Equity Research Report 23 October 2017 Ways2Capital

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Nifty futures/Bank Nifty futures market closed on 10189 /24123 According to technical analysis if Nifty futures and Bank Nifty future moves up-word in tomorrow treading session then 10244 will be small resistance for Nifty futures and at the same time 24310 will be small Resistance for Bank Nifty futures, if it break this level then then Nifty futures can touch 10300 level and Bank Nifty futures can touch 25600 level in next few days. It will be hard resistance for Nifty futures and Bank Nifty futures. Meanwhile in reveres there is small support on 10208 for Nifty futures and 24170 is for Bank Nifty futures after breaking this support with volume there is big support for Nifty futures on 10200 and 24170 for Bank Nifty futures.

Tuesday, 24 Oct 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

S2

10468

10202

10155

10050

9841

R2

R1

PP

S1

S2

10876

10376

10127

9877

9377

R2

R1

PP

S1

S2

11376

10388

9894

9400

8413

R2

R1

PP

S1

S2

25361

24494

24059

23625

22757

R2

R1

PP

S1

S2

26890

25304

24511

23719

22132

R2

R1

PP

S1

S2

27748

25756

24260

22765

19772

BANK NIFTY DAILY

WEEKLY

MONTHLY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

10018

9982

9881

9439

BANK NIFTY

24250

24375

24141

22570

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

9767

8922

7558

BANK NIFTY

23732

20628

15834

PATTERN FORMATION ( NIFTY )

Detail of Chart -Nifty future moves in upward direction. next resistance level for nifty is 10245 above the level of 10245 it can move further in upward direction.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart - Bank nifty open at 21126 and made high of 24306.95 it shows upward movement next resistance level of bank nifty is 24310 above the level of 24310 it can move further in upward direction

NSE EQUITY DAILY LEVELS COMPANY NAME

R2

R1

PP

S1

S2

ACC ALBK

EQ EQ

1818 67

1802 66

1773 65

1757 64

1728 63

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 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

289 1207 466 3270 142 136 92 517 630 294 185 2460 445 1229 957 1768 1890 3836 282 1295 269 275 1721 950 167 1095 1165 1415 64376 7957 174 115 19 5836 966 486 40 249 334 548 434 85 719 128

286 1189 458 3140 140 135 89 507 611 292 181 2403 440 1206 948 1746 1879 3814 277 1274 265 271 1709 945 162 1082 1150 1388 63963 7908 173 114 18 575 953 478 39 247 332 543 428 84 715 127

280 1174 452 3199 137 134 86 491 600 289 178 2377 436 1165 935 1729 1857 3792 273 1256 261 268 1695 937 157 1070 1136 1368 63186 7811 172 113 17 561 931 465 38 245 329 538 424 83 710 126

277 1157 444 3169 135 133 84 480 581 287 174 2325 431 1143 926 1707 1844 3770 268 1235 257 264 1684 932 152 1057 1121 1341 62773 7762 171 112 16 553 918 456 37 243 326 533 418 82 707 125

271 1141 439 3128 131 132 81 464 570 284 171 2297 427 1102 913 1690 1823 3748 264 1217 253 261 1670 923 146 1045 1108 1320 61996 7665 170 111 15 538 896 443 36 240 323 528 414 81 702 124

