TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : The Market has opened lower on Monday on the back of weak global cues. The Nifty was down 51 points at 7798. Asia markets took sell in may sentiments to heart, The Bank of Japan’s surprise decision to not to infuse further stimulus in the economy. Oil prices dipped on sign that production in the middle east is continuing to rise, Sentiments globally took a beating as manufacturing data in major world economies brought back fresh concerns over global economic growth. On the domestic front Quarter fourth results of companies surprised more companies are reporting better number than expectation. Widening stress in banking sector sluggish economic indicators is indicating difficult time ahead. “ A sustainable move below for Nifty 7700 level could possibly accelerate the ongoing downward momentum and the correction could then extend till 7,600-7,516 levels. If the Nifty Sustain the 7700 level we may witness some positive movement in the market in upcoming week. The strong Support for Nifty is 7700-7640 and Resistance 7780-7850.
BANK NIFTY : - The Bank Nifty has opened Negative on Monday down by 181 points at 16614. The Several Public Sector Banks including State Bank of India are yet to raise funds totalling over Rs. 22,000 crore from markets, for which they were granted permission by the government the Finance Minister Arun Jaitealy said on Friday. The Reserve Bank of India governor in a reply submitted to the Public Accounts Committee , which had sought the reasons for the "ballooning" of the stressed assets in the banking system, listed six reasons. Scheduled commercial banks credit grew by 9.7 per cent in the quarter ended December helped by higher growth in advances of private sector banks RBI said. from the global front the strong US economic data suggest that June fed rate hike may possible. The Strong support for Nifty is 16300-16100 and Resistance is 1650016750.
Monday, 09 May 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
7850
7756
7709
7662
7568
R2
R1
PP
S1
S2
8347
7963
7771
7579
7195
R2
R1
PP
S1
S2
8347
7963
7771
7579
7195
R2
R1
PP
S1
S2
16733
16419
16262
16105
15791
R2
R1
PP
S1
S2
18139
17073
16540
16007
14941
R2
R1
PP
S1
S2
18139
17073
16540
BANK NIFTY DAILY
WEEKLY
MONTHLY
16007
14941
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
7801
7616
7579
7852
BANK NIFTY
16346
15711
15706
16688
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
7956
7379
6840
BANK NIFTY
17038
14574
17596
PATTERN FORMATION ( NIFTY )
Detail of Chart On the Above given chart of Nifty has applied the Parabolic SAR along with Channel Line these are the trend identifying pattern and made the Resistance level in the Nifty daily chart that made on the above given chart we have draw the Trend line for more than the week period and it is not able to break the up level. However in upcoming trading session it could come back the level which is the strong Support for the Nifty50 around 7800. Now we are expecting that if the Nifty is able to sustain the 7750 level we may witness the consolidation trend of Nifty for some more sessions on the other hand if Nifty rebound the 7800-7850 level again we may see the positive rally in the index. The Strong Support for Nifty50 is 7750-7800 and the Resistance is 7850-7900.
PATTERN FORMATION ( BANK NIFTY )
Details of ChartOn the Above given chart of Bank Nifty has applied the Channel line along with MACD these are the trend identifying pattern and made the Resistance level in the Bank Nifty daily chart that made on the above given chart we have draw the Channel line for more than the week period and it is not able to break the up level. However in upcoming trading session it could break the upper level which is the strong Resistance for the Nifty50 around 16700. Now we are expecting that if the Bank Nifty is able to sustain the 16700 level we may witness the consolidation trend of Bank Nifty for some more sessions on the other hand if Bank Nifty rebound the 16700-16900 level again we may see the positive rally in the index. The Strong Support for Bank Nifty is 16500-16350 and the Resistance is 16900-17200.
