TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : The market has opened on a strong note Monday. The Nifty is up 51 points or 0.7 percent at 7561. Equity benchmarks remained strong in morning trade following positive global cues. as traders began to take a more positive view of the European Central Bank's monetary policy decision last week. The India's industrial output during January contracted, The Government is hopeful of passing the GST bill in the second half of the budget session, Reserve Bank Governor Raghuram Rajan said the economy is recovering, but the process of recovery is volatile. The European Central Bank's decision to expand its balance sheet is a welcome move and would fuel a shortterm rally in equity markets across the globe. The Federal Reserve decision on Wednesday to hold rates steady and pencil in fewer rate hikes reflects a central bank feeling its way through tremendous uncertainty. Now the focus will shift to local issues such as earnings, corporate performance, RBI april policy move, The domestic risk of environment right now has become normal and neutral environment and may be now we will start seeing some money flows towards emerging market. The crucial levels for Nifty is 7480-7300 downside and 7670-7860 is Upside.
BANK NIFTY : - The Bank Nifty opened higher on Monday at 15735 up by 81 points or 0.61 per cent . The rally in the Bank Nifty come from the Govt. Support toward the Public Sector Banks. St. Louis Fed chief James Bullard wants the US Federal Reserve to press the button on further rate liftoff as he feels the US central bank has largely met its goals on the employment an and inflation fronts . Traders and speculators in the futures market have started initiating fresh long positions on Nifty Bank, RBI's money policy review. The Reserve Bank of India april policy move can be positive for the market there is a possibility of rate cut by RBI so rally in Bank Nifty will be continue, The Resistance for Bank Nifty is 16200-16475 and Support for Bank Nifty is 15635-15000.
Monday, 28 March 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
7887
7763
7701
7639
7515
R2
R1
PP
S1
S2
7889
7765
7703
7641
7515
R2
R1
PP
S1
S2
9601
8193
7489
6785
5377
R2
R1
PP
S1
S2
16228
15988
15868
15748
15508
R2
R1
PP
S1
S2
16097
15921
15833
15745
15569
R2
R1
PP
S1
S2
20972
17178
15281
13384
9590
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
7425
7366
7594
7899
BANK NIFTY
15896
15705
15773
15813
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
7617
7627
7749
BANK NIFTY
15498
13458
12688
PATTERN FORMATION ( NIFTY )
Detail of Chart On the Above given chart of Bank Nifty has applied the Parabolic SAR along with Bollinger band and it is also made the Bearish Engulfing Pattern which is the crucial trend signal, Nifty is around its strongest Support level its around 7600. The parabolic SAR is also near the price value of the stock we are expecting that if the Nifty is able to sustain the level of 7600 we may witness the rally toward the Bull Movement and if it is breaking the level we may witness Bearish movement in Nifty, The strong Support for Nifty is 7600-7550 and Resistance is 7800-7950.
PATTERN FORMATION ( BANK NIFTY )
Details of ChartOn the Above given weekly chart of Bank Nifty applied Parabolic SAR and with channel line it is also made the strong Support level which is the crucial trend identification signal, the Bank Nifty is around its crucial Support level. The parabolic SAR is also near the price value of the stock we are expecting that, The Bank Nifty will move toward the down trend in near term and not breaking the level of crucial Support of 15700 that will be the crucial level. on the other hand if Bank Nifty Sustain the support level we may witness the Bull movement of the index and can break the level of 15950 which is the strong Resistance for Bank Nifty.
