TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

CNX NIFTY - The Nifty Future is open on Monday 7788 in down trend. Nifty traded in 7800-7900 range and

made a high of 7937 .on Wednesday Nifty given the gap down opening of 7955 and made low of 7929 but traded

in the range of 7900-8000. range and close at 7783. The Nifty Future can trade above 7834 Level Nifty in Future

could cross 7848—7854-–7872. Resistance seen at 7880. For the next week. The nearest Nifty Future support for

Nifty is 7700. The target for sell is 7729 and 7650. The market may open in Red on Monday also but nifty will not

fall below the 7500 level. In the US market, Wall Street posted its biggest decline in six weeks. Equities closed

lower as investors weighed a possible Federal Reserve rate hike in December.The probability of rate hike by

federal reserve is nearly 70 percent. So we could expect the gap down opening of Nifty for next week.

Bank Nifty Future: The Bank nifty is also give gap down opening at 16667 and made the high of 17069 and low

16587 and traded between 16600-17000 the Bank Nifty is currently 16965 and for next we could expect the that

nifty can create firework there is chance of Bank Nifty to cross the level of 17200-17350 the Resistance for Bank

Nifty is 17138-17343 we are expecting to cross both the level by Bank nifty on Monday trading session. The

Support of Bank Nifty is 16657-16381. Some hot stock in Banking sector is Axis Bank, Bank of Baroda And

NCC, we could take Buy Position on these script.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S27799 7780 7756 7737 7713

WEEKLY R2 R1 PP S1 S28016 7889 7810 7683 7604

MONTHLY R2 R1 PP S1 S28225 8007 7869 7624 7486

BANK NIFTY

DAILY R2 R1 PP S1 S217097 17014 16879 16796 16661

WEEKLY R2 R1 PP S1 S217343 17138 16862 16657 16381

MONTHLY R2 R1 PP S1 S217871 17402 16994 16525 16117

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8112 7992 8206 8374

BANK NIFTY 17488 17217 17871 18274

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8055 7760 8532

BANK NIFTY 17480 15960 20025

PATTERN FORMATION ( NIFTY AND BANK NIFTY )

Depiction of Chart - On the above given weekly chart the SMA is indicating if nifty is About to cross the moving average line then wecould expect the gap down opening of Nifty in Short Term Period. But there is a pressure on Nifty due to globle cues.However it is all dependon the news and always worry that globle market affect for long time. According to weekly technical chart of Nifty can give Gap up Openingon Monday expectation from nifty is positive. on the basis of technical Analysis Nifty resistance will be R1 7889-8016 and will go aheadThere is a possibilities of nifty for next week it can break the Resistance . we can expect the gap up opening of nifty in Next week Resistancefor nifty is R1 7889 R2 8016 and the support for Nifty is S1 7683 S2 7604.

BANK NIFTY MACD

Details of Chart - On the Above given chart of Bank Nifty WEEKLY SMA for week is in consolidated Trend so we can expect TheUptrend movement for Bank nifty in Next week trading Session Also. The Resistance for Bank Nifty is R1 17683 R2 18716 and the Supportof bank Nifty is S1 15617 S2 16650. Although the Bank if Nifty could break the Resistance level 17138-17343 Level we can expect theupward movement of Bank Nifty for next week .

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1344 1336 1325 1317 1306

ALBK EQ 77 76 76 75 74AMBUJACEM EQ 199 196 194 190 188ASIAN PAINT EQ 816 808 800 792 784

AXISBANK EQ 495 490 481 476 467BAJAJ-AUTO EQ 2509 2445 2406 2342 2303

BANKBARODA EQ 176 174 172 170 167BANKINDIA EQ 133 132 131 129 128

BHEL EQ 183 181 179 176 174BHARTIARTL EQ 337 334 330 327 323

CIPLA EQ 641 632 627 618 613COALINDIA EQ 349 343 336 331 324

DLF EQ 114 112 110 108 106DRREDDY EQ 3455 3413 3355 3313 3255

GAIL EQ 286 284 281 279 277GRASIM EQ 3663 3640 3597 3574 3531

HCLTECH EQ 873 858 840 825 807HDFC EQ 1196 1187 1172 1163 1148

HDFCBANK EQ 1064 1058 1050 1044 1036HEROMOTOCO EQ 2664 2641 2626 2603 2588

HINDALCO EQ 81 79 78 76 75HINDUNILVR EQ 803 800 796 793 789ICICIBANK EQ 265 263 261 260 257

ITC EQ 337 333 330 326 323INDUSIND BANK EQ 904 896 888 881 872

INFY EQ 1115 1107 1099 1091 1083JINDALSTEL EQ 816 802 788 773 759KOTAKBANK EQ 690 680 663 653 637

LT EQ 1370 1352 1341 1323 1312M&M EQ 1268 1261 1251 1244 1234MRF EQ 38814 38568 38173 37927 27532

MARUTI EQ 4784 4712 4666 4594 4548ONGC EQ 236 232 230 227 225

ORIENTBANK EQ 151 149 147 145 144RCOM EQ 76 71 67 62 58

RELCAPITAL EQ 427 418 409 400 391RELIANCE EQ 953 944 929 919 905RELINFRA EQ 422 408 394 380 366RPOWER EQ 51 50 49 47 46

SBIN EQ 245 242 240 238 236 SSLT( VEDL) EQ 92 90 88 86 84SUNPHARMA EQ 759 749 743 733 726TATAMOTORS EQ 423 414 408 398 392TATAPOWER EQ 70 69 68 68 67TATASTEEL EQ 228 225 221 218 214UNIONBANK EQ 48 48 47 46 46

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION )

NSE FUTURE

1. MARUTI FUTURE : WE CAN MADE LONG POSITION IN MARUTI FUTURE ABOVE 4644 TGT

4744 SL 4600.

2. IDEA FUTURE : WE CAN MADE LONG POSITION IN IDEA FUTURE ABOVE 131 TGT 141 SL

128.

3. AUROPHARMA FUTURE : SELL AUROPHARMA FUTURE BELOW 816 TGT 750 SL 830.

4. SUNPHARMA FUTURE : SELL SUNPHARMA FUTURE BELOW 730 TGT 680 SL 740.

5. TATA STEEL FUTURE : BUY TATASTEEL FUTURE ABOVE 232 TGT 250 SL 225

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1DR.REDDY LABS 4325.45 3372 -22.04 %

2 RCOM 81.55 66.50 -18.45 %

3CAIRN INDIA LTD. 155.20 131.10 -15.53 %

4 ADANI ENTERPRISES

88.35 75.70 -14.32 %

5SUN PHARMA. 868.30 742.00 -14.55 %

6 EICHER MOTORS 18003.25 15600 -13.35 %

7IDFC LTD 59.40 52.10 -12.29 %

8 JSW ENERGY LTD. 93.65 82.60 -11.80 %

9 AJANTA PHARMA LTD. 1536.85 1388.50 -9.65 %

10 ZEEL 415.05 376 -9.41 %

11KAVERI SEED 472.10 428.80 -9.17 %

12 ONGC LTD. 251.25 229 -8.86 %

13 GODREJ PROPERTIES 349.20 319.15 -8.61 %

14 CIPLA 675.30 618.60 -8.40 %

15DLF 120.15 110.25 -8.24 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1ESSAR OIL LTD. 187.15 215

+14.88 %

2 1. HEXAWARE

235.75 264.90 +12.36 %

3MOTHERSONSUMI 245.80 273.95

+11.45 %

4 6. RAJESH EXPORT

639.50 698.10 +9.16 %

5 KPIT TECHNOLOGIES 143.70 154.30

+7.38 %

6 BANK OF BARODA 161.85 173.30 +7.07 %

7TATA MOTORS LTD. 382.05 403.65

+5.65 %

8 JAIN IRRIGATION 63.55 66.70 +4.96 %

9JINDAL STEEL 76.00 79.75

+4.93 %

10 SHREERENUKA 11.77 12.29 +4.42 %

11TVS MOTORS LTD. 287.50 297.15

+3.36 %

12 BHARAT PETROLEUM

876.50 905.50 +3.31 %

13ORIENTAL BANK 143.10 147.65

+3.18 %

14 ANDHRA BANK 65.75 67.80 +3.12 %

15MARUTI SUZUKI 4480.50 4611.70

+2.93 %

NSE CASH

1. BALRAMCHIN CASH : LONG POSITION CAN BE MADE IN BALRAMCHIN ABOVE 73.50 FOR

TGT OF 78 WITH SL OF 72.

