TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : The Market has opened in a cautious note on Monday the 50 shares

Nifty down by 68 points or 0.83 percent at 8102. After the few day of Euphoric rise in the

market. The Investors has Surrender due to fear over the Fed Policy and Brexit vote from

European Union on 23 June. Although the Bank of Japan & Federal Reserve kept

unchanged the interest rate for the fourth time in its Policy meet as the most participants of

the Market were expecting no changes . Not once did the market entered the green

territory as investors reacted to the poor industrial production data for April, which fell 0.8

per cent for the first time in three months also influence the market. Now the uncertainty

about the Britain Exit from European union due to death of Britain law maker and

monsoon will lead the market ahead. The Nifty is facing the Stiff resistance around 8250-

8300 break above 8300 will lead the Nifty toward 8450-8500 in near term. The crucial

levels for Nifty is 8050-8100 down side and 8250-8300 is upside for upcoming week.

BANK NIFTY : - The Bank Nifty is opened in a negative territory on Monday down by

208 points or 1.17 per cent at 17620. The cabinet has approved the takeover of State Bank

of India on its several subsidiaries. The Reserve Bank of India has thrown a lifeline for

over leveraged companies and banks to put an end to future bad loans by permitting

capital restructuring which would see banks taking equity in companies. The credit rating

agency ‘Icra ’ said the Reserve Bank of India new debt recast policy is a positive

turnaround for the Banks, it will helps to the Banks to decrease the Net-Performing Assets

by 30-100 points. The Bank Nifty Technically seem range bound for Next week. The

Crucial levels for Bank Nifty 17450-17600 down side and 17880-18160 is Up side.

Monday, 20 June 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8340 8222 8163 8104 7986

WEEKLY R2 R1 PP S1 S2

8588 8292 8144 7996 7700

MONTHLY R2 R1 PP S1 S2

8864 8404 8174 7944 7484

BANK NIFTY

DAILY R2 R1 PP S1 S2

18459 17961 17712 17463 16965

WEEKLY R2 R1 PP S1 S2

18965 18139 17726 17313 16487

MONTHLY R2 R1 PP S1 S2

19800 18402 17703 17004 15606

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8120 7954 7680 7786

BANK NIFTY 17339 16906 15984 16470

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8285 7830 6913

BANK NIFTY 17540 16512 13506

PATTERN FORMATION ( NIFTY )

Detail of Chart -

On the Above given daily chart of Nifty Applied the Parabolic SAR along with Bollinger

Band the both the indicator is in crucial points to decide the trend of the Nifty for next

week. In the Nifty chart the Channel line Draw for more then week which shows the

strong Resistance for the Nifty. If the Nifty is able to break the level of 8300 or 8350 we

could witness the Upward rally for upcoming time. Although the Bollinger Band line is

indicating the upward movement and Nifty may test the level of 8300-8350n the crucial

levels for Nifty is 8100-8150 down side and 8300-8350 is upside break below and up will

lead the Nifty for 8020 down side and 8400-8450 is upside.

PATTERN FORMATION ( BANK NIFTY )

Details of Chart-

On the Above given chart of Bank Nifty has Applied the Bollinger Band and Parabolic

SAR along with Channel line the Bollinger Band break above and below decide the trend

and the price movement of the Security. The break above band signal for buying and the

breakout below the Band opportunity for Short.however in the Chart the Bank Nifty price

is above its middle band till is it is not break the level of either side we could not decide

the trend Bank nifty may trade between 17600-17850 range for next week. The crucial

levels for Bank Nifty is around 17500-17650 down side and 17850-18100 up side.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1568 1561 1553 1546 1538

