TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : -Nifty gave euphoric buying of 3.94% from its low of 7896 in last 4 days of trading session

for the year 2016. Indian benchmark index Nifty is opened unchanged at 8175 and with major global markets

closed for the day. The Equity benchmark Nifty opened in a Positive note on Monday up by 25 points or 0.30

per cent at 8210. Nifty 50 trend already tested 8212 on Tuesday and it has recovered from 7896 dated

26/12/2016 and gained 315 points from its lower end after fall which initiated from 8723 dated 24/10/2016.

The defined estimated decline of 7683 has not been achieved till date and we may witness further down trend

towards 7400-7200 because the fundamental of Nifty Index are still in bearish mode due to high P/E of their

own and its Derivatives. The Nifty current P/E are trading on higher sides i.e. 21.93 and 20.88. India’s PMI

data contracted as data came to its one year low of 49.60. Cash market showed good buying, with most of the

stocks up by more than 10%. Some stocks even hit the upper circuit of 20% on Tuesday trading Session. Nifty

has come near its weekly target of 8294, NSE Small Cap Index has come to its one month high 5933 above

which next target is 6208. FII's are not Participating in the buy rally which is not triggering a buy breakout in

the market. The Nifty has given strong close on Thursday, reaching its weekly target of 8294, the Index is

opening at 8318 above its weekly breakout level. If market does not show any profit booking then it may head

towards its next target of 8460 on next week trading sessions. Nifty has to give a breakout of 8294 above which

next weekly target is 8614. The crucial levels for Nifty is 8250-8130 is Down side and 8330-8420 is Up side.

BANK NIFTY : - The Bank Nifty has opened in a positive note on Monday trading Session up by 65 points

or 0.35 at 18242. Year’s Eve day calling for transmission of rate cuts by the banks and working for the interests

& the benefits of “poor & middle class people” was negative for banks. Banks were under pressure as

transmission of rate cuts may be negative for overall Net Interest Margin to the extent of around 0.60%, if

credit demand does not pick up as expected in the coming days; on the other side, operating costs may have

also increased after demonetization and Net Performing Assets may also surge further. Some reports that RBI

may not be obliged to cut rate in Feb may hurt the sentiment for the banks & the rate sensitive sectors. banks

may be the biggest loser after demonetization, despite surge in CASA/demonetized bank deposits having lower

cost of funds. Bank Nifty is struggling to trade with positive momentum. Banks may follow suit after State

Bank of India cut its benchmark lending rate by 90 basis points to 8% .Major support for Bank Nifty is at

17606. The merger of five associate banks with will be pushed to the next quarter as Governmet approval is

pending, according to SBI Chairman. Bank Nifty has to trade above 18250 to support the overall rally in the

Indian Markets. Bank Nifty has to sustain over 18250 area for any further rally towards 18400-18575 &

18650-18800 zone for the next trading week. On the other side, sustaining below 18200 zone, Bank Nifty may

further fall towards 18000-17800 area. The important levels for Bank Nifty is 18337-18441 is Up side and

18173-18083 is Down side.

Monday, 9 January 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8421 8323 8274 8225 8127

WEEKLY R2 R1 PP S1 S2

8753 8409 8237 8065 7721

MONTHLY R2 R1 PP S1 S2

8753 8409 8237 8065 7721

BANK NIFTY

DAILY R2 R1 PP S1 S2

18754 18426 8262 18098 17770

WEEKLY R2 R1 PP S1 S2

20410 18838 18052 17266 15694

MONTHLY R2 R1 PP S1 S2

20410 18838 18052 17266 15694

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8140 8224 8301 8259

BANK NIFTY 18138 18478 18603 18287

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 7948 7893 7963

BANK NIFTY 17606 19540 16569

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band along with

Parabolic SAR both the indicators are Leading Indicators, and gives signal of Buying or Selling.

Although the Uses of Bollinger Band differ from traders to traders Some buy when it break the Lower

Band from below side and some buy when it break Upper Band. We assume that the Breaking the

Middle Band Usually a Up side is bull Signal as we can see on the above given chart it is Trading

Above its crucial Psychological Level it is around 8120. if it is Sustaining 8100-8080 Level could

lead the Nifty further Up side. Significance Support level of 8090-7995 And Significance Resistance

for Nifty is 8201-8290.

