Equity Research Report 26 October 2015 Ways2Capital

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) CNX NIFTY - The Nifty is open on Monday 8262 a minor up trend and traded in the range and made a high of 8283 and low of 8147.On Tuesday market was less volatile and traded in the range the Nifty in next week also likely to trade in the range of 8200-8300 back of mixed Festival Season and Globle cues. It is likely to Sell Nifty in the Range of 8285-8290 for targets of 8255-8235 and stop loss at 8305And Buy 8300-8310for Target of 8350-8400 with stop loss of 8250.The Weekly Resistance for Nifty is R1 8343 R2 8388 and Support For Nifty is S1 8235 and S2 8172.

Bank Nifty Future: We may see continuance of the Bank Nifty’s Consolidation Trend for Next week.

While implied volatility(IVs) have spiked around 6 percent in this week. Hence, we may see some sharp volatility in the Index in the coming days.Any sustainable move above 18000 could give the privilege to touch the 18200 with Broader Support Remaining intact At 17500-17600. The Resistance for Bank Nifty is R1 18032 R2 18173 and the Support is S1 17663 and S2 is 17435. Buy bank nifty in the range and Above of 17900 for Target of 18000-18200 and stop loss at 17600.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY

R2 8513

R1 8365

PP 8291

S1 8256

S2 8217

WEEKLY

R2 8603

R1 8387

PP 8279

S1 8171

S2 7955

MONTHLY

R2 9369

R1 8437

PP 8184

S1 7788

S2 6998

DAILY

R2 18674

R1 18142

PP 17876

S1 17610

S2 17078

WEEKLY

R2 19031

R1 18229

PP 17828

S1 17427

S2 16625

MONTHLY

R2 20226

R1 18538

PP 17674

S1 16810

S2 15082

BANK NIFTY

MOVING AVERAGE

21 DAYS

50 DAYS

NIFTY

8120

8083

BANK NIFTY

17813

17498

PARABOLIC SAR

DAILY

WEEKLY

NIFTY BANK NIFTY

8253 16967

100 DAYS

MONTHLY

200 DAYS

PATTERN FORMATION ( NIFTY AND BANK NIFTY )

Details of Chart - On the above given weekly chart the SMA is in the Range of Buy of nifty in 100 days so on the basis of SMA. indicator Nifty tried to break the support ot of 7590 but due to strong support. It did not break the support point and on the other hand Strong Resistance at 8621 There is a possibilities of nifty for next week it can made the new high. we can expect the gap up opening of nifty in Next week Resistance for nifty is R1 8365 R2 8513 and the support for CNX Nifty is S1 8256 S2 8127.

Details of Chart - On the Above given chart of Bank Nifty WEEKLY SIMPLE MOVING AVERAGE for 50 day is in BEAR Trend so we can expect The negative movement for Bank nifty in Next trading Session. The Support For Bank Nifty is S1 17458 S2 17764 and the Resistance of bank Nifty is R1 18170 R2 18882. Although the Bank if nifty Break 18000 Lable we can expect the positive movement of Bank Nifty .

NSE EQUITY DAILY LEVELS COMPANY NAME

R2

R1

PP

S1

S2

ACC

EQ

1404

1391

1374

1361

1344

ALBK 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

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

82 210 876 520 2548 180 146 216 379 687 342 135 4336 332 3682 877 1328 1114 2703 88 810 292 351 970 1171 1088 181 70 1295 43222 4557 264 145 84 424 988 392 52 256 110 911 391 72 255 51

80 211 896 516 2537 178 142 212 375 683 340 132 4254 325 3660 870 1322 1104 2663 87 805 287 350 965 1161 1072 180 69 1272 42951 4470 261 `143 82 418 971 386 51 254 106 898 387 71 251 51

78 209 862 510 2521 175 140 210 369 677 336 130 4207 321 3625 861 1313 1095 2626 85 798 283 348 961 1143 1047 180 69 1256 42626 4420 257 142 80 414 956 382 50 253 104 891 384 70 247 50

76 208 842 506 2510 172 136 206 365 673 334 127 4125 314 3603 854 1307 1085 2586 84 793 278 347 956 1133 1031 179 68 1233 42355 4333 254 140 78 408 939 376 49 252 100 878 380 70 243 50

75 207 828 501 2494 169 133 204 359 667 330 125 4078 310 3568 845 1298 1076 2549 83 786 274 345 952 1115 1006 179 67 1217 42030 4283 250 139 76 404 924 372 48 251 98 871 378 69 240 49

SBIN SSLT( VEDL) SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL UNIONBANK

TOP 15 ACHIEVERS PREV CLOSE

CMP

IFCI JET AIRWAYS

24 369.70

28.80 407.05

ADANI ENTERPRISES JPINFR LTD.

85.05 13.35

93.70 14.63

SREI INFRA IDBI BANK

50.85 77.30

55.45 84.05

ZEE ENTERTAINMENT ADANI POWER LTD.

401.15 28.35

433.95 30.65

+8.11%

8

BAJAJ FINANCE LTD. BHARATI AIRTEL

4973.70 345.45

+7.54% 5348.55 371.45 7.53%

9 10

RELIANCE INDUS. VOLTAS LTD.

892.55 268.90

954.75 287.55

+6.97%

11

+6.94%

12

EXIDE INDUSTRIES HIND. ZINC

151.05 152.65

160.75 162.35

+6.42%

13

+6.35%

14

SRF

1227.35

1301.00

+6%

15

SR.NO

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

//

SCRIPT NAME

% CHANGE

SR.NO

+20 %

1

+10.27%

2

+10.17%

3

9.59%

4

+9.05

5

+8.73% + 8.11%

6 7

TOP 15 LOOSERS SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

DCB BANK FEDERAL BANK

133.45 64.75

90.25 57.50

-32.37% -11.20%

SHRIRAM TRANS FINA CAIRN INDIA LIMITED

1005.75 165.10

932 154.05

-7.33% -6.69%

DLF GATI LTD.

