TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : The Nifty 50 opened Monday session on a positive note at 7741 up by 25 points and 0.36 per cent but failed to hold the gain and plunged 101 points. The Asian markets also traded higher on Monday after most were shut for Good Friday. The market take a breath in a cautious note with a mild positive bias in morning trade on Tuesday after the US Federal Reserve St. Louis chairperson suggested that the central bank should move cautiously on raising interest rates. Nifty lost the movementum on Tuesday but not able to break the strong Support level of 7580. There are some positive cues from the global market for Indian Financial market, which helps to gain the movementum on the Wednesday, The global and Asian market opened in a positive the day after the Federal Reserve Chairwoman Janet Yellen has speak out about the Gradually increasing the interest rate in the upcoming day in this year. The Crude prices remained flat. The sentiment on the street remains underpinned by the hopes of a rate cut by the RBI during the monetary policy review next week. The strong levels for Nifty is 7850-7900 upside and 7680-7650 downside.
BANK NIFTY : - The Bank Nifty Open lower on Monday at 15867 down by 20 points or 0.12 percent, The Banking stocks fall after the Reserve Bank of India revised rules on measuring Liquidity for Basel III norms, providing exemption to branches of foreign banks from submitting statement with regard to foreign currency. The US Federal Reserve chairperson suggested that the central bank should move cautiously on raising interest rates. The Reserve Bank of India has tweaked its rule asking banks to use the marginal cost of funds formula to calculate interest rate for loans with fixed tenure of less three years, The global cues and Central Bank Policy force the Bank Nifty to trade around the 15800-16280 the rally in banking stocks will be continue for upcoming days, due to reforms in Public Sectors Banks balance sheets. The crucial level for Bank Nifty is 1580015620 is down side and 16200-16450 is Upside.
Monday, 04 April 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY
WEEKLY
MONTHLY
R2
R1
PP
S1
S2
7921
7777
7705
7633
7489
R2
R1
PP
S1
S2
8269
7883
7690
7497
7111
R2
R1
PP
S1
S2
7922
7778
7706
7634
7490
R2
R1
PP
S1
S2
16454
16210
16088
15966
15722
R2
R1
PP
S1
S2
18262
16752
15997
15242
13732
R2
R1
PP
S1
S2
16785
16359
16146
15933
15507
BANK NIFTY DAILY
WEEKLY
MONTHLY
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY
7507
7399
7590
7901
BANK NIFTY
15590
15047
15867
16875
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
7605
6945
7922
BANK NIFTY
15770
13758
18095
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 on the other hand in Nifty daily chart that made the long-legged Doji pattern on the daily candlestick charts and a hanging man-like pattern on the weekly charts. Nifty is around its strongest Support level its around 7700. The Technically Nifty in daily chart is look in down side on the other hand we are expecting that if the Nifty is able to sustain the level of 7700 we may witness the rally toward the Bull Movement and if it is breaking the level we may witness Bearish movement in Nifty, The strong Support for Nifty is 7700-7650 and Resistance is 7750-7800.
PATTERN FORMATION ( BANK NIFTY )
Details of ChartOn the Above given weekly chart of Bank Nifty applied Parabolic SAR and with channel line it is also made the rising wedge pattern which is the crucial trend reversal signal, the Bank Nifty is around its crucial Support and resistance level. The parabolic SAR is also near the price value of the stock we are expecting that if the Bank Nifty is able to sustain the 15600 level and not breaking the level of crucial Support of 15500 that will be head toward the bull on the other hand if it is not Sustaing the support level we may witness the bear movement of the index and can break the level of 15000 which is the strong support for bank Nifty.
