Equity research report 21 august 2017 ways2capital

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Taking cues from geopolitical tension the Benchmark Index Nifty on last Friday fell more than 100 points from its previous day low of 9776. The Index made a low of 9686, the Index opened at 9712 and closed at 9711. Last Week Index fell 3.53% registering the highest weekly fall in last 1 year. Nifty Market opens gap up and closed in green in today’s session with price action confirming inverted hammer candlestick pattern in the daily chart. As mentioned in the last day’s report that a strong pullback is possible if Nifty sustains above 9774 and at the same time there was a strong Resistance in the hourly chart 9818 from where the market saw profit booking in the last one hour. The Nifty started week in a Positive note up by 45 points from its last closing at 9755 levels. The Indian benchmark Index Nifty closed in green for the second day and closed 9897 after making high of 9904. The Index opened at 9825 and made low of 9774. Nifty after making a lifetime high of 10137 in the month of August has corrected more than 4% since then. Nifty is presently standing at a very crucial level of 61.8% retracement 9840 of the last rise from approx.9548 to 10146. The Indian benchmark Index Nifty closed in green for the second day and closed 9897 after making high of 9904 on Wednesday trading session. The Index opened at 9825 and made low of 9774. Nifty prices settle lower last week around 3.5% lower at 9710 from its week's high of 10088. Prices could rebound a little till 9800 - 9850 levels and may expect fresh selling on higher levels. Rising issues over India-China border may be a matter of concern for Asian markets. Moreover, Asian markets are under pressure after investors on Wall Street sell off on growing uncertainty over the Trump administration ability to follow through on economic policy. Nifty needs to close above 9850 to resume its positive momentum. If Nifty managed to close below 9780 then bears would become active again and further downfall would be seen in the market. Market would see reversal and would enter into negative zone once it closes below 9780 for Nifty If that happens then market would again test its immediate lows of 9700 in days to come.

BANK NIFTY : -Nifty Bank closed little positive on Friday after its volatile move from 23850 - 24185.

Prices could rebound higher till 24250 - 24400 levels for near-term however the trend remains weak for short term. Expect fresh selling on rise. Bank Nifty closed above its 3day high levels of 24327 and closed at 24437.

The Index closed in green for the third consecutive day. Bank Nifty made low of 23868 and closed at 23896.

The Index oped at at 23958 and made a high of 24191. The Index fell for the forth consecutive day. Last Week the Index fell 3.39%, this was the second time the Index fell more than 3% in last one year. Bank Nifty closed above its 3day high levels of 24327 and closed at 24437 on last week trading sessions. The Index remained in green for continuous three trading session. Resolution of bad loans in the banking system is on 'right track' and will 'open the door' to rapid credit expansion and growth, Niti Aayog Vice Chairman Arvind Panagariya has said. Terming the non-performing assets or bad loans problem as a 'legacy issue', he said that even after three years of the NDA government taking charge, it has not gone away. Time and Price Action Suggest that Bank Nifty has to sustain over 24025 area for further rally towards 24200-24425. On the flip side, sustaining below 24000-23982 area, Bank Nifty may fall towards 23920-23820 area in the near term.

Monday, 21 Aug 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

S2

9986

9820

9708

9682

9472

R2

R1

PP

S1

S2

11056

10262

9825

9430

8628

R2

R1

PP

S1

S2

11200

10153

9864

9398

8556

R2

R1

PP

S1

S2

24963

24653

24272

23968

23847

R2

R1

PP

S1

S2

27862

25465

24368

23203

20968

R2

R1

PP

S1

S2

28580

27592

24360

23232

20408

BANK NIFTY DAILY

WEEKLY

MONTHLY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

9769

9825

9996

9856

BANK NIFTY

24490

24186

24169

24956

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

9705

9520

9475

BANK NIFTY

23683

23167

23038

PATTERN FORMATION ( NIFTY )

Detail of Chart - Nifty is in the Positive note. The close above the mid Bollinger line is positive in the short term, however the 34 DMA line presently at approx. 9840 may act as a strong Resistance in the near term. Unless Nifty closes and sustains above the 34 hourly moving average, market remains neutral to bearish in the hourly chart. The probable support in the hourly chart comes at 20 hours moving average presently at approx. 9775, 61.8% retracement presently at approx. 9712 and lower Bollinger line presently at approx. 9686. The probable resistance in the hourly chart could be seen at 34 hour moving average presently at approx. 9836 and 50 hour moving average presently at approx. 9903. The Nifty Index is Exepected to trade in bullish movement in next week trading session..

