TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

CNX NIFTY - The markets opened higher in trade on Monday, tracking positive trend seen in Asian markets after

upbeat US jobs report on Friday suggested US Federal Reserve may go for interest rate hikes in nearly a decade in

its December policy meet.The Nifty50-share index was quoting 7,818.40, up 36.50 points. On Tuesday The

market has opened marginally lower, tracking negative global cues due to sharp fall in oil prices Nifty declined

22.30 points to 7743.10. Shares are likely to follow a sideways trend in the near term in the absence of a real

recovery in earnings.GST may have on the stock market's fortunes in the near term, saying tangible benefits from

the proposed tax, The market has rebounded on Thursday Nifty is up 31.85 points or 0.4 percent at 7644.35. The

expectation for next week for Nifty is Neutral due to globle news and lack of investors Participants in the Market

the expecting Fed rate hike is 25 (bps) Nearly in decade and it will create an impact on the market for Next week

also so All over Nifty movement toward Bearish the strong support for Nifty is 7500. If the Nifty break the level

of 7500 The market can give 1-2 % negative movement near the end of next week. The interruption of opposition

on GST bill is also a worry for investors. There could be an initial bout of volatility in next week session, So it is a

period of uncertainties. The weekly Support for Nifty is 7515-7422 And Resistance for Nifty is 7733-7949.

BANK NIFTY FUTURE - The Bank Nifty is open on Monday at 17018 and made the high of 17031 and low

16921. The Bank Nifty is currently 16391.The Banking Industry will be in pressure for next week also banks have

been given more powers and flexibility to deal with the bad loans despite of that the NPA and Bad loans are a

subject to worry for Banking Industry. The Hope for Bank Nifty is all over in Bearish trend but global cues can

also impact the market like - Fed News, other economic and Banking news. and for next week could expecting that

Bank Nifty will be in pressure. The PSU Bank share may hit the new low due to pressure of intrest rate increasing

by Fed The Resistance for Bank Nifty is 16908-17840 The Support of Bank Nifty is 15976-15044.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

7949 7733 7625 7515 7301

WEEKLY R2 R1 PP S1 S2

8414 7918 7670 7422 6926

MONTHLY R2 R1 PP S1 S2

8906 8114 7718 7322 6530

BANK NIFTY

DAILY R2 R1 PP S1 S2

17840 16908 16442 15976 15044

WEEKLY R2 R1 PP S1 S2

118847 17311 16543 15775 14239

MONTHLY R2 R1 PP S1 S2

20399 17933 16700 15467 13001

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 7828 7997 8110 8295

BANK NIFTY 17038 17321 17627 18061

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 7915 8346 8533

BANK NIFTY 17395 16061 19814

PATTERN FORMATION ( NIFTY AND BANK NIFTY )

Depiction of Chart - On The Above given daily Chart of MAs lag current price action because they are based on past prices the longer

the time period for the MA, the greater the lag. Thus a 100-day MA will have a much greater degree of lag than a Less-days MA because it

contains prices for the past 100 days. With breaks above and below this moving average considered to be important trading signals.for

Buying or Selling. MAs also impart important trading signals on their own, or when two averages cross over. A rising MA indicates that the

security is in an uptrend, while a declining MA indicates that it is in a downtrend. Similarly, upward momentum is confirmed with a bullish

crossover, which occurs when a short-term MA crosses above a longer-term MA. Downward momentum is confirmed with a bearish

crossover, which occurs when a short-term MA crosses below a longer-term MA.While on the Above given Chart both the condition are not

following.on the other hand the RSI is showing that Nifty got undervalued it means the chances to give gap-up opening in next week. So we

can expect that if the Nifty is crossing the level of 7700 it can make the high of 7900-7950 for Next Week. Weekly Support of Nifty Is 7515-

7450 And Resistance is 7733-7949.

BANK NIFTY MACD

Details of Chart - On the Above given chart of Bank Nifty Weekly MA for week is the strong Support for Bank Nifty in weekly

chart.both the MA woking as a support level and the EMA working as a Resistance leevel it could make high of 16500.The market is in

pressure due to global news. However Next Session of Bank nifty couldl be expect in consolidated trend. The US fed rate hike is a fear for

investor to bet in Banking industry.So Banking Industry Shares Can open in the Red on Monday. The Support for Bank Nifty Is 15976 S2

15044 And the Resistance for Bank Nifty is R1 16908 R2 17311. The All over trend of nifty will be Negative due to global news impact

Although we can see a sharp bullish opening only for next trading session . The MACD is in Diversion movement this means the movement

for next session can also negative.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1354 1337 1326 1309 1298

ALBK EQ 71 69 68 67 66AMBUJACEM EQ 196 193 191 187 186ASIAN PAINT EQ 871 863 856 848 841

AXISBANK EQ 457 449 443 434 428BAJAJ-AUTO EQ 2474 2444 2424 2394 2374

BANKBARODA EQ 165 159 154 148 143BANKINDIA EQ 121 117 115 112 110

BHEL EQ 170 167 166 163 162BHARTIARTL EQ 318 313 311 306 304

CIPLA EQ 648 641 636 629 624COALINDIA EQ 314 311 310 307 306

DLF EQ 115 111 109 105 102DRREDDY EQ 3049 3004 2977 2930 2905

GAIL EQ 354 346 341 333 328GRASIM EQ 3768 3703 3664 3599 3560

HCLTECH EQ 854 846 841 833 828HDFC EQ 1198 1182 1172 1156 1146

HDFCBANK EQ 1066 1054 1048 1036 1030HEROMOTOCO EQ 2580 2557 2540 2517 2500

HINDALCO EQ 78 77 76 75 73HINDUNILVR EQ 839 833 824 818 809

ICICIBANK EQ 266 258 252 244 238ITC EQ 324 321 318 315 312

INDUSIND BANK EQ 950 932 920 902 890INFY EQ 1068 1059 1052 1043 1036

JINDALSTEL EQ 918 907 897 886 876KOTAKBANK EQ 690 680 671 661 652

LT EQ 1328 1307 1291 1270 1254M&M EQ 1320 1293 1269 1242 1218MRF EQ 40358 39901 39527 39070 38696

MARUTI EQ 4583 4522 4467 4406 4351ONGC EQ 223 220 217 214 211

ORIENTBANK EQ 142 137 134 129 126RCOM EQ 81 78 77 74 73

RELCAPITAL EQ 416 402 394 380 372RELIANCE EQ 968 960 951 943 934RELINFRA EQ 447 434 426 412 404RPOWER EQ 52 50 49 47 45

SBIN EQ 238 232 229 223 220SSLT( VEDL) EQ 86 85 84 82 81SUNPHARMA EQ 775 766 757 748 739

TATAMOTORS EQ 399 389 383 372 366TATAPOWER EQ 64 63 62 61 60TATASTEEL EQ 247 244 239 236 231UNIONBANK EQ 157 151 148 142 139