NSE EQUITY DAILY LEVELS COMPANY NAME ACC ALBK AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BANKINDIA BHEL BHARTIARTL CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND 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
1447 61 241 890 459 2460 158 104 118 340 521 290 123 3037 354 3899 830 1129 1076 3005 89 879 242 334 972 1240 68 685 1256 1211 38182 3765 210 99 52 394 1045 568 51 199 94 826 394 67 328 142
1430 59 238 879 454 2443 155 102 117 338 519 289 121 3029 351 3884 826 1122 1072 2990 88 874 241 341 967 1232 66 682 1250 1199 37754 3747 209 98 51 391 1041 566 51 198 93 820 391 67 325 141
1401 57 234 872 447 2411 150 99 116 335 517 289 120 3018 350 3874 821 1117 1069 2974 87 868 239 329 961 1223 63 681 1245 1193 37271 3732 208 97 51 385 1038 561 50 196 91 816 387 66 319 139
1384 55 231 861 442 2394 147 97 116 333 515 288 118 3010 347 3859 817 1110 1065 2959 87 863 238 326 956 1215 61 678 1239 1181 36843 3714 207 96 50 382 1034 559 50 195 90 810 384 66 316 138
1355 53 227 854 435 2362 142 94 115 332 513 287 116 2999 346 3849 812 1105 1062 2943 86 857 236 324 950 1206 58 677 1234 1175 36360 3699 206 95 49 376 1031 554 49 193 88 806 380 65 310 136
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
IDEA CELLULAR
102
110
+8.38 %
TATA POWER CO.
61.80
66.35
+7.36 %
EICHER MOTORS
18236
19405
+6.41 %
BAJAJ AUTO LTD.
2310
2443
+5.76 %
TATA STEEL
309
321
+3.79 %
HERO MOTOCORP
2861
2969
+3.76 %
BANK OF BARODA
146
151
+3.62 %
YES BANK LTD.
832
862
+3.60 %
GRASIM INDS.
3749
3867
+3.16 %
INFOSYS
1189
1225
+2.97 %
WIPRO LTD.
552
568
+2.88 %
ADANI PORTS
239
246
+2.71 %
ICICI BANK
233
239
+2.70 %
ACC
1365
1401
+2.65 %
TATA MOTORS LTD
377
386
+2.58 %
SR.NO
1 1.66+2.66+3.66+4. T662+5. T66 A167A167A167A167A16 T. . . T. . . T. . . T. . 3. T. . A833A833A833A833A83 6.2 B2 B2 02 5+67.2 02 5+68.2 02 5+69. 02 54+610. 02 5 A P345A P345A P345A P345A P34 JO14.%JO14.%JO14.%JO145.%JO14 A 037A W W037A W037A W037A W03 H JE22+6H JE22+6H JE22+6H JE226+6H JE22 EA R893EA R893EA R893EA R893EA R89 R U66.%R U66.%R U66.%R U667.%R U66 O TC197O TC197O TC197O TC197O TC19 YO88+6YO88+6YO88+6YO888+6YO88 M .E363M .E363M .E363M .E363M .E36 O L22.%O L22.%O L22.%O L229.%O L22 ST 6ST 6ST 6ST 6ST IO +0IO D11+0IO D11+0IO D11+0IO D11 D11 10 122 122.C122.C122.C12 .C N .C N N N N .%B B O82.%B O82.%B O82.%B O82 O82 11 FR959FR959FR959FR959FR95 A A A A A A +7A P22+7A P22+7A P22+7A P22 P22 12 O O O O O 3 4 2 3 4 2 3 4 2 3 4 N D N D N D N 2D N34 D .%S96 S96.%S96.%S96.%S96 13 K 7A K 7A K 7A K 7A K A Y11+A Y Y Y +A Y A 1 11+1A11+1A11 1 11 14 N N N N N SC342SC342SC342SC342SC34 LI 60.%LI 60.%LI 60.%LI 60.%LI 60 516C516C516C515 16C51 TC P TP TP TP TP 5 5 5 5 D O D O D O D O D O
TOP 15 LOOSERS
SCRIPT NAME
LUPIN LTD.
PREV CLOSE
CMP
1549
1445
1253
1190
% CHANGE
-6.66 % T M&M T T
-4.97 % HDFC
1168
1114
BONGC B B
216
207
SUN PHARMA
844
815
CIPLA
535
517
BHARTI AIRTEL
350
339
GAIL LTD.
361
350
COAL INDIA LTD.
294.40
285.50
TECH MAHINDRA
484
472
BOSCH LTD.