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart- Bank Nifty was up side in the today’s trading session. In daily time, though Bank Nifty is able to close above 50 DMA presently at approx. 24045 levels, it could not close above the 5 day Low EMA presently at approx. 24198 levels which is still a concern for bulls and may act as a resistance in the daily time frame. The market sentiment will turn bullish only if the Index closes above 5 Day High EMA presently at approx. 24198 levels.

NSE EQUITY DAILY LEVELS COMPANY NAME

R2

R1

PP

S1

S2

1799 389

1779 380

271 1145 484 2796 154 490 404 414 23757 414 555 241 2023 376 1085 876 1715 1761 3856 234 1177 290 268 1635 967 1148 985 1130 1386 62970 7395 157 166 19 722 1525 452 37 270 450 215 2471 362 75 593 124 1709 499 389 271

268 1134 480 2749 152 483 395 410 23502 410 546 240 1992 372 1073 870 1697 1754 3821 230 1168 288 264 1628 961 1134 974 1120 1380 61595 7311 155 164 18 695 1505 438 36 260 440 208 2451 349 74 585 121 1678 492 380 268

ACC ADANI PORTS

EQ EQ

1853 426

1836 411

1816 403

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

279 1172 505 2984 160 522 435 424 24610 425 590 247 2150 390 1139 895 1761 1784 3997 249 1205 296 278 1658 982 1210 1012 1168 1415 69975 7617 163 174 22 789 1599 490 40 312 469 230 2555 391 78 613 131 1788 526 426 279

276 1164 497 2913 157 510 424 421 24311 421 577 245 2102 385 1118 889 1747 1776 3944 244 1195 294 276 1650 977 1186 1004 1154 1404 66160 7548 161 171 21 769 1572 478 39 296 458 226 2523 383 77 607 129 1764 516 411 276

273 1153 492 2867 156 502 415 417 24056 418 568 243 2071 381 1106 882 1729 1769 3909 240 1187 292 273 1643 972 1172 993 1144 1397 64785 7464 159 169 20 742 1552 464 38 286 451 219 2503 370 76 599 126 1733 509 403 273

TOP 15 ACHIEVERS SR.NO

1

SCRIPT NAME

VEDANTA

//

PREV CLOSE

CMP

279

298

% CHANGE

+ 6.92 %

SR.NO

TOP 15 LOOSERS SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

1

APOLLO

1217

1068

- 12.24 %

HOSPITAL INFOSYS

987

923

- 6.53 %

151

145

- 4.48 %

365

349

- 4.39 %

340

328

- 3.41 %

2

TECH MAHINDRA

402

428

+ 6.47 %

2

3

EICHER MOTORS

29627

31511

+ 6.36 %

3

4

TATA POWER

76

80

+ 4.90 %

4

5

TATA STEEL

596

625

+ 4.84 %

5

FORTIS HEALTHCARE SHEMAROO ENTERTAIN BIOCON LIMITED

6

INDIABULLS HSGFN

1149

1202

+ 4.57 %

6

J K CEMENT

1030

999

- 3.04 %

7

SUN PHARMA

450

470

+ 4.48 %

7

KWALITY

139

135

- 3.04 %

8

CIPLA LIMITED

541

565

+ 4.41 %

8

BOSCH LIMITED

22623

22034

- 2.60 %

9

AMBUJA CEMENT

263

274

+ 4.40 %

9

46

45

- 2.36 %

10

HINDUNILVR

1152

1202

+ 4.29 %

10

CORPORATION BANK DR. REDDY’S LABS

2011

1982

- 1.45 %

11

HINDALCO INDUS.