NSE EQUITY DAILY LEVELS COMPANY NAME
R2
R1
PP
S1
S2
ACC ALBK
EQ EQ
1426 56
1404 54
1396 54
1374 52
1366 52
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
221 895 466 2467 153 88 125 368 546 285 126 2958 393 4153 740 1185 1142 2969 93 860 222 325 1052 1198 68 719 1285 1344 34240 3849 212 87 55 391 980 526 51 185 106 820 406 73 335 121
219 876 464 2458 150 86 124 362 544 284 125 2945 375 4128 738 1173 1139 2948 92 853 218 319 1046 1195 67 713 1280 1325 34120 3843 212 85 55 387 977 522 50 182 105 815 396 71 333 119
217 869 461 2444 149 86 122 358 539 280 123 2906 369 4105 729 1161 1129 2884 90 850 215 312 1035 1186 65 705 1267 1316 33760 3822 209 84 54 382 973 518 49 181 104 809 390 70 329 117
215 850 459 2435 146 84 121 352 537 279 122 2893 351 4080 727 1149 1125 2863 89 843 211 306 1029 1183 64 699 1262 1297 33640 3816 209 82 53 378 970 514 49 178 102 804 380 69 327 115
213 843 456 2421 145 84 119 348 532 275 120 2854 345 4057 718 1137 1115 2799 87 840 208 299 1018 1174 62 691 1249 1288 33280 3795 206 81 52 373 966 510 48 177 101 798 374 67 323 113
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
//
% CHANGE
HDFC
1085.55
1191.60
+9.77
GAIL
363.20
388.+60
+6.99
TATA PWOER
69.25
73.75
+6.50
AURBINDO PHAR
764.35
810.60
+6.05
NTPC
137.15
143.85
+4.89
ASIAN PAINTS
873.10
910.20
+4.25
MARUTI SUZUKI
3747.95
3871.55
+3.30
HDFC BANK
1113.95
1144
+2.70
ZEEL
405
414.85
2.43
BHEL
125
127.80
+2.24
CIPLA
528.25
539.50
+2.13
KOTAK BANK
701.45
713.70
+1.75
INDUSIND BANK
1035
1052.55
+1.70
LUPIN
1576.30
1602.50
+1.66
L&T
1259.55
1278.20
+1.48
SR.NO
1
TOP 15 LOOSERS
SCRIPT NAME
IDEA
PREV CLOSE
126.50
G33+G33+G33+G332+G33 HCL TECH 799.90 A686A686A686A686A68 I38. I 38. I 38. I 38. I 38 DR REDDY LAB 3083.35 3 L. . 9L. . 9L. . 9L. . 9L. . 2 + 9 2 + 9 2 + 9 2 + 9 2 + 6.78+7.78+8.78+9. A784+10. A78 AICICI A BANK A 240.10 01 66U6 01 66U6 01 66U6 01 66U6 01 6 U6 R40. R40. R40. R40. R40 BANK BARODA 160.55 5 B. . 0B. . 0B. . 0B. . 0B. . I8 39 6+ 5A I8 39 6+ 5A I8 39 6+ 5A I8 39 6+ 5I 8 39 6 TATA STEEL A 347.60 6A N7 51 04S N7 51 04S N7 51 04S N7 51 04S N7 51 0 S ID30. ID30. ID30. ID30. ID30 HINDALCO 96.90 O. . 2A O. . 2A O. . 2A O. . 72A O. . A N H12 15 +N H12 15 +N H12 15 +N H12 185 +N H12 1 WIPRO 553.10 P D0 10 12P D0 10 12P D0 10 12P D0 10 12P D0 10 1 H H H H H P P P P P F14. F14. F14. F14. F14 SBI 192.05 9 A C347A C347A C347A C347A C34 R R R R IR I I I I . 1+ 0B1 . 1+ 0B1 . 1+ 0B1 . 1+ 0B1 . 1 BHARTIARTL B1 372.70 N B2 922N B2 922N B2 922N B2 910 B2 92 22N H H H H H T T T T T A57. A57. A57. A57. A57 TATA MOTOR 411.35 S N . 2S N . 2S N . 2S N 11 N. E E E E E . 2S K77 K77 84K77 84K77 84K77 8+ 4K 8 RELIACNE K 996.70 L +K L +K L +K L 12 L 01 01 01 01 01 01 01 01 0 01 O O O O O 13. 13. 13. 13. 13 INFY 1209.15 13 T. . 7T. . 7T. . 7T. . 7T. . L4 L4 L4 L4 L4 17 15 +A 17 15 +A 17 15 +A 17 15 +A 17 1 HINDUNILVR 876.25 A 14 50 61 50 61 50 61 50 61 50 6 U K70. U K70. U K70. U K70. U K70 TATA CONSULTEN 2529.75 P626P626P626P615 26P62 ..6 ..6 ..6 ..6 .. IB IB IB IB IB 35 35 35 35 35 N00 A N00 A N00 A N00 A N00 A