2. INDIACEM CASH : INDIACEM IS LIKELY TO SHOW UPWARD MOMENTUM THIS WEEK.

LONG POSITION CAN BE MADE ABOVE 79.20 FOR TGT OF 83.75 WITH SL OF 76.80.

3. MMTC CASH : LONG POSITIONS CAN BE MADE IN MMTC ABOVE 46.40 FOR TGT OF 49.20

WITH SL OF 45.30.

4. INDIANB CASH : INDIANB CAN SHOW POSITIVE MOMENTUM IN THIS WEEK ABOVE

130.50. LONG POSITION CAN BE MADE ABOVE 130.50 FOR TGT OF 139.70 WITH SL OF 127.70.

5. VAKRANGEE CASH : LONG POSITION CAN BE MADE IN VAKRANGEE ABOVE 143.50 FOR

TGT OF 152.50 WITH SL OF 140.

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

1. A nervous Dalal Street dreads a selloff by FIIs on BJP's Bihar defeat - Bharatiya Janata

Party (BJP)'s disappointing show in the Bihar elections may not go down well with investors in

the near future. The stock market could drop early this week, extending its recent declines, as

investors worry that the political capital available with Prime Minister Narendra Modi to push

pro-business measures will wane following BJP's second consecutive state election defeat.

Comments from US Fed officials hinting at the possibility of rate hikes in December could also

add to Dalal Street's near-term problems. Foreign investors have been watching the Bihar

elections as the outcome had been widely considered a test of Modi's popularity after 17

months at the helm at the centre. "Many foreign investors would now be worried about further

political gridlock in Parliament, as this (the Bihar poll results) could further embolden the

Opposition," said Pratik Gupta, managing director & head equities, Deutsche Bank Group.

2. China policymaker says 6.5% a floor for 2016-2020 annual growth - China is making 6.5

per cent a floor or minimum level for annual economic growth in 2016 through 2020, a senior

Chinese policymaker said on Monday, adding that the figure would be a base for setting a target

for the five-year period. The economic growth target has not been fixed yet, as that is an

objective that needs to be approved by the National People's Congress, Yang Weimin, Vice

Minister of the Office of the Central Leading Group on Financial and Economic Affairs, told a

news conference in Beijing. The National People's Congress holds an annual meeting of

policymakers in March, which sets key economic targets for the year. "The 6.5 per cent itself is

not a target. We still need to wait till next March to determine the final target," Yang said.

China's President Xi Jinping said last week that China needed to maintain annual economic

growth of at least 6.5 per cent over the next five years to realise the country's goal of doubling

2010 GDP and per capita income by 2020.

3. FPIs take out Rs 4,300 cr in just 5 trading days - Foreign investors have pulled out more

than Rs 4,300 crore from Indian capital markets in the past five trading sessions due to muted

quarterly earnings and fears of a possible rate hike by the US Federal Reserve. The move

comes after Foreign Portfolio Investors (FPIs) inflow had hit a 7-month high in October. As per

data compiled by the depositories, net outflow in equities stood at Rs 2,667 crore between

November 2-6, while it was Rs 1,689 crore for debt, translating into a total of Rs 4,356 crore.

Prior to that, FPIs had made a net investment of Rs 22,350 crore last month, making it the

highest investment by these investors since March, when they had poured in Rs 20,723 crore

into Indian markets. The huge inflows during October also reversed the outflows seen during

the past two months. FPIs pulled out over Rs 23,000 crore from the capital markets (equities

and debt) in the past two months on fears of an economic slowdown in China, which triggered

a global sell-off.

4. No impact of Bihar on rating outlook, FII flows: Fitch - Rating agency Fitch has said that

the Bharatiya Janata Party's rout in the Bihar election would not impact the medium-term

economic outlook for India. The agency has also said that foreign investors are unlikely to

review their position. "The BJP's defeat in the Bihar state assembly election does not change

our view on the medium-term economic outlook for India. The loss may complicate politics for

the central government, but we don't expect major implications on the economic front. The

election results are not likely to impact decisions by foreign investors in other states and a big

win for the BJP in Bihar would not have led to sufficient support in the Rajya Sabha anytime

soon anyway," said Thomas Rookmaaker, director in Fitch Ratings' Asia-Pacific Sovereigns

team.

5. India-China ties globally significant, says President Pranab Mukherjee - Relations

between India and China have a regional and global significance, President Pranab Mukherjee

said when Chinese Vice President Li Yuanchao called on him, said a statement on Saturday. Li

called on Mukherjee on Friday and the two leaders reviewed ties between India and China ,

according to a Rashtrapati Bhavan statement. Mukherjee pointed out that Li was the first ever

vice president of China to visit India. India-China relations have witnessed all round progress

in recent years, he said. The two countries have expanded high level political exchanges. As

two emerging economies, relations between the two countries have a regional and a global

significance. India-China trade now stands at $70.59 billion.India welcomed Chinese

companies to participate in 'Make in India' campaign, the president said

6. F&O total turnover stood at Rs 2,84,800.07 crore on November 09 - Future & Option

(F&O) total turnover stood at 2,84,800.07 crore on November 09 and the total number of

contracts traded on the day were 49,57,624. Of the total turnover, Index Futures contributed Rs

20,179.89 crore, Stock Futures Rs 28,471.35 crore and Index Options Rs 2,19,755.70 crore,

while the contribution of the Stock Options was of Rs 16,393.13 crore.For the day, the total

F&O Put Call ratio stood 0.72 while Index Options PutCall ratio was 0.74 and that of Stock

Options was 0.53.The top five scrips with highest PCR on OI were STAR (1.78), CESC (1.50),

Bank of Baroda (1.29), Hexaware (1.21) and Titan Company (1.17). Among most active

underlying, Tata Motors witnessed an addition of 3.74 million of Open Interest in the

November month futures contract, followed by State Bank of India witnessing an addition of

1.26 million of Open Interest in the November month contract; Dr. Reddy's Laboratories

witnessed an addition of 0.12 million of Open Interest in the November month contract, Maruti

Suzuki India witnessed an addition of 0.30 million of Open Interest in the November month

contract and Reliance Industries witnessed an addition of 0.22 million units of Open Interest in

the November month's future contract.

7. GE, Alstom land $5.6 billion deals to supply Indian railway - General Electric and Alstom

have won contracts worth a combined $5.6 billion to supply India's railways with new

locomotives, as the vast but dilapidated state-owned network looks to foreign companies to

help it modernise. France's Alstom has been picked to supply 800 electric locomotives and will

also build a factory in the eastern state of Bihar, railways spokesman Anil Saxena told Reuters

on Tuesday. The total value of the contract and the new factory is about 200 billion rupees ($3

billion), he said. GE will meanwhile provide the railways with 1,000 diesel locomotives over

the next 11 years, as well as investing $200 million in a plant and maintenance sheds, in a deal

worth $2.6 billion that is the U.S. company's biggest in India.The contracts are two of the first

and the largest to be awarded to foreign firms since India last year allowed 100 percent foreign

direct investment in certain parts of its railways, and comes as New Delhi embarks on a huge

modernisation programme to overhaul the world's fourth-largest train network. "In most of our

growth markets, localisation is typically a key part of any infrastructure deal we do," Jamie

Miller, chief executive officer of GE Transportation, said on Monday.

GE and Alstom won against competition from rival manufacturers such as Canada's

Bombardier Inc and Germany's Siemens.

8. China data, US rate talk weigh on Asia stocks - A further slowdown in Chinese inflation

compounded worries about the world's number-two economy Tuesday, adding to selling

pressure in Asian markets and extending a global retreat as talk of a December US interest rate

hike increases. The below-forecast reading on China's consumer price index -- the weakest

since May -- comes days after Beijing data showed a sharp fall in imports and exports, and is

the latest in a string of reports pointing to a growth slowdown in the country. Officials said

prices rose 1.3 percent last month, down from 1.6 percent year-on-year in September. Also, the

producer price index, a measure of factory gate prices, fell 5.9 percent -matching the previous

two months and marking a six-year low. The news will add to pressure on Beijing as it

struggles to transform the nation's growth model to a more stable one driven by domestic

consumption and away from decades of export reliance and state investment.

9.RBI Governor Raghuram Rajan appointed Vice Chairman on BIS Board - Reserve Bank

Governor Raghuram Rajan has been appointed as Vice Chairman of the board of the Bank for

International Settlements. Headquartered in Basel, Switzerland, BIS fosters international

cooperation amongst central banks with a view to ensuring global monetary and financial

stability. The BIS board meets at least six times a year. The BIS board includes US Federal

Reserve Chair Janet Yellen, Bank of England Governor Mark Carney and Bank of Japan

Governor Haruhiko Kuroda. "Dr Raghuram Rajan...was elected as the Vice-Chairman, the

Board of Directors of the BIS, at its meeting in Basel held yesterday for a period of three years

from November 10, 2015," Reserve Bank of India said in a statement. Rajan joined the BIS

Board of Directors in December 2013. BIS Board Chairman Jens Weidmann welcomed Rajan

in his new role and thanked him for his continued service to the Bank.