136.95 163

128.90 154.10

-5.88% -5.46%

APOLLO HOSPITAL JUST DIAL

1450.95 1067.70

1381 -4.83% 1017.65 -4.69%

GRUH FINANCE TECH MAHINDRA

265.55 560.85

253.50 540.75

HAVELLS INDIA TCS

265.65 2597.40

250.85 -3.31% 2525.50 -2.77%

OIL INDIA LTD. HUL

448.90 812.40

436.75 790.85

-2.71% -2.65%

BANK OF INDIA

142.25

138.50

-2.46%

-4.54% -3.58%

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION ) 1.

DISHTV FUTURE - ISHTV FUTURE OPEN AT 109.75 MADE HIGH OF 110.40 ON DAILY CHART OF DISHTV FUTUTRE SHOW UPWARD MOVEMNT WE CAN MADE LONG POSITION IN DISHTV FUTURE ABOVE THE LEVEL OF 111TGT 126 SL 107

2.

BHEL FUTURE - BHEL FUTURE OPEN AT 210.75 MADE LOW OF 209 SHOWS BEARISH MOVEMENT TODAY. ON DAILY CHART OF BHEL FUTURE SHOWS BEARISH MOVEMENT WE CAN MADE SHORT POSTION IN BHEL FUTURE BELOW THE LEVEL OF 207 TGT 192 SL 215.

3.

INFOSYS FUTURE - INFOSYS FUTURE OPEN AT 1138 MADE HIGH OF 1147.45 SHOWS BULLISH MOVMENT. ON DAILY CHART OF INFOSYS FUTURE IT CONTINUOUSLY MOVES IN UPWARD DIRECTION WE CAN MADE LONG POSTION IN INFOSYS ABOVE THE LEVEL OF 1150 TGT 1200 SL 1120.

4.

GAIL FUTURE - GAIL FUTURE OPEN AT 322.95 MADE HIGH OF 327.35 MOVES IN BULLISH TREND. ON DAILY CHART OF GAIL FUTURE ALSO SUGGEST BULLISH MOVEMNT. WE CAN MADE LONG POSTION IN GAIL FUTURE ABOVE THE LEVEL OF 330 TGT 350 SL 320.

5.

WIPRO FUTURE - WIPRO FUTURE OPEN AT 574.40 MADE LOW OF 566.10 SHOW BEARISH

MOVEMENT.ON DAILY CHART OF WIPRO FUTURE INDICATES LOWER SIDE MOVEMENT WE CAN MADE SHORT POSTION IN WIPRO BELOW 560 TGT 530 SL 580.

6.

CAIRN NSE CASH - CAIRN CORRECTED LAST WEEK ABOUT 7% BUT A RECOVERY WAS OBSERVED FROM LOWER LEVELS IN LAST TOW TRADING SESSIONS. LONG POSITION CAN BE MADE IN IT ABOVE 162 FOR TARGET OF 190 WITH SL OF 151.

7.

ITC NSE CASH - LONG POSITION CAN BE MADE IN ITC ABOVE 360 FOR TGT OF 387 WITH SL OF 350.

8.

UCO BANK NSE CASH - UCO BANK SHOWED UPWARD MOMENTUM LAST WEEK AND IF IT TRADES ABOVE 51.50 THEN IT MAY COME UPTO 55 LEVEL. ONE CAN MAKE LONG POSITION ABOVE 51.50 FOR TARGET OF 55 WITH SL OF 49.50.

9.

IFCI NSE CASH - IFCI GAINED ABOUT 20% LAST WEEK AND IS EXPECTED TO CONTINUE UPWARD MOMENTUM . LONG POSITION CAN BE MADE ABOVE 29.50

10. FOR TGT OF 33.25 WITH SL OF 28.25.

11. IDEA NSE CASH - LONG POSITION CAN BE MADE IN IDEA ABOVE 150 FOR RARGET OF 165 WITH SL OF 144.50.

NSE - WEEKLY NEWS LETTERS TOP NEWS OF THE WEEK ✍ Foreign institution investors buy 524 Crore while Domestic institutional investors Sold of 355 Cr. In cash segment.FII bought Rs. 31 Cr. In index future and 61 Cr. in Index option, In stock future they bought 475 Crore. The Highest Put base it all the 8000 Strike with 58 lakh shares while the highest call base is at the 8300 strike with 61 lakh shares.The 8200 and 8300 call strike saw addition of 0.6 and 2.7 lakh shares,Respectively. ✍ Private companies announced new projects worth about Rs 2,25,000 crore in the July-September period, 54% more from a year earlier and the highest in any quarter since 2011, in what could boost economic activity in the coming months.While companies continue to be jittery of big-ticket investments, conglomerates like Adani and Vedanta, and many smaller companies have announced new projects in the past quarter in an indication of improving sentiment. ✍ Crossing a significant milestone in negotiations for the 36-aircraft Rafale fighter deal, India and France have firmed up an understanding on the offsets segment under which the French have agreed to invest 50 per cent of the deal's worth in related sectors.The offsets deal was clinched in the last few days,Even as the deal was being reached, French aircraft manufacturer Dassault had already reached out to Indian companies in the defence and security industry for possible Make in India partnerships. Estimated at $4.5 billion, or about Rs 30,000 crore, this will make it one of India's biggest-ever offsets deals ✍ Reliance Asset Management acquires goldman sach india business for Rs.243 crore Reliance Capital Asset Management, a part of Anil Ambani-led Reliance Capital, on Wednesday signed a definitive agreement to acquire Goldman Sachs Asset Management's onshore asset management business in India. Reliance CAM will pay Rs 243 crore or $37.5 million in cash to acquire all onshore mutual fund schemes, including exchange-traded funds of GSAM India, Reliance Capital said in a press note.