Detail of Chart-On the Above given Chart of Nifty We can see that Nifty index has been trading in

the Range of 7900-8294 Range in Whole Week. . We also see that the index is building a Kind of’

'Double Top” Pattern. The Double Top Pattern was initiated from 7987 levels after which it created a

high of 8294. If technical analysis is followed, Nifty should complete its Double top Pattern and touch

the neck line level which is around 7809. The Bollinger Band is Also giving Signal that if it Sustain

the Level of 8220 could lead the Nifty toward the 8460 level. The crucial levels for Nifty is

8150-7980 is down side and 8320-8448 is Up

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of BANK NIFTY has Applied the Bollinger Band

along with MACD. Both are the Indicators trading in Positive Territory and it is clearly visible is

banking Index is able to Sustain the level of 18250 can lead the index toward the 18600 in near term.

From this level we are Expecting the If Bank Nifty is able to Sustain the Level of 18250 may go

Further Up side to the level of 18550-18660 Level for Next week or sustaining below 18200 zone,

Bank Nifty may further fall towards 18000-17900 & 17800-17600 area for next week trading Session.

The Significance levels for BANK NIFTY is 18098-17770 Down side and 18754-18426 is Up Side.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1356 1348 1340 1332 1324

ADANI PORTS EQ 293 291 289 287 285

AMBUJACEM EQ 216 214 213 211 210

ASIAN PAINT EQ 943 936 925 918 907

AXISBANK EQ 464 460 457 453 450

BAJAJ-AUTO EQ 2750 2734 2732 2707 2696

BANKBARODA EQ 155 154 152 151 149

BPCL EQ 687 677 671 661 655

BHEL EQ 129 127 126 125 124

BHARTIARTL EQ 334 327 323 316 312

BOSCH LTD EQ 25515 21847 21281 20613 20047

BHARTI INFRATEL EQ 360 357 354 351 348

CIPLA EQ 597 590 583 576 569

COALINDIA EQ 311 309 308 307 306

CAIRN INDIA LTD EQ 261 258 255 252 249

DRREDDY EQ 3227 3194 3169 3136 3111

GAIL EQ 453 447 444 438 435

GRASIM EQ 871 863 857 849 843

HCLTECH EQ 854 834 820 800 786

HDFC EQ 1238 1230 1224 1216 1210

HDFCBANK EQ 1202 1197 1192 1187 1182

HEROMOTOCO EQ 3145 3104 3078 3037 3011

HINDALCO EQ 165 162 161 159 158

HINDUNILVR EQ 888 861 846 819 804

ICICIBANK EQ 262 260 258 256 254

ITC EQ 252 247 244 240 237

INDUSIND BANK EQ 1168 1156 1143 1131 1118

INFY EQ 1008 989 978 959 948

IDEA CELLULAR EQ 75 74 73 72 71

KOTAKBANK EQ 732 724 708 700 684

LT EQ 1408 1398 1393 1383 1378

M&M EQ 1246 1233 1226 1213 1206

MRF EQ 53361 52475 51800 50914 50239

MARUTI SUZUKI EQ 5680 5643 5620 5583 5560

ONGC EQ 208 205 202 199 196

NTPC EQ 167 165 164 162 161

RCOM EQ 34 34 33 33 32

RELCAPITAL EQ 454 451 447 444 440

RELIANCE EQ 1089 1082 1077 1070 1065

RELINFRA EQ 504 498 493 487 482

RPOWER EQ 46 45 44 43 42

SBIN EQ 250 248 246 244 242

SSLT( VEDL) EQ 237 234 230 227 223

SUNPHARMA EQ 652 646 642 636 632

TATA MOTORSDVR EQ 328 323 320 315 312

TCS EQ 2362 2323 2290 2251 2218

TATAMOTORS EQ 511 504 500 493 489

TATAPOWER EQ 79 78 77 76 75

TATASTEEL EQ 430 425 420 415 410

UNIONBANK EQ 131 130 129 128 127

YES BANK LIMITED EQ 1274 1261 1238 1225 1202

ZEEL EQ 478 470 466 458 454

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 JSW STEEL 1627 175 - 89.24 %

