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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty 50 open in a Positive note on Monday up by
100 points or 1.17 per cent at 8533. Last week Indian benchmark Index Nifty fell 2.10
Percent. The Index opened at 8639 and closed at 8458 after making a low of 8425.
Selling pressure was due to uncertainty over the potential outcome of U.S. Presidential
election which kept investors nervous going into the weekend. Moreover the new GST
structure was not able to create any positive impact on the markets. The movement in this
week was greatly affected by the US Presidential Election. Indian benchmark Index
witnessed a roller coaster ride on Wednesday, as Nifty opened gap down on twin news of
Trump victory and Indian government's decision to ban Rs.500 and Rs.1000 notes. Sharp
buying was witnessed after a gap down opening. Market made a low of 8076 before
recovering sharply. Nifty made fresh intra day highs boosted by the broader markets and
banking stocks, discounting all negativities of a Trump victory and the Indian currency
apprehensions. FII data which came in after markets hours saw a selling of Rs.2100 cr
even though they were buyers in F&O segment. The markets are showing strength at
lower levels but will have to sustain this week above 8550 for the next target of 8800 to
be achieved. The main concern may be EM meltdown in currencies and continuous
devaluation of China Yuan for the Market for next week. The Nifty is expected to trade in
the range of 8485-8645 levels. The Significance levels for Nifty is 8444-8578 Upside and
8360-8320 is down side.
BANK NIFTY : - The Bank Nifty open in a positive note on Monday up by 259 points or
1.34 per cent at 19317. The Banking Sector stocks trade in a positive notes in this week.
Demonetisation of Rs. 500 and Rs. 1000 notes boosted banking stocks since lenders
expect huge cash deposits from people affected by the Modi government's surprise move.
Bank stocks may be in focus for next week trading sessions after good run as RBI
announced some SA4 restructuring measures, which may be positive for banks, but may
also be largely discounted considering the time & price action. Bank Nifty may open
around 20120 area for next week, has to sustain above 20060 zone. otherwise it may
further fall towards 19850-19400 zone for the next week. For any strength after huge gap
down opening, Bank Nifty has to sustain above 20160 area for 20280-20350 zone in the
event of a clear US election results. The Bank Nifty is Expected to trade in the range of
19720-20891. The Significance levels for Bank Nifty is 20160-20451 is Upside and
19720-19571 is Down side.
Monday, 14 November 2016
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
8813 8515 8366 8217 7919
WEEKLY R2 R1 PP S1 S2
9496 8619 8312 7720 6536
MONTHLY R2 R1 PP S1 S2
10323 8997 8334 7671 6345
BANK NIFTY
DAILY R2 R1 PP S1 S2
21670 20508 19927 19346 18184
WEEKLY R2 R1 PP S1 S2
25718 21522 19424 17326 13130
MONTHLY R2 R1 PP S1 S2
25748 21522 19424 17326 13130
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 8579 8614 8517 8327
BANK NIFTY 19510 19417 18944 18267
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 8002 8847 767
BANK NIFTY 18143 18824 15629
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 Middle Band from below side and some buy when it break
Upper Band. We assume that the Breaking the Middle Band Usually a Bull side Signal as
we can see on the above given chart it has touch the middle Band. But it was not able to
break the Significance Resistance level of 8650. and give Gap Down opening below its
Lower Band. From this ;level we may see some correction in Nifty for the Upcoming
week. Nifty may reverse to fill the up side Gap of 8500-8680. The Significance Levels for
Nifty is 8530-8580 is up side and 8400-8360 is down side.
PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - On the Above given daily Chart of Bank Nifty has Applied the
Bollinger Band along with Parabolic SAR. Both are the leading Indicators and give
Signal on Breakout of Upper or Lower Band. On the Above given chart of Bank Nifty it
has touch the Upper band but not able to break the Resistance level of 19980. From this
level we are Expecting the Bank Nifty may go Up side further to the level of 20260 for
Next week. The Significance levels for Bank Nifty is 19920-20542 Up side and 19300-
18900 is Down Side.