10. Moody's: Muted global growth for another two years - Global growth will be lacklustre

over the next two years as the slowdown in China and other emerging markets continues to

weigh on the world economy, Moody's Investors Service said in a report published today.

Moody's forecasts that G20 GDP growth will average 2.8% in 2015-17, only 0.3 percentage

point higher than in 2012-14 and below the 3.8% average recorded in the five years before the

global financial crisis. The rating agency's latest forecasts are broadly unchanged from its last

quarterly Global Macro Outlook in August. "Muted global economic growth will not support a

significant reduction in government debt or allow central banks to raise interest rates

markedly," said the report's author Marie Diron, Senior Vice President, Credit Policy.

"Authorities lack the large fiscal and conventional monetary policy buffers to protect their

economies from potential shocks." The report, "Global Macro Outlook 2015-17: Lacklustre

Global Economic Recovery Through 2017 Diminishes Resilience to Shocks", is now available

on www.moodys.com. Moody's subscribers can access this report via the link at the end of this

press release. The research is an update to the markets and does not constitute a rating action.

11.India, UK announce 9 billion pound worth of deals - India and the UK today announced

deals worth 9-billion pound as they signed a civil nuclear pact and decided to collaborate in the

field of defence and cyber security besides launching a railway rupee bond. British Prime

Minister David Cameron described the relations between the two sides as a "new dynamic

modern partnership" and reiterated his country's support for India's permanent membership of

the UN Security Council."During this visit British and Indian companies are announcing new

collaborations together worth 9 billion pounds," he said at a joint press conference with Modi

here. "We want to become the number one partners to finance the immense economic vision

Prime Minister (Narendra) Modi and make London the centre for off-shore rupee trading with

the launch of 1-billion worth of bonds including the first government-backed rupee

denominated bond," Cameron added.

12. FDI reforms to Revitalise India-UK partnership: CII - The reforms in foreign direct

investment (FDI) are likely to set the tone for a revitalised investment partnership between

India and the UK, industry chamber CII said today. The liberalisation of FDI rules announced

by the government on Tuesday came just two days before Prime Minister Narendra Modi's first

visit to the UK. "As Prime Minister Narendra Modi embarks on a state visit to the UK, the FDI

reforms announced by the Government this week are likely to set the tone for a revitalised

investment partnership," CII said in a statement.

13. Invest in India: Prime Minister Narendra Modi to British investors - Calling India an

easy and simple place to business in, Prime Minister Narendra Modi on Thursday invited

British investors to invest in his country."We have worked aggressively to make India an easy

and simple place to do business," Modi said while addressing at the Old Library in Guildhall on

the first day of his three-day visit to UK."There is significant potential for India and UK to

further strengthen their economic ties," he said. The hallmark of our strategy now is

policy-driven governance," he said, adding that India was one of the most open countries for

foreign investments.He said the results of the hard work are now visible.

14.Federal Reserve should wait with liftoff to see firm inflation signs: IMF note - The US

Federal Reserve should wait to see firm signs of rising inflation as well as a stronger labor

market before hiking benchmark interest rates, an International Monetary Fund paper said on

Thursday. In a report prepared for the upcoming Group of 20 meeting in Turkey, IMF staff said

spare economic capacity and very low inflation justified keeping monetary policy loose in most

major advanced economies. The contrast between rising US rates and probable further easing in

other developed countries was one risk overshadowing the global outlook, along with a shift in

gears in China and an end to the commodities super cycle, the surveillance note said.

15. RBI Dec rate cut unlikely but Fed may hike: Morgan Stanley - Inflation for the month

of October was at 4-month high and the September Index for Industrial Production (IIP) came

in at a 4-month low. However, Chetan Ahya, Co-Head-Global Economics & Chief Asia

Economist Morgan Stanley is not overly worried about the down-tick in the Consumer Price

Index (CPI) numbers since it was only 10 basis points higher than their estimate, adding that

IIP numbers have always been volatile. According to the CSO CPI data , the prices in the pulses

and products category rose to a staggering 42.20 percent in October. While the price rise in the

food and beverage category came in at 5.34 percent in October, inflation in cereals and

products was also higher at 1.46 percent.

16. Oil falls to lowest in over 2 months on swelling inventories - US crude fell for the third

session in a row on Friday to trade at the lowest in more than two months, as a relentless climb

in oil stockpiles helped trigger a 10 percent drop in prices since the beginning of November.

Benchmark US crude futures were at USD 41.47 a barrel at 0139 GMT, down 28 cents from

Thursday, when prices tumbled 4 percent on the back of rising US stocks. The contract was

trading at the lowest since Aug 27. Internationally traded Brent crude futures were at USD 44 a

barrel, down six cents. "Crude prices dropped to the lowest level in more than two months after

US oil stockpiles climbed for a seventh week," ANZ bank said on Friday referring to official

US data that saw crude inventories rise by 4.2 million barrels last week against a market

expectation of a 1.3 million barrel gain. ANZ also said that big price rebound this year was

unlikely: "A year end recovery in commodity prices remains unlikely with a stronger USUSD

and EM (emerging market) growth concerns." Oil markets have been dogged by oversupply,

which analysts estimate to be between 0.7 and 2.5 million barrels of oil being produced

everyday without a buyer, and which has resulted in prices falling by almost two-thirds since

June 2014.

17. Conditions for take-off of economy to get better: PM Modi - Wooing British investors,

Prime Minister Narendra Modi on Thursday said that "necessary conditions" for take-off of the

Indian economy have been created and held out an assurance that it will get "better and better"

in the coming days. Modi said India is among the "most open" countries for foreign

investments with the latest round of FDI reforms, asserting, at this point of time, it is "wiser to

be in India." Stating that he is personally eager to work with the British Government and

companies, Modi vowed "my personal care in making your dreams a reality."

18. India to be $6 trillion economy, buy stocks to capture that growth - Investment is all

about patience, and to create wealth, investors need to endure some pain in the equity market. A

recovery in the economy marked by earnings revival and beginning of the investment cycle will

be the biggest trigger for the domestic equity market, which has been rangebound over the past

few months waiting for fresh triggers to move up. While Asia's third largest economy is

recovering slowly, analysts say it has the potential to touch double-digit growth in a few years.

When that materialises, India's GDP would grow to $5 trillion-$6 trillion in 5 to 10 years from

$2 trillion now.

19. No more retrospective taxes in India: Prime Minister Narendra Modi - Prime Minister

Narendra Modi has said that India will no longer resort to retrospective taxation, while

acknowledging that such steps were adversely affecting the mood of existing and potential

investors. "There were a number of regulatory and taxation issues which were adversely

impacting on the sentiments of foreign investors. We have taken very decisive steps to remove

a number of long pending concerns," the prime minister told the Indo-UK Business Meeting

late on Thursday. We have clearly articulated that we will not resort to retrospective taxation

and demonstrated this position in a number of ways. This includes not going for imposition of

minimum alternate tax on foreign portfolio investors," he said

20. October WPI seen at -3.82%; core inflation at -1.87% - The wholesale price index

(WPI) for the month of October is expected to decline (-) 3.8 percent this month, compared to a

decline of negative 4.4 percent on a month-on-month (MoM) basis. The contraction is expected

to come down on a MoM. The core inflation number is also expected to contract, but will

remain in the negative zone. It is expected a decline of around 1.87 percent versus 1.93 percent.

The build-up in inflation rate so far this year has been around 0.28 percent and compare this to

2.61 percent on a year on year (YoY) basis. The decline is 3.5 percent to a decline of 4 percent.

As per the estimates, lesser contraction is expected in all numbers in comparison to the

previous month. They will still be in negative zone, but the contraction will be lesser. The

quarter-on-quarter (Q-o-Q) pick-up or the MoM pick-up is likely to be led by fuel as well as

food inflation. Pulses rose over 40 percent, which is possibly is going to weigh to some effect

on the WPI data as well.

