TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Last Week Nifty Index made an all time high of 9913 and closed at 9886. Infra Power and Banks were among the top sectors for the week. The Indian market rebounded from the day low after plunge in WPI on last week trading sessions, which may again spur the rate cut hopes by the RBI and it gained more momentum after some reports of Govt extending more sops to the export sector amid ongoing strength in INR and some report of optimism over Indian economy, political stability and Govt’s ongoing effort of incremental reform have boosted the sentiment, prompting for more forced P-Note F&O short covering and some value buying. Last Day, Nifty Index made an all time high of 9928 and closed at 9916 after making a low of 9895. The benchmark Index Nifty gave away all its losses and closed at 9900 on Wednesday 19th July. The Index Opened at 9856 and made a high of 9905.The Index closed 73 points up from its Tuesday’s close of 9827. Although Indian benchmark Index Nifty is now eyeing for the 10k Mt’ Everest, valuations may be already quite stretched and the Q1FY18 earnings may not help much this time also. There are various disturbing signs that Indian/Global bull market cycle may be at its peak and going forward subdued earnings. The benchmark Index Nifty opened at 9920 and made a high of 9922.50. The Index closed at 9873 after making a low of 9863 Thursday trading session. Last Week Nifty Index made an all time high of 9928 and closed at 9915. Market is expected to move further with increase in quarterly earnings of most of the companies. Time & Price action suggests that, Nifty has to sustain over 10005 area for further rally towards 10050-10115 & 10195-10250 in the short term. On the flip side, sustaining below 9985-9960 area, Nifty index may fall towards 9905/9870-9820 & 9760- 9715 area in the short term. BANK NIFTY : - Bank Nifty also made an all time high of 23965 last week and closed at 23938.PNB up by 6.55%,ICICI Bank by 2.95%, State Bank 4.11%, Axis Bank 1.95% were among the top movers in the Banking Index last Week. Bank Nifty also made an all time high 24299 last day and closed at 24257 after making a low of 24066. ICICI Bank PSB were among the movers in the Banking Index. Bank Nifty made new all time high of 24181 Wednesday and closed at 24152. Reserve Bank of India is expected to push for resolution of bad loans worth around Rs. 8 lakh crore by March 2019, a move that could bring down the NPAs and improve the financial health of banks, a study by Assocham said. Bank Nifty made fresh all time high of 24300 Friday and closed at 24257. The Index opened at 24153 and did not made new low. As of Now Bank Nifty has to sustain over 24350 area for further rally towards 24500-24700 & 24875-25050 area in the near term. On the flip side, sustaining below 24250 area, Bank Nifty may fall towards 24150/24000-23900 & 23700-23500 area in the near term.
Monday 24 July 2017
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
R2
R1
PP
S1
S2
9980
9894
9808
9636
R1
PP
S1
S2
10022
9886
9750
9478
R2
R1
PP
S1
S2
11044
10194
9769
9344
R2
R1
PP
S1
24289
24238
R1
PP
S1
S2
24506
24120
24734
23962
R1
PP
S1
S2
25071
23802
23189
21264
100 DAYS
200 DAYS
10152 WEEKLY
R2 10294
MONTHLY
8494
BANK NIFTY DAILY
24442
WEEKLY
24340
R2 25278
MONTHLY
R2 27609
MOVING AVERAGE
21 DAYS
50 DAYS
S2 24136
NIFTY
9762
9617
9390
9061
BANK NIFTY
23754
23310
22499
21267
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
9719
9472
8976
BANK NIFTY
23372
23015
20455
PATTERN FORMATION ( NIFTY )
Detail of Chart - The Nifty closed the week on a bullish note. It has been closing above the 5 day moving average for last two weeks. In this rally, , we can see that Nifty has consolidated after every 200400 points of rallies. Hence there is possibility of consolidation next week. But, that will happen if market suddenly goes sideways or price closes below 5 day moving average which presently stand at approx. 9878 or below middle Band of Bollinger Band, which presently stands at approx 9753. Simultaneously we have to look-out for hourly CCI going below 50, or daily CCI moving below 0 or fast stochastic and RSI moving back to normal zone from overbought level. We should keep on looking for bearish candlestick reversal pattern formation in daily chart. On the other hand there is a good possibility that the market may continue the uptrend and move higher towards psychologically important 10000-10120 level in Nifty.