NSE EQUITY DAILY LEVELS COMPANY NAME ACC 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 INFY BANK JINDALSTEL KOTAKBANK LT M&M MRF MARUTI ONGC ORIENTBANK RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL UNIONBANK
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
R2
R1
PP
S1
S2
1412 54 239 862 442 2395 146 98 119 365 539 300 116 3106 365 3850 830 1180 1059 2912 94 881 236 333 947 1248 64 685 1252 1273 35943 3823 221 94 54 381 1040 543 49 202 101 860 380 64 325 130
1396 53 236 855 438 2371 145 96 117 358 536 297 112 3077 362 3819 823 1163 1054 2884 91 873 233 329 935 1230 63 679 1243 1261 35717 3736 217 91 52 373 1032 533 47 195 95 834 372 63 315 127
1375 52 230 851 434 2352 143 95 116 354 533 295 111 3046 359 3776 818 1154 1048 2862 89 868 230 324 926 1218 62 670 1237 1253 35473 3691 215 89 51 367 1024 525 47 192 91 820 367 61 306 125
1359 52 227 844 430 2328 142 93 115 347 530 291 107 3017 356 3745 811 1137 1043 2834 86 860 227 320 914 1200 60 664 1228 1241 35247 3604 211 86 49 359 1016 515 45 185 85 794 359 60 293 122
1338 51 221 840 426 2309 140 92 113 343 527 289 106 2986 353 3702 806 1128 1037 2812 84 855 224 315 905 1188 59 655 1222 1233 35003 3559 209 85 48 353 1008 507 45 182 82 780 355 59 286 120
TOP 15 ACHIEVERS
SR.NO
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PREV CLOSE
SCRIPT NAME
CMP
//
% CHANGE
AMBUJA CEMENT
204
232
+13.67 %
BOSCH LTD.
18128
20371
+12.37 %
SR.NO
1
TOP 15 LOOSERS
SCRIPT NAME
2.12+3.12+4.12+5. B122+6. B12 BNATCO B BPHARMA O801O801O801O801O80 S132S132S132S1332S13 LUPIN LTD. C27. C27. C27. C27. C27 B B B 7. H88 1+38. H88 1+39. H88 1+310. H88 14+311. H88 1 BVAKRANGEE 188 7H188 7H188 7H188 7H18 L02. A L02. A L02. A L025. A L02 RAJESH EXPORT LTD T 8 %R T 8 %R T 8 %R T 8 %R T U A A A A D23+2U D23+2U D23+2U D236+2U D23 FIRSTSOURCE SOLU L. 927LT. 927LT. 927LT. 927LT. 92 T81.%T81.%T81.%T817.%T81 FINOLEX INDUSTRI R945R P945R P945R P945R P94 G A33+1G A A A A E33+1G E33+1G E338+1G E33 EMAMI LTD. T576R T576R T576R T576R T57 R E59.%ER59.%ER59.%ER599.%ER59 ASIAN PAINTS LTD A C007A C C C C O007A O007A O007A O00 H 88+4H88+4H 88+4H810 8+4H88 WOCKHARDT LTD. H S H S H S H S H S 396 396 396 396 39 I I I I I SUZLON ENERGY .%IC IC .%IC .%IC .%IC 11 N EM 0N EM 0N EM 0N EM 0N EM IM 91+8IM91+8IM91+8IM91 +8IM91 CEAT LTD. D D D D 12D 905 905 905 905 90 D D D D D .%A 4 GATI LTD. A 4.%A 4.%A 4.%A 4 13 EI 5EI 5EI 5EI 5EI L33+G L +G L33+G L +G L G 5 335 5 33 5 33 DR. REDDY LAB N A N A N A N A 14N A C455A C455A C455A C455A C45 A D09.%D09.%D09.%D09.%D09 ABAN OFFSHORE O I 5O I 5O I 5O I 15 I 5O U C U C U C U C U C 2 2 2 2 LS LS LS LS LS E E E E E I %IL %IL %IL %IL L. L. L. L. L. LN TN TN TN TN L L L L L D D D D D D D TD D U U U U U U U U U D . . . U . L +L +L +L +L + S. S S S S A1A 1A 1A 1A 1 . . . . . R 2R 2R 2R 2R 2
1240
1385
+11.68 %
BHARAT PETRO
810
882
+8.82 %
BHEL
106
115
+8.81 %
ULTRATECH CEM
2989
3214
+7.51 %
INFOSYS
1134
1215
+7.11 %
GRASIM INDUS.
3550
3790
+6.74 %
TCS
2329
2483
+6.60 %
HINDALCO INDUS.
83
89
+6.08 %
SBI
185
195
+5.67 %
IDEA CELLULAR
99
104
+5.55 %
TATA POWER CO.
58
62
+5.53 %
GAIL LTD.
340
359
+5.52 %
VEDANTA
88
92
+5.28 %
232 20371 1385
+13.67 % +12.37 % +11.68 %
AMBUJA CEMENT 13. B 1214. 1215. 1216. 1217. B12B B B OSCH 80O80O80O80O80 ACC LTD. 13. S13. S13. S13. S13. 273C273C273C273C273 817H817H817H817H817 % L %L %L %L %
TTTT DDDD . . . .
