages along Jagdishpur-Haldia pipeline - GAIL is engaging with local communities early on and planning to build 'smart villages' along its proposed Jagdishpur-Haldia pipeline to ensure the project does not suffer the same fate as its Kochi-Bengaluru-Mangaluru pipeline, which has been stuck for years as the company has been unable to obtain right of way from most landowners. The state-run company, India's largest natural gas pipeline operator, has revived the 2,050-km pipeline project after eight years of uncertainty following Prime Minister Narendra Modi's push to get cleaner fuel to eastern India even though the source of the gas, customers and the funding for the project remain shaky. The company resurrected the project after the Modi-led NDA government decided to revive the fertiliser units in Barauni in Bihar and Gorakhpur in Uttar Pradesh amid attempts by the coalition leader Bharatiya Janata Party to shore up political fortunes in the two states.

8.September infrastructure output up 3.2 per cent y-o-y -The infrastructure output grew at its fastest pace in four months to 3.2 per cent in September from a year ago, mainly driven by higher production of electricity and fertilisers, government data showed on Monday.The output had grown 2.6 per cent year-on-year in August.The infrastructure sector accounts for nearly 38 per cent of the country's industrial output.

9. RPP Infra forms joint venture with China's Hunan Construction - RPP Infra Projects today said it has formed a joint venture with China's largest state-owned firm Hunan Construction Engineering Group Corporation, a pact that will help in capturing big-size orders and profitable business in the infra space in India. "Hunan and RPP Infra Projects Ltd hereby associate them into a joint venture to act in collaboration with each other under the name and style of Hunan-RPP joint venture. Hunan will act as a lead partner of the joint venture to make all necessary statement on behalf of the joint venture," RPP Infra Projects said in a statement.

Performance guarantees, advance guarantees or any such other bonds, securities shall be provided by the lead member of the joint venture, it added.

10. Services sector growth hits 8-month high in October - India’s services sector activity touched an eight- month high in October driven by a significant rise in new business orders even as growth in manufacturing output eased, a Nikkei survey said.the Nikkei Business Activity index climbed to 53.2 in October, from 51.3 in september, as fresh orders expanded at a solid pace and were most pronounced since February. Services companies saw a faster rise in new business than their manufacturing counterparts� said pollyanna de lima, economist at

markit, which complied the survey.Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output index, which maps both manufacturing and services sectors, rose to 52.6 in October from 51.5 in September helped by new businesses. A reading of 50 divides growth and contraction. "India's economic growth shifted into higher gear in October driven by the services sector. Although manufacturing production continued to expand, the growth eased and was sluggish by historical standards," Lima added.

11. 1st tranche of corporate tax reduction in next Budget: FM - Finance Minister Arun Jaitley on Wednesday said the government in the next few days will list out the exemptions to be phased out as part of its plans to gradually bring down corporate tax rate to 25 percent the first tranche of which will be announced in the budget in February. “I have announced a road map for direct taxation to bring corporate tax rate to 25 percent by phasing out some of those exemptions. We are going to put in public domain in the next few days some of those exemptions that we intend to phase out in the first round” he said.

12. GST only a question of time : Finance Ministry Arun Jaitley - Finance Ministry Arun Jaitley expressed confidence on Wednesday that he would be able to pass a new goods and services tax (GST), saying opposition to the reform would crumble when it comes to a parliamentary vote. “GST is only a question of time”, Jaitley told an economic conference in new Delhi.

13. Government will unveil big power reforms in next couple of days: FM Arun Jaitley The government in the next couple of days will announce a major policy for the stressed power sector, which has been reeling under high debt, Finance Minister Arun Jaitley said today.

"Power is a stressed sector. In the next couple of days, we are likely to announce some major policy decisions in that regard to take the sector out of stress. Once that happens, I am quite sure the private sector will also start participating," he said at the National Strategy Day on India, jointly organised by the World Economic Forum and CII. While Jaitley did not elaborate, it is believed that the Cabinet at its next meeting may consider recasting Rs 4.3 lakh crore of loans of nine power distribution companies subject to states agreeing to raise electricity tariff over a period of time. "The big problem area for us is the power sector. I think that is an infrastructure issue which we are going to be addressing literally in the next couple of days, if not in the next couple of days, if not in the next couple of hours itself. We have almost finalised an approach in that direction," he said.

14. France pledges over 2 billion euros for Smart Cities project in India - France has committed to invest over 2 billion euros for Smart City projects in India with special focus on

Chandigarh, Nagpur and Puducherry, French ambassador in India, Francois Richier, said.Richier said there is also an investment of 200 million euros for the extension of Bangalore Metro. He was speaking at a seminar on 'Towards Smart and Sustainable Cities' organised by FICCI, Embassy of France in India and the Ministry of Urban Development.

15. RBI issues guidelines on sovereign gold bonds - The Reserve Bank of India has issued operational guideline for sovereign Gold Bond, 2015-16, to be launched by Prime Minister Narendra Modi today. Beside sovereign Gold Bonds, Modi will also launch two other Gold related schemes-Gold Monetisation scheme (GMS) and and the gold coin and bullion Scheme.

Issuing the operational guidelines on the Gold bonds, RBI said application form from investors will be received at branches during normal banking hours from November 5-20. “ Relevant additional detail may be obtained from the applicants, where necessary. Receiving office need to ensure that the application is complete in all respects,” it said. Regarding interest on application money, RBI said applicants will be paid interest at prevailing saving bank rate from the date of realisation of payment to the settlement date.

16. MSME Sector largest contributor to india’s GDP - Secy - The Micro, small and Medium enterprises (MSME) sector is the single largest contributor to the Nation’s GDP, a senior official said. ‘MSME Sector is important in two ways...first,because it contribute as the single largest source to the Gross Domestic Products (GDP) of the country, and second, which is more important, is that it is the most innovative among all the sectors,” MSME Secretary Anup Pujari said during switch-Asia conference. "Innovation essentially comes because in a big corporation, the innovative activities get diffused where as in a micro or small unit, the innovative activity is more focused, more linked to the actual problem that they face. "This is true in India, this will be true in Bhutan and this will be true in Germany, everywhere," he said.