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION )

NSE FUTURE

1. ZEEl FUTURE : ZEEL FUTURE OPEN AT 403.55 MADE LOW OF 397.30 ON DAILY CHART OF

ZEEL FUTURE IT SHOWS BEARISH MOVEMENT WE CAN MADE SHORT POSITION IN ZEEL

BELOW 390 TGT 370 SL 396

2. BHARATFORG FUTURE : BHARATFORG FUTURE SHOWS BULLISH MOVEMNET ON

DAILY CHART WE CAN MADE LONG POSITION IN IT ABOVE 805 TGT 850 SL 790.

3. JUSTDIAL FUTURE : JUSTDIAL SHOWS BULLISH MOVEMENT ON DAILY CHART WE CAN

EXPECT FURTHER BULLISH TREND IN IT ABOVE 880 TGT 940 SL 864.

4. DR REDDY FUTURE : DR REDDY OPEN AT 3011 MADE LOW 2991 SHOWS BEARISH TREND

WE CAN MADE SHORT POSITION IN DR REDDY BELOW 2970 TGT 2800 SL 3020.

5. INFRATEL FUTURE : INFRATEL SHOWS BEARISH TREND TODAY WE CAN EXPECT

FURTHER BEARISH MOVEMENT IN INFRATEL MADE SHORT POSITION BELOW 388 TGT

370 SL 395.

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 UNION BANK OF INDIA 170.45 148.70 -12.76 %

2 ADANI POWER LTD.

30.30 26.55 -12.46 %

3 JSW ENERGY LTD. 86.45 76.00 -12.09 %

4 KAVERI SEED CO. 420.75 370.45 -11.95 %

5 TORRENT POWER LTD. 197.65 174.05 -11.94 %

6 VEDANTA LTD. 94.25 83.05 -11.88 %

7IFCI LTD. 28.30 25.00 -11.66 %

8 ADANI ENTER. LTD.

83.20 73.50 -11.66 %

9RALLIS INDIA 185.50 165.50 -10.95%

10 ORIENTAL BANK 151.25 134.75 -10.91 %

11 TATA CHEMICALS 436.60 389.65 -10.75 %

12 ALLAHABAD BANK

75.95 68.00 -10.47 %

13 BANK OF BARODA 173.75 155.80 -10.33 %

14 GLENMARK PHARMA

978.40 877.40 -10.32 %

15IDBI BANK LTD. 92.40 83.00 -10.17 %

SR.NO SCRIPT NAME PREV CLOSE

CMP % CHANGE

1AMTEK AUTO LTD. 43.40 50.50

+16.36 %

2 BHUSHAN STEEL LTD.

43.00 47.85 +11.28 %

3HAVELLS INDIA 288.90 307.75

+6.52 %

4 FORTIS HEALTHCARE

166.05 175.20 +5.51 %

5INDIAN HOTEL CO. 104.10 108.90

+4.61 %

6 THERMAX 857.80 893.00 +4.10 %

7NATCO PHARMA 516.85 537.80

+4.05 %

8 SUN PHARMA. 733.25 754.45 +2.89 %

9EMAMI LTD. 964.20 986.85

+2.35 %

10 PETRONET LNG 237.65 243.10 +2.29 %

11 NIIT TECHNOLOGIES 575.10 587.35

+2.13 %

12 APPLLO HOSPITALS 1379.30 1395.95 +1.21 %

13GODREJ CON. PRO. 1262.40 1275.65

+1.05 %

14 TCS 2365.25 2385.00 +0.84 %

15JET AIRWAYS 562.80 566.55

+0.67 %

NSE CASH

1. IDFC NSE CASH : IDFC CORRECTED ABOUT 16% LAST WEEK. IT MAY RECOVER IT

TRADES ABOVE 46. LONG POSITION CAN BE MADE ABOVE 46 WITH TGT AND SL OF 49.50

AND 44.50 RESPECTIVELY.

2. GMRINFRA NSE CASH : LONG POSITION CAN BE MADE IN GMRINFRA ABOVE 16.10 FOR

TGT AND SL OF 17.30 AND 15.50 RESPECTIVELY.

3. FORTIS NSE CASH : FORTIS RALLIED ABOUT 5% THIS WEEK AND MAY CONTINUE ITS

NORTHWARD MOMENTUM ABOVE THE 180 LEVEL.LONG POSITION CAN BE MADE

ABOVE 180 WITH TGT AND SL OF 195 AND 174 RESPECTIVELY.

4. GSKCONS : GSKCONS RALLIED 6% THIS WEEK . AND CAN SHOW FURTHER UPWARD

MOMENTUM ABOVE THE LEVEL OF 6500, LONG POSITION CAN BE MADE ABOVE 6500 FOR

TGT AND SL OF 7020 AND 6300 RESPECTIVELY.

5. HCC NSE CASH : LONG POSITION CAN BE MADE IN HCC ABOVE 24.50 FOR TGT AND SL

OF 26.30 AND 23.75 RESPECTIVELY.

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

1. Govt cuts market borrowing target for H2 FY16- The Government has cut its market

borrowings target for the second half of FY16 by INR 15,000 crore, citing the launch of the

Sovereign Gold Bond and Gold Monetisation schemes.“The gross market borrowings have

been adjusted down by INR 15,000 crore to take into account expected government borrowings

through Sovereign Gold Bonds and Gold Monetisation Scheme,” the Finance Ministry said on

Tuesday. The Centre plans to raise INR 2.49 lakh crore in the second half of FY16 out of a

gross borrowing target of INR 6 lakh crore. Of this, it plans to raise INR 2.34 lakh crore

through government securities. Gross borrowings in the first half of FY16 totaled INR 3.51

lakh crore, of which INR 1.71 lakh crore were raised in the quarter ended 30th September, the

Finance Ministry said in its Quarterly Report on Debt Management.