20172
19842
DR.REDDY LABS
3057
3015
RELIANCE
1047
1036
SBI
197
195
TCS
2473
2470
-4.58 % -3.79 % -3.46 % -3.33 % -3.21 % -3.01 % -3.02 % -2.34 % -1.46 % -1.39 % -1.06 % -0.84 % -0.12 %
.R %.R %.R %.R %.R
NEXT WEEK STARS( AS PER ECHNICAL PRIDICTION ) T T ANALYSIS T T T +13.67 AMBUJAS CEMENT AM 204 232 S S S S % BUJ 18128 2. B 20371 +12.37 3. B 12+4.12+5.12+6.12+7. B12+B B B % 1 1 1 1 A OSC 80O80O80O80O801 ACC 1240 1385 +11.68 OSCH ACC 2 2 2 2 2 NSE FUTURE CEM % H LTD. 13. S13. S13. S13. S13. ENT LTD. 273C273C273C273C273 817H817H817H817H817 NSE FUTURE : SELL MCLEODRUSS FUTURE BELOW 184 TGT 178.50 SL 186 % L %L %L %L % TTTT NSE FUTURE : BUY DRREDDY FUTUREDABOVE D D D 3064 TGT 3125 SL 3039 . . . . NSE FUTURE : SELL GRANULES FUTURE BELOW 119.85 TGT 116.85 SL 120.50
NSE FUTURE : SELL SBIN FUTURE BELOW 192.75 TGT 185.75 SL 196.75
NSE FUTURE : BUY BRITANNIA FUTURE ABOVE 2735 TGT 2795 SL 2710
111- 211- 311- 4M 11- 5 M11 &214&214&214&214&21 M 59. M59. M59. M59. M59 309 309 309 309 30 O22-7O22-7O22-7O22-7O22 N103N103N103N103N10 G67.%G67.%G67.%G67.%G67 C 7C 7C 7C 7C C55-9C55-9C55-9C55-9C55 I 313I 313I 313I 313I 31 P57.%P57.%P57.%P57.%P57 L 3L 3L 3L 3L G A33-3G A33-3G A33-3G A33-3G A33 A653A653A653A653A65 I 10.%I 10.%I 10.%I 10.%I 10 L 0L 0L 0L 0L T44-1TL44-1TL44-1TL44-1TL44 EL872ET872ET872ET872ET87 C T42.%C D42.%C D42.%C D42.%C D42 H D 3H . 3H . 3H . 3H . D . 33-4D33-4D33-4D33-4D33 R 001R M M001R M001R M001R M00 .A51.%.A51.%.A51.%.A51.%.A51 R H753R H753R H753R H753R H75 SEI 11-9SEI 11-9SEI 11-9SEI 11-9SEI 11 B D D D D D N990B N990B N990B N990B N99 ID75.%ID75.%ID75.%ID75.%ID75 YR 8YR 8YR 8YR 8YR A 4A 4A 4A 4A L L L L L A %A %A %A %A B B B B B S S S S S
NSE - WEEKLY NEWS LETTERS ✍ TOP NEWS OF THE WEEK World expects much from India, in terms of contributing to global growth: PM - PM Narendra Modi has given the speech at the Bloomberg India Economic Forum-2016. The world expects much from India, in terms of contributing to global growth. To the extent that time permits, I would like to place before you my thoughts on how India intends to meet the challenge. I will touch upon three major areas. Firstly, I will discuss India’s economic growth. Secondly, I will outline some of the administrative and policy reforms that have created and will sustain that growth. Thirdly, I will elaborate on an aspect of economic development which is of particular importance to me, namely job creation. Experts are unanimous that India is one of the world economy’s brightest spots. We have low inflation, a low balance of payments current account deficit, and a high rate of growth. This is the result of good policy, not good fortune.
Govt plans to infuse Rs. 5,050 crore in PSU banks - The government is planning to infuse additional capital of about Rs. 5,050 crore in some public sector banks this week, according to reports. Parliament has approved Rs 5,050 crore for meeting additional expenditure on recapitalisation of public sector banks, as per a report. The likely contenders for the fresh round of infusion include Central Bank of India, Indian Bank, UCO Bank, Oriental Bank of Commerce, Vijaya Bank and United Bank of India, report added.
FM Arun Jaitley on rate cut by RBI: I want what everybody wants - Indicating his desire for the Reserve Bank to cut interest rates at its monetary policy review next week, Finance Minister Arun Jaitley has said he wants“what everybody wants. The government has done its bit by sticking to fiscal consolidation path to contain deficit at 3.9 per cent of GDP this fiscal and further cut it to 3.5 per cent of GDP in the year beginning April. Also, the government has lowered small savings interest rates to make room for lower lending rates. He said that i want what everybody wants.