He was speaking at Switch-Asia, an international conference and networking event on the role of Sustainable Consumption and Production (SCP) towards building livelihoods in Asia.

17. PM Narendra Modi for indigenous manufacturing to cut defence budget by 50 per cent - Noting that India imports defence equipment in large quantity, Prime Minister Narendra Modi today emphasised on indigenous manufacturing to help slash the defence budget by 50 per cent within a decade. Addressing an event here, Modi also stressed on developing "local" technology to help people deal with daily challenges as well as the need to provide a proper environment and mobilise resources to encourage "innovation". Today our nation imports defence equipment in large quantity. Is it not possible that our institutions concentrate in the area of defence and research and prepare a human resource development pool which will help in making equipment cheaper to the extent that outside importers use this talent for

manufacturing. India can be a global market if we do it. If our institutions decide today that we will be able to cut down defence import by 50 per cent in next 10 years, then the amount we save on our defence budget will be pumped into the education sector. Will it not be a big gain?

We will be self-reliant," he said.

18. Bankruptcy Law to Improve Ease of Doing Business: Shaktikanta Das - A new law on bankruptcy aimed at improving the ease of doing business will be introduced in Parliament at the earliest, a top finance ministry official said on Thursday.

Bankruptcy law will improve ease of doing business in India. Government will try to introduce the bill in the Parliament at the earliest," Economic Affairs Secretary Shaktikanta Das said in a tweet.A government-appointed panel had yesterday suggested a modern bankruptcy law to deal with insolvency cases within 180 days that may arise on account of business failures or economic downturns.The draft legislation prepared by a panel, headed by former Law Secretary T K Vishwnathan, also proposes early identification of financial distress so that steps could be taken to revive the ailing companies.Mr Vishwnathan had presented the Bankruptcy Law Committee Report to Mr Jaitley here on Wednesday.

19. Infrastructure development top priority; Rs 4Lakh crore stuck projects rolled: PM Narendra Modi - The government has rolled out stuck projects worth Rs 4 lakh crore in the past six months, Prime Minister Narendra Modi said on Thursday. Modi, who was in Kundli on Delhi-Haryana border to lay the foundation stone of three roads projects costing over Rs 13,800 crore that will decongest traffic in Delhi and National Capital Region, said infrastructure was the top priority of his government and building roads was the fastest means to bring economic growth.

20. Rupee down 12 paise to 65.87 on strong dollar demand in early trade on Friday - The rupee weakened by another 12 paise to trade at a fresh one-month low of 65.87 against the US dollar in early trade today at the Interbank Foreign Exchange due to sustained demand for the American currency from importers. Besides, sustained foreign capital outflows kept pressure on the rupee, forex dealers said. However, a higher opening in the domestic equity market and the dollar's weakness against other currencies overseas capped the losses, they added. The rupee had lost 26 paise to close at more than one-month low of 65.75 against the US dollar yesterday on fresh demand for the American currency from banks and importers amid higher greenback in overseas markets.

21. RBI comfortable with existing interest rates: RBI Governor Raghuram Rajan - RBI

Governor Raghuram Rajan on Thursday said the central bank is comfortable with the current level of policy rates till more room builds up, even as the government expressed hope for further cuts. "What we said in our monetary policy statement is that we essentially looked at all the room we had and we have taken full advantage," Rajan said. Stating that RBI was data-dependent on its monetary policy, the Governor said, "Until more room builds up... we are comfortable with where we are."

RBI in its September bi-monthly monetary policy review cut interest rate by 0.5 per cent, much higher than that popular expectations for a rate cut of 25 basis points. The benchmark repurchase (repo) rate has subsequently come down from 7.25 per cent to 6.75 per cent, lowest in four-and-half-years.

22. Modi govt on right track in drawing FDI' - Even as a majority of India Inc is holding on to its purse on new investments, London-based billionaires Hindujas said they will invest 'billions of dollars' more in India as the policies by the Modi government is conducive for fresh investments. With the right leadership and policies in place, foreign investment will start flowing into the country as investors are now getting clarity on policies. The foreign investors are engaging the Big four audit companies to get information from India and so far the feedback is that the Modi’s government has taken the right steps in attracting investment since they came to power in May last year,� said Prakash Hinduja, 69, chairman of the Hinduja group of companies in Europe, on Monday. They (the investors) know exactly what’s going on in India and they are getting the right signals on India, he said.

23. Cabinet clears financial restructuring package for discoms - The Union Cabinet has given its approval to a scheme that will allow power distribution companies (discoms) in select states to convert their debt into state bonds, as well as roll out a host of steps to improve efficiency at power plants. This will ensure struggling discoms can shake off years of losses and start on a path to profitability. Power Minister Piyush Goyal said that power discoms in several states had been severely mismanaged, resulting in a debt burden upward of Rs 4 lakh crore. This has taken a toll on the power as well as bank sectors. The plan, called Ujwal Discom Assurance Yojna (UDAY), will shift 75 percent of discoms debt burden from their to states' balance sheets and this will be result in interest cost savings to the tune of 3-5 percent.

TOP CORPORATE NEWS 1. RCom to pay Rs 3,920 cr for spectrum licence post MTS merger - Reliance Communications, which signed a definitive agreement with Sistema Shyam Teleservices Limited (SSTL) today to acquire operation of MTS network in exchange for 10% stake, has agreed to pay Rs 392 crore per year till next 10 years for spectrum licence owned by the Russian operator. Before closing the deals, SSTL would pay off all its liabilities, RCom said in a statement without giving definite time period to close the transaction.

"As result of the demerger, SSTL will acquire and hold a 10% equity stake in RCom. In addition, RCom will assume the liability to pay instalments for SSTL's spectrum, amounting to Rs 392 crore per annum for the next 10 years. Prior to Closing of the Transaction, SSTL intends to pay off its existing debt," the company said in a statement post its board of directors meeting today.