N N N N N NEXT WEEK STARS( AS PER ECHNICAL ANALYSIS PRIDICTION ) K K K K +13.67 AMBUJAK CEMENT AM 204 232 FUTURES PACK % BUJ 18128 20371 1. B +12.37 2. B 12+3.12+4.12+5.12+6. B12+B B B % 1 1 1 1 1 A NSE CASH : BUY HITACHIHOM CASH ABOVE 1530 SL 1355. OSCH 80O80O801400 O80O80TGT ACC 1240 1385 O +11.68NSE ACC 2 2 2 2 2 CEM % S NSE CASH LTD.ABOVE 13. S166 3. S1TGT 3. S13. S173 3. SL 64. NSE CASH : BUY J&K BANK ENT C 2 7 C 2 7 C 2 7 C 2 7 C 2 73 1226 SL 1080. 3 31115 3 3TGT NSE CASH : BUY EMAMILTD NSE CASH ABOVE H 817H817H817H817H817
NSE CASH : BUY VGUARD NSE CASH ABOVE 1305 TGT 1440 SL 1260.
% % NSE CASH : BUY UTTAMSUGAR NSE CASH ABOVE 57.50 L L %L %L L %TGT 63 SL 55.50.
CASH PACK
T D .
TTTT DDDD . . . .
NSE FUTURE : SELL JUSTDIAL FUTURE BELOW 760 TGT 700 SL 775. NSE FUTURE : SELL HEXAWARE FUTURE BELOW 212 TGT 190 SL 220. NSE FUTURE : SELL VEDL FUTURE BELOW 102.50 TGT 95 SL 104. NSE FUTURE : BUY RELIANCE CAPITAL FUTURE ABOVE 488 TGT 540 SL 480. NSE FUTURE : BUY TITAN FUTURE ABOVE 369 TGT 400 SL 360.
CMP
% CHANGE
114.75
-9.29
725.80
-9.26
2847.80
-7.65
222.25
-7.43
152.70
-4.89
333.75
-3.98
93.50
-3.51
536.85
-2.94
186.50
-2.89
363.40
-2.50
401.10
-2.49
975.90
-2.09
1184.60
-2.03
859.20
-1.95
2482.60
-1.79
H77- H77- H77- H77- H77 C929C929C929C929C92 L95. L95. L95. L95. L95 ..2 ..2 ..2 ..2 .. T2 92 8-62. T2 92 8-63. T2 92 8-64. T 92 8-65. 92 8 1. I2 IT2 E4 02 07C E4 02 07C E4 02 07C E4 02 07C E4 02 0 C IC02. IC02. IC02. IC02. IC02 H. . 4C H. . 4C H. . 4C H. . 4C H. . C I3 13 2-3T I3 13 2-3T I3 13 2-3T I3 13 2-3T I3 13 2 T 03 53A B4 03 53A B4 03 53A B4 03 53A B4 03 5 A4 B73. T A73. T A73. T A73. T A73 T N. . 9A N. . 9A N. . 9A N. . A. . 9A N 6 6 6 6 6 W 57 58 -K W 57 58 -K W 57 58 -K W 57 58 -K W 57 5 K S I0 55 32S I0 55 32S I0 55 32S I0 55 32S I0 55 3 T T T T T P36. P36. P36. P36. P36 E E E E E R. . 9R. . 9R. . 9R. . 9R. . E O3 13 8-4E O3 13 8-4E O3 13 8-4E O3 13 8-4E O3 13 8 B B B B B L7 06 52L7 06 52L7 06 52L7 06 52L7 06 5 H H H H H 23. 23. 23. 23. 23 A. . 5A. . 5A. . 5A. . 5A. . 740 9 740 9 740 9 740 9 74 R R99- R R 9- R R 9- R R 9- R R9 07 02 9 07 02 9 07 02 9 07 02 9 07 0 9 E E E E E T65. T65. T65. T65. T65 L I. . 0L I . . 0L I . . 0L I . . 0L I. . 7 89 89 - IH7 89 89 - IH7 89 89 - IH7 89 89 - IH7 89 8 IH A0 70 51A0 70 51A0 70 51A0 70 51A0 70 5 IA IA IA IA IA R69. R69. R69. R69. R69 N. . 9C N. . 9N. . 9C N. . 9N. . C T225T225C T225T225C T22 D D D D D N N N L50 L50 L50 N L50 N L50 U E U E U E U E U E N N
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NSE - WEEKLY NEWS LETTERS ✍ TOP NEWS OF THE WEEK India can save $50 billion if logistics costs are brought down to 9% of GDP - India can save up to $50 billion if logistics costs are brought down from 14 per cent to nine per cent of country’s gross domestic product thereby making domestic goods more competitive in global markets, an ASSOCHAM-Resurgent India joint study said today.