Equity Research Report 31 July 2017 Ways2Capital

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Last week the Indian Benchmark Index Nifty made a new record high of 9982 on the last trading day and closed at 9966. The Domestic Institutional Investors continued buying as the quarterly numbers by most of the Companies were impressive. The Benchmark Index Nifty has shown 5 digit figure in last week. Nifty made a high of 10011 and closed at 9965 on Tuesday trading session.

Investors remained cautious ahead of FED two days policy Meeting Outcome. Although Fed keep rate Unchanged which move the market in bullish trend, Market remained highly volatile ahead of F&O Expiry and Profit booking did’nt rule out at point of time, but overall, market traded bullish and as of now any downfall would be an opportunity for traders to go long in the market. Breaching 10040 would force Nifty to see 10100-10246 levels ahead. Nifty has made a all-time high of 10026.The index opened at 9993 and closed at 10025 after making a low of 9944. However the Index is not able to sustain it’s crucial 10040 level which will decide the bullish trend of Nifty for upcoming week.

Nifty Closed The July Expiry Above 10000 levels & Up By Almost 5% On the back of Q1 Earning Optimism, Smooth GST Roll Out, Good Monsoon, RBI Rate Cut Hopes, Forced P-Note FNO Short Covering & Supportive Global Cues it may move the market towards bull side. The Significance Support for Nifty is 9967-9886 and Strong Resistance for index is 10100-10168 levels for upcoming week.

BANK NIFTY : - Bank Nifty also made a record high of 24461 last day and closed at

24421.HDFC Bank closed at 1735.10, up by 1.88% from its previous day’s close after the announcement of its June quarter result. Bank Nifty achieved the psychological 25000 mark in last week ’s trading session and market drifted down due to profit booking during the week.

Again Bank Nifty closed near 5 day’s moving average which is presently at 24740 levels. Yes bank gained 6.44% after announcing its quarterly results.Indus Bank by 2.43%, ICICI Bank by 1.91% were among the top movers in the Banking Index in last weeks trading sessions.

Indian banks are most at risk in South and South-East Asia. We agree that many banks in India remain undercapitalised and continue to lack sufficient loan-loss provisions. Moreover, the government has appeared reluctant to increase capital injections into the PSU banks, despite the limited ability of these to access equity markets for the much-needed capital," the credit rating agency Moody’s said. Time and Price action Suggest the Bank Nifty need to Sustain the 24900 crucial level for further up move towards 25120-25240 levels. On the Flip side Sustaining below 24900 levels may drag the index towards 24780-24660 levels I near term

Monday, 31 July 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

S2

10138

10028

9973

9918

9808

R2

R1

PP

S1

S2

10572

10182

9792

9402

R2

R1

PP

S1

S2

11521

10379

9808

9237

8095

R2

R1

PP

S1

S2

25357

24943

24736

24529

24115

R2

R1

PP

S1

S2

26936

25359

24569

23779

22199

R2

R1

PP

S1

S2

29678

25914

24032

22150

18386

9987

BANK NIFTY DAILY

WEEKLY

MONTHLY

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

NIFTY

9961

9872

9436

9097

BANK NIFTY

24039

23507

22663

21399

WEEKLY

MONTHLY

PARABOLIC SAR

DAILY

NIFTY

9606

9494

9475

BANK NIFTY

23337

23085

23038

200 DAYS

PATTERN FORMATION ( NIFTY )

