TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : The market has kick-started the week with mild gains. The Nifty down

4.50 points at 7894.80. Global developments and F&O expiry on Thursday keep the

market volatile, Nifty managed to hit a four-month high in this week’s trade, but failed to

sustain as traders turned cautious after a staggering rally in last two months. Fourth quarter

earnings season has been a mixed bag so far. This is the second consecutive month of FII

buying after four successive months of selling prior to March. FII money is one of the

biggest movers of the Indian market. Hopes of further RBI rate cut, positive macro data

and good monsoon forecasts mean that the tap may stay open for a while. On Tuesday the

stock market staged a spectacular recovery after a sluggish start. The Nifty rallied 107

points or 1.4 percent at 7962, On Thursday The Bank of Japan left monetary policy steady,

Also the Federal Reserve kept its benchmark interest rate unchanged citing slower growth

in the US economy. The crucial level for Nifty is 8150-8280 up side and 7900-7850 is

down side for next week.

BANK NIFTY : - The Bank Nifty opened in a positive notes on Monday at 16746 up by

43 points. The global rating agency has warned the Indian government over the bad loan

situation. The Supreme Court on Tuesday asked the Narendra Modi government to

overhaul the banking system to prevent bad loans and hasten recovery from defaulting

borrowers, instead of acting as if everything is fine. The initiative for merger of PSU

banks has to come from boards of the Banks concerned and the Government’s and RBI’s

role would be that of a facilitator. From the Global Front The Bank of Japan left monetary

policy steady, surprising several market players who were widely expecting a hefty dose

of stimulus. And the Federal Reserve also kept its benchmark interest rate unchanged. The

Bank Nifty Technically is bearish for short term, The Crucial level for Bank Nifty for Next

week is 16980-17360 up side and 16650-16420 down side.

Monday, 02 May 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8144 7946 7847 7748 7550

WEEKLY R2 R1 PP S1 S2

8484 8080 7878 7676 7272

MONTHLY R2 R1 PP S1 S2

9209 8058 7787 7313 6365

BANK NIFTY

DAILY R2 R1 PP S1 S2

17662 17036 16723 16410 15784

WEEKLY R2 R1 PP S1 S2

18289 17287 16786 16285 15283

MONTHLY R2 R1 PP S1 S2

21185 18009 16421 14833 11657

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 7777 7534 7579 7872

BANK NIFTY 16266 15437 15738 16753

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 7775 7287 6834

BANK NIFTY 16017 14216 18063

PATTERN FORMATION ( NIFTY )

Detail of Chart -

On the Above given chart of Nifty has applied the Parabolic SAR along with Channel

Line these are the trend identifying pattern and made the Resistance level in the Nifty

daily chart that made on the above given chart we have draw the Trend line for more than

the week period and it is not able to break the up level. However in upcoming trading

session it could come back the level which is the strong Support for the Nifty50 around

7800. Now we are expecting that if the Nifty is able to sustain the 7750 level we may

witness the consolidation trend of Nifty for some more sessions on the other hand if Nifty

rebound the 7800-7850 level again we may see the positive rally in the index. The Strong

Support for Nifty50 is 7750-7800 and the Resistance is 7850-7900.

PATTERN FORMATION ( BANK NIFTY )

Details of Chart-

On the Above given chart of Bank Nifty has applied the Channel line along with MACD

these are the trend identifying pattern and made the Resistance level in the Bank Nifty

daily chart that made on the above given chart we have draw the Channel line for more

than the week period and it is not able to break the up level. However in upcoming

trading session it could break the upper level which is the strong Resistance for the

Nifty50 around 16700. Now we are expecting that if the Bank Nifty is able to sustain the

16700 level we may witness the consolidation trend of Bank Nifty for some more

sessions on the other hand if Bank Nifty rebound the 16700-16900 level again we may

see the positive rally in the index. The Strong Support for Bank Nifty is 16500-16350 and

the Resistance is 16900-17200.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1474 1457 1443 1426 1412

