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NIFTY FIFTY : - The Indian market ended the week on a soft Note, As Market were taken off
on the News of the US FOMC meeting or ahead of US elections on 8 Nov. The Indian Equity
benchmark Nifty opened in Positive Note on Monday up by 28 points or 0.32 per cent at 8653.
The market gave us a reasonable idea about how it plan to react to the US elections. The main
benchmark Nifty has been trading in a range since last few weeks with an upside resistance of
8800 and support of 8510. The range has continued for more than ten weeks and the probability
of markets breaking out of this range in the coming days is very high. Nifty has a Positive day
on Monday, where the market after opening buying still 8700 before profit booking set in and
Nifty closed at 8668. The Market sentiment is now driven purely by US politics rather than
economics data and Fed meet. The 8520 level is very significance for Nifty this is a big monthly
level where the Market have reverse twice in the past few Trading Sessions. The big area of
concern was the broader market which saw relentless selling throughout this week. If market
remains below the trend will change to sell. FII selling in cash and F&O segment is putting
pressure on the market. GST rate slabs have been announced and automobile companies have
been kept in higher slabs of 28 per cent can come for some selling for next week trading
sessions. The crucial levels for Nifty is 8490-8520is up side 8420-8340 is down side
BANK NIFTY : - The Bank Nifty opened in positive note on Monday up by 55 points or 0.28
per cent at 19578. State-run banks, other than State Bank of India, have been lagging far behind
their private sector peers when it comes to lending. While the industry growth rate itself may be
barely in double digits, PSU banks, barring SBI, are growing at a paltry pace over the past two
quarters pushing back hopes of any recovery in investments. Loans at state-run banks grew just
1.4% in the March and June quarters, the lowest in past four years, data from the Reserve Bank
of India shows. Poor capital positions, risk aversion and top corporates moving to bond markets
are among the reasons why these banks which once thrived on project financing are lagging.
The Banking stocks were in selling pressure in last week. In the last week the Banking stocks
were big performer but in recent week traded in a range bound or in negative bias. Correction
seen in the Bank Nifty fro the level of 19590-19200. From now Bank Nifty need to sustain over
19250-19340 Area, otherwise it may further fall towards 18850-18600 zone. For any strength
Bank Nifty need to sustain above 19250 for further rally towards 19800-20250 zone for Next
week. The Significance levels for Nifty is 19260-19520 up side or 19043-18870 is down side.
R2
R1
PP
S1
S2
8536
8437
8338
8140
R1
PP
S1
S2
8771
8497
8223
7675
R1
PP
S1
S2
8764
8495
8226
R1
PP
S1
S2
19304
19058
18812
18320
R1
PP
S1
S2
8734
WEEKLY
R2
9319
MONTHLY
R2
9302
7688
BANK NIFTY
DAILY
R2
19796
WEEKLY
R2
21304
MONTHLY
19906
R2
19207
R1
21060
19806
PP
19179
50 DAYS
18508
S1
18552
S2
17298
MOVING AVERAGE
21 DAYS
NIFTY
8635
8642
8521
8319
BANK NIFTY
19471
19389
18909
18202
PARABOLIC SAR
DAILY
WEEKLY
100 DAYS
17110
MONTHLY
NIFTY
8673
8885
7670
BANK NIFTY
19907
20167
15629
200 DAYS
Detail of Chart On the above given daily Chart of Nifty has Applied Bollinger Band along with Parabolic SAR
both the indicators are Leading Indicators, and gives signal of Buying or Selling. Although the
Uses of Bollinger Band differ from traders to traders Some buy when it break the Middle Band
from below side and some buy when it break Upper Band. We assume that the Breaking the
Middle Band Usually a Bull side Signal as we can see on the above given chart it has touch the
middle Band. But it was not able to break the Significance Resistance level of 8650. and give
Gap Down opening below its Lower Band. From this ;level we may see some correction in Nifty
for the Upcoming week. Nifty may reverse to fill the up side Gap of 8500-8680. The
Significance Levels for Nifty is 8530-8580 is up side and 8400-8360 is down side.
the Above given daily Chart of Bank Nifty has Applied the Bollinger Band
along with Parabolic SAR. Both are the leading Indicators and give Signal on Breakout of
Upper or Lower Band. On the Above given chart of Bank Nifty it has touch the Upper band but
not able to break the Resistance level of 19980. From this level we are Expecting the Bank Nifty
may go down side further to the level of 18850 for Next week. The Significance levels for Bank
Nifty is 19360-19658 Up side and 18890-18756 is Down Side.