TOP 15 ACHIEVERS SR.NO

SCRIPT NAME

//

PREV CLOSE

CMP

% CHANGE

TOP 15 LOOSERS SR.NO

SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

1

MOIL LTD

207.30

259.35

+25.11

1

AXIS BANK

520.35

451.75

-13.18

2

PIRAMAL PHUTOCARE

42.05

51.305

+21.40

2

HEG LTD

1328.25

1183.60

-10.89

3

BHUSAHAN STEEL

57.85

69.70

+20.48

3

DENA BANK

30.25

27.70

-8.43

4

EON

111.80

134.45

+20.26

4

PC JEWELLER

374.80

348.10

-7.12

5

IDEA

83.10

97.85

+17.75

5

GITANJALI GEMS

70.20

65.75

-6.34

6

GOA CARBONS

699.520

768.90

+9.97

6

ZEEL

514.45

485.50

-5.63

7

BHARTI AIRTEL

453.30

497

+9.64

7

VISAKA INDUS

721.15

681.60

-5.348

8

VAKRANGEE

501.85

542.95

+8.19

8

DCB BANK

190.25

180.65

-5.05

9

JINDAL STEEL

198.95

215.05

+8.09

9

UPL

812.35

773.10

-4.83

10

TORRENT PHARAM

1286.50

1385.90

+7.73

10

DISH TV

72.15

68.90

-4.50

11

LAKSHMIVILAS BANK

143.55

154.30

-7.49

11

BHARTI INFRA TEL

471.50

450.55

-4.44

12

ADANI ENTER

117.40

125.80

+7.14

12

TITAN

627.45

600.50

-4.30

13

FUTURE LIFE STYLE

334.55

357.50

+6.86

13

ICICI BANK

274.25

262.75

-4.19

14

POWER FIN COR

123.25

131.30

+6.53

14

YES BANK

367.70

352.75

-4.07

15

TORRENT POWER

234.75

249.90

+6.45

15

TECH MAHINDRA

473.80

454.70

-4.03

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS ) NSE CASH NSE CASH : BUY HBLPOWER CASH ABOVE 61 TGT 65 SL 58 NSE CASH : BUY CHAMBALFERTILIZER CASH ABOVE 152 TGT 158 SL 147

NSE FUTURE NSE FUTURE : BUY HDFC BANK FUTURE ABOVE 1870 TGT 1900 SL 1860 NSE FUTURE : BUY VOLTAS FUTURE ABOVE 544 TGT 560 SL 541

NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK LIVE STOCK MARKET UPDATES - SENSEX, NIFTY END FLAT; BANKING STOCKS DRAG - Indices ended lower on last day of Samvat 2073, dragged by banks after disappointing numbers from Axis Bank, the S&P BSE Sensex is ended at 32,584, down by 25 points, while NSE Nifty is closed at 10,211 down by 24 points. Axis Bank contributed to most of the losses on the NSE index, and also led the losers on the NSE Bank index, which shed about 1.4%. The BSE Midcap Index is trading up by 0.25% at 16,155 whereas BSE Small-cap Index is trading up by 0.23% at 17,105. Indiabulls housing finance, RIL, Kotak Mahindra Bank, Power Grid and ONGC are among the gainers, whereas Axis Bank, Infratel, Yes Bank, ICICI Bank and Tech Mahindra are losing steam on NSE. Some buying seen in Energy, Utilities, and Power sectors, while Finance, Tech and Bank show weakness on the BSE. The INDIA VIX is down by 0.86% at 11.51.

Out of 1,972 stocks traded on the NSE, 792 advanced, 829 declined, and 351 remained unchanged.

A total of 75 stocks registered a fresh 52-week high in trade, while 24 stocks touched a new 52-week low on the NSE. RIL crosses Rs 900 level. Stock trades at all time high, stock up 4.5% and hits 52-week high.

BSE Oil & Gas Index gains over 1%.

LIVE STOCK MARKET UPDATES - NIFTY, SENSEX CHOPPY; AIRTEL GAINS OVER 5% Indices make a rebound after brief period of trading in red. Telecom, Metals, and Reality stocks spike with Airtel gaining over 5%, driving the Telecom sector upwards. Ambuja Cement, ICICI Bank, Ultra Cement, Bharti Airtel, and Reliance are among the gainers, whereas Axis Bank, Infratel, UPL, Cipla, and HDFC are losing steam on NSE. Some buying seen in Basic Materials, Tech, Telecom, and Reality while FMCG, finance, healthcare, industrials show weakness on the BSE. The INDIA VIX is down by 1.02%. Nifty Pharma Index dips 1%.Cipla (-3%), Lupin (-2%), Glenmark and Aurobindo (1%). A2Z Infra stock soars 3% on approving one-time settlement with SICOM. BSE Telecom Index up over 2.5%. Idea (+8%), RCom (+7%), Airtel, TTML (+5%), Tata Comm (+3%).

SENSEX, NIFTY RISE; JIO TARIFF HIKE BOOSTS TELECOM STOCKS - Indian shares rose on Monday as telecom stocks gained after Reliance Industries Ltd’s unit Jio raised data tariffs last week, signalling more pricing discipline in the sector, while strong global markets also boosted sentiment. Japanese shares jumped on a weaker yen as an election win for Shinzo Abe’s ruling bloc gave a green light for more policy stimulus. Indian markets hit fresh highs last week and analysts think upcoming corporate earnings will have an impact on the short-term trend. Infosys Ltd and Hindustan Unilever Ltd will report results on Tuesday and Wednesday, respectively.

Reliance Industries rose as much as 2.28 percent to a record high.