ALBK EQ 59 58 57 56 55

AMBUJACEM EQ 238 237 235 234 232

ASIAN PAINT EQ 1022 1009 1002 989 982

AXISBANK EQ 537 532 529 524 521

BAJAJ-AUTO EQ 2609 2594 2575 2560 2541

BANKBARODA EQ 155 153 150 148 145

BANKINDIA EQ 96 94 93 91 90

BHEL EQ 125 124 123 122 121

BHARTIARTL EQ 366 361 353 348 340

CIPLA EQ 493 490 487 484 481

COALINDIA EQ 317 315 311 309 305

DLF EQ 137 135 134 132 131

DRREDDY EQ 3126 3063 3031 2968 2936

GAIL EQ 391 389 386 384 381

GRASIM EQ 4375 4351 4327 4303 4279

HCLTECH EQ 759 756 752 749 745

HDFC EQ 1249 1238 1224 1213 1199

HDFCBANK EQ 1185 1178 1172 1165 1159

HEROMOTOCO EQ 3072 3051 3033 3012 2994

HINDALCO EQ 121 120 118 117 115

HINDUNILVR EQ 888 881 876 869 864

ICICIBANK EQ 245 242 238 235 231

ITC EQ 363 361 358 356 353

INDUSIND BANK EQ 1120 1110 1098 1088 1076

INFY EQ 1199 1189 1182 1172 1165

JINDALSTEL EQ 68 67 66 65 64

KOTAKBANK EQ 764 757 752 745 740

LT EQ 1515 1497 1485 1467 1455

M&M EQ 1367 1356 1347 1336 1327

MRF EQ 32073 31702 31476 31105 30879

MARUTI EQ 4180 4136 4115 4071 4050

ONGC EQ 215 214 212 211 209

ORIENTBANK EQ 103 102 98 97 93

RCOM EQ 49 48 47 46 45

RELCAPITAL EQ 405 400 396 391 387

RELIANCE EQ 981 979 976 974 971

RELINFRA EQ 549 543 537 531 525

RPOWER EQ 55 54 53 52 51

SBIN EQ 219 216 213 210 207

SSLT( VEDL) EQ 125 124 123 122 121

SUNPHARMA EQ 764 753 746 735 728

TATAMOTORS EQ 470 466 462 458 454

TATAPOWER EQ 78 75 74 71 70

TATASTEEL EQ 337 331 327 321 317

UNIONBANK EQ 129 127 126 124 123

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS)

Cash Pack

NSE CASH : BUY INDRAPRASTHA GAS LTD ABOVE 625 TGT 665 SL 605

NSE CASH : BUY SYNDIBANK NSE CASH ABOVE 73 TGT 77 SL 70.50

NSE CASH : BUY ADANIPORTS NSE CASH ABOVE 210 TGT 225 SL 203

Futures Pack

NSE FUTURE : BUY BEML FUTURE ABOVE 852.50 TGT 867.50 SL 843

NSE FUTURE : BUY IBULHSGFIN FUTURE ABOVE 708 TGT 720 SL 702

NSE FUTURE : BUY BAJAJ-AUTO FUTURE ABOVE 2600 TGT 2630 SL 2580

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 BHARTI INFRA 374 338 -9.57 %

2 ICICI BANK 252 238 -5.60 %

ICICI BANK

252

238

-5.60 %

ICICI BANK

252

238

-5.60 %

ICICI BANK

252

238

-5.60 %

ICICI BANK

252

238

-5.60 %

ICICI BANK

252

238 3 ONGC 218 210

-3.41 %

4 TATA POWER CO 76 73 -3.28 %

TATA POWER CO

76 73

-3.28 %

TATA POWER CO

76 73

-3.28 %

TATA POWER CO

76 73

-3.28 %

TATA POWER CO

76 73

-3.28 %

TATA POWER CO

76 73

5 TATA STEEL 334 325 -2.68 %

6 AXIS BANK LTD. 541 526 -2.62 %

AXIS BANK LTD.

541

526

-2.62 %

AXIS BANK LTD.

541

526

-2.62 %

AXIS BANK LTD.

541

526

-2.62 %

AXIS BANK LTD.