The boards of both the companies - Reliance Capital Asset Management and Goldman Sachs Asset Management India - have already approved the transaction, which is expected to be completed by the end of this financial year subject to necessary regulatory approvals. ✍ Shares of Federal Bank nosedived 12 per cent to close the day at Rs 57.50 to hit 52-week low on in Wednesday's trade after the company reported a higher-than-expected drop in bottom line and a considerable rise in slippages for the September quarter. The stock slumped 14.67 per

cent to hit a one-year low of Rs 55.80 on BSE, falling further from its recent low of Rs 56.30 hit on September 4. ✍ New Indian accounting standard may not be good for profitability of companies - Come April 2016, investors may find it less tedious to compare earnings of listed companies with the new Indian accounting standard Ind-AS set to be implemented. But, the transparency will come at a cost. Profitability of many companies could be impacted heavily because of the new rules. ✍ Markets regulator Sebi today issued a comprehensive risk management framework for regional commodity derivatives exchanges, including deposits required for members and margins need to be levied.The circular will be implemented by April 1, 2016, the Securities and Exchange Board of India said. All recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be stock exchanges under the Securities Contracts Act, 1956, with effect from September 28, 2015, the day when merger of commodity markets regulator FMC with Sebi became effective. ✍ Big consumer push: Tata Group shaking up its organizational culture to woo consumers - One recent afternoon, Harish Bhat, a member of the Tata Sons group executive council, a body of young leaders that provides strategic direction to the conglomerate, showed up at Phoenix, a mall in south Mumbai that is always teeming with shoppers. Bhatt wasn't there to shop but to watch people shop. He was curious about what consumers purchase and what they do before deciding to buy something. Bhat has been making frequent visits to Phoenix in recent days. This mall brings in a blend of consumers from all walks of life... it has some of the biggest luxury brands and a Big Bazaar," he says. ✍ See NIMs at 2.75-2.8% by year-end: South Indian Bank - South Indian Bank reported 22.38 percent increase in net profit at Rs 93.38 crore in the second quarter ended September 30, helped by lower provisions for bad loans. But on the asset front, its net non-performing assets went up to 1.39 percent during July-September as compared to 0.90 percent year ago.he bank's gross NPA rose 25 percent quarter-on-quarter to Rs 892.25 crore. Of this, Rs 119 crore of fresh NPA is from one large restructured pharma account, says VG Mathew, MD and CEO of South Indian Bank. Another important thing to keep in mind is that no major standard asset has slipped in the quarter, he said. ✍ Payment banks: Premature to fear or is the threat real - To thwart competition from small and payment banks, DCB Bank recently announced a radical expansion plan that led to a couple of downgrades and a steep cut in its stock price. Such was the ferocity of stock decline

that the bank was forced to scale down its strategy of expansion. ✍ Looking at expansion in aerospace, defence units: M&M - M&M ’s Mahindra Defence Systems is looking to expand its business in aerospace and defence through acquisitions.MDS chairman SP Shukla said the company is on a lookout for technological partnerships for the same, he said. Acquisitions in defence are niche, capital intensive and specialised, he added.MDS makes light combat, multi-utility and sports utility vehicles. It designs and develops special military vehicles prototypes.M&M has been working to strengthen its aerospace and defence business rigorously in recent years. This year in June, the company’s subsidiary Mahindra Aerospace had bagged a multi-million areo-components manufacture and supply contract from its European consortium Airbus. ✍ Maintain 21-22% margin guidance in FY16: HCL Tech - The dismal quarter posted by HCL Technologies also saw its operating margins come off to a low of 19.4 percent.President Anant Gupta and CFO Anil Chanana said they expect margins to bottom out now and are holding up the company's fiscal year 2016 guidance of 21-22 percent margins.Speaking about the results, the management said weakness in India business, though a small part of revenues, impacted the rest-of-world component in the earnings. HCL's Americas, Europe and rest of world revenues grew by 0.7 percent, 5.6 percent and -8.4 percent quarter on quarter. ✍ FIIs/RFPIs can invest up to 74% in Shriram Transport Fin -A day after it banned further purchase by foreign investors in Shriram Transport Finance , RBI today said FIIs/RFPIs can now invest up to 74 percent of the paid up capital of the company. On Tuesday, RBI had said that the foreign shareholding through Foreign Institutional Investors Registered Foreign Portfolios Investors in the company crossed threshold ban limit and "therefore, no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPIs".The RBI on Wednesday stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. "FIIs/RFPIs can now invest up to 74 percent under PIS in M/s Shriram Transport Finance Co Ltd," the RBI said. ✍ CBI probing First Leasing case: IDBI ED - IDBI Bank ’s exposure to the First Leasing case is over Rs 270 crore, the bank’s Executive Director, RK Bansal said. Bansal told the bank had marked the account as a non-performing loan and had formed a provision for the same two years ago when the scam was unearthed by the Reserve Bank of India. IDBI Bank had registered a case with the Central Bureau of Investigation on First Leasing Company and its

directors for cheating and causing monetary loss in 2014. The CBI has put charges on the accused people, then a part of the First Leasing Company of India Ltd, for using forged documents and falsification of accounts between 2005 and 2013. ✍ Reserve Bank of India to tabulate FDI data in limited liability partnerships - To tabulate data related to FDI by limited liability partnerships, the Reserve Bank has asked these entities to submit report over their foreign liabilities and assets by June 15 of every year. All Limitied Liability Partnership in India that have received FDI or made FDI abroad in previous year as well as the current year will have to submit Foreign Liabilities and Assets by July 15 every year, the RBI said in a notification today.The direction has come with a view to capturing "the statistics relating to FDI both inward and outward, by Limited Liabilities Partnerships in India", it said. ✍ Subdued Q2 earnings on lower agri biz: Bajaj Finserv - Sanjiv Bajaj, managing director, Bajaj Finserv , says Q2 was flat for the company's general insurance business. The company's net profit came in at Rs 441.1 crore versus a profit of Rs 316 crore. ✍ Will disburse over Rs 1000 cr within a week or two: Mudra - Mudra, the organisation tasked with banking the largely unbanked Micro, Small and Medium Enterprise sector in India, is a month away from applying for more funds from the Reserve Bank of India. In a conversation with ET Alexander Mathew, Mudra's MD and CEO Jiji Mammen said his organisation would disburse most of the Rs 5,000 crore it has received from the RBI so far. “We currently have commitments to lend Rs 1,000 crore to banks,” says Mammen. The organization has only disbursed Rs 350 crore out of Rs 5,000 crore corpus and expects to disburse over Rs 1,000 crore within a week or two, he adds. He also says that several banks have given out "Shishu" loans at base rate, which are up to Rs 50,000 under Govt's MUDRA scheme. ✍ Japan offers India soft loan for $15 billion bullet train in edge over China - Japan has offered to finance India's first bullet train, estimated to cost $15 billion, at an interest rate of less than 1 percent, officials said, stealing a march on China, which is bidding for other projects on the world's fourth-largest network. Tokyo was picked to assess the feasibility of building the 505-kilometre corridor linking Mumbai with Ahmedabad, the commercial. Capital of Prime Minister Narendra Modi's home state, and concluded it would be technically and financially viable. The project to build and supply the route will be put out to tender, but offering finance makes Japan the clear frontrunner. ✍ IT services provider Mphasis matched analysts' expectations on bottomline and topline front