Bharti Airtel Ltd gained as much as 3.4 percent to its highest level in over eight years.

Idea Cellular Ltd and Reliance Communications Ltd gained over four percent each.

Financial stocks capped the gains on indexes after a rise in bad loans at Axis Bank Ltd last week sparked concerns over recovery of stressed assets. Axis Bank was down 1.8 percent and Housing Development Finance Corporation Ltd was trading 1.2 percent lower.

INDIA'S RELIANCE INDUSTRIES HITS RECORD HIGH; LEADS GAINS ON NSE INDEX - Shares of oil-to-retail conglomerate Reliance Industries Ltd rose as much as 5 percent to a record high of 917.9 rupees on Wednesday. Stock posts biggest intraday pct gain since March 31, leads gains on the NSE benchmark index and the Nifty energy index. Reliance’s telecoms unit Jio is expected to announce a new attractive data plan when its current unlimited data for 399 rupees for prime members expires later in the day, according to traders. Separately, Economic Times reported Reliance and partner BP Plc will invest about $1.5 bln to develop satellite gas fields in the KG-D6 block

BHUSHAN STEEL STOCK RISES 20% AFTER ARCELORMITTAL EVINCES INTEREST TO BUY FIRM - The Bhushan Steel stock hit its upper limit on Monday after a report said global steel giant ArcelorMittal has expressed interest to buy Bhushan Steel.

According to an Report, the LN Mittal-led firm has submitted an expression of interest for Bhushan Steel., the stock was trading 19.93 percent higher at 69.80 level on the BSE. The stock opened at Rs 65 level today. The stock touched a fresh 52-week high of Rs 102.80 on May 18, 2017 and a 52-week low of Rs 38 on November 17, 2016. Bhushan Steel has a debt of Rs 44,478 crore.

The firm has taken loan from at least 20 lenders. Earlier, lenders led by State Bank of India (SBI) have taken Bhushan Steel to the National Company Law Tribunal for recovery under the Insolvency and Bankruptcy Code. Bhushan Steel is among the 12 accounts identified by the Reserve Bank for immediate reference to NCLT. These 12 accounts alone constitute a quarter of the over Rs 8 trillion of non-performing assets.

GST WILL TAKE A YEAR TO STABILISE, SOME MORE REJIG REQUIRED IN TAX STRUCTURE - Some rejig in GST rate structure is required to reduce the burden on small and medium businesses, Revenue Secretary Hasmukh Adhia has said. The Goods and Services Tax, which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will take about a year to stabilise, he told PTI. "There is need for some rejig in rates. it is possible that some items in the same chapter are divided. There is a need for harmonisation of items chapter wise and wherever we find there is a big burden on small and medium businesses and on common man, if we bring them down, there will be a better compliance," Adhia said. Nearly four months since its introduction, the new indirect tax threw up teething troubles and compliance issues, which the GST Council -- the highest decision-making body of the new regime -- has addressed through several rounds of changes. To ease hassles facing medium and small businesses in paying taxes and filing GST returns, it has tweaked various aspects of the new indirect tax regime to make it industry friendly. Also, the GST Council has rationalised rates on over 100 commodities and made refund process easier for exporters. Adhia, however, said the rejig would require some calculations by the fitment committee, which will decide which items need a rationalisation of rate under the GST regime which kicked in from July 1. The GST Council has already cleared an approach paper for items to be considered for rationalisation but it is not binding and the council can always make deviations from the approach paper. "We are very keen to do it as early as possible, it depends on how much time the fitment committee takes to work on it. They need data, calculate revenue loss.

They need various comparisons. But harmonisation has to be done," he said. The 23rd meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising representatives of all states, will be held in Guwahati on November 10. The GST Council has reworked various provisions of the new indirect tax regime which was introduced from July 1 so as to make it more industry friendly.

The turnover threshold for composition scheme, under which businesses can pay taxes at a nominal rate, has been hiked to Rs 1 crore from Rs 75 lakh earlier. Also, small businesses with up to Rs 1.50 crore turnover have been allowed to file returns and pay taxes quarterly, as against monthly earlier.

When asked how much time will it take to stabilise the GST system, Adhia said: "It will take one year.

Because it is a new system for everybody...