R2
R1
PP
S1
S2
ACC
EQ
1545
1518
1496
1469
1447
ALBK
AMBUJACEM
ASIAN PAINT
AXISBANK
BAJAJ-AUTO
BANKBARODA
BANKINDIA
BHEL
BHARTIARTL
CIPLA
COALINDIA
DLF
DRREDDY
GAIL
GRASIM
HCLTECH
HDFC
HDFCBANK
HEROMOTOCO
HINDALCO
HINDUNILVR
ICICIBANK
ITC
INDUSIND BANK
INFY
JINDALSTEL
KOTAKBANK
LT
M&M
MRF
MARUTI
ONGC
ORIENTBANK
RCOM
RELCAPITAL
RELIANCE
RELINFRA
RPOWER
SBIN
SSLT( VEDL)
SUNPHARMA
TATAMOTORS
TATAPOWER
TATASTEEL
UNIONBANK
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
EQ
77
248
1062
490
2869
153
112
141
313
576
334
148
3211
436
944
821
1422
1256
3430
171
876
276
259
1246
988
75
822
1454
1415
51631
5843
274
120
49
514
1037
530
47
250
229
692
525
78
412
140
74
244
1051
484
2844
148
109
138
310
560
325
143
3151
430
924
807
1404
1249
3354
165
861
274
254
1230
980
72
810
1436
1391
51016
5774
272
117
46
505
1021
511
46
247
220
672
519
77
407
137
73
241
1043
479
2824
144
108
135
307
549
319
141
3109
425
904
785
1391
1245
3302
160
852
269
250
1218
970
69
800
1416
1369
50283
5721
268
114
45
498
1011
502
44
243
214
660
510
75
403
134
70
237
1032
473
2799
139
105
132
304
533
310
136
3049
419
884
771
1373
1238
3226
154
837
267
245
1202
962
66
788
1398
1345
49668
5652
266
111
42
489
995
483
43
240
205
640
504
74
398
131
69
234
1024
468
2779
135
104
129
301
522
304
134
3007
414
864
713
1360
1234
3174
149
828
262
241
1190
952
63
778
1378
1323
48935
5599
262
108
41
482
985
474
41
236
199
628
495
72
394
128
TOP 15 ACHIEVERS
SR.NO
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
PREV
CLOSE
CMP
DR.REDDYS
3113
3363
ADANI PORTS
285
307
KOTAK BANK
781
819
HDFC
1336
1391
MARUTI SUZUKI
5650
5876
313
324
BHARTI AIRTEL
309
318
ONGC
279
286
NTPC
149
152
BAJAJ-AUTO LTD.
2802
2848
ITC LIMITED
240
243
TECH MAHINDRA
434
435
BHARAT PETRO
668
669
BANK BARODA
156
156.50
ULTRATECH CEM
3980
3982
SCRIPT NAME
//
% CHANGE
+ 8.02 %
+ 7.44 %
+ 4.84 %
+ 4.13 %
+ 4.00 %
+ 3.67 %
+ 2.94 %
+ 2.54 %
+ 1.84 %
+1.63 %
+ 1.23 %
+ 0.36 %
+ 0.12 %
+0.10 %
+0.05 %
SR.NO
TOP 15 LOOSERS
SCRIPT NAME
PREV CLOSE
CMP
% CHANGE
HCL TECH
831
763
- 8.25 %
AXIS BANK
526
486
- 7.45 %
WIPRO LTD.
499
462
- 7.43 %
ASIAN PAINTS
1153
1069
- 7.25 %
78
-6.34 %
TATA STEEL
427
405
-5.09 %
BHARTI INFRA
363
345
- 4.95 %
76.20
-4.75 %
INFOSYS
1038
997
-3.93 %
10
1317
1272
-3.42 %
11
ACC
1566
1516
-3.16 %
12
241
-2.27 %
13
L&T
1510
1480
-2.00 %
14
INDUSIND BANK
1224
1199
-2.00 %
15
BHEL
141
138
-1.94 %
NSE CASH
NSE CASH
rating upgrade following its reform measures such as passage of the Insolvency Code and
Constitution Amendment Bill for GST by Parliament. "The outlook indicates that we do not
expect to change our rating on India this year or next, based on our current set of forecasts,"
S&P said. "The ratings on India reflect the country's sound external profile and improved
monetary credibility. India's strong democratic institutions and a free press, which promote
policy stability and predictability, also underpin the ratings," added further.