but September quarter operational performanc e was ahead of estimates. Consolidated net profit grew by 18.4 percent sequentially to Rs 185 crore, boosted by operational numbers despite lower other income.The company is hopeful of USD 300 million deal wins for the year after wining around USD 166 million of total contract value in the first half, said Ganesh Ayyar, CEO, Mphasis. ✍ Don't need foreign capital crutches: IndiGo - Referring to the foreign investments Indian aviation players seem to be wooing these days, Aditya Ghosh president and wholetime director, IndiGo says his company never needed the crutches of foreign direct investment to help run the company.Ghosh says with its efficient cost structure and steely focus on its own brand, the company has been able to create a story that is tough to replicate. ✍ NPA problem to cont. for next 2-3 quarters: PSBs to FinMin - Facing mammoth NPAs, PSU banks today said the problem of poor asset quality "may continue" for another 2-3 quarters as the Finance Ministry took stock of issues, including the alleged Rs 6,100-crore black money remittance case involving Bank of Baroda , facing them."The issue of poor asset quality was discussed. The banks clarified that the problem may continue for two to three quarters before their situation improves. Banks were advised to make judicious use of their capital," a Ministry statement said. Briefing reporters after the meeting heads of all public sector banks along with top ministry officials, Minister of State for Finance Jayant Sinha told reporters that government has "taken various steps to bring down" non-performing assets and those measures too were discussed. Gross NPAs of state-run banks at the end of March quarter stood at 5.2 percent of total advances compared with 5.63 percent in December. ✍ ONGC targets $10-$12 billion foreign oil and gas investments - The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.

ONGC Videsh Ltd hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi's diplomatic efforts to boost the global presence of Indian firms. ✍ Sebi allows some relaxation to barred entity - Regulator Sebi has allowed certain relaxations to an entity that was barred along with 128 others from the securities market in April this year for suspected tax evasion and laundering of black money through stock markets. Mishka Finance and Trading Ltd along with 128 other entities were restrained from the securities market till further orders.Sebi's Whole Time Member Rajeev Kumar Agarwal today said the purpose of the interim order was to restrain the noticee from indulging in similar activities of misuse of the stock exchange mechanism for purposes other than genuine trading.

✍ India tops in trade facilitation in South-Asian sub-region - India is top trade facilitation performer in South Asian sub-region while Singapore and Korea lead East Asia in moving goods effectively, a UN report said.The United Nations Economic and Social Commission for Asia and the Pacific, together with all four other UN regional commissions, has launched the first global report on implementation of measures to simplify import, export and transit procedures. The inaugural Global Report of the Trade Facilitation and Paperless Trade Implementation Survey provides data for 119 countries and serves as a useful basis for benchmarking and monitoring trade facilitation performance. ✍ India remains less exposed to external risks: Moody's - Forecasting that India will clock the highest growth rate of 7-7.5 percent among G20 economies in 2015 and 2016, Moody's Investors Service today said the country is less exposed to external shocks, and the positive rating outlook reflects resilient growth and reforms momentum."India is less exposed to global risks because of its more resilient economic growth and the impact of positive policy reforms momentum," the rating agency said. Emerging market sovereigns have diverging shock-absorption capabilities to withstand the risks that will continue to impact global credit quality in 2015-16, says Moody's in a report published today. The report focuses on five Baa-rated sovereigns -- Turkey, Brazil, South Africa, India and Indonesia. "India is less exposed to external shocks than the other sovereigns discussed here.

Top Economy news ✍ Private equity inflows may hit record $20 billion this year - If the last nine months of private equity activity are any indication, PE investments are poised for a strong finish in 2015.

Bain Consulting, the leader in consulting to PE firms in India and globally, predicts that PE transactions will touch a record $20 billion this year, higher than the previous record of $17.1 billion in 2007.Heightened financing in consumer technology space and big ticket investments in real estate and financial services will propel PE activity to hit a new high this calendar. PE investments for the first nine months of this year have already hit $16.7 billion,outpacing 2014's total PE deal value of $15.2 billion."The growth trend indicates that PE investment activity this year will surpass 2007, which was the best period so far," said Madhur Singhal, consulting principal, private equity practice, Bain Consulting. ✍ Private companies announce new projects worth Rs. 2.25 lakh Crore, highest quarterly commitment since 2011 - Private companies announced new projects worth about Rs. 2.25,000 crore in the july-september period , 54% more from a earlier and the highest in any quarter since 2011, in what could bosst economic activity in the coming months. While