2. Indian promoters' stake in companies at 8-year low - Are Indian promoters less bullish about their companies than their foreign peers or institutional investors? There has been a steady decline in promoters' holding in Indian private sector companies to an eight-year low of 43.4 per cent at the end of September 2015. The corresponding ratio was 44.4 per cent a year ago and 48.7 per cent at its peak in the March 2008 quarter. A similar trend is visible in the public sector undertakings (PSUs) with a consistent decline in promoters' (government) holding as the government pursues divestment. Effective promoter holding in PSUs is down nearly 750 basis points or around 10 per cent in the past decade to 67.1 per cent at the end of the last quarter from an average holding of around 75 per cent in 2005. In comparison, foreign multinationals have been consistent buyers on Dalal Street shoring up stakes in their Indian arms. Promoter holding in listed foreign companies such as Hindustan Unilever, Bosch, ACC, Ambuja Cement and Nestle India, among others, is up to a high of 64.4 per cent at the end of the September 2015 quarter from a low of 51.6 per cent in March 2005. At the end of September 2015, Indian (private) promoters' holding in their companies was worth Rs 28.5 lakh crore (Rs $438 billion), up from Rs 26.7 lakh crore in September 2014 and Rs 3.4 lakh crore in March 2005. In comparison, global companies' stake in their Indian ventures stood at Rs 6.8 lakh crore (Rs $104 billion), while the government's stake in listed public sector companies was worth Rs 11.1 lakh crore (Rs 170 billion) in September 2015, respectively.

3. United Spirits Q2 profit at Rs 929 crore - Liquor major United Spirits posted a net profit of Rs 929.3 crore for the second quarter ended September 30, 2015, on the back of Rs 870 crore share sale in United Breweries Ltd. The company had reported a net loss of Rs 26.9 crore

for the same period of previous fiscal. Net sales of the company rose to Rs 2,122.17 crore during the September quarter, from Rs 2,007.8 crore during the same period of previous fiscal, United Spirits said in a filing to the BSE. For the six months ended September 30, the company posted a net profit of Rs 949.22 crore, as compared to a net loss of Rs 85.86 crore in the same period of previous fiscal. "Our F16 half year results are starting to show the dividends of our comprehensive strategic plan focused behind our power brands with a clear prioritised geographical participation strategy," United Spirits CEO Anand Kripalu said.

4. Piramal Enterprises reports Q2 net profit at Rs 245.91 cr - Piramal Enterprises today reported a consolidated net profit of Rs 245.91 crore for the second quarter ended September 30, mainly on improved performance across business segments and lower R&D expenses. The company had posted a net loss of Rs 390.79 crore for the corresponding period of the previous fiscal, Piramal Enterprises said in a regulatory filing. The company's consolidated total income from operations stood at Rs 1,544.11 crore for the quarter under consideration as against Rs 1,243.36 crore in the year-ago period. Commenting on the results, Piramal Enterprises Chairman Ajay Piramal said. We are making good progress against our clearly defined strategic roadmap across all our businesses. Our efficient capital allocations and healthy growth rates are enabling us to again deliver a significantly improved bottom-line performance.

5. Looking to grow loan book 25%, focus on non-infra: IDFC CFO - An exceptional provision led to IDFC reporting a loss of Rs 1411 crore in the September quarter, Sunil Kakar, Group Chief Financial Officer, IDFC tells CNBC-TV18. But for the provision, IDFC would have reported a net profit of Rs 511 for the half year ended September, he says. IDFC had to make a provision of Rs 2500 crore and reverse Rs 139 crore of interest income, towards stressed assets during the September quarter. Kakar says the provisions were not mandated by regulations, but were made as a prudent measure. He says the total size of stressed assets has been constant around Rs 5000 crore and he does not see any increase in slippages. Kakar says the bank's focus will be on the non-infrastructure sector, as there are few opportunities to lend in the infra sector. He sees continuing stress in infra sectors like power coal and gas.

6. NPLs to improve by year-end; focus on retail: Indian Bank - Gross non-performing loans reduced due to higher recoveries in the second quarter of FY16, Mahesh Kumar Jain, Managing Director (MD) & Chief Executive Officer (CEO), Indian Bank told CNBC-TV18. The bank’s profit after tax (PAT) grew 17.5 percent to Rs 369.3 crore. Gross non-performing assets declined to 4.61 percent and net NPA decreased to 2.6 percent in the quarter gone by. The

bank’s total slippages for Q2 were Rs 547 crore. One nominal account was refinanced under the Reserve Bank’s 5/25 scheme and another was sold to asset restructuring company (ARC), Jain said. He expects the NPL situation to improve further by the year-end. The bank’s focus is on growth in the retail sector and not much in the corporate segment, Jain said adding that he expects 11-12 percent loan growth in FY16.

7. Lupin gets FDA nod for generic Aricept tablets - Pharma major Lupin on Tuesday said it has received final approval from the US drug regulator to market generic Aricept tablets used for treatment of dementia. The company's US subsidiary, Lupin Pharmaceuticals , would commence promoting the product shortly in the US, the company said in a statement.It has received final approval for its Donepezil Hydrochloride Tablets, 23 mg from the United States Food and Drug Administration (FDA) to market a generic version of Eisai Inc's Aricept tablets," it added. Lupin's Donepezil Hydrochloride Tablets are the AB rated generic equivalent of Eisai Inc's Aricept tablets and is indicated for the treatment of dementia of the Alzheimer's type. Aricept had US sales of USD 52.3 million (IMS MAT June 2015), it added.

8. Reliance Power consolidated net up by 37 per cent - The Anil Ambani-led Reliance Power Ltd on Tuesday said it closed the second quarter of the current fiscal with 37 percent growth in net profit on a consolidated basis. In a statement here, Reliance Power said it posted a net profit of around Rs.346 crore for the quarter ended September 30, this year as against Rs.253 crore for the quarter ended September 30, last year. According to the company, its total income for the period under review stood at Rs.2,856 crore up from Rs.1,885 crore earned during the corresponding period of the previous fiscal. The company said its total operating capacity stood at around 6,000 MW. 9. Adani Enterprises Q2 net plunges 40% to Rs 299 crore - Adani Enterprises, the flagship firm of the Adani Group, said consolidated net profit declined by 40 per cent on comparable basis to Rs 299 crore for the second quarter ended September 30. The Ahmedabad-based firm had clocked a net profit of Rs 496 crore in the year-ago period, it said in a statement. Total consolidated income, however, rose by 6 per cent to Rs 11,390 crore in July-September quarter from Rs 10,752 crore in the corresponding period last year, on a comparable basis.