India's gross-value added growth to hit 7.6 per cent this year: DBS - India's gross-value
added growth is expected to quicken to 7.6 per cent this year from 7.2 per cent in 2015-16,
driven by sustained support from public capex spending, says a DBS report. According to the
global financial services major, while private sector activity remains subdued, high frequency
fiscal numbers point to sustained support from public capex spending. "We expect gross-value
added growth to quicken to 7.6 per cent year-on-year this year from 7.2 per cent in FY15/16,"
DBS said in a research note.
According to DBS, after an upside surprise from China, India manufacturing PMIs also jumped
in October, affirming signs of a cyclical upturn in the region. India's October Nikkei
manufacturing PMI ticked up to nearly two-year high of 54.4 from September's 52.1. "The
improving order pipeline is encouraging and points to better industrial and business outlook.
Also being a de facto business confidence/sentiment gauge, these PMIs partly reflect broad
optimism on the back of strong asset market performance and stable rupee," the report said.
Private equity investment in RE rises 22 per cent y-o-y in Jan-Sept 2016: Report - Private
equity investment in the real estate sector has grown 22 per cent during January-September this
year to Rs 28,300 crore, from Rs 23,200 crore a year ago, reflecting improved confidence
among investors to make larger investments, says a Cushman & Wakefield report. According to
the report, private equity inflow increased to Rs 28,300 crore during the period, out of which
nearly Rs 9,200 crore were recorded during the third quarter July-Sep of 2016.
While the number of deals closed during the third quarter moderately declined by 3 per cent
quarter-on-quarter (q-o-q) to 32 per cent, the total investments increased by 1.2 per cent,
reflecting increased confidence amongst investors to make larger investments. The average deal
size, therefore, increased from Rs 275 crore in Q2 2016 to Rs 287 crore in the third quarter of
2016. "Owing to the continued interest in pre-leased office assets, the investments in the
commercial office assets have already surpassed the total investment received during the
calendar year 2015," the report said.
GST may not stoke inflation, 50% CPI items out of tax net - The multi-layered structure
along with a large number of exemptions could mean that the goods and services tax may not be
inflationary as some feared. Nearly half of the items in consumer price index basket, including
cereals, will not be taxed under the new levy that will replace a plethora of indirect taxes.
Besides that all other essential commodities will come under 5% tax bracket, down from
initially proposed 6%. However, there could be an impact on services that make up 30% of CPI.
Many services are proposed to attract 18% tax, up from 15% now. Chief economic adviser
Arvind Subramanian said GST will bring down inflation. I dont think there is any fear on
inflation. On an average this should probably serve to lower inflation. If at all, the impact on
inflation will be very small. Todays change should probably bring it down. Last year, a
committee headed by Subramanian had recommended standard GST rate at 17-18%. Standard
rate is one that will be levied on most goods, except some essential ones that will be levied at a
lower rate. Neha Saraf, India economist at Nomura, said, With a standard rate of 18%, we had
expected a 20 basis point impact on CPI headline inflation.
Economy set to perform better in 2nd half of FY16: Assocham - Indian economy would be
performing better in the second half of the current fiscal and the trend appears to have begun
from the quarter beginning October, 2016 with 66.7% of the latest Assocham Bizcon Survey
respondents expecting uptick in sales, capacity utilization, though Positivity on fresh investment
is tentative. Increased spend on infrastructure development, largely in the government is seen as
the most important driver for a turnaround in the economic outlook for the current quarter and
the last quarter of the financial year 2016-17. The second best driver for the optimistic outlook is
effective policy reforms followed by a stable foreign exchange rate of the Indian currency
despite global head winds like uncertainty on account of the Federal Reserves next policy move
and the most bitterly fought US Presidential elections. While a big chunk of Bizcon Survey
participants felt the present economic situation appears to be in a better shape than the previous
six months on several parameters, the optimism is more pronounced for the second half of the
current fiscal. For instance on the parameter of industrial performance, the Assocham Bizcon
done in September , noted over 83 per cent of the respondents believing things would look better
in at the industry level in the ongoing six month period.
there is a clear turnaround in business confidence, which holds the key to new investment and
consumer confidence, the chamber President Sunil Kanoria said. He said unlike the previous
surveys, the latest round indicates a slight uptick even with regard to capacity utilization going
forward and the order book. However, generation of new employment and improvement in
wages is still some distance away. The confidence was quite pronounced at the level of
individual firms level, as about 89% of the respondents expressed optimism about better days
ahead.
