TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : The Market has opened sharply higher on Monday with the Nifty raise more than 58 points or 0.7 per cent. Crude oil prices tumbled some 5 per cent early Monday after the failure of talks between the oil exporting countries in Doha shown result in return of some risk off sentiment, impacted the market. The domestic market has many reasons on the macro front to be euphoric last week, after industrial production showed a spike, CPI inflation slipped and the Met department predicted a good monsoon ahead. And the WPI data miss the consensus. On the domestic front the indian trade deficit has narrow to its lowest level of 5 Years. Fourth quarter earnings will be the key driving force for the domestic stock market in the upcoming trading sessions. Data released by the US labour department showed The number of US worker who applied for the unemployment benefits decline last week to its 43 year lower level. The European Central Bank on Thursday maintained status quo on policy rate. The Nifty is moving toward the 7950-8000 level which will be the crucial breakout for the Nifty. The Resistance for Nifty is 7980-8020 and Support is 7850-7800.
BANK NIFTY : - The Bank Nifty opened on Monday in a positive notes at 16328 up by 50 points and 0.31 per cent. Only the Reserve Bank of India knows the absolute mess that the country's banking sector is faced with, as it recently declined the Supreme Court order to make the figure of bad loans public. Assocham thinks that number may touch Rs 10 lakh crore this quarter. Rating agency Moody's feels that the "under-recognition" of bad loans can further deteriorate asset quality of the public lenders. We should brace ourselves for another bloodbath. The European Central Bank on Thursday maintained status quo on policy rate. The weak US economic data reinforced views that Federal Reserve monetary policy would remain dovish. The Crucial Support for the Nifty is around 15980-15660 and the Resistance is 16800-17200.
Monday, 25 April 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
8042
7946
7898
7850
7754
R2
R1
PP
S1
S2
8307
8039
7905
7771
7503
R2
R1
PP
S1
S2
9176
8256
7796
7336
6416
R2
R1
PP
S1
S2
17277
16869
16665
16461
16053
R2
R1
PP
S1
S2
18754
17244
16489
15734
14224
R2
R1
PP
S1
S2
18754
17244
16489
15734
14224
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
7713
7479
7580
7880
BANK NIFTY
16076
15257
15757
16782
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
7610
7180
6820
BANK NIFTY
15632
14280
18023
PATTERN FORMATION ( NIFTY )
Detail of Chart On the Above given chart of Nifty has applied the Fibonacci retracement along with MACD 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 7850. Now we are expecting that if the Nifty is able to sustain the 7800 level we may witness the consolidation trend of Nifty for some more sessions on the other hand if Nifty rebound the 7880-7950 level again we may see the positive rally in the index. The Strong Support for Nifty 50 is 7850-7800 and the Resistance is 7920-8000.
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 16900. 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 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
1441 62 226 903 488 2594 169 101 130 361 541 291 125 3179 372 4088 859 1165 1107 3065 104 909 260 334 998 1236 76 688 1286 1354 36370 3929 220 104 61 419 1056 567 68 208 108 833 428 71 368 138
1427 61 223 888 482 2560 165 99 129 357 536 289 124 3155 369 4050 853 1148 1100 3034 102 907 256 330 990 1224 74 682 1276 1340 35955 3873 218 102 59 409 1047 561 60 204 106 826 422 71 361 135
1419 60 220 879 472 2519 160 98 128 353 532 287 123 3136 367 4009 845 1134 1092 2993 101 904 253 327 980 1215 73 677 1258 1321 35685 3776 215 98 56 398 1038 553 56 198 105 822 415 70 357 133
1405 59 218 864 465 2485 157 96 126 349 527 286 122 3112 364 3971 839 1117 1085 2962 100 902 249 323 972 1203 72 671 1248 1307 35270 3720 213 95 55 388 1029 547 49 194 104 816 410 70 349 131
1397 58 214 855 456 2444 152 95 125 345 522 284 120 3093 362 3930 831 1103 1077 2921 99 899 246 320 962 1194 71 666 1230 1288 35000 3623 211 91 52 377 1020 539 44 188 103 812 403 69 345 128
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
ICICI BANK
224.70
252.00
+12.15 %
AXIS BANK LTD.