2 MPHASIS LTD 565 527 - 6.74 % -6

3 LIC HOUSING FIN 559 524 - 6.27 %

4 DIVI'S LAB 783 737 - 5.91 % -5

5 MINDTREE LTD. 521 500 - 4.11 %

6 INFOSYS 1010 972 - 3.79 % -3

7 CYIENT LTD. 504 486 - 3.56 %

8 TCS 2365 2281 - 3.56 % -3

9 HDFC 1262 1222 - 3.19 %

10 GAYATRIPROJECTS

671 650 - 3.13 % -3

11 SBIN 250 245 - 1.72 %

12 HCLTECHNOLOGIES

827 814 - 1.64 % -1

13 HDFC BANK 1206 1193 -1.04 %

14 WIPRO LTD 474 469 - 0.95 % -0.

15 RELIANCE 1082 1074 - 0.69 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1YES BANK LTD. 1156 1246

+ 7.81 %

2TATA STEEL 391 419 + 7.23 %

3ADANI PORTS 268 286

+ 6.56 %

4ONGC 191 202 + 5.86 %

5MARUTI SUZUKI 5319 5615

+ 5.56 %

6TATA MOTORS LTD 472 497 + 5.46 %

7BHARAT PETRO 635 664

+ 4.62 %

8BHARTI AIRTEL 305 319 + 4.61 %

9ASIAN PAINTS 891 929

+ 4.32 %

10BHEL 121 126 + 4.29 %

11HINDALCO 155 160

+ 3.68 %

12AURO PHARMA 669 692 + 3.45 %

13INDUSIND BANK 1107 1144

+ 3.26 %

14DR. REDDY’S LABS 3060 3159 + 3.23 %

15BHARTI INFRA 343 354

+ 3.14 %

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE

NSE FUTURE : BUY HAVELLS FUTURE ABOVE 365 TGT 375 SL 361

NSE FUTURE : BUY MARUTI FUTURE ABOVE 5650 TGT 5750 SL 5700

NSE FUTURE : SELL BEL FUTURE BELOW 1422 TGT 1400 SL 1433

NSE CASH

NSE CASH : BUY VRLLOG NSE CASH ABOVE 270 TGT 291 SL 261.

NSE CASH : BUY ATLASCYCLE NSE CASH ABOVE 463 TGT 500 SL 449..

NSE CASH : BUY DHAMPURSUG NSE CASH ABOVE 159 TGT 172 SL 154.

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Slowdown in new investments post demonetisation: CMIE - Investments have fallen sharply post

demonetisation, slipping to their lowest under the current Narendra Modi-led NDA government, data

released by the Centre for Monitoring Indian Economy showed. In the quarter to December, new

investment proposals worth Rs. 1.25 lakh crore were observed, CMIE said, contrasting it with the

average Rs. 2.36 lakh crore worth of new investments per quarter in the preceding nine quarters of the

Modi government. "Data suggests that demonetisation has hit the pace of announcement of new

investment proposals during the quarter ended December," Mahesh Vyas, managing director and CEO

of CMIE said.

Forex reserves fall by $ 935.2 mn to $ 359.671 billion - India's foreign exchange reserves declined

by USD 935.2 million to USD 359.671 billion in the week to December 23 on account of fall in

foreign currency assets, the Reserve Bank said today. In the previous week, the reserves had fallen by

USD 2.380 billion to USD 360.606 billion. They had touched a life-time high of USD 371.99 billion

in the week to September 30, 2016. Foreign currency assets , a major component of the overall

reserves, dipped by USD 933.2 million to USD 335.970 billion in the reporting week. FCAs,

expressed in US dollar terms, include the effects of appreciation/depreciation of non-US currencies

such as the euro, pound and the yen held in the reserves. Gold reserves remained steady at USD

19.982 billion in the reporting week, the RBI said.

India's end-Sept external debt rises to $ 484 billion - India's external debt decreased by USD 0.8

billion from the end-March 2016 level to USD 484 billion at end-September 2016, the government

said. "India's external debt at end-September 2016 stood at USD 484.3 billion, recording a decline of

USD 0.8 billion (0.2 per cent) over level at end-March 2016." the Ministry of Finance said in a note.