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -Bank Nifty opened on Monday with a gap up, breaking out from the small consolidation range. Then Bank Nifty retraced to 23512 which was close to hourly mid Bollinger line and from there rallied around approx. 200 points. Then again price retraced towards 34 hourly moving average and bounced again (approx 23520 to 23940). Then again on Friday, Bank Nifty came near to hourly midBollinger line approx 23736 and bounced 180-200 points by day end. So, even Bank Nifty was very much trending this week and gave multiple opportunities based on hourly support zones. There is a possibility that Bank Nifty breaks out next week above previous resistance zone. Daily CCI has moved above 100 and daily fast RSI is in overbought zone. If that happens Bank Nifty may move towards approx. 24425 which is 100% projection of last up move from approx. to approx. 23898, projected from recent low approx. 22996. On the downside 20 dma and 34 dma may act as a support in 23480-23520 zone. Below that, 50 dma, presently at approx. 23266, may act as a strong
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
EQ EQ
1755 392
1739 388
1724 385
1708 381
1693 378
AMBUJACEM EQ ASIAN PAINT EQ AXISBANK EQ BAJAJ-AUTO EQ BANKBARODA EQ BPCL EQ IOC EQ BHARTIARTL EQ BOSCH LTD EQ BHARTI INFRATEL EQ CIPLA EQ COALINDIA EQ DRREDDY EQ GAIL EQ GRASIM EQ HCLTECH EQ HDFC EQ HDFCBANK EQ HEROMOTOCORP EQ HINDALCO EQ HINDUNILVR EQ ICICIBANK EQ ITC EQ INDUSIND BANK EQ INFY EQ INDIABULLS HOUSING fINANCE EQ
272 1166 550 2840 167 475 384 423 24297 420 581 267 2840 383 1081 918 1656 1760 3742 217 1170 308 299 1574 1002 1162 1016 1185 1400 69523 7594 168 167 25 662 1646 518 44 296 581 276 2533 468 84 557 158 1636 567 392 272
270 159 545 2829 165 470 381 417 24128 416 575 265 2794 381 1070 914 1649 1739 3717 216 1165 305 295 1566 998 1153 1004 1181 1392 69273 7576 166 165 25 657 1629 515 44 293 578 276 2521 466 84 555 156 1609 561 388 270
267 1149 542 2816 163 467 379 412 24001 410 568 263 2741 377 1059 910 1640 1717 3699 214 1160 303 292 1558 994 1143 998 1176 1384 69090 7535 164 163 24 652 1607 512 43 292 574 274 2502 464 83 551 154 1593 553 385 267
265 1142 537 2805 161 462 376 406 23832 406 562 261 2695 375 1048 906 1633 1696 3674 213 1155 300 288 1550 990 1134 994 1172 1376 68840 7517 162 161 24 647 1590 509 43 289 571 274 2490 462 83 549 152 1566 547 381 265
262 1132 534 2792 159 459 374 401 23705 400 555 259 2642 371 1037 900 1624 1674 3656 211 1150 298 285 1542 988 1124 899 1167 1368 68657 7476 160 158 23 642 1568 506 42 288 567 272 2471 460 82 545 150 1550 539 378 262
ACC ADANI PORTS
KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL ADANI PORTS AMBUJACEM
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
TOP 15 ACHIEVERS SR.NO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
SCRIPT NAME
PREV CLOSE
// CMP
WIPRO LIMITED COAL INDIA LIMITED AXIS BANK LIMITED
266
292
247
263
510
542
TCS
2395
2515
ZEEL
524
548
HCL TECH
868
908
RELIANCE
1551
1622
YES BNK LIMITED 1547
1599
HDFC BANK
1682
172
CIPLA LIMITED
556
570
HINDALCO
209
214
ASIAN PAINTS TATA MOTORS LTD
1125
1149
454
463
BHARTI AIRTEL
408
415
IOC
373
379
% CHANGE
+ 9.44 % + 6.48 % + 6.22 % + 5.00 % + 4.70 % + 4.68 % + 4.53 % + 3.33 % + 2.79 % + 2.52 % + 2.41 % + 2.11 % + 2.10 % + 1.79 % + 1.57 %
TOP 15 LOOSERS SR.NO
SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
1
ITC LIMITED
325
293
- 9.73 %
2
4347
4199
- 3.42 %
3
ULTRATECH CEM NTPC
168
164
- 2.17 %
4
GAIL LIMITED 386
377
- 2.15 %
5
418
410
- 2.07 %
6
BHARTI INFRATEL TATA STEEL
559
550
- 1.75 %
7
INDUSIND BANK 1581
1553
- 1.72 %
8
HEROMOTO CORP VEDANTA
3764
3701
- 1.68 %
269
265
- 1.50 %
9 10
HDFC LIMITED 1652
1634
- 1.07 %
11
ACC LIMITED
1733
- 0.78 %
12
BHARAT PETRO 467
465
- 0.37 %
13
SBIN
293
292
- 0.32 %
14
TATA POWER
83
82
- 0.18 %
15
BAJAJ AUTO
2821
2819
0.05 %
1747