Companies continue to be jittery of big-ticket investments , conglomerates like Adani and Vedanta, and many smaller companies have announced new projects in the past quarter in an indication of improving sentiment. According to a source, Indian Companies state-owned and private together -Announced new projects totalling Rs. 3,80,000 Crore in the july-September Quarter, Which was 11.11% Higher than a year earlier. Government investment decline to Rs. 1,55,000 Crore From 1,96,000 Crore. ✍ India and Russia target $30 billion dollar worth trade in next 10 years - India and Russia have discussed ways to boost their economic ties to achieve the target of $30 billion in bilateral trade in the next 10 years.External Affairs Minister Sushma Swaraj and Russia’s Deputy prime Minister Dmitry Rogozin, Chairing the 21 st India-Russia Inter-Govermental consultations on 20 oct, Also looked at ways to enhance the mutual direct investment to $ 15 billion by 2025. Both Side Identified various sector to achieve these commercial targets, agreed upon by Prime Minister Narendra Modi And Russian President Vladimir Putin During their Summit meeting last year.Bilateral trade in 2014 amounted to $9.51 billion, with indian exports touching $3.17 billion and import from Russia stood at $6.34 billion. ✍ Coal India takes IT route to track mining projects - The world’s Largest coal miner CIL is planning to put in place a mechanism to monitor execution of mining projects that cost over rs. 150 Cr. As the PSU behemoth eyes on an output of one billion tonnes by 2020. According to a Coal India official, a tender document has been drafted by the PSU to set up an IT-enabled system to monitor and evaluate projects. "Suggestions have been invited from parties/agencies having experience in the field of draft tender," the official said, adding that a "meeting in this regard will also be held next month where suggestions will be taken into account for finalisation of the notice inviting tender" In the first phase, the monitoring and evaluation system will be set up for projects costing Rs 150 crore or more, the official explained. The government has set an ambitious one billion tonnes of production target for CIL by 2020. Coal India accounts for over 80 per cent of the domestic coal output. ✍ Rural inflation running higher than urban: HSBC - Notwithstanding the fact that overall inflation has fallen strikingly in last few months, its benefits have not been equally distributed with the rate of price rise running higher in rural areas than in urban centres because of structural bottlenecks, says a report. According to globle financial services firm HSBC, Rural inflation has not fallen as much as urban and the ‘excess inflation’ that the rural india is facing is apparent across major subcategories like fuel, core and food. “"Structural bottlenecks are preventing rural Indians from benefiting fully from global disinflation," HSBC said in a

research note, adding that this is seen in greater use of non -oil based fuels, where prices remains higher in rural homes. ✍ Financial institutions, mutual funds seek easier tax rules, uniform KYC norms to encourage retail investors - Indian financial institutions and mutual funds sought easier tax rules and uniform know your customer norms as part of suggestions they made to promote ease of doing business and encourage retail participation in the securities market. Local brokerages, mutual funds and stock exchanges discussed the financial markets on the second day of deliberations called by the finance ministry. Foreign portfolio investors had met government officials earlier. The meetings were attended by officials of the Securities and Exchange Board of India and the Reserve Bank of India as well. "There were some suggestions and representations with regard to rationalisation of certain tax provisions," economic affairs secretary Shaktikanta Das said. "We have made a note of (these). CBDT and CBEC officials were present. They will examine it... Let us see what can be done." ✍ Finance Ministry officials meet market players on Oct 20-21 -Aiming at ensuring ease of doing business in the financial market, the financial ministry will hold two-day interactive meeting with foreign portfolio investors and domestic market participants.Beginning tomorrow, the Department of Economic Affairs will organise the interaction starting off with FPIs. This will include discussions on simplifying procedures and documentation for registration of FPIs, development of the fund management industry in India, and FPI investment in the corporate bond market, a finance ministry statement read.

The meeting will also be attended by Representative of RBI, SEBI and CBDT,among others. ✍ Finance Ministry pitches for a smaller FDI compendium - The Finance Ministry wants its industry counterpart to come out with a shortned and simplified FDI policy document as part of exercise to improve ease of doing business in the country.According to source The Finance Ministry,is of the view that the compendium on consolidated FDI policy is very cumbersome and needs to be simplified. "We are looking at ways to shorten the guidelines so that they can come in a couple of pages. Simplify it so that investors can understand it easily," a source said. ✍ ED opposed merger of NSEL with FTIL: Finance Ministry - The Enforcement Directorate had opposed merger of the crisis-hit National Spot Exchange Ltd with Jignesh Shah-promoted FTIL, saying such a move would impede investigation in the Rs 5,600-crore payment scam, the Finance Ministry said on 15 oct. Denying reports that the Revenue Department had tried to help Jignesh Shah by opposing the merger, the Finance Ministry in a statement said the Department had only forwarded this suggestion of ED to the Ministry of Corporate Affairs .

✍ Coal India stake sale:foreign bankers wary, Deadline extended - The government has for the third time extended deadline for appointment of merchant bankers for the mega Rs 21,000-crore share sale in Coal India Ltd after global investment banks flagged concerns over the company allegedly not meeting green commitments. It plans to sell 10 per cent stake in the world's largest coal miner, but got virtually no response from foreign merchant bankers over the company purportedly not complying with its own sustainability policy. Coal India had in 2013 committed to a Sustainable Development Policy under which the Maharatna PSU has to pursue mining, integrating environmental, socio-cultural and economic factors."CIL has some sustainability plans that CIL committed in 2013. They have not been able to implement it. The foreign bankers have expressed concerns on that," a senior government official said. ✍ India seeks investment from BRICS partners in programmes including 'Make in India' - India today asked BRICS partner to invest in flagship programmes including ‘Make in India’ and ‘Skill India’ while making a strong pitch for removal of structural impediments for increasing trade engagement amongst members of the group. External Affairs Minister Sushma Swaraj, while speaking at a meeting of BRICS Ministers of Industries, said the government has laid down a clear roadmap for lowering corporate taxes and that there is huge opportunities in India for trade and investment. "India's medium term growth prospects have significantly improved following several policy initiatives. The FDI limit in railways, defence and insurance sectors have been liberalised. Coal and mining sectors are witnessing a revival. We are working on an ambitious deadline for implementing goods and services tax. "There is also a renewed thrust on public investment in infrastructure. All these create immense opportunities for companies from BRICS countries to work in India," she said. ✍ RBI invites applications for Bharat Bill payment units - The Reserve Bank of India has invited applications From entities currently engaged in bill payment and desirous of operating as Bharat Bill Payment System operating Units under the Bharat Bill Payment System. The BBPS will be an authorized payment system operated by national payment Corporation of India. RBI came out with the final guideline for BBPS in November 2014,which will help track all the payments being made in the economy, including cash payments to utilities,schools, and telcos among others. ✍ India Inc may have to file monthly returns for business-to-business deals under GST India inc will have to file monthly returns with due invoice of business-to-business transaction under the proposed goods and services tax regime. A report by a panel on return forms has recommended separate returns for inputs and output.Moreover, foreign mobile app providers such as taxi-hailing company Uber, which now have to register here and take up an office to

