TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Indian Equity Bench mark Index Nifty gave breakout of 8672 previous week high and closed at 8741 after making a weekly high of 8758. The Equity benchmark Nifty has opened in a Positive note on Monday trading session Up by 45 points or 0.51 per cent at 8785 levels. Benchmark index Nifty was positive throughout the week on the backdrop of positive Budget Policy Announcements and follow up buying were seen even after the budget. Nifty traded in a narrow range of 40 points in its last trading session. The benchmark index Nifty closed near 4 months high of 8807 after making high of 8814. The benchmark Index Nifty closed in negative territory after four days of continuous positive close on profit booking. The Nifty closed at 8769 on Wednesday trading session after making low of 8715. Before announcement of RBI Monetary Policy, Nifty made a high of 8791. RBI Governor Urjit Patel surprised the market by keeping repo rate unchanged at 6.25%. Moreover he changed his stance to neutral from accomoditive, on worries of effect of demonetization on inflation. Just after the RBI policy, we witnessed a choppy trading sessions. The index Nifty spot traded in a 100 points range during the day but closed in the positive terrain on Thursday trading session. Benchmark Nifty continues to trade in a 100 points range for last four sessions. Therefore we need to watch out 8710 – 8820 levels closely. The Essential Resistance Levels for Nifty is 8850-8880 and Support is 8760-8720 level..
BANK NIFTY : - The Bank Nifty made a high of 20229 and closed at 20196 level on Friday trading session. Bank Nifty outperformed the Nifty and rallied 2.36% to make a weekly high of 20230, the Index gave breakout of 19795 previous weeks’ high and closed at 20197. The Bank Nifty remained strong through out the day on expectation of rate cut in the RBI Monetary Policy meeting. But Reserve Bank of India surprised the market by keeping repo rate unchanged at 6.25%. Bank Nifty index remained highly impulsive throughout the day since the index oscillated in a wide range of 400 points. The index met the 20000 support and then ended well above the 20150 level but with a loss of 100 odd points. The market breadth too remained a bit confusing as at the end of the day it was completely neutral. The next level is 20350 above which the next target would be 20525. The immediate support for the index is at 20010 and important resistance is at 20576.
Monday, 13 Febuary 2017
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
8944
8846
8797
8748
8650
R2
R1
PP
S1
S2
9096
8884
8778
8672
8460
R2
R1
PP
S1
S2
9572
9004
8720
8436
7868
R2
R1
PP
S1
S2
20651
20379
20243
20107
19835
R2
R1
PP
S1
S2
21612
20696
20238
19780
18864
R2
R1
PP
S1
S2
23033
21053
20063
19073
17093
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
8581
8438
8395
8318
BANK NIFTY
19566
19120
18920
18523
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
8591
8050
8084
BANK NIFTY
19567
17876
16970
PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily Chart of have Applied Bollinger Band and Parabolic SARNifty 50 continues to trade in a 100 points range for last four sessions. Therefore we need to watch out 8710 – 8820 levels closely. As discussed earlier, Nifty has been forming a rising wedge pattern on an intraday chart. Therefore, support level of 8700 would act as a key support for the market. On the flipside, only a decisive move above 8820 would lead to fresh upside momentum, which can assist Nifty to head towards 8900 / 8970 levels
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above given daily Chart of BANK NIFTY has Applied the Bollinger Band along with MACD. Once again Nifty Bank index respected 20000 marks and witnessed smart pullback. As discussed earlier, 20500 – 20580 remain key hurdle and only a decisive move above 20580 would lead to fresh move to an all-time high level of 20910 levels. On the flipside, 20070 - 19800 act as support for upcoming sessions.