Resolved various legacy issues, moving to 25% corporate tax rate: FM Arun Jaitley - Finance Minister Arun Jaitley said the Indian government has resolved various legacy issues with regard to taxation and is gradually working to bring down the corporate tax rates to the global level at 25 per cent from 30 per cent currently. The Finance minister further said that India achieved over 7.5 per cent growth rate despite global headwinds and the effort of the government would be to improve it further by promoting ease of
doing business and attracting more foreign investment and preventing domestic investors from going abroad.
India expected to achieve growth rate of 8% and above: FM Jaitley - Finance Minister Arun Jaitley said, “India expected to achieve growth rate of 8% and above in the coming years.�“India continues to be one of the fastest growing economies in the world. India is yet to realise its full potential of growth. Even during the global economic turmoil in the past, India has always showed resilience. Mentioning the significant improvement in the macroeconomic stability, as reflected in low levels of inflation, contained fiscal deficit and Current Account Deficit, he said that this has been in spite of uncertain global economic situation.
'Make in India' critical for growth: Industry leaders - Indian industry leaders today hailed the government's flagship 'Make in India' programme, saying the initiative is critical to the country's growth as it gives boost to manufacturing and generates employment. The remarks from the industry leaders came after Finance Minister Arun Jaitley launched the 'Make in India' conference here on the second day of his four-day visit to Australia.
RBI Monetary Policy Preview: Expectation of rate cut by 25 bps - After keeping the interest rates unchanged during the last two monetary policy reviews, RBI is now expected to initiate a move during April. At the onset of this calendar year, the central bank had set the onus on the incumbent regime, wherein the government was expected to strike a balance between growth and fiscal prudence, which can provide the much needed leeway to act on the rates. Effectively, optimism emanated from the Union Budget for Fiscal Year. The budget was based on various aspects, including agriculture, rural population, social welfare, infrastructure, financial reforms, tax reforms and ease of doing business. In this respect, the finance Minister announced that the fiscal deficit target of 3.9 % for this year is met and target of 3.5 % has been maintained for the next fiscal year. The fine balancing act between fiscal prudence and growth can now persuade the Reserve Bank of India to lower the interest rates.
US investment in India has outpaced China since Narendra Modi government came to power - The US administration has said that the United States has stepped up investment in India since the advent of the Narendra Modi government in the country, outpacing its investment in China. "The high-level engagements between our two countries since May of 2014 include six at the leader-level, including the Nuclear Security Summit this week, and we could well see more before the end of the
administration," US Assistant Secretary of State Nisha Desai Biswal said.
Oil prices will remain weak through medium term: Moody's - Moody's Investors Service said, the recent modest recovery in oil prices will only provide minor relief from severe stress for companies that incurred large amounts of debt to ramp up supply that now significantly exceeds demand. The markets will limit capital access to spec-grade energy companies until high crude inventories decline and there is evidence of sustained OPEC production cuts. Our ratings do not move in lockstep with our price estimates, but should be viewed in the context of our pessimistic medium-term outlook for the energy industry.
China's manufacturing PMI snaps losing streak; PMI at 50.2 in March - The seasonally adjusted PMI – a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy Registered 49.7 at the end of the first quarter, up from 48.0 in February. Despite remaining below the crucial no-change 50.0 value, it was the highest index reading in 13 months and signalled only a fractional deterioration in the health of the sector. Chines Manufacturing PMI increase in first time in this year.
India's external debt went up to $ 480 billion at end-December: Finance Ministry India's total external debt inched up marginally to $480.2 billion at December-end compared to March-end last year, finance ministry said in a report. The total external debt stock at December-end recorded an increase of $4.9 billion over its level at March-end. Government external debt stood at $90.7 billion at December end 2015 while nongovernment debt amounted to $389.5 billion.
� 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.
The newly constituted Board of Trade, a top advisory body on external commerce, is expected to meet on April 6 to discuss on the ways to boost exports.
Telecom Regulatory Authority of India is likely to revert within 15 days on its stand on the sale of 700 MHz spectrum to the Department of Telecommunications.
Indian refineries are on track to meet the strict timeline for supplying superior quality and
less Polluting Petrol and diesel confirming to Euro-VI norms by April 2020, IOC Director said.
India's Defence Procurement Policy would be launched online during Defence Expo India-2016, Defence Minister said.
EPFO will park more funds in public sector bonds to boost government's infrastructure development programmes and continue to invest in equities, Union Labour Minister said.