Detail of Chart - The Nifty closed the week on a bullish note. Nifty opened gap up today post US FED interest rate decision and domestic news flow. 10000 strike call writers were forced to square off their positions. This pushed the Nifty even higher to 10114.85. From there, Nifty started correcting and made of low of 10005.5. Finally In hourly chart Nifty has corrected sharply and closed at 10020.55 near hourly mid Bollinger Band line, which stands at 10021, on Thursday’s close. In near term Nifty may find support close to 34 hour moving average and 50 hour moving average. The selloff in Nifty could be just an one day phenomenon due to profit booking by bulls ahead of expiry. The Fibonacci retracement of the last rise from approx. 9949.7 to approx. 10114.9 is drawn in the daily chart and close is near the 61.8% retracement level of approx. 10013. On the upside today’s high of approx. 10115 should act as a logical resistance and 9980 sould act as a Strong Support for The Nifty.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart - On the Above given daily cahrt of Bank Nifty has Applied Bollinger Band and parabolic SAR both are leading Indicators and gives the early signals of buy or sell.Bank Nifty in Chart is placed around hourly Upper Bollinger Band line, which stands at 24820 levels, In near term Bank Nifty may find support close to 10 day’s moving average 24840-24680 levels, and 21 day moving average. The selloff in Nifty could be just an one day phenomenon due to profit booking by bulls ahead of expiry. The Fibonacci retracement of the last rise from approx. 24300 to approx. 24942 is drawn in the daily chart and close is near the 61.8% retracement level of approx. 25075 levels. As of Now 24075 should act as a logical resistance and 24840 sould act as a Strong Support for The Bank Nifty

NSE EQUITY DAILY LEVELS COMPANY NAME

R2

R1

PP

S1

S2

ACC ADANI PORTS

EQ EQ

1770 402

1751 398

1738 394

1719 390

1706 386

AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BPCL BHEL BHARTIARTL BOSCH LTD BHARTI INFRATEL CIPLA COALINDIA CAIRN INDIA LTD DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY IDEA CELLULAR KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL

EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ

270 1162 537 2889 163 485 372 419 24337 418 578 259 2535 390 1092 934 1841 1800 3723 222 1185 310 298 1654 1026 1191 1026 1208 1411 70194 7714 168 168 27 752 1619 545 47 303 579 265 2526 450 84 568 161 1905 547 402 270

266 1156 527 2848 162 479 370 416 24124 414 572 256 2509 386 1079 918 1794 1788 3692 220 1175 306 296 1635 1008 1180 1016 1190 1402 69489 7665 166 166 26 721 1606 529 46 301 570 264 2508 448 83

263 1148 520 2826 161 474 367 412 23887 409 564 253 2480 383 1072 880 1751 1775 3659 217 1158 299 291 1614 985 1168 1005 1171 1389 68995 7625 163 164 26 691 1592 516 45 298 559 261 2475 445 82 555 156 1809 539 394 263

259 1142 510 2785 160 468 365 409 23674 405 558 250 2454 379 1059 864 1704 1763 3628 215 1148 295 289 1595 967 1157 995 1153 1380 68290 7576 161 162 25 660 1579 500 44 296 550 260 2424 443 81 550 153 1757 534 390 259

256 1134 503 2763 159 463 362 405 23437 400 550 247 2425 376 1052 826 1661 1750 3595 212 1131 288 284 1574 944 1145 984 1134 1367 67796 7536 158 160 25 630 1565 487 43 293 539 257 2373 440 80 542 151 1713 531 386 256

563 158 1853 542 398 266

TOP 15 ACHIEVERS SR.NO

SCRIPT NAME

//

PREV CLOSE

CMP

% CHANGE

TOP 15 LOOSERS SR.NO

SCRIPT NAME

PREV CLOSE

CMP

% CHANGE

1

YES BANK LTD

1577

1841

+ 16.75 %

1

DR. REDDY’S LABS

2762

2464

-34.26 %

2

HDFC

1640

1785

+ 8.80 %

2

LUPIN LIMITED

1142

1063

-10.96 %

3

HDFC BANK

1703

1778

+ 4.43 %

3

AXISBANK LTD

540

515

-6.55 %

4

INDUSIND BANK

1566

1628

+ 3.94 %

4

SUN PHARMA

575

550

-6.53 %

5

ADANI PORTS

381

395

+ 3.63 %

5

COALIN INDLTD

262

251

-6.29 %

6

INDIABULLS HOUSI

1137

1175

+ 3.35 %

6

TATAMOTOR LTD.