429
475
+10.71 %
MARUTI SUZUKI
3478
3816
+ 9.70 %
HINDALCO INDUS.
92.20
101.10
+9.65 %
BANK OF BARODA
149
161
+8.44 %
TATA MOTORS LTD.
386
417
+7.85 %
M&M
1236
1326
+7.28 %
TATA STEEL
331
353
+6.79 %
NTPC
134
143
+6.72 %
SBI
188
200
+6.32 %
CIPLA
502
531
+5.81 %
HDFC
1079
1131
+4.82 %
L&T
1213
1265
+4.27 %
ONGC
207
216
+4.09 %
ULTRATECH CEM
3152
3271
+3.77 %
1 A44 A44 A44 A442A44 X27+X27+X27+X27+X27 I 951I 951I 951I 9531I 95 S 0S 0S 0S 0S 1.91. 2.91. 3.91. 4. H914. 5. H91 IB20+7IB20+7IB20+7IB20+7IB20 N A. 19 1N A. 19 1N A. 19 1N A. 159 1N A. 1 D N2. . D N2. . D N2. . D N2. . D N2. TA 04 16 04 16 04 16 04 166 04 1 K3 %TA K3 %TA K3 %TA K3 %TA K3 A L81 0+5A L81 0+5A L81 0+5A L81 0+5A L81 0 TC L677TC L677TC L677TC L6777TC L67 A O O O O O T .%A T .%A T .%A T .%A T TD338TD338TD338TD3388TD33 M M M M M I 35+5.A I 35+5.A I 35+5.A I 35+5.A I 35 .A TO N136TO N136TO N136TO N1396TO N13 A TD .%A TD .%A TD .%A TD .%A TD SO 7SO U127SO U127SO U127SO U12 U12 10 SR S80+9SR S80+9SR S80+9SR S80+9SR S80 B B B B B 6TS. 80 TS. 806TS. 806TS. 806TS. 80 11 IE .%IE .%IE .%IE .%IE H 3H EL113H EL113H EL113H EL11 EL11 12 LT01+2D LT01+2D LT01+2D LT01+2D LT01 D 34D73 D734D734D734D713 .F91.%.F91.%.F91.%.F91.%.F91 O228O228O228O214 28O22 C C C C C 01+ 01+ 01+ 01+ 01 N 2N 2N 2N 2N 764 764 764 764 76 G .%G .%G .%G 15 .%G 0 0 0 0 C C C C C 9 9 9 9 %
%
%
TOP 15 LOOSERS
SCRIPT NAME
PREV CLOSE
CMP
ALKEM LAB
1329
1233
J K CEMENTT
672
624
% CHANGE
-7.20 % -7.16 % RAJESH EXPORT
605
572
2506
2417
LIC HOUSING FIN
476
460
APOLLO TYRES
168
162
MASTEK LTD.
151
146
ABB INDIA
1381
1337
NMDC LTD.
102.70
100.00
HAVELLS INDIA
347
338
BHARTI INFRATEL
381
371
ACC
1447
1414
INTELLECT DESIG
233
229
JET AIRWAYS
626
615
WIPRO LIMITED
565
557
-5.47 % HTCSH
H
-3.57 % -3.44 % -3.27 % -3.24 % -3.17 % -2.63 % -2.54 % -2.54 % -2.28 % -1.88 %
%
NEXT WEEK STARS( AS PER ECHNICAL ANALYSIS PRIDICTION ) +13.67 AMBUJA CEMENT AM 204 232 FUTURES PACK % BUJ 18128 20371 2. B +12.37 3. B 12+4.12+5.12+6.12+7. B12+B B B % 1 1 1 1 A 80O80O80O80O801 ACC 1240 1385 O +11.68 OSCH ACC 2 2 2 2 2 CEM S % CAPITAL LTD. FUTURE 13. S13. S13. SABOVE 13. S13. 408 TGT 450 SL 400 NSE FUTURE : BUY RELIANCE ENT C 273C273C273C273C273 H 817H817H817H817H817 NSE FUTURE : SELL PETRONET FUTURE BELOW 262 TGT 240 SL 270
% L L %L %L %L % T T T T 164 T TGT 180 SL 159. NSE FUTURE : BUY BANKBARODA FUTURE ABOVE D DDDD . . . . . CASH PACK NSE CASH : BUY MARKSANS NSE CASH ABOVE 51 TGT 58 SL 48.