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ADANI PORTS
EQ EQ
1507 318
1495 314
1485 310
1475 306
1463 302
AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BPCL BHEL BHARTIARTL BOSCH LTD BHARTI INFRATEL CIPLA COALINDIA CAIRN INDIA LTD DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY IDEA CELLULAR KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
243 1016 495 2835 196 742 161 362 23481 327 601 327 281 3056 498 1036 838 1421 1312 3308 187 863 288 280 1335 990 112 793 1516 1319 52062 6204 196 173 36 502 1040 550 47 285 255 667 325 2485 517 84 477 158 1424 530
240 1005 492 2819 194 731 159 360 23109 321 590 326 277 3019 491 1023 832 1403 1307 3290 185 857 286 278 1328 979 111 786 1509 1299 51766 6158 194 171 35 497 1034 547 46 280 251 661 322 2434 513 83 472 153 1418 523517
238 998 490 2796 192 722 158 358 22743 317 583 323 272 2997 486 1011 826 1393 1302 3265 182 852 284 276 1319 961 110 778 1500 1287 51584 6127 192 170 34 492 1030 542 45 278 248 655 318 2372 509 82 466 151 1410 510
235 987 488 2780 190 711 156 356 22371 311 572 322 268 2960 479 998 820 1375 1297 3247 180 846 282 274 1312 950 109 771 1493 1267 51288 6081 190 168 32 487 1024 539 44 273 244 649 315 2321 505 81 461 146 1404 504
233 980 486 2757 188 702 155 354 22005 307 565 319 263 2938 474 986 814 1365 1292 3222 177 841 280 270 1303 932 108 763 1484 1255 51106 6050 188 167 31 482 1020 534 43 271 241 643 311 2259 501 80 455 144 1396 302
TOP 15 ACHIEVERS
//
SR.NO
SCRIPT NAME
PREV CLOSE
CMP
1
BHEL
142
158
2
GRASIM INDUS
944
3
BHARTI INFRA
4
% CHANGE
TOP 15 LOOSERS SR.NO
SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
+ 11.28 %
1
HINDALCO
191
182
- 4.98 %
1013
+ 7.28 %
2
DR. REDDY’S LABS
3144
3014
- 4.14 %
299
320
+ 6.89 %
3
CIPLA
607
583
- 3.97 %
TCS
2232
2340
+ 4.85 %
4
ONGC
200
195
- 2.91 %
5
ACC
1423
1484
+ 4.28 %
5
TATAMOTOR LTD.
522
508
- 2.69 %
6
AMBUJA CEMENT
229
239
+ 4.25 %
6
TATA STEEL
472
463
- 1.90 %
7
TECH MAHINDRA
480
497
+ 3.64 %
7
HCL TECH
830
817
- 1.66 %
8
ZEEL
495
513
+ 3.46 %
8
NTPC
171
169
- 1.37 %
9
BHARAT PETRO
698
718
+ 2.81 %
9
COAL INDIA LTD.
326
321
- 1.32 %
10
ADANI PORTS
303
311
+ 2.64 %
10
LUPIN LIMITED
1492
1475
- 1.08 %
11
M&M
1260
1288
+ 2.19 %
11
BAJAJ AUTO LTD.
2808
2778
- 1.07 %
12
KOTAK BANK
765
779
+ 1.86 %
12
AXIS BANK LTD.
490
488
- 0.49 %
13
WIPRO LTD.
457
466
+ 1.85 %
13
BANK OF BARODA
186
185
- 0.48 %
14
GAIL LIMITED
478
487
+ 1.77 %
14
HDFC BANK
1311
1307
- 0.31 %
15
INDUSIND BANK
1303
1324
+ 1.62 %
15
RELIANCE
1033
1032
- 0.14 %
4 2 1 1 1 0 0
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS ) NSE FUTURE NSE FUTURE :BUY MCLEODRUSS FUTURE ABOVE 175 TGT 185 SL 171. NSE FUTURE :SELL LUPIN FUTURE BELOW 1470 TGT 1420 SL 1500. NSE FUTURE :BUY BOB FUTURE ABOVE 192 TGT 198 SL 189
NSE CASH NSE CASH : BUY ORIENTREF NSE CASH ABOVE 136 TGT 146 SL 132. NSE CASH : BUY CUB NSE CASH ABOVE 160 TGT 171 TGT 154. NSE CASH : BUY VAIBHAVGLB NSE CASH ABOVE 488 TGT 523, SL 473.
NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK
Budget 2017: Why 25% hike in capital spend is actually only 11% - During his Budget speech on Wednesday finance minister Arun Jaitley said he had stepped up, capital expenditure broadly spending on creating assets by 25.4% in 2017-18 over the previous year. He went on to add that "this will have multiplier effects and lead to higher growth". But a closer look at the Budget documents suggests that the impressive jump may be largely a case of smokes and mirrors. Here's what the numbers show. The 25.4% rise is actually over the Budget estimates for 2016-17, while the increase over this year's revised estimates is a much more modest 10.7%. Even more significantly, a considerable chunk of it may be just a reclassification of some spending from revenue expenditure seen broadly as non-asset creating to capital expenditure. That is why an apples to apples comparison in this case must be between the RE for the current year and the budgeted amount for next year.
India's GDP growth likely at 7.1% in 2017-18: HSBC - India is expected to clock a GDP growth of 7.1 per cent in 2017-18 as the country gets sufficiently remonetised and the schemes in the Budget play a supportive role, says an HSBC report. The uptick in the growth numbers would be largely driven by the remonetisation process which is expected by April end as this in turn would boost the consumption levels in the country. We expect GDP to grow at 7.1 per cent year-on-year in 2017-18, up from 6.3 per cent in 2016-17, as the country gets sufficiently remonetised, and consumption moves back to pre-demonetisation levels," HSBC India Chief Economist Pranjul Bhandari said. Growth numbers will be largely consumption driven as investment is expected to be a drag. "We believe that investment, which tends to be sensitive to policy uncertainty, will continue to remain weak, keeping growth at an arm's length from the cherished 7.5-8 per cent levels," Bhandari said.
Rs. 6.78 lakh crore remonetised, Rs. 9.1 lakh crore in circulation : Government - In the ongoing process of remonetisation, bank notes worth Rs. 6.78 lakh crore returned to the formal banking system between November 10 and January 13, taking the total currency in circulation to Rs. 9.1 lakh crore, the government said today. Remonetisation is taking place ceaselessly at a fast pace. Between November 10, 2016 and January 13, 2017, the notes in circulation have increased by Rs. 6.78 lakh crore, thereby taking the total notes in circulation to Rs. 9.1 lakh crore," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.
Cash crunch triggers a struggle for firms for the third month running - Services activity contracted for the third successive month in January as firms struggled with less cash in circulation but the pace of contraction slowed, a private survey showed on Friday. The Nikkei India
Services Business Activity Index was 48.7 in January, up from 46.8 in the previous month. A reading above 50 indicates expansion and a figure below that indicates contraction. India’s pivotal service sector remained in contraction territory in the opening month of 2017, with both new business and activity falling for the third straight month,” IHS Markit Report.
3.2 per cent fiscal deficit target realistic; revenues to improve : Shaktikanta Das Rejecting arguments that fiscal deficit target of 3.2 per cent is optimistic, Economic Affairs Secretary Shaktikanta Das said it is realistic and there is all possibility that revenues will exceed the target as Budget has not taken into account the demonetisation windfall. "Revenue if at all can exceed because people are pointing out that you have not taken into account windfall you will get from RBI because of demonetisation. Besides, he said, there would be collection taxes next fiscal from those who fail to avail Pradhan Mantri Garib Kalyan Yojana. "Excess cash which has come into the banking system, Income Tax department has already analysed those data and there are large number of bank accounts where deposits made are totally disproportionate to the income of the individuals. It does not tally with their income tax returns.
Exporters disappointed as RBI keeps repo rate unchanged - The Reserve Bank of India has disappointed the exporting community by retaining the policy Repo rate unchanged even though it acknowledges that the global trade remains subdued, said chairman of the EEPC India T S Bhasin on Wednesday. "A recent RBI survey itself had brought out worsening of the financing conditions for the manufacturing sector. Under such a scenario, there was a strong case for a reduction in the interest rates by the RBI," Bhasin said. Though exports have been looking up in the recent past, the global risks have gone up. Under these circumstances, the exporters would remain at a disadvantage against their competitors.