10. ABB India reports 30.5% increase in quarterly net profit - ABB India has reported a 30.5% increase in its quarterly net profit, helped by good order flow. The power and automation technology company's net profit for the quarter ended September stood at Rs 58.74

crore compared with Rs. 44.98 crore a year ago. Its total income increased by 6.7% to Rs 1,969.49 crore compared with Rs 1,846 crore for the same quarter in 2014, ABB India said on Tuesday. Continued confidence in the value addition of our portfolio of advanced and integrated solutions resulted in a good build-up of orders for the quarter," said Bazmi Husain, its managing director. ABB India said it received Rs 2,292 crore worth of orders in the third quarter of 2015, compensating for the award postponement experienced in the last two quarters.

11. Adani Power posts Rs 369 crore quarterly loss; net loss shrinks - Adani Power posted a net loss of Rs 369 crore for the quarter ended September 30, compared with a loss of Rs 798.7 crore in the same period last year. Total income increased 39% to Rs 5,784 crore as it sold more power. Pursuant to its sale of stake in Adani Transmission (India), the merger between Adani Enterprises' Solar Power Undertaking with Adani Power and the acquisition of Lanco Infratech's Udupi Power, the financial results for the past quarter weren't fully comparable with the year-earlier numbers, the company said.Adani Power said its earnings before tax increased 47% to Rs 1,824 crore in the past quarter. Adani Power remains committed to continue expanding towards the goal of achieving a power generation capacity of 20,000 MW by 2020 to bridge the power deficit in the country," Chairman Gautam Adani said.

12. Tech Mahindra Q2 net up 16% on other income, $ rev rises 2% - IT services provider Tech Mahindra 's July-September quarter profit increased 16.2 percent sequentially to Rs 785.6 crore, driven mainly by other income and operational performance. Rupee revenue increased 5.1 percent to Rs 6,615.5 crore and dollar revenue rose 2.2 percent to USD 1,011 billion on sequential basis. Dollar revenue growth in constant currency was 3 percent. Profit and rupee revenue were higher than analysts' expectations that were at Rs 732 crore and Rs 6,578 crore for the quarter, according to analysts polled by CNBC-TV18. Dollar revenue growth was in line with estimates but constant currency growth was ahead of estimates of 2.7-2.8 percent.

Mahindra and Mahindra group company has reported an other income of Rs 165.8 crore during the quarter, higher by 21.5 percent over Rs 136.6 crore in preceding quarter, including Rs 31.85 crore write back of excess provision made for contingencies provided earlier. Foreign exchange loss for the quarter was at Rs 8.8 crore against gain of Rs 93.21 crore in June quarter.

13. Indian Oil Corporation posts Rs 329 crore net loss in Q2 - Indian Oil Corp (IOC) today reported a net loss of Rs 329 crore in the September quarter as margins squeezed on falling oil prices. This is compared to a net loss of Rs 898.46 crore in the same period a year ago, IOCBSE 1.18 % said in a stock exchange filing. Fall in oil price meant turnover dropped to Rs

85,384.81 crore in Q2 as opposed to Rs 111,663.81 crore a year ago. IOC said all of its loses on sale of PDS kerosene and domestic LPG at government controlled rate were made good.

14. Hero Motocorp sales grow 11% in October - Country's largest two-wheeler maker Hero MotoCorp today reported 11.25% rise in sales at 6,39,802 units in October, its highest ever in a single month.The company had sold 5,75,056 units in the same month last year, Hero MotoCorp said in a statement.Its previous highest sales in any month was in October 2013 when it sold 6,25,420 units."With over 1,08,000 units of scooters sold in October, Hero MotoCorp crossed the landmark one-lakh unit sales in scooters in a month," the company said 15. Hinduja bets big on Africa; to invest $1 bn in automotive, oil, chemicals, trading & infrastructure sectors - Hinduja Group has identified Africa as its next big frontier for growth and has committed to pump in $1 billion across sectors over the next five years. Calling for a unified Africa plan to fast-track the development of the continent, the automobile-to-financial services conglomerate plans to expand its business across the African region, especially in automotive, oil, chemicals, trading and infrastructure sectors, Hinduja Group Europe Chairman Prakash Hinduja said here on Tuesday. Africa is the future market for us. A continent of vast size and population, as large as India, is going to be our next frontier. We have significant expansion plans in Africa and will be investing $1 billion over the next five years," the group's Europe chairman added. He said the group nets $300-400 million from the continent and after this investment "we expect our income to be around $2 billion over the next five years." For the mid-term, Hinduja said this 'Go Africa' strategy will have the group's flagship Ashok Leyland more than doubling its bus as well as truck exports to the continent from the present 12,000 units per annum to over 25,000 units over the next three years.

16. DLF Q2 net profit rises 21% to Rs131.50 crore - DLF Ltd, India’s most valuable property developer, posted a 21% increase in fiscal second-quarter profit to Rs.131.50 crore from a year ago on Tuesday.The realty firm reported a 7.33% drop in revenue to Rs.1,865.49 crore in the quarter ended September.Sequentially, DLF posted an 8.18% rise in net profit and a 16.4% drop in revenue.

DLF is continuing to face challenges in selling homes because of a slowdown in the real estate market and particularly in its core National Capital Region (NCR) market. However, the profit margin of DLF has improved with the developer clocking maximum sales in its luxury Cammelias project in Gurgaon, during the quarter. In September, unit DLF Home Developers

Ltd and Government of Singapore Investment Corp. Pvt Ltd (GIC) entered into a joint venture to invest in two upcoming projects in central Delhi.