NSE EQUITY DAILY LEVELS
COMPANY
NAME
R2 R1 PP S1 S2
ACC EQ 1468 1432 1411 1375 1354
ALBK EQ 301 289 280 268 259
AMBUJACEM EQ 233 226 222 215 211
ASIAN PAINT EQ 1020 989 974 943 928
AXISBANK EQ 521 509 501 489 481
BAJAJ-AUTO EQ 2819 2736 2684 2601 2549
BANKBARODA EQ 173 166 163 156 153
BANKINDIA EQ 674 661 648 635 622
BHEL EQ 144 140 138 134 132
BHARTIARTL EQ 311 301 298 295 293
CIPLA EQ 21432 20767 20335 19670 19238
COALINDIA EQ 388 375 369 356 350
DLF EQ 571 559 552 540 533
DRREDDY EQ 338 333 329 326 322
GAIL EQ 263 260 257 253 246
GRASIM EQ 3337 3303 3265 3231 3193
HCLTECH EQ 460 451 440 431 420
HDFC EQ 935 916 903 884 871
HDFCBANK EQ 809 788 771 750 733
HEROMOTOCO EQ 1326 1310 1301 1298 1286
HINDALCO EQ 1292 1285 1275 1268 1258
HINDUNILVR EQ 3191 3086 3025 2920 2859
ICICIBANK EQ 175 173 171 169 167
ITC EQ 824 815 807 798 790
INDUSIND BANK EQ 302 290 282 270 262
INFY EQ 251 246 244 239 237
JINDALSTEL EQ 1245 1220 1204 1179 1163
KOTAKBANK EQ 955 938 928 911 901
LT EQ 74 73 72 71 70
M&M EQ 834 825 816 807 798
MRF EQ 1417 1402 1394 1379 1371
MARUTI EQ 1350 1296 1264 1210 1178
ONGC EQ 53999 53295 52652 51948 51305
ORIENTBANK EQ 5360 5240 5171 5051 4982
RCOM EQ 280 277 275 272 270
RELCAPITAL EQ 156 154 152 150 148
RELIANCE EQ 44 43 42 41 40
RELINFRA EQ 502 484 475 457 448
RPOWER EQ 1025 1012 1003 990 981
SBIN EQ 508 500 492 484 476
SSLT( VEDL) EQ 44 43 42 41 40
SUNPHARMA EQ 295 284 277 266 295
TATAMOTORS EQ 236 232 228 224 220
TATAPOWER EQ 721 705 693 677 665
TATASTEEL EQ 344 332 325 320
UNIONBANK EQ EQ 2179 2149 2118 2088
TOP 15 ACHIEVERS // TOP 15 LOOSERS
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )
NSE FUTURE
NSE FUTURE : SELL MARUTI FUTURE BELOW 5100 TGT 5000 SL 5150
NSE FUTURE : SELL CEATLTD FUTURE BELOW 1290 TGT 1240 SL 1310
NSE FUTURE : BUY HINDALCO FUTURE ABOVE 179 TGT 185 SL 176
NSE CASH
NSE CASH : BUY AXISBANK NSE CASH ABOVE 483 TGT 515 SL 468.
NSE CASH : BUY HINDUNILVR NSE CASH ABOVE 870 TGT 930 SL 845.
NSE CASH : BUY ONGC NSE CASH ABOVE 272 TGT 292 SL 264.