2. Tata Group eyes $350 bn market cap by 2025 - Tata Group is looking at $350 bn market

cap by 2025, according to reports. Report says that the group is looking at an increase of nearly

$250 bn by 2025, including through acquisitions. The group is looking to build on the platform

set up by its previous Chairman Ratan Tata. “At the turn of the century, we had a relatively

small market cap of just under $8 billion. We have added a 100 billion dollars plus to that in the

last 15 years. I am quite confident that this will continue to grow,” Member — Group

Executive Council and Brand Custodian, Tata Sons, Mukund Rajan reportedly said.

3. Rupee opens flat at 66.70/$ - The Indian rupee opened at 66.70/$ in early trade on Monday.

A US rate hike could potentially lead to massive amounts of pullback of foreign funds from

emerging economies like India. Fed Forward rate curves are now suggesting 79% probability of

25 basis points move on the rates. The volatility will increase as we move towards December

16th Fed policy meeting. In international markets, China’s Yuan is formally included into the

IMF’s benchmark SDR as of October 2016. To meet the IMF’s criteria, China has initiated

various reforms, including foreign access to Chinese currency markets, regular debt issuance

and

expanded Yuan trading hours. Mario Draghi elaborated that the monthly bond buying

programme will be extended till March 2017. However, some of the market participants remain

disappointed as the central bank did not increase the quantum of government bonds ECB buys

each month. On Friday, Indian rupee ended at 66.70/$. The currency touched a high and low of

66.86 and 66.96 respectively. The Reserve Bank of India’s reference rate for the dollar stood at

66.83 and for Euro stood at 73.04 on December 04, 2015. While, the RBI’s reference rate for

the Yen stood at 54.51, the reference rate for the Great Britain Pound stood at 101.0434.

4. ASSOCHAM welcomes CEA-led committee`s suggestions on GST rate - Apex industry

body ASSOCHAM has welcomed the report of Chief Economic Advisor led panel

recommending standard GST rate of 18 per cent and lower rate of 12 per cent on specified

goods. “This rate structure is quite appropriate and will be anti-inflationary for indigenous

goods, however the cost of services will go up including some essential services like banking,

telecom and information technology ,” said The Associated Chambers of Commerce and

Industry of India. “The CEA panel has also suggested highest rate of 40 per cent on sin and

luxury goods but not identified which items will be treated as luxury goods, in such situation it

is feared that list of such goods may be expanded by including large number of normally used

items by large population which is not desirable,” said ASSOCHAM.

5. Sensex lost Rs. 65,519.27 crore Market capital in a week - In the passing week, where the

Reserve Bank of India’s fifth bi-monthly monetary policy was a non event, benchmark Sensex

lost Rs. 6,55,19.27 crore of investors’ wealth. The index, which started at 26,142.53 at start of

the week, ended at 25,638.11, losing around one and half percent. Sustained selling pressure

amidst negative global cues mainly spooked market.Investors resorted to profit-taking,

particularly, in banking shares amid fresh worries that the soon to be introduced methodology

to compute lending rates could squeeze margins of several lenders. Lack of developments in the

ongoing Winter Session of Parliament also added to negative triggers of the markets after RBI’s

not so dovish stance in previous policy meet. Besides, pessimistic milieu on prevailing caution

ahead of the US Fed meet on rate hike decision later this month kept investors on the sidelines.

6. In November! FIIs sell shares worth US$ 1 bn; MFs pump in Rs. 6.5K cr- The mounting

uncertainty ahead of the US Federal Reserve’s monetary policy, has led to the foreign investors

continuing their selling spree in Indian equities. On the other hand, the mutual funds have

continued their impressive buying in shares for the month of November. For November, the

FIIs have been net sellers to the tune of Rs. 7,074.17 crore in equity. While their off-loading in

debt instruments stood at Rs. 3,752.28 crore. This takes their net selling in November to Rs.

10,826.45 crore. On the other hand, the MFs have been net buyers in the equities to the tune of

Rs. 6,547.70 crore and their net buying in debt segment stood at Rs. 30,838.90 crore, which

takes their total buying to Rs. 37,386.60 crore. So far in December 2015, the FIIs have been net

sellers to the tune of Rs. 2,362.40 crore in equities, which takes their total investment in Indian

shares in the current fiscal so far to Rs. 13,487.60 crore.

7. Fitch affirms India at BBB-; Outlook stable - Fitch Ratings has affirmed India's Long-

Term Foreign- and Local-Currency Issuer Default Ratings at 'BBB-'. The issue ratings on

India's senior unsecured foreign- and local-currency bonds are also affirmed at 'BBB-'. The

Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'BBB-' and the

Short-Term Foreign-Currency IDR at 'F3'. Fitch's affirmation of India's sovereign ratings and

Stable Outlook balances a strong medium-term GDP growth outlook and favourable external

finances, including a strong foreign reserves buffer, with a high government debt burden and

weak structural features, including a difficult - but improving - business environment. India's

positive GDP growth outlook stands out globally. Fitch forecasts India's real GDP growth to

accelerate to 7.5% in the fiscal year ending 31 March 2016 and 8.0% in FY17.

8. This is a historic opportunity for India to implement a game-changing tax reform:

Arvind Subramanian- Committee headed by the Chief Economic Adviser Dr. Arvind

Subramanian on Possible Tax rates under GST submitted its Report to the Finance Minister

here today. The Committee in its concluding observations has stated that this is a historic

opportunity for India to implement a game-changing tax reform. Domestically, it will help

improve governance, strengthen tax institutions, facilitate “Make in India by Making One

India,” and impart buoyancy to the tax base. It will also set the global standard for a value-

added tax in large federal systems in the years to come. The GST has been an initiative that has

commanded broad consensus across the political spectrum. It has also been a model of

cooperative federalism in practice with the Centre and states coming together as partners in

embracing growth and employment-enhancing reforms.

9. India expected to be among top 5 manufacturing nations by 2020: Deloitte - Over the

next five years, India is expected to capture the top 5 position as the most competitive

manufacturing nation, according to the upcoming 2016 Global Manufacturing Competitiveness

Index report from Deloitte Touche Tohmatsu Limited’s Global Consumer & Industrial Products

Industry group and the US Council on Competitiveness . Meanwhile, the United States is

expected to capture the top spot as the most competitive manufacturing nation in 2020, pushing

current leader China into the second position.