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS � TOP UPDATES OF THE WEEK India's GDP could rise to about $8 trillion over next 15 years: Arvind Panagariya - India's GDP could rise to about $ 8 trillion over the next 15 years if the country registers an economic growth of 8 per cent annually and come very close to eliminating abject poverty entirely, NITI Aayog Vice Chairman Arvind Panagariya has said here. He said with that level of economic growth, living standards and amenities that are taken for granted in the west will become accessible to a very large part of the population in India in the coming 15 years. Today, the Indian economy is among the major economies, the fastest growing economy, it has now left China behind. It grew in real dollars in the last 15 years ending 2016-17 about 9 per cent," Panagariya said. "Once we correct for the exchange rat, in real dollars India's growth rate in the last 15 years has been about 9 per cent," he said at an interactive multi-stakeholder panel hosted by India's Permanent Mission to the UN, the NITI Aayog and thinktank Research and Information System for Developing Countries yesterday. He added that if one were to "make a very conservative assumption that over the coming 15 years, India would grow eight per cent GDP would rise from 2.3 trillion dollars today to close to about $ 8 trillion," with an average income of over $ 5,000. India likely to clock 7.5% growth this fiscal: Arvind Panagariya - India is likely to clock a 7.5 per cent economic growth in the current fiscal, NITI Aayog Vice Chairman Arvind Panagariya has said, even as he acknowledged that creation of "good jobs" in the country remains a big challenge. "For the current fiscal year of 2017-18, I expect that we will be back to at least 7.5 per cent and as you get towards the last quarter of the year probably we will begin to touch eight per cent. But the average for the year would be about 7.5 per cent, Panagariya told, who had presented India's 'Voluntary National Review Report on Implementation of Sustainable Development Goals' at the UN High Level Political Forum on Sustainable Development 2017 last week, however, said that job creation in the country, especially at the lower, semi-skilled level, "truly is the biggest challenge, probably bigger than growing at eight per cent." He said it is unfortunate that India's better performing sectors such as automobile, auto parts, engineering goods, petroleum refinery, pharmaceuticals and IT enabled services, are not very employment-intensive. "All these are either very capital intensive or skill labour intensive. There is a big need for good jobs at the lower, semi-skilled level. There we have got a big challenge," he said. Indian banks need at least $2.8 bln extra provisioning for bankruptcy cases: India Ratings Indian banks taking 12 of the country's largest defaulters to bankruptcy court under a central bank directive, will need to make additional provisioning of at least 180 billion rupees, India Ratings and
Research said on Tuesday. India Ratings, an affiliate of Fitch Ratings, estimated the current average provisioning towards those 12 accounts at 42 percent, adding the extra provisioning needed would reduce the profits of creditor banks by about a quarter in the financial year to March 2018. The Reserve Bank of India last month asked creditor banks to begin insolvency proceedings against 12 of the country's biggest loan defaulters, and subsequently mandated that the banks would need to make provision for up to 50 percent of the amount of soured loans. The 12 companies account for 1.78 trillion rupees ($27.7 billion) in non-performing bank loans, according to RBI data. GST win-win deal for all: Arun Jaitley - Finance Minister Arun Jaitley today described the Goods and Services Tax as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitley said prices of goods has come down between four to eight per cent since its roll-out on July 1. Parliamentary Affairs Minister Ananth Kumar briefed reporters about the meeting in which External Affairs Minister Sushma Swaraj also informed parliamentarians about