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 MARUTI SUZUKI 5704 5134 -10.00 %
2 TCS 2330 2101 -9.87 %
3 M&M 1372 1240 -9.63 %
4 HERO MOTOCORP 3287 2975 -9.51 %
5 AMBUJA CEM 240 219 -8.84 %
6 HDFC 1386 1268 -8.50 %
7 ASIAN PAINTS 1043 962 -7.74 %
8 ACC 1490 1400 -6.01 %
9 BAJAJ AUTO LTD. 2814 2647 -5.92 %
10 ULTRATECH CEM 3854 3634 -5.72 %
11 HUL 848 801 -5.45 %
12 INFOSYS 971 921 -5.09 %
13 ZEEL 506 482 -4.74 %
14 HCL TECH 794 764 -3.86 %
15 ADANI PORTS 287 276 -3.81 %
SR.NO SCRIPT NAME PREV CLOSE
CMP % CHANGE
1 SWAN ENERGY 126 134+5.99 %
2INDIABULLS REA 67 71 +5.89 %
3 SUN PHARMA 666 688+3.27 %
4SIEMENS LTD. 1091 1116 +2.43 %
5 JUST DIAL 396 404+2.07 %
6LT FOODS LTD. 256 261 +1.97 %
7 POLARIS CONSUL 161 163+1.24 %
8UNITED BANK 22.45 22.70 +1.11 %
9 GUJRAT INDUS 104 105.50+1.00 %
10PERSISTENT SYST 633 640 +0.98 %
11 ABB INDIA 1062 1070+0.82 %
12UCO BANK 36 37 +0.54 %
13 CYIENT LTD. 456 458+0.34 %
14PFIZER LTD. 1799 1805 +0.34 %
15 VEDANTA 229.30 229.80+0.22 %
NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Fund raising via debt surges 60% to Rs. 70,395 crore in October - India Inc raised a
staggering Rs. 70,395 crore in October through private placement of corporate debt
bonds, a surge of 60 per cent from the year-ago period. In debt private placement, firms
issue debt securities or bonds to institutional investors to raise capital. According to the
data available with Securities and Exchange Board of India , companies garnered a total
of Rs. 70,395 crore from debt on a private placement basis last month, much higher than
Rs. 43,931 crore raised in October 2015. In terms of numbers, 275 issues have been made
last month 2016 as compared to 214 in the year-ago period. The funds have been raised
for business expansion plans, to support working capital requirements and for repayment
of debt. With the latest mobilisation, the total fund raising through private placement of
debt securities reached Rs. 3.81 lakh crore in the current financial year.
India Nikkei Manufacturing PMI at 22-month high in October - Supported by
stronger contributions from three of its five sub-components – new orders, output and
stocks of purchases – the Nikkei India Manufacturing Purchasing Managers’ Index
climbed to a 22-month peak in October, rising from 52.1 in September to 54.4, the latest
reading was indicative of a robust improvement in manufacturing business conditions that
was in line with the long-run series average. Once again, consumer goods producers
outperformed their intermediate and investment goods counterparts, registering stronger
rates of expansion for both output and new orders. In October, output increased for the
tenth straight month and at the quickest rate in nearly four years. Survey respondents
attributed the latest rise in production to strong growth of new orders. The amount of new
work received by manufacturers grew markedly during October, with anecdotal evidence
linking the latest rise to improved underlying demand. In fact, the rate of expansion was
at a 22-month high. Data indicated that although foreign orders contributed to the upturn
in total new work, the rate of growth in new business from abroad eased to a three-month
low. Outstanding business rose again during the latest survey period. The overall rate of
accumulation was solid and the quickest in almost three years, with survey members
reporting capacity pressures. In spite of this, businesses left employment unchanged.
S&P affirms 'BBB-/A-3' rating on India with stable outlook - The global ratings
agency Standard & Poor's affirmed its BBB- /A-3 ratings on India, citing the ongoing
policymaking continues to strengthen growth prospects and fiscal performance, as per
media report. The agency said stable outlook balances India’s sound external position and
inclusive policy making against low per capita income and weak public finances. The
government has been hoping for a rating upgrade following its reform measures such as
passage of the Insolvency Code and Constitution Amendment Bill for GST by
Parliament. "The outlook indicates that we do not expect to change our rating on India
this year or next, based on our current set of forecasts," S&P said. "The ratings on India
reflect the country's sound external profile and improved monetary credibility. India's
strong democratic institutions and a free press, which promote policy stability and
predictability, also underpin the ratings," added further.
India's gross-value added growth to hit 7.6 per cent this year: DBS - India's gross-
value added growth is expected to quicken to 7.6 per cent this year from 7.2 per cent in
2015-16, driven by sustained support from public capex spending, says a DBS report.
According to the global financial services major, while private sector activity remains
subdued, high frequency fiscal numbers point to sustained support from public capex
spending. "We expect gross-value added growth to quicken to 7.6 per cent year-on-year
this year from 7.2 per cent in FY15/16," DBS said in a research note.
According to DBS, after an upside surprise from China, India manufacturing PMIs also
jumped in October, affirming signs of a cyclical upturn in the region. India's October
Nikkei manufacturing PMI ticked up to nearly two-year high of 54.4 from September's
52.1. "The improving order pipeline is encouraging and points to better industrial and
business outlook. Also being a de facto business confidence/sentiment gauge, these PMIs
partly reflect broad optimism on the back of strong asset market performance and stable
rupee," the report said.