ALBK EQ 61 60 58 57 55

AMBUJACEM EQ 227 224 221 218 216

ASIAN PAINT EQ 883 876 868 861 853

AXISBANK EQ 483 478 471 466 459

BAJAJ-AUTO EQ 2522 2507 2484 2469 2446

BANKBARODA EQ 168 163 158 153 148

BANKINDIA EQ 98 95 93 91 89

BHEL EQ 129 127 125 123 121

BHARTIARTL EQ 378 371 366 359 353

CIPLA EQ 545 541 534 530 523

COALINDIA EQ 293 290 287 285 282

DLF EQ 135 132 128 125 121

DRREDDY EQ 3129 3108 3088 3067 3047

GAIL EQ 371 366 360 355 349

GRASIM EQ 4169 4127 4091 4049 4013

HCLTECH EQ 811 780 764 733 717

HDFC EQ 1116 1102 1088 1074 1060

HDFCBANK EQ 1155 1143 1125 1113 1095

HEROMOTOCO EQ 2951 2924 2888 2861 2825

HINDALCO EQ 102 99 96 94 91

HINDUNILVR EQ 888 878 868 858 848

ICICIBANK EQ 251 244 238 231 224

ITC EQ 329 327 323 321 317

INDUSIND BANK EQ 1069 1058 1043 1032 1017

INFY EQ 1230 1219 1212 1201 1194

JINDALSTEL EQ 78 74 71 66 63

KOTAKBANK EQ 734 726 710 702 686

LT EQ 1276 1265 1255 1244 1234

M&M EQ 1358 1344 1331 1317 1304

MRF EQ 34692 34240 33897 33445 33102

MARUTI EQ 3875 3834 3780 3739 3685

ONGC EQ 222 220 217 215 212

ORIENTBANK EQ 98 95 92 88 86

RCOM EQ 60 58 56 55 53

RELCAPITAL EQ 423 414 400 391 377

RELIANCE EQ 1006 994 986 974 966

RELINFRA EQ 553 545 534 526 515

RPOWER EQ 53 52 51 50 49

SBIN EQ 198 193 190 185 182

SSLT( VEDL) EQ 107 106 103 101 99

SUNPHARMA EQ 820 815 809 804 798

TATAMOTORS EQ 419 414 408 403 398

TATAPOWER EQ 73 72 70 69 67

TATASTEEL EQ 360 356 349 345 338

UNIONBANK EQ 133 130 127 124 121

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS( AS PER ECHNICAL ANALYSIS PRIDICTION )

FUTURES PACK

HNI FUTURE PACK : SELL M&M FIN FUTURE BELOW 297 TGT 294,291 SL 300

HNI FUTURE PACK : SELL VEDL FUTURE BELOW 103 TGT 101,99 SL 104

HNI FUTURE PACK : SELL SBIN FUTURE BELOW 190 TGT 187,184 SL 193

HNI FUTURE PACK : SELL JETAIRWAYS FUTURE BELOW 625 TGT 620,615 SL 630

HNI FUTURE PACK : BUY DISHTV FUTURE ABOVE 92 TGT 93,95 SL 91.10

CASH PACK

BUY WABAG NSE CASH ABOVE 583 TGT 631 SL 566.

BUY VAKRANGEE NSE CASH ABOVE 202 TGT 221 SL 195.

BUY SMLISUZU NSE CASH ABOVE 961 TGT 1051 SL 939.

BUY RUSHIL NSE CASH ABOVE 296 TGT 326 SL 287.

BUY BODALCHEM NSE CASH ABOVE 91.50 TGT 101 SL 88.50.

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 IDEA CELLULAR 117 126 + 8.12 %

2 YES BANK LTD. 881 945 +7.28 % YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945 3 INDUSIND BANK 972 1035 + 6.47 %