Foreign direct investment zooms 60 per cent to $4.68 billion in November - With the government taking steps to improve ease of doing business and relax regulations, foreign direct investment into the country surged by 60 per cent to USD 4.68 billion in November 2016. The FDI stood at USD 2.93 billion in November 2015. During the period, India received maximum FDI from Singapore, Mauritius, the UK, the US, the Netherlands and Japan, an official said. Cumulatively, India attracted USD 32.49 billion foreign inflows in April-November period of the current fiscal as against USD 24.81 billion in the same period previous year. The main sectors which have attracted foreign inflows during the eight months period of 2016-17 include services (USD 6.69 billion), telecom (USD 5.47 billion), computer hardware and software (USD 1.61 billion), electrical equipment (USD 2 billion) and information & broadcasting (USD 1.06 billion). ✍ TOP ECONOMY NEWS
The Reserve Bank of India has stepped in to prevent loss making banks from defaulting on bonds that were raised to boost their capital adequacy ratio - the minimum capital that banks keep as a
cushion against defaults on loans.
The composite PMI, which measures both services and manufacturing, rose to 49.4 in January from 47.6 in December.
India has revised 40 treaties on avoidance of double taxation so that the information exchanged with partner nations on tax matters can also be utilised for other purposes including criminal proceedings.
Allaying investor fears over levy of long-term capital gains tax on share transfer in unlisted companies, the government said the move is only to target ' khoka ' companies and 'genuine investments' in start-ups and through foreign direct investment will be exempt.
The Union Budget has introduced a provision that intends to restrict the minimum alternate tax credit available on foreign tax credits, which could increase the overall tax outgo for Indian companies having overseas operations, especially those paying sizeable dividends.
The Nikkei India Services Purchasing Managers' Index, which tracks services sector companies on a monthly basis, came in at 48.7 in January, from 46.8 in December 2016, signalling that the sector is heading towards stabilisation.
The government will come out with an "exhaustive list" of transactions on which the "anti-abuse" provision of levying long-term capital gains tax on share transfer in unlisted companies will not be applicable.
Mineral-rich states are gearing up to put 231 mineral blocks under the hammer. The blocks to be auctioned include the lapsed applications saved under the Section 10A (2)(c) of the Mines and Minerals- Development & Regulation Act, 2015.
The proposed changes in the regime for issuing H-1B visas for skilled workers by the US government will have an impact on Indian companies and the Commerce Ministry will soon hold a meeting with the industry to discuss its strategy for dealing with it.
The Finance Ministry has granted Rs100bn to Fertiliser Ministry under special banking arrangement to provide loan to cash-starved fertiliser companies at reasonable rates.
Telecom Commission has asked DoT to seek clarification from Trai on the Rs. 30.50 billion penalty
recommended by the watchdog on three service providers Bharti Airtel, Vodafone and Idea Cellular for allegedly denying interconnectivity to newcomer Reliance Jio.
Government is considering allowing the state-run social security and pension fund to invest more in the stock market.
The Government has not taken any decision on levying a Banking Cash Transaction Tax on cash deals of Rs. 0.05 million and above as suggested by the high-powered Chief Ministers’ panel.
The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.31%, not far from Tuesday’s one-week high of 100.69.
The US dollar witnessed a spike on Thursday, posting its best 1-day gain against the Japanese Yen in 3 weeks, after comments from the US President Donald Trump that he would make a major announcement on a "phenomenal" tax plan.
The Euro slipped against the US Dollar, down 0.4% at $ 1.0656 with political risks, most notably France's upcoming election, nudging it toward its worst week in nearly two months.
The Reserve Bank of New Zealand held the benchmark interest rate at a record-low 1.75% at the end of its policy meeting on Thursday.
The RBI keeps policy repo rate under the liquidity adjustment facility unchanged at 6.25%. The reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility rate and the Bank Rate at 6.75%.
Reserve Bank of India Governor cut the economic growth forecast to 6.9% for the current financial year from 7.1% estimated earlier, even as he said the economy will bounce back to 7.4% next financial year.
With the government taking steps to improve the ease of doing business and relax regulations, foreign direct investment into the country surged by 60% to USD 4.68 billion in November 2016.