Modi's recent foreign visits, especially to the US and Israel. The GST was in the interest of people and states as well as the latter will get 80 per cent of the revenue leading to more development, Jaitley said. There was no longer tax on tax and the transport of goods across the country was going unhindered now, he said. More than one crore firms will be migrating to the new tax regime against around 80 lakh companies earlier, he said, Kumar quoted him as saying. "Tax net has expanded. The country's market has been integrated. Inspector raj is over. The tax burden on the masses has gone down. It is a win-win situation for all," the finance minister said. India's GDP could rise to about $8 trillion over next 15 years: Arvind Panagariya - India's GDP could rise to about $ 8 trillion over the next 15 years if the country registers an economic growth of 8 per cent annually and come very close to eliminating abject poverty entirely, NITI Aayog Vice Chairman Arvind Panagariya has said here. He said with that level of economic growth, living standards and amenities that are taken for granted in the west will become accessible to a very large part of the population in India in the coming 15 years. "Today, the Indian economy is among the major economies, the fastest growing economy, it has now left China behind. It grew in real dollars in the last 15 years ending 2016-17 (at) about 9 per cent," Panagariya said. "Once we correct for the exchange rate (changes), in real dollars India's growth rate in the last 15 years has been about 9 per cent," he said at an interactive multi-stakeholder panel hosted by India's Permanent Mission to the UN, the NITI Aayog and think-tank Research and Information System for Developing Countries. � TOP ECONOMY NEWS
Inflation is expected to remain subdued on account of good monsoon and the inability of the industry
to raise prices, Assocham said. "Going forward, there could be some disruption for one or two vegetables such as tomatoes but overall, the situation is going to remain quite comfortable for the consumers at least till October-November," the chamber said in a statement.
India’s exports growth slowed to a four-month low in June while heavy buying of gold lifted imports, causing a sharp spike in trade deficit from a year earlier, though the gap narrowed from the previous month. Exports grew 4.39 per cent to $23.5 billion, while imports rose faster at 19 per cent to $36.5 billion, data from the commerce department showed, leaving a trade gap of about $12.9 billion in June, compared with $8.1 billion in the year-earlier period and $13.84 billion in May. Gold imports doubled from a year earlier to $2.4 billion. For the fiscal first quarter, trade deficit more than doubled to $40 billion from $19.2 billion a year earlier. “An unabated surge in imports of gold and precious stones contributed to the wider-than-expected merchandise trade deficit of $13 billion in June 2017, even as merchandise exports printed in line with expectations,” said Aditi Nayar, principal economist at ICRA.
India’s trade deficit narrowed in June after swelling to a 30-month high in May even as exports grew slowly in the month. Exports grew 4.39%, a four-month low in the 10-months of continuous growth, to $23.5 billion. Imports rose 19% to $36.5 billion leaving a trade gap of $12.9 billion in June. Trade deficit was $8.1 billion in the year ago period and $13.84 billion in May. “Exports have been exhibiting positive growth for the last nine months,” commerce and industry ministry said in a statement on Friday.
Wholesale inflation eased to the slowest in 11 months in June, boosting hopes of an interest rate cut as it comes after the pace of price rise at the retail level fell to a multiyear low and good monsoon rains indicated that food prices would remain benign. Inflation, as measured by the Wholesale Price Index, slowed to 0.9 per cent in June from 2.17 per cent in May, data from the commerce and industry ministry showed on Friday.