There has been a complete overhauling of tax system in GST, so one year is needed." "If you see the experience of VAT, there was opposition for one year. People were on streets because nobody knew what VAT is, the last fellow was only paying sales tax. It was more opposition that time than this," he said. Introduced in 2005, VAT replaced the earlier sales tax systems. VAT was a tax on sale or purchase of goods within a state and was levied by state governments. The GST has subsumed over a dozen taxes and transformed India into a single market for seamless movement of goods and services.

NEW INDIA ASSURANCE'S RS 10,000-CRORE IPO TO HIT MARKET IN FIRST WEEK OF NOVEMBER - New India Assurance, the largest general insurance company in the country, is set to hit the capital markets with around Rs10,000 crore initial public offering in the first week of November. The offer comes soon after the Rs11,370 crore IPO of General Insurance Corp. of India Ltd, which will be listed on 25 October. It has already been oversubscribed by over 1.35 times. The street has seen a couple of more IPOs in last one and half months, which include ICICI Lombard and SBI Life. The IPO of the insurance multinational having operations in 28 countries will be completed in the first week of November, government officials told PTI. The exact amount and pricing for the IPO will be announced by the company early this week. Recently, the company's top management had completed the overseas road shows and had seen robust response for the issue. Earlier, the company had appointed five merchant bankers - Kotak, Axis Bank, Nomura, IDFC and Yes Bank for the IPO. The company,

which is targeting Rs26,000 crore premium in the current fiscal, is the largest general insurer in terms of premium, profits, market share and distribution network. New India Assurance has assets of over Rs69,000 crore and solvency of 2.27 despite growing at compounded annual growth rate of over 15% for last five years. NIA's networth, including fair value of investments, increased to over Rs38,100 crore as of June-end. Its market value of investments stood at Rs63,100 crore at the end of June quarter of the current fiscal.

The company, which will be celebrating its 'centenary year' in one year, has a rich legacy and sustained its market leadership despite 31 players being there in the industry. In fact, New India's market share has increased in the last five years and currently hovering around 16%. India's top business houses are long-time customers of NIA. New India is the country's only direct insurer with an international 'A' rating and has operations through a desk at Lloyd's, the world's largest specialist insurer. Some of the other insurers' IPOs, which are likely to hit the street in near future include HDFC Life, Reliance General and National Insurance Company.

UP GOVT TAKING VARIOUS STEPS TO IMPROVE POWER SITUATION IN STATE - Uttar Pradesh government is taking slew of measures to improve power supply to the people of the state, counting on initiatives like trust billing system and e solution app. "While for honest consumer trust billing system is on the cards, for preventing pilferage, several steps, including on line connection system would be initiated," Uttar Pradesh Power Minister Shrikant Sharma said. In trust billing system, consumer would be offered the facility of self billing like filing of income tax return.

However, its misuse would invite punitive action, including heavy penalty, he said. Moreover, existing meters would be replaced by "smart meters" in order to monitor the power used by consumer, he disclosed. For ensuring proper roaster and adequate power supply in rural areas, he said, monitoring of line loss in feeder system would be the priority. He expects encouraging results with the introduction of e. solution app, facebook, twitter, Whatsapp in his department adding that introduction of toll free number (1912) would become an added advantage to consumer. He said not only import capacity of power has been enhanced from 8,100 MW to 10,000 MW but also the capacity of power been increased from 18,500 MW to 22,000 MW. "

We have set target of 26,000 MW extra power by 2022," Sharma said, adding that the priority of the department is to prevent pilferage. The capacity of power plants would also be enhanced, he said adding that like the Ujjwala scheme introduced by Prime Minister Narendra Modi for providing LPG connection to poor, power department has introduced "Saubhagya" scheme for ensuring light in the house of poor. He said priority of the government is on recovery of arrears, providing 2.10 crore new connections, electricity in 75 mazars, ensuring installation of meter in every house, upgrading the transformers and replacing old line with the new ones.

MARUTI BECOMES NO. 1 EXPORTER OF PERSONAL VEHICLES FROM INDIA, HYUNDAI 4TH - Maruti Suzuki India has become the largest passenger vehicles exporter from India in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd which has now been pushed to fourth spot behind Volkswagen and General Motors. In the April-September period this fiscal, Maruti Suzuki India exported 57,300 units of passenger vehicles as against 54,008 units in the year-ago period, up 6 per cent, according to the latest data by Society of Indian Automobile Manufacturers. The long-running number one exporter, Hyundai Motor India Ltd on the other hand shipped 44,585 units as against 63,014 units in the year-ago period, a decline of 29.25 per cent. The company is now behind Volkswagen and General Motors India in terms of export of PVs from India.