464

445

-6.16 %

7

SBIN

290

299

+ 2.91 %

7

ULTRATECH CEM

4176

4024

-5.94 %

8

VEDANTA

268

274

+ 2.33 %

8

INDIAN OIL CORP

380

367

-4.84 %

9

BHARAT PETRO

467

475

+ 1.81 %

9

TECH MAHINDRA

394

381

-4.79 %

10

INFOSYS

980

997

+ 1.76 %

10

AURO PHARMA

748

723

-4.59 %

11

KOTAK BANK

999

1012

+ 1.33 %

11

ZEEL

556

540

-4.56 %

12

ACC LIMIITED

1708

1731

+ 1.32 %

12

ICICI BANK

302

296

-4.44 %

13

MARUTI SUZUKI

7543

7630

+ 1.16 %

13

BHARTI INFRATEL

410

403

-4.15 %

14

WIPRO LIMITED

286

289

+ 1.05 %

14

L&T

1179

1161

-3.90 %

15

ITC LIMITED

288

291

+ 0.92 %

15

TATA POWER

83

82

-3.83 %

3 5

8 7

1 3

1 2

7 2

9 4

4 6 0

OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

NSE - WEEKLY NEWS LETTERS âœ? TOP NEWS OF THE WEEK FDI up 23% at $10 billion during April-May: Nirmala Sitharaman - Foreign direct investment inflows into the country increased 23 per cent in the first two months of the current fiscal from a year ago, commerce and industry minister Nirmala Sitharaman said in a written reply to the Lok Sabha on Monday. The cumulative foreign direct investment in April-May was $10.02 billion, or about Rs 64,524 crore, compared with $8.12 billion, or about Rs. 52,289 crore, a year earlier. The minister said the government has put in place an investor-friendly policy for FDI and except for a small negative list most sectors are open for 100 per cent FDI. "The policy on FDI is reviewed on an ongoing basis to ensure that India remains attractive and investor friendly destination‌ The government has taken a number of FDI policy reforms which are not only bold but historic," Sitharaman said. In 2016-17, the foreign fund inflows aggregated at $60.08 billion, or about Rs 3,86,885 crore, the minister told Parliament.

India Inc's overseas investment plunges 46% to $1.12 billion - Direct investments by Indian firms abroad plunged by 46 per cent to USD 1.12 billion in June this year, according to the RBI data. They had invested USD 2.07 billion in their overseas ventures in June last year. In previous month, May 2017, the investment figure stood at USD 1.26 billion. The investments made last month were a mix of issuance of guarantees (USD 370.11 million), loans (178.80 million) and equity (USD 568.34 million). The prominent investors overseas in June included Indian Oil investing a combined USD 284.28 million in a joint venture and fully owned subsidiary in Mayanmar and Singapore respectively.

Expect Indian growth to pick up in 2017, 2018: IMF - With global economic recovery remaining on track on the back of better performing emerging economies, growth in India is expected to pick up further in 2017 and 2018, the IMF has said. Growth in India is forecast to pick up further in 2017 and 2018, in line with the April 2017 forecast," the International Monetary Fund said in its latest World Economic Outlook report on Monday. "Pick-up in global growth anticipated in the April World Economic Outlook remains on track," the IMF report said. "While activity slowed following the currency exchange initiative, growth for 2016 -- at 7.1 per cent -was higher than anticipated due to strong government spending and data revisions that show stronger momentum in the first part of the year," it said, referring to India's demonetisation measure as well as to the base year revisions in GDP calculations made by the Central Statistics

Office. "Inflation in advanced economies remains subdued and generally below targets; it has also been declining in several emerging economies such as Brazil, India and Russia," it added.