NSE CASH : BUY TATAPOWER NSE CASH ABOVE 72.50 TGT 90 SL 63.
NSE CASH : BUY AMTEKAUTO NSE CASH ABOVE 42 TGT 55 SL 38.50.
NSE CASH : BUY SREINFRA NSE CASH ABOVE 66 TGT 73 SL 62.
NSE CASH : BUY QUICKHEAL NSE CASH ABOVE 262 TGT 275 SL 255.
-1.70 % -1.38 %
1 6- 2 6- 3 6- 4J 6- 5 J 6 627 627 627 627 62 K74. K74. K74. K74. K74 212121212 TC 2-6TC 2-6TC 2-6TC 2-6TC 2 C E243C E243C E243C E243C E24 SM 51.%SM51.%SM51.%SM51.%SM51 E075E075E075E075E07 A 61-7A 61-7A 61-7A 61-7A 61 N1 N1 N1 N1 N1 P T663P T663P T663P T663P T66 O T82.%O T82.%O T82.%O T82.%O T82 L 2L 2L 2L 2L A L 1-7A L 1-7A L 1-7A L 1-7A L 1 B O133B O133B O133B O133B O13 B33.%B33.%B33.%B33.%B33 T871T871T871T871T87 H IY3 13-7H IY3 13-7H IY3 13-7H IY3 13-7H IY3 13 A N N N N N R432A R432A R432A R432A R43 V D D D D D E78.%V E78.%V E78.%V E78.%V E78 EIS 5EIS 5EIS 5EIS 5EIS A LA11-4A LA11-4A LA11-4A LA11-4A LA11 C L442C L442C L442C L442C L44 C S41.%C S41.%C S41.%C S41.%C S41 742 742 742 742 74 JI 66-8JI 66-8JI 66-8JI 66-8JI 66 EN211EN211EN211EN211EN21 TD65.%TD65.%TD65.%TD65.%TD65 I 7I 7I 7I 7I A A 0A A 0A A 0A A 0A A I I I I I R %R %R %R %R W W W W W A A A A A Y Y Y Y Y S S S S S
NSE - WEEKLY NEWS LETTERS � TOP NEWS OF THE WEEK India continues to maintain high growth: Arun Jaitley - Union Finance Minister Arun Jaitley has given the Speech at the IMFC Plenary Session in Washington D.C.s where the Finance Minister spoke about the Global Economy, Indian Economy and the role of IMF among other issues: Global Economy As outlined in the GPA, global growth remains disappointing. Advanced economies and EMEs are also expected to grow at a lower rate than previously projected. We support the policy options advocated by the GPA, particularly the emphasis on structural reforms for improving productivity and potential growth. Collective policy actions would also be helpful in mutually reinforcing economic activity and stability.
Indian economy like 'one-eyed' king in land of blind says Rajan - With India being described as 'the bright spot in the global economy', Reserve Bank of India Governor Raghuram Rajan expects this as a case of "the one-eyed man" being king in the land of the blind, according to reports. "I think we have still to get to a place where we feel satisfied. We have this saying -- 'In the land of the blind, the one-eyed man is king'. We are a little bit that way," Rajan said. Rajan was for Spring Meetings of the World Bank and the IMF, as also for the G20 Meeting of Finance Ministers and Central Bank Governors. We feel things are turning to the point where we could achieve what we believe is our medium-run growth potential," Rajan said.
Stress assets of banks may notch upto Rs.10 lakh crore in Q4 - Given the slowdown in certain important sectors like steel, textiles, aluminium etc, and the ongoing Asset Quality Review, may push stressed assets of the banks to Rs. 10 lakh crore mark in the fourth quarter of the current fiscal, reveals the ASSOCHAM latest study. At the end of December, the total stressed assets Gross NPA+ restructured assets of all the banks were at Rs. 8 lakh crore which is expected to see a significant jump in the current quarter itself, adds the study. Asset Quality Review undertaken by the RBI and other factors have resulted in a spike in bad assets with lenders recognising nearly Rs. one lakh of NPAs. Total stressed assets of banks increased to Rs. 7.40 lakh crore at the end of March 2015 from Rs 2.33 lakh crore as on March 2011, nearly a four-fold increase. As regards the Gross NPAs, it surged to Rs. 4,01,590 crore at the end of December 2015 from Rs 2,98,641 crore, a jump of over Rs 1 lakh crore in nine months of the current fiscal.