During the first half of the fiscal, Volkswagen India exported 50,410 units at a growth of 16.92 per cent. It is now the second biggest exporter of PVs from India behind MSI. Last year, it had exported 43,114 units during the same period. Interestingly, General Motors which had on May 18 this year decided to stop selling its vehicles in India after struggling for over two decades to make a mark, is now the third biggest exporter of PVs from the country. In the first half of the fiscal, GM exported 45,222 units as against 30,613 units in the year-ago period, a growth of 47.72 per cent. The company exports vehicles from its manufacturing plant at Talegaon in Maharashtra. It has sold its first plant at Halol in Gujarat to MG Motor India, an arm of Chinas SAIC. Another US auto major, Ford also posted impressive growth in exports of PVs from India during the period. The companys overseas shipments stood at 42,412 units as against 31,467 units in the same period last fiscal, up 34.78 per cent making it the fifth biggest exporter from India. Nissan Motor India, which was the third biggest exporter last year saw its overseas shipments during the first half of the fiscal decline by 37.11 per cent to 30,872 units from 49,091 units in the same period last fiscal. It now occupies the sixth spot.

BHEL STARTS EXECUTION OF RS20,400 CRORE YADADRI PLANT IN TELANGANA State-run power equipment maker Bharat Heavy Electricals Ltd said it has commenced execution of Rs20,400 crore Yadadri supercritical thermal power project ordered by Telangana State Power Generation Corporation.

“The execution of the 4,000 MW Yadadri Supercritical Thermal Power Project ordered on Bharat Heavy Electricals Limited by Telangana State Power Generation Corporation Limited has commenced with the issuance of revised Letter of Intent by TSGENCO,” Bhel said in a regulatory filing. Bhel said that the project, valued at approximately Rs20,400 crore, is the single largest order for the company so far and is also the highest value order ever placed in the power sector in India. “The project has been accorded environmental clearance” and would be compliant with the revised emission norms,” the PSU said. The project is located at Damaracherla in Nalgonda district of Telangana. Bhel said the Yadadri project will be executed on fast track basis by the company in line with its strategy of focusing on revival of held up projects and their speedy execution. TSGENCO has earlier awarded contracts for 800 MW Kothagudem and 1,080 MW Bhadradri power projects to Bhel, which are under advanced stages of execution. Shares of Bhel were trading 0.83% up at Rs85.50 on BSE. HSBC APP-will take a three month sabbatical from the beginning of January 2018 and his next role at HSBC will be announced in due course,” the press release stated. Rikhye has worked across various divisions at HSBC including corporate banking in Taiwan, institutional fund services in Hong Kong and head of securities services for the Middle East and North Africa, based in the United Arab Emirates. Rikhye’s appointment is subject to regulatory approvals.

INDIAN ENERGY EXCHANGE MAKES TEPID DEBUT - Indian Energy Exchange shares opened at Rs. 1500, 9% lower than the listing price of Rs. 1650 on NSE. However soon after the debut, the stock pared some of the losses to trade above Rs. 1,600. The scrip was trading on NSE at Rs. 1615, 2% lower than the listing price. The scrip hit the listing price of Rs. 1650, albeit briefly in the early hours. Rs. 1,000 crore IPO gives IEX a valuation of nearly Rs. 5,000 crore. The IPO had drawn good response from investors, with the issue getting oversubscribed 2.23 times on the last day of bidding. Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings had managed the public issue.

IEX is India's first power exchange providing automated trading platform for electricity and renewable energy certificates.

IEX reported a profit of Rs. 113.6 crore in 2016-17, up 13% from a year ago. Indian Energy Exchange IPO offers four different products: renewable energy certificates, day ahead market, term ahead market, Energy savings certificates . The IPO values the exchange at 44 times its last year's earnings. With more than 90 per cent market share for last five years, Indian Energy Exchange is the largest power trading exchange in India.

EUROZONE CURRENT ACCOUNT SURPLUS RISES IN AUGUST - Eurozone current account surplus climbed to EUR 33.3 billion in August from EUR 31.5 billion in July. This was the highest since May 2016. The surplus on trade in goods increased to EUR 28.2 billion from EUR 26.5 billion in the previous month. Meanwhile, the surplus on services declined to EUR 7.2 billion from EUR 8.1 billion. Likewise, primary income fell to EUR 10.3 billion from EUR 11.7 billion a month ago. At the same time, secondary income showed a shortfall of EUR 12.4 billion versus EUR 14.8 billion in the previous month. On an unadjusted basis, the current account surplus fell to EUR 29.6 billion from EUR 37.1 billion in July.