operate in India, will be able to file returns from outside the country. The panel has mooted a separate return form for non-resident tax payers. "There will be common e-return for central GST, state GST, integrated GST and additional tax," the report said. ✍ Black money crackdown is hurting now but will yield gains before the next parliamentary poll - Despite the festival season there is a sense of disappointment about the economy. One finds this not only among the Chatteratti but also domestic investors, traders, SMEs.But this disappointment flies in the face of a bunch of good news. Commercial bank credit to the corporate sector seems to have finally turned the corner with a growth of 10.2% in September 2015, higher than the lowest level of 9.5% in August. However, it does remain significantly below the 26% achieved in December 2010. ✍ Anil Ambani-led Reliance Group to further invest Rs 46,000 crore in defence, IT in Madhya Pradesh - Strengthening its presence in Madhya Pradesh, the Anil Ambani-led Reliance Group will invest around Rs 46,000 crore in sectors such as defence, IT, electronics and energy.The company has also decided to set up a Rotary Wing Helicopter Unit in Bhopal.In a meeting with state Chief Minister Shivraj Singh Chouhan here, the Reliance Group Chairman committed to invest Rs 46,000 crore in key areas like defence, information technology, electronics development and energy, an official release said. ✍ Japan, Andhra ties to promote investments by Japanese companies - Japan and Andhra Pradesh signed a Memorandum of Co-operation to promote investments by Japanese companies in the state. The MoC was signed by Andhra Pradesh Chief Minister N Chandrababu Naidu and Japanese State Minister for Economy, Trade and Industry Yosuke Takagi, an official release said. A memorandum of understanding was also signed between Andhra Pradesh Finance department and Japan Bank for International Cooperation for inviting foreign investments and develop the state's new capital city and the region. ✍ Banks free to fix interest rates on gold deposit scheme:RBI - Reserve Bank on Thursday issued guidelines for the Gold Monetisation Scheme that allow banks to fix their own interest rates on gold deposits. The RBI notification in this regard comes ahead of the formal launch of the scheme by Prime Minister Narendra Modi on Novermber 5. The gold deposit scheme is aimed at mobilising a part of an estimated 20,000 tonnes of idle precious metal with households and institutions. As per the guidelines, banks will be free to set interest rate on such deposit, and principal and interest of the deposit will be denominated in gold.

Top Corporate News ✍ HDFC Bank Net Profit Up By 20.5% - HDFC Bank, the country’s second largest private sector lender, has reported a 20.5% rise in net profit to Rs. 2,869 Crore for the july-September quarter, as compared to Rs.2,381 Crore in the same Quarter of 2014-15.However this rise was below street estimates. A blumberg consensus figure was for Rs. 2896 Crore.Net interest income, the difference between interest earned and expended, rose 21 percent to Rs. 6,681 crore. Other Income rose 28 percent to Rs. 2,552 Crore, led by higher income from foreign exchange and derivatives revenue. Net interest margin , a key indicator of profitability, was 4.2 per cent, 10 basis points lower than the same quarter last year. Paresh Sukthankar, deputy managing director, said their cut in the base rate by 50 bps in the quarter led to a fall in this. “a strong increase in fixed deposits, which took the share of low-cost current and savings account deposits lower; this also had an impact on the NIMs,” he said. Asset quality remained largely stable. Gross non-performing asset declined to 0.91 per cent from 1.02 per cent in the September quarter a year ago. Net NPA also fell to 0.25 per cent from 0.28 per cent in the corresponding quarter last year. However, provisions for bad loans in the quarter rose 49.4 per cent to Rs 681 crore from last year but declined 6.4 percentage points on a sequential basis.

There was a specific loan loss provision of Rs 484 crore, general provisions for Rs 133 crore, floating provisions for Rs 50 crore and others of nearly Rs 14 crore. ✍ India Inc braces itself for Ind-AS, performance of companies to change dramatically Beginning April 2016 India Inc would undergo its first litmus test and many companies would look different as their profit, loss, assets and liabilities will be treated as per the new accounting standards. Industry trackers say that while some companies would suddenly look more profitable others could see huge holes in their profits—all thanks to the new accounting standards. So next year’s result for most of the companies would look drastically different, say industry experts. So investors who were unable to compare companies even within a sector due to different accounting practices by companies; the new standards would give a fair idea and a rather apple to apple comparison. ✍ Wipro Q2 Net Profit Up 7.2 Percent at Rs 2,235.4 cr; Beats Market Estimates - The Country’s Third largest software service firm Wipro on Thursday reported a 7.2 percent growth in consolidated net profit at Rs. 2,235.4 Crore for the second quarter ended september 30,2015.The company headquarter had reported a Net profit of rs.2,084.8 (After tax,minority interest and share of profit of associates) in the year-ago period, the IT firm said in a statement.

Net sales rose by 6.3 per cent to Rs 12,566.8 crore in July-September quarter this fiscal from Rs

11,816 crore in the same period a year ago, it added.In dollar terms, the revenue from IT services registered a quarter-on-quarter growth of 2.1 per cent at $1.83 billion, in line with its guidance of $1.82 million to $1.85 million.For the October-December 2015 quarter, Wipro said it expects revenues from IT services business to be in the range of $1,841 million to $1,878 million. ✍ Infosys to buy US-based Noha Consulting firm for $70 million - Infosys on Monday announced the acquisition of US-based Noha Consulting firm for $70 million (Rs 454 crore) in a cash deal. The Houston-headquartered Noha provides information management and consultancy services to the oil and gas industry. “Noah helps upstream oil and gas firms plan, architect and deploy information solutions to unlock the value of their oil and gas assets. Its expertise in upstream oil and gas makes it a leader in driving strategic data management engagements," the IT outsourcing major said in a statement here.The buyout will position Infosys to offer end-to-end data management services to oil and gas companies globally. ✍ Bajaj Auto Q2 net profit up 58 per cent to Rs 933 crore on higher exports - Bajaj Auto India's largest two-wheeler exporter, posted a better-than-expected 58 per cent increase in net profit for the September-ending quarter, in part due to higher realisation from exports and benign commodity prices as volume growth was marginal.Net profit for the second quarter rose to Rs 933 crore from Rs 590.90 crore a year earlier. A factor that helped the profit growth was a one time expense of Rs 340 crore it took in the year-earlier quarter towards the National Calamity Contingent Duty Case from Uttarakhand government. Revenue rose 2.6 per cent to Rs 5,980.63 crore. Operating margin improved 1.3 percentage point to 22.1 per cent, a percentage point higher than the estimates of leading brokerage houses, helped by lower cost. The results sent the company's shares as high as 4 per cent, before they settled 3.3 per cent up at Rs 2518.25 on the Bombay Stock Exchange. ✍ Idea Cellular’s consolidated net profit increases 7 per cent to Rs 809 crore in Q2 - Idea cellular missed estimates while posting a 7 per cent rise in consolidated second-quarter net profit from the year earlier but was down sharply from the preceding three-month period due to a cut in interconnect charges and a cap on roaming rates, even as people made fewer calls and data rates came under competitive pressure.For the July-September period, net profit at India's No. 3 carrier rose to Rs 809.3 crore from Rs 755.9 crore a year earlier, but was down from Rs 930.8 crore in the April-June period. The Street had expected net profit of around Rs 825 crore.