541

526

-2.62 %

AXIS BANK LTD.

541

526 7 ULTRATECH CEM 3384 3303

-2.41 %

8 M&M 1375 1344 -2.31 %

M&M

1375

1344

-2.31 %

M&M

1375

1344

-2.31 %

M&M

1375

1344

-2.31 %

M&M

1375

1344

-2.31 %

M&M

1375

1344

9 IDEA CELLULAR 103 101 -2.22 %

10 AURO PHARMA 743 727 -2.06 %

AURO PHARMA

743

727

-2.06 %

AURO PHARMA

743

727

-2.06 %

AURO PHARMA

743

727

-2.06 %

AURO PHARMA

743

727

-2.06 %

AURO PHARMA

743

727 11 DR. REDDY’S 3065 3002

-2.05 %

12 ZEEL 458 450 -1.82 %

ZEEL

458

450

-1.82 %

ZEEL

458

450

-1.82 %

ZEEL

458

450

-1.82 %

ZEEL

458

450

-1.82 %

ZEEL

458

450 13 HERO MOTOCORP 3069 3030

-1.27 %

14 BHEL 123 122

-1.13 %

BHEL

123

122

-1.13 %

BHEL

123

122

-1.13 %

BHEL

123

122

-1.13 %

BHEL

123

122

-1.13 %

BHEL

123

122

15 INDUSIND BANK 1109 1099 - 0.96 %

SR.NO SCRIPT NAME PREV

CLOSE CMP % CHANGE

1 GAIL INDIA LTD 368.95 387.25 +4.96 %

2 SBIN 205 213 +3.64 % SBIN

205

213

+3.64 %

SBIN

205

213

+3.64 %

SBIN

205

213

+3.64 %

SBIN

205

213

+3.64 %

SBIN

205

213

3 HINDALCO 115 118 +3.04 %

4 BANK BARODA 146 150 +2.94 % 1. BANK BARODA

146

150

+2.94 %

2. BANK BARODA

146

150

+2.94 %

3. BANK BARODA

146

150

+2.94 %

4. BANK BARODA

146

150

+2.94 %

5. BANK BARODA

146

150

5 BOSCH LTD. 21492 22075 +2.71 %

6 ITC LIMITED 350 359 +2.61 % ITC LIMITED

350

359

+2.61 %

ITC LIMITED

350

359

+2.61 %

ITC LIMITED

350

359

+2.61 %

ITC LIMITED

350

359

+2.61 %

ITC LIMITED

350

359

7 ADANI PORTS 202 207 +2.44 %

8 COAL INDIA LTD 306 313 +2.14 % COAL INDIA LTD

306

313

+2.14 %

COAL INDIA LTD

306

313

+2.14 %

COAL INDIA LTD

306

313

+2.14 %

COAL INDIA LTD

306

313

+2.14 %

COAL INDIA LTD

306

313

9 CIPLA LIMITED 476 486 +2.10 %

10 LUPIN LIMITED 1437 1464 +1.85 % L

U

P

I

N

L

I

M

I

T

E

D

1437

1464

+1.85 %

L

U

P

I

N

L

I

M

I

T

E

D

1437

1464

+1.85 %

L

U

P

I

N

L

I

M

I

T

E

D

1437

1464

+1.85 %

L

U

P

I

N

L

I

M

I

T

E

D

1437

1464

+1.85 %

L

U

P

I

N

L

I

M

I

T

E

D

1437

1464 11

TCS 2555 2602 +1.83 %

12 POWERGRID CO 154 157 +1.72 % P

O

W

E

R

G

R

I

D

C

O

154

157

+1.72 %

P

O

W

E

R

G

R

I

D

C

O

154

157

+1.72 %

P

O

W

E

R

G

R

I

D

C

O

154

157

+1.72 %

P

O

W

E

R

G

R

I

D

C

O

154

157

+1.72 %

P

O

W

E

R

G

R

I

D

C

O

154

157

13 BHARTI AIRTEL 351 357 +1.68 %

14 TATA MOTORS 456 464 +1.63 % T

A

T

A

M

O

T

O

R

S

456

464

+1.63 %

T

A

T

A

M

O

T

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R

S

456

464

+1.63 %

T

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456

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+1.63 %

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O

R

S

456

464

+1.63 %

T

A

T

A

M

O

T

O

R

S

456

464

15 WIPRO LIMITED 542 552 +1.23 %

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

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LTD.