GDP at the low end of plan panel projections during 2012-14: Niti Aayog - India has performed worse than the "policy logjam" scenario in the first two years of the 12th Five-Year Plan (2012-17) based on the old GDP series, on the basis of which the 12th Five-Year projections were made, says Niti Aayog in its rather late appraisal of the Plan that came to an end on March 31, 2017. However, as per the revised GDP series, the economic growth in the country stood at 5.6 per cent, 6.6 per cent, 7.2 per cent and 7.6 per cent, respectively, in the first four years of the 12th Plan, it said. Under the new methodology, the base year has been changed from 2004-05 to 2011-12 and more reliable sources of data has been used for the corporate sector, financial corporations and local bodies and autonomous institutions. The GDP is now measured at market prices (broadly equivalent to consumer prices) instead of factor costs (broadly equivalent to producer prices) in conformity with international standards. "When measured at factor cost, the real GDP growth under the old methodology turns out to be 4.5 per cent in 2012-13 and 4.7 per cent in 2013-14. Because the 12th Plan projections were based on the old series, it may be reasonably concluded that at least in 2012-13 and 2013-14, India has performed worse than the 'policy logjam' scenario," the Aayog has said in the appraisal document.

RBI may decrease repo rate by 25 bps: ICRA - RBI’s Monetary Policy Committee (MPC) is likely to decrease the repo rate by 25 basis points (bps) at its upcoming policy review on August 2017, according to ICRA. There is a less likelihood of further rate cuts in the second half of FY18, said the agency. Naresh Takkar, Managing Director and Group CEO, ICRA said, “With the CPI inflation easing below the 2% floor of the inflation target band in June 2017, a reasonably favourable progression of the monsoon and kharif sowing so far, and limited evidence of a kneejerk rise in prices following the imposition of the goods and services tax, there is a high likelihood that the MPC would vote to reduce the repo rate by 25 bps in their upcoming meeting.” CPI inflation in India stood at 1.54% in June 2017 against 2.18% in May 2017 and below the market expectations which was at around 1.7%.

The drop in inflation was largely followed by a decrease in vegetable prices (-16.5% yoy) and pulses (-21.9% yoy), excluding these two items, the inflation stood at 3.9%. Along with this, food price index also dropped to 2.1% on YOY in June 2017 after falling in 1.1% in the last month.

133 companies owe over Rs 3,39,704 crore to exchequer: Arun Jaitley - A total of 133 companies with outstanding dues of Rs 500 crore or more under direct and indirect taxes owed over Rs 3,39,704 crore approximately to the exchequer as on March 31, 2017, the government said today. In a written reply to the Rajya Sabha, Finance Minister Arun Jaitley said, "The number of companies with outstanding corporate tax dues of Rs 500 crore or more is 132 as on March 31,

2017, involving total dues of Rs 3,38,098 crore." Jaitley further said there is one case of service tax in which the amount due is Rs 1,606.26 crore (and an equal amount of penalty). The minister, however, added that out of the outstanding corporate dues, Rs 2,45,480 crore were not realisable.

Elaborating, Jaitley said the outstanding corporate dues not realisable include demand covered by stay (Rs 1,20,604 crore), no asset or inadequate assets for recovery (Rs 84,469 crore) and company under liquidation (Rs 30,532 crore), among others. The higher value cases are monitored regularly and all possible steps are being taken for speedy recovery, he added. .

✍ TOP ECONOMY NEWS

RBI’s Monetary Policy Committee is likely to decrease the repo rate by 25 basis points at its upcoming policy review on August 2017, according to ICRA. There is a less likelihood of further rate cuts in the second half of FY18, said the agency.

The Ministry of Housing and Urban Affairs has asked state governments to form a real estate regulatory authority immediately. At the same time, the Ministry has also requested to assign the task of Appellate Tribunal to any existing Tribunal where such a system has not been put in place.

As per the Real Estate Regulation Act , all existing and new projects must be registered with the regulator by July 31. The developers who fail to register under the new Act will attract a penalty of 10% of the project cost.

The Finance Minister Arun Jaitley on Monday introduced a bill in Lok Sabha to amend the Banking Regulation Act 1949. Once enacted into law, the Banking Regulation (Amendment) Bill 2017 is expected to replace the ordinance issued by the centre in May 2018. The measure allows the RBI to initiate insolvency resolution process on specific stressed assets.

The country’s foreign exchange reserves stood at USD 389.059 billion, rose by USD 2.681 billion, as on July 14, because of an increase in foreign currency assets , as per the Reserve Bank of India data. While in the previous week, the reserves had marginally dropped by USD 161.9 million to USD 386.377 billion. According to the RBI data, Foreign Currency Assets, increase by USD 2.677 billion to USD 364.908 billion.

