TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : The equity benchmark has opened in a Positive bias on Monday with 50 Shares Nifty50 up 90 points or 1.05 per cent at 8413. The Nifty50 reclaimed its Crucial level of 8400 for the first time in last 10 Month. The Nifty 50 had managed to Sustain above its major Support of 8250 last week and we are Expecting this Support will remain intact this week too. Quarter1 of FY17 Results would be Important data point Investors are waiting for. Though this is likely to become a huge Trigger for the Market in General. The US Job Market data For June blew everyone’s mind, After crushing to 38,000 in may In June the US created 2,87,000 additional jobs. The traction in Indian Equities continue to be strong aided by a rally in Global Equities. As the risk of rise in interest rate in developed market recedes. The Bank of England keep interest rate unchanged. In such a scenario, The Nifty 50 is likely to follow suit and make new high soon. Move beyond 8600 is likely to take the index higher up to 8900 levels. The crucial levels for Nifty is 8680-8750 is up side and 8420-8530 downside.
BANK NIFTY : - The Bank Nifty opened in a positive note on Monday up by 252 point or 1.36 per cent at 18268. The Reserve Bank of India is bracing for a fight on proposed charges to the global regulatory framework that would hit the Country’s lenders with higher capital charges for the mountain of Govt. debt on their book. Retail borrower seems to be moving towards private Sector lenders to meet their loan needs. Ramping up their market share to 43 percent while the Public Sector Banks is falling as per report. State owned lenders saddled with bad loans are focused less on Growth say report. The Govt. Has setup a committee to work with Banks on settlement of NPA as it sought to put in place an action plan to clean up the books of lenders and comfort them through and oversight mechanism. The Bank Nifty seems positive in daily chart for next week. The crucial levels for Bank Nifty is 19220-19450 up side and 18500-18750 down side.
Monday, 18 July 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
R2
R1
PP
S1
S2
8803
8635
8551
8467
8299
R2
R1
PP
S1
S2
8702
8520
8338
7974
R1
PP
S1
S2
8784
8478
8172
7560
R2
R1
PP
S1
S2
19656
19170
18927
18684
18198
R2
R1
PP
S1
S2
19503
18757
18011
16519
R2
R1
PP
S1
S2
21952
19740
18634
17528
15316
9066
MONTHLY
R2 9396
BANK NIFTY DAILY
WEEKLY
20995
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
8312
8149
7870
7828
BANK NIFTY
18016
17541
16581
16583
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
7933
7019
6500
BANK NIFTY
17285
16538
16335
PATTERN FORMATION ( NIFTY )
Detail of Chart On the Above given daily Chart of Nifty has drawn the multiple Resistance and the Trend line in daily Candlestick Chart it has Formed the hanging man from last two trading session now it seems that it has formed the Strong bullish candle which is giving the Signal toward the Bull Market. The Nifty has managed to sustain its crucial Support level of 8350 which lead the Nifty Toward 8500-8600 we are Expecting that if rally is Continue we may witness the New high of Nifty in upcoming week. Now the 8600 level is very important as Resistance level if it break we may touch the level of 8900 in near term. The Crucial levels for Nifty is 8630-8800 up side and 8450-8380 is down side.
PATTERN FORMATION ( BANK NIFTY )
Details of ChartOn the Above Given daily Chart of Bank Nifty has Applied the Bollinger Band and Parabolic SAR both the Indicators are Leading which tells the trend of the market. Some traders buy when Middle band Break the up side or sell when it break down side. The Use of Bollinger Band varies from Traders to Traders as we can see that on the Above given Chart of Bank Nifty it has break the Upper band which is a Signal of Bull Market in Near-Term. It has also formed the Bullish Engulfing candle in daily Chart which is also the Bullish market signal, From that level we are expecting that if the Bank Nifty is able to break the level of 19000. The Rally may Continue Toward the bull side for next week. The Crucial level for Bank Nifty is 19170-19460 up side and 18690-18280 down side.