Revenue increased over 14 per cent on year to Rs 8,689 crore on the back of 26.3 million active

subscribers being added to the network, a 16 per cent increase in voice minutes from the year earlier, and volume growth of 82.6 per cent in mobile data.Sequentially,revenue was down about 1 per cent. "With increasing proportion of rural subscribers, the seasonal slowdown in the second quarter is more pronounced this financial year, resulting in sharp contraction on sequential quarterly basis in the 'Voice Minutes of Use' by 3.2 per cent," Idea said in a statement.

✍ HDFC Bank posts 20 per cent hike in net profit in Q2 on retail loan demand - HDFC Bank has posted a 20 per cent increase in its net profit for the quarter ended September at Rs 2,869 crore on the back of strong demand for loans from individuals to buy vehicles, for personal consumption, and for small businesses.India's second largest private sector bank by assets on Wednesday reported earnings per share of Rs 11.3 for the second quarter, up from Rs 9.8 per share a year earlier, despite a record tax outgo of Rs 1,492 crore. The second quarter profits fell slightly short of the Rs 2,896 crore. Paresh Sukthankar, deputy managing director at the bank, said demand for loans was strong from individuals, particularly in urban areas and cities, and that it is likely to remain stronger than demand from companies for the rest of the fiscal. HDFC Bank's loan book grew 28 per cent, driven by a 29 per cent growth in loans to individuals and a 25 per cent growth in loans to companies. ✍ Anil Ambani-led Reliance MF to acquire Goldman Sachs India MF business for Rs 243 crore - Reliance Capital Asset Management will acquire global giant Goldman Sachs' mutual fund business in India for Rs 243 crore in all-cash deal, which marks the latest exit by a foreign player from the Rs 13 lakh crore market. In its first ever buyout, RCAM will acquire all 12 onshore mutual fund (MF) schemes of Goldman Sachs Asset Management India with total assets base of Rs 7,132 crore. The deal will make Reliance MF the exclusive fund manager for government's ambitious Central Public Sector Enterprises Exchange Traded Fund.The transaction has been approved by the boards of the two companies and is expected to be completed in the current fiscal, RCAM's parent firm Reliance Capital said in a statement. ✍ Tata Motors arm raises US$600mn from 6 banks - Singapore-based TML Holdings Pte Ltd, a subsidiary of Tata Motors Ltd. has raised a US$600 million loan from six banks, reports a business daily.The company held road shows in Taipei on 19th October and in Singapore on 20th October. “The loan will be utilized to refinance its USD and SGD denominated loans signed in November 2013,” a Tata Motors spokesperson has been quoted as saying. Tata Motors will look to monetize some of its non-core assets & investments, besides exploring capital optimization through better operating efficiency in working capital, among other things,

the spokesperson said. “Syndication of the facility has been launched and is planned to close by end November 2015,” the Tata Motors spokeswoman told the financial newspaper. ✍ Bharti Infratel quarterly net climbs 24.51% - Bharti Infratel announced a good increase in consolidated net profit for the quarter ended September 2015. During the quarter, the profit of the company rose 24.51% to Rs 5,792.00 million from Rs 4,652.00 million in the same quarter previous year.Revenues for the quarter rose marginally 3.68% to Rs 30,378.00 million, compared with Rs 29,301 million for the prior year period. Operating margin for the quarter stood at 42.83 percent as compared to 41.47 percent for the previous year period. Operating Income for the quarter was Rs 13,012.00 million, compared with Rs 12151 million in the previous year period.Earnings per share for the quarter stood at Rs 3.05, registering 24.49% growth over previous year period. ✍ HCL Infosystems slumps post Q1 numbers - Shares of HCL Infosystems slumped over 8 per cent in Friday's trade, after the IT services and solutions company reported an 8.8 per cent growth in first quarter net profit after market hours on Wednesday. On Friday, the scrip hit an intra-day low of Rs 54.80. The profit after tax and minority interests of the company stood at Rs 49.24 crore for the quarter versus Rs 45.26 crore in the same period a year ago. However, net sales for the quarter declined 12.63 per cent to Rs 1,470.06 crore from Rs 1,682.68 crore in the year-ago period. Standalone net profit for the quarter stood at Rs 23.61 crore versus Rs 25.53 crore, falling 7.52 per cent YoY. Standalone net sales for the quarter declined 13.41 per cent to Rs 10,327.2 crore. ✍ RIL surges nearly 6% post Q2, m-cap rises by Rs 16,581 crore - Shares of Reliance Industries ended with nearly 6 per cent gains adding Rs 16,581 crore to its market valuation today, after the company reported its highest ever quarterly net profit of Rs 6,720 crore for the three months ended September.Net profit for July-September of 2015-16 rose 12.5 per cent to Rs 6,720 crore from Rs 5,972 crore in the same period last fiscal, the company said in a statement on Friday.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK ✍ The Govt. Has Initiated Reforms Including Re-capitalization for PSU Banks - Prime Minister Narendra Modi on Monday said the govenment has initiated the a series of banking reforms including re-capitalisation of PSU Banks, change in rules for hiring top management and paperless transactions to curb the black money manace. The prime Minister Said the entire banking sector is undergoing major transformation with the advent of latest technology. The

