TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Last week Equity Market witnessed one of the historic events in the Indian Economy
where after the Demonetization, markets were keenly expecting a minimum of 25 bps rate cut. But, to surprise
all, Reserve Bank of India kept the stance unchanged shocking the markets on Wednesday. The Indian Equity
benchmark Nifty opened in a negative bias on Monday trading Session Down by 31 points or 0.37 at 8230. The
Last Week upside rally was contributed by strong fundamentals of the Indian economy accompanied with
strong International markets. In last 24 trading sessions post Demonetisation, Nifty 50 has thereafter made a
low of 7916 on 21 November and two successive tops around 8250 on 01 December and again 8274 on 09
December. The Nifty is currently showing a range of 8180 - 8300 with good supports holding the base
strongly. During the discussed period, domestic indices were mostly driven by internal issues or sentiments and
an impact of global coupling was quite limited or shortlived. Combination of stronger USD and domestic jitters
of economic slowdown and political disruptions as a result of demonetization may be significant headwinds for
the Indian market in the coming Weeks despite relatively better macros among its EM peers. unless & until
Nifty sustained above 8100-8200 zone for a few days, any Santa or Pre-Budget Rally in the absence of
FIIs in this month of Dec may be utilized for long profit booking to prepare for a probable Jan-March selling
spree, despite a hope for a dream budget. On Thursday trading Session The Nifty opened at 8229 and that
was the day's high too. It fell sharply by 61 points to test its previous day's low of 8172 after making a low of
8172. Yellens comments about the 0.25% rate hike as very modest adjustment and her confidence in the
US economy has sent the USD & US bond yields soaring and for the first time after a decade. Technically,
Nifty still in positive zone. Market needs to close below 8170 for Nifty to enter into negative zone. US FED
increased Interest Rates by 25 bps, which was very much expected by the markets. Market would see rollercoaster rides Next week. There is possibility of recovery after a negative opening but direction would remain
uncertain until closing. Traders can initiate short positions only if Nifty closes below 8170. Nifty would see
strong support at 8145-8100-8077-8000 whereas strong resistance would be seen at 8200-8230-8265-82808310 levels.

BANK NIFTY : - The Indian Baking index Bank Nifty opened in a Negative note down by 79 points or 0.42
per cent at 18616. The Reserve Bank has directed banks to keep record of new bank notes in view of seizures
by Income Tax Department and other law enforcement agencies of large quantities of high denomination notes.
It has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these bank
notes by the currency chests. Nifty Bank is still in positive zone. Bank Nifty would enter into negative zone
once it closes below 18255 levels. Market may see some short covering but for now, Bank Nifty looks weak
and traders can go short at every positive rally in the Market. Bank Nifty would soon enter into negative zone
once it closes below 18255 levels and we could see some sharp downfall in the market in days to come. The
Bank Nifty is expected to trade in bullish trend for next trading week. The Significance Levels for Bank Nifty
is 18833-19759 is Upside and 17907-16981 is down side.

Monday, 19 December 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY
DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

8303

8201

8150

8099

R2

R1

PP

S1

8478

8270

R2

R1

8720

8340

R2

R1

8166

S2
7997
S2

8062

7854

PP

S1

S2

8150

7960

PP

S1

S2

18186

17878

PP

S1

S2

18361

17898

PP

S1

18348

17582

7580

BANK NIFTY
DAILY

18802

WEEKLY

18494

R2

R1

19750
MONTHLY

18340

18824

R2

R1

20646

19114

16972
S2
16050

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

8197

8321

8371

8285

BANK NIFTY

18580

18870

18812

18332

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

8238

8441

7826

BANK NIFTY

17952

20049

16124

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band along with
Parabolic SAR both the indicators are Leading Indicators, and gives signal of Buying or Selling.
Although the Uses of Bollinger Band differ from traders to traders Some buy when it break the Lower
Band from below side and some buy when it break Upper Band. We assume that the Breaking the
Middle Band Usually a Up side is bull Signal as we can see on the above given chart it is Trading
Above its crucial Psychological Level it is around 8120. if it is Sustaining 8100-8080 Level could
lead the Nifty further Up side. Significance Support level of 8090-7995 And Significance Resistance
for Nifty is 8201-8290.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart

-On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band along

with Parabolic SAR. Both are the leading Indicators and give Signal on Breakout of Upper or Lower
Band. On the Above given chart of Bank Nifty it is trading around Middle Band if it is not able
Sustain the Support level of 18180. From this level we are Expecting the If the Bank Nifty is able to
Sustain the Level of 18500 may go Further Up side to the level of 18800-19100 Level for Next week.
The Significance levels for Bank Nifty is 18494-19802 Up side and 18180-17880 is Down Side.