10. PE funds and NBFCs join hands to invest in Real Estate - Private equity funds and non-

banking financial companies are joining hands to invest in real estate projects to hedge risk in a

sluggish market and undertake big-ticket transactions. Shares of real estate companies are

trading higher on the bourses in an otherwise subdued market after Godrej Properties

announced that it has received a good response for the Mumbai project. Realty firm Godrej

Properties has sold 300 flats worth over Rs 700 crore in just one week in its project at Vikhroli,

Mumbai, even as the housing segment is facing.

12. Govt to auction nearly 46 oil & gas blocks - The Government is preparing the ground to

auction nearly 46 oil & gas blocks, reports a business daily. The Union Petroleum Ministry is

planning to replace the existing cost recovery model with the revenue sharing model, adds the

newspaper. The new policy model is expected to be approved by the Cabinet Committee on

Economic Affairs shortly, adds the daily. Also, the auction could see the introduction of the

opean acreage licensing policy that would replace the NELP. The 46 blocks being short-listed

for the next round of auction include 17 onland, 15 shallow water and 14 deep water fields,

according to data from the Directorarte General of Hydrocarbons . India's crude oil imports

rose to 189.43 million tonnes in FY15 as against 171.73 million tonnes in FY12.

13. Crude reality! Low oil prices a blessing for India’s economic reforms - India is one

country that is always concerned about the strategies of Organization of the Petroleum

Exporting Countries. After all, India imports oil for more than 70% of its energy requirements.

So when OPEC recently decided not to cut production to support oil prices, it came as a booster

shot for India’s reforms process, albeit in medium term.Multi-year lows being made by oil

prices have helped importing countries like India immensely. Oil is pretty close to breaking its

2008 lows and if that happens, technical charts indicate that it might easily go on to break even

the lows of early 2000s. Oil producing countries of Middle East are using this higher-than-

demand production to push out smaller producers of Shale Oil. Whether this strategy works or

not is something that will only become clear in future. But fact is that it can send oil prices even

lower as markets are likely to fail to clear oversupply, due to lack of demand.

14. Strategic Debt Restructuring! Is it solving the NPA issue - Instead of using Strategic

Debt Restructuring for its actual purpose, i.e. to help recover bad loans by taking control of

management, banks are using it to delay identification of NPAs. It might sound harsh on banks,

which are already under a lot of pressure to resolve the NPA issue, but that may well be a

reality. RBI had introduced Strategic Debt Recovery scheme to allow banks to convert debt into

equity holding and take over management of problem-companies. Banks then have 18 months

to find a suitable buyer. In this interim period of 18 months, the asset retains its original

classification it had before debt was converted to equity. Most stressed accounts are in any case,

on verge of being declared as NPAs. Also chances of turning around an ailing company in 18

months are quite bleak. So taking control under SDR allows banks to simply delay the

identification of problem rather than solve the same.

15. Cabinet approves amendments to Real Estate Regulator Bill, 2015 - The Union Cabinet

chaired by the Prime Minister Narendra Modi has approved the Real Estate Bill, 2015, as

reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for

consideration and passing by the Parliament. The Real Estate Bill is a pioneering initiative to

protect the interest of consumers, promote fair play in real estate transactions and to ensure

timely execution of projects. The Bill provides uniform regulatory environment to ensure

speedy adjudication of disputes and orderly growth of the real estate sector. It will boost

domestic and foreign investment in the Real Estate sector and help achieve the objective of

Government of India to provide ‘Housing for All’ by enhanced private participation.

16. GST again, but perhaps a step closer to finish line: HSBC - ndian companies have raised

INR 13,000 crore so far from the primary market in calendar year 2015 - the best performance

in five years. If we include the upcoming IPO of Dr. Narayana Hrudayalaya, the total amount

expected to be raised in 2015 is likely to cross Rs. 14,000 crore. This will be the highest since

2010 when 64 companies raised about Rs. 37,500 crore.

17. RBI officials to meet bank chiefs on SDR, 5/25 scheme - Top officials of the Reserve

Bank of India , including governor Raghuram Rajan, will meet bank chiefs on Monday to

assess the progress and implementation of stressed-asset management schemes, According to

reports. The meeting is likely to be a stock-taking exercise on cases where strategic debt

restructuring and 5/25 refinancing have been invoked over the past few quarters, Added. The

meeting is a follow-up to last week's meeting between the RBI and chief general managers of

top banks, according to the source.

In that meeting, the RBI had asked for information about cases where SDR and 5/25

refinancing have been invoked. It had also mentioned some companies where the classification

of loans is not uniform across banks, According to report.

18. India to continue as fastest growing economy in 2016, 2017: United Nations - India's

economy is projected to grow by 7.3 per cent next year and will continue to be the fastest

growing economy in the world in 2016 and 2017 amid a volatile global financial conditions

that will see diminished trade flows and stagnant investment, according to a UN report released

on Thursday. The United Nations World Economic Situation and Prospects 2016 report said

that India will record a 7.3 per cent economic growth in 2016 and 7.5 per cent in 2017.

TOP ECONOMY NEWS

1. Corporate Debt Analysis - How total debt has moved over the last five years : According

to CARE Ratings, The Indian economy has been through differing business cycles in the last 5

years with a pick-up being witnessed in FY15 in terms of GDP growth which is likely to be

sustained in FY16. Data reveals that investment tends to be higher when there is an upswing

which in turn also leads to higher borrowings as companies tend to go in for expansion or

diversification. Correspondingly, with a slowdown, there is a tendency for pressures to mount

on the financial system on the servicing side. At the same time companies have also been

pressurized into financing their inventories as the recovery has only been gradual thus affecting

them disparately.

2. Govt not worried about fiscal deficit : FM - Finance Minister Arun Jaitley reportedly said

he was not worried about fiscal deficit and government would be able to meet its target despite

additional outgo towards the implementation of the 7th Pay Commission. FM added that the

impact of implementing the pay commission's recommendations, would last for two to three

years, says report.The government plans to bring down the fiscal deficit to 3.9 per cent of GDP

in 2015-16, 3.5 per cent in 2016-17 and 3 per cent by 2017-18.