banking sector is seeing changes. Mobile banking is coming up. Banking will be premises-less” he said at the launch of IDFC Bank. ✍ RBI to Provide More Bank Licences : S S Mudra - Having allowed 23 new entities to enter the banking space, Reserve Bank on Monday said it plans to grant more licences to promote financial inclusion. RBI Deputy Governor SS Mudra said have 2 new universal Bank, Around 11 Payment Banks, 1 Small finance Banks, And Going Forward, it can be a continuing activity where new players are released into the arena by RBI, If everything goes as per the planning. ✍ WestBridge raises $575million to hit $2 billion, fastest among peer - Top-tier investment fund WestBridge Capital has raised another $575 million, or Rs 3,735 crore, to back Indian companies, taking its assets under management to $2 billion, the fastest scale-up for any domestic-focused fund. The fresh infusion of capital is indicative of the long-term bullishness around India among global limited partners (LPs), or investors in funds, who have been endorsing a select group of home-grown funds with a successful track record. WestBridge came to life in its second avatar after breaking off from Silicon Valley venture capital heavyweight Sequoia Capital India in 2011, and has since been largely investing in the Indian public markets. An investor in companies like SKS Microfinance, Dr Lal Pathlabs, Just Dial, Havells, among others, WestBridge's Crossover Fund is now looking to shore up its private investments even as it scouts for technology deals with this latest top-up. ✍ Sundaram BNP Paribas revises interest rates - Sundaram BNP Paribas Home Finance today announced revision of deposit rates by 25 basis points. Interest rate for fixed, cumulative deposits for period of 12, 18, 48 and 60 months has been revised to 8 per cent compared to existing 8.25 per cent, the Chennai-based company said in a statement. For deposits of 24 and 36 months, the interest rate has been reduced to 8.25 per cent from the earlier 8.50 per cent. ✍ RBI Invites Application for Bill Payment Services - The Reserve Bank on Tuesday invited applications from entities engaged in bill payments and desirous to operate as Bharat Bill Payment System Operating Units. The Bharat Bill Payments System will be an Authorised payment System operated by national payment corporation of India , RBI Said in a statement.To being with, under BBPS the BBPOU will function as entities facilitating collection of repetitive payments for everyday utility services,water,gas,telephone and DTH,RBI said.

✍ IRDA Said Indian control is right to control management, decisions - The Insurance regulator has defined Indian control as the right to appoint majority of the directors, or to control the management or policy decisions, ending months of speculation and confusion on what constituted control. "The expression "control" shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreement or voting agreements," said Insurance Regulatory and Development Authority. With this definition, Indian shareholders because of their higher shareholding in the company will be able to dictate terms and that even if there are provisions in agreements that give more rights to minority shareholders may become invalid. The Insurance Laws Act 2015 that raised the foreign investment cap in the insurance sector to 49% included requirement on "Indian owned and controlled" for an insurance company. Around half a dozen companies have applied to FIPB and the sector regulator for an increase in the FDI limit to 49% including Max Bupa and Bharti AXA. There are 52 joint ventures in life and general insurance industry. Though a majority of insurance companies are owned by Indian promoters, in some cases, foreign partners were playing an active role in running the show. ✍ HDFC Bank Predicts Stronger Loan growth After Q2 Shine - HDFC Bank Ltd., India’s Second-largest private sector lenders by assets,grew loan faster than expected in the second quarter as more people borrowed to buy cars and homes, making up for a slower pickup in big-ticket corporate credit.Indian Banks have been battling slower credit growth and a surge in bad loans, after companies and consumers were squeezed by more than two years of weak economic expansion. Corporate loans have yet to revive, but lending to individuals is growing at a faster clip.HDFC Bank,with its stronger retail business and relatively smaller exposure to project finance,has far fewer bad loans than bigger rival and is seen by some analyst as a better bet for investors. ✍ Kedaara Capital set to buy 20% stake in ZCL Chemicals for about Rs 180 crore Kedaara Capital is close o picking up around 20 per cent stake in ZCL Chemicals Ltd, formerly known as Zandu Chemicals, of the Parikh family for about Rs 180 crore, two people familiar with the development said.ZCL, which the Parikh family had sold to Emami in 2008 and bought back in 2009, manufactures active pharmaceuticals ingredients and other chemical intermediates for the pharmaceutical industry. "Kedaara's bid to acquire a minority stake in ZCL is the highest. A decision will be taken soon," a person involved in the deal said. The deal will value ZCL at Rs 850-900 crore, said another person involved in the deal. "Kedaara will invest Rs 180-200 crore for a 20 per cent stake in the company," the person said.

✍ NPA Problem to Continue for Next 2-3 Quarters: PSU Banks to Finance Ministry Facing mammoth NPAs, PSU banks on Wednesday said the problem of poor asset quality "may continue" for another 2-3 quarters as the Finance Ministry took stock of issues, including the alleged Rs 6,100-crore black money remittance case involving Bank of Baroda, facing them."The issue of poor asset quality was discussed. The banks clarified that the problem may continue for two to three quarters before their situation improves. Banks were advised to make judicious use of their capital," a Ministry statement said. Briefing reporters after the meeting heads of all public sector banks along with top ministry officials, Minister of State for Finance Jayant Sinha told reporters that government has "taken various steps to bring down" non-performing assets and those measures too were discussed.Gross NPAs of state-run banks at the end of March quarter stood at 5.2 per cent of total advances compared with 5.63 per cent in December. ✍ Most of RBI External Committee Sought Rate Cuts - Six out of seven external members of the Reserve Bank of India (RBI)'s technical advisory committee recommended the central bank cut the key repo rate at its policy review on Sept. 29, according to minutes released on Wednesday. Among those who wanted rate cuts, two suggested the RBI ease the Repo rate by a more aggressive 50 basis points (bps), while one member suggested a cut within 25 to 50 bps, citing the need to help the industrial sector and their comfort with inflation.Meanwhile, three members suggested a 25 bps rate cut, while one adviser recommended the repo rate be kept unchanged.

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