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 ($2.8 billion), India Ratings and Research said.

The government collected a total Rs 2,35,307.75 crore last fiscal by way of a host of cesses, including those of education, Swachh Bharat, Krishi Kalyan and other surcharges, Parliament was informed.

� TOP CORPORATE NEWS -

ITC Limited Q1FY18 standalone results for the quarter were largely in-line with street estimates. Revenue for the quarter came in 0.6% lower than the estimated figure of Rs. 13877 crore. EBITDA for the quarter came in 0.3% lower than the estimated figure of Rs. 3757 crore.

And lastly, net profit for the quarter came in 0.9% lower than the estimated figure of Rs. 2583 crore.

ICICI Bank Limited Q1FY18 results came in mixed versus street estimates. NII for the quarter came in 2.9% below the street estimates of Rs.5758 crore. And, lastly net profit for the quarter came in 2.2 % higher than estimated figure of Rs. 2005 crore. NII for the quarter saw 8.4% yoy increase to Rs.5590 crore vs Rs.5159 crore in Q1FY17.This was largely due to marginal increase in interest earned by 1% to Rs.13459 crore in Q1FY18.

Oil and natural gas corporation Limited Q1FY18 standalone results for the quarter registered a miss versus consensus estimates. Revenue for the quarter came in 5 % lower than the estimated figure of Rs. 20087 crore. EBITDA for the quarter came in 27 % higher than the estimated figure of Rs. 9674 crore. And lastly, net profit for the quarter came in 11.5 % lower than the estimated figure of Rs. 4387.9 crore.

Idea Cellular's Q1FY18 consolidated results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 1.4% higher than the estimated figure of Rs. 8050 crore. EBITDA for the quarter came in 3.6% lower than the estimated figure of Rs. 1945 crore.

And lastly, net loss for the quarter came in at Rs. 815 crore against the estimated loss of Rs. 750 crore.

Glenmark pharmaceuticals Limited Q1FY18 consolidated results for the quarter registered a beat on street estimates. Revenue for the quarter came in 3.5 % higher than the estimated figure of Rs. 2284 crore. EBITDA for the quarter came in 41.8 % higher than the estimated figure of Rs. 462 crore.And lastly, net profit for the quarter came in 29.7 % higher than the estimated figure of Rs. 257 crore.

Dr. Reddy's laboratories Q1FY18 standalone results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 4.1 % lower than the estimated figure of Rs. 3383 crore. EBITDA for the quarter came in 60.1 % lower than the estimated figure of Rs. 601

crore. And lastly, net profit for the quarter came in 79.1 % lower than the estimated figure of Rs. 282 crore. Dr. Reddy's laboratories standalone revenue for the quarter came in at Rs. 3248.9 crore, registering 2% yoy increase. This was aided by rise in global generics revenue by 3% yoy to Rs.2748 crore.

Maruti Suzuki India Limited Q1FY18 standalone results for the quarter came in mixed versus street estimates. Revenue for the quarter came in 13.3% higher than the estimated figure of Rs. 17449 crore. EBITDA for the quarter came in 6.5% lower than the estimated figure of Rs. 2494 crore. And lastly, net profit for the quarter came in 6.7% lower than the estimated figure of Rs. 1669 crore.

HCL Technologies reported consolidated results for the quarter registered a beat on street estimates in terms of operating profit and bottomline. Revenue for the quarter came in 0.34 % lower than the estimated figure of Rs. 12191 crores. EBITDA for the quarter came in 13.05 % higher than the estimated figure of Rs. 2383 crores. And lastly, net profit for the quarter came in 8.17 % higher than the estimated figure of Rs. 2043 crores. HCL Technologies’ consolidated revenue for the quarter came in at Rs. 12149 crores, registering 5.8% QoQ decline. This was driven by decrease in revenue from Software services and Business process outsourcing services by 9.2% yoy and 8.9% yoy, respectively.