1

8

1

2

8

2

0

3

7

1

+

1

2

.

3

7

%

3. B

O

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.

3

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%

ACC 1240 1385 +11.68

% ACC

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

FDI inflows in 2016-17 to be higher than 15.3% in 2015-16: Economic Affairs Sec -

FDI inflows in the current fiscal will top 15.3 per cent rise in 2015-16 on the back of

reforms and liberalisation of FDI norms, Economic Affairs Secretary Shaktikanta Das

said today. Stating that the current account deficit at 1.1 per cent of GDP is a "robust

macro economic indicator", Das said efforts will continue on the reforms front."Net FDI

inflow rose by 15.3 per cent in 2015-16 over the previous year. Should be more this year

due to full-year impact of FD "Net FDI inflow rose by 15.3 per cent in 2015-16 over the

previous year. Should be more this year due to full-year impact of FDI liberalisation in

November 2015," Das tweeted.For the full year, CAD stood at $22.1 billion About 1.1

per cent of GDP as against $26.9 billion 1.8 per cent in 2014-15.

India's CA deficit may widen to 1.4 per cent of GDP in FY17: Nomura - India's

current account deficit is likely to widen to 1.4 per cent of GDP in the current fiscal from

an estimated 0.9 per cent in 2015-16, says a Nomura report. According to the Japanese

financial services major, the global demand recovery is likely to stay sluggish but imports

are expected to rise towards end of this year, following which the country's trade deficit is

expected to widen. In our base case, we expect the global demand recovery to stay

sluggish but imports to rise towards end-2016. As a result, we expect the current account

deficit to widen to 1.4 per cent of GDP in FY17 from an estimated 0.9 per cent in FY16,"

Nomura said in a research note.

Government says closely monitoring possible fallout of Brexit - Government is

keeping a watch on the global risk factors to the economy including Brexit, turmoil in the

Middle East and spike in oil prices in the international market, Minister of State for

Finance Jayant Sinha said today."There are a number of risk factors that we routinely

consider. We discussed, for example, what will happen with oil prices and turmoil in the

Middle East. We discussed Brexit as well, along with the risk factors that India has," he

told reporters on the sidelines of the Rajasva Gyan Sangam. On June 23, UK will vote on

whether to remain in the 28-nation European Union or to leave. Britain's exit from the

EU, or Brexit, is being debated globally as it could have implications for the international

financial market and exchange rates.

Role of monsoon in reviving rural economy not significant: UBS - Forecast of above-

normal monsoon this year has rekindled hopes of a rural recovery, but its role in doing so

is not that "significant", says a UBS report, thus striking a contrarian tone to the

mainstream idea. According to the Swiss financial services firm, sentiment plays a role

and can help rural spending "though not necessarily backed by a sharp improvement in

rural incomes". "Agri GDP comprises 15 per cent of India's GDP and 40 per cent of rural

economy. Our analysis implies that around 20 per cent of Agri GDP is directly dependent

on monsoons. Thus, the direct role of monsoon overall appears insignificant," UBS said

in a research note.

22 per cent rain deficiency due to slow-progress of south-west monsoon - India's

monsoon deficit has widened to 25% since the beginning of this month as rainfall in the

past day was less than half of the normal level, increasing the anxiety of farmers although

forecasters say that heavy showers are just a few days away. Weather scientists say total

rainfall is well below average, primarily because of the monsoon hit peninsular India a

week late and has not progressed smoothly after that. Rainfall in the past day was 52%

below normal with central India, which should have been covered by the monsoon by

now, getting barely 10% of the rainfall it normally receives at this time.