17. Reliance Capital Q2 profit rises 15% to Rs250 crore - Reliance Capital Ltd, the financial services arm of Anil Ambani-controlled Reliance group, on Monday said its fiscal second quarter profit increased 15%. Net profit rose to Rs. 250 crore for the quarter ended september compared with Rs. 217 crore in the corresponding period of last year. Total income rose 13% to 2,361 crore from Rs. 2,084 crore in the year period. As on 30 September, the company’s net worth stood at Rs. 14,175 crore, while total assets at Rs. 49,420 crore.The company’s asset management subsidiary—Reliance Capital Asset Management Ltd (RCAM), which is set to acquire Goldman Sachs’ Indian asset management business for Rs.243 crore, had total assets worth Rs.2.54 trillion at the end of the quarter. RCAM’s profit before tax increased 7% to Rs.122 crore for the September quarter.

18. RCOM to set up four data centres in India in 12 months - Billionaire Anil Ambani-led Reliance Communications (RCOM) and its subsidiary Global Cloud Exchange (GCX) would invest USD 80 million (around Rs 500 crore) to set up four data centres in India over the next 12 months. "We are adding four data centres in the next 12 months as part of our strategy to increase capacity by 40 per cent," Bill Barney Chief Executive of Reliance Communications (Enterprise) and GCX said.

This is part of the company's major expansion of its cloud platform, where it sees significant business opportunity. It expects that in the next five years, 25 per cent of the company's business would come from cloud services. RCOM-GCX is the largest provider of cloud computing facilities in India with 11 data centres. Around 3,210 Indian enterprises, 14,505 global enterprises and 231 Fortune 500 companies in Mumbai have connected through the RCOM/GCX network, the company said.

19. Canara Bank Q2 profit falls 16% on high provisions, NPA Up - Public sector lender Canara Bank 's July-September quarter earnings disappointed street on Wednesday with profit falling 15.6 percent year-on-year to Rs 528.9 crore, impacted by higher provisions. It was supported by other income, operating profit and net interest income. Net interest income, the difference between interest earned and interest expended, increased 11.8 percent year-on-year to Rs 2,646.5 crore with 4 percent loan growth during the quarter. Net interest margin improved to 2.24 percent from 2.21 percent on sequential basis. That should be around 2.35 percent by year-end, says Rakesh Sharma, CMD in an interview to CNBC-TV18. Profit was much lower

than analysts' expectations of Rs 625 crore while net interest income was slightly ahead of estimates of Rs 2,602 crore for the quarter, according to analysts polled by CNBC-TV18.

20. Fortis Healthcare Q2 profit at Rs 34 crore - Fortis Healthcare today reported a consolidated net profit of Rs 33.98 crore for the second quarter ended September 30, 2015. The company had posted a net loss of Rs 58.12 crore for the corresponding period of the previous fiscal, Fortis Healthcare said. Consolidated total income from operations stood at Rs 1,097.05 crore for the quarter under consideration. It was Rs 1,031.20 crore for the same period year ago. Commenting on the results, Fortis Healthcare CEO Bhavdeep Singh said: "We have seen a consistent growth in both revenues and operating margins of our hospital and diagnostic business over the preceding quarters." This is a reflection of an uptick in the business with better overall performance including in the operations of company's newer facilities, he added.

21. Marico Q2 net up 27%, volume growth disappoints; bonus 1:1 - FMCG major Marico 's profit increased 27.4 percent to Rs 150.7 crore in July-September quarter compared to Rs 118.3 crore in year-ago period, driven by operational performance. Revenue grew by 3.8 percent to Rs 1,485.4 crore from Rs 1,431.2 crore during same period due to slow volume growth.

Volume growth for the quarter was 4 percent, which was much below analysts’ estimates of 6-7 percent. The company reported mixed set of earnings today as profit matched analysts' expectations and operating profit margin was ahead of estimates but revenue missed forecast.

Profit was expected at Rs 150 crore and revenue of Rs 1,550 crore for the quarter with operating profit growth of 20 percent and margin expansion of 150 basis points, according to analysts polled by CNBC-TV18.

22.Essar in talks with Russia’s VTB to refinance $ 3.5 billion loans - Essar Global, the Ruia family holding company headquartered in London, is in talks with Russia's VTB Bank to refinance up to $3.5 billion of loans the conglomerate owes to a group of banks led by Standard Chartered as the British bank has been asking its borrowers to pay up as it sets its house in order, said two people familiar with the development."The negotiations are at a very advanced stage," said one of the persons who did not want to be identified. "Essar wants to refinance these loans because it has links in Russia and would like to make them more solid." But there is no certainty of a transaction given the sanctions against Russia and the bank's ability to raise US dollar funds, the people said. Essar, the steel-to-shipping conglomerate, has piled up billions of dollars in loans across banks in India and the UK as it built steel plants, refineries, and power plants.

23. Chennai Petro cracks 15% after posting net losses in Q2 - Shares of Chennai Petrochemical cracked over 15 per cent in Thursday's trade after the company said net losses further expanded to Rs 452.39 crore in the September quarter from Rs 233.14 crore in the same period a year ago. In reaction to the earnings numbers, the scrip slumped 15.57 per cent to hit a low of Rs 181.30. Total net income for the quarter under review stood at Rs 5,982 crore versus Rs 10,616.31 crore in Q2 of FY15, a drop of 43.64 per cent. Average gross refining margin for the company stood at $5.9 /barrel in the first half of 2016 against $ 2.11 in H1 2015.

24. DLF’s promoters to sell 40 % stake in rental arm by march-end - Realty major DLF today said its promoters are likely to sell their 40 percent stake in the company rental arm DLF Cyber City Developers Ltd. (DCCDL) by the end of the fiscal. In a conference call with analysts, DLF’s CEO Ashok Tyagi also gave sales booking guidance of around Rs. 3500 Cr. In the current fiscal. The company had achieved sales bookings of Rs. 3850 Cr. In the last fiscal.

Giving update on the promoters stake in the DCCDL , DLF senior Executive Director (Finance) Saurabh Chawla said the process to divest the stake has started.