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ALBK
EQ EQ
1655 83
1634 81
1624 80
1603 78
1593 77
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 SBIN SSLT( VEDL) SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL UNIONBANK
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
267 1037 577 2717 170 118 146 386 523 327 161 3631 400 4906 752 1385 1245 3311 140 960 272 254 1147 1241 76 787 1617 1502 35076 4547 234 128 53 421 1030 575 54 236 170 779 513 74 385 145
264 1031 571 2702 168 117 145 382 519 324 158 3598 397 4868 734 1372 1234 3278 138 951 268 252 1137 1155 75 780 1602 1483 34635 4512 232 125 52 413 1022 563 53 233 167 775 504 73 379 142
261 1024 563 2684 165 116 143 373 515 322 157 3581 393 4806 722 1346 1215 3259 137 941 266 250 1125 1104 73 773 1579 1466 34388 4458 230 123 51 408 1012 556 52 232 164 769 491 71 367 140
258 1018 557 2669 163 115 142 369 511 319 154 3548 390 4768 704 1133 1204 3226 135 932 262 248 1115 1018 72 766 1564 1447 33947 4423 228 120 50 400 1004 544 51 229 161 765 482 70 361 137
255 1011 549 2651 160 114 140 360 507 317 153 3531 386 4706 692 1307 1185 3207 134 922 260 246 1103 967 70 759 1541 1430 33700 4369 226 118 49 395 994 537 50 228 158 759 469 68 349 135
TOP 15 ACHIEVERS
SR.NO
1 2 3 4
SCRIPT NAME
TATA STEEL
318
+9.84 %
IDEA CELLULAR
102
111
+8.92 %
126
MARUTI SUZUKI
4161
13 14 15
4472
355
ADANI PORTS
378
207
220
154
SBIN
164
218
HDFC 11 12
137
231
1286
TATA MOTORS
1364
466
YES BANK LTD
494
1120
HDFC BANK
1179
1174
1223
SR.NO
1
+17.14 %
265
BANK BARODA 9 10
372
% CHANGE
241
BHARTI AIRTEL 7 8
CMP
ICICI BANK
HINDALCO INDUS 5 6
PREV CLOSE
//
+8.32 % +7.45 % +6.72 % +6.50 % +6.14 % +6.05 % +6.00 % +5.94 % +5.26 % +4.16 %
ZEEL
453
471
+4.16 %
ULTRATECH CEM
3400
3531
+3.86 %
I 22+I 22+I 22+I 222+I 22 C469C469C469C469C46 I 15. I 15. I 15. I 153. I 15 C 8C 8C 8C 8C H I 11+4H I 11+4H I 11+4H I 114+4H I 11 IB238IB238IB238IB238IB23 N A67.%N A67.%N A67.%N A675.%N A67 D N 3D N 3D N 3D N 3D N B A A A A A K33+2B K33+2B K33+2B K336+2B K33 H L576H L576H L576H L576H L57 A C58.%A C58.%A C58.%A C587.%A C58 R O 7R O 7R O 7R O 7R O B T11+2B T11+2B T11+2B T118+2B T11 A I 566A I 566A I 566A I 566A I 56 N A A A A A N44.%N N44.%N N44.%N N449.%N N44 K ID 1K ID 1K ID 1K ID 1K ID H +4H R R R R R U11+4H U11+4H U11+4H U11 U11 10 B B B B B T236SD T236SD T236SD T236SD T23 SD FA .%FA E86.%FA E86.%FA E86.%FA E86 E86 11 C R R R R R L640C L640C L640C L640C L64 YO11+0YO11+0YO11+0YO11 +0YO11 12 ED115ED115ED115ED115ED11 SA27.%SA27.%SA27.%SA27 .%SA27 13 092 092 092 092 09 ZB44+6ZB44+6ZB44+6ZB44 +6ZB44 14 EA574EA574EA574EA574EA57 EN31.%EN31.%EN31.%EN31.%EN31 LK 1LK 1LK 1LK 15 1LK 6 6 6 6 L L L L L T %T %T %T %T D D D D D
TOP 15 LOOSERS
SCRIPT NAME
PREV CLOSE
CMP
BERGER PAINTS
297
223
EMAMI INFRA
82.55
69.80
GLOBAL OFFS
159
141
TV18BROADCAST
45.75
40.80
KIRI INDUSTRIES
389
348
THOMAS COOK
217
195
M&M FINSERV
354
321
PRAJ INDUSTRIES
92.85
85.60
INFOSYS
1158
1072
UNITED SPIRITS
2624
2446
JUST DIAL LTD.
592
553
CYIENT LIMITED
505
473
B F UTILITIES
568
532
TATA ELXSI LTD.
1732
1628
MPHASIS LTD.