Good rains can propel Growth to 8.5 % expect rate cut : Arun Jaitley - Finance minister Arun Jaitley said India's economic growth could surge to 8.5%, especially if the monsoon is as bountiful as forecast, adding that he hopes interest rates will fall further as prices trend lower. For his part, Reserve Bank of India governor Raghuram Rajan too has his eye on the June-September rainy season, which will be a key determinant of how much further he wants to take the central bank's accommodative stance. Jaitley "highlighted that GDP growth target could move 7.5 to 8-8.5 % if monsoon is 16 % as forecast.
Separate morality from NPA clean-up: Raghuram Rajan - RBI Governor Raghuram Rajan said on Tuesday that the issue of bad loans gets loaded with a lot of morality and it is necessary to keep criminal liability separate to put stressed assets back on track. “What is happening on the NPA front...this becomes loaded with a lot of morality; are these good people, bad people. I think one should take out the morality from the NPA cleanup,� he said in a Lecture at Columbia Law School in New York.
Services Sector Driving Indian Economy : President Pranab Mukherjee - The Indian Service Industry which contribute the 72 per cent of the GDP, it is the main source of indian economy to create the systematic way to overcome the deficit type things. Terming the services sector as the "sector of the current millennium", President Pranab Mukherjee on Wednesday said it has emerged as an agent of change for the country and is driving the Indian economy in an inclusive and equitable manner. "This sector drives the Indian economy in an inclusive and equitable manner. It is the 'sector of the current millennium', in terms of generating employment, skill development, bringing in FDI, enhancing trade and boosting strategic partnerships," President said.
India to become $10 trillion economy by 2032: Amitabh Kant - Niti Aayog CEO Amitabh Kant on Thursday gave a 2032 date to India becoming a $10-trillion economy, a year after Prime Minister Narendra Modi said India should dream of a $20 trillion economy but did not fix a target. The PM, while speaking at the ET Global Summit last year had asked why the country could not dream of a $20-trillion economy and said his government was preparing the ground for it. Kant, in a presentation before the Prime Minister on Thursday, said the country needs work towards a 10% growth rate yearonyear against its projected growth rate of 7.4% to achieve a $10 trillion economy by 2032.
India trims American govt securities exposure to $118.8 billion - After hiking its exposure to US government securities in the past few months, India trimmed the holdings to $ 118.8 billion in February even as neighbouring China purchased more such instruments. All the BRIC nations, except China, cut their exposure to these securities in February, with Russia reducing its holding by $ 9 billion to $ 87.6 billion. Latest data available with the US Treasury Department shows that India's holding came down to $ 118.8 billion in February compared to $ 119.8 billion recorded in January this year. Since November, India had been raising its exposure and at that time the holdings were worth $ 115.4 billion. It went up marginally to $ 116.8 billion in December.
India's trade deficit hits worrying level; non-trade barriers hamper export potential - It was known India would be faring poorly on the exports front during the year gone by. What came in as a big surprise was the surge in India's trade deficit with China, which compounded at an annual growth rate of 30 per cent between FY06 and 2016, or thrice as fast as India’s overall trade deficit. That, when India’s trade deficit for 2016 actually narrowed to a six-year low of 5.7 per cent of GDP in 2016 from 6.7 per cent in 2015 and 8 per cent in 2010. During FY16, India’s exports fell 15.9% to $261.1 billion in 2015-16 while imports contracted by 15.3% to $379.6 billion. The trade deficit for the year was $118.5 billion. A sharp decline in the gold imports helped narrow India’s trade deficit to a record low, as merchandise imports contracted faster than exports in March amid tepid global demand.
✍ TOP ECONOMY NEWS
The Union Civil Aviation Ministry has dropped the proposal to auction unused bilateral traffic rights on international routes, as per the draft National Civil Aviation Policy.
The Department of Telecommunications is likely to get around 202 megahertz spectrum in the 1,800 MHz band due to harmonization of airwaves by early next month.