However, on a sequential basis, total external debt at end-September 2016 increased by USD 4,768

million from the end-June 2016 level," it added. The Ministry said that at end-September 2016,

long-term external debt accounted for 83.2 per cent of India's total external debt, while 16.8 per cent

was short-term external debt. Maturity pattern of India's external debt indicates dominance of

long-term borrowings. While short-term external debt witnessed a decline of 2.6 per cent and stood at

USD 81.2 billion at end-September 2016, long-term debt at end-September 2016 was placed at USD

403.1 billion, showing an increase of USD 1.4 billion (0.4 per cent) over level at end-March 2016.

India, Singapore DTAA amendment to modify capital gains tax exemption on cards - India and

Singapore would hold key dialogue here on Thursday and Friday to conclude protocol to amend

bilateral Double Taxation Avoidance Agreement or DTAA which will modify capital gains tax

exemption. India-Singapore DTAA came into force in 1994 and, with two amending protocols in 2005

and 2011, has been at the centre of focus because Singapore-based companies could take advantage of

capital gains tax provision and avoid capital gains tax, since Singapore does not have capital gains

tax. It was linked to the DTAA with Mauritius and was clear that if the agreement with Mauritius was

modified, the one with Singapore would also have to change, too.

Demonetisation takes toll on manufacturing, PMI falls below 50 - India’s manufacturing

contracted in December 2016 as cash crunch due to demonetisation hurt demand as well as output in

the first month of ban on old high denomination notes, a private survey showed on Monday. The

Nikkei India Manufacturing Purchasing Managers’ Index fell to 49.6 in December from November's

52.3, marking the first contraction in the last 12 months. A reading above 50 indicates economic

expansion, while reading below 50 shows contraction. "Having held its ground in November

following the unexpected withdrawal of Rs 500 and Rs 1,000 bank notes from circulation, India’s

manufacturing industry slid into contraction at the end of 2016," said Pollyanna De Lima, economist

at IHS Markit and author of the report

Government keeps inflation pressure at bay in 2016, but hiccups loom - In spite of a smooth

transition to a new inflation-targeting mechanism, crude price rearing its ugly head is a grim reminder

that it will be a tough job ahead to keep retail price increase at the 2016 level of around 5 per cent.

One of the landmark achievements of 2016 was adoption of the inflation-targeting framework and

moving to collective interest rate decision-making. Under the new mechanism, the government has

mandated RBI to bring down inflation to below 6 per cent by January 2016 and then target a level of 4

per cent by March next year. This will bring predictability while the effectiveness of its monetary

tools would increase because inflation targeting will take into account future -- rather than past --

price trends. Through 2016, the government has been able to contain retail as well as wholesale

inflation within manageable limits, seasonal variations notwithstanding

Finmin clears 29 investment proposals worth of Rs 2.11 lakh crore - Expenditure Finance

Commission under Ministry of Finance cleared 29 proposals of various ministries involving

expenditure of about Rs 2.11 lakh crore during the last year. Besides, Public Investment Board headed

by Expenditure Secretary cleared 12 proposals involving expenditure of Rs 28,673 crore. Of these,

three proposals of Ministry of Power worth Rs. 8,612 crore were cleared by the board during calender

year 2016. Proposals of Ministry of External Affairs and Ministry of Road, Transport and Highway

involving investment of Rs. 7,291 crore and Rs. 6,461 crore, respectively, were also cleared,

Department of Expenditure under Ministry of Finance said in its year-end review for 2016. "During

the period from January 1 to November 30, 2016, the EFC chaired by Expenditure Secretary

recommended 29 investment proposals or schemes of various ministries and departments costing Rs.

2,11,049 crore," it said

Economy poised for good growth in quarters ahead: Industry captains - Indian economy is

steadily getting back on its feet and poised for good growth in the quarters ahead after a tumultous

period post abrupt demonetisation of high-value currency notes in November, corporate leaders,

bankers and experts said. Digital payments are clearly the way forward for the economy, but India’s

banking system needs to seize the opportunity to expand its operations among the weaker sections,

panelists said at a discussion organised by Times Network, which has launched a nationwide initiative

to “Remonetise India”. Minister for Power, Coal, Renewable Energy and Mines Piyush Goyal

endorsed the initiative of Times Network, part of India’s top media conglomerate, The Times Group.