CMP
961
101
489
406
WELSPUN INDIA
ACC
AM 204 BUJ 18128 12. B A OSC ACC 1240 CEM H ENT LTD.
PREV CLOSE
% CHANGE
-89.45 % -17.06 % 1722
1507
220
195
6486
603
34.55
32.45
369
356
950
916
884
854
978
944
13.75
13.30
1086
1052
110
106
3133
3048
185
181
-12.51 % B H A R A T P E T R O
-11.36 % -7.00 % -6.08 % -3.59 % -3.59 % -3.43 % -3.41 % -3.27 % -3.17 % -2.91 % -2.72 % -2.16 %
144- 244- 344- 4N44- 5 N44 A801A801A801A801A80 T967T967T967T967T96 C .C .C .C .C V O210- V O210- V O210- V O210- V O21 A291 6A291 6A291 6A291 6A29 K P051K P051K P051K P051K P05 R .R .R .R .R H % H % H % H % H FA333- FA333- FA333- FA333- FA33 I 426N N R RI 426N RI 426N RI 426N RI 42 R G G G G G M. . . R M. . . R M. . . R M. . . R M. . SEA540 %SEA540 %SEA540 %SEA540 %SEA54 ETE9 59 58- ETE9 59 58- ETE9 59 58- ETE9 59 58- ETE9 59 5 M S513M S513M S513M S513M S51 A .A .A .A .A O06% O06% O06% O06% O06 M U 5M U 5M U 5M U 5M U W I999- W R RI 999- W RI 999- W RI 999- W RI 99 O LC743O LC743O LC743O LC743O LC74 C .C .C .C .C TE84% TE84% TE84% TE84% TE84 K D 4K D 4K D 4K D 4K D C H H H H H S. 111- C S. 111- C S. 111- C S. 111- C S. 11 EA O003EA O003EA O003EA O003EA O00 A .A .A .A .A R R R R R L85% L85% L85% L85% L85 TD U621TD U621TD U621TD U621TD U62 D T337- D T337- D T337- D T337- D T33 R L102R L102R L102R L102R L10 . TL. 34% . TL. 34% . TL. 34% . TL. 34 TL.34% R D D D D D T387R T387R T387R T387R T38 ED . 2ED . 2ED . 2ED . 2ED . D . D . D . D . D . D %D %D %D %D Y Y Y Y Y L A B
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NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK Call drop case: TRAI to comply with Supreme Court order - The Telecom Regulatory of Authority of India , reportedly, said it will comply with Supreme Court order asking to consider the amendment of penalty based on technical aspects of call drops. TRAI Chairman RS Sharma said, "Whatever has been ordered by the Supreme Court shall be complied with." Supreme Court on March 17 asked TRAI to review call drop penalty regulation in view of technical issues. The apex court has asked the regulatory body to base their stand considering the papers dealing with technical aspects of call drops. India must move to a lower interest rate regime: Arun Jaitley - Finance Minister Arun Jaitley defended the move to cut interest rates on small saving schemes saying that the country has to move to a lower interest rate regime to steer the economy towards a more efficient path of growth. In the direction that the economy is following, there cannot be a situation where the bank lending rates have to come down but the deposit rates are high. They both are linked,� Jaitley said at a press conference in New Delhi. WPI down for 18th consecutive month, Fed maintains status quo - The Indian equity markets just about managed to extend its winning streak to the third consecutive week. Hopes of interest rate cut by the RBI in its next meet, rising crude oil price and decision of Fed to keep interest rates unchanged brought some cheer on the bourses. Fed scaled down its forecast for the number of rate increases to two in 2016 from an earlier projection of four. Spurt in crude oil prices which rose above US$40 per barrel for the first time since Dec. 3 enthused the participants too. Expectations are major producers will announce an output freeze on April 17 in Doha. The Indian currency continued to show strength against the US Dollar. It was down by 0.7% during the week. Wholesale prices fell for the 16th straight month in February, with WPI declining 0.91% compared with a 2.61% fall in the corresponding period of the previous year. World is facing increasingly dangerous situation - Raghuram Rajan - RBI Governor Raghuram Rajan said the world is facing increasingly dangerous situation and a new international agreement on the lines of Bretton Woods is needed to prevent central banks. We will eventually require a new international agreement along the lines of Bretton Woods, and some reinterpretation of the mandates of internationally influential central banks, Rajan said. Rajan added that central banks in developed countries find all sorts of ways to justify their policies , We can pretend all is well with the global monetary non-