Indicating a sharp uptick in industrial activity, the Nikkei India Manufacturing Purchasing
Managers Index TM rose to a 22-month peak in Oct of 54.4. It stood at 52.1 in Sept.
The Centres fiscal deficit ballooned to 83.9% of the Budget Estimates in the first half of 201617, the highest in the first six months of a financial year since 1998-99, on account of elevated
capital spending and higher salaries outgo. On revenue side, lower realisations from
disinvestment and other streams hurt the exchequer.
Core sector output rose a three -month high of 5% in September, mainly due to sustained
growth in the steel sector and an increase in refinery production, broadly indicating that the
Index of Industrial Production growth may reverse a two-month declining trend a month before
the festival season. The eight- industry core sector index had grown 3.2% in August and 3% in
July.
Rural employment scheme Mahatma Gandhi National Rural Employment Guarantee Act is
facing shortage of funds despite the highest ever budgetary allocation to the programme this
year, and the Rural Development Ministry is now seeking an additional Rs. 100 billion for its
smooth functioning.
The government has excluded 40-odd grades of stainless steel used in auto and engineering
sectors from the Stainless Steel Quality Control Order, 2016.
Government is considering further relaxing foreign direct investment norms in several areas,
including trading, with an eye on more inflows.
To support financing for start-ups, the Reserve Bank of India issued rules permitting these to
raise external commercial borrowings.
India may turn into a net importer of fuel oil as its state-owned refiners are making Multi billion dollar investments to upgrade their refineries and produce more profitable refined
products such as gasoline or diesel.
New ultra mega power projects based on imported coal may be insulated from uncertainties in
fuel costs, with the power ministry deciding to factor in indexed imported coal prices into tariff
for such plants.
The
infrastructure and services for the implementation of GST - -has entered into an memorandum
of understanding with the Directorate General of Foreign Trade for sharing of foreign exchange
realisation and import export code data.
The government has proposed to come out with annual surveys that would give it estimation of
Labour and workforce and unemployment rates nation-wide.
Of the 101 power plants under daily review of the Central Electricity Authority as on October
31, about 40 plants are found to have coal stock for less than 15 days, six plants have stock for
less than seven days and 12 plants with less than five-day stock.
The Indian government and three state-run firms will jointly set up an equity fund of up to USD
2 billion for renewable energy companies to help New Delhi meet its clean energy goals.
The number of people earning more than Rs. 10 million annually has jumped by 10% and those
earning between Rs 0.50 million to Rs. 10 million by 22% according to the latest tax returns
figure by income tax department for the year 2014-15.
A 4-tier GST tax structure of 5, 12, 18 and 28%, with lower rates for essential items and the
highest for luxury and de-merits goods that would also attract an additional cess.
The Finance Ministry has imposed provisional anti-dumping duty on import of hot rolled steel
products from China. This anti-dumping duty will be valid for a period of six months.
TOP CORPORATE NEWS Strides Shasun Limited has received approval from the US health regulator for Abacavir
tablets used in the treatment of HIV.
BGR Energy Systems Limited has bagged a contract worth Rs. 26 billion from Tamil Nadu
Generation and Distribution Corporation Ltd for the execution of a thermal power project.
Reliance Industries Limited and its foreign partners, BP Plc and Niko Resources, may have to
pay a penalty of more than USD 1 billion for commercially using the migrated gas from the
block of Oil and Natural Gas Corpn. in the Krishna-Godavari basin.
Ujaas Energy Limited has bagged an order from Airports Authority of India for design,
manufacturing and commissioning of rooftop grid-connected solar photovoltaic system.
Indian Oil Corporation Limited, Fertiliser Corporation of India and Hindustan Fertiliser
Corporation of India were roped into the joint venture to revive Sindhri and Gorakhpur urea
units of Fertiliser Corporation of India.
NHPC Limited announced commissioning of a 50 MW wind power project in Rajasthan.
NCR Corporation has bagged a Rs. 3.34 billion order from State Bank of India to install over
7,000 cash-vending machines, making this the single largest order in the country.