“I urge the citizens of our country and various stakeholders to join this movement and support the

government in its future endeavours,” the minister said

✍ TOP ECONOMY NEWS

Reserve Bank of India ups daily ATM withdrawal cap to 4,500 rupees; weekly cap unchanged.

Prime Minister Narendra Modi says situation post demonetisation has largely normalised.

India, Singapore sign revised double taxation avoidance pact.

India Apr-Nov fiscal deficit 4.58 trillion rupees, 85.8% of FY17 aim.

Jet fuel price hiked by 8.6%, subsidized LPG Rs. 2 per cylinder.

April – November deficit hits 86% of budget estimate.

The Nikkei Markit India Manufacturing Purchasing Managers’ Index - an indicator of

manufacturing activity - fell to 49.6, down from 52.3 in November.

Aided by better show in coal and electricity generation performance, the eight core industries'

output grew 4.9% in November 2016.

India's foreign exchange reserves declined by USD 935.2 million to USD 359.67 billion in the

week to December 23 on account of fall in foreign currency assets.

Petrol price was hiked by Rs. 1.29/l - the third increase in a month, and diesel rate was raised by

97p/ litre - the second hike in a fortnight.

The government has garnered over Rs. 214.32 billion or USD 3 billion through selling its stake

in central public sector entreprises during the first eight months of the current fiscal, representing

nearly 60% of the union budget's target.

The prospects of a rollout of the Goods & Services Tax regime from April 1, 2017 appeared to

recede further after representatives of States expressed concern about the timeline at a meeting of

the GST Council.

Global private equity players made good a sudden jump in valuation of their investments in 2016

and chose to pull out a record USD 10.3 billion from domestic markets.

Government announced safety audit for all 418 mines in the country in the wake of one of the

worst open cast mine disaster under Rajmahal, killing at least 18 people.

The Nikkei India Services Business Activity Index registered 46.8 in December, showing little

change from November's reading of 46.7 and indicating a further contraction in output.

Indian companies have raised close to Rs. 270 billion by issuing non-convertible debentures to

retail investors so far in the current fiscal to meet their business needs.

Expenditure Finance Commission under Ministry of Finance cleared 29 proposals of various

ministries involving expenditure of about Rs. 2.11 trillion during the last year.

Mergers and acquisitions deals in the country hit a record 5-year high at $ 61.44 billion or about

Rs. 4 trillion in 2016.

The 12 states that have signed up for Ujwal Discom Assurance Yojana have issued bonds

totalling Rs. 1.83 trillion. The bonds issued have helped service 83% of the cumulative debt of

the state-owned discoms.

Indian companies garnered close to Rs. 6 trillion through private placement of corporate bonds in

2016, a surge of 25%, to fund business expansion plans.

Cracking down on secret profit sharing agreements between private equity funds and promoters

of listed firms, Sebi has barred them from entering into any such pact without prior approval of

the board and public shareholders.

✍ TOP CORPORATE NEWS -

Demonetisation drive hits December car sales; Maruti Suzuki volume down 4.4%.

India Oil Corporation, HPCL and BPCL hikes petrol price hiked by Rs. 1.29 rupees a litre and

diesel by Rs. 0.97.

US FDA to audit Dr. Reddy's Laboratories Limited 3 plants after Jan 3rd week.

Lakshmi Vilas Bank raises 1.68 billion rupees via QIP.

Godrej Properties to develop project in Pune.

Maruti Suzuki India Limited, Hyundai may hike car prices by 2,500-100,000 rupees from Jan.

GE Power, formerly known as Alstom India bags an order for Rs. 2.71 billion from BHEL in

Tamil Nadu.

Government says toll in Coal India Limited Jharkhand mine collapse rises to 10.

IDBI Bank cuts most retail term deposit rates by 25 bps.

Merck gets demand notice from NPPA for overcharging.

Home loans cheapest in 6 years as State Bank of India slashes rate 50 bps.

Lupin Limited has received final approval from the US health regulator to market cevimeline

hydrochloride capsules, used for treatment of symptoms of dry mouth in patients with Sjogren’s

syndrome, in the US market.

Larsen & Toubro Limited has bagged another smart city project by being identified as

implementation partner to convert Pune into a smart city.

State Bank of India slashed interest rates to the lowest in about a decade.

Bharti Airtel Limited is in talks with Telenor for buying its India business for USD 350 million.