4 1. BHARTI AIRTEL

357 372 +4.32 % 2. BHARTI AIRTEL

357

372

+4.32 %

3. BHARTI AIRTEL

357

372

+4.32 %

4. BHARTI AIRTEL

357

372

+4.32 %

5. BHARTI AIRTEL

357

372

+4.32 %

6. BHARTI AIRTEL

357

372 5 TCS 2424 2527 +4.26 %

6 GRASIM INDUS. 4002 4117 +2.88 % GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

7 M&M 1308 1344 +2.47 %

8 ADANI PORTS 229 235 +2.66 % ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235 9 KOTAKMAHINDRA 686 701 +2.15 %

10 HDFC BANK 1091 1113 + 2.09 % H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

11 ONGC 212 216 +1.83 %

12 BANK OF BARODA 157 160 +1.77 % B

A

N

K

O

F

B

A

R

O

D

A

157

160

+1.77 %

B

A

N

K

O

F

B

A

R

O

D

A

157

160

+1.77 %

B

A

N

K

O

F

B

A

R

O

D

A

157

160

+1.77 %

B

A

N

K

O

F

B

A

R

O

D

A

157

160

+1.77 %

B

A

N

K

O

F

B

A

R

O

D

A

157

160 13 ZEEL 399 405 +1.43 %

14 MARUTI SUZUKI 3705 3747 +1.15 % M

A

R

U

T

I

S

U

Z

U

K

I

3705

3747

+1.15 %

M

A

R

U

T

I

S

U

Z

U

K

I

3705

3747

+1.15 %

M

A

R

U

T

I

S

U

Z

U

K

I

3705

3747

+1.15 %

M

A

R

U

T

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U

Z

U

K

I

3705

3747

+1.15 %

M

A

R

U

T

I

S

U

Z

U

K

I

3705

3747 15 LUPIN LTD. 1561 1576 +0.98 %

SR.NO SCRIPT NAME PREV

CLOSE CMP % CHANGE

1 IDEA CELLULAR 117 126 + 8.12 %

2 YES BANK LTD. 881 945 +7.28 % YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

+7.28 %

YES BANK LTD.

881

945

3 INDUSIND BANK 972 1035 + 6.47 %

4 BHARTI AIRTEL 357 372 +4.32 % 7. BHARTI AIRTEL

357

372

+4.32 %

8. BHARTI AIRTEL

357

372

+4.32 %

9. BHARTI AIRTEL

357

372

+4.32 %

10. BHARTI AIRTEL

357

372

+4.32 %

11. BHARTI AIRTEL

357

372

5 TCS 2424 2527 +4.26 %

6 GRASIM INDUS. 4002 4117 +2.88 % GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117

+2.88 %

GRASIM INDUS.

4002

4117 7

M&M 1308 1344 +2.47 %

8 ADANI PORTS 229 235 +2.66 % ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

+2.66 %

ADANI PORTS

229

235

9 KOTAK MAHINDRA 686 701 +2.15 %

10 HDFC BANK 1091 1113 + 2.09 % H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113

+ 2.09 %

H

D

F

C

B

A

N

K

1091

1113 11

ONGC 212 216 +1.83 %

12 BANK OF BARODA 157 160 +1.77 % B

A

N

K

O

F

B

A

R

O

D

A

157

160

+1.77 %

B

A

N

K

O

F

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D

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+1.77 %

B

A

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B

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+1.77 %

B

A

N

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F

B

A

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D

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13 ZEEL 399 405 +1.43 %

14 MARUTI SUZUKI 3705 3747 +1.15 % M

A

R

U

T

I

S

U

Z

U

K

I

3705

3747

+1.15 %

M

A

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+1.15 %

M

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M

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+1.15 %

M

A

R

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S

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Z

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K

I

3705

3747 15

LUPIN LTD. 1561 1576 +0.98 %

AM

BUJ

A

CEM

ENT

204 232 +13.67

% AMBUJA CEMENT

1. B

O

S

C

H

L

T

D

.

18128 20371 +12.37

% 2. B

OSCH

LTD.

1

8

1

2

8

2

0

3

7

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+

1

2

.

3

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%

3. B

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ACC 1240 1385 +11.68

% ACC

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

RBI should have consulted the government before talking about UDAY: Piyush

Goyal - After a report by the RBI which said that the UDAY scheme by the Power

Ministry will have an adverse effect on the financials of state governments, Minister of

Coal, Power and Renewable Energy has retorted by saying that he wish the RBI had

talked to the government over the scheme and understood its implications.“I do wish they

would talk to us and we will be able to satisfy them that the UDAY scheme is a win-win

for everybody including the states,” Goyal said.

Government must provide more capital as PSBs can't tap markets: Moody's - Public

sector banks will not be able to raise funds from the markets and government will have to

provide capital support to them in the near term given their weak solvency position,

Moody's has said. They could see negative pressure on their credit profile if the

government does not revise upwards its capital infusion plans, Moody's Investors Service

VP Financial Institutions Group Alka Anbarasu said. "Given the weak solvency position

of many PSBs, we expect the remedial measures will require substantial external capital.

With little chance of the banks accessing the capital markets in the near term, we expect

much of the capital support will be required from the Indian government,"

Strong economic growth a key driver of NRI investment in India - India’s strong

economic growth and depreciation of the rupee remain major driving forces of increased

investment from overseas Indians in the country, finds a new report. India’s economy has

overtaken China’s to become the world’s fastest growing major economy in late 2015.