TOP ECONOMY NEWS

1. Bridging gender gap may add Rs 46 lakh crore to India's GDP in 2025: McKinsey -

Pushing gender equality can deliver a sizeable additional economic growth and could add Rs 46

lakh crore to India's GDP in 2025, a McKinsey report says.According to the new report by

McKinsey Global Institute titled The Power of Parity: Advancing Women's Equality in India',

bridging the gender gap will have a huge economic impact and the boost could translate into

1.4 per cent per year incremental GDP growth for India. Advancing gender equality can deliver

sizeable additional economic growth and broad-based prosperity to the world -- nowhere more

so than in India," the report said, adding that delivering that impact will require tackling

significant gender gaps in society and driving a national agenda for change that involves all

stakeholders. About 70 per cent of the increase would come from raising India's female

labour-force participation rate to 41 per cent in 2025, from 31 per cent at present. This would

bring 68 million more woman into the economy over this period.

1. NDA defeat in Bihar no setback to economy - Arun Jaitley - Attributing the NDA's defeat

in Bihar assembly elections to 'huge index of opposition unity', Finance Minister Arun Jaitley

on Monday said it will not impact the economic reforms process. "I don't see it as a setback to

the economy... structural reforms will continue. They should continue at a rapid pace," he said.

Admitting that some irresponsible statements by certain BJP functionaries during the course of

elections did change the narrative, Jaitley said the "index of opposition unity" was one of the

biggest factors that led to the victory of the Mahagathbandhan in the Bihar assembly elections.

2. Hoping Nitish’s GST Support continues post Bihar win : FM - As far as the outcome of

Bihar polls and the one-way result is concerned, the arithmetic of the Grand Alliance was

bigger than NDA, says Finance Minister Arun Jaitley. But be that as it may, the development

agenda of the government will continue, he says. Going ahead, he feels Bihar has huge scope

for growth in terms of power generation and agri industries. "Nitish contested the Bihar

election on the plank of governance and development. In his first 10 years, development

happened at a very elementary level — building roads, hospitals, etc. He can't continue to do

just that... If he conitnues on the path of development, he will have the support of the Centre,"

he told CNBC-TV18.

3. After Bihar defeat, investors tell PM Narendra Modi to speed up reform - Foreign

investors shook off turbulence in financial markets on Monday after a defeat for the NDA-led

government in Bihar Assembly Elections, but they pressed Prime Minister Narendra Modi to do

more to accelerate promised reforms. Modi needs to win most state elections in the next three

years to secure full control of parliament, and the heavy loss in the northern state of Bihar

prompted some to fret he could struggle to push through key economic reforms. After falling as

much as 2.3 per cent on Monday to its lowest level since Sept. 29, the NSE was 1.2 per cent

lower as of 1345 India time (0815 GMT).

4. Indirect tax collection up 36% in first seven months - Excise duty rises on oil, along with

a couple of other measures, pushed up indirect tax collection by 36.8 per cent to Rs 58,691

crore in October and 35.9 per cent to Rs 3.82 lakh crore in the first seven months (April to

October) of the current financial year, official data showed on Monday. However, for gauging

industrial growth, the impact of additional measures have to be taken out. In that case, these

collections were up only 13.5 per cent in April-October 2015-16, finance minister Arun Jaitley

had earlier said. Beside excise duty rises on petroleum, additional steps include withdrawal of

concessions here for automobiles and capital goods, and an increase in the service tax rate in

June to 14 per cent from the earlier 12.66 per cent. The effect of the additional measures was

evident, as the bulk of the growth in indirect taxes came from excise duty collection, which

grew 68.6 per cent to Rs 1.47 lakh crore till October.

5. Piyush Goyal sees $ 30 billion savings from discom revival by FY19 - Union Power

Minister Piyush Goyal today said the implementation of the revival package of the near

bankrupt state-run discoms will result in total saving of nearly $ 30 billion by FY 2018-19. “If

all goes as planned, the Uday Scheme will help save nearly $ 30 billion in total by FY15, “

Goyal told investors here. The Banking sector as a whole has a huge exposure to the near

bankrupt state-run discoms to the tune of Rs. 4.3 trillion in principle alone and over Rs. 5

trillion if interest and unpaid dues are counted. These discoms have accumulated losses of

about Rs. 3.8 trillion. Goyal assured that the state-run power finance corporation and Rural

Electrification Corporation, which have an exposure of around $ 20 billion to the discoms, will

not be forced to buy the bonds to be issued by the respective states under the scheme at 8.8.5

percent yield.

6. Govt signs loan deal with ADB - ICRA expects wind energy capacity addition during the

current fiscal to grow at 20% over the last year to about 2800 MW and will be driven both by

the IPP and non-IPP segments. In the rating agency’s view, the demand drivers for the wind

energy sector remain favourable in the long run. This is mainly aided by strong policy support

in place at the Centre and in key states having wind potential, favourable regulatory framework

in the form of renewable purchase obligation (RPO) regulations, as well as the cost

competitiveness of wind-based energy vis-à-vis conventional energy sources. (BL) Government

has signed a USD273 million loan agreement with the Asian Development Bank (ADB) to

improve rural roads in Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal.

7. PM's UK visit to give boost to trade and investment:GP Hinduja - Leading NRI

businessman G P Hinduja has said that Prime Minister Narendra Modi's visit to the UK this

week will give boost to the trade and investment between the two countries. Speaking at a

Diwali celebrations hosted by the Hinduja brothers here last night, he said that Prime Minister

Modi's visit would give "a boost to the bilateral trade and investment between India and the

UK.

8. Apr-Oct indirect tax mop up reflects healthy GDP growth:CEA - Finance Ministry on

Tuesday said the increase in indirect tax collection during first seven months of the current

fiscal reflects a healthy rise in GDP. “ April-October indirect tax growth: 35.9 percent. And 11.6

percent w/o new measure. Latter shows tax base-nominal GDP-growth healthy, “ Chief

Economic Advisor Arvind Subramanian said in a tweet. Indirect tax collection have registered

an increase of almost 36 percent in the first seven month of the current fiscal at Rs. 3.83 lakh

crore on spurt in economic activity. These collection reflect additional measure like the excise

increase on diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions

for motor vehicles, capital goods and consumer durables and the hike in service tax rates to 14

percent from 12.36 percent. Stripped of all these additional measure, indirect tax collections

increased by 11.6 percent during April-October.

9. Big bang in FDI, Modi government to open up as many as 14 sectors - Seeking to allay

concerns that reforms may slowdown after Bihar setback, the Narendra Modi government is set

to announced big bang FDI reforms.As many as 14 sectors could be opened up more in one of

the biggest review of the foreign investment regime. The government has been working

towards simplifying the FDI policy. India got FDI of $19.39 billion in the April-June period,

according to government data, up 29.5% over the year earlier. The Modi government has been

pushing hard to drum up overseas investment, easing FDI regulations in various sectors

including the railways, medical devices, insurance, pension, construction and defence.

10. Fiscal deficit to reduce to 3.7% of GDP by FY18: Deutsche Bank - India's fiscal deficit

is likely to reduce to 3.7 per cent of GDP by financial year 2018 and the consolidation process

would be gradual, says a Deutsche Bank report.According to the global financial services

major, in the path of fiscal consolidation, the easy part is done while the hard work is ahead. "It

will be an uphill task to reduce the headline fiscal deficit to 3 per cent of GDP by FY18, unless

such consolidation is supported by a strong pick-up in revenue, particularly tax revenue," the

report said. We are forecasting fiscal deficit for FY17 to be 3.8 percent of GDP, improving

modestly thereafter to 3.7 per cent of GDP FY 18 it added. The report noted that in order to

achieve the medium term goal, the authorities would need to push fiscal deficit down to 3.5 per

cent of GDP in the next fiscal year (FY17), which "we think would be challenging given the

sluggish economic recovery", it said.

11. Broadly support Modi government's economic reforms: IMF - The International

Monetary Fund has said it broadly supports the series of economic reforms undertaken by

India, which is moving in the right direction. "We have been broadly supportive of the reforms

being undertaken by Modi's government," IMF spokesman Gerry Rice, told reporters at a news

conference yesterday.

Rice was responding to questions about the recent economic reforms announced by Modi early

this week. "We have been broadly supportive that those reforms are in the right direction," Rice

said. Rice added that the IMF Managing Director Christine Lagarde would be Travelling to

Turkey to attend the G-20 summit, which would be attended by PM Modi and US President

Barack Obama among others.

12. G20: PM Narendra Modi to push for low transaction cost for remittances - With India

being the largest recipient of remittances in the world, Prime Minister Narendra Modi will at

the G20 Summit this weekend press for cutting transaction cost for transferring money from

abroad. Modi, who will attend the 10th G20 Summit at Antalya, Turkey, on November 15 and

16, will also voice concern over delay in implementation of the quota reform of the

International Monetary Fund (IMF) are aimed at giving more voice and voting power to the

emerging economies.