569
535
-24.84 %
:
-10.82 % -10.43 % -10.23 % -9.23 % -7.81 % -7.40 % -6.80 % -6.65 % -6.36 % -6.29 %
BUY LUPIN NSE CASH ABOVE 1685 TGT 1770 SL 1640.
L T D .
Future Pack
% L %L %L % %
TTT DDD . . .
NSE FUTURE :
BUY TATAMOTORS FUTURE ABOVE 503 TGT 510 SL 499.
NSE FUTURE
BUY YESBANK FUTURE ABOVE 1180 TGT 1200 SL 1170.
:
NSE FUTURE :
-15.45 % -10.99 %
NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS) +13.67 AMBUJA CEMENT AM 204 232 % BUJ 18128 20371 1. B +12.37 2. B 12+3. 12+4. 12+5. 12+B12+B B 6. B Cash Pack % 1 1 1 1 801 A O OSCH 8 0 O 8 0 O 8 0 O 8 0 O +11.68 ACC 1240 1385 ACC 2 2 2 2 2 CEM % S LTD. 1 3 S 1 3 S 1 3 S 1 3 1 3 NSE CASH : BUY TATAMTRDVR NSE 320 TGT 335 SL 312.S . CASH . . . ABOVE . ENT C INFRATEL NSE CASH 273C273C2ABOVE 73C273 273 360 TGT 380 SL 350. C NSE CASH : BUY H 817H817H817H817 817 H NSE CASH
% CHANGE
SELL M&M FIN FUTURE BELOW 324 TGT 318 SL 327.
L T D .
-5.97 % -5.87 %
E86- E86- E86- E86- E86 M 291M291M291M291M29 A. . 5A. . 5A. . 5A. . 5A. . M 58. M58. M58. M58. M58 TI 4 54 0-4TI 4 54 0-4TI 4 54 0-4TI 4 54 0-4TI 4 54 0 V I 501 5V I 501 5V I 501 5V I 501 5V I 50 1 N. . 01 N. . 01 N. . 01 N. . 01 N. . 8 F78.%8 F78.%8 F78.%8 F78.%8 F78 TB 51 0-8TB 51 0-8TB 51 0-8TB 51 0-8TB 51 0 R2 R2 R2 R2 R2 H R 2H R 2H R 2H R 2H R A191 A191 A191 A191 A19 O750O750O750O750O75 M A .%M A .%M A .%M A .%M A P A A A A A D98-2P D98-2P D98-2P D98-2P D98 R SC257 3R SC257 3R SC257 3R SC257 3R SC25 A A. . . A A. . . A A. . . A A. . . A A. . JC %JC %JC %JC %JC S868 S868 S868 S868 S86 U IO 52 0-1U IO 52 0-1U IO 52 0-1U IO 52 0-1U IO 52 0 T2 T2 T2 T2 T2 N O646N O646N O646N O646N O64 ID K24.%ID K24.%ID K24.%ID K24.%ID K24 TU468TU468TU468TU468TU46 C ES54-0C ES54-0C ES54-0C ES54-0C ES54 YD T076YD T076YD T076YD T076YD T07 IR53.%IR53.%IR53.%IR53.%IR53 ESI 3ESI 3ESI 3ESI 3ESI TN P P P P P E11-6TN E11-6TN E11-6TN E11-6TN E11 TI 765SA TI 765SA TI 765SA TI 765SA TI 76 SA TR32.%TR32.%TR32.%TR32.%TR32 A LI 289A LI 289A LI 289A LI 289A LI 28 IT 7IT 7IT 7IT 7IT EM S EM S EM S EM S EM S LI %LI %LI %LI %LI X X X X T T T T X T SE SE SE SE SE ID ID ID ID ID L L L L L T T T T T D D D D D . . . . .
NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK Consumer SME loan Market to reach $ 3 trillion in 10 Years - Report - With the government taking various initiatives for hassle-free and cashless financial transactions, the consumer and SME loan market is expected to grow to $3,020 billion over the next decade, says a Credit Suisse report. As per the report by the Swiss brokerage, the domestic financial landscape is likely to transform mainly on the back of government initiatives like Jan Dhan, Aadhaar and the unified payment interface, as also rising mobile penetration. "These initiatives have created backbone for instantaneous, inter-operable, cashless financial transactions. We estimate the consumer and SME loan market will grow from $ 600 billion to $ 3,020 billion over the next decade," the report said.