“With expected inflow of new investments owing to government’s thrust on promoting domestic manufacturing sector, India’s cargo and logistics industry is likely to clock a compounded annual growth rate of about 16 per cent during the course of next few years,” noted the study conducted by ASSOCHAM jointly with knowledge firm Resurgent India. “The ‘Make in India,’ campaign will see investments connect India to global production networks that would generate new business for logistics in the country thereby making it an attractive location to do business as compared to other regions in the world.
India's manufacturing activity slows to four-month low in April - PMI data indicated that Indian manufacturers raised output at a slower pace in April as new business inflows were broadly unchanged during the month. The upturn in new export orders was sustained, although growth was at a six-month low. There were divergences with regards to stock levels, with holdings of finished goods continuing to fall while pre-production inventories rose again. On the price front, input costs increased at the fastest rate in 11 months, whereas charge inflation eased since March. Reflecting softer contributions from four of its five sub-components, the seasonally adjusted Nikkei India PMI– a composite single-figure indicator of manufacturing performance – fell from 52.4 in March to 50.5 in April. The latest figure pointed to the weakest improvement in business conditions in the current four-month sequence of above-50.0 readings.
Government expecting Rs 25 lakh crore investment for infra development: Nitin Gadkari - The Government expects investments worth Rs. 25 lakh crore in roads, railway and shipping infrastructure over the next three years, including setting up of 27 industrial clusters at ports at ~INR 8 lakh crore, Road Transport & Highways Minister Nitin Gadkari said on Friday at an event in New Delhi. According to him, the Centre plans to spend an additional Rs. 5 lakh crore on road, railway and ports connectivity projects, apart from Rs. 8 lakh crore on 27 industrial clusters and smart cities at ports. He also announced that the total award of highways projects will rise to INR 2 lakh crore by
May this year as compared to Rs. 1.6 lakh crore at present. Gadkari added that the figure would rise to INR 5 lakh crore by May 2017.
Caixin China General Manufacturing PMI at 49.4 in April - Operating conditions across China’s manufacturing sector continued to deteriorate in April, albeit marginally. Output was little-changed from the previous month, as total new orders stagnated and new export work fell for the fifth month in a row. Relatively weak market conditions and muted client demand contributed to a further solid decline in staff numbers. Companies also displayed cautious inventory policies in April, with stocks of finished goods and inputs both falling at faster rates. Prices data indicated that inflationary pressures intensified across the sector in April, with input costs rising at the quickest pace since January 2013, which in turn underpinned the quickest rise in output charges since October 2011.