The economy grew by 7.3% in the last three months of the year compared to China’s

6.8% during the same period. While Indian consumer confidence has fallen over the year

partly as a result of additional services tax, the Indian government has undertaken several

initiatives to stimulate the country’s overall economic growth. These include recent

interest rates cut, the launch of the Make in India program, reforms in the power

generation industry, and strengthening of the country’s telecommunications and internet

networks. It has also opened up key sectors such as railways, defense, insurance and

medical devices to attract higher levels of foreign direct investment.

Moody's: Build-up in leverage poses varying risks for Asia Pacific sovereigns -

Moody's Investors Service says that the increase in leverage across Asia Pacific over the

last five years could weigh on sovereign credit quality. The sovereign risks could

materialize either directly, where the debt increase has been concentrated in the public

sector, or indirectly, where the rise in private sector leverage has been rapid. The report

highlights that in addition to the pace of increase in and level of debt, several other factors

determine risks to sovereign credit profiles. It notes that macroeconomic trends, asset

buffers, income profiles and policy responses can all mitigate or exacerbate the credit

impact that high leverage can have. Moody's report identifies the sovereigns that face

risks from an accumulation of debt, and the source, whether via government, state-owned

enterprise, corporate, household or bank balance sheets.

GST rollout, infra funding are a difficult task: Moody's - Implementation of the

Goods and Services Tax and bridging large infrastructure deficit are a difficult task before

the Indian government, Moody’s Investors Service said today.In a report, Moody’s said a

history of double-digit inflation, elevated government debt, weak infrastructure and a

complex regulatory regime have constrained India credit profile.“We also expect that

some aspects of the government’s policy agenda such as the implementation of GST and

bridging India large infrastructure deficit will still face an uphill climb,”it said. As a

positive, Moody’s noted that easing of constraints on investment coupled with RBI’s

inflation targeting and ongoing efforts to clean up bank balance sheets could propel

growth.

Call drop case: TRAI can reconsider penalty if free calls are given for every call

drop - Telecom Regulatory Authority of India on Tuesday told the Supreme Court that it

is ready to reconsider the call drop penalty if the telecom companies agree to compensate

consumers with an equal number of free calls. Attorney General Mukul Rohatgi,

defending TRAI's stand said, "The regulator has to safeguard the interest of 100 crore

telecom subscribers." Further he cited Telenor's plan wherein the Telco provides a free

call as a compensation to every dropped call. AG Rohatgi appealed to the top telcos

saying that if they agree to do so, TRAI will consider dropping the penalty, as per reports.

India Ratings: FY17 GDP growth revised downwards to 7.7% - India Ratings and

Research has revised its gross domestic product growth forecast for FY17 downwards to

7.7% from its earlier forecast of 7.9%. Despite favourable prospects for agriculture due to

an above normal monsoon, industrial recovery is proving to be a drag on the FY17

growth prospect. The resilience of Indian agriculture on monsoon has increased over the

years. As a result, agriculture no longer witnesses a sharp decline in output and gross

value added in the years of a sub-par monsoon. As the downside to agriculture has

reduced due to a subpar monsoon so has the upside to agriculture with a favourable

monsoon.

FM: Govt takes measures to deal with the issue of NPAs - The Union Finance

Minister, Arun Jaitley said that the Government has taken various measures to deal with

the issue of Non Performing Assets in Banking Sector especially in case of Public Sector

Banks. The Finance Minister said that there are two categories of defaulters, viz. those

who are unable to pay back due to economic slowdown both in domestic and global

market and other reasons outside their control as well as wilful defaulters including loans

sanctioned without due diligence by the banks. The Finance Minister said that the

Government has taken various measures to deal with both these categories of defaulters.

The Finance Minister Shri Jaitley was making his Opening Remarks at the Second

Meeting of the Consultative Committee attached to the Ministry of Finance on the

subject:“NPAs in Banking Sector”here.

India's current account deficit to print at US$25bn in FY2017: ICRA - ICRA expects

India's current account deficit to widen modestly to USD 25 billion in FY2017, from an

estimated USD 20 billion in FY2016, but be comfortably covered by capital inflows. A

favourable monsoon after a gap of two years would have a mixed impact on trade in

various sectors, boosting agricultural exports and limiting imports of crude oil and coal

while enhancing the demand for gold.