‘ Buy one get one Free ’ deal to soon lose charm, GST may apply to free articles -

The popular 'buy one get one free' deals stand to lose some of their charm as the proposed

goods and services tax may apply to free articles given away with those purchased. As

per Section 3 of the model GST law that the government has unveiled for stakeholder

comments, supplies specified in Schedule I, made without a consideration, are also liable

to GST. This means that the buyer will have to pay GST on the article that comes free,

said tax experts, confirming that the provision will impact the popular sales.They called

for clarity on the issue as the wider implication is that even free samples given by way of

business promotion could attract GST."Any form of direct or indirect GST on free

supplies could have a significant impact on the sales & marketing spend of companies,

specifically those dealing in consumer products," said Pratik Jain, National Indirect Tax

leader at PwC.

Listing of PSU insurers to happen one-by-one: DEA Secretary Shaktikanta Das -

The process of listing of four public sector general insurance companies will begin one by

one and "lot of action" is expected on the front in next few months, a top official said

today."In the last Budget, government has announced listing of various public sector

insurance companies and that is work in progress."We expect that the process of listing of

the insurance companies will begin one-by-one. Modalities are being worked out and I

think we should see lot of action on that front in the next few months," Economic Affairs

Secretary Shaktikanta Das said at the Economic Times 'BFSI Best Brands' Summit.

India’s current account deficit narrows to $300 million, lowest level in 7 years -

India's current account deficit narrowed to its lowest level in seven years in the quarter

ended March, mainly due to lower trade gap as both exports and imports fell. Reserve

Bank of India data released on Thursday showed that the current account deficit —

difference between the value of all imports, including goods, services and investment

incomes, and the value of all exports — had shrunk to $300 million in the fourth quarter

of 2015-16, down from $700 million a year a year earlier and sharply lower from $7.1

billion recorded in the previous quarter.

✍ TOP ECONOMY NEWS

Industrial output growth in the country disappointed at -0.8% in April 2016, pulled down

by the manufacturing sector, which contracted by 3.1% over the same month in 2015.

India's foreign exchange reserves hit a record high at USD 363.46 billion for the week

ended June 3, mostly due to the central bank taking delivery of its forward-dollar

contracts and dollar buying in spot foreign exchange markets.

The power regulator has allowed power plants owned by central and state power utilities

to swap coal for its efficient usage and reduction of transportation charges, a move that

will lead to lowering of electricity tariffs.

Centre’s indirect tax mop-up rose by 33% in May likely led by high excise collections,

signaling a pick-up in economic activity.

Reserve Bank has cancelled registration of three NBFCs including Escorts Finance,

Express Trading & Securities and Jayant Security & Fin.

Consumer Price Index for May 2016, rose to 5.76% — the highest in at least 17 months

— compared with 5.39% in April 2016 and 5.01% in May 2015.

Cochin Shipyard in consortium with Global United Shipping India have proposed a joint

bid to build-own-operate six new LNG vessels for GAIL, making it the very first Indian

bid for the country's biggest shipping tender.

The Finance Ministry has set up a working group to examine the consequential issues

arising out of recent amendments to the India-Mauritius Double Taxation Avoidance

Agreement.

The Wholesale Price Index rose 0.79% in May, after rising 0.34% in April 2016 and

coming in at -2.20% during the corresponding month of the previous year.

Concerned over ‘wilful violation of its drug pricing control rules, the National

Pharmaceutical Pricing Authority has slapped show-cause notices on ten top drugmakers

for failing to register their products on its online database and submit the mandatory

disclosures.

India recorded a 10-year low in investments in public-private sector in 2015, adding to

contraction that pulled down the global investment to below its five-year average of USD

124 billion.