221

230

+ 4.10 %

11

YESBANK LIMTED

1739

1720

- 1.07 %

12

BHARAT PETRO

484

503

+ 3.92 %

12

KOTAK BANK

992

983

- 0.87 %

13

ITC LIMITED

271

281

+ 3.81 %

13

WIPRO LIMITED

289

288

- 0.55 %

14

HERO MOTOCORP

3840

3986

+ 3.80 %

14

SBIN

280

278

- 0.52 %

15

INDIAN OIL CORP

411

427

+ 3.78 %

15

ASIAN PAINTS

1143

1140

- 0.34 %

6 4 3 2 1 0 0

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS ✍ TOP NEWS OF THE WEEK

Government to appoint advisors for stake sale in four PSUs soon - The government is in advanced stage to appoint advisors for proposed strategic sales in state-run firms such as Scooters India, BEML, Pawan Hans Ltd and Hindustan Prefab, to divest its entire or partial stakes to private sector players, a senior official said. “In all cases we will soon appoint advisors who will help to identify and select specialised professional intermediaries required for the transaction,” the official said. The pursuance of strategic sale adds to the government’s reform policy, said a finance ministry official. “We have a comprehensive strategy,” he said. “The focus is not on the amount but to bring more professionalism in the newly listed firms and increase value for the stakeholders.” The finance official said the government has initiated several economic reforms, including the Bankruptcy Code, to help professionalise all these firms in different sectors. “We expect that by 2022 these firms will already be extracting the full benefits of these reforms and giving the investors unprecedented benefits,” he said.

Telecom’s share in NPAs a concern: Economic Survey - Reliance Jio’s entry with free voice and data has led to a brutal price war in the telecom industry, hurting revenue and profitability of incumbents amid ballooning debt, increasing the sector’s share of non-performing assets, which is a cause for worry, the Economic Survey said. With introduction of Reliance Jio Infocomm on 5 September 2016, competition extended from cheaper calls to cheaper data,” the Economic Survey Volume 2, released Friday, said. Jio's pricing scheme “forced incumbent telecom firms” to cut voice call rates and cost of 1GB data to average $1.9 during January-March 2017, the survey added. Adjusted gross revenue of the top three telecom companies in India - Bharti AirtelBSE 1.21 %, Vodafone India and Idea Cellular – fell sequentially by 7.98 per cent, 5.14 per cent and 4.91 per cent respectively in the third quarter of FY17.

Reserve Bank of India dividend to government halves to Rs 30,659 crore - The demonetisation exercise has come with a cost to the government. The Reserve Bank of India will be transferring to the government only Rs 30,659 crore, less than half the amount- Rs 65876 crore it transferred to last year, implying lesser non-tax revenues to the government this year. The reduction in the transfer of surplus to the government could be due to a number of factors including higher cost of printing new currency notes and cost of managing excess liquidity generated from phasing out of Rs 500 and Rs 1000 notes, though it is difficult to identify exact reasons at this stage. Operational expenses in cost of printing new currency and the associated logistics of collecting old notes is likely to have gone up ” said Saugata Bhattacharya, chief economist at Axis Bank. ” The cost of

sterilising the excess liquidity through MSS and reverse repos would also be significant. foreign currency reserves of RBI were fetching less returns because most of the foreign countries were giving negative returns or very low returns. Also, throughout the year the reverse repo has been high that means that RBI has to pay to banks. The whole of last year there was surplus liquidity and RBI had to pay more interest to the banks” said former RBI deputy governor R Gandhi.

Tax-GDP ratio may rise to 11.9% due to GST, closer scrutiny: Government - The government expects the goods and services tax (GST) and increased surveillance to boost tax revenues over the next two years, taking India’s tax-to-GDP ratio close to 12% by FY20. The higher revenues are projected to push up capital spend of the government, bring down fiscal deficit to sustainable 3% of GDP and lower the revenue deficit to 1.4% of GDP by FY20. The medium-term expenditure framework released by the government on Thursday shows tax-to-GDP ratio rising 30 basis points each in FY19 and FY20 to 11.6% and 11.9% respectively. The government expects any shocks to tax collections due to the introduction of GST to be absorbed in the current fiscal. It said “going forward in the years 2018-19 and 2019-20, the gains from expansion of the tax base due to the introduction of GST and the increased surveillance post demonetisation will ensure that tax-GDP ratio will increase by 30 basis points in each of the above FYs in question”.