The government permitted 100% FDI in the market place format of e-commerce retailing with a view to attract more foreign investments.
Employees Provident Fund Organisation allowed interest payments on inoperative accounts with effect from April 1, 2016, reversing a five-year-old decision by the UPA government. RBI said foreign investors will be allowed to buy up to Rs. 275 billion in additional sovereign debt starting next month, as part of its previously announced plan to allow increased overseas investments.
India is expected to produce 25.64 million tonnes of sugar in the 2015/16 cane crushing season that began in October, a government source said, lower than the previous official forecast of 26 million tonnes.
National Bank of Agriculture and Rural Development said it has disbursed Rs. 25 billion in refinance to non-banking lenders in the first year of starting the facility.
Indian corporates raised over US$1.35 billion from overseas markets in February, down 40.2% over the same month a year ago, RBI data showed.
The state-run Maharashtra State Electricity Distribution Company has proposed an average tariff hike of 5.5% for 2016-17 across its 25 million consumers. In its petition before the Maharashtra Electricity Regulatory Commission , it has argued that the rise in tariff is necessary to meet the revenue gap of Rs. 389.8 billion.
Capital goods has been one of the most beaten-down sectors over the past two years. As industrial growth slowed and the capex cycle came to a grinding halt, order books got squeezed, hurting both top lines as well as bottom lines of companies in this space. Policy hurdles and project delays also took their toll on the companies from this space.
The Asian Development Bank has revised India's growth rate to 7.4% in 2016-17 from 7.6% estimated this year, but said India will remain one of the fastest growing economies in the world.
Granting long-term relief to domestic steel producers, the central government extended the safeguard duty on the select steel imports for two years.
Government and the World Bank today signed a US$1.5bn loan agreement for the Swachh Bharat Mission to support India's universal sanitation initiative.
Reserve Bank of India has revised the overseas borrowings or external commercial borrowings framework for Indian firms.
Pegging India's GDP growth rate at 7.6% for the fiscal 2015-16, Finance Minister said it is "much less" than its potential and expressed hope for better numbers next year.
In what could be a reverse trend of three-month long decline in the industrial production, eight core sector industries grew at a year's high of 5.7% in February, almost double the rate of 2.9% a month ago. These industries had expanded 2.3% in February, 2015. The surge is mostly driven by cement and fertilisers.
Japanese state-owned lender, Japan International Cooperation Agency , announced it has signed an agreement with the Indian rail ministry to provide a loan of Rs. 61.7bn as Official Development Assistance for funding a stretch of the Western arm of the ambitious Dedicated Freight Corridor Corporation Project.
� TOP CORPORATE NEWS Natco Pharma has received eight observations for its formulation plant at Kothur near Hyderabad and API facility at Manali , following inspections by the USFDA in the months of February and March.
Cadila Healthcare has acquired Actibile, a gastroenterology brand from Albert David for an undisclosed sum.
Dr Reddy's Laboratories has entered into a US licensing pact with XenoPort for the development and commercialisation of latter's clinical-stage oral new chemical entity
XP23829.
Glenmark Pharmaceuticals has received final approval from the US health regulator USFDA for oral contraceptives and leukemia treatment injection.
BHEL Ltd. has commissioned second 40 Mw hydropower generating unit at the Teesta low dam hydro electric project stage-IV in West Bengal.
ONGC Ltd. said its board has approved a Rs. 340 billion investment plan to bring into production a flagship hydrocarbon block in the Krishna-Godavari basin off the Andhra coast.
Biocon Ltd. has got approval from Japan's health ministry to sell its biosimilar insulin Glargine in disposable pens in the the country, the second largest market for insulin outside of the US and Europe.
L&T Finance Holdings subsidiary L&T Infrastructure Finance Company plans to raise up to Rs. 2 billion through issuance of non-convertible bonds on a private placement basis.
Lloyd Electric and Engineering announced the acquisition of Noske-Kaeser's rail and vehicles business in select markets for 2.3 mn euros.
Inox Wind Ltd. has announced that continuing Company expansion in southern states of India, Inox Wind Infrastructure Services Limited, a Wholly Owned Subsidiary of Inox Wind Limited has acquired Sarayu Wind Power Private Limited, with effect from March 25, 2016.
Wipro Ltd. announced a five-year partnership with Jubilant FoodWorks Limited, master franchisee for Domino's Pizza and Dunkin' Donuts in India and the leader in the Quick Service Restaurant space in the country with over 1000 restaurants in India, to deliver energy management services and help reduce its energy and operational costs.