Pokarna Limited has announced that its 100% subsidiary, Pokarna Engineered Stone Limited
has exited the Corporate Debt Restructuring mechanism.
NMDC Limited has signed a tripartite agreement with the Madhya Pradesh Directorate of
Mines and Geology and MP State Mining Development Corporation Ltd to explore mineral
resources.
Tata Steel Minerals Canada has announced that it has decided to invest CAD 125 million as
equity and CAD 50 million as debt with the Government of Quebecs investment entities,
Resources Quebec and Investment Quebec respectively, totaling CAD 175 million.
Advanced Enzyme Technologies Limited has entered into definitive agreements with API
maker JC Biotech to acquire 70% stake for a consideration of Rs. 500 million.
Tata Steel Limited said it continues to pursue its European consolidation strategy and is in talks
with Thyssenkrupp AG for a potential joint venture for its European steel business, following a
purported disclosure from ousted chairman Cyrus Mistry that some group firms could face a
potential writedown of USD 18 billion.
The Information and Broadcasting ministry has given permission to a company related to the
Sun TV Network Limited to operate five channels that they had bagged in e-auction in the first
batch of Private FM Phase III expansion last year.
Siemens Limited said it will modernise the energy management systems of Uttar Pradeshs
transmission utility UPPTCL.
Bosch Limited has resumed operations at its Jaipur plant following the Rajasthan State
Pollution Control Board keeping a notice to close the plant in abeyance for a month.
Heritage Foods Limited has executed an agreement to acquire the dairy business of Reliance
Retail Limited through slump sale.
Godrej Properties Limited has sold villas worth over Rs. 3 billion on the first day of the
launch of 100-acre township in Greater Noida, bucking the existing slowdown in the NCR
property market.
MMTC Limited plans to sell sovereign gold coins to non-resident Indians through branches of
Indian banks with which it has tied-ups.
Central Electricity Regulatory Commission is expected to deliver its verdict this month on
permitting Tata Power tariff compensation to recover losses suffered by the Mundra Ultra
Mega Power Project due to high prices of imported coal.
Bharti Airtel Limited has awarded a USD 60 million pan-India deal to Finnish gear maker
Nokia to implement voice-over-LTE calling technology which may be launched within this
year.
Cyrus Mistry, the ousted chairman of Tata Sons, holds nearly Rs. 10 billion worth of stocks of
Tata Consultancy Services.
Zensar Technologies Limited has acquired Foolproof Ltd along with its three wholly owned
subsidiaries for an undisclosed amount.
Lupin Limited has received final approval from the US health regulator for marketing
Norgestimate and Ethinyl Estradiol tablets, used for the prevention of pregnancy, in the US
market.
Ajanta Pharma Limited has launched in the US market tablets used for lowering blood
pressure.
Cox & Kings Limited has partnered with UAE Exchange India to foray into the money transfer
business in India.
Tech Mahindra Limited bagged a five-year deal from Finland's Stockmann. The deal will
allow Stockmann to consolidate its vendor portfolio and reduce its ICT costs.
Strides Shasun Limited plans to list its biotechnology business, Stelis Biopharma.
Aurobindo Pharma Limited has expressed preliminary interest in acquiring Portuguese drug
maker Generis Farmaceutica for about USD 200 million.
In a setback to Oil and Natural Gas Corporation Limited and Cairn India, the government
will from this fiscal levy service tax of about Rs. 7.30 billion on royalties they pay to the
exchequer on oil and gas they produce.
Sterlite Technologies Limited has approved an interim dividend of 25% for the year 2016-17.
Jindal Steel and Power Limited has failed to pay Rs 154.3 million interest on non convertible
debentures , which was due on October 31.
Bharti Airtel Limited has provided over 7,000 additional points of Interconnect to Reliance
Jio, taking the total number till date to over 17,000, which is sufficient to serve over 75mn
customers.
Zain said it will pay USD 129 million to Bharti Airtel Limited over a settlement related to the
sale of Zain's Africa operations to the Indian firm in 2010.
Jet Airways Limited will prepare crews duty rosters in consultation with the pilots union.
This was agreed between the pilots' union and the airline management after protests by pilots
against the new duty hours.
Bharti Airtel Limited launched its 4G services across 120 towns of Uttar Pradesh promising
high speed mobile broadband experience for its subscribers.