3. Sin or VirtueTax! GST rate recommendations could hurt addiction-causing sectors :

The world over, addiction-causing products like tobacco and alcohol are taxed at higher rates to

discourage people from consuming them. While it is also true that due to the products’

addictive nature, the demand remains quite insensitive to price hikes, at least in developed

nations. The maximum tax for sin and luxury products and services is 40 %.

4. Finance Ministry looking to impose anti - dumping duty - The government is looking at

anti- dumping and anti-subsidy duty investigations on imports of bus and truck radial tyres

from China to protect domestic manufacturers, Parliament was informed.

5. Indian Depository Report for Foreign companies - After liberalising the external

commercial borrowing regime for companies looking to raise debt abroad, the government and

Reserve Bank of India are having a look at easing the norms on Indian Depository Receipts for

foreign companies.

6. Incentives given to exporters to help boost shipments: Nirmala Sitharaman - A host of

incentives including extension of 3 per cent interest subsidy will help in boosting exports,

which are in negative zone since December last year, Commerce and Industry Minister Nirmala

Sitharaman said. She said the country's exports are suffering due to a decline in prices of three

major items -- crude oil, commodities and essential metals, and demand slowdown in major

economies including Japan, the US and Europe. "Exports are declining in terms of value. We

are trying to do things to make our exports a bit more competitive," Sitharaman told PTI in an

interview. The government has recently extended incentives under the Merchandise Export

India Scheme (MEIS), three per cent interest subsidy and enhanced duty drawback rates.

"These are steps we have announced with an intention of handholding (to exporters)," the

minister said.

7. Road & Highways Reforms - As many as 599 highways projects have been sanctioned and

about 12,903 km of national highways have been awarded entailing estimated expenditure of

Rs1.08 trillion under the present government.

8. Cape of Good Hope! CEA panel submits report on GST - Chief Economic Advisor

Arvind Subramanian led expert panel has tabled the GST report to the Finance Minister, and

has recommended a Revenue Neutral Rate between 15-15.5%. Addressing a press conference,

Subramanian said that standard rate proposed is 17.7%, while the low rate is proposed at 12%.

GST has been the single largest taxation reforms measure to be undertaken since independence,

and the BJP government has been fighting hard to broker a deal with all the parties. "We are

making efforts for its passage. The public mood is almost one-sided in favour of the GST,"

Parliamentary Affairs Minister M Venkaiah Naidu told reporters.

9. Aggregate power generation recorded 6,54,639 million units between April to October -

Piyush Goyal, Minister of State for Power, Coal & New and Renewable Energy in a written

reply to a question in the Rajya Sabha said that as per information available in Central

Electricity Authority, there is no power plant which is unable to start production because of

non-availability of coal.The Minister further stated that the generation capacity of plants

presently under various stages of construction is around 1,00,803 MW. The projected dates of

commissioning is progressively upto the end of 13th Plan, ie, 2021-22.

Govt's ambitious reform agenda is a positive for India: Fitch - Fitch is expecting India's

growth at 7.5% in FY16 & 8% by FY17.Govt's ambitious reform agenda is a positive for India,

says Fitch. Fitch added that GST is credit positive as it will give positive signals to Investors.

10. Export Diversification! Has de-risking from West hurt India - After the 2008 credit

crisis, India Inc. made a conscious effort to reduce its dependency on western economies to de-

risk their export businesses. Though it made perfect sense to do it, that seems to be counter-

productive in the short term. As of today, Asia accounts for about 50% of the total exports from

India. US and Europe on other hand contribute about 30% Only. But now due to commodity

prices falls the many asian countries not importing more.it could impact the market of india.

11. Real possibility of govt delaying fiscal deficit plan: Fitch - There is a “real possibility” of

Finance Minister Arun Jaitley delaying the fiscal consolidation plan again, Fitch reportedly

said. The main issue for the budget will be fiscal issue, how are they going to manage 0.5 per

cent extra wage bill.” the ratings agency’s director Thomas Rookmaaker was quoted as saying.

Rookmaaker reported that attaining growth is no more a problem area for the country but fiscal

deficit is one.

12. Indian crude basket price low at $38.61 a barrel - The Indian basket of crude has

touched a low of $38.61 a barrel following a global decline and if it were to stabilize at this

level for this month, the average monthly price would be the lowest since December 2004

13. Arun Jaitley pitches for early passage of GST Bill - Finance Minister Arun Jaitley has

said that efforts to create hurdles in passing the GST Bill will amount to damaging the country

Growth. Jaitley added that the Bill was initiated by the Congress itself and it should help in

passage in the interest of the country. Prime Minister Narendra Modi had held meeting with

Congress president Sonia Gandhi and former Prime Minister Manmohan Singh on the GST

recently.

14. India’s direct selling industry has the potential to reach Rs. 645 bn by 2025: FICCI-

KPMG - Amitabh Kant, Secretary, Department of Industrial Policy and Promotion, Ministry of

Commerce and Industry, said that direct selling will have to be given a greater thrust as it

empowers women, MSMEs and promotes manufacturing in India, at FICCI DIRECT 2015, an

annual flagship event for Direct Selling industry. Kant said that the industry has a potential to

grow to INR 1000 billion by 2025 much beyond the FICCI-KMPG report projection of INR

645 billion.

15. EPFO may increase interest rate on PF from 8.75% for FY16 - Composite leading

indicators, designed to anticipate turning points in economic activity relative to trend, point to

stable growth momentum in the OECD area as a whole. Stable growth momentum is

anticipated in Canada and Japan as well as in the Euro area as a whole, including Germany and

Italy. In France, the CLI points to firming growth, while the CLIs for the United Kingdom and

the United States show a loss of growth momentum, albeit from relatively high levels. Amongst

the major emerging economies, tentative signs of stabilisation are emerging in China as well as

in Brazil,whilefirming growth is anticipated in India.In Russia the outlook continues to be for

weak growth momentum.

16. FDI up 24 per cent at $60.69 billion in 16 months: Nirmala Sitharaman - Foreign direct

investment in the country has increased by 24 per cent to $60.69 billion under the present

government, Parliament was informed today. The country had attracted USD 48.9 billion FDI

during February 2013 to May 2014, Commerce and Industry Minister Nirmala Sitharaman said

in a written reply to the Rajya Sabha.