Major global
oil producing countries failed to reach an agreement over a proposal to
freeze oil production at the end of their ministerial meeting in Doha on Sunday amid differences over the wording of the pact.
The Union Cabinet is likely to approve a standard bid document for ultra mega power
projects based on domestic coal by next month.
Despite the recent spike in global crude oil prices, the Government is unlikely to review the excise duty on petrol and diesel in the near term.
Worldwide PC shipments plunged 9.6% during January-March - sixth straight quarterly fall - to 64.8 million units on lower adoption in new households, especially in emerging markets.
UP tops infrastructure projects under PPP mode. Reserve Bank had submitted a list of individuals and companies which had defaulted on bank loans of over Rs. 5 billion to the apex court.
The Centre and the States will now get to access loan funds from the National Small Savings Fund at much lower cost.
India's fuel demand surged to its highest level in at least 15 years in the fiscal year ended March, driven by growing appetite for gasoline-guzzling vehicles and a boost in mining and manufacturing activity.
General insurance industry has missed the ambitious target of crossing the Rs 1 trillion mark in premium collection by a small margin at Rs 964 billion, up almost 14 per cent in the just concluded fiscal.
Global
banking regulators' body BIS has proposed a uniform definition for non-
performing assets and forbearance to ensure consistency in disclosures.
Telecom companies will have to pay service tax along with instalments as part of the deferred payment option under the existing spectrum auction system, the Revenue Department said.
Wholesale Price Index based inflation for March came in at -0.85%, a further contraction on the previous month's level of -0.91%.
EPFO puts on hold new PF withdrawal norms till July 31.
India
Inc's business optimism index remained stable for the April-June quarter of this
year, thanks to a rate cut by the Reserve Bank of India and the government's recent policy reforms, a Dun & Bradstreet report says.
Improvement in mining and electricity Index of Industrial Production for February 2016, could be hinting at rebound in industrial activity in the country. Sector experts suggest coupled with other indexes; this is silver lining for the industrial growth.
India's trade deficit narrowed for the third straight month in March to $5.07 billion, the lowest in five years, as imports shrank at a faster pace than exports, data showed on Monday.
With Indian agriculture remaining a worrisome sector and services doing rather well, it is manufacturing that can create the quantum of jobs needed to accommodate urban migration and help the country grow faster, Finance Minister has said.
Odisha lists 12 mineral blocks for auctions. Exports during March, 2016 were valued at USD22.2bn which was -5.5% than the level of USD24.0bn during March, 2015. Imports during March, 2016 were valued at USD27.8bn which was -21.6% of imports valued at USD35.4bn in March, 2015.
The
central government has set up a committee to examine the Punjab government’s
claim of Rs200bn in food grain dues.
After over three years of making 5% of ethanol blending with petrol mandatory, India is set to achieve this target for the first time during the current sugarcane crushing season i.e. by the end of September 2016.
India
has replaced China as top global destination for foreign direct investment by
attracting US$63 billion worth projects in 2015, says a report.
� TOP CORPORATE NEWS Maruti Suzuki Limited is planning to post yet another year of double-digit growth, with forecast of good monsoon.
Indian Oil Corp and Bangladesh Petroleum Corp have entered into joint venture projects to leverage the expertise of the companies and the geographic advantages of the two nations.
Drug major Cipla Limited said its arm Cipla Health has completed allocation of shares to FIL Capital Investments II Ltd.
Reliance Industries , BG to hand over some Indian drilling assets to ONGC.
Solar power tariff remained below Rs 5 per unit in the latest auction conducted by NTPC Limited for 500 MW capacity at Pavagada Solar Park in Tumkur, Karnataka.
Having launched its electric car 'e2o' in the UK, Mahindra & Mahindra is keen to drive into other advanced European markets including Sweden and Norway as part of its business expansion plans for this new vehicle segment.
ITC Limited will soon resume production at its factories, the company said in a statement, two weeks after it decided to shutter its plants over the government's stringent new packaging rules.
GAIL India will deploy drones on pilot basis on its main trunk pipeline as part of higher safety measures it is implementing to secure its vast network.