Higher taxes will allow the government to spend more on creation of capital assets. The share of capital spending in total spending of Rs 26 lakh crore in FY20 is set to rise to 15%, compared with 14.4% in FY18 in a total spending of Rs 23.4 lakh crore. Ahead of the next general elections, welfare spending is also set to get a boost from the surge in tax revenues with spending on centrally sponsored schemes set to rise 23.6% in FY20 to Rs 5.67 lakh crore from Rs 4.59 lakh crore in FY18. Education and healthcare are the gainers. Pradhan Mantri Awas Yojna will also get bigger support towards the housing for all initiative.

Government capex to rise 25% to Rs 3.9 lakh crore in next 3 years - The total expenditure of the central government is likely to touch Rs 26 lakh crore in 2019-20, up from Rs 21.46 lakh crore estimated for the current fiscal, a finance ministry document said today. The Centre's capital expenditure is expected to rise 25 per cent to Rs 3.9 lakh crore in 2019-20, with defence outlay alone jumping 22 per cent, said the Medium-term Expenditure Framework Statement tabled in Parliament. Together with revenue expenditure, government's total spending is projected to rise from Rs 21.46 lakh crore in 2017-18 to Rs 23.4 lakh crore in the next financial year and Rs 25.95 lakh crore in 2019-20, it said. The capital expenditure is projected at Rs 3.09 lakh crore in the current fiscal and revenue expenditure at Rs 18.36 lakh crore, taking the total to Rs 21.46 lakh crore. The document, the ministry said, has set forth a three- year rolling target for the expenditure indicators with specification of underlying assumptions and risks involved. Defence, which accounts for about 30 per cent of the government's capital outlay, will see the spending rise from Rs 91,580 crore in the current fiscal to Rs 1,01,137 crore in the next one and Rs 1,11,706

crore in 2019-20.

Quarterly headline inflation in first half to be between 2-3.5%: RBI - The Reserve Bank of India, in its second bi-monthly Monetary Policy Committee meeting, has projected quarterly average headline inflation in the range of 2-3.5 per cent in the first half of the year and 3.5-4.5 per cent in the second half. In its outlook, the central bank said the actual outcome for the first quarter has tracked projections. Looking ahead, as base effects fade, the evolving momentum of inflation would be determined by the impact on the CPI of the implementation of house rent allowances under the 7th central pay commission; the impact of the price revisions withheld ahead of the GST and the disentangling of the structural and transitory factors shaping food inflation," said the minutes of the meeting -- held on August 1-2 -- which were published on Wednesday. The inflation trajectory has been updated taking into account all these factors and incorporates the first round impact of the implementation of the HRA award by the Centre, RBI said.

Growth, inflation to trend higher in next 6-12 months: Nomura - Economic growth and inflation are expected to trend higher in the next 6-12 months and the Reserve Bank is likely to stay on a prolonged pause, says a Nomura report. According to the Japanese financial services major, the MPC minutes suggest low inflation and growth concerns led to policy easing earlier this month, and going ahead the RBI is expected to stay on hold. Most MPC members voted for a rate cut in August owing to low inflation momentum and signs of weaker growth. However, a neutral policy stance was retained owing to expectations of a higher inflation trajectory in coming days, the report noted. According to Nomura, July inflation data confirmed that inflation troughed in June, and going ahead inflation is expected to see an uptrend due to rebound in vegetable prices.

Moreover, GST has also resulted in a slightly faster pace of core inflation momentum. "Most MPC members highlighted upside risks from the implementation of house rent allowance increases, fiscal impulses such as farm loan waivers, proximity to 2019 elections, the recent uptick in inflation expectations.