Services trade may play bigger role in GDP numbers -The government plans to enrich and sharpen its data calculation by including detailed statistics on trade in services to determine a more comprehensive economic growth figure for the country. The commerce ministry has asked the statistics ministry to collect country-wise and product-wise data on trade in services to compute an all-encompassing gross domestic product estimate.This will give a better picture of India's exports and create a complete database of the goods .and services trade. The statistics ministry plans to start collecting this data from July.
Raghuram Rajan's advisers worry over 2.1% decline in remittances to $68.9 billion - External advisers of Reserve Bank of India governor Raghuram Rajan are worried about the monetary policy implications of slowing remittances by overseas Indians for the first time since 2009 even though India does not rely significantly on such funds to meet foreign exchange requirements. Remittances to India, the world's largest remittance recipient, decreased 2.1% last year to $68.9 billion, a World Bank release had said earlier this week. "This marks the first decline in remittances since 2009 it said.
Good monsoon holds key faster growth - Arun Jaitley - Finance Minister Arun Jaitley on Thursday said India can grow at an even faster pace this year if predictions of good monsoon hold up. Jaitley was speaking in Lok Sabha, which approved the Finance Bill 2016. good monsoon will improve agriculture and raise rural income," he said, adding that the economy which had been expanding on back of public investment, highest foreign direct investment and urban demand, could grow faster if rural demand is added. The economy is projected to grow by 7.5% in this fiscal and the latest forecasts, predicting an above-average rainfall after two years of drought, bore well.
I-T refunds worth Rs. 1.22 Lakh crore issued in FY’16 : Government - The Income Tax department has issued 2.10 crore refunds totalling over Rs 1.22 lakh crore in 201516, which saw 94 per cent the returns being filed online "During FY 2015-16, more than 2.10 crore refunds amounting to Rs 1,22,425 crore were paid compared to Rs 1,12,188 crore in the Financial Year 2014-15 and Rs 89,664 crore in the Financial Year 2013-14," a finance ministry said.
Government may offer bluechip PSU shares to FIIs, Domestic buyers - Faced with lukewarm retail investor response, the government is mulling stake sale in selected bluechip PSUs, including Oil India and ONGC, by offering shares only to institutional investors.A top government official said that the Ministry of Finance is considering opting for the Institutional Placement Programme route for diluting stake in bluechip PSUs. Experience shows that timing of the market both in case of OFS and FPO has been difficult. We are now considering to offer PSU shares to a clutch of FIIs and domestic institutions to bid them out," the official told. ✍ TOP ECONOMY NEWS
ICRA
expects India's current account deficit to widen modestly to USD 25 billion in
FY2017, from an estimated USD 20 billion in FY2016, but be comfortably covered by capital inflows. A favourable monsoon after a gap of two years would have a mixed impact on trade in various sectors, boosting agricultural exports and limiting imports of crude oil and coal while enhancing the demand for gold.
The Union
finance ministry agreed to hike interest rate on provident fund deposits to
8.8% from the 8.7% decided by it earlier. The Central Board of Trustees had decided 8.8% interest rate, however, the finance ministry approved only 8.7% interest on PF deposits citing lower earnings.
Asian Development Bank has forecast growth rate at 7.4% in 2016-17 as against 7.6% during 2015-16. The details and reasons cited by ADB for lower growth rate during 201617 are as under: Public investment will continue to be an important driver of growth, as the Government is expected to use savings from oil to further boost Government investment. However, the finances available to ramp up investment in 2016-17 will be smaller than in 2015-16, given the government’s commitment to fiscal consolidation and increased outgo on account of a higher public sector wage bill.