Consumption growth in rural India was in double digits for the first time in two years and outpaced the rate of expansion in cities, underpinned by higher farm income after last year's good monsoon rains and minimal supply disruption in the run-up to the roll-out of the single producer levy. There's a question-mark, however, on sustaining the growth momentum this quarter, as India's villages rely heavily on wholesalers for stocking cookies, oils or toothpastes. . Many of these suppliers to tiny retail outlets in far-flung villages are yet to register with the GST network. There has been a marked pickup in rural demand over the past few months as sentiments have been upbeat on the back of good monsoons last year and expectations of normal rains this year.
With the reconstitution of the overseeing committee for debt resolution by the RBI, industry players expect speedy settlement of the non-performing assets of defaulters from the expanded list. This list
includes 488 companies, other than the 12 largest ones that were recommended by the central bank's panel. Earlier this year, the RBI's internal advisory committee had prepared a list of 500 companies of which 12 cases were to be sent directly to the National Company Law Tribunal. In the remaining 488 cases, banks were to finalise a resolution plan within six months.
The Supreme Court granted one week's time to the Reserve Bank of India to respond to a report of a committee appointed to deal with bad loans with banks that have crossed Rs. 8 lakh crore. Foreign investors have pushed in around Rs 11,000 crore in the capital markets in the first two weeks of July, 2017, motivated by the rollout of GST and developing Indian economy. In the last five months i.e. from February to June, the total inflow is of over Rs 1.62 lakh crore on several factors. While foreign investors in January had pulled out over Rs 3,496 crore from debt markets. During July 3-14, the FPIs have invested a net Rs 498 crore in equities, while around Rs 10,405 crore in the debt markets, resulting in a net inflow of Rs 10,903 crore ($1.7 billion) as per the latest depository data.
Assocham, one of the apex trade associations of India, has forecasted that inflation would remain subdued on account of good monsoon and the inability of the industry to raise prices, reported a national news agency on Monday. "Going forward, there could be some disruption for one or two vegetables such as tomatoes but overall, the situation is going to remain quite comfortable for the consumers at least till October-November," said Assocham.
India is expected to achieve the projected growth rate of 7.4 per cent in 2017 and further up 7.6 per cent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said. India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut, a Reuters poll showed.
The country's foreign exchange reserves rose by $2.681 billion to touch a new life-time high of $389.059 billion in the week to July 14, helped by increase in foreign currency assets , RBI data showed. In the previous week, the reserves had marginally declined by $161.9 million to $386.377 billion. FCAs, a major component of overall reserves, surged by $2.677 billion to $364.908 billion, according to the RBI data.
Strong import growth in June points to continued recovery in India's domestic demand and indicates that economic expansion will accelerate from the April-June quarter, says a Morgan Stanley report. According to global financial services major, exports growth weakened sequentially for the fourth consecutive month - but imports growth remained strong, pointing towards robust domestic demand
� TOP CORPORATE NEWS Bajaj Finserv standalone revenue for the quarter registered a 32.6% yoy decline to Rs. 27.4 crores in Q1FY18 from Rs. 40.63 crores in Q1FY17. The PAT for the quarter came in at Rs. 3.9 crores, yoy decline of 76.6%. This was due to 97.3% yoy increase in energy generation expenses of 10.22 crores. Total expenses increased 43.3% yoy to Rs. 22.5 crores in Q1FY18 from Rs. 15.7 crores in Q1FY17. Canara Bank Q1FY18 results came in mixed versus street estimates. NII for the quarter was 3.8% higher than street estimates of Rs.2613 crore. While, net profit for the quarter came 17.4% below the street estimates of Rs.304 crore. Canara Bank saw 17.6% rise in its NII for Q1FY18 at Rs.2713 crore vs Rs.2307 crore in previous year corresponding quarter. The interest earned for the bank was flat at Rs.10195 crore in Q1FY18 vs Rs.10201 crore in