Petrol price was marginally hiked by 5p/l and diesel by Rs. 1.26/l, the fourth increase in

rates in six weeks.

Reserve Bank's new debt recast norms are credit positive for banks and will help in

reducing the gross non-performing asset levels by 30-100 basis points after one year.

The Ministry for New & Renewable Energy, launched a scheme for setting up 1,000 MW

of wind power projects connected to the transmission network of Central Transmission

Utility to provide wind power to non-windy states at a price discovered through a

transparent bidding process.

The Union Cabinet cleared the Civil Aviation Policy, which is set to open door to a

number of passenger-friendly measures including capping of airfares at Rs. 2,500 for an

hour-long flight.

✍ TOP CORPORATE NEWS -

Reliance Communications Limited is geared up for the launch of its 4G services across

the country starting mid-August, as per reports. 4G services would be initially launched

in Mumbai, Delhi, Kolkata gradually spreading throughout India considering the

spectrum sharing agreement with Reliance Jio, according to reports.

Tata Power arm signs Share Purchase Agreement to acquire Welspun Renewables Energy

Private Limited. Tata Power's Generation Capacity to cross 10,000 MW reinforcing its

position as India's largest integrated power company. Tata Power Renewable Energy

Limited's renewable assets portfolio grows to about 2,300 MW making it the largest

Renewable Power Company in India.

Tata Consultancy Services announced a global partnership with Randstad Global IT

Solutions, to design and deploy one of the world’s largest end-to- end public cloud

marketplaces for IT infrastructure services. Randstad, as part of its IT transformation

strategy, is keen to improve its current IT Infrastructure operations through assets and

vendor optimization, process standardization , automation and deriving economies of

scale.

Tata Power Renewable Energy , subsidiary of Tata Power, has acquired 1,140MW solar

and wind power assets of Welspun Energy Pvt.

Dr Reddy’s Labs has inked a pact with Teva Pharmaceutical and an affiliate of Allergan

Plc to buy a portfolio of eight abbreviated new drug applications in the US for USD 350

million around Rs. 23 billion in cash.

Vedanta is planning to acquire coal mines via auctions as the mining conglomerate seeks

to ensure fuel security for its energy guzzling aluminium plants.

Coffee Day Enterprises, said its subsidiary Sical Logistics plans to raise Rs. 1 billion

through issuance of non-convertible debentures on a private placement basis.

Premier Explosives has bagged an order worth Rs. 730 million for the supply of

explosives and accessories for use in blasting works for overburden removal work at all

the open cast projects of Singareni Collieries Co.

Fortis Healthcare said its subsidiary has received an order from the Directorate General

of Health Services to deposit Rs. 5.03 billion for non-compliance of conditions of land

allotment lease.

Amtek Auto is close to selling its profitable German unit, Tekfor, for about USD700

million Rs 46.90 billion to an foreign buyer in a bid to reduce its debt.

Coal India Limited two subsidiaries Mahanadi Coalfields and Northern Coalfields will

buyback total shares worth around Rs19.78bn from their shareholders.

NTPC Limited has traded surplus power from its four thermal power stations, including

Vidhyanchal and Unchahar, at the Indian Energy Exchange.

International Finance Corp has emerged as the top contender to buy around 15% in

IDBI Bank, even as talks have been held with at least three other players-GIC of

Singapore, ADB and CDC.

In 2015-16, ONGC's exploration cost write-off was Rs. 57 billion, sharply lower from

Rs. 108.70 billion in FY15, Rs78.43bn in FY14, and Rs100.88bn in FY13.

An Adani Group company has won the project to set up a 100MW solar power unit in

Chhattisgarh, in an auction where none of the bidders quoted below the reserve price.

ABB India Limited has commissioned five sub-stations to integrate 648MW solar

project at Kamuthi in Tamil Nadu to the national transmission grid.

Jet Airways has announced its move to operate new daily services from Hyderabad to

Dammam and from Mangaluru to Sharjah from August 7.