system and hope that nothing goes spectacularly wrong, Rajan said. Indian economic growth expected to improve to 7.7% in FY17: ICRA - The fresh project pipeline appears robust, commencement of work will lag announcements, given moderate capacity utilization in some sectors. A sizeable portion of the planned rise of Rs. 1.2 trillion in Central Plan Outlay in 2016-17 is to be funded through extra-budgetary sources, progress on which will influence the pace of infrastructure augmentation and economic growth. In ICRAs view, Indian economic growth is expected to improve to 7.7% in FY17. GST to push India's economic growth rapidly: Vijay Kelkar - The introduction of Goods and Services Tax is an important reform which will lead India into next rapid phase of economic growth, said former chairman of 13th Finance Commission Vijay Kelkar. "The most important reform will be GST which will bring this country as one market. Launching of GST has taken us into next very rapid phase of growth," Kelkar, said. The major central and state taxes will get subsumed into GST which which will reduce the multiplicity of taxes, bringing down the compliance cost. With GST, the burden of Central sales tax will also be phased out. Government looks to tap idle cash of PSUs - The government has begun a mega exercise to get public sector companies to buy back their shares and take a slice of the estimated Rs 2.6 lakh crore lying idle with them. Although the move is meant for the government to raise more resources, one of the objectives is to get state-run companies, including unlisted ones, to leverage their balance sheets better and raise more loans from the market. While a list of companies is being prepared based on their capital expenditure plans, sources said the focus is on companies which are just sitting on a cash pile. In addition, companies which have high cash and low debt are the other focus area. "Some of our PSUs have traditionally been conservative and have not relied much on market borrowings. But, greater market borrowings also increase scrutiny , which is often desirable," said an officials. Performance of Non-Govt Non-Banking Financial and Investment Companies, 2014-15: RBI - The Reserve Bank of India released the data related to the performance of Non-Government Non-banking Financial and Investment companies for 2014-15. The data have been compiled based on audited annual accounts data of 23,293 companies. data pertaining to 22,899 companies are based on Ministry of Corporate Affairs systems , data for 363 companies are as collated by Department of Statistics and Information Management, Reserve Bank of India,while the data for the remaining 31 companies are obtained from Capitaline Plus data Services, which closed their accounts during the period April 2014 to 2015. The data draw a comparative picture over the three years period 2012-13 to 2014-15 based on a common set of companies. Explanatory notes
pertaining to statements are given at the end. According to the provisional estimate of population paid-up capital supplied by MCA, GoI, the select 23,293 NGNBF&I companies accounted for 77.8 per cent of all NGNBF&I companies as on March 31, 2015. RBI to cut rates by 25 bps on Apr 5, 50 bps in FY17: BofA-ML - Reserve Bank is likely to go for a 50 basis points rate cut next fiscal year and out of this 25 bps cut may be affected in the policy review meet next month amid slackening economic recovery, says a report. The financial services major said it estimated that old GDP growth slipped to 4.6 per cent in the December quarter, well below our calculated 7-7.5 per cent potential. Our lead industrial indicator is slipping as industrial production contracted for three consecutive months through January.Declining inflation and negative industrial outlook have strengthened a case for RBI cutting interest rate in its first bi-monthly monetary policy for 2016-17 on April 5. FM Jaitley: interest rates in India are "extraordinarily" high - Finance Minister Arun Jaitley stated that the interest rates in India are "extraordinarily" high, as per media reports. Jaitley reportedly said that the existing tax-free interest rate of up to 8.7 per cent on small saving instruments translates into an effective interest of 12-13 per cent on deposits The government had announced cut in interest rate on PPF to 8.1%.
� TOP ECONOMY NEWS
India's foreign exchange reserves surged by $2.54 bn to $353.40 billion , according to RBI. RBI said that the foreign currency assets stood at $329.99 billion on March 11.
Foreign Investment Promotion Board out of 33 foreign investments proposals received gave a nod to 15 FDI proposals worth Rs. 7,261.6 crore on March 7.