Nestle India Ltd has announced that the Board of Directors of the Company, on the recommendation of the Nomination and Remuneration Committee, on March 28, 2016, appointed Dr. Rakesh Mohan as an Independent Non-Executive Director of the Company with effect from May 01, 2016 upto June 30, 2020
TVS Motor Company announced the launch of its new four stroke TVS XL 100 in Maharashtra. The all new TVS XL 100 has been designed to meet the evolving needs of today’s customer.
Ashok Leyland has won orders valued at Rs. 8 billion from the Indian armed forces. The company will supply Field artillery tractor, super stallion vehicles and ambulance.
Lupin Ltd. has received a total of three observations relating to violation of production norms at manufacturing facilities at Mandideep, Madhya Pradesh from the US Food and Drug Administration.
Reliance Defence Ltd, a 100% subsidiary of Reliance Infrastructure Ltd, and Rafael Advanced Defence Systems Ltd have decided to set up a joint venture company in India in the areas of air-to-air missiles, air defence systems and large aerostats.
Aurobindo Pharma Limited has received final approval from the US Food and Drug Administration to manufacture and market rivastigmine tartrate capsules USP in 1.5 mg, 3 mg, 4.5 mg and 6 mg strengths.
Adani Ports and special economic zone said it has raised Rs 5 billion through issue of debentures on private placement basis.
Reliance Capital announced completion of additional 23% stake sale in Reliance Life Insurance to Nippon Life Insurance.
Tata Motors signed a memorandum of understanding with the Maharashtra ExServicemen Corporation, for creation of employment opportunities for ex-servicemen of Indian Army. This is in response to Tata Motors solution for the Defence Ministry's prestigious US$10 billion combat vehicle programme.
Larsen & Toubro said it has sold its entire 89% stake in L&T Infocity Ltd to Hyderabad-based Ace Urban Developers Ltd for Rs1.9 billion.
Reliance Power said Appellate Tribunal for Electricity has upheld its plea on Sasan ultra mega power project, paving the way for the company to receive Rs10.5 billion from the buyers of its electricity.
Reliance Infrastructure wholly owned subsidiary Reliance Defence said it will enter into a joint venture with Ukraine's Antonov, makers of AN 32 aircraft in service with the IAF, in the field of transport aircraft for military and civil uses.
� TOP BANKING AND FINANCIAL NEWS OF THE WEEK Syndicate Bank has informed BSE that a meeting of the Board of Directors of the Bank is scheduled to be held on March 31, 2016, for considering issuance of equity shares of the face value of Rs. 10/- each aggregating up to Rs. 740.00 Crore by way of preferential allotment in favour of Government of India.
Government will provide sufficient funds to recapitalise public sector banks to ensure that they play a significant role in boosting growth, Finance Minister Arun Jaitley said.
The Reserve Bank of India has told the Supreme Court that corporate loan defaults may not always be the promoters' fault or mala fide and may sometimes be due to external factors beyond their control such as cyclical ups and downs of an economy.
State-run Bank of India today said the government has approved a capital infusion of Rs 1,150 crore in lieu of preferential allotment of shares.
State-run Vijaya Bank today said the government has approved a capital infusion of Rs 220 crore in lieu of preferential allotment of shares.
State Bank of Hyderabad has crossed a business of Rs 2.50 lakh crore in the current financial year ending tomorrow as it gets ready to celebrate platinum jubilee in 2016-17.
Oriental Bank Of Commerce has informed the Exchange that the Department of Financial Services, Ministry of Finance , Government of India has conveyed its decision to infuse capital funds to the tune of Rs. 300 crore in the Bank by way of preferential allotment of equity in favour the Government of lndia.
State Bank of India and Bank of Baroda have taken the lead in setting lower lending rates based on the Marginal Cost Lending Rate system that will benefit millions of borrowers. However, those who have home loans may not get the benefits every quarter as rates may be reset once a year. But the flip side of it is that they wouldn't be hurt immediately whenever the rates go up either.
Vodafone is in initial talks with the Piramal group and HDFC Bank to sell as much as 49% of its payments bank arm, more than the 26% it has to compulsorily divest, with an aim also to cross-sell financial services products from the eventual partner, three people familiar with the matter said.
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