The baseline for annual revision of wages paid under MNREGA "can be changed" from Consumer Price Index-Agriculture Labour to Consumer Price Index for Rural.
The Reserve Bank of India announced that the weekly cash withdrawal limit would be increased to
Rs. 0.05 million on savings accounts from February 20.
✍ TOP CORPORATE NEWS -
BHEL has secured order for the installation of Solar PhotoVoltaic rooftop systems totalling 3.6 MW from Surat Municipal Corporation.
Reliance Infrastructure’s defence unit Reliance Aerostructure Ltd’s proposed joint venture with Dassault Aviation has received clearance from the Competition Commission of India.
Kalpataru Power Transmission Ltd has bagged orders of over Rs. 8.23 billion in the domestic and overseas markets.
Jet Airways Limited plans to add 11 Boeing 737 aircraft to arrest its falling market share. Rural Electrification Corp has inked initial pact with KPCL and BESCO for extending Rs. 391.21 billion financial assistance to the power utilities till March 2022.
Hindustan Petroleum Corpn has received environment clearance for expansion of its Mumbai refinery in Maharashtra, entailing an investment of Rs. 38.46 billion.
Dabur Limited, is bringing Sri Lankan ayurvedic beauty brand Spice Island to India to strengthen its portfolio.
ONGC’s decision to invest USD 11.5 billion in Andhra Pradesh, at a time when gas prices in India are falling, may put its cash flow under pressure.
NTPC has decided to shut down old polluting power plants of capacity totalling roughly 11GW and replace those with new ones which are highly efficient.
CESC has bagged the power distribution franchisee for Bikaner city in Rajasthan. It plans to invest Rs. 1.35 billion in the network in three years and hopes to clock a turnover of around Rs. 4 billion.
Tata Power Solar has achieved the milestone of shipping out of its factories 1GW worth of modules. It’s a subsidiary of Tata Power, has achieved this feat after 27 years of its coming into
existence.
Granules India said re-inspection of its manufacturing facility at Gagillapur in Telangana has been successfully completed by Portugal’s health authority INFARMED.
Pricol has inaugurated a new factory on the outskirts of Pune. The company expects the new facility in Phulgaon to bring in Rs. 2 billion of incremental business in the next couple of years. The UK's CDC Group-backed Ujjivan Small Finance Bank is going to open its first set of branches for public transaction and start rolling out branch network across India from next fiscal.
Sun Pharma is recalling over 0.27mn bottles of bupropion hydrochloride extended-release tablets used for the treatment of major depressive disorders in the US due to failed dissolution specifications. The Comptroller & Auditor General of India has red flagged multiple operational and procurement procedures adopted by NTPC in fuel management of coal-based power stations.
Pilani acquired 8.1 million shares of Idea through market purchases between November 18 and December 6.
MTNL has been hit hard by debt and it is borrowing money to meet its day-to-day requirements. GAIL India Limited is in favour of extending the LNG support scheme for gas-based power plants. GAIL was in favour of continuing 50% exemption on the natural gas pipeline tariff for gas-based power plants to boost pipeline utility to the next financial year.
NTPC Limited is looking to add capacity in a phased manner over the next few years. This is in line with the Central Electricity Authority's projection of thermal capacity addition in the next five years.
Ajanta Pharma Limited has said the US health regulator has issued one observation for its Paithan facility in Aurangabad after the inspection.
Kotak Mahindra Bank and Axis Bank have strongly denied rumours that the biggest consolidation in banking space is in the works. For the past few weeks, the stock market has been abuzz with prospects of a merger between the two private banks.
Welspun India Limited has entered into a co-operation agreement with the Cotton Egypt
Association to promote and market Egyptian cotton products worldwide.
Idea Cellular Limited has enabled a USSD-based platform for shopkeepers and customers to conduct digital transactions using Idea Money service.
Oil and Natural Gas Corp will not export naphtha from Hazira in western India as it supplies the fuel to a cracker operated by ONGC Petro additions.
Sundaram-Clayton Limited to set up its first manufacturing facility outside of India with an additional investment of over USD 50 million around Rs. 3.50 billion.