Private equity investment in RE rises 22 per cent y-o-y in Jan-Sept 2016: Report -
Private equity investment in the real estate sector has grown 22 per cent during January-
September this year to Rs 28,300 crore, from Rs 23,200 crore a year ago, reflecting
improved confidence among investors to make larger investments, says a Cushman &
Wakefield report. According to the report, private equity inflow increased to Rs 28,300
crore during the period, out of which nearly Rs 9,200 crore were recorded during the third
quarter July-Sep of 2016.
While the number of deals closed during the third quarter moderately declined by 3 per
cent quarter-on-quarter (q-o-q) to 32 per cent, the total investments increased by 1.2 per
cent, reflecting increased confidence amongst investors to make larger investments. The
average deal size, therefore, increased from Rs 275 crore in Q2 2016 to Rs 287 crore in
the third quarter of 2016. "Owing to the continued interest in pre-leased office assets, the
investments in the commercial office assets have already surpassed the total investment
received during the calendar year 2015," the report said.
GST may not stoke inflation, 50% CPI items out of tax net - The multi-layered
structure along with a large number of exemptions could mean that the goods and
services tax may not be inflationary as some feared. Nearly half of the items in consumer
price index basket, including cereals, will not be taxed under the new levy that will
replace a plethora of indirect taxes. Besides that all other essential commodities will come
under 5% tax bracket, down from initially proposed 6%. However, there could be an
impact on services that make up 30% of CPI. Many services are proposed to attract 18%
tax, up from 15% now. Chief economic adviser Arvind Subramanian said GST will bring
down inflation. “I don’t think there is any fear on inflation. On an average this should
probably serve to lower inflation. If at all, the impact on inflation will be very small.
Today’s change should probably bring it down.” Last year, a committee headed by
Subramanian had recommended standard GST rate at 17-18%. Standard rate is one that
will be levied on most goods, except some essential ones that will be levied at a lower
rate. Neha Saraf, India economist at Nomura, said, “With a standard rate of 18%, we had
expected a 20 basis point impact on CPI headline inflation.
Economy set to perform better in 2nd half of FY16: Assocham - Indian economy
would be performing better in the second half of the current fiscal and the trend appears
to have begun from the quarter beginning October, 2016 with 66.7% of the latest
Assocham Bizcon Survey respondents expecting uptick in sales, capacity utilization,
though Positivity on fresh investment is tentative. Increased spend on infrastructure
development, largely in the government is seen as the most important driver for a
turnaround in the economic outlook for the current quarter and the last quarter of the
financial year 2016-17. The second best driver for the optimistic outlook is effective
policy reforms followed by a stable foreign exchange rate of the Indian currency despite
global head winds like uncertainty on account of the Federal Reserve’s next policy move
and the most bitterly fought US Presidential elections. While a big chunk of Bizcon
Survey participants felt the present economic situation appears to be in a better shape than
the previous six months on several parameters, the optimism is more pronounced for the
second half of the current fiscal. For instance on the parameter of industrial performance,
the Assocham Bizcon done in September , noted over 83 per cent of the respondents
believing things would look better in at the industry level in the ongoing six month
period.
“ there is a clear turnaround in business confidence, which holds the key to new
investment and consumer confidence”, the chamber President Sunil Kanoria said. He said
unlike the previous surveys, the latest round indicates a slight uptick even with regard to
capacity utilization going forward and the order book. However, generation of new
employment and improvement in wages is still some distance away. The confidence was
quite pronounced at the level of individual firms’ level, as about 89% of the respondents
expressed optimism about better days ahead.
✍ TOP ECONOMY NEWS
Indicating a sharp uptick in industrial activity, the Nikkei India Manufacturing
Purchasing Managers’ Index TM rose to a 22-month peak in Oct of 54.4. It stood at 52.1
in Sept.
The Centre’s fiscal deficit ballooned to 83.9% of the Budget Estimates in the first half of
2016-17, the highest in the first six months of a financial year since 1998-99, on account
of elevated capital spending and higher salaries outgo. On revenue side, lower realisations
from disinvestment and other streams hurt the exchequer.