✍ TOP ECONOMY NEWS

India stands to gain from the strict implementation of environmental norms and safety

standards on Chinese speciality chemical manufacturing firms, that has resulted in the

closure of several unorganised and small units in that country.

Aiming to drastically reduce the time taken for first examination of patent applications to

18 months from about 5-7 years, the government has initiated various steps, including

hiring of more examiners.

Foreign Direct Investment into India touched the "highest ever" mark of USD 51billion

during the Apr-Feb period of last fiscal ended March 31.

Oil marketing companies have claimed subsidy on domestic LPG to the tune of Rs 1.1

trillion in the last three financial years.

Transport Minister Nitin Gadkari has set ambitious targets for FY17 of awarding 25,000

km stretch of road projects as against 10,000 km in FY16.

The Reserve Bank of India said eights states issued Rs. 989.6 billion worth of bonds

under the UDAY scheme.

In a boost to telecom operators providing Internet protocol-based services such as 4G, the

Department of Telecom has allowed interconnection among such networks of service

providers.

As per the latest government report, there are 77 loss- making PSUs at the end of March

last year with a total aggregate loss of Rs. 273.60 billion.

Six months after auction process was initiated for 43 mines across 12-mineral bearing

states, only six blocks have managed to find buyers.

To fast track development of major ports, government is mulling giving land parcels of

state-run ports to private players "on lease" for various projects.

Indian firms raised a staggering over Rs. 480 billion through issuance of shares to

promoters and shareholders on a preferential basis in the first 11 months of 2015-16 to

meet their business requirements.

The total telephone subscriber base in the country rose marginally in February to 1051.8

million on the back of growth in wireless users even as wireline base continues to decline.

Implementation of new pay scales recommended by the 7th Pay Commission is estimated

to put an additional burden of Rs1.02 trillion, or 0.7% of GDP, on the exchequer in 2016-

17.

The Environment Ministry accorded 349 environmental clearances in the mining sector

from April 1, 2014 to March 31, 2016.

The government owes more than Rs. 430 billion to the fertiliser industry on account of

subsidy.

Subsidy on petroleum products has come down by nearly 29% in 2015-16, marking a

saving of Rs. 542 billion from the year-ago period on the back of low crude prices and

market reforms.

The National Pharmaceutical Pricing Authority has issued notices to 263 firms that were

found overcharging during 2015-16.

Foreign direct investment in agriculture sector increased to Rs. 5.53 billion during the

first 11 months of 2015-16.

The final cabinet note on allowing 100% FDI in food processing sector has been moved

by the Department of Industrial Policy and Promotion. Finance Minister Arun Jaitley had

said in his budget speech, "100% FDI will be allowed through FIPB route in marketing of

food products produced and manufactured in India. This will benefit farmers, give

impetus to the food processing industry and also create vast employment opportunities.

Indian economy is projected to expand by 7.6 per cent in 2016-17 and accelerate to 7.8

per cent in 2017-18, mainly on the back of domestic consumption demand aided by

steady employment and a relatively low inflation, a UN report for the Asia-Pacific said

today.

The Reserve Bank of India for the first time proposed rules for peer-to-peer lending,

seeking to regulate a growing sector with potential measures including requiring

minimum capital of 20 million rupees ($301,023.48) or prohibiting them from promising

"extraordinary returns."

✍ TOP CORPORATE NEWS -

Kalpataru Power Transmission Ltd has bagged new orders of over Rs11.50 billion in

domestic and overseas markets.

ICMR, MOHFW, Govt. of India, Govt of Madhya Pradesh and Sun Pharma will

establish a malaria elimination demonstration project titled Malaria Free India, to support

the national framework for elimination of malaria in India.

BPCL has got green nod for its Rs6.94bn project of developing LPG import terminal as

well as storage, bottling and bulk distribution facilities at Haldia Dock Complex in West

Bengal.

Bharti Airtel is redesigning its online recharge and payments interface to integrate all

mobile wallets on its website and other digital platforms like MyAirtel app to deliver an

improved and consistent customer experience.

Tata Motors is undergoing a slow but steady transformation in its cars to woo more

women customers.

Mahindra & Mahindra announced the launch of the limited edition Scorpio Adventure

variant. With a production run of only 1,000 vehicles the limited edition variant is priced

at Rs1.31million.

Hero MotoCorp is setting up a new manufacturing facility in Andhra Pradesh, in which

it plans to invest Rs. 30 billion. The plant will have a capacity of 1.8mn units.

