TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : The Market has started off week on a positive note, tracking global cues post US job data.The Nifty50 climbed 38 points to 7751 and 0.43 per cent. Asian market is also opened in a positive note tracking the US market on Monday. Sentiment on Wall Street improved after a report showed that economic activity in the US manufacturing sector expanded in March for the first time in six months. Equity benchmarks lost half a percent in early trade Tuesday on weak Asian cues and ahead of RBI Monetary Policy. Reserve Bank of India in its first bi-monthly Monetary Policy review for 2016-17 has cut the repo rate by 0.25 bps to 6.5 per cent. The Chinese data surprising the market with better-than-expected manufacturing data in months. It is back to fundamentals for our market. Earnings are not growing fast, the global scenario is poor and that is why the market has fallen. There is very little in terms of a catalyst to take the market higher. If that continues, you could see this market go down further, maybe to the 7,400 level. The strong support for Nifty is 7507-7420 and Resistance for Nifty is 7590-7680.
BANK NIFTY : - The Bank Nifty Open Positive on Monday at 16236 Up by 62 points or 0.47 per cent , The Reserve Bank of India on Tuesday cut the key interest rate by 0.25 per cent and introduced a host of measures to smoothen liquidity supply so that banks can lend to the productive sectors and indicated accommodative stance going ahead. And it raised the Reserve repo rate by 25 basis points. Reserve Bank of India Governor Raghuram Rajan sounded dovish in his policy statement , saying that the interest rates are now significantly lower and will continue to be so. US Federal Reserve Chair Janet Yellen believes the strength in the US labour market would warrant more rate hikes in the future. We are optimistic about the market in near term. The Bank Nifty Strong Support around is 15420-15100 and Up side 16040-16180.
Monday, 11 April 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
7675
7591
7549
7507
7420
R2
R1
PP
S1
S2
8327
7853
7616
7379
6905
R2
R1
PP
S1
S2
8326
7852
7615
7378
6904
R2
R1
PP
S1
S2
16045
15733
15577
15421
15109
R2
R1
PP
S1
S2
18234
16596
15777
14958
13320
R2
R1
PP
S1
S2
18227
16589
15770
14951
13313
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
7623
7420
7576
7890
BANK NIFTY
15710
15081
15799
16830
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
7784
6986
7901
BANK NIFTY
16260
13590
18056
PATTERN FORMATION ( NIFTY )
Detail of Chart On the Above given chart of Nifty has applied the MACD along with Fibonacci retracement these are the trend identifying pattern and made the Support and Resistance level in the Nifty daily chart that made on the above given chart we have draw the channel line for mare than the week period and earlier it was not able to break the up level as well as lower level. However in last trading session it has break the lower level of channel line which was the strong support for the Nifty50 around 7550. Now we are expecting that if the Nifty is not able to sustain the 7500 level we may witness the Bear trend of Nifty on the other hand if Nifty rebound the 7550-7600 level again we may see the positive rally in the index. The Strong Support for Nifty 50 is 7520-7460 and the Resistance is 7600-7680.