Core sector output rose a three -month high of 5% in September, mainly due to sustained
growth in the steel sector and an increase in refinery production, broadly indicating that
the Index of Industrial Production growth may reverse a two-month declining trend a
month before the festival season. The eight- industry core sector index had grown 3.2% in
August and 3% in July.
Rural employment scheme Mahatma Gandhi National Rural Employment Guarantee Act
is facing shortage of funds despite the highest ever budgetary allocation to the programme
this year, and the Rural Development Ministry is now seeking an additional Rs. 100
billion for its smooth functioning.
The government has excluded 40-odd grades of stainless steel used in auto and
engineering sectors from the Stainless Steel Quality Control Order, 2016.
Government is considering further relaxing foreign direct investment norms in several
areas, including trading, with an eye on more inflows.
To support financing for start-ups, the Reserve Bank of India issued rules permitting
these to raise external commercial borrowings.
India may turn into a net importer of fuel oil as its state-owned refiners are making Multi
- billion dollar investments to upgrade their refineries and produce more profitable
refined products such as gasoline or diesel.
New ultra mega power projects based on imported coal may be insulated from
uncertainties in fuel costs, with the power ministry deciding to factor in indexed imported
coal prices into tariff for such plants.
The Goods and Services Tax Network — a not-for-profit company set up to provide IT
infrastructure and services for the implementation of GST - -has entered into an
memorandum of understanding with the Directorate General of Foreign Trade for sharing
of foreign exchange realisation and import export code data.
The government has proposed to come out with annual surveys that would give it
estimation of Labour and workforce and unemployment rates nation-wide.
Of the 101 power plants under daily review of the Central Electricity Authority as on
October 31, about 40 plants are found to have coal stock for less than 15 days, six plants
have stock for less than seven days and 12 plants with less than five-day stock.
The Indian government and three state-run firms will jointly set up an equity fund of up
to USD 2 billion for renewable energy companies to help New Delhi meet its clean
energy goals.
The number of people earning more than Rs. 10 million annually has jumped by 10% and
those earning between Rs 0.50 million to Rs. 10 million by 22% according to the latest
tax returns figure by income tax department for the year 2014-15.
A 4-tier GST tax structure of 5, 12, 18 and 28%, with lower rates for essential items and
the highest for luxury and de-merits goods that would also attract an additional cess.
The Finance Ministry has imposed provisional anti-dumping duty on import of hot rolled
steel products from China. This anti-dumping duty will be valid for a period of six
months.
✍ TOP CORPORATE NEWS -
Strides Shasun Limited has received approval from the US health regulator for Abacavir
tablets used in the treatment of HIV.
BGR Energy Systems Limited has bagged a contract worth Rs. 26 billion from Tamil
Nadu Generation and Distribution Corporation Ltd for the execution of a thermal power
project.
Reliance Industries Limited and its foreign partners, BP Plc and Niko Resources, may
have to pay a penalty of more than USD 1 billion for commercially using the migrated
gas from the block of Oil and Natural Gas Corpn. in the Krishna-Godavari basin.
Ujaas Energy Limited has bagged an order from Airports Authority of India for design,
manufacturing and commissioning of rooftop grid-connected solar photovoltaic system.
Indian Oil Corporation Limited, Fertiliser Corporation of India and Hindustan
Fertiliser Corporation of India were roped into the joint venture to revive Sindhri and
Gorakhpur urea units of Fertiliser Corporation of India.
NHPC Limited announced commissioning of a 50 MW wind power project in Rajasthan.
NCR Corporation has bagged a Rs. 3.34 billion order from State Bank of India to install
over 7,000 cash-vending machines, making this the single largest order in the country.
Pokarna Limited has announced that its 100% subsidiary, Pokarna Engineered Stone
Limited has exited the Corporate Debt Restructuring mechanism.
NMDC Limited has signed a tripartite agreement with the Madhya Pradesh Directorate
of Mines and Geology and MP State Mining Development Corporation Ltd to explore
mineral resources.
Tata Steel Minerals Canada has announced that it has decided to invest CAD 125
million as equity and CAD 50 million as debt with the Government of Quebec’s
investment entities, Resources Quebec and Investment Quebec respectively, totaling
CAD 175 million.