Q1FY17.While Interest expended declined by 5.2% yoy to Rs.7482 crore. Cadila Healthcare Limited informed on Wednesday that the company has received the USFDA approval to market Tranexamic Acid Injection, 1000 mg/10 ml single dose Vial. This Tranexamic Acid Injection belongs to the class of medications called antifibrinolytic agents. The drug will be used to prevent or reduce bleeding in patients with haemophilia undergoing tooth extraction. Tata Cummins is likely to invest Rs 300 crore for upgrading engines to Bharat Stage 6 (BS-VI) emission norms which will be enforced from April 1, 2020, reported a leading news agency. The investment aims to develop BS-VI technology and expand its manufacturing facility in Phaltan, Pune. The BS-VI complainant diesel engine will become almost pollution-free. Bajaj Finance Limited Q1FY18 results registered a beat vs street estimate. The NII for the quarter came in at 16.5% higher than the street estimate of Rs. 1778 crores. And, lastly Net profit for the quarter was 7.5% higher vs the street estimate of Rs. 506 crores. The NII for the quarter grew by 48.4% YoY to Rs. 2072 crore. This was due to an increase in interest earned by 38% Y-o-Y as against lower increase in interest expense by 22% Y-o-Y. Havells IndiaLimited Q1FY18 standalone results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 1.2 % lower than the estimated figure of Rs. 1883 crore. EBITDA for the quarter came in 22.6 % lower than the estimated figure of Rs. 219 crore. And lastly, net profit for the quarter came in 18.4 % lower than the estimated figure of Rs. 148.7 crore. Havells India’s standalone revenue for the quarter came in at Rs. 1861 crore, registering 26.9% yoy increase. This was primarily due to additional revenue Rs. 267.2 crore derived from Llyod consumer division.
Adani Enterprise on Wednesday announced that it has incorporated a wholly-owned subsidiary namely Gare Pelma III Colleries Ltd. Chhattisgarh State Power Generation Company has issued Letter of Award to AEL for Gare Pelma III Coal Block on June 24, 2017. Kotak Mahindra Bank reported its Q1FY18 results earlier today. It is the fourth largest Indian private bank in terms of market capitalization. The banks result misses the street estimate on net profit . NII was marginally higher than the estimated figure of Rs. 2240 crore. The Net profit came in 12.3% below the estimated figure of Rs. 1041 crore. The UltraTech Cement is planning to set up a Rs 2,600-crore new integrated cement plant with a capacity of 3.5 million tonne per annum at Dhar in Madhya Pradesh. This plant will enhance its capacity to 96.5 mt by the FY2018-19. ACC Limited Q2CY17 consolidated results for the quarter registered a beat on street estimates. Revenue for the quarter came in 6.1 % higher than the estimated figure of Rs. 3255 crore. EBITDA for the quarter came in 27.1 % higher than the estimated figure of Rs. 501 crore. And lastly, net profit for the quarter came in 15.7 % higher than the estimated figure of Rs. 282 crore. ABB India Limited Q2CY17 standalone results for the quarter registered a miss versus consensus estimates. Revenue for the quarter came in 1.5 % higher than the estimated figure of Rs. 2295 crore. EBITDA for the quarter came in 22.6 % lower than the estimated figure of Rs. 198 crore. And lastly, net profit for the quarter came in 22.8 % lower than the estimated figure of Rs. 97.2 crore. Bajaj Auto Limited Q1FY18 consolidated results for the quarter registered a miss versus street estimates. EBITDA for the quarter came in 5.7% lower than the estimated figure of Rs. 1075 crore. Net profit for the quarter came in 8.1% lower than the estimated figure of Rs. 910 crore. Ramco System Limited announced on Thursday that the company has received an order for its Aviation MRO software solutions from Panasonic Avionics Corporation. This order is to be provided to a Fortune 200, a leading aerospace company that designs, manufactures, deploys and supports commercial aviation products for more than 300 Airlines in the world. ZEE Entertainment Enterprise is in talks to buy 9X Media, which owns a number of hindi and regional music channels, and the deal could be announced this month, reported a national daily. The deal could be in the range of Rs 180-200 crore. As per market observers, the acquisition of 9X Media will make strategic sense for Zee, which is investing in films and music business and has radio business following the group’s acquisition of 49% stakes in Big FM.