India Inc records highest sales growth in five quarters of 5.6% year-on-year - India Inc reported a revival in year-on-year sales growth in the June quarter albeit amid pressure on profits and profitability. The trend is expected to continue since the next two quarters will reflect gradual stability in business after the implementation of the goods and services tax on July 1 and expected higher demand due to the festival season and a good monsoon. However, firm input costs including those of raw materials and staff as a percentage of sales, along with a rising interest burden relative to operating profit may affect profitability. A sample of 1,024 companies excluding those in the banking, finance, and oil and gas sectors reported the highest sales growth in five quarters of 5.6% year-on-year. However, operating profit growth slowed to 3.5% after staying above 6% in the previous five quarters. Growth in net profit at 10.6% was the slowest in

four quarters. After including oil and gas sector companies, the sample size increased to 1,043 and sales growth improved to 9.7% while net profit growth was just 1.7% in the June quarter. � TOP ECONOMY NEWS

In line with the government's policy, the RBItoday said farmers can avail of short-term crop loans of up to Rs 3 lakh at subsidised interest rate of 7 per cent that could go down to 4 per cent on prompt repayment. To ensure hassle-free benefits to farmers under the Interest Subvention Scheme, the banks are advised to make Aadhaar linkage mandatory for availing of short-term crop loans in 2017-18," the RBI said in a notification to banks.

Retail and wholesale inflation accelerated in July and the uptrend is likely to continue in the coming months, limiting the space for further monetary easing, says a Morgan Stanley report.

According to the global financial services major, both CPI and WPI inflation have troughed in June and are expected to rise further in the coming months.

India's export grew by 3.94 per cent on a yearly basis to USD 22.54 billion in July on account of rise in shipments of petroleum, chemicals and marine products, official data released today showed. Import too rose by 15.42 per cent to USD 34 billion in July from USD 29.45 billion in the year-ago month due to rise in inward shipments of crude oil and gold. A rise in gold import shot up the country's trade deficit to USD 11.44 billion in the month under review from USD 7.76 billion in July 2016, the data released by the commerce ministry showed.

India's annual consumer price inflation picked up to 2.36 percent in July from 1.54 percent in June, as a decline in food prices slowed sharply, government data showed on Monday. The rise was faster than the 1.87 percent forecast by economists in a Reuters poll. Inflation was 1.54 percent in June - the slowest pace since India started releasing retail inflation data in January 2012 based on combined data for rural and urban consumers. Commenting on the figures, Anjali Verma, economist, Phillipcapital India, said: "(Inflation of) 2.36 percent is in line with our expectations. This has largely been led by higher vegetable prices, which is also reflecting in WPI.

Firmer vegetable prices drove both wholesale and retail inflation higher in July, reducing chances of further reduction in interest rates in the near future. India's headline inflation rate based on the Consumer Price Index went up to 2.36% in July from 1.46% in June and 6.07% a year earlier, data from the statistics office showed on Monday.

India’s industrial production fell to a four-year low in June as manufacturers reduced inventories ahead of the transition to the goods and services tax rolled out on July 1, but experts say this one-

time shock will reverse as the new tax regime settles down. Factory output as measured by the index of industrial production contracted by 0.1% in June, dragged down by manufacturing output that fell 0.4%, data released on Friday showed. Unfavourable base effect of high 8% growth in June 2016 also magnified the impact.

India warned that fiscal slippages could be a drag on Asia’s third-largest economy in the year to March 2018, but pledged to meet its budget deficit targets as it sought to reassure investors and global rating companies.The mid-year survey of the economy released by Prime Minister Narendra Modi’s chief economic adviser, Arvind Subramanian, also called for interest rates to be lowered even further as India struggles with subdued private sector investment and a banking sector grappling with rising non-performing assets.

Finance Minister Arun Jaitley has urged state chief ministers to reduce sales tax or value-added tax on fuels that have been kept out of the purview of goods and services tax but are used as input for products that come under the new indirect tax regime. Crude oil, petrol, diesel, natural gas and aviation turbine fuel have been kept out of the purview of GST, which kicked in from July, replacing over a dozen central and state levies like central excise, service tax and VAT with a single uniform levy. States have turned down the Centre's request to bring natural gas within the ambit of GST.

India's tax revenues will benefit from a widening tax base and robust advance collections, but non-tax revenues will face speed-bumps in fiscal 2018, the Development Bank of Singapore said today.