Advanced Enzyme Technologies Limited has entered into definitive agreements with API
maker JC Biotech to acquire 70% stake for a consideration of Rs. 500 million.
Tata Steel Limited said it continues to pursue its European consolidation strategy and is
in talks with Thyssenkrupp AG for a potential joint venture for its European steel
business, following a purported disclosure from ousted chairman Cyrus Mistry that some
group firms could face a potential writedown of USD 18 billion.
The Information and Broadcasting ministry has given permission to a company related to
the Sun TV Network Limited to operate five channels that they had bagged in e-auction
in the first batch of Private FM Phase III expansion last year.
Siemens Limited said it will modernise the energy management systems of Uttar
Pradesh’s transmission utility UPPTCL.
Bosch Limited has resumed operations at its Jaipur plant following the Rajasthan State
Pollution Control Board keeping a notice to close the plant in abeyance for a month.
Heritage Foods Limited has executed an agreement to acquire the dairy business of
Reliance Retail Limited through slump sale.
Godrej Properties Limited has sold villas worth over Rs. 3 billion on the first day of the
launch of 100-acre township in Greater Noida, bucking the existing slowdown in the
NCR property market.
MMTC Limited plans to sell sovereign gold coins to non-resident Indians through
branches of Indian banks with which it has tied-ups.
Central Electricity Regulatory Commission is expected to deliver its verdict this month
on permitting Tata Power tariff compensation to recover losses suffered by the Mundra
Ultra Mega Power Project due to high prices of imported coal.
Bharti Airtel Limited has awarded a USD 60 million pan-India deal to Finnish gear
maker Nokia to implement voice-over-LTE calling technology which may be launched
within this year.
Cyrus Mistry, the ousted chairman of Tata Sons, holds nearly Rs. 10 billion worth of
stocks of Tata Consultancy Services.
Zensar Technologies Limited has acquired Foolproof Ltd along with its three wholly
owned subsidiaries for an undisclosed amount.
Lupin Limited has received final approval from the US health regulator for marketing
Norgestimate and Ethinyl Estradiol tablets, used for the prevention of pregnancy, in the
US market.
Ajanta Pharma Limited has launched in the US market tablets used for lowering blood
pressure.
Cox & Kings Limited has partnered with UAE Exchange India to foray into the money
transfer business in India.
Tech Mahindra Limited bagged a five-year deal from Finland's Stockmann. The deal
will allow Stockmann to consolidate its vendor portfolio and reduce its ICT costs.
Strides Shasun Limited plans to list its biotechnology business, Stelis Biopharma.
Aurobindo Pharma Limited has expressed preliminary interest in acquiring Portuguese
drug maker Generis Farmaceutica for about USD 200 million.
In a setback to Oil and Natural Gas Corporation Limited and Cairn India, the
government will from this fiscal levy service tax of about Rs. 7.30 billion on royalties
they pay to the exchequer on oil and gas they produce.
Sterlite Technologies Limited has approved an interim dividend of 25% for the year
2016-17.
Jindal Steel and Power Limited has failed to pay Rs 154.3 million interest on non
convertible debentures , which was due on October 31.
Bharti Airtel Limited has provided over 7,000 additional points of Interconnect to
Reliance Jio, taking the total number till date to over 17,000, which is sufficient to serve
over 75mn customers.
Zain said it will pay USD 129 million to Bharti Airtel Limited over a settlement related
to the sale of Zain's Africa operations to the Indian firm in 2010.
Jet Airways Limited will prepare crew’s duty rosters in consultation with the pilots’
union. This was agreed between the pilots' union and the airline management after
protests by pilots against the new duty hours.
Bharti Airtel Limited launched its 4G services across 120 towns of Uttar Pradesh
promising high speed mobile broadband experience for its subscribers.
The National Aluminium Company is likely to keep in abeyance its plans to put up a
greenfield smelter in Iran.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
Some 14 nationalised banks have been charging a total Rs. 26 crore every year – one
fourth its annual administrative expenditure, from Coal Mines Provident Fund
Organization for collecting life certificates on its behalf. Nevertheless, CMPFO is in the
process of doing away with this costly affair of collecting life certificates through banks
after seeding Aadhaar with every account holders’ CMPF Account Number. Pension is
now directly transferred pensioners accounts. While appreciating the efforts of CMPFO,
coal secretary, Anil Swarup said that the online transfer should be effected by 31st
December, 2016.