After spending about Rs 3.5 lakh crore –almost equal to India’s subsidy and pensions budget for 2015-16–over 10 years on the world’s largest rural jobs programme, it has provided less than half the guaranteed 100 days of employment to 50 million poor households. This is revealed in analysis of Mahatma Gandhi National Rural Employment Guarantee data. Although the most money ever was spent during 2015-16, it was the worst year ever in terms of assets created , a 23% decline from 2014-15.
Sebi is relooking at the rules to open the door wider for foreign portfolio investors. In line with the government's credo of improving ease of doing business, investors from some countries may get so-called most favoured nation status, simplifying the registration process.
The Rajya Sabha passed the Mines and Minerals Amendment Bill. Earlier, Lok Sabha passed this Mines and Minerals Development and Regulation Amendment Bill.
Growth in the eight core sectors jumped to a 16 month high of 6.4% in March due to sharp pick-up in fertiliser and cement production and a commensurate rise in electricity generation.
The
Centre has approved seven foreign direct investment proposals worth Rs5.18bn
which includes ones from Helix Investment Holding, Alchymers ICM, Prime Living and Gulf Quarry.
The government has granted infrastructure status to the shipyard industry, a move that will help the sectoral players get long-term financing at cheaper rates.
The
Supreme Court on Monday rejected the petition of the Telecom Regulatory
Authority of India seeking to transfer Interconnect Usage Charges.
India’s new GDP series seems to exaggerate the economy’s true growth rate. However, this overestimation is likely to narrow over the next few quarters. We find that the practice of ‘single deflation instead of ‘double deflation during a period of falling commodity prices and sticky output inflation, artificially exaggerated growth prints. We estimate that real manufacturing growth may have been overestimated by 450 bps in
FY16 as the divergence between output and input prices soared. We also believe that this divergence has peaked and will normalise over the next six quarters.
The
Lok Sabha passed the finance bill, retaining the excise duty on jewellers despite
opposition from some political parties.
Growth in India's services firms fell to a four-month low of 53.7 in April from 54.3 in March on the back of new business growing slower than the previous months.
As many as 64 central public sector enterprises witnessed capital erosion to the tune of Rs. 740 billion during 2014-15, according to a financial audit report by the Comptroller and Auditor General of India on CPSEs.
India saved
Rs. 70 billion of annual subsidy outgo on cooking gas last financial year
thanks to the implementation of the Direct Benefit Transfer in LPG scheme.
As many as 2,508 cities in 26 states have been selected under the 'Pradhan Mantri Awas Yojana' for providing affordable houses to the urban poor.
The Mines Ministry has identified over 100 blocks for reconnaissance stage exploration of minerals such as gold, diamond, bauxite, iron ore and limestone.
The Reserve Bank of India today released on its website, “Draft Guidelines for ‘on tap Licensing of Universal Banks in the Private Sector”
Lok
Sabha on Thursday passed Bankruptcy Bill. MoS Finance reportedly said that
Bankruptcy Law will bring in transparency and help the ease of doing business.
✍ TOP CORPORATE NEWS NTPC Ltd's bond issue was oversubscribed 2.8 times in just 10 minutes after hitting the market, raising a total of Rs. 10 billion which would be used for capital expenditure.
Reliance Power said its 4,000MW Sasan Power project achieved 100% plant load factor in April this year.
Apollo Hospitals has signed a memorandum of understanding with William Osler Health
System (Osler) to collaborate on research and treatement services related to a range of diseases including Diabetes, Cardiovascular Diseases and Cancer.
Alembic Pharma has received final approval from the US health regulator for Lacosamide tablets, used for treatment of partial-onset seizures, in the American market.
Suzlon Group has commissioned 900 MW wind energy projects during the financial year 2015-16, of which 520 MW was commissioned in Q4 FY16.
State Bank of India, HDFC to launch nationwide sale of Sahara properties.
Bajaj Auto Ltd. has started the fiscal on a positive note with domestic motorcycle sales crossing the 0.2 million mark for the first time in three years.