Public sector banks have reported a 20% jump in the outstanding loans by nearly 9,000 wilful defaulters who collectively owed more than Rs 92,000 crore to lenders at the end of March this year, said data released by the Finance Ministry. ✍ TOP CORPORATE NEWS Infosys has approved a buyback proposal at Rs 1,150 per share. The stock has face value of Rs 5 per share. Record date for the buyback will be announced later. The board of the company approved buyback for an amount not exceeding Rs 13,000 crore. The buyback offer size is 20.51% of the total paid-up equity capital and free reserves of the company as per the latest audited balance sheet as on June 30, 2017. The buyback offer will comprise a purchase of up to 113,043,478 equity shares aggregating up to 4.92% of the paid-up equity share capital of the company.

Sasken Technologies, a leading product engineering and digital transformation solutions provider, announced that it has partnered with PTC, a global provider of technology platforms and solutions that transform how companies create, operate and service products.

Power Grid Corporation of India announced on Thursday that the company’s board of directors has approved the investment proposal for three plants with an estimated cost of Rs 1931.39 crore.

Banking major, IDBI Bank has allotted 24.74 crore equity shares to the Government of India and 51.31 lakh equity shares to Life Insurance Corporation of India at a price of Rs 76.77 per share (inclusive of the premium amount of Rs 66.77 per share), said the bank in a BSE filing on Wednesday post market hours.

Multiplex cinema theatres player, Inox Leisure is planning to invest nearly 100 crore to open up 39 more screens this FY to ramp up its total screen count to over 500 screens. A new screen pipeline for the rest of the fiscal includes nine properties with 39 screens and 6,577 seats, said Alok Tandon, CEO, Inox Leisure.

Granules India consolidated revenue for the quarter came in at Rs. 385.9 crore, registering 10.3% yoy increase. EBITDA for the quarter rose by 12.3% yoy to Rs. 76.9 crore with a corresponding margin expansion of 35 bps. EBITDA margin for the quarter stood at 19.9%.

The PAT for the quarter came in at Rs. 36.8 crore, yoy decline of 5.5%. This was partly due to increase in finance cost by 3.3% yoy. The company has declared an interim dividend of 25 paise per share of face value of Re. 1 each representing 25% of paid-up capital for FY17-18.

Coal India's Q1FY18 consolidated results for the quarter came in mixed versus street estimates.

Revenue for the quarter came in 5.2% higher than the estimated figure of Rs. 19553 crore.

EBITDA for the quarter came in 5.1% higher than the estimated figure of Rs. 3350 crore.

However, net profit for the quarter came in 11.6% lower than the estimated figure of Rs. 2660.2 crore.

Tata Power consolidated revenue for the quarter came in at Rs. 6725 crore, registering 2.4% yoy increase. EBITDA for the quarter rose by 40.1% yoy to Rs. 2514 crore. The PAT for the quarter came in at Rs.164 crore, yoy increase of 126%. Renewable business PAT stood at Rs.109 crore as compared to Rs.26 crore. Tata Power's Renewable capacity crossed 2000 MW and green portfolio crossed 3000 MW mark in Q1FY18.

Infibeam Incorporation consolidated revenue for the quarter came in at Rs. 185 crores, registering ~53% QoQ increase. This was primarily driven by ~ 108% QoQ jump in the revenue

of software & ecommerce related ancillary services. EBITDA for the quarter rose by 63.7% QoQ to Rs. 32.9 crores with a corresponding margin expansion of 115 bps. EBITDA margin for the quarter stood at 17.8%. This margin expansion was mainly aided by lower purchase of stock-intrade as proportionate to sales.

Bharat Petroleum Corporation Limited's Q1FY18 standalone results for the quarter registered a miss versus consensus estimates. Revenue for the quarter came in 13.1% higher than the estimated figure of Rs. 59033 crore. EBITDA for the quarter came in 43.9% lower than the estimated figure of Rs. 2184 crore. And lastly, net profit for the quarter came in 46.4% lower than the estimated figure of Rs. 1389 crore.