The rate war has begun with the country's largest lender State Bank of India and the
topmost private sector lender ICICI Bank going all out to lure home loan customers in a
bid to improve their market share. State Bank of India has slashed its home loan rate to a
six-year low to 9.10%. Under this new scheme woman borrowers will be able to avail
home loans at 9.10% while other borrowers will be able to avail loans at 9.15%. These
rates will be applicable top loans up to Rs 75 lakh w.e.f 1st November. On Home Loan of
Rs 50 lac's, reduction in interest rate by 0.15% by SBI will help a home buyer to save Rs.
542 per month and approximately Rs. 2 lac's during the loan tenure of 30 years. SBI’s
home loan tenure of 30 years.
Private sector lender Yes Bank has launched “Yes Mobile 2.0” its new mobile banking
app with multiple new features and extensive support for banking transactions on Apple
and Android based SmartWatches. The app is compatible with all mobile devices
including Android tablets and Apple iPads in addition to smartphones and wearables.
With multiple added functionalities and a customisable interface Yes Mobile 2.0 will
replace the older Yes Mobile application that was being used by bank customers.
State-run banks, other than State Bank of India, have been lagging far behind their
private sector peers when it comes to lending. While the industry growth rate itself may
be barely in double digits, PSU banks, barring SBI, are growing at a paltry pace over the
past two quarters pushing back hopes of any recovery in investments. Loans at state-run
banks grew just 1.4% in the March and June quarters, the lowest in past four years, data
from the Reserve Bank of India shows. Poor capital positions, risk aversion and top
corporates moving to bond markets are among the reasons why these banks which once
thrived on project financing are lagging.
Central bankers rarely talk straight, more so when it comes to the state of the banking
industry. But the Reserve Bank of India deputy governor SS Mundra came close to it
when he recently raised the red flag about the state of human resources in the banking
industry. When Mundra calls this a ‘decade of retirement’, it should be the beginning of
sleepless nights to chiefs of banks and the biggest stakeholder in the system — the
government, if it wants to save whatever little value is left of the sector after bad loans
had eroded its worth.
State-run banks, which used to be the most sought after for job seekers in the three
decades since the 70s, not only lost sheen to more lucrative career options in technology
and other sectors, but the efforts to make it more efficient by ending indiscriminate hiring
and not replacing it with a suitable hiring plan is beginning to bite.
US-based ATM manufacturer NCR Corporation has bagged a Rs 334-crore order from
State Bank of India to install over 7,000 cash-vending machines, making this the single
largest order in the country. NCR is the largest player in the domestic ATM market with
over 1 lakh cash-vending machines running. Its new ATMs are equipped with the latest
anti-fraud security solutions.
"State Bank of India has awarded NCR with the single largest order of ATMs in the
country. The agreement, valued at around Rs. 334 crore, has to be executed over the next
seven years, and NCR will deploy 7,070 cash-vending machines, software solutions and
provide services support," NCR India Managing Director Navroze Dastur told PTI.
Joining the rate cut war, biggest mortgage firm HDFC and private sector lender ICICI
Bank today cut home loan rates by 0.15 per cent, a move that may be followed by other
lenders. Home loans up to Rs 75 lakh for women borrowers will now attract an interest of
9.15 per cent and for others it will be 9.20 per cent, HDFC Ltd said in a statement. "Over
the past couple of months, we have seen a drop in our marginal costs of funds and as
always, HDFC has ensured that benefit is passed on to its customers," HDFC Ltd
Managing Director Renu Sud Karnad said.
Five new banks have joined the Unified Payments Interface bandwagon, thereby taking
the total number of banks using UPI to 26. The five latest entrants include public sector
lenders, State Bank of India, Allahabad Bank and Bank of Baroda and two private banks
HDFC Bank and IDFC Bank. These applications are currently in their final testing phase
being active only in closed user groups, they are expected to go live for the public within
the next six weeks,” said bankers in the know of the matter, who did not wish to be
identified.
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