The National Aluminium Company is likely to keep in abeyance its plans to put up a
greenfield smelter in Iran
Some 14 nationalised banks have been charging a total Rs. 26 crore every year one fourth its
annual administrative expenditure, from Coal Mines Provident Fund Organization for collecting
life certificates on its behalf. Nevertheless, CMPFO is in the process of doing away with this
costly affair of collecting life certificates through banks after seeding Aadhaar with every
account holders CMPF Account Number. Pension is now directly transferred pensioners
accounts. While appreciating the efforts of CMPFO, coal secretary, Anil Swarup said that the
online transfer should be effected by 31st December, 2016.
The rate war has begun with the country's largest lender State Bank of India and the topmost
private sector lender ICICI Bank going all out to lure home loan customers in a bid to improve
their market share. State Bank of India has slashed its home loan rate to a six-year low to 9.10%.
Under this new scheme woman borrowers will be able to avail home loans at 9.10% while other
borrowers will be able to avail loans at 9.15%. These rates will be applicable top loans up to Rs
75 lakh w.e.f 1st November. On Home Loan of Rs 50 lac's, reduction in interest rate by 0.15%
by SBI will help a home buyer to save Rs. 542 per month and approximately Rs. 2 lac's during
the loan tenure of 30 years. SBIs home loan tenure of 30 years.
Private sector lender Yes Bank has launched Yes Mobile 2.0 its new mobile banking app
with multiple new features and extensive support for banking transactions on Apple and
Android based SmartWatches. The app is compatible with all mobile devices including Android
tablets and Apple iPads in addition to smartphones and wearables. With multiple added
functionalities and a customisable interface Yes Mobile 2.0 will replace the older Yes Mobile
application that was being used by bank customers.
State-run banks, other than State Bank of India, have been lagging far behind their private
sector peers when it comes to lending. While the industry growth rate itself may be barely in
double digits, PSU banks, barring SBI, are growing at a paltry pace over the past two quarters
pushing back hopes of any recovery in investments. Loans at state-run banks grew just 1.4% in
the March and June quarters, the lowest in past four years, data from the Reserve Bank of India
shows. Poor capital positions, risk aversion and top corporates moving to bond markets are
among the reasons why these banks which once thrived on project financing are lagging.
Central bankers rarely talk straight, more so when it comes to the state of the banking industry.
But the Reserve Bank of India deputy governor SS Mundra came close to it when he recently
raised the red flag about the state of human resources in the banking industry. When Mundra
calls this a decade of retirement, it should be the beginning of sleepless nights to chiefs of
banks and the biggest stakeholder in the system the government, if it wants to save whatever
little value is left of the sector after bad loans had eroded its worth.
State-run banks, which used to be the most sought after for job seekers in the three decades
since the 70s, not only lost sheen to more lucrative career options in technology and other
sectors, but the efforts to make it more efficient by ending indiscriminate hiring and not
replacing it with a suitable hiring plan is beginning to bite.
US-based ATM manufacturer NCR Corporation has bagged a Rs 334-crore order from State
Bank of India to install over 7,000 cash-vending machines, making this the single largest order
in the country. NCR is the largest player in the domestic ATM market with over 1 lakh cashvending machines running. Its new ATMs are equipped with the latest anti-fraud security
solutions.
"State Bank of India has awarded NCR with the single largest order of ATMs in the country.
The agreement, valued at around Rs. 334 crore, has to be executed over the next seven years,
and NCR will deploy 7,070 cash-vending machines, software solutions and provide services
support," NCR India Managing Director Navroze Dastur told PTI.
Joining the rate cut war, biggest mortgage firm HDFC and private sector lender ICICI Bank
today cut home loan rates by 0.15 per cent, a move that may be followed by other lenders. Home
loans up to Rs 75 lakh for women borrowers will now attract an interest of 9.15 per cent and for
others it will be 9.20 per cent, HDFC Ltd said in a statement. "Over the past couple of months,
we have seen a drop in our marginal costs of funds and as always, HDFC has ensured that
benefit is passed on to its customers," HDFC Ltd Managing Director Renu Sud Karnad said.
Five new banks have joined the Unified Payments Interface bandwagon, thereby taking the
total number of banks using UPI to 26. The five latest entrants include public sector lenders,
State Bank of India, Allahabad Bank and Bank of Baroda and two private banks HDFC Bank
and IDFC Bank. These applications are currently in their final testing phase being active only in
closed user groups, they are expected to go live for the public within the next six weeks, said
bankers in the know of the matter, who did not wish to be identified.
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