Dewan Housing Finance Corporation Ltd , Board of Directors of the company will

meet on May 4 to consider raising up to Rs 63. billion.

Engineers India Ltd has signed a contract with Bangladesh Petroleum Corporation for

providing project management consultancy services for a USD1.7 billion refinery

expansion project.

Vistara, a joint venture between the Tatas and Singapore Airlines has entered into a

strategic partnership with Tata Consultancy Services for a broad range of information

technology services, including application maintenance services and airport infrastructure

support.

The department of telecommunications has approved spectrum sharing between Reliance

Communications and Reliance Jio in nine circles including Mumbai, Himachal Pradesh

and Haryana.

Aurobindo Pharma has received final approval from USFDA to manufacture and

market Esomeprazole Magnesium delayed release capsules, used in treatment of

gastroesophageal reflux disease, in the American market. (BS)

Havells India has launched entry-level modular switches under brand name Reo Bliss to

boost its market share in the Rs50bn segment.

ONGC Limited is planning to explore as many as 17 shale gas and oil wells in both east

and west coasts with an investment of around Rs. 7 billion.

Reliance Industries has bought crude oil from Iran after a 6-year break and is looking to

strike a long-term fixed quantity deal, post lifting of sanctions.

Bharti Airtel is likely to consider a buyback of equity shares in its board meeting on

April 27.

Jet Airways has received shareholders approval for the proposed merger of JetLite with

itself.

L&T Finance Holding, has undertaken massive downsizing exercise and asked close to

550 employees across businesses to go, citing high costs amid muted business.

In the first disinvestment of current fiscal, the government will sell 11.36% equity shares

in NHPC Ltd at Rs. 21.75 a piece to raise about Rs. 27 billion.

The board of directors of Bharti Infratel Ltd approved a share buyback for Rs. 20

billion.

Bharat Forge said that aircraft maker Boeing has awarded a contract to the firm for

supply of titanium forgings for Boeing 777X.

Glenmark Pharmaceuticals has received tentative nod from the US health regulator for

generic version of oral contraceptive tablets Lo Loestrin Fe.

Pidilite Industries, has approved execution of definitive agreements with Industria

Chimica Adriatica Spa , a wood finish manufacturer based in Italy.

Aurobindo Pharma has received final approval from the US health regulator to

manufacture and market generic version of blood pressure treatment drugs Amlodipine

and Valsartan tablets.

Linde India Ltd has commissioned its second air separator unit at Kalinganagar in

Odisha. Linde, under a long-term gas supply contract with Tata Steel Ltd at Kalinagar

plant, has set up two air separation units with the total capacity of 2,400 t a day.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Private lender DCB Bank today reduced both base rate or the minimum lending rate and

the marginal cost of funds-based lending rate, a move which will lower EMIs for its

borrowers. While MCLR has been reduced by up to 0.5 per cent, the base rate has been

cut by 0.06 per cent.

The Supreme Court on Tuesday asked the Narendra Modi government to overhaul the

banking system to prevent bad loans and hasten recovery from defaulting borrowers,

instead of acting as if everything is fine. Had the system been working, the public sector

banks would not have had to write off more than Rs 1,14,000 crore of bad loans.

As many as 701 accounts with bad loans exceeding Rs. 100 crore owed public sector

banks Rs 1.63 lakh crore at the end of December, with State Bank of India accounting

for the biggest chunk. State Bank of India had 85 such accounts with aggregate non-

performing assets of Rs. 23,726 crore, followed by Bank of India with 93 accounts with

cumulative NPAs of Rs. 21,398 crore. Bank of Baroda had 59 accounts with NPAs of

Rs. 13,657 crore, Minister of State for Finance Jayant Sinha said in a written reply to

Rajya Sabha.

The initiative for merger of PSU banks has to come from boards of the banks concerned

and the government's and RBI's role would be that of a facilitator.

State-run banks seeking a share of the Rs 25,000-crore capital infusion by the

government will have to show some movement on bad assets before they can petition for

funds. The finance ministry has told banks to step up recovery and is holding meetings

with individual banks on their capital raising plans and how they will be selling their non-

core assets.

Aggregate deposits as well as credit forwarded by banks dropped sharply in the first

fortnight of the fiscal year 2016-17, as window dressing of banks' balance sheets start

reversing. The deposits for the two weeks ending on April 15 of this year stood at Rs 95.4

lakh crore dropping Rs 1.7 lakh crore according to Reserve Bank of India data.

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