UK BUDGET DEFICIT NARROWS IN SEPTEMBER - UK public sector net borrowing, excluding public sector banks, decreased by GBP 0.7 billion from the previous year to GBP 5.9 billion in September, the Office for National Statistics said Friday. This was the lowest September net borrowing since 2007. During April to September period, PSNB decreased by GBP 2.5 billion to GBP 32.5 billion, which was the lowest year-to-date net borrowing since 2007. The Office for Budget Responsibility forecast that public sector net borrowing will be GBP 58.3 billion during the financial year ending March 2018. Data showed that public sector net debt totaled GBP 1,785.3 billion the end of September, equivalent to 87.2 percent of gross domestic product.

OINTS JAYANT RIKHYE AS INDIA CEO - Jayant Rikhye has been appointed as the chief executive of India operations of Hongkong and Shanghai Banking Corp. Ltd (HSBC). He will take charge from 1 December and will be succeeding Stuart Milne. Rikhye has been with HSBC since 1989 and is currently serving as head of strategy and planning for Asia Pacific. He is also head of international markets, Asia Pacific and is responsible for 11 markets in the region. Both Milne and Rikhye are group general managers as well.

Milne’s new role is yet to be defined. “Mr Milne will take a three month sabbatical from the beginning of January 2018 and his next role at HSBC will be announced in due course,” the press release stated. Rikhye has worked across various divisions at HSBC including corporate banking in Taiwan, institutional fund services in Hong Kong and head of securities services for the Middle East and North Africa, based in the United Arab Emirates. Rikhye’s appointment is subject to regulatory approvals.

INDIAN ENERGY EXCHANGE MAKES TEPID DEBUT - Indian Energy Exchange shares opened atRs.1500, 9% lower than the listing price of Rs.1650 on NSE. However soon after the debut, the stock pared some of the losses to trade above Rs. 1,600. The scrip was trading on NSE at Rs. 1615, 2% lower than the listing price. The scrip hit the listing price of Rs. 1650, albeit briefly in the early hours. Rs.1,000 crore IPO gives IEX a valuation of nearly Rs. 5,000 crore. The IPO had drawn good response from investors, with the issue getting oversubscribed 2.23 times on the last day of bidding. Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings had managed the public issue.IEX is India's first power exchange providing automated trading platform for electricity and renewable energy certificates. IEX reported a profit of Rs. 113.6 crore in 2016-17, up 13% from a year ago. Indian Energy Exchange IPO offers four different products: renewable energy certificates, day ahead market, term ahead market, Energy savings certificates . The IPO values the exchange at 44 times its last year's earnings. With more than 90 per cent market share for last five years, Indian Energy Exchange is the largest power trading exchange in India EUROZONE CURRENT ACCOUNT SURPLUS RISES IN AUGUST - Eurozone current account surplus climbed to EUR 33.3 billion in August from EUR 31.5 billion in July. This was the highest since May 2016. The surplus on trade in goods increased to

EUR 28.2 billion from EUR 26.5 billion in the previous month. Meanwhile, the surplus on services declined to EUR 7.2 billion from EUR 8.1 billion. Likewise, primary income fell to EUR 10.3 billion from EUR 11.7 billion a month ago. At the same time, secondary income showed a shortfall of EUR 12.4 billion versus EUR 14.8 billion in the previous month. On an unadjusted basis, the current account surplus fell to EUR 29.6 billion from EUR 37.1 billion in July.

UK BUDGET DEFICIT NARROWS IN SEPTEMBER - UK public sector net borrowing, excluding public sector banks, decreased by GBP 0.7 billion from the previous year to GBP 5.9 billion in September, the Office for National Statistics said Friday. This was the lowest September net borrowing since 2007. During April to September period, PSNB decreased by GBP 2.5 billion to GBP 32.5 billion, which was the lowest year-to-date net borrowing since 2007. The Office for Budget Responsibility forecast that public sector net borrowing will be GBP 58.3 billion during the financial year ending March 2018. Data showed that public sector net debt totaled GBP 1,785.3 billion the end of September, equivalent to 87.2 percent of gross domestic product.

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DISCLOSURE APPENDIX: The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report.

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST: (a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial interest; (b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership of one percent or more in the securities of the subject company, (c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;

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.