Siemens Limited has won an order worth around Rs. 780 million from the Power Grid

Corp for engg, procurement and construction project at Bhuj in Gujarat.

Havells India will increase its stake in Bangalore-based Promptec Renewable Energy

Solutions up to 70% for an undisclosed sum.

Amara Raja Batteries has drawn up plans to increase its batteries manufacturing

capacity for supply to two and four wheelers, both original equipment manufacturers and

after-market.

Maruti Suzuki Limited resumed production at its Manesar unit and is working at more

than 90% capacity to make up for the loss.

Kerala government has promised all support to Kochi Port in resolving the pipeline issues

of the Petronet LNG Terminal.

Ajanta Pharma announced the launch of anti-dementia Memantine Hydrochloride

tablets in the US market.

IVRCL has allotted 0.65mn shares to Bank of Nova Scotia as part of a strategic debt

restructuring.

Bharti Airtel and Singapore Telecommunications have combined resources into one

network to form one of the largest Internet Protocol Virtual Private Networks globally to

deliver high-speed, secure data network coverage to enterprise customers in Asia-Pacific,

the Middle East, Africa, Europe and the US.

Blackstone Group, GIC of Singapore and Brookfield Asset Management have fired

slightly over USD 1 billion separate bids to acquire a 40% stake in DLF commercial

property unit that owns rent-yielding assets.

Suven Life Sciences was granted one product patent from Canada and one product patent

from Hong Kong corresponding to the new chemical entities for the treatment of

disorders associated with neurodegenerative diseases and were valid through 2032 and

2030 respectively.

BHEL Limited has commissioned another 195MW unit at Muzaffarpur thermal power

station in Bihar.

Bharti Infratel will buy back 47 million shares for Rs. 425 each in a deal valued at Rs.

20 billion, in a bid to return surplus funds back to shareholders.

A court has ordered initiation of proceedings against Unitech Ltd and its top bosses in a

case of alleged cheating lodged by an investor for not giving him possession of a flat

booked in 2006 in Greater Noida.

SBC, offloaded over 2.6 million shares of Reliance Infrastructure for an estimated Rs.

1.44 billion through an open market transaction.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

India's largest bank, State Bank of India and MasterCard announced pilot launch of a

distribution alliance with travel prepaid cards distributor Centrum. This partnership will

aid the distribution strength of the Bank for it's multicurrency prepaid card and will

largely target the corporate customers of the bank.

Reserve Bank of India new debt recast norms are credit positive for banks and will help

in reducing the gross non-performing asset levels by 30-100 basis points after one year,

report. "Implementation of the guidelines would help bridge the gap between the actual

expected losses and provisioning cover, therefore it would be a credit positive," domestic

rating agency Icra said in a report here.

Union Cabinet on Wednesday approved the takeover by State Bank of India of several

subsidiaries, a government official said, in a first move to consolidate the country's

struggling public sector banks. As earlier proposed, SBI was to take over five units that

had been run at arms-length, as well as state-run Bharatiya Mahila Bank, a bank for

women set up in 2013

State Bank of India is set to launch civil proceedings against promoters of defaulting

companies hoodwinking banks, as the nation's largest lender steps up efforts to clean up

its books. This will allow it to approach civil courts seeking the arrest of errant borrowers.

The Reserve Bank of India has thrown a lifeline for overleveraged companies and banks

to put an end to future bad loans by permitting capital restructuring which would see

banks taking equity in companies. But the plan comes with a lot of riders that limit scope

for promoters gaming the system, and banks don't sweep doubtful loans under the carpet.

In a big step towards resolution of bad loans, Indian banks, Reserve Bank of India and

the union finance ministry are discussing setting up two special funds to resurrect

troubled investments through equity infusion or more debt funds. The two funds proposed

are Stressed Assets Equity Fund and Stressed Assets Lending Fund.

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