Vedanta Group firm, THL Zinc Ltd, has sought a rollover of a controversial USD1.25 billion loan, taken from Cairn India in July 2014. The loan, which was extended for two years at floating rate of 3% plus LIBOR, was to be repaid by July 2016.
Paytm has joined hands with Wipro Ltd. to create the requisite technology infrastructure for its upcoming payments bank business.
Expressing concerns over the large amount of dues that need to be recovered by all coal PSUs, including Coal India Ltd. Rs110.32 billion, a Parliamentary Panel has asked the government as well as the state-owned firms in the sector to take steps for the recovery.
PTC India has bagged the largest number of power supply orders at competitive rates to Uttarakhand and Kerala state utilities at a recently concluded short term power procurement auction.
Marksans Pharma has received approval from the US health regulator for its Metformin Hydrochloride tablets, used for treatment of diabetes, in the American market.
Indraprastha Gas Limited has set up a record 72 CNG filling stations in first four months of 2016, to meet the rising demand for the fuel.
Jindal Steel & Power Ltd will sell certain steel and mining assets and will expand its power business portfolio into renewable energy and transmission and distribution , CEO Ravi Uppal has
said. Motilal Oswal Financial Services' chairman Motilal Oswal said the company plans to infuse Rs 2 billion in Aspire Home Finance Corp in the current financial year on expectation of strong growth in the housing finance business.
Google and Idea Cellular have formally rolled out carrier billing facility for the telco's over 180mn subscribers in the country, allowing them to pay for their purchases on Play Store, which is the world's largest app store. Twenty months after threatening to pull out of India's largest metro rail project coming up in Hyderabad, citing unfavourable business environment, Larsen and Toubro publicly admitted concerns over the project's viability, insisting on deep-rooted negotiations among stakeholders. Reliance Jio, the telecom arm of Reliance Industries, has extended the trial launch of its 4G services to the public through an invite system, driven by its group employees. Following Supreme Court's interim order, asking tobacco companies to comply with the Union health ministry's directive to print tobacco packs with 85% health warnings, ITC Limited has shut its factories.
Raymond Ltd is reducing its capital expenditure from INR 300 crore in FY16 to INR 250 crore in the current fiscal year, reports a business daily.
NMDC Ltd has partnered with Indian Space Research Organisation to make use of satellite-based geological mapping capability for mineral exploration.
National Aluminium Co Ltd has agreed to buy back 25% of its shares from the government.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK The government is expected to clean up IDBI Bank's pool of nonperforming assets by transferring them to a fund before offering up to 10% equity to strategic investors as part of the plan to reduce its stake below 50%.
Fast-growing Yes Bank Ltd. and the old private sector Federal Bank have been the first
ones off the block to hit Gujarat International Finance Tech-City and are hoping to make the most of easy regulations, low operational costs and the opportunity to raise dollardenominated funds.
ICICI Bank Managing Director Chanda Kochhar and other senior executives decided to forgo their bonuses for the past fiscal year, as the nation's second-largest lender by assets reported disastrous fourth-quarter earnings on Friday.
ICICI Bank Ltd. is auctioning a prime property of tyre manufacturer Dunlop India spread over an acre on the upscale Annie Besant Road in Mumbai to recover loans to Ruia Group companies, two people with knowledge of the development said.
Kotak Mahindra Bank today announced opening of its IFSC Banking Unit at the Gujarat International Finance Tec-City to meet the requirements of offshore banking operations from India.
Banks
credit registered a growth of 9.7 per cent in December 2015 as compared to
December 2014 largely due to higher credit growth of private sector banks," the Reserve Bank said in a release here today.
Public sector Canara Bank today said it has revised the lending rates based on the marginal cost of funds for May to 8.80-9.35 per cent.
Private sector lender YES Bank Limited on Thursday said it has been granted an inprinciple approval by the Securities and Exchange Board of India for acting as Custodian of Securities. The bank has 12 months to establish the business.
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