Jaiprakash Associates and Jaypee Infra are offering land parcels of around 2,200 acres to banks in a bid to buy peace with lenders and settle most of its loans.
Suzlon acquire five firms to execute the renewable energy projects.
Apollo Hospitals is planning to invest close to Rs6bn to raise its bedcount across the country to 9,000 by the end of FY17 from the current 8,400 directly owned by Apollo.
Alembic Pharmaceuticals has received four observations from the US health regulator
after the inspection of Panelav facility. BEML Limited has signed a Memorandum of Understanding with Dredging Corporation of India Limited for indigenous design, development and manufacture of spares for dredgers.
JK Tyre & Industries has completed the acquisition of Cavendish Industries Ltd , which houses three tyre business undertakings of Birla Tyres at a value of Rs. 22 billion.
Inox Wind Ltd has bagged two orders for a cumulative capacity of 100 MW from country's one of the leading renewable energy independent power producers. Reliance Industries plans to shut a crude unit from May 1 for three weeks of maintenance. Lupin Limited has launched its generic norethindrone acetate and ethinyl estradiol tablets, used for the prevention of postmenopausal osteoporosis, in the US market. In a move to compete against cheaper high grade South African, Indonesian and Australian coal while keeping its prices unchanged, Coal India Limited has recently strategised a move whereby it is giving up part of its charges levied previously on the consumers. Suzlon Limited acquires five firms to execute renewable energy projects.
Wipro Limited announced a share buyback of 40 million shares or 1.62% of the shares amounting to Rs 25 billion at Rs. 625/share.
Bharti Airtel will sell more than 5% stake in its tower arm Bharti Infratel through an open market block deal.
Nestle's Maggi now hold more than 50% market share, first time since May 2015.
GenNext Hub, a Reliance Industries Ltd-backed startup program, entered into a partnership with Invest Ottawa to create a bridge to engage innovative startups from India and Canada.
Alkem Laboratories Limited gets a regulatory rap in Europe over the reliability of data from some of its clinical studies.
Bharti Airtel commercially launched fourth generation or 4G services in Karnataka's Shimoga region, taking the number of its 4G towns in the state to 110.
The Odisha government has issued the letter of intent to Essar Steel after it emerged as the preferred bidder in the first iron ore block offered for e-auctions in Odisha.
The UK strips division management of Tata Steel Ltd. headed by director Stuart Wilkie has expressed interest in buyout of the entire 6.5mt capacity in the region by infusing funds in personal capacity.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK Oriental Bank of Commerce said it will raise over Rs 1.78 billion by issuing shares to LIC on a preferential basis.
ICICI Bank has increased its stake in the debt-laden IVRCL Limited to 11.43% by acquiring a fresh 39.91mn shares amounting to 7.3% of the equity share capital of the company.
State Bank of India has been asked by the central bank to provide for losses on food grain-related loans issued to the Punjab government.
To bring down interest rates faster, State Bank of India plans to tap the wholesale bond market and change its mix of resources. The bank will also revalue its real estate assets, which will add over Rs 9,000 crore to its capital base and enable it to grow its loan book by up to14% without diluting its equity.
Private sector lender RBL Bank today launched an exclusive branch for startups. RBL will be the first private sector Bank to open a specialised branch for startups, offering a bouquet of banking products to service the end-to-end needs of the emerging entrepreneurial ecosystem.
RBI eased the pressure on banks by pruning the list of companies whose loans need to be provided for against the risk of default, said three people with knowledge of the
matter.The immediate outcome of the latest decision will be better than-anticipated results at banks in the quarter just ended, especially state-owned ones that have heavy exposure to highly indebted corporate houses.
The Reserve Bank of India has rejected the demand of banks to defer its provisioning directive on the Punjab food grain funding row. The RBI had ordered lenders to mark a substantial chunk of loans extended to Punjab as potential non-performing assets after it came to light that the food grain stocks in the government warehouses were probably not adequate to cover the loan amount. The banks were told to set aside funds against potential defaults.
State-run Bank of Maharashtra sees its gross non-performing assets or bad loans to be about 8 per cent of gross advances in 2015-16, a top official said. Bank of Maharashtra's gross NPAs were at 7.97 per cent of gross advances during the third quarter (OctoberDecember) of 2015-16 financial year.
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