25. Reliance Infra to sell 5.8 MT cement Business, Monetise 8,800 cr. Projects - In a strategic move to unlock value, Reliance infrastructure (RInfra) Said on Wednesday it will sell its 5.8 MTPA cement business and monetise 11 road projects worth Rs 8,800 crore, making the defence sector as primary driver of the company's growth. The Anil Ambani-led firm said its board after conducting strategic review of businesses, approved that defence sector "will be primary driver" for growth and gave nod for "disposal of cement business" for which seven potential buyers have been short-listed. The 5.8 million tonnes per annum (MTPA) cement business and related assets of the company will be disposed off through a formal process. The company has short-listed seven potential buyers from a total of 15 parties that submitted preliminary Expressions of Interest. The Due Diligence process has been commenced. Further announcements will be made at the appropriate stage," the company said in a statement.It said investment of Rs 8,800 crore made by the company in its 100 per cent owned roads business, comprising 11 revenue generating projects of approx 1,000 km across 7 states, will be appropriately monetised.

26. Ashok Leyland Q2 profit at Rs 287 crore - Ashok Leyland Ltd has reported a net profit of Rs 287 crore for the quarter ended September 30, 2015, an increase of 137%, as compared to Rs 121 crore for the quarter ended September 30, 2014.Total revenue rose by 53.5% to Rs 4,940 crore for the quarter ended September 30, 2015 from Rs 3,218 crore for the quarter ended September 30, 2014. Vinod K Dasari, managing director, Ashok Leyland, said the market for commercial vehicles is back after a long period of downturn.

27. Arvind Q2 net down 2%, lower raw material cost lifts EBITDA - Textile company Arvind 's consolidated profit declined 2.5 percent year-on-year to Rs 91 crore due to higher tax and exceptional item. Revenue increased 6.7 percent to Rs 2,096.4 crore from Rs 1,964.6 crore in same period. Earnings barring profit missed analysts' expectations. Profit was expected at Rs 86.3 crore and revenue of Rs 2,124.4 crore for the quarter with operating profit rising 10.5 percent and margin expansion of 30 basis points.

28. Cipla Q2 misses forecast, profit up 44% to Rs 431 cr - Pharma company Cipla's July-September quarter earnings missed analysts' expectations on Thursday. Consolidated profit shot up 44.4 percent year-on-year to Rs 431.2 crore, driven by revenue and operational performance. Revenue climbed 24.8 percent to Rs 3,452.4 crore in quarter ended September 2015 compared to Rs 2,767.3 crore in year-ago period. Earnings barring operating profit margin missed analysts' expectations. Profit was estimated at Rs 520.88 crore and revenue at Rs 3,562.7 crore with operating profit growth of 42.3 percent and margin expansion of 212 basis points.

29. Tata Steel Q2 profit jumps 22% to Rs 1529cr on other income - Tata Steel 's second quarter consolidated profit grew by 21.9 percent to Rs 1,528.7 crore from Rs 1,254.3 crore year-on-year, driven by other income. Revenue declined 18 percent to Rs 29,304.7 crore from Rs 35,777.1 crore during same period. Other income stood at Rs 2,938.2 crore for the quarter, significantly higher compared to Rs 321.5 crore in year-ago period due to sale of shares in Tata Motors.

30. BoB Q2 profit tanks 89% on higher provisions, NPA worsens - Public sector lender Bank of Baroda 's July-September quarter earnings disappointed street on Friday. Profit has seen a massive degrowth of 88.7 percent to Rs 124.48 crore during the quarter compared to Rs 1,104 crore in year-ago period. Net interest income, the difference between interest earned and interest expended, declined 4.6 percent to Rs 3,244 crore from Rs 3,401 crore during same period. Reacting to the news, Prakash Diwan says it is very clearly a clean up act. Whatever shows on the price today will be the bottom for the stock.

31. SBI beats forecasts with 25% rise in profit - SBI today posted a 25 per cent rise in stand-alone net profit at Rs 3,879.07 crore for the second quarter ended September. The country's largest bank had a stand-alone net profit of Rs 3,100.41 crore in the same quarter last year. Total income increased to Rs 46,854.81 crore during the quarter as against Rs 41,833.36

crore a year earlier. The bank has reported a consolidated net profit at Rs 4,991.70 crore for the said quarter compared with Rs 4,023.84 crore in the year-ago period. Total income has jumped to Rs 66,585.85 crore for the second quarter, from Rs 61,098.67 crore in the same period last year.

32. Tata Motors Q2 loss Rs 430 cr on damaged JLR cars in China - Tata Motors has posted a loss of Rs 430 crore during July-September quarter against profit of Rs 3,290.8 crore in year-ago period, hit by Jaguar Land Rover cars damaged in Tianjin Port explosion and finance cost. The commercial vehicle and luxury car maker has reported an exceptional cost of Rs 2,652.92 during the quarter, including a charge of Rs 2,493 crore (which was one-time hit) on account of vehicles damaged at Tianjin Port explosion in Jaguar Land Rover business. It also included forex loss of Rs 114 crore for the quarter against gain of Rs 26.5 crore in year-ago period. Weaker China sales and mix, foreign exchange revaluation and higher depreciation & amortisation expenses in Jaguar Land Rover business also hit bottomline during the quarter.

33.M&M Q2 profit down 2.4% on tax cost, revenue beats forecast - Utility vehicle maker Mahindra and Mahindra 's (M&M) standalone profit declined 2.4 percent to Rs 923.6 crore in July-September quarter compared to Rs 946.6 crore in year-ago period, impacted by tractor business and higher tax cost. Revenue was down 1.8 percent to Rs 9,245 crore during the quarter compared to Rs 9,410 crore in year-ago period due to a 10.2 percent fall in volume.

Auto sector sales volume declined 2.1 percent year-on-year to 1.13 lakh units and tractor sales dropped 26 percent to 45,246 units during the quarter.