Federal Bank Q1FY18 results reported miss versus street estimates. The NII for the quarter came in 6% below the street estimates of Rs.852 crore. Lastly, net profit for the quarter also came in 16% lower than the street estimates of Rs.251 crore. NII for the quarter increased 15% yoy to Rs.801 crore in Q1FY18 vs Rs.692 crore in Q1FY17. This was backed by equal increase in interest earned to Rs.2324 crore in Q1FY18 vs Rs.2013 crore.

Bharti Airtel's Q1FY18 consolidated results for the quarter beat consensus estimates on Net profit. Net profit for the quarter came in 42% higher than the estimated figure of Rs. 435 crore.

Revenue for the quarter came in line with the estimated figure of Rs. 22028 crore. Also, EBITDA for the quarter came in 2.1% higher than the estimated figure of Rs. 7600 crore.

Hero Motocorp's Q1FY18 standalone results for the quarter registered a miss versus street estimates. Revenue for the quarter came in 6.6% higher than the estimated figure of Rs. 8080 crore. EBITDA for the quarter came in 0.2% lower than the estimated figure of Rs. 1299 crore.

And lastly, net profit for the quarter came in 2% lower than the estimated figure of Rs. 933 crore.

Zee Entertainment's Q1FY18 consolidated results for the quarter registered a miss on street estimates in terms of bottomline. Revenue for the quarter came in 2.5% higher than the estimated

figure of Rs. 1503 crore. EBITDA for the quarter came in 10.4% lower than the estimated figure of Rs. 481 crore. And lastly, net profit for the quarter came in 24.7% lower than the estimated figure of Rs. 334 crore.

Bharti Infratel's Q1FY18 consolidated results for the quarter were largely in-line with street estimates. Revenue for the quarter came in line with the estimated figure of Rs. 3504 crore.

EBITDA for the quarter came in 2.6% higher than the estimated figure of Rs. 1535 crore. And lastly, net profit for the quarter came in 5.7 % higher than the estimated figure of Rs. 628 crore.

Bharti Infratel consolidated revenue for the quarter came in at Rs. 3524 crore, registering 9.8% yoy increase. � TOP BANKING AND FINANCIAL NEWS OF THE WEEK When Moody's Investors Service polled market participants in Hong Kong recently, 70 percent picked India's banking system as the most vulnerable among seven countries in South and Southeast Asia. As another earnings season rolls on, the weaknesses of Indian lenders -- depleted capital levels in state-run banks and an inability to shed soured corporate debt even in non-statecontrolled ones -- are once again obvious. What's not as apparent, though, is an quadrifurcation of Indian banking.

Indian banks are most at risk in South and South-East Asia, and being under-capitalised, they lack sufficient loan provisioning, says a Moody's poll. It said the government has appeared reluctant to increase capital injection into PSU banks despite the limited ability of these lenders to access equity markets for the much-needed capital. Earlier this month, Moody's polled 210 market participants on some of the industry's most pressing credit issues. "Indian banks are most at risk in South and South-East Asia. We agree that many banks in India remain undercapitalised and continue to lack sufficient loan-loss provisions. Moreover, the government has appeared reluctant to increase capital injections into the PSU banks, despite the limited ability of these to access equity markets for the much-needed capital," the Moody’s polls said.

Banks hoping to escape steep provisions on loans referred to bankruptcy court, apart from the 12 companies that the Reserve Bank of India recently mandated for the insolvency process, are set to be disappointed. The central bank will soon direct lenders to set aside 50% of bad debt as soon as a referral happens, and 100% if the tribunal orders liquidation, taking a heavy toll on finances already marred by provisioning requirements on non-performing assets.

Veteran banker Aditya Puri said initiating insolvency proceedings is not the "best solution" to fight the bad loan issue and advocated using the recently introduced law only in cases of wilful

default. As far as going to insolvency courts is concerned, that's not the best solution. Ideally, we should be able to help him to breath, and only if he is a wilful defaulter we opt for insolvency court," Puri told the HDFC BankBSE -0.75 %'s annual general meeting.

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.

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