GST a 'brahmastra' for India to tackle globally difficult times: Assocham - As the Winter Session of Parliament began today, industry body Assocham appealed to the Opposition parties to help in the passage of GST bill as it can be a 'brahmastra' for India in challenging global times. "Goods and Services Tax is a key 'brahmastra' for our GDP. Lawmakers across parties should pass the Constitutional Amendment Bill on GST without further delay," the new Assocham President Sunil Kanoria said. "This would send a strong signal to investors that India's economy can overcome serious global challenges with political will,"He said the economy was affected by demand slowdown, uncertain geopolitical situation after the Paris terror attacks, and an unprecedented crash in vital commodities. "GST will harmonise indirect taxes by doing away with multiplicity of taxes. It will also reduce cost of production, which will be then passed on consumers, thus lowering inflation. More striking would be the display of a political unity and the will to rise up to national cause," he said. Timely implementation of GST would raise the GDP by 1.5 to 2 per cent, Kanoria said adding the Opposition should not change their earlier stance.
India's June WPI at 1.62%, food articles inflation at 8.18% - Wholesale inflation rose further in June because of pricier vegetables and a small uptick in manufactured goods, suggesting that industry is getting some respite from declining prices. Wholesale inflation, as measured by the wholesale price index, rose to 1.62% in June from 0.79% in May, data released by the government on Wednesday showed. Data released on Monday had shown consumer inflation at a 22-month high in June because of spike in inflation in food articles. Wholesale food inflation which jumped to 8.18% led by potatoes and pulses which were dearer by 64.48% and 26.61% respectively from a year ago.
Retail inflation to cross 6% before easing from September: HSBC - : Retail inflation is likely to cross the 6 per cent level over next two months but will ease thereafter as food prices abate and the base effect normalises, says a report. According to global financial services major HSBC, the inflation based on Consumer Price Index is expected to cross the 6 per cent year-on-year mark over the next two months, and would ease to 5 per cent from September onwards. "We expect headline CPI inflation to cross the 6 per cent y-o-y mark over the next two months, thanks to a low base from last year. However, inflation is likely to take a turn towards RBI's target of 5 per cent from September onwards as food prices abate and the base normalises," HSBC said in a research note.
Banks' gross NPA levels to be at 8-8.5 per cent in FY17: Icra - Gross non-performing loans of banks are nearing peak levels and may be in range of 8-8.5 per cent by Marchend, domestic rating agency Icra said today. "Gross NPAs could be nearing peak levels. We project banks' gross NPAs to be in the range of 8-8.5 per cent by March 2017," it said in a report here. Banks' gross bad loans stood at 7.7 per cent as on March 2016. It added asset quality is not expected to improve substantially in near term. "Significant improvement in asset quality will hinge upon economic recovery in credit intensive sectors, as well as successful execution of deleveraging efforts by some stressed corporate groups," he said. The report said credit growth is likely to be in the range of 11-12 per cent in 2016-17, primarily driven by retail and other smaller ticket loans.
Indian economy can have 25% share of manufacturing by 2025: Report - India is expected to increase the share of manufacturing in the overall economy to 25 per cent by 2025 from the current 16 per cent on account of various measures taken by the government, Dun & Bradstreet said today. The various steps taken by the government in terms of measures for ease of doing business, creation of conducive environment for the manufacturing activities, focus on improving industrial policies and FDI enhancement would aid in reviving the manufacturing sector manufacturing sector and achieving global competitiveness, it said in a statement. "We expect India to realise the target of 25 per cent share of manufacturing in overall economy at best by 2025. Going forward, changing economics of production and distribution and frequent shifts in consumer demand will require manufacturers to adopt new process and make new products," Arun Singh, Lead Economist, Dun & Bradstreet India, said.
India Inc's foreign investment down 3% to $ 1.86 billion in June - Direct investments by Indian firms abroad fell by 3.2 per cent year-on-year to $1.86 billion in June this year, according to RBI data. Indian companies had invested $1.92 billion in their overseas
ventures in June 2015. In May 2016, Indian firms had invested $ 2.69 billion as overseas investment. The investments were in the form of issuance of guarantees $1 billion, loans 246.51 million and equity $610.87 million. The prominent investors overseas during the month include Tata Communications $ 483 million in a fully-owned subsidiary in Mauritius and Strides Acrolab Ltd which committed $ 130.16 million in the whollyowned subsidiary in Singapore. Tata Communications also invested $ 67 million in two separate wholly-owned units in Singapore. � TOP ECONOMY NEWS Business activity in the services sector grew at its second slowest pace in the last 12 months and the Nikkei India Services Business Activity Index recorded 50.3 in June.