13. Relaxing FDI norms to spur investments in country: Economic Affairs Secretary

Shaktikanta Das - Finance Ministry today said the relaxation of FDI norms in as many as 15

sectors by the government will help open floodgates of investment in the country. this

(relaxation of FDI rules in 15 sectors) is a welcome decision of the government. One would

expect this to spur a lot of investments in the country," Department of Economic Affairs

Secretary Shaktikanta Das told reporters here. In a major reform push, the government today

relaxed the foreign investment rules in 15 sectors, including civil aviation, banking, defence,

retail and news broadcasting, and also eased the process for the Foreign Direct Investment

(FDI) approval.

14. FIPB gets more power; can clear proposals up to Rs 5k crore - With an aim to expedite

FDI clearance process, the government today enhanced FIPB's monetary limit to approve

foreign investment proposals of up to Rs 5,000 crore. Earlier, the FIPB, which is headed by

DEA Secretary, was allowed to approve foreign investment proposals of worth up to Rs 3,000

crore. "In order to achieve faster approvals on most of the proposals, it has been decided that

the threshold limit for FIPB approval may be increased to Rs 5,000 crore," the Commerce and

Industry Ministry said in a statement.

15. Economy not out of danger zone as inflation up, IIP down - Industrial growth came in

below expectations in September and higher food prices pushed consumer inflation to a

four-month high, marking a twin setback for the economy and dampening hopes of a rate cut

next month. Industrial output growth slowed to 3.6 per cent in September, the lowest in four

months and down sharply from an almost three year high of 6.3 per cent in August, data

released on Thursday showed. The consensus estimate was growth of 4.5 per cent. Separately,

the Consumer Price Index showed retail inflation at 5 per cent in October, accelerating for the

third successive month and higher than expectations of about 4.8 per cent. Rising prices may

dampen expectations of a cut in interest rates to support an economy that's now seen expanding

at about 7.5 per cent or lower and may find the going difficult once the festival-led spike in

demand eases.

16. Highway to growth: Government spending on roads likely to go up by 50 per cent to

Rs 1.5 lakh crore - The government plans to raise its roads construction target for the next

fiscal by a steep 50%, taking the total spend to Rs 1.5 lakh crore.Road, Transport and Highways

Minister Nitin Gadkari is expected to set an aggressive target of awarding around 15,000 km of

roads next year, of which 30% will be done through private participation and the rest through

the government-funded engineering, procurement and construction (EPC) model. His ministry

will be seeking a budgetary support of more than Rs 60,000 crore for 2016-17 while tax free

bonds and securitization of toll revenue will be used to meet the gap. The target for this

financial year was 10,000 km. In 2014-15, the government was able to award only 8,000 km.

According to a senior official at the road, transport and highways ministry, Gadkari had

recently made a presentation to the Prime Minister's Office (PMO) on the targets set by his

ministry.

17. India can be next global powerhouse, barriers remain: Economist Intelligence Unit -

India can be a China-like global growth powerhouse of 2020s, but it needs to address several

challenges including infrastructure and gender gap to realise the potential, Economist

Intelligence Unit has said. "India is the only country that has the potential to change the world

in the 2020s in the way that China changed it in the 2000s. It will probably take a little longer

than that before India really takes off but, even so, it is going to be a global growth powerhouse

of the 2020s," EIU's Chief Economist Simon Baptist said. In a newsletter, Baptist further said

that a key driver could be expanding India's industrial base. Acknowledging that this was

indeed the idea behind the government's ambitious 'Make in India' campaign, a policy to turn

the country into a manufacturing hub, he said "the preconditions for a Chinese-style take-off of

manufacturing do not yet exist in India".

18. India's Q3 gold demand jumps 13% to 268 tonnes: WGC - old demand in India during

the July-September period increased by 13 percent to 268.1 tonnes mainly due to softening of

the prices at the beginning of the quarter, World Gold Council has said. The demand during the

corresponding period last year stood at 238.2 tonnes. In terms of value, the demand was up 5.8

percent to Rs 62,939 crore compared with Rs 59,480 crore in Q3 last year, Gold Demand

Trends report of WGC said.

19. Government for revenue neutral reduction of corporate tax - The finance ministry has

decided to sequence the withdrawal of exemptions and the reduction in corporate tax rates in a

way that the whole exercise is revenue neutral. In 2015-16 Budget, FM Arun Jaitley had

unveiled the government's intention to reduce corporation tax rates from 30% to 25% over a

four-year period, while also pruning exemptions. Due to the exemptions, the effective rate is

around 23% but the 30% rate conveys that taxes are higher in India than in several economies

that it competes with for attracting investment. The move is expected to reduce the tax burden

on companies and stop them from shifting out of India. Several firms have shifted to cities such

as Singapore due to the favourable tax structure and rates. Sources said several rounds of

discussions have already been held and the finance ministry is in the process of identifying the

exemptions and would seek public feedback before going ahead with the move. Jaitley had said

that the government did not want the changes to be sudden and had therefore decided to

undertake them gradually.

20. Will address all concerns on GST: Nirmala Sitharaman - The government on Tuesday

eased foreign direct investment (FDI) norms in 15 major sectors. Speaking to CNBC-TV18's

Rituparna Bhuyan, Commerce Secretary Nirmala Sitharaman says the decision will be vetted

by the Cabinet in one month. Sitharaman explained the government will assess the proposals on

multi-brand retail once companies apply to the Foreign Investment Promotion Board (FIPB),

adding that the government has ensured that the manufacturing companies are able to sell their

goods online. On the FDI in defence wherein the government has allowed foreign investment

up to 49 percent under the automatic route, Sitharaman says the government will take a call on

allowing 100 percent FDI on a case-by-case basis. Furthermore, she adds the government will

meet all the parties involved and try and convince them on the issue of Goods and Services Tax

(GST).

21. Arun Jaitley to meet heads of PSU banks on November 23 - Finance Minister Arun

Jaitley will meet heads of PSU banks on November 23 to discuss various issues, including bad

loans and credit flow to productive sectors of the economy. The performance review meeting of

public sector banks (PSBs) on November 23 will also take stock of the credit flow to

productive sectors to spur economy and review of ‘Indradhanush’ plan, the seven-point agenda

to revive the fortunes of PSBs, sources said. The government in August announced seven-point

agenda, including Rs 70,000 crore capital infusion in PSBs in four-year period starting with Rs

25,000 crore in the current fiscal and measures to de-stress the banks of NPAs by introducing

governance reforms. The gross NPA of the PSBs rose to 6.03 percent at the end of June 2015 as

against 5.20 percent in March 2015. According to sources, the meeting is expected to review

credit offtake by sectors such as home, education and corporates as well as the progress made

under the Jan Dhan Yojana and Prime Minister's social security schemes, among other issues.

TOP CORPORATE NEWS

1. Dena Bank Q2 net down 25% at Rs 39 cr - Dena Bank reported a fall of 24.85 percent in

net profit at Rs 38.76 crore during July-September quarter of 2015-16. The bank's net profit

during the same period of the previous fiscal was at Rs 51.58 crore. Total income for the said

quarter decreased from Rs 2,885.22 crore in the year-ago period to Rs 2,872.08 crore, it said in

a BSE filing. Bank's gross non-performing assets slipped further to 6.84 percent of gross

advances as of September 2015, from 5.12 percent a year ago. Net NPAs were at 4.65 percent

of net advances, as against 3.59 percent during the same quarter last fiscal. Provisioning for bad

loans and contingencies were at Rs 283.52 crore for the quarter under review, down from Rs

315.22 crore parked by the bank during the year-ago period

2. Tata Steel may sell Long Products Europe business by March 2016 - Forced to go for

more restructuring of its UK business due to a "challenging marketplace", Tata Steel will sell its

Long Products Europe business by the end of the current financial year. The long products

business in Europe manufactures plates, sections, wire rod and semi-finished steel for different

markets, the including construction, ship-building & engineering, energy and wire drawers.

These products are made at its mills in Teesside and Scunthorpe in the UK. When asked about

the long products business, Tata Steel Europe Chief Executive Karl Koehler last week said:

"Our stated strategy stays unchanged. Long products will not have a future within Tata Steel.

"And that means we will come to one of the possible options which I don't need to spell out and

decisions about that have to happen within the timeframe of this fiscal year, to say the very

least." The steel maker, which reported Rs 16,948 crore turnover from Europe in September

quarter, said a "sharp deterioration" in market conditions impacted performance in the UK with

an EBITDA loss of Rs 238 crore.

3. Corporation Bank Q2 net up 18% at Rs 189 crore - Public sector lender Corporation

Bank reported a rise of 17.5 percent in net profit to Rs 188.60 crore for the September quarter.

The bank's net profit stood at Rs 160.51 crore during the same July-September period of the

previous fiscal. "Total income of the bank increased to Rs 5,434.65 crore for the quarter ended

September 30, 2015, from Rs 5,229.06 crore for the quarter ended September 30, 2014," it said

in a regulatory filing

4. Make in India: Boeing & Tata announce JV to produce Apache fuselages - In a leg up

for Modi government's 'Make in India' campaign, Boeing and Tata Advanced Systems on

Monday announced a joint venture (JV) that will manufacture aerostructures for aircraft and

collaborate on integrated systems development opportunities in India. According to the Boeing

press release, "The JV will initially create a manufacturing center of excellence to produce

aerostructures for the AH-64 Apache helicopter and to compete for additional manufacturing

work packages across Boeing platforms, both commercial and defense.

5. Andhra Bank Q2 net jumps 74% to Rs 251 crore - State-run lender Andhra Bank said net

profit for the September quarter grew by 74 percent to Rs. 251 crore on the back of low deposit

cost and higher net interest margin. The bank’s net profit during the same quarter last fiscal was

Rs. 144 crore. Bank’s total income increased by Rs. 7.2 percent to Rs. 4.744 crore during the

quarter under discussion against Rs. 4,424 crore in the second quarter of financial year 2015’

Andhra Bank MD and Chief Executive Suresh N patel told reporters here.

6. Adani coal mine in Australia faces fresh legal challenge - Indian conglomerate Adani

Enterprises is facing possible further delays in constructing a giant coal mine in Australia after

an environmental group lodged a fresh legal challenge on the grounds the project would harm

the Great Barrier Reef and contribute to climate change. Australia's Environment Minister on

Oct. 15 reissued an environmental permit for construction of the mine, costing an estimated $7

billion, after clearing concerns raised in an earlier legal challenge over two rare outback species

that set the project back by several months. On Monday, lawyers for the Environmental

Defenders Office acting for the Australian Conservation Foundation launched a review of that

approval.

7. Coal India to invest Rs 6,000 crore to set up solar power units - State-run Coal India

(CIL) will invest Rs 6,000 crore to set up 1,000 MW of solar power generation capacity over

the next five to six years, according to a senior company executive. "We will fund 70% of the

project cost through debt, which will come mostly from banks, while the rest will be through

internal resources," said the executive, who did not wish to be named adding that land for the

plants will be provided by the states. As a first step, Coal India has prepared a detailed project

report for setting up 200 MW of solar generation capacity.

8. Tata group will focus on four key areas to drive business - The Tata Group will focus on

the four key areas of defence and aerospace, realty and infrastructure, consumer and retail, and

financial services, Chairman Cyrus Mistry said, adding that individual companies will leverage

digital and analytics to drive business. I think the next five years will be of building strength

and reconfiguring and reconstructing our businesses to be more resilient in the future and at the

same point in time planting seeds for growth in the future," Mistry told 250 human resource

managers at more than 70 group companies in the first week of October. "Then, there will be

the next five years where we will amplify the growth from the seeds that we have planted

today." The conglomerate will have to build a stronger global presence, said Mistry, 47, who

has been running the 147-year-old group for about four years.

9. Nestle relaunches Maggi noodles, begins market Rollout - Nestle India on Monday

relaunched its popular Maggi noodles in India, five months after they were banned due to

alleged presence of excessive lead content. Besides, the Swiss food major has partnered with

online marketplace Snapdeal for the rollout. Most states do not have a ban on sale of Maggi

noodles. For states where specific directions are required, we are engaging with them," Nestle

India said in a BSE filing.

10. Havells Q2 net rises marginally to Rs 120.72 crore - Electrical goods maker Havells

India today reported a marginal increase in standalone net profit at Rs 120.72 crore for the

second quarter ended September 30, 2015-16. The company had posted net profit of Rs 119.61

crore for the same period of previous fiscal, Havells India Ltd said in a BSE filing. Its net sales

during July-September quarter of the current financial year declined by 1.04 per cent to Rs

1,339.01 crore as compared to Rs 1,353.12 crore during the same period 2014-15, it said.

11. REC Q2 net profit grows 8 per cent to Rs 1,619 crore - The state-owned Rural

Electrification Corporation today announced a 7.64 per cent growth in September quarter net

profit at Rs 1,619.19 crore on account of increase in interest income. "The company has posted

a net profit of Rs 1,619.19 crore for the quarter ended September 30, 2015 compared with Rs

1,504.30 crore for the quarter ended September 30, 2014," REC informed BSE today in a

statement. According to the statement, the interest income of the company rose to Rs 5,827.05

crore in the quarter under review, compared with Rs 4,986.19 crore a year ago.

12. Jet Airways orders 75 Boeing 737 Max planes - Jet Airways on Monday announced an

order for 75 Boeing 737 Max aircraft as a part of its fleet replacement strategy. Jet's order,

which includes options for 50 additional planes of the type, is valued at $8 billion and its

largest.Other domestic airlines IndiGo, GoAir and SpiceJet have booked fuel-efficient aircraft

like the Boeing 737 Max or the Airbus A320Neo. This deal ensures Jet does not lose on cost

competitiveness. Jet's deal was announced at the Dubai air show on Monday, but a portion of

the order was finalised two years ago. The order for 50 of the 737 Max planes was finalised in

2013. Later, Jet decided to swap the order for 25 current generation Boeing 737s with a similar

number of 737 Max planes. While Boeing had booked the Jet order earlier, it was attributed to

an unidentified customer.

13. Adani to buy L&T's port for Rs 2,000 cr - Adani Kattupalli Port, a subsidiary of Adani

Ports, has entered into an in-principle agreement for acquisition of Kattupalli Port in Tamil

Nadu from L&T Shipbuilding (L&TSB), a subsidiary of Larsen and Toubro.While neither

disclosed the acquisition cost, industry sources and people familiar with the deal have said the

deal value was estimated at Rs 2,000 crore.Currently, L&TSB operates both the port and

shipyard. The strategic sale is subject to approval from the Tamil Nadu government and the

Centre and the port being demerged from L&TSB. Sources said the process would take at least

six months to get completed. Till that time Adani would have management control of the port.

14. Bank of India posts, Rs. 1,126-cr loss in Q2 - Bank of India, the country’s fourth-largest

state-run bank, posted a huge net loss for the second quarter at Rs. 1,126 crore, hit by a spike in

provisions for bad and doubtful assets that more than doubled from the same period a year ago

and lower net interest and other income.In the same quarter to September last year, the bank’s

profit was Rs. 786 crore.Overall, the bank made provisions, including for bad and doubtful

assets and pension liabilities, aggregating to Rs. 3,237 crore (Rs. 963 crore in the year-ago

period).“The loss was largely due to the backlog in provisioning towards pension and lower

interest income...Flat NII is also a function of the advances portfolio dropping,” said Melwyn

Rego, Managing Director and CEO of Bank of India.

15. Allahabad Bank profit up 25% - Bank on Monday reported 25.2 per cent rise in net profit

at Rs 177.10 crore during the second quarter ended September 30. The bank had a net profit of

Rs 141.44 crore in the July-September quarter of 2014-15. However, the total income decreased

to Rs 5,317.06 crore during the quarter under review from Rs 5,416.63 crore in the year-ago

period, it said in a filing to the BSE. On asset quality, the gross non-performing assets (NPAs)

were trimmed to 5.26 per cent of gross advances as against 5.36 per cent in the July-September

period of FY15.Net NPAs, however, grew to 3.61 per cent from 3.54 per cent of net advances

in the year-ago period.

16. RBI allows FIIs to buy up to 49% stake in Prestige Estate Projects -- The Reserve Bank

of India on Monday allowed Foreign Institutional Investors (FIIs) to invest up to 49 per cent of

the paid up capital of The Prestige Estate Projects Limited under the Portfolio Investment

Scheme (PIS)."The Reserve Bank has further advised that the foreign shareholding by FIIs in

The Prestige Estate Projects Limited have gone below the revised threshold limit. Hence, the

restrictions placed on the purchase of shares of the above company are withdrawn with

immediate effect," the apex bank said in a notification.The Reserve Bank has stated that the

company has passed resolutions at its Board of Directors' level and a special resolution by the

shareholders, agreeing for enhancing the limit for the purchase.

17. NHPC net jumps 72.62 per cent, in talks to buy projects in Arunachal Pradesh -

State-run NHPC has posted a 72.62 per cent jump its net profit in the september quarter, even

as the company announced it is in talk with private firms to buy stake in hydro-power projects

in Arunachal Pradesh. "I got the offer from private players (implementing projects) from

Subansiri basin to come (join) as a joint venture partner," NHPC Chairman & Managing

Director K M Singh told reporters at a press conference here.Singh also confirmed that NHPC

is in touch with the Arunachal Pradesh government, which is now asking the company to

implement certain ongoing projects in the state."But that will not serve the purpose because

first they have to cancel the allotment of the project. Earlier NHPC was there in big way but

state allowed these projects to private players because of their attractive offers," Singh said.

18. M&M Dhanteras sales up 70%, sells 11,500 vehicles - Mahindra & Mahindra, a leading

UV maker today said that it had sold 11500 vehicles in the domestic market on the day of

Dhanteras (November 9), a growth of more than 70% for the company compared to last years

Dhanteras day; on the back of a strong demand for its portfolio of products which includes

Bolero, Scorpio, XUV500 and TUV300. Sales over the last couple of months have seen an

upward trend for most vehicle manufacturers. Dhanteras is considered an auspicious day for

buying new products and precious metals and most manufacturers look to cash in on this day

leading upto Diwali.

19. Hindalco Industries Q2 net profit at Rs.103.3 crore, up 31 percent - Hindalco Industries

Ltd has announced the following Unaudited Standalone results for the quarter ended September

30, 2015 . The company reported 31 per cent rise in its net profit at Rs.103.3 crore for the

quarter ended September 30, 2015 as compared to Rs.78.8 crore for the same quarter in the

previous year. The company’s total income has increased by 6.4 per cent to Rs.9,342.1 crore for

the quarter under review from Rs.8,777.7 crore for the corresponding quarter of the previous

year.

20. Kotak Mahindra Bank net profit up 31% at Rs 942 cr - Private sector lender Kotak

Mahindra Bank reported a 31 per cent growth in consolidated net profit for the July-September

2015 quarter to Rs 942 crore from Rs 718 crore in the year-ago period. The rise in net profit

was on the back of strong growth in advances, which led to higher net interest income. On

standalone basis, net profit rose 28 per cent to Rs 569.5 crore. On consolidated basis, net

interest income — the difference between interest earned and interest expended — grew 44 per

cent to Rs 2,278 crore. However, other income which includes fees, income from treasury etc

grew only five per cent to Rs 1,732.50 crore. The moderate growth in other income was on

account of loss on sale of investments at Rs 62.83 crore in the quarter ended September,

compared to a profit of Rs 278 crore in the corresponding quarter in FY15.

21. Vodafone commits to invest Rs 13,000 crore in India - British telecom giant Vodafone

has said it plans to invest of over Rs 13,000 crore in the country to upgrade and expand its

network in India, and in its payments bank operations. The announcement through a statement

was made after Vodafone's global head Vittorio Colao met Prime Minister Narendra Modi in

London on Thursday. Vodafone, which is India's No. 2 telecom operator with over 188 million

subscribers, however didn't provide a timeline for the investments. Vodafone said that out of the

total proposed investment, Rs 8,000 crore would go towards enhancement, upgradation and

expansion of its network coverage. Vodafone has called this investment in "Digital India".

22. Hindalco Industries Q2 profit surges 31 per cent to Rs 103 crore - Hindalco Industries,

the flagship company of Aditya Birla Group , on Tuesday posted a 31.10 per cent jump in

standalone net profit at Rs 103.27 crore for the quarter ended September 30, on the back of

higher sales. The company had reported a net profit of Rs 78.77 crore in the year-ago period, it

said in a regulatory filing. The total income increased to Rs 9,342.14 crore over Rs Rs 8,777.66

crore in the year period.The company said in a statement that the revenues for the quarter were

higher by 4 per cent over the corresponding quarter of the previous financial year despite a

sharp decline in realisations.

23.Tata Steel announces partnership with IDC in Middle East - Tata Steel has joined hands

with a leading UAE-based petrochemical company, aimed at broadening its market base for

energy sector products in the Middle East.

Recognising the need to have local representation in Abu Dhabi, Tata Steel has announced

collaboration with International Development Company (IDC) which will support it in

obtaining in national oil company approvals, that are required in the region.

"Tata Steel , along with IDC, will introduce its supply capabilities to oil and gas companies in

the region, providing them with an opportunity to work with a supplier who has an excellent

track record of providing for offshore and onshore line pipe projects worldwide," said Richard

Broughton, Commercial Manager, Energy and Power, Tata Steel.

24. Hindustan Petroleum reports Rs 320 crore net loss on Rs 1,400 crore inventory hit -

Hindustan Petroleum Corporation on Monday reported a Rs 320 crore net loss for the three

months to September against a net profit of Rs 850.31 crore a year ago, on high inventory

losses following low crude oil prices, but a marginal rise in gross refining margins to $2.74 a

barrel cushioned deeper cuts. The state-run company has booked an inventory loss of Rs 1,400

crore during the quarter. The city-headquartered oil refiner and marketer had earned $2.12 on

turning every barrel of crude oil into products in the year ago period, which had helped it report

more than double its net income to Rs 850.31 crore.

25. NHPC net jumps 72.62 per cent, in talks to buy projects in Arunachal Pradesh -

State-run NHPC today posted a 72.62 per cent jump in its net profit in the September quarter,

even as the company announced it is in talks with private firms to buy stake in hydro-power

projects in Arunachal Pradesh."I got the offer from private players (implementing projects)

from Subansiri basin to come (join) as a joint venture partner," NHPC Chairman & Managing

Director K M Singh told.

26. SpiceJet flies into Rs 24-crore Q2 profit on lower expenses - Staying profitable for the

third consecutive quarter, low-cost carrier SpiceJet today reported a net profit of Rs 23.77 crore

in the three months ended September driven by a steep fall in fuel costs and other expenses.

The no-frills carrier, which saw the return of its original promoter Ajay Singh at the helm

earlier this year, had a net loss of Rs 310.45 crore in 2014 September quarter.The airline has

flown into the black despite its total income from operations declining over 28 per cent to Rs

1,040.13 crore in July-September of the current fiscal, according to a release.In year-ago

period, the same stood at Rs 1,449.94 crore.

27. Airtel plans to list Rs 5k cr bond issue on London Exchange - Bharti Airtel on Friday

said it intends to issue Sterling Bond of up to GBP 500 million (around Rs 5,000 crore), which

will be listed on the London Stock Exchange. Airtel said the amount will be used for

refinancing its existing loan portfolio. The country's top telecom operator said the issue and its

timing remains subject to necessary Authorisations and approvals, global credit environment

and market conditions. Airtel in a regulatory filing said that it intends to issue its maiden

Sterling Bond of up to GBP 500 million. This bond, when issued will be listed on London

Stock Exchange."

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

1. Bad loan problem gradually bottoming out, say Indian banks - Indian banks believe their

bad loan problem is bottoming out even as sticky loans continued to haunt both public and

private sector lenders in the quarter-ended September. Lenders expect their asset quality to start

getting better here on as economic activity improves cash flows. "We are getting to the bottom

of the pile, State Bank of India chairman Arundhati Bhattacharya had said last week after

announcing a 25% rise in the quarterly net prof it of the country's largest Bank. The World

Bank expects the Indian economy to expand 7.5% this year, up from 7.3% last year. The

Reserve Bank of India has, however, reduced its real GDP forecast for 2015-16 to 7.4% from

7.6% earlier, saying growth is expected to pick in the latter part of the fiscal.

2. Hitting at economic revival, large Banks see surge in big corporate loans - In a sign of

economic revival, large banks, including State Bank of India, the biggest player, are seeing a

surge in big corporate borrowings, which have exceeded the sector's lending growth rate.

Bankers expect loan demand to pick up further by the end of the financial year in March.

Private sector banks, including HDFC Bank and Axis Bank, posted a 25% year-on-year growth

in large corporate loans in September, while SBI recorded a 21% increase. ICICI Bank's

corporate lending rose 7%, still higher than the banking sector's growth of 5.5% in September,

according to an RBI data on sectoral credit flows.

3. Devise flexible education loans, default on rise : Raghuram Rajan - Expressing concern

over rising defaults in education loans, Reserve Bank Governor Raghuram Rajan said they

should be devised in a flexible manner, providing options like automtic moratorium if

borrowers are "under a period of unemployment". He also stressed on making

know-your-customer norms simplier. There are "lots of NPAs in the education sector. They

have been rising in the last few years. It's a matter of concern," he said at the 6th Delhi

Economic conclave here.

4. YES Bank adopts IBM API Management - YES Bank has implemented IBM API

Management solution. With this, the bank can now reveal its core business assets and data to an

ecosystem of industry partners and end users transforming the way banking is done in India.

The API Banking platform opens up multiple business channels by helping the bank build new

digital partnerships with its clients and tap into the growing market of inward remittance from

Indians abroad. YES Bank senior president and chief information officer Anup Purohit said the

Indian banking industry is at an inflection point and the bank needed a proven partner in its

digital transformation. IBM API Management helps further enhance the offerings to clients

seeking seamless integration of their financial supply chain with the bank, while enabling the

bank to improve business performance and IT costs, he said.

5. Union Bank implementing new treasury system - Union Bank of India is proposing to

implement an integrated treasury management system. The bank has sought proposals form

service providers to undertake the implementation. The Bank has implemented Finacle CBS

across all the domestic and overseas branches and at present, it has Kastle software for treasury

operations and it is catering to domestic, forex and derivatives operations of the treasury. In

overseas branches, it is Finacle treasury solution that is working at present. In addition, the

bank is also implementing Oracle GL, Enterprise Data Warehouse and Integrated Risk

Management from SAS and it wants the proposed solution to be integrated with these systems

also. The Bank is looking for a complete end to end treasury management solution. The

selected service provider will be required to supply, install, implement, customize, integrate and

test the system besides undertaking migration, training, onsite support and maintenance of all

the software, RDBMS and other utilities at the primary site - treasury branches and the DR site

at Bangalore/Ernakulam. The solution should support web-based / web- enabled 3-tier

architecture.

6. Bank of India’s borrowing downgraded due to weak asset quality - Bank of India has

lost the triple A status. Rating company Icra has downgraded the borrowings of the bank to

AA+. The bank has an outstanding borrowings of Rs 1587 crore. Icra said that rating is revised

due to pressure of profits due to deterioration in asset quality over the last few quarters.

However the rating continues to draw comfort from government owning 70% stake in the bank.

Icra has said that the bank's ability to prevent further asset quality deterioration will remain a

key rating sensitivity. Of the total borrowings, Rs 200 crore is lower tier II bonds, Rs 732 crore

is upper tier II bonds and remaining Rs 655 crore is innovative perpetual debt instruments. "The

subdued growth of its loan book coupled with high proportion of exposures that would keep

credit costs high and relatively weaker capitalization levels necessitating sizeable capital to

meet the regulatory minimum capital under Basel III norms are likely to continue exert adverse

pressures on the key performance indicators of the bank over the near term,"Icra said in a

statement issued today.

7. SBI's CP portfolio more than doubles to Rs 23,000 cr in Q2 - The nations largest lender

State Bank of India is also the largest players in the commercial paper market, with its exposure

in this segment of the money market jumping by a whopping Rs. 16,000 crore in the september

quarter to Rs. 23,000 crore. CP portfolio was only 7,000 crore at the end of the June quarter.

This rose to Rs. 23,000 crore as of end-September, The Bank deputy managing director said.

She said the Bank’s corporate bond portfolio also grew by Rs. 8,000 crore i the september

quarter Rs. 35,000 crore. This makes SBI the single largest player in the CP market among

bank’s, with over 40 % share of the Rs. 51,000 crore exposure of banks in the segment.

8. Private banks to gain with easing of FDI - Axis Bank, Kotak Mahindra Bank and YES

Bank are likely to be the biggest beneficiaries of the central government’s decision to ease

foreign investment limits in the sector.The decision was to scrap the sub-limits for foreign

direct investment and foreign institutional investment, instead having a composite cap of 74 per

cent. HDFC Bank and ICICI Bank already have a very high foreign shareholding and won’t

benefit from this change in norms. As the process of capital raising will become simpler,

lenders actively looking to do so will gain. For instance, YES Bank was planning to raise Rs

6,607.5 crore; it might now go for qualified institutional placement, instead of an issue of

American or global depository receipts. It had said it was preparing for both routes of doing so.

9.General insurers see 13% growth in premium in Apr-Oct - General insurance companies

reported a 12.6 per cent growth in premium collection for the April to October period 2015-16

against the same period last financial year. According to data from the General Insurance

Council, non-life insurers collected total premiums of Rs 55,005 crore as against Rs 48,841

crore in the same period previous financial year. Here, public sector insurers collected Rs

27,422.83 crore in this period, up 11 per cent. Private non-life insurers collected Rs 22,535

crore premium, also seeing a growth of 11 per cent. Standalone health insurers saw the steepest

rate of growth of almost 45 per cent and collected Rs 1,974.60 crore for the period.

10. Government working on plan to curb NPAs in public sector banks - The government is

working on a detailed plan to tackle bad loans at public sector banks that curtail their ability to

lend and stifle private investment, thus posing a significant threat to the broader Indian

economy. "Discussions are on... A plan is being worked upon to address this issue," said a

senior government official. The government wants to kickstart private investment and there is a

growing feeling among policy makers that a more radical and focused approach is needed to

address the issue besides capital infusion in the long term. The plan is being discussed by Prime

Minister's Office and the finance ministry.

11. Emirates bank, SBI join hands for easier remittances - A leading UAE-based bank has

announced a partnership deal with State Bank of India to help NRI customers in the gulf carry

out their remittances instantly and more conveniently.Emirates NBD has expanded its partner

bank network in India to include State Bank of India for the DirectRemit 60 seconds remittance

platform. With this partnership, the bank's Non-Resident Indian customers who also bank with

SBI can now avail themselves of the fastest remittance service in the UAE more easily. The

tie-up with SBI will help strengthen Emirates NBD's DirectRemit platform which is set to

benefit a large additional customer base in the UAE.

12. Indiabulls Housing Finance buys 40 per cent in UK bank - Indiabulls Housing Finance

has acquired about 40 per cent stake in UK-based OakNorth Bank for $100 million, making it

the lender's biggest shareholder and aiding its expansion into new business areas overseas. The

bank set up in 2013 by Rishi Khosla, a startup investor, specialises in lending to small

businesses. This is the first time an Indian housing Finance company is buying a stake in a

UK-based bank. Indiabulls promoter and chairman Sameer Gehlaut plans to make a personal

investment of up to 10 per cent in the bank at the same valuation, subject to regulatory

approvals.

13. Banking & securities firms to spend about Rs 50,000 crore on IT - Indian banking and

securities companies will spend Rs 49,900 crore on technology products and services in 2015,

an increase of 9.8% over 2014 spend of Rs 45500 crore, according to statement by research

firm Gartner. This forecast includes spending by financial institutions on internal IT , hardware,

software, external IT services and telecommunications. "Established firms in the industry are

investing to strengthen their operational infrastructure to support regulatory needs, as well as

sustain increasing demands from the digital channels. Moreover, Reserve Bank of India has

issued licenses for 11 payment banks and another 10 small finance banks, "said Rajesh

Kandaswamy, research director at Gartner.

14. PE investments in India touch $14 billion till October: Thornton - Private equity

investment in India till October this year soared close to $ 14 billion, registering a steady

growth over last year but the average deal size has come down, says a report by Grant

Thornton. According to the assurance, tax and advisory firm, there were 863 private equity

deals worth $ 13.83 billion during January- October period, as against 497 such transactions

worth $ 10 billion in the same period a year ago. The sharp rise in PE transactions was largely

driven by sectors like IT & ITES, energy & natural resources, manufacturing, banking &

financial services, telecom and pharma, which attracted large investments. Meanwhile, the

October private equity deal tally saw a 73 per cent rise in investment volumes, but values

declined by 40 per cent due to shrinking size.

15. Bank credit growth still lingers in H1 as debt market soars - Bank credit growth

continued to disappoint during first half of the current fiscal with an annual growth of just 8.4

per cent at Rs 62.02 trillion, down 20 bps, as per Care Ratings. Debt market growth was,

however, robust with debt issuances increasing 18.6 per cent. Reflecting the lingering pain of

the manufacturing sector, which accounts for 42 per cent of bank credit, the demand remained

negative yet again. Services come second at 23 per cent of the total and agriculture at third with

a share of 13 per cent and personal loans 20 per cent. The decline in the services sector demand

is mainly due to a steeper decline in loan demand from NBFCs which have been raised 16 per

cent more funds from the debt market. This suggests a shift in sourcing funds for NBFCs from

banks to the debt market where interest rates have moved downwards at a faster rate. For the

first half, credit demand would have been much lower had it not been for the agriculture loans

and personal loans segments. Out of the total Rs 62.02 trillion loan of the system in H1, food

credit stood at Rs 1.03 trillion, up 3.6 per cent, while in the year-ago period demand grew by

15.6 per cent, while non-food credit 1.6 per cent to Rs 60.99 trillion, against 1.5 per cent

pick-up in the year ago period.

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