A Parliamentary panel has recommended framing an "equitable and pragmatic" National Tobacco Control Policy so various organs of government can work in tandem and tobacco production can be brought under a regulatory regime.
The pharmaceutical manufacturers in South India are approaching the Madras High court against the Union Health Ministry's ban of 344 fixed-dose combination drugs.
Aiming
to re-position itself as an investor friendly state, Odisha approved investment
proposals to the tune of Rs 475bn.The nod was given to 35 proposals spanning a cross section of industries such as power, aluminum, steel, cement, food processing, textiles, plastics, healthcare, paper, logistics, and LPG bottling.
India's current account deficit, the excess of imports over exports, fell further to 1.3% of the gross domestic product due to benefits of lower commodity prices, but the fall in remittances from overseas Indians has restricted the improvement in balance of payments. Reserve Bank of India data showed current account deficit at $7.1 billion in the third quarter ending December, lower than $8.7 billion or 1.7% of GDP in the preceding quarter.
The
government has provided a ray of hope to the financial instruments, after the
government clarified the tax provisions relating to the convertible debentures. The government has finally addressed the void that had discouraged several companies from using them to raise capital. As per new scheme, while calculation the holding period, the government will treat both bonds and debentures as single security without considering the conversion date. This decision could make investors eligible for long-term capital gains tax exemption.
Finance Minister Arun Jaitley denied any rift with the Reserve Bank, Jaitley said that he has a good professional relation with Reserve Bank Governor Raghuram Rajan, He said, I think India by and large loves conspiracy theories. The RBI is an experienced institution. After all, the RBI has no particular interest in keeping rates high, Jaitley said.
Department of Telecom is looking to commence the auction for spectrum, including in 700 Mhz band, around mid-July, which may fetch the government a whopping Rs. 5.36 trillion.
Indian refineries are on track to meet the strict timeline for supplying superior quality and less polluting petrol and diesel confirming to Euro-VI norms by April 2020, IOC Director said.
India's
Defence Procurement Policy would be launched online during Defence Expo
India-2016, Defence Minister said.
EPFO will park more funds in public sector bonds to boost government's infrastructure development programmes and continue to invest in equities, Union Labour Minister said.
Foreign investments in the domestic economy is set to recover going ahead if one were to go by the official data on balance of payment released on Monday. Net foreign investment, which include both portfolio flows as well as direct investment, picked up pace during the December quarter and rose to $10.6 billion, after moderating to $3.2 billion in the September quarter. The spike was largely led by a rise in foreign direct investment.
� TOP CORPORATE NEWS Indian Oil has signed an agreement with 3M India for setting up 3M auto care centres at IndianOil outlets.
Glenmark Pharmaceuticals has received tentative approval from the US health regulator for its generic version of Vimpat Oral Solution, used in treatment of epilepsy.
Tata Consultancy Services announced that the Million Women Mentors program had reached two-thirds of its goal of 1,00,000 pledges from STEM mentors for young women and minorities.
Pharmaceutical major Pfizer Ltd. appointed S Sridhar as its new Managing Director with immediate effect for a period of five years.
Piramal Enterprises Ltd has informed BSE that at the Meeting of Committee of Directors held on March 18, 2016, the Committee approved the issue of unsecured nonconvertible debentures aggregating upto Rs. 100 crores on a private placement basis.
Godrej Properties Ltd. one of India's leading real estate developers, has created a dedicated real estate funds management business in India and Singapore – Godrej Fund Management.
Indiabulls Housing Finance will raise Rs 5,100 million by issuing non-convertible debentures through private placement.
SKS Microfinance has raised Rs 5,381 million through a securitization deal which is the
seventh such transaction in 2015-16.
ITC Ltd. sales of its instant noodles brand Yippee are recovering and its market share has risen to anywhere between 30 and 40 per cent, according to the company.
Tata Steel is in discussion with foreign companies for investments up to Rs 200 billion in heavy industries over the next five years at its Special Economic Zone project at Gopalpur in Odisha.
Coal India Ltd. supplied 370.80 million tonnes of fuel to the power sector during AprilFebruary this fiscal, higher by 6.4% than that in the same period last year.
Bharti Airtel announced that it has entered into a definitive agreement with American Tower Corporation , through its subsidiary company, Airtel Tanzania Limited, for the sale of approximately 1,350 of its communications towers in Tanzania.