17. Indian software market to reach $5.3 bn in 2016: Gartner- Indian software market is on

track to reach $5.3 billion in 2016, a 12.8 percent increase from 2015, according to Gartner,

Inc. The enterprise software marketplace is dynamic and ever-changing. Its growth and

structure are being shaped by factors and forces of decentralized purchasing, consumerization,

mobility, influence of other emerging markets, cloud-based implementations, and new

consumption models,” said Bhavish Sood, research director at Gartner.

18. Indirect Tax revenue collections up 24% yoy in November - Indirect Tax Revenue

(Provisional) collections have increased from Rs. 44,475 crore in November 2014 to Rs. 55,297

crore during November - 2015. Thus an increase of 24.3 % has been registered during

November - 2015 over the corresponding period in the previous year. This is an achievement of

67.8% of the target fixed for BE 2015-16. Central Excise collections have increased from Rs.

14,551 crore in November - 2014 to Rs. 23,033 crore during November - 2015 registering an

increase of 58.3%. This is an achievement of 74.8% of the target fixed at BE 2015-16.

19. Govt takes steps to revive manufucturing growth - After revision of base year of

National Accounts from 2004-05 to 2011-12, growth rate of different sectors is measured in

terms of growth rate of Gross Value Added at Basic Price in that sector. The growth rate of

GVA at Basic Price at constant prices in manufacturing during Q4 In 2014-15, Q1 of 2015-16

and Q2 of 2015-16 was 8.4 %, 7.2 % and 9.3 % respectively. The Government has taken a

number of measures including administrative and regulatory, to accelerate the growth of

manufacturing sector. For creation of conducive business environment, the Government is

constantly simplifying and rationalizing the processes and the procedures for boosting investor

sentiment, simplifying the policy and procedures for encouraging Foreign Direct Investment

and correcting the inverted duty structure.

20. Cabinet agrees changes in Real Estate Bill - The Cabinet has approved 20 major

amendments to the real estate regulatory Bill that seeks to protect home buyers as well as help

boost investments in the real estate industry.

21. Impact of Federal rate hike in Real estate - The Federal Reserve’s anticipated rise in

interest rates is expected to impact all sorts of real-estate transactions, whether you’re buying,

selling or Renting.

22. India Ratings: Continued momentum in Industrial Production & slight up-tick in

consumer inflation expected - The next one week is expected to be economic data heavy,

industrial production growth for October is estimated to rise to 5.8%, the second best month in

FY16 while consumer price inflation for November is estimated at 5.2%, the highest in five

months and wholesale price inflation is seen at -2.5%, the highest in five months, says India

Ratings and Research.

23. Govt raises Rs. 21,054 Cr Via Petrol, Diesel cess in FY15 - The Government has

collected INR 21,054 crore through cess imposed on petrol and diesel in the financial year

ended March 2015, Minister of State for Road Transport P. Radhakrishnan told the Lok Sabha

on Thursday.

The collection is higher by 22 per cent at Rs. 21,054.43 crore as against Rs. 17,330.87 crore

collected in FY14.

24. Debt is like a dynamite, Rajan warns India Inc - Reserve Bank of India Governor

Raghuram Rajan on Thursday said warned India Inc against high level of borrowings, equating

debt with “dynamite” which can blow up their finances badly if not controlled. “Debt is very

much like a dynamite. It is an instrument which is very useful in right places and explosive in

others,” Rajan said at the Presidency University in Kolkata.“Moderation is required and some

debt is good and not too much. Avoid over-borrowing to avoid problems,” Rajan said.

TOP CORPORATE NEWS -

1. Adani Ports - Adani Ports is keen to complete its own 'Sagarmala' dream by having presence

in the three key states of Maharashtra, Karnataka and Andhra Pradesh, apart from setting up

trans-shipment terminals in Southeast Asia and East Africa, a top company official said.

2. Tata Motors Ltd. - Tata Motors has lined up a slew of initiatives, including tripling of sales

network, filling the gaps in its product portfolio, improving manufacturing processes and brand

image, as part of its strategy to be one of the leading players in the Indian passenger vehicle

segment.

3. Cera Sanitaryware Limited - Sanitary ware company, Cera plans enhanced presence in

central India by increasing its galleries, distribution and marketing drive. The company plans to

increase its distribution network from current 70 to 100 in Madhya Pradesh and Chhatisgarh,

said company officials.

4. Tata Steel Ltd. - Tata Steel is likely to cut 720 jobs at one of its UK plants after talks to save

redundancies failed.

5. Alkem Laboratories - Competition Commission has imposed a penalty of over Rs740mn on

IPO-bound Alkem Laboratories and its two officials for indulging in unfair business practices.

6. Idea Cellular Ltd. - Idea Cellular launched third generation services in Delhi on 900 Mhz

band with the support of 2,500 3G cell sites and 5,000 upgraded 2G cell sites. The company

said it will soon launch better quality 3G services in Kolkata.

7. MMTC Ltd. - MMTC is looking to strengthen marketing network for selling Indian Gold

coins - a part of gold monetisation programme - by entering into tie-ups with SBI, ICICI Bank

and India Post, the state-owned firm said.

8. GAIL Ltd. - To address pipeline safety concerns, state-run energy major GAIL and National

Remote Sensing Centre, a unit of Isro, have launched an innovative surveillance geo-portal

called 'Bhuvan-GAIL Portal' for utilising space technology for its pipeline application.

9. Reliance Communication ltd. - Reliance Communication board approved sale of its tower

unit to private equity buyout group TPG Capital and Tillman Global Holdings.

10. Tata motors ltd. - Tata Motors-owned Jaguar Land Rover is examining a bid to buy the

Silverstone racing circuit, the home of the British Formula One Grand Prix.

11. Reliance communication Ltd. - Reliance Communications Ltd, a part of Anil Ambani’s

Reliance Group, on Friday announced the signing of a non-binding term sheet with Tillman

Global Holdings, LLC and TPG Asia, Inc. in relation to the proposed acquisition of R-Com’s

nationwide tower assets and related infrastructure by Tillman and TPG.

12. J K Tyre & Industries - JK Tyre & Industries on Friday said operations at its

Sriperumbadur-based manufacturing plant have been disrupted for eight shifts owing to

unprecedented rains in Tamil Nadu.