34. Motherson Sumi Q2 net soars 176% to Rs 287cr, rev up 14% - Motherson Sumi has posted a robust September quarter earnings boosted by healthy sales across geographies and business segments. Its net profit surged 176 percent to Rs 287 crore in September quarter from Rs 104 crore in corresponding quarter last fiscal. During the period, its total revenue climbed 14 percent to Rs 9037 crore compared to Rs 7922 crore in year-ago period. Its consolidated EBITDA was at Rs 895 crore in Q2 versus Rs 709 crore while EBITDA margin came in higher at 9.7 percent versus 8.8 percent, year-on-year. Motherson Sumi says it has booked new orders worth â‚Ź3.87 billion in H1FY16.

35. BHEL posts Q2 loss Rs 205 cr, revenue beats estimates - State-run power equipment maker Bharat Heavy Electricals (BHEL) has posted a loss of Rs 205 crore in July-September quarter against profit of Rs 124.84 crore in corresponding quarter of last fiscal. Lower revenue

and weak operational performance hit bottomline but other income and tax write back limited losses. Revenue declined 3.35 percent to Rs 5,938 crore during the quarter compared to Rs 6,144 crore in same quarter last fiscal. The company disappointed street with its bottomline performance but revenue surpassed analysts' estimates. Profit was estimated at Rs 152 crore on revenue of Rs 5,650 crore for the quarter, according to average of estimates of analysts polled

by CNBC-TV18 36. Union Bank Q2 net up 77% at Rs 658 crore - Union Bank of India today reported a massive jump of 77 per cent in its net profit to Rs 658 crore for the September quarter.

The bank had reported net profit of Rs 371 crore in the July-September quarter of the previous fiscal. Global business grew by 7.4 per cent to Rs 5,84,687 crore as on September 30 of the current fiscal, while deposits soared by 10.2 per cent to Rs 3,30,665 crore, Union Bank said in a statement. Advances grew by 3.9 per cent to Rs 2,54,022 crore.Net interest income for July-September quarter of 2015-16 increased by 0.8 per cent to Rs 2,102 crore from Rs 2,085 crore in the same quarter of last fiscal.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK 1. India's banks in better shape but NPA recovery will be prolonged: Moody's - India's banking system is in a much better shape than four years ago driven by higher GDP growth, structural reforms and lower interest rates, global credit rating agency Moody's said in a report on Monday. However, asset quality concerns remain and recovery is unlikely to be quick as company balance sheets remain highly leveraged, Srikanth Vadlamani, vice president and senior credit officer at Moody's said. The US based credit rating agency upgrade the outlook on India's banking sector to stable from negative for the first time in four years mainly due to a better operating environment. Vadlamani said the recovery in asset quality of Indian banks will be "U shaped rather than V shaped" indicating that recovery will be long drawn. Public sector banks in India have been besieged by bad loans particularly from the infrastructure sector in the last four years, leading to a downgrade in the in the credit outlook by Moody's to negative in November 2011.

2. Federal Bank appoints Shalini Warrier as COO - Privately-held Federal Bank has appointed Shalini Warrier as Chief Operating Officer with effect from November 2, this year.

Warrier is a member of the Institute of Chartered Accountants of India being the first rank holder in 1989. She is also a Certified Associate of Indian Institute of Bankers. Having worked

with Standard Chartered Bank for more than 25 years, Warrier was the CEO and Head of Consumer Banking of SCB in Brunei, the company said in a release.At Federal Bank, she will be in charge of spearheading the digital strategy and enhancing operational excellence through automation and digitalization designed to improve client experience, while at the same time focusing on optimizing cost of delivery. Her addition to the management team is expected to add to the Bank's bench strength.

3. Government appoints MDs of four PSU banks - The government has appointed MDs of four public lenders, including UCO Bank, Corporation Bank and Andhra Bank. Suresh N Patel, Executive Director of Oriental Bank of Commerce, has been appointed managing director of the Hyderabad-based Andhra Bank. R K Takkar, ED, Dena Bank, will now head the Kolkata-based UCO Bank while J K Garg has been named as the MD of Corporation Bank.

The incumbent CMD of Corporation Bank retires in January. Mahesh Kumar Jain, ED, Indian Bank, has been elevated as the MD and CEO for three years from the date of taking charge or till the date of his superannuation or till further orders, whichever is earliest, the bank said in a statement.Jain assumed charge as MD of Indian Bank on November 2, it added.

4. Standard Chartered examines if IDR holders can buy into $5.1 billion rights issue British Major Standard Charted said it is examining the legal aspect as to whether Indian depository Receipt holders of the lender can participate in the USD 5.1 billion rights issue programme. The Company is currently clarifying local legal and Regulatory Requirements in order to determine whether to extend the rights issue to holders of Indian Depository Receipt(IDRs) and will make a further announcement, as appropriate, standard chart said in a statement.

5. Mahindra Group to appoint payments bank CEO in 4-8 weeks - : Mahindra Group will appoint a CEO for its soon-to-be launched payments bank in the next four to eight weeks, most likely an outsider, a senior executive told ET, as the conglomerate looks to setup the bank within a year. "We should have a CEO on board in the next 4-8 weeks. Search firms are on it and we have narrowed down on few people," Jagdish Mitra, chief strategy officer at Tech Mahindra told ET. "We are also looking at a management and leadership team, a total of 20-25 people." Tech Mahindra is among the 11 successful applicants that received the Reserve Bank's nod to set up payments banks as part of financial inclusion drive. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a rural non-banking finance company, as equal contributors to the new entity.

6. Corporation Bank to write off Rs 532-cr loan to REI Agro - State-run Corporation Bank today said it will technically write-off a Rs 532-crore loan given to REI Agro, which is under the CBI scanner for alleged loan fraud, in the December quarter after making full provisions. Last month, the Central Bureau of Investigation (CBI) had registered a case against Basmati rice exporter REI Agro on the basis of a complaint filed by a consortium of bankers. The consortium, led by UCO Bank, alleged that the company had defrauded them to the extent of Rs 3,815 crore since 2013 through conspiracy, cheating and forgery. Corporation Bank Chairman and Managing Director S R Bansal said the lender had already categorised the account as fraud and has been making provisions for it since January last, as per the regulatory requirement. "We have been making provisions for the account for the past three quarters... the December quarter will be the last one and then we will just technically write-off the account," Bansal told reporters here after launching the bank's institutional broking services through its wholly-owned subsidiary CorpBank Securities.