Inox Wind Limited is very much sure of executing of its 250 MW wind energy project in Gujarat which it has achieved in the auctions in spite of the ongoing litigation at the National Company Law Tribunal, reported by a national business daily. Just Dial stock jumped 7.7% to Rs. 382.00 per share as the company plans to buy back its shares. The stock also breached its upper circuit of Rs. 389.85 per share, on BSE. The stock also witnessed a spurt in volume by more than 4.14 times. The board of Just Dial on Wednesday announced a proposal to buy back equity shares on July 24, 2017. The company has a profit growth of 32.75% over five years and on a yearly basis, the stock has lost 30.78% in its share price. DIVI'S LABORATORIES LTD.'s Q1FY18 standalone results for the quarter registered a miss versus consensus estimates. Revenue for the quarter came in 19.3 % lower than the estimated figure of Rs. 1018 crore. EBITDA for the quarter came in 21.8 % lower than the estimated figure of Rs. 354 crore. And lastly, net profit for the quarter came in 31.6 % lower than the estimated figure of Rs. 258.1 crore. DIVI'S LABORATORIES LTD. standalone revenue for the quarter came in at Rs. 821 crore, registering 19.3% yoy decline. Lupin Limited, a pharmaceutical company, announced the successful completion of a PAI inspection carried out by the USFDA at its Goa manufacturing facility without any observations, on Friday. This inspection was started on July 17, 2017. Ashok Leyland Q1FY18 standalone results for the quarter came in mixed versus street estimates. Revenue for the quarter came in 12.9 % higher than the estimated figure of Rs. 3997 crore. EBITDA for the quarter came in 22.2 % higher than the estimated figure of Rs. 364 crore. And lastly, net profit for the quarter came in 25.8 % lower than the estimated figure of Rs. 162 crore. Ashok Leyland standalone revenue for the quarter came in at Rs. 4514 crore, registering 0.4% yoy decline.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK Bank of India’s new chief has launched Project Connect, an initiative to revive the bank that has suffered huge losses for two consecutive years due to a sharp rise in bad loans. It is called Project Connect because the Connect between internal staff and clients is not as strong as it was in olden days. So, many accounts are poached by other banks,” Dinabandhu Mohapatra, MD & CEO of the stateowned bank, told. He said the new initiatives are aimed at reducing bad loans, improving the share of low cost deposits and retail credit.
Emboldened by the Banking Regulation Ordinance, the RBI is expected to push for resolution of bad
loans worth around Rs 8 lakh crore by March 2019, a move that could bring down the NPAs and improve the financial health of banks, a study by Assocham said. "So, it should be safe to assume that the non-performing assets mess would largely be resolved by the first quarter of financial year 201920," Assocham study titled 'NPAs Resolution: Light at the end of tunnel by March 2019' said.
One-time settlement of dues by defaulters may rise in the next few months as banks’ aggressive move to recover loans and the Reserve Bank of India’s push to make bankruptcy courts the central mechanism for recoveries could lead to some promoters losing their businesses. This would also ensure that banks don’t clog the bankruptcy courts with cases where the default amount is not high. People familiar with the development said banks have begun aggressively negotiating one-time settlement on the insistence of the finance ministry and the central bank, which want speedy clean-up of bank balance sheets.
Amid majority of farmers stopping loan repayments, a Punjab government-appointed expert panel will meet bankers for the first time here on July 25 to seek suggestions on debt waiver. The meeting between the panel on loan waiver and bankers assumes significance as Congress led government was facing mounting pressure to implement the debt waiver, a key poll promise. The expert panel will meet representatives of several banks here in connection with the debt waiver issue, a senior official of the Punjab National Bank said.
Despite increasing number of students not paying back their loans spiking NPAs to over 10 per cent, lending continues for higher education with the disbursals topping Rs 20,000 crore in fiscal 2017, according to a report. Banks and other lenders together disbursed around Rs 20,000 crore in education loans in FY17, up from around Rs 17,000 crore a year ago, while total outstanding grew 1.6 per cent to Rs 81,600 crore. NPAs within the education loan book of the system ballooned 21 per cent in the reporting year, spiking the NPA ratio to 10.2 per cent as of March 2017, said a report by credit information company Crif High Mark.
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