13. GMR Infrastructure Ltd. - GMR Infrastructure Ltd has inked a foreign currency

convertible bond deal with Kuwait Investment Authority for Rs 2,000 crore in a private

placement deal.

14. Sun Phamaceutical industries Ltd. - Sun Pharmaceutical Industries Ltd on Friday

announced that one of its subsidiaries has received the final approval from the US Food and

Drug Administration for its abbreviated new drug application for the generic version of

Gleevec, Imatinib Mesylate tablets, 100mg and 400mg.

15. Hindustan Unilever Ltd. - The Swachh Bharat Abhiyaan has an ally in India's largest

FMCG, Hindustan Unilever. The 'Swachh Aadat, Swachh Bharat' initiative aims to promote

health and hygiene, communicating to 75 million people via a mass media ad campaign. An on-

ground programme Swachh Basti is currently being piloted in Mumbai and Delhi and intends

reaching 200,000 people by end 2015.

16. Ashok Buildcon Ltd. - Roads developer Ashoka Buildcon Ltd said on Monday that it has

entered into a share purchase agreement with peer PNC Infratech Ltd to purchase 8.51% stake

in Jaora-Nayagaon Toll Road Co. Pvt. Ltd for about Rs.34.19 crore.

17. Godrej Properties Limited - Realty firm Godrej Properties has sold 300 flats worth over

Rs. 700 crore in just one week in its project at Vikhroli, Mumbai, even as the housing segment

is facing huge demand slowdown.

18. Sadbhav Infrastructure Project Limited - Sadbhav Infrastructure Project, a leading road

BOT companies, announced that Shreenathji-UdaipurTollway, a wholly-owned subsidiary of

the company has received provisional completion certificate for 100% project stretch on Friday

and accordingly toll collection has been started on the project from Dec 06, 2015.

19. GMR Infrastructure Limited - ndian infrastructure company GMR Group plans to raise

at least $1 billion over the next two years to cut debt, repay investors in its airports business

and prepare for a new phase of growth, its chief financial officer said on Monday.

20. Lanco Infratech Limited- Lanco Amarkantak Power, an arm of Lanco Infratech, has

started power supply to Haryana discoms from its Amarkantak plant in Chhattisgarh.

21. Adani Power ltd. - The Adani Group has asked Australia to frame a special law that

prohibits activist groups from seeking judicial review of environmental approvals granted for

its $15 billion coal mine, rail and port project in Queensland, as it seeks a lasting solution to

controversy and delay, chairman Gautam Adani said.

22. Infosys Limited - Infosys said it aims to create 250 new jobs over the next three years in

Ireland to develop new technologies and support innovation in global financial institutions.

23. TCS Ltd. - IT behemoths Tata Consultancy Services and Wipro have firmed up plans to

expand capacities at their Bhubaneswar centres. TCS, which operates in a Special Economic

Zone on the city's outskirts, will inaugurate its new facility on December 10 to add a capacity

for 3,000 employees.

24. Tata Motors Ltd. - Tata Motors, India's fifth largest maker of passenger vehicles, has

stopped producing the Manza and Vista as the company now looks at new models to give it the

much needed upstart.

25. MMTC Ltd. - MMTC has suffered a loss of Rs80.3mn on import of onions, which will be

borne out of the price stabilisation fund, Parliament was informed.

26. Dr Reddy's Laboratories - Company has signed a Memorandum of Understanding with

the Life Sciences Sector Skill Development Council and Vishnu Institute of Pharmaceutical

Education and Research for market research and to develop a skilled work force for the

industry.

27. Siemens Limited - Company has bagged an order worth Rs3.77bn from Indian Railways'

Diesel Locomotive Works , Varanasi for supply of traction motors.

28. Aurobindo Pharma Limited - Aurobindo Pharma said it has received final approval of the

US health regulator to manufacture and market its Dexamethasone Sodium Phosphate injection,

used to treat various conditions such as severe allergic reactions, arthritis and blood diseases.

The approved product has an estimated market size of USD31mn for the twelve months ending

September 2015.

29. HDFC Bank - The Bank is taking on Paytm, an emerging challenger in the digital space,

on its own turf — the recharge business. The new generation private bank is offering its

customers prepaid mobile recharge service through a missed call.

30. Wockhardt Ltd. - Drug maker Wockhardt has received qualified disease product status

from US health regulator for a new antibiotic.

31. Eicher Motors - Eicher Motors today said it has suffered a production loss of 11,200 Royal

Enfield motorcycles so far due to heavy rains and flooding in Chennai.

32. L & T - Engineering giant Larsen & Toubro announced on Tuesday that it has won fresh

orders worth Rs. 1,960 crore.

33. Dabur India - FMCG firm Dabur India today launched the sugar-free version of its popular

ayurvedic product Chyawanprash to tap health conscious customers.

34. Jet Airways - Private carrier Jet Airways said it has partnered with the Indian arm of global

NGO ActionAid to provide relief to the flood-affected people of Chennai and Thiruvallur

district in Tamil Nadu.

35. Tata Communications - Tata Communications Ltd on Tuesday said it will sell the fixed-

line assets of its South African telecom subsidiary Neotel Pty Ltd to Vodacom SA, a subsidiary

of Vodafone Plc, under a revised deal. The financial terms of the transaction were not disclosed.

36. Havells India Ltd. - Electrical equipment company Havells India Ltd on Thursday said

that it will divest its majority stake in its overseas subsidiary units Havells Sylivania Malta Ltd

and Havells Exim Ltd of Hong Kong to lighting equipment maker Shanghai Feilo Acoustics

Co. Ltd of China to focus on India market.

37. Maruti Suzuki India Ltd. - Country's largest carmaker Maruti Suzuki India will hike

prices of its vehicles across models by up to Rs 20,000 from January to offset impact of rising

costs and weakening of rupee against dollar, joining rivals in making such a move.

38. Bharat Forge Ltd. - Auto components maker Bharat Forge Ltd has entered into a

agreement with Rolls-Royce Plc to supply critical and high integrity forged and machined

components for a range of aero engines, including the flagship Trent engine.

39. Tata Consultancy Services Ltd. - Country’s largest software services firm Tata

Consultancy Services will add 3,000 seats at its Kalinga Park centre in Bhubaneswar, as it

expands its presence in Odisha.