7. Government looks at three options to reduce stake in IDBI Bank - The government is looking at three options to shed its stake in IDBI Bank and lower it to 49% in the first such exercise in the public sector banking space. While no decision has been taken, sources said the easiest way to deal with the reduction in stake is to sell shares in small lots to the public through the stock exchange route. But the mode is seen to be time consuming and may not realize the best value for the government as the market would be able to beat the stocks. The other option is to get state-run insurance companies, including Life Insurance Corporation, and other pension and provident funds to buy the shares at a premium. The third option is to look at the Maruti model of 2005-06, where the government had sold the shares to state-run entities such as State Bank of India through an auction process. Among the institutions, LIC already holds close to 6% in IDBI Bank.

8. IDBI to raise Rs. 2800Cr. by the QIP or FPO - The Board of IDBI Bank

Wednesday

passed an enabling resolution to allow it to raise Rs 2800 crore via a qualified institutional placement (QIP) or any other instrument like follow-on public offer. But this does not follow from recent talks that the government was looking to sell direct stake in the firm, and would hold it indirectly via other public companies, as it does in Axis Bank, a move that has allowed the latter to operate like a private sector bank. In an interview with CNBC-TV18's Latha Venkatesh, IDBI Deputy MD BK Batra said he had not heard from government on any planned reduction of its stake. Recently, Finance Minister Arun Jaitley had said the government was

evaluating options through which a bank such as IDBI could be quasi-private, like how Axis evolved from UTI. "It was the bank’s annual plan to raise capital was Rs 5000 crore, out of which Rs 2200 crore is being infused by government in the next few days," he said, adding that the remaining will be raised from the market. The government’s stake in the company currently stands at 76.5 percent, which would go up to 80 percent post Rs 2200 crore infusion and then again come down to around 74-75 percent after Rs 2800 crore is raised, Batra said.

9. RBI imposes Rs 1 crore penalty on Dhanlaxmi Bank - The Reserve Bank of India today imposed a monetary penalty of Rs 1 crore on Dhanlaxmi Bank. The penalty was levied for violation of RBI guidelines on Know Your Customer and Anti Money Laundering standards.

RBI in a statement said, "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.

RBI had issued a Show Cause Notice to the bank for not having complied with KYC and AML guidelines. The notice was sent in respect of a current account under investigation of the Economic Offences Wing in Mumbai. After considering the documents and personal submission by the bank, the Reserve Bank came to the conclusion that Dhanlaxmi Bank had violated the KYC & AML guidelines from time to time, leading to a monetary penalty 10. Government, RBI on same page on monetary Policy committee structure - RBI Governor Raghuram Rajan said on Thursday said the govenment and the central bank have agreed on composition of the interest rate-setting monetary policy committee (MPC). MPC Agreement has been largely done. Only fine-tuning is left. The government and RBI are broadly on the same page on composition of MPC Rajan Said. The government has proposed to set up MPC, which will consist of representative from the Finance Ministry and RBI, To decide on interest rate. Rajan said the Final call on the timing of implementation MPC will be taken by the Finance Ministry. The revised draft of the Indian Financial Code (IFC), released by the ministry in july, had suggested doing away with RBI Governor’s veto power and proposed a 7member MPC to take rate decision by a majority vote. Of the seven members, four are proposed to be government nominees and the rest from RBI. 11. Ex-GE Capital India execs want to buy GE’s loan book for $400 million - Pramod Bhasin and Anil Chawla, who used to be top executives at General Electric India, have teamed up to jointly pitch for the purchase of GE Capital's consumer and commercial loan portfolio for an estimated $400 million. Talks are at an advanced stage, said people with knowledge of the

discussions. Bhasin is one of the founders of the domestic BPO industry and former CEO of back-office firm Genpact, which was spun off from GE. Chawla was managing director of GE India before launching local operation for US hedge fund and private equity Advisor DE Shaw in 2006.

12. IDBI bank may be merged with private lender - The government has hired SBI Capital Markets to draw up plans for the sale of a strategic stake in IDBI Bank and is open to a range of options including merger with a nonstate lender and preferential allotments to institutions of sound financial standing. Other proposals that have emerged in early talks include a follow on public offer and sale to institutional investors through the open market, said persons with knowledge of the two rounds of discussions that have already been held. Amerger would face the minimum regulatory hurdle. This will only need the Reserve Bank of India's permission, the person said. The government currently owns 76.5% of IDBI Bank. IDBI Bank is governed by the IDBI Act and the government can lower its stake without having to approach Parliament.

That's in contrast with the position at other state-run banks, where the government has committed to retain a 52% holding at least.

13. IDFC Bank gets listed on bourses at an opening share price of Rs 70.50 - IDFC Bank shares that demerged from IDFC got listed on the bourses on Friday at an opening share price of Rs 70.50 on both BSE and NSE. IDFC Bank has been carved out as the country’s newest bank after it demerged from infrastructure financing firm IDFC Ltd. Rajiv Lall is the MD and CEO of IDFC Bank. Promoters hold 53 per cent stake in IDFC Bank, whereas institutional investors have 43.80 per cent and others hold 13.20 per cent stake as of Oct 27, 2015.

14. Foreign Banks’ subsidiary trip runs into a Maharashtra duty hurdle - The ease of doing business might have improved in India, but not for international banks, which have been directed by the Reserve Bank of India to form local companies instead of operating as branches of their parent companies. The plan has hit tax roadblock in Maharashtra which is seeking stamp duty for the transaction though Pranab Mukherjee as finance minister exempted them from capital gains tax. Foreign banks, including Singapore's DBS Bank and State Bank of Mauritius (SBM), which have applied to RBI to launch local subsidiaries in India, are awaiting an assurance from the Maharashtra government that they will be exempted from paying a stamp duty on this transfer. "Though capital gains have been exempted, the issue of stamp duty still remains. Stamp duty is a state subject and most of the foreign banks have a majority of branches in Maharashtra. This is still an issue which requires clarification if banks have to move towards subsidiarisation," said a foreign banker who is in touch with RBI on the issue.

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