BEML standalone revenue for the quarter came in at Rs. 632 crore, registering 82.7% yoy increase. The company operating loss for the quarter contracted to Rs. 68.2 crore from loss of Rs. 91.1 crore in corresponding quarter of last year. Also, its net loss for the period narrowed to Rs. 85.1 crore from net loss of Rs. 107.1 crore in corresponding quarter of last year.

Tata Global Beverages' Q1FY18 consolidated results for the quarter registered a beat versus consensus estimates. Revenue for the quarter came in 0.9% lower than the estimated figure of Rs. 1720 crore. EBITDA for the quarter came in 11.3% higher than the estimated figure of Rs. 219 crore. And lastly, net profit for the quarter came in 25% higher than the estimated figure of Rs. 114.4 crore.

Cadila Healthcare ltd consolidated revenue for the quarter came in at Rs. 2229 crore, registering 4.5% yoy decline. EBITDA for the quarter fell by 34.4% yoy to Rs. 399 crore with a corresponding margin contraction of 816 bps. EBITDA margin for the quarter stood at 17.9%.

This margin contraction was driven by 65% yoy increase in purchase of stock in trade with 21.5% yoy increase in cost of raw material consumed. � TOP BANKING AND FINANCIAL NEWS OF THE WEEK ICICI Bank, India's largest private sector lender became the latest bank to cut its savings bank rate on Friday. In a notice to the stock exchange the bank said it had cut the interest rate on deposits below Rs. 50 lakh to 3.5%. The reduced rate is effective from Saturday. ICICI joins peers SBI, Bank of Baroda, HDFC Bank Axis Bank Yes Bank among others which have reduced their rate on savings account depossits in light of a surge in bank deposits post demonetisation in November last year.

Integrated infrastructure service provider Feedback Infra is emerging as a key player in managing

and turning around stressed assets portfolio of lenders such as State Bank of India, ICICI Bank, Punjab National Bank as well as asset restructuring companies like Edelweiss ARC.

Public sector banks have reported 20 per cent jump in the outstanding loans by nearly 9,000 wilful defaulters who collectively owed to lenders more than 92,000 crore at the end of March this year.The outstanding loans by wilful defaulters rose to Rs 92,376 crore at the end of financial year 2016-17, as against Rs 76,685 crore at the end of March 2016, registering a jump of 20.4 per cent. At the same time, there has been close to 10 per cent increase in number of wilful defaulters on annual basis.The number of wilful defaulters increased to 8,915 at the end of March as against 8,167 in the previous fiscal, according to data collated by the Finance Ministry.

Reduction in saving deposit rates by three large banks over the past fortnight may set the ball rolling for lower lending rates and stoke greater competition among lenders, says a report.The nation's largest lender, State Bank had on July 31 slashed the pricing for under Rs 1 crore saving deposits by 0.50 per cent to 3.5 per cent. Bank of Baroda and Axis Bank followed, which last week revised downwards their savings rates by a similar quantum for deposits of up to Rs 50 lakh.

The merger of State Bank of India's associate banks with SBI has resulted in sizeable membership gain for the majority union -- All India State Bank of India Staff Federation, said a top union leader. The AISBISF may have gained but to what extent is something that cannot be exactly quantified, countered the top leader of All India Bank Employees' Association.

Resolution of bad loans in the banking system is on 'right track' and will 'open the door' to rapid credit expansion and growth, Niti Aayog Vice Chairman Arvind Panagariya has said. Terming the non-performing assets or bad loans problem as a 'legacy issue', he said that even after three years of the NDA government taking charge, it has not gone away.

PSU lender Indian Bank said it will offer interest rate of 4 per cent per annum on savings account with incremental balance of over Rs 50 lakh and 3.50 per cent per annum for deposit up to Rs 50 lakh. The lender in a statement said it "has introduced two tier interest rate structure for saving bank accounts and will offer 4 per cent interest per annum for incremental balance over Rs 50 lakh and 3.50 per cent per annum for balance up to Rs 50 lakh.The new interest rate will be effective from August 16,2017, the bank said in a BSE filing.

Banks with operations in India witnessed a significant rise in non-performing assets during the first half of 2017, according to a survey released today.

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