40. Sun Pharmaceutical Industries - Drug maker Sun Pharmaceutical Industries Ltd has

entered into a tripartite research and option agreement with Israel-based Weizmann Institute of

Science and Spain’s Health Research Institute of Santiago de Compostela to develop products

for the treatment of neurological diseases like brain stroke and glioblastoma, a lethal brain

cancer.

35. NBCC Ltd. - State-owned NBCC has bagged a contract worth Rs. 188 crore from the

Indian Culinary Institute Society.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

1. Axis Bank to open 10-15 branches in Northeast next year - Private lender Axis Bank

plans to ramp up its presence in the Northeast and add 10-15 branches by next year, after

opening nine branches in the region this year. Rajiv Anand, group executive and head of retail

banking said in Guwahati on December 4, "We are growing in Northeast India and we will

continue to grow in future in this region." The Executive Said.

2. Dena Bank's fund raising depends on credit offtake: CMD State lender Dena Bank

which got the board approval to raise funds both by issuing fresh shares and bonds, would go to

the market depending upon credit offtake, its CMD Ashwani Kumar said.

"We have got board approval to raise funds both by issuing fresh shares. But that will depend

on growth in credit offtake," Kumar said at a news conference here today.

3. Chennai flood: 14 Canara Bank branches, 270 ATMs not functional - Canara Bank

informed the BSE on Saturday that 14 of its bank branches and 270 ATMs were not functional

owing to the flood situation in Chennai, Kanchipuram and certain other areas in Tamil Nadu.

The currency chest cash movement has also been stopped.

4. SBI to become aggressive to take on competition: Chairperson Arundhati Bhattacharya

- State Bank of India will become more aggressive in taking on competition arising from new

payments banks, small finance banks and other entities, its Chairperson Arundhati Bhattacharya

said today.

5. State Bank of Hyderabad attains 11.11% capital adequacy ratio - State Bank of

Hyderabad today said it has attained 11.11 per cent capital adequacy ratio and aims to achieve

12 per cent by March next year. SBH is an associate bank of State Bank of India, the country's

largest public sector lender. The bank has attained 11.11 per cent capital ratio and targets 12 per

cent by March, 2016, SBH Managing Director Santanu Mukherji told reporters here.

6. Banks like SBI, ICICI go all-out to extend support to customers in flood-hit Chennai -

Help is pouring in from various sources for residents of flood hit Chennai. SBI, Axis Bank,

ICICI Bank HDFC Bank, Canara Bank etc. have come forward to address EMI & card payment

related difficulties and ATM issues.

7. The Federal Bank Limited - Federal Bank, one of the major banks in the private sector, has

launched Missed Call Banking Service for mobile recharge. The service will allow users to

recharge their mobile phones by just making a missed call. The Bank worked overtime to

introduce the service, especially to provide succor to the flood-affected residents of Chennai.

8. TCS & IDFC BANK Contract for Core Banking - Tata Consultancy Services, a leading IT

services, consulting and business solutions organisation, has announced that IDFC Bank has

selected TCS BaNCS for core banking, a move that will enable it to offer next generation

banking services that are more personalised, convenient and faster.

9. Reserve Bank of India Governor Rajan Said Hope of GST Passes - Optimistic about the

passage of long pending Goods and Services tax Bill in the Parliament, Reserve Bank of India

governor Raghuram Rajan has told American investors that continued focus on fiscal

consolidation and inflation will mean they will reach their targeted goal.

10. RBI says looking into debt-for-equity swap provision for lenders - The Reserve Bank of

India is looking into a provision it introduced in June to help lenders managed stressed assets,

RBI's deputy governor S.S. Mundra said, arguing it was too soon to write off the debt-for-

equity swap tool as a failure. Strategic Debt Restructuring aims to allow banks to take majority

ownership of troubled firms and look for new owners. It allows banks to classify the debt in

question as "standard", rather than bad, during the 18 month process.

11. Base rate calculation guidelines for banks soon: SS Mundra - RBI will soon come out

with a methodology to determine the base rate taking into account marginal cost of funds to

ensure effective monetary policy transmission, deputy governor SS Mundra said today.

12. SBI to sell its 15% stake in NSE; may garner up to Rs 6,000 crore - State Bank of India

country's largest lender, has initiated a process to sell its stake in the National Stock Exchange,

where it owns around 15%. "We want a proper price discovery for our stake in NSE,"

Arundhati Bhattacharya, chairman, SBI, told when contacted. "This helps unlock value in non-

core assets. We are asking them to get listed as soon as possible," she said.

13. RBI helps lenders tackle bad loans - A tool provided by the Reserve Bank of India to help

lenders tackle bad debts is instead helping to camouflage the scale of the problem, evidence of

how the country's banks will struggle to meet an ambitious clean-up target in 16 months' time.

14. Exhorting bankers to stop being "paranoid" about Payments Banks, - The ICICI Bank

chief Chanda Kochhar today said "disruption" will happen in the industry due to technology

and not because of the entry of new entities in the market.

15. SBI Set the Target of 500 Crore Advance home loan in 2015-16 - Country's largest

public sector lender State Bank of India has set a target to advance Rs 500 crore home loans in

2015-16 in Odisha, said a senior bank official.

16. Reserve Bank of India circular on alternative investment funds could be a game

changer - As the proposed Small Finance Bank scout for domestic equity to meet their

regulatory requirement, a recent Reserve Bank of India circular on alternative investment funds

could be a game changer.

17 RBI allows banks to bring down SLR to 20.50% by March 2017 - The Reserve Bank of

India on Thursday permitted banks to bring down the statutory liquidity ratio Securities under

held-to-maturity category by 1.25 per cent to 20.50 per cent by January 2017. The move is

expected to unlock funds for lending. SLR is the portion of deposit to be mandatorily invested

in government securities.

18. Large promoters can impede loan recovery: Raghuram Rajan - Large promoters have

the strength to "impede any action" taken by banks to recover stressed assets, Reserve Bank

Governor Raghuram Rajan said today, while emphasizing that banks need to quicken the pace

of recovery process and not postpone it. "In some cases, banks have been late in taking action.

There are also many impediments as well and large promoters are strong enough to impede any

action," Rajan said.

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