Merger & acquisition deals involving Indian companies increased 82% in the first half of 2016 at USD 27 billion in the first half of 2016, the highest in the first six months in any year since 2011 led by a four and a half time increase of Indian acquisitions abroad at USD 4.5 billion.
The Finance Ministry has imposed definitive anti-dumping duty on purified terephthalic acid imports from China, Iran, Taiwan and Indonesia.
Jharkhand has received 27 investment proposals of Rs. 1 trillion in mining, power, agriculture, food processing, health, education and tourism.
Telecom Regulatory Authority of India extended the deadline for comments on the consultation paper on 'Review of Voice Mail/Audiotex/Unified Messaging Services Licence' to July 25 and counter comments to August 8 from the previous deadline of July 11 and counter-comments of July 25.
The Index of Industrial Production grew 1.2% in May as against a negative growth of 1.3% in April.
Retail inflation inched up to a 22-month high level of 5.77% in June on increase in food prices including that of key kitchen staples like vegetables and cereals.
India's fuel demand rose 6.2% in June compared with the same month last year.
The Ministry of Petroleum and Natural Gas will host roadshows in Houston in the United
States of America and Calgary, Canada for the Discovered Small Fields Bid Round 2016.
The Telecom Regulatory Authority of India has said that a flat spectrum usage charge is the best option, but proposed its own weighted average formula to calculate the annual charge.
Government will sell four dated securities for Rs.150 billion using multiple price method.
There has been five-time jump to Rs. 25,000 for flyers to buy goods from duty free shops at international airports across the country.
� TOP CORPORATE NEWS Bharti Airtel is set to extend its 4G footprint to 19 circles in next 3-4 months as it will be launching services in six circles where it acquired spectrum from Videocon Telecommunications.
Cipla Limited is investing 1.3 billion South African Rand about Rs. 6 billion in a biotech plant in South Africa as it aims to make cancer drugs affordable and grow its presence in the market.
DLF Limited has shortlisted six potential buyers for 40% stake of the promoters in its rental arm DLF Cyber City Developers that is expected to sell for about Rs 130 billion.
Cadila Healthcare has received Establishment Inspection Report from the US health regulator for its manufacturing facility in Moraiya.
Scepticism over the Rs. 48 billion acquisition of Reliance Cement shrouded Birla Corporation’s annual general meeting as shareholders raised questions about the feasibility of the deal as well as its financing.
Lupin Limited said US health regulator has voiced minor concerns after completing the inspection of its Dabhasa facility in Gujarat.
Cadila Healthcare sees big growth opportunity in US and Latin American formulation markets and plans to enhance share in the US generics market by launching complex, oral solids and formulations.
Telecom Ministry is learnt to have cleared the Rs. 35 billion 4G spectrum trading deal between service providers Bharti Airtel and Aircel.
Dishman Pharmaceuticals and Chemicals Limited has completely moved away from Vitamin D3 production and has instead entered a high-margin, low volume category of analogs and cholesterol.
The Odisha Pollution Control Board has extended the validity of the consent to establish order issued to DLF Limited by five years.
The Coal India Limited board decided to buy back 1.72% of its shares by using Rs. 36.50 billion from its reserves of more than Rs. 380 billion.
Vedanta Limited has signed two memoranda of understanding with South African companies for supply of equipment, and transfer of technology to improve safety and productivity at its underground mines of its subsidiary, Hindustan Zinc Limited.
Bharti Airtel, Vodafone India and Idea Cellular -- are kicking their content act into top gear before Reliance Jio Infocomm's launches 4G services commercially.
Adani Power Jharkhand unit would supply 1600 MW power to Bangladesh from the proposed plant coming up in Godda district.
Cairn Energy parent company of Cairn India Limited has sought USD 5.6 billion in compensation from the Indian government for raising a retrospective tax demand of Rs. 290.47 billion on 10-year-old internal reorganisation of its India unit.
Suven Life Sciences Limited has been granted a patent each by India and South Africa for a drug used in the treatment of neuro-degenerative diseases.
Mahanagar Telephone Nigam Limited and Hungama have partnered to offer exclusive entertainment service to MTNL’s broadband customers in Delhi and Mumbai.