The Indian Hotels Company Limited announced all its hotels will be brought under a single brand — Taj Hotels Palaces Resorts Safaris.
Tata Steel Limited UK has signed an agreement to sell its speciality steel unit to Liberty House Group for GBP 100 million.
Tata Teleservices Limited is believed to be in talks to sell its entire stake in Viom Networks to American Tower Corporation for about Rs. 40 billion.
Hathway Cable & Datacom Limited has launched a new value added on-demand service Hathway Special under its cable business. Available for all Hathway subscribers, the ad-free service will be offered for a free preview starting February 9, for 30 days. The Government is mulling the merger of about half a dozen state-owned consultancy firms like Engineering Projects (India) Ltd with Engineers India Limited to create a mega consultancy firm that can take on the might of global giants like Bechtel. Reliance Jio rubbished Bharti Airtel’s statement on providing 35,000 points of interconnect to the company as “malicious” and “misleading”. Founders of Infosys have flagged concerns over transparency and corporate governance at second-largest software exporter in the country.
Federal Bank Limited has partnered with online data and information portal Commodity Online for the distribution of loans against warehouse receipts and collateral management services across the country.
Mahindra Lifespace Developers announced a partnership with State Bank of India to set up a platform for providing quicker and convenient financing of home purchases.
Infosys Limited is planning up to a Rs 120 billion or $ 1.8 billion share buyback, a move that is pending final nod from its key shareholders, including the founders.
Schneider Electric India has announced it has powered more than 2GW of solar capacity in India through its inverters, transformers and other medium-voltage equipment and expects to achieve 2.5GW by March 2017.
Bharti Airtel Limited is restructuring its shareholding pattern of foreign subsidiaries to simplify the structure and bring in synergies between the companies. The Competition Commission has approved the acquisition of Reliance Infrastructure by the Adani Transmission.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK
The new Reserve Bank guidelines on Basel III-compliant additional tier-1 bonds have partially reduced the default risks for many state-run banks like Central Bank, IOB and United Bank, who had negative distributable reserves under the earlier guidelines. This will have positive reserves under the new norms, says a report by rating agency Icra.
State-run IDBI Bank today said it has reduced its Marginal Cost of Funds Based Lending rate by 30-35 basis points across various tenors, effective February 1. For overnight tenor, the bank has reduced its minimum lending rate to 8.20 per cent from 8.50 per cent, it said in a statement.
Former Reserve Bank of India Governor C Rangarajan said banks cannot escape from the responsibility of controlling Non-Performing Assets in their balance sheets. At a panel discussion on 'Union Budget-2017', Rangarajan also said that though the adverse impact of demonetisation will wear off as the currency availability improves, some affects will not go away even as sectors like real estate will have to rethink their business models.
Ujjivan Small Finance Bank officially started its services with five pilot branches from here, aiming to become a leading mass market retail bank over the next five years by catering to the un-served and under-served customers.
After setting financial parameters to achieve with his Indradhanush in August 2015 on infusion of fresh capital, finance minister Arun Jaitley has sanctioned just Rs. 10,000 crore for banks shows his resolve to see results from banks before opening his purse strings. For a segment that needs at least Rs. 75,000 crore in the next two years as estimated by ratings company India Ratings. Private sector lender IDFC Bank has collaborated with fintech startup India Lends to enable first time borrowers who do not have a credit history to take loans. State-run Punjab National Bank may look at selling stake in PNB Housing Finance and PNB Gilts in the next financial year, to shore up its capital base.
Reserve Bank guidelines on providing adequate provisioning to cover bad loans would continue to put pressure on banks' profitability for some time, even though some banks are witnessing reduction in proportion of Net Performing Assets, RBI Deputy Governor S S Mundra said today. Mundra was responding to media queries in a press conference post RBI's sixth bi-monthly monetary policy review.
While Innoventive Industries moved the Bombay High Court against the bankruptcy law, the Insolvency & Bankruptcy Board of India has registered six other cases including one involving Vijay Mallya’s UB Engineering to begin insolvency resolution process against these companies, ushering in a new era in India’s dealing with sick businesses.
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