PATTERN FORMATION ( BANK NIFTY )
Details of ChartOn the Above given chart of the Bank Nifty has applied the MACD along with Fibonacci retracement these are the trend identifying pattern and made the Support and Resistance level in the Bank Nifty daily chart that made on the above given chart we have draw the channel line for mare than the week period and earlier it was not able to break the up level as well as lower level. However in last trading session it has break the lower level of channel line which was the strong support for the Bank Nifty around 15650. Now we are expecting that if the Bank Nifty is not able to sustain the 15500 level we may witness the Bear trend of Bank Nifty also on the other hand if Bank Nifty is able to break the Up side the level of 15680-15720 level again we may see the positive rally in the index. The Strong Support for Bank Nifty 50 is 14960-14450 and the Resistance is 15640-15730
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 BANK INFY 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
1470 55 235 866 430 2433 145 93 127 342 512 285 121 3112 356 4069 841 1090 1067 3009 90 871 225 324 950 1184 72 676 1206 1257 36377 3499 211 88 52 383 1063 554 51 185 90 822 384 68 327 128
1456 54 231 859 425 2409 144 92 125 338 508 283 120 3076 351 4029 838 1084 1063 2967 89 860 223 322 944 1175 69 670 1200 1246 35888 3468 208 87 51 378 1050 547 50 184 89 817 377 67 324 126
1433 54 227 854 423 2379 143 91 121 332 506 280 116 3053 344 3952 831 1076 1058 2924 87 853 221 321 939 1169 64 664 1190 1227 35601 3443 207 86 50 371 1040 540 49 182 86 812 374 65 322 125
1419 53 223 847 418 2355 141 90 119 328 502 278 115 3017 339 3912 828 1070 1054 2882 86 842 219 319 933 1160 61 658 1184 1216 35112 3412 204 85 49 366 1027 533 48 181 85 807 367 64 319 123
1396 52 219 842 415 2325 140 88 115 322 500 275 111 2994 332 3835 821 1062 1049 2839 84 835 217 318 928 1154 56 652 1174 1197 34825 3387 203 84 47 359 1017 526 47 179 82 802 364 63 317 122
TOP 15 ACHIEVERS
SR.NO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
SCRIPT NAME
PREV CLOSE
CMP
//
SR.NO
% CHANGE
JET AIRWAYS
547
614
+12.36 %
CENTURY TEXTILE
529
575
+8.71 %
BHEL
113
122
+7.86 %
ACC
1381
1441
+4.34 %
LUPIN LIMITED
1479
1540
+4.11 %
HCL TECH
814
833
+2.33 %
NTPC
128
131
+2.10 %
TATA POWER CO.
64.65
65.80
+1.78 %
M&M
1210
1232
+1.78 %
AUROBINDO PHAR.
744
758
+1.77 %
POWER GRID CORP
139.10
140.90
+1.29 %
TATA STEEL
319.70
322.10
0.75 %
ZEEL
386.95
389.10
0.56 %
DR. REDDY’S LABS
3035
3039
0.13 %
EICHER MOTORS
19180
19181
+0.01 %
1 C55+C55+C55+C552+C55 E278E278E278E278E27 N95. N95. N95. N953. N95 T 7T 7T 7T 7T 1. A114+15. A U11+12. U11+13. U11+14. U U11 C R344C R344C R344C R344C R34 C Y84.%C Y84.%C Y84.%C Y845.%C Y84 113 113 113 113 11 H T88+4H T88+4H T88+4H T886+4H T88 C E132C E132C E132C E132C E13 LX43.%LX43.%LX43.%LX437.%LX43 T 3TT 3TT 3TT 3TT TI 66+3TEI 66+3TEI 66+3TEI 668+3TEI 66 A EL451A C C C C L451A L451A L451A L45 ETC. . .%ETH. . .%ETH. . .%ETH. . 9.%ETH. . A H687A687A687A687A68 A7 +8A7 57 0+8A7 57 0+8A7 57 0+8A7 57 0 57 0 10 451 451P451P451P45 P U P U U U U .%O48 O48.%O48.%O48.%O48 11 R W 7R W 7R W 7R W 7R W TE330 7T330 7T330 7T330 7T33 O EO EO EO 12EO R12. A R12. A R12. A R12. A R12 A 7 B927 %B927 %B927 %B92 %B92 13 TC. . 5TC. . 5TC. . 5TC. . 5TC. . I 330D I 30D I 30D I 30D I 3 D 71 3 71 3 71 3 71 3 71 O A O A O A O A 14O A N .R00.%N .R00.%N .R00.%N .R00.%N .R00 331 331 331 331 33 D . 593D . 593D . 593D . 515 . 59 93D S S S S S O O O O R R R R O R T %T %T %T %T E E E E E E E E E E P D P D P D P D P D E E E E E H H H H D D D D H D L L L L L A Y A Y A Y A Y A Y
TOP 15 LOOSERS
SCRIPT NAME
PREV CLOSE
CMP
ADANI PORTS LTD.