Bharti Airtel, which offers services in 16 African countries, and Apollo Hospitals enterprises Limited have signed a Memorandum of Understanding to enhance healthcare cooperation across Africa.
IndusInd Bank Limited has opened international banking unit at the International
Financial Services Centre in the Gujarat International Finance Tech-City to meet the requirements of offshore banking operations from India.
IDFC Bank Limited announced the acquisition of Tamil Nadu-based Grama Vidiyal Microfinance that will help it widen the reach.
Sun Pharmaceutical Industries announced the roll-out of Gemcitabine InfuSMART, used in the treatment of cancer, in Europe.
Cadila Healthcare Limited, has received final approval from the US Food and Drug Administration for Nateglinide tablets USP.
Ashok Leyland has bagged orders for supplying nearly 3,600 buses to various state transport units in the current financial year.
BEML Limited, has set up a service training centre at its Mysore Complex proving commitment towards ‘Skill India Campaign’.
GSPL India Transco Limited, a subsidiary of Gujarat State Petronet Limited, signed a Gas Transportation Agreement with Ramagundam Fertilizers & Chemicals Limited on July 8, 2016, to supply 2MMSCMD of natural gas for a period of 20 years.
The government has asked power sector financiers Power Finance Corporation Limited and Rural Electrification Corporation Limited to expand focus on funding renewable energy generation projects, power, coal, renewable energy and mines.
Apollo Hospitals has signed a pact with Stanford University to gain insights into cardiovascular risks reduction in South Asians.
The Amin Group is set to acquire Jyoti Structures through what will be the first stake sale by the contractor of transmission projects since lenders took its control after a strategic debt restructuring.
Promoters of Reliance Communications Limited have pledged 38 million shares at an estimated value of Rs. 1.90 billion before private banks.
Greaves Cotton Limited has forayed into multi-brand spares business, which is an extension to its after-market services.
Housing Development Finance Corporation Limited or HDFC will issue rupee denominated bonds worth Rs. 20 billion, with a greenshoe option of Rs. 10 billion to foreign investors outside the United States.
Inox Wind Limited has bagged an order for supply and commissioning of 50 mw of wind turbines for Atria Wind Power. � TOP BANKING AND FINANCIAL NEWS OF THE WEEK The Reserve Bank of India's determined push against banks to recover dues from defaulters has been hobbled by the lack of staff at the Debt Recovery Appellate Tribunal hearing the case of lenders trying to recover over Rs 200 crore of accrued interest from Airbus SAS. Banks have to wait for another couple of months for the next hearing and hope that the vacancies fill up by then. The case is pending at Chennai DRAT for more than two years and senior bank officials said that no hearing took place at the successive scheduled dates as there was no chairperson for quite some time. Last hearing date was July 7 and that too was adjourned without a hearing.
IndusInd Bank reported a 26% rise in net profit for the quarter ended June 30, led by strong demand for both commercial and personal loans. The private bank, the first among the main lenders to announce its Q1 results, said net profit increased to Rs. 661 crore or Rs 10.64 per cent compared to Rs. 525 crore or Rs 9.74 per cent a year.
In a big relief to State Bank of India the Delhi High Court has restrained nearly 45,000 employees of its five associate banks to go on a nationwide strike. This after the associate banks filed a plea seeking Delhi High Court's urgent attention on the matter. The court has restrained State Sector Bank Employees Association and All India Bank Employees' Association from proceeding ahead with the strike notice.
The Bank Communication to borrower who are unable to do this, will have to agree to a timeframe to pay back the loans. A process of negotiation is under way with a large number of clients. The bank's communication to borrowers differs from client to client. But, due to issues of transparency, its $2 billion exposure to diamond firms may be significantly lowered over the next two to three years," a person familiar with the development told.
Private sector HDFC Bank plans to focus on digital platforms in rural and semi-urban
markets to achieve sustained growth in the coming years. The bank is well positioned to continue to grow faster than the banking sector both in retail and wholesale segmSents, HDFC Bank said in its annual report for 2015-16. According to the report, "over the next couple of years, the bank will leverage on its distribution strength and digital platforms especially in the rural and semi-urban parts of the country for a more sustained growth.
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Disclosure in terms of Compensation: High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd.
Disclosure in terms of Public Appearance: (a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months; (b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report. (c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company; (d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.