NSE EQUITY DAILY LEVELS

COMPANY NAME

R2

R1

PP

S1

S2

ACC
ADANI PORTS

EQ
EQ

1333
289

1314
285

1298
282

1279
278

1263
275

AMBUJACEM
ASIAN PAINT
AXISBANK
BAJAJ-AUTO
BANKBARODA
BPCL
BHEL
BHARTIARTL
BOSCH LTD
BHARTI INFRATEL
CIPLA
COALINDIA
CAIRN INDIA LTD
DRREDDY
GAIL
GRASIM
HCLTECH
HDFC
HDFCBANK
HEROMOTOCO
HINDALCO
HINDUNILVR
ICICIBANK
ITC
INDUSIND BANK
INFY
IDEA CELLULAR
KOTAKBANK
LT
M&M
MRF
MARUTI SUZUKI
ONGC
NTPC
RCOM
RELCAPITAL
RELIANCE
RELINFRA
RPOWER
SBIN
SSLT( VEDL)
SUNPHARMA
TATA MOTORSDVR
TCS
TATAMOTORS
TATAPOWER
TATASTEEL
UNIONBANK
YES BANK LIMITED
ZEEL

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
EQ
EQ
EQ
EQ
EQ

205
915
484
2694
164
621
126
323
20356
359
573
295
265
3145
429
841
843
1285
1189
3211
178
833
262
231
1108
1013
79
731
1370
1200
53393
5238
210
163
37
453
1066
507
44
268
241
662
305
2313
480
80
427
144
1209
451

204
908
477
2676
161
613
125
316
20184
357
570
292
260
3125
422
829
832
1275
1186
3168
177
826
260
229
1098
1009
78
724
1365
1190
52773
5214
205
162
36
448
1061
497
43
266
236
655
301
2299
477
78
421
141
1196
446

201
904
472
2662
160
609
123
313
20047
354
565
289
258
3113
416
823
823
1269
1178
3142
176
819
258
227
1083
1006
76
721
1358
1179
52377
5182
203
160
36
444
1056
491
43
265
232
644
298
2275
470
77
416
139
1184
442

200
897
465
2644
157
601
122
306
19875
352
562
286
253
3093
409
811
812
1259
1175
3099
175
812
256
225
1073
1003
75
714
1353
1169
51757
5158
198
159
35
439
1051
481
42
263
227
637
294
2261
467
75
410
136
1171
437

197
893
460
2630
156
597
120
303
19738
349
557
283
251
3083
403
805
803
1253
1167
3073
174
805
254
223
1058
998
73
711
1346
1158
51361
5126
196
157
34
435
1046
475
41
262
223
626
291
2237
460
74
405
134
1159
433

TOP 15 ACHIEVERS
SR.NO

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

SCRIPT NAME

PREV
CLOSE

//
CMP

SWAN ENERGY

167

200

MASTEK LTD.

150

176

RAMCO SYSTEM

311

344

MPHASIS LTD.

518

565

KRBL LIMITED

275

297

P C JEWWELLER

354

378

MIND TREE LTD.

470

501

FORTIS HEALTH

172

183

BIOCON

943

982

EID PARRY

255

265

TVS MOTOR LTD.

363

378

TCS

2195

2282

L & T INFOTECH

654

679

AXIS BANK LTD.

456

472

RELIANCE

1028

1057

% CHANGE

+19.64 %
+17.67 %
+10.31 %
+9.15 %
+7.80 %
+6.69 %
+6.52 %
+6.11 %
+4.12 %
+4.06 %
+4.06 %
+3.98 %
+3.72 %
+3.59 %
+2.74 %

TOP 15 LOOSERS
SR.NO

SCRIPT NAME

ONGC

PREV CLOSE

306

CMP

% CHANGE

201

-34.26 %

ULTRATECH CEM 3568

3177

-10.96 %

BHARTI AIRTEL

332

310

-6.55 %

HINDALCO INDUS 878

817

-6.53 %

AMBUJA CEMENT 216

202

-6.29 %

ACC LIMITED

1294

-6.16 %

COAL INDIA LTD. 306

288

-5.94 %

BHEL

129

122

-4.84 %

ICICI BANK

268

255

-4.79 %

10

AURO PHARMA

723

690

-4.59 %

11

HERO MOTOCORP 3277

3127

-4.56 %

12

ASIAN PAINTS

941

899

-4.44 %

13

ITC LIMITED

236

226

-4.15 %

14

ZEEL

460

442

-3.90 %

15

TATA STEEL

430

414

-3.83 %

1379

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE
NSE FUTURE :SELL CENTURYTEX FUTURE BELOW 760 TGT 730 SL 775
NSE FUTURE :BUY AXISBANK DUTURE ABOVE 480 TGT 500 SL 467
NSE FUTURE :SELL HINDALCO FUTURE BELOW 170 TGT 165 SL 174

NSE CASH
NSE CASH : BUY MINDAIND NSE CASH ABOVE 333 TGT 359 SL 323.
NSE CASH : BUY SASKEN NSE CASH ABOVE 422 TGT 454 SL 410.
NSE CASH : BUY TRIDENT NSE CASH ABOVE 61 TGT 66 SL 59.

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK
Industrial production shrinks 1.9% in October - Industrial production contracted in October,
resuming its decline after marginal growth in September, suggesting more pain going ahead as the
impact of note withdrawal begins to show up. The Index of Industrial Production fell 1.9 per