247
219
MARUTI SUZUKI
3716
3440
% CHANGE
-11.49 % -8.62 % ICICI BANK
236
221
A
194
183
AXIS BANK LTD.
444
421
BHARTI AIRTEL
350
334
INFOSYS
1218
1165
COAL INDIA LTD.
291
279
TECH MAHINDRA
474
455
TATA MOTORS LTD
386
371
ONGC
214
206
TCS
2520
2432
BHARTI INFRATEL
381
369
INDUSIND BANK
967
937
BANK OF BARODA
147
143
-6.51 % ASBIA
-5.74 % -5.08 % -4.62 % -4.31 % -4.23 % -4.02 % -3.92 % -3.71 % -3.50 % -3.25 % -3.16 % -2.65 %
NEXT WEEK STARS( AS PER ECHNICAL ANALYSIS PRIDICTION ) +13.67 AMBUJA CEMENT AM 204 232 NSE FUTURE % BUJ 18128 2. B 20371 +12.37 3. B 1R2+4.1R2+5.1R2+6.1R2+7. B12+B B B ’ ’ ’ ’ R ’ % 1 1 1 1 1 194 AND LOW OF 172.55. LONG A :COX&KINGS OSC OSCH 8S. 0O8S. 0O8S.HIGH 0O8S. 0O8S. 0OF +11.68MADE ACC 1240NSE CASH 1385 ACCWEEKLY 2 2 2 2 2 CEM % H S13S13. S13.TGT S13. OF 195 AND SL OF 176. POSITION CAN BE MADE IN LTD. IT ABOVE13181 . . FOR ENT LTD. 2L73C2L73C2L73C2L73C2L73 8A17H8A17H8A17H8A17H8A17 B
B
B
B
B
%S % %S % % 49.20 ANL LOW OF 45.20.LONG NSE CASH :MARKSANS MADE WEEKLY LHIGH LS OF S L S L
T TTGT T TOF 54 AND SL OF 47.70. POSITION CAN BE MADE ABOVE 49.50 FOR DDDD . . . . NSE CASH :JETAIRWAYS MADE HIGH OF 632.95 AND LOW OF 573.25.LONG POSITION CAN BE MADE ABOVE 633 FOR TGT OF 690 AND SL OF 612.
NSE CASH :NCC MADE HIGH OF 77 AND LOW OF 72.10. LONG POSITION CAN BE MADE IN IT ABOVE 73.50 FOR TGT OF 79.50 AND SL OF 71.30
NSE CASH :IFCI MADE HIGH OF 25.20 AND LOW OF 23.55. LONG POSITION CAN BE MADE IN IT ABOVE 24.10 FOR TGT OF 26.10 AND SL OF 23.25.
133- 233- 333- 4M 33- 5 M33 A748A748A748A748A74 R14. R14. R14. R14. R14 U606U606U606U606U60 ST11-2ST11-2ST11-2ST11-2ST11 B I 985B I 985B I 985B I 985B I 98 IS43.%IS43.%IS43.%IS43.%IS43 U 7U 7U 7U 7U B Z33-4B Z33-4B Z33-4B Z33-4B Z33 H U534H U534H U534H U534H U53 A K04.%A K04.%A K04.%A K04.%A K04 R I 6R I 6R I 6R I 6R I C T22-2C T22-2C T22-2C T22-2C T22 O I 974O I 974O I 974O I 974O I 97 A19.%A19.%A19.%A19.%A19 LI 2LI 2LI 2LI 2LI TR33-3TIR33-3TIR33-3TIR33-3TIR33 A IT873A N N N N T873A T873A T873A T87 TN E61.%TD E61.%TD E61.%TD E61.%TD E61 A D IL 9A IL 9A IL 9A IL L 9A TI 22-2TA22-2TA22-2TA22-2TA22 C M M543C M543C M543C M54 A543C SO23.%SO L23.%SO L23.%SO L23.%SO L23 TL025T025T025T025T02 IO T99-0IO D99-0IO D99-0IO D99-0IO D99 N R R R R R D633N . 633N . 633N . 633N . 63 S77.%D S77.%D S77.%D S77.%D S77 .D U 1U 1U 1U 1U SL 6SL 6SL 6SL 6SL IT IT IT IT IT N D %N D %N D %N D %N D D D D D D B A N K
B A N K
B A N K
B A N K
B A N K
NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK India's manufacturing PMI at eight-month high in March on strong demand India's manufacturing growth rose to an eight-month high in March driven by strong rise in business orders, leading firms to scale up output, while the build-up in inflationary pressures may result in RBI hitting the pause button. The seasonally-adjusted Nikkei India Manufacturing Purchasing Managers' Index -- a composite single-figure indicator of manufacturing performance -- was up from 51.1 in February to an eight-month high of 52.4.