Insecticides India Limited has tied up with Japan’s Nihon Nohyaku Co Ltd for launching new

generation insecticides for different crops under the brand name SUZUKA.

IL&FS Engineering and Construction Company Limited has received a Letter of Acceptance

for a road contract from Ministry of Road Transport & Highways through CE PWD, Government

of Karnataka for a total value of Rs. 2.43 billion.

Natco Pharma Limited announced the launch of the first generic version of Sofosbuvir

400mg/Velpatasvir 100mg fixed dose combination in Nepal.

Bank of Baroda has entered into a partnership with CNX Corporation with an objective to

provide collateral management services towards the loans against warehouse receipt sanctioned to

the farmers through the network of the bank's branches across the country.

Oil and Natural Gas Corporation plans to spin off its difficult fields into a separate division

that includes Gujarat State Petroleum Corporation's Deen Dayal Upadhyaya discovery in the

Krishna Godavari basin.

Larsen & Toubro Limited has bagged two more contracts from Saudi Arabia’s biggest oil

company Saudi Aramco.

Tata Motors limited launched its new pick-up vehicle Tata Xenon Yodha with price starting at

Rs. 0.605 million.

Panacea Biotec Limited has increased the availability of life saving drug Cilamin 250 capsules

for treatment of Wilson’s disease — a genetic disorder in which copper builds up in the body —

in India.

Suven Life Sciences Limited has been granted a patent each by Eurasia and Norway for a drug

used in the treatment of neuro-degenerative diseases.

Balrampur Chini Mills Limited announced a buyback of equity shares worth Rs. 1.75 billion

through a tender offer.

ONGC Videsh Limited, the overseas arm of Oil and Natural Gas Corporation Limited, has won

rights to bid for oil and gas development projects in Iran.

Ahead of the Budget, ONGC and Cairn India have asked the government to cut cess on crude oil

saying the switchover from fixed to ad valorem rates had turned things from bad to worse.

Bharti Airtel Limited announced a special offer under which, it will offer free data for 12

months, worth up to Rs. 9000, to customers who switch to Airtel 4G.

US Food and Drug Administration has issued a warning letter to Wockhardt Limited

Ankleshwar plant for data integrity issues, destruction of records and other violation of good

manufacturing practices.

Godrej Properties Limited has sold more than 300 apartments within two months of launch at its

project Godrej Greens in Pune. This represents more than 75% of the 400 apartments that were

opened for sale.

Jubilant Life Sciences Limited subsidiary has signed long-term contracts in the US for the

supply of some of its diagnostic and therapeutic products.

IndiGo and SpiceJet have raised "security" concerns over the government's decision to allow

100% foreign ownership by non-airline players in the Indian carriers.

BGR Energy Systems Limited has recently won two contracts worth Rs. 6.50 billion for setting

up water treatment plants.

Premier Explosives Limited has received an order from ISRO (Indian Space Research

Organisation) for production of developmental motor for use in the Polar Satellite Launch

Vehicle.

Reliance Jio and Tata Tele-services Limited opposed in the Delhi High Court the pleas filed by

Bharti Airtel and Vodafone challenging Trai's interconnect usage charges regulations fixing

termination charges for the landline to wireless as zero paise and wireless to wireless at 14p/min.

HCL Technologies Limited has completed its USD 85 million acquisition of Butler America

Aerospace.

Maruti Suzuki India Limited opened online booking for its premium hatchback ' Ignis ' that it

plans to launch next week.

Online automobile marketplace Droom as tied up with Axis Bank Limited to provide quick

sanction of loans on both new as well as used cars.

Sun Pharma announced successful Phase 3 confirmatory clinical trial results for Seciera for the

treatment of dry eye disease.

JK Tyre & Industries has sought shareholders’ approval through postal ballot to raise up to

Rs10bn by issuing securities.

NHPC Limited has signed a power purchase agreement with the government of Mizoram for the

upcoming hydroelectric projects Tawang-I and Tawang-II in Arunachal Pradesh. The agreement is

for a period of 35 years.

Tata Elxsi Limited inked a pact with Irdeto to provide secure in-car display systems for auto

mobiles.

BGR Energy Systems Limited, and engineering procurement and construction company, has

announced it entry into large size water treatment business after securing contracts worth Rs. 6.50

billion.