NTPC Ltd. has informed BSE that the Unit-I of 250 MW of Nabinagar Thermal Power Station of Bhartiya Rail Bijlee Company Limited A subsidiary Company of NTPC Ltd. has been commissioned on March 20, 2016.
KPIT Technologies hosted the prestigious Industrial Liaison Program with Massachusetts Institute of Technology , 2016 MIT Innovation for an Emerging India Workshop, at the KPIT campus in Pune.
Non-banking finance company SKS Microfinance completed its seventh securitization transaction during FY16 for a pool value of Rs. 538.11 crore.
Nava Bharat Ventures entered into an arrangement with Tata Power Trading Company Limited for supply of power to Telangana State Power Distribution Companies back to back from May 27, 2016 to May 25, 2017. Va Tech Wabag has won orders worth Rs 5000 crore in FY 2016. This is the highest order intake clocked by the Group in a single financial year.
Jet Airways, India premier international airline, is set to launch daily non-stop flights from India to Amsterdam resulting in significantly enhanced connectivity between India, Europe and North America.
The board of directors of Tata Steel is expected to meet on March 29 in to discuss whether to retain or sell the plants in Scunthorpe and Port Talbot, in UK. Tata Motors announced that it has signed a follow-on contract for the supply of an additional 619 units, of its high-mobility 6X6 multi-axle truck, with the Indian Army. Coal India will conduct a two-day special e-auction beginning March 30 to offer the fossil fuel to distressed power plants as part of government's efforts to ensure 24x7 affordable electricity to all. Sterlite Technologies is among the early companies to have bagged a smart city project. Sterlite, said senior official of the company, has bagged contract from Gandhinagar.
The fourth unit of NTPC-Bihar government owned 195-Mw Muzaffarpur Thermal Power Station has been successfully synchronised with the national grid, an official said. Russian government has approved ONGC Videsh Ltd's deal to buy 15% in the country's second biggest oil field of Vankor from Rosneft for US$ 1.3billion. BHEL said it has commissioned a 600 MW coal-based unit at Singareni Thermal Power Project in Adilabad district of Telangana.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK Axis Bank, India's third largest private sector lender, has provided seed funding of Rs 10 lakh to the students of Indian Institute of Foreign Trade, the winners of the inter-campus online gamified competition 'Axis Moves' it has launched in leading B-schools in a bid to bolster entrepreneurship across the country.
State Bank of India Ltd. has raised Rs 30 billion on a private placement basis by issuing 30,000 Basel-III compliant, tier-ll bonds in the nature of debentures.
FIPB approved the proposal of Yes Bank Ltd. to increase its foreign investment limit to 74 per cent from present 41% making it the first bank to get approval for hiking FDI limit after the new regulations were announced in November.
State Bank of India, the nation's largest lender, is also the leader in digital banking in the country in both volume and value terms, handling over 38 per cent mobile banking
transactions a month.
The Finance Ministry held a meeting on Monday with senior officials of public sector banks to review their efforts for loan recovery, including from Kingfisher Airlines.
Mobile banking
penetration in India is concentrated among customers of five banks.
According to data released by the Reserve Bank of India, the top five banks account for more than 92% of the entire value of mobile banking transactions in the country. Enforcement Directorate has questioned IDBI bank officials, including its former CMD, in connection with its money laundering probe in the over Rs 900 crore alleged loan fraud involving the bank and Kingfisher Airlines. Public sector lender Oriental Bank of Commerce today said it has cut interest rates for deposits less than Rs 1 crore across maturities in a range of 0.25 to 0.5 per cent with effect from Monday. Kerala-based private sector lender Federal Bank is opening incubation centres for startups in Bangalore and Ernakulam. These specialised lounges in the bank's branches will offer advice on capital, regulatory support and even disburse funds.
The 26 nationalised banks, which are expecting a Rs 25,000 crore government bailout in the coming financial year have lost at least Rs 30,873.86 crore to frauds in four years 2011-12 to 2014-15. According to documents accessed from the Ministry of Finance, these losses are only due to frauds of Rs 1 lakh or more. Some of these cases are being probed by investigating agencies.
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Disclosure in terms of Compensation: High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are salary based permanent employees of High
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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.