Arun Jaitley: High interest rates can lead to sluggish economy - Finance Minister Arun Jaitley stated that it is difficult to keep GST rate between16-18% if luxury goods are kept out of Its ambit. Capital spending of railways will increase significantly, Arun Jaitley added. The FM added that high interest rates can lead to sluggish economy and therefore it is important that India maintains its pace of reforms.
India can't grow on the back of FDI for long: Amitabh Kant - At a time when BJPled NDA government is opening up its key sectors to foreign direct investment, a top official of its think tank NITI Aayog said that the country would not grow on the back of FDI for a very long time. "India cannot grow on the back of FDI for very long. It will grow on the back of domestic market and government is creating an enabling environment to do so,"he said India should be clear that it needs to have rigorous approach to manufacturing through exports. "Make for India is absurd. Challenge for India is to look at right size and scale and think of global markets to drive its growth as was done by China," Kant said. Kant was speaking at the CII session on "Global slowdown - implications for the world's fastest growing economy.
RBI cuts interest rate to lowest since 2011, but raises reverse repo - The Reserve Bank of India cut its policy interest rate by a quarter percentage point on Tuesday, reducing it to a more than five-year low while dangling the prospect of another cut later this year if inflation trends stay benign. Cut in the repo rate by 25 basis points to 6.50 percent - the lowest since January 2011. Controlling inflation is the central bank's priority, but government would welcome any move to improve business conditions for industrialists who, despite data depicting India as one of the world's fastest growing
economies, remain hesitant to invest. The RBI said its policy would remain "accommodative", raising the prospect of another 25 bps rate cut later this year. "The stance of monetary policy will remain accommodative. The Reserve Bank will continue to watch macroeconomic and financial developments in the months ahead with a view to responding with further policy action as space opens up," the central bank said in the statement following the policy review.
Tax proposal on spectrum allocation may cost telcos Rs. 30,000 crore: COAI - The Union Budget's proposal to levy service tax on spectrum allocation may require telecom operators to cough up Rs. 30,000 crore in 2016-2017, COAI said. The outgo of huge amount of sum for assignment of airwaves and licence fees is likely to put additional financial burden on the industry. The telecom operators have unanimously asked the roll back of the Union Budget proposal to levy service tax on spectrum allocation. COAI said "This is a substantial financial burden on the industry, which is reeling under debt," pointing out that in the upcoming spectrum auction, the industry will have to spend atleast Rs. 77,000 as service tax if the reserve price is estimated at Rs. 5.36 lakh crore.
State polls driving Rs 60,000 crore surge in cash circulation: Raghuram Rajan - RBI Governor Raghuram Rajan today said money in people's hands has gone up by over Rs 60,000 crore which is "not normal" and needs to be looked into. "Around election time, cash with the public does normally increase.. You can guess as to reasons why, we can also guess," Rajan told reporters here after announcing his first bi-monthly monetary policy review of this fiscal. However, cash in people's hands is up by more than Rs 60,000 crore at present, which is "not normal", he added. The Finance Minister Arun Jaitley: After Recapitalization of Banks Government to Push the Bank to Merger - The government will push for consolidation of public sector banks once they are capitalised and strengthened, Finance Minister Arun Jaitley said on Tuesday and promised more measures to enhance the ease of doing business in India. He also said that he hoped for some "positive" development in the government's disinvestment programme and a better monsoon to drive the economy forward. India less susceptible to external shocks, credit positive: Moody’s - The Moody’s Rating Agency Said that “We do not expect a significant renewed widening of India’s current account deficit. Our assumption that commodity prices will remain low in 2016 and 2017 supports this view, while FDI inflows are likely to climb in response to government measures,” it said. In a report it said that India’s external financing needs have diminished significantly over the last three years. “These trends are credit positive,
as they lower India’s susceptibility to external shocks at a time when capital flows to emerging markets are volatile, and weak economic conditions globally and in particular in the Gulf may dampen remittances,” it added.
Government to lean on public sector banks for rate cut - The government will lean on state-run banks that are reluctant to pass on the full effect of measures taken by Reserve Bank of India in the form of rate cuts that are badly needed to shore up growth. After RBI lowered the policy rate by 25 basis points and took a range of measures to enhance liquidity, the government feels banks have little excuse not to pass on benefits to consumers. One basis point is 0.01 percentage point. We would want the banks to reduce rates latest by May 1. We will exert pressure on banks to do so," a top government official told.
WTO says global trade will remain sluggish in 2016 - The World Trade Organization has forecasted a sluggish 2.8 per cent growth in the volume of world trade in 2016, unchanged from the level of increase registered the previous year. A status quo in world trade does not augur well for India's export prospects, which have been declining continuously in the past 15 months. The forecast also indicates that Commerce Minister Nirmala Sitharaman's task to revive India's sagging export growth by focusing on making special economic zones more business friendly, could be tough as key developed markets is likely to remain sluggish.
✍ TOP ECONOMY NEWS The Delhi government presented an annual budget of Rs. 466 billion for 2016-17, an increase of Rs. 88.5 billion over last year.
Food regulator Food Safety and Standards Authority of India has restricted enforcement activity against nutraceuticals and health supplement companies to only testing of products till new standards are notified.
The European Investment Bank will give EUR450 million in loan to India to finance the construction of Lucknow's first 23 km-long metro rail line and purchase a fleet of new trains.
Making life easy for millions of importers, the Central Board of Excise and Customs has launched a significant initiative ‘SWIFT to help reduce dwell time and improve ease of doing business. Providing a single point interface for clearance of imported
consignments, The Single Window Interface for Facilitating Trade is expected to reduce documentation and cost of clearance. More than 97% of India’s imports are expected to get covered and benefit from the SWIFT initiative.
The government has further eased norms for the gold monetisation scheme, giving investors the option to redeem the principal amount in medium- and long-term deposits either in gold or in rupees.
The government has decided to reduce SUC from 5% to 3%. There is still a difference between the charges applicable on normal operators and those using Broadband spectrum. But TRAI has decided to address that aspect of the charges in future.
The CPI inflation, which also captures the trend in the more volatile food prices, had showed some spike since August last year, but in February the all-India general CPI inflation dipped to a four-month low of 5.18 per cent, snapping the rising spiral in the six months prior to that.
The Cabinet approved policy changes to enable liberalisation of spectrum that was assigned to telecom operators providers at an administrative price without auction.
The Union cabinet chaired by Prime Minister Narendra Modi approved a new regime for crude oil imports that will allow oil Public Sector Undertakings to evolve their own import policies. The new policy adopts the current market practice for crude purchase on spot basis allowing firms to effectively compete in the market.
The Centre will launch two schemes including distribution of energy efficient, smart agriculture pumps, aimed at saving subsidy worth Rs200bn. It will also launch a scheme to provide energy efficient fans that aim to save Rs700 a year on consumer power bills every year.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of the four laning of the Hospet-BellaryKarnataka/Andhra Pradesh Border section of National Highway – 63 in Karnataka. Delineating emerging growth drivers, Dr Naushad Forbes, President, CII, pegged India’s GDP growth rate for 2016-17 at 7.75 – 8.25 per cent. “Strong macroeconomic fundamentals, favorable business sentiments, and downward trend in interest rates are significant positives for the economy. CII estimates that Government infrastructure
investments and increased investments from the private sector will boost GDP growth to the 8 per cent range.
The shareholders of the TAPI Pipeline Company Limited signed an Investment Agreement today in a ceremony witnessed by petroleum ministers and senior government officials of Turkmenistan, Afghanistan, Pakistan and India, and senior Asian Development Bank officials. It will pave the way for long-term natural gas supplies that will give a major boost to the signatory countries economies and energy security. Australia is ready to eliminate import duties on all items from India — about 90% immediately and rest over the next five years — as part of the proposed free trade agreement being negotiated, the country’s special envoy for trade Andrew Robb said. The free trade pact — officially known as the Comprehensive Economic Cooperation Agreement — is likely to be finalised in about 6-8 weeks, Robb said. This would translate into import duties on more than 9,000 items out of about 11,000 exported to Australia coming down to near zero as soon as the pact gets implemented and benefit sectors like auto parts, textiles, leather and pharmaceuticals.
With bollworm developing resistance to Bt cotton crop, the government has decided to promote cultivation of indigenous varieties of the crop in a big way this year. In 2015-16 crop year, there was a significant damage to cotton crop because of whitefly and pink bollworm pest attack in states like Haryana, Punjab, Rajashtan, Gujarat and Andhra Pradesh.
The extant regulatory framework under the Foreign Exchange Management Act, 1999 requires clients to submit documentary evidence of underlying foreign currency exposure to Authorized Dealer Category-I banks at the time of booking of derivative contracts.
The Reserve Bank of India has come out with a report as an annual publication entitled "State Finances: A Study of Budgets", which analyses the fiscal position of state governments on the basis of primary disaggregated state-wise data.
The government approved a Rs. 16 billion highway project in Karnataka under its flagship road-building programme NHDP.
� TOP CORPORATE NEWS Coal India Ltd. has achieved an 8.5% growth rate in production at 536 million tonnes in 2015-16, but missed the output target of 550 MT for the just-concluded financial year.
Maruti Suzuki dispatched 5,563 units of its new compact SUV Vitara Brezza in March, according to media reports.
Jet Airways is in the process of hiring over 50 expat pilots to fly its widebody Boeing 777 planes, with six of these aircraft, currently on lease to Abu Dhabi-based Etihad Airways, are expected to start returning to the Indian carrier's fleet from June.
Fresh from acquiring US-based Strength of Nature LLC, homegrown FMCG major Godrej Consumer Products Ltd. expects overseas markets to account for more than half of its total sales. The company had announced acquisition of the haircare firm Strength of Nature LLC last week for an undisclosed sum.
Adani Enterprises Ltd was granted approval by Australia's Queensland state government to proceed with a proposed USD 7.7 billion project in the Galilee Basin.
Bharat Heavy Electricals Limited has commissioned its fifth 500 MW set at Chandrapur Super Thermal Power Project in Maharashtra. With this, 9 coal-based sets aggregating to 3,340 MW, all supplied and commissioned by BHEL, are now operational at Chandrapur STPP of Maharashtra State Power Generation Co Ltd.
Punjab National Bank subsidiary PNB Housing Finance has raised Rs 5 billion by issuing bonds to World Bank arm International Finance Corporation for funding its green residential projects.
Tata Motors Ltd. is reducing the size of its diesel engines to skirt a temporary ban on the sale of large diesel-powered cars in New Delhi as the government seeks to reduce toxic smog in the capital city.
The Government cleared conversion of Bank of Baroda's Rs. 299.1million loanto Andrew Yule & Co into equity shares, paving the way for disinvestment of the Kolkatabased PSU in the next three months.
Yes Bank inked a tripartite agreement for on-lending USD 50 million loan from World Bank arm IFC to women entrepreneurs.
Cipla Ltd. has set its sights on building a pipeline of speciality drugs in the United States. The company, India's third-largest drugmaker, plans to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments and hopes for the first commercial launch in the US around 2020.
After creating success stories with two Bollywood channels in the APAC region, namely, Zee Bioskop in Indonesia and Zee Nung in Thailand, Zee Entertainment Enterprises Ltd has forayed into the Philippines with its third dedicated Bollywood movie channel.
Power major NTPC said the board has approved investment proposals worth Rs. 31billion for solar PV projects in Madhya Pradesh and Rajasthan. Mahindra & Mahindra Ltd has launched a new platform for tractors — YUVO — at Ramoji Film City about 45 km from Hyderabad.
Drug firm Aurobindo Pharma has received approval from the US health regulator to market Polymyxin B for Injection, an anti-infective drug, in the American market.
The construction arm of Larsen & Toubro Limited has won orders worth Rs 21.25 billion across its various businesses.
Airtel said its high speed 4G services are now available in 40 towns in Andhra Pradesh and Telangana.
Moody's Investors Service has affirmed Reliance Communications Limited's Ba3 corporate family rating and senior secured rating. NMDC Ltd. has produce 28.32 million tonnes of ore and registered total sales of 28.87 m.t. during 2015-2016. ITC Limited and Starwood Hotels & Resorts have signed an agreement to extend their existing partnership for 11 ITC Luxury Collection hotels and 1 hotel under the Sheraton brand. Further strengthening their partnership, the two also announced three upcoming ITC hotels under The Luxury Collection brand in India.
Natco Pharma Limited has announced the completion of the sale of its Save Mart Pharmacy store in the US to Care Mart Inc. The Hyderabad-based company had earlier singed an agreement in this regard which provided for consideration towards goodwill furniture and fixers and inventory etc, according to a release. A consortium of banks led by State Bank of India rejected the proposal in the current form offered by liquor baron Vijay Mallya and his companies to pay Rs. 40 billion by September towards settlement of his loan before the Supreme Court, which directed him to disclose his total assets by April 21.
State-run Bharat Heavy Electronics Limited has commissioned an all-time high power generation capacity of over 15,000 MW and booked new orders worth Rs. 437.27 billion in 2015-16, the largest in five years.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK Country’s fifth largest private lender Yes Bank Ltd. has successfully raised Rs.545 crore of Basel III compliant Tier II bonds on private placement basis. The issue was closed on March 31, 2016.
Public sector lender UCO Bank has revised lending rates based on marginal cost of funds with effect from April 1. For one year loan, the interest rate will be 9.55% while for two years it is going to be 9.65%, UCO Bank said in a BSE filing.
Public sector lender Syndicate Bank said it has issued unsecured, non-convertible BaselIII compliant bonds to raise Rs. 5 billion.
The country's largest lender, State Bank of India, has launched a virtual queuing mobile application that will help customers save on time. "The application is a mobile-based virtual queuing application for customers to book an instant queue ticket for select services at select branches. Based on the services selected, the list of branches with addresses providing those services within a configured radius of 15 kms will be populated in the application," it said.
The Government today cleared conversion of Bank of Baroda's Rs. 29.91 crore loan to Andrew Yule & Co into equity shares, paving the way for disinvestment of the Kolkatabased PSU in the next three months.
Reserve Bank Governor Raghuram Rajan today said there is a need to make country's banking system more vibrant and to strengthen the markets. "We need to do a lot of things to make our banking sector more vibrant," Rajan said.
The Government is considering forming a three-member committee to approve the bad loan settlement plan of Public sector banks, thus providing the management comfort that their action will not be questioned by vigilance agencies later.
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