The promoters of Sona Group have acquired the shares held by Mahindra & Mahindra Limited

in a joint venture company for Rs. 1.20 billion.

Sanofi India Limited has sued Glenmark and Torrent Pharmaceuticals in a US court over

their plans to launch a generic version of its multiple sclerosis drug, Aubagio.

Wockhardt Limited said German regulator has issued European Union Good Manufacturing

Practice certificate to the company's Ankaleshwar facility in Gujarat.

Within a month since the Road Ministry launched a scheme to revive the construction business,

two projects of IRB Infrastructure Developers Limited have got relief.

Tata Motors and Castrol inked a three-year agreement under which the lubricants maker would

supply commercial vehicle oils to the home-grown auto major in over 50 markets, including

SAARC and ASEAN region, West Asia, Africa, Russia and Latin America.

As many as 10 international offshore drilling contractors including Transocean Inc have offered

best-in-class deepsea drilling rigs to Oil and Natural Gas Corporation for its KG-D5 gas field

developme

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Public sector lender Dena bank today slashed its benchmark lending rate by 0.75 per cent, in the

footsteps of bigger lenders like State Bank of India and Punjab National Bank.

Other banks may follow suit after State Bank of India cut its benchmark lending rate by 90

basis points to 8%, said CLSA in a note. CLSA said State Bank of India MCLR cut comes on the

back of significant inflow of CASA deposits following demonetisation and is aimed to stimulate

growth.

It is more noise than action when it comes to recovery of bad loans. When banks claimed that

they were accelerating loan recovery, on the ground it actually slowed — to Rs. 22,678 crore at

the end of fiscal year 2016 from Rs. 30,792 crore a year earlier, according to central bank data.

Public sector banks continued to lag behind private lenders in loan recoveries even as they were

burdened with a high proportion of Non-performing assets, the Reserve Bank of India said in its

latest Financial Stability Report. PSU banks could only recover Rs. 19,757 crore last fiscal year

against Rs. 27,849 crore in fiscal 2015.

Banks may have to take bigger haircuts on their loans gone sour, as the government pushes

state-run companies to take over their stressed assets. A meeting will be held between banks,

state-run firms and their administrative ministries to work out the issues, said a senior

government official aware of the deliberations. "It was decided that banks and central public

sector enterprises will sit jointly and assess some of these cases. There has been some reluctance

on the part of CPSEs. They have also said that banks need to be more realistic on the valuations,"

he said.

Housing, auto and corporate loans are all set to become cheaper with half a dozen PSU and

private banks today steeply reducing benchmark lending rate by up to 1.48 per cent after spurt in

deposits following demonetisation. Taking a cue from State Bank of India, other lenders including

largest private sector lender ICICI Bank and state-owned Oriental Bank of Commerce and

Andhra Bank announced cut in marginal cost of funds based lending rate.

Facing pressure from tax and enforcement authorities, banks are not taking any chances in

reporting "suspicious transactions" with some of the private players reporting an increase of up to

10 times. Sources said that a private bank, which used to report around 275-300 transactions a

month, saw the number for Suspicious Transaction Reports filings with the Financial Intelligence

Unit rise to almost 3,000 during December. Another large bank said that it had seen a seven to

eight-fold jump in STRs which were typically made for cash deposits of over Rs 1 crore.

The sharpest rate cut by banks in more than seven years is likely to benefit big corporates more

than retail borrowers. Companies can renegotiate contracts immediately, taking advantage of

reductions of as much as 90 basis points, while more than 60 % of retail borrowers are stuck in

the earlier base rate regime where the drop has been a much narrower 5-10 basis points, experts

said.

The country's largest lender State Bank of India will take the lead among state-run lenders to

launch branch less banking called SBI Digi Bank, something similar to what Citi or DBS have

done elsewhere in the world. The Digi Bank will have a financial superstore, a market place, and

end-to-end digitisation for all products and services.

Growth of bank credit fell to a multi-decade low of 5.1% for the fortnight ended December 23, as

drying up of demand in the last two months of the year saw businesses cutting down on borrowing.

Data released by RBI showed that as of December 23, bank lending to businesses individuals and the

farm sector stood at Rs 73.48 lakh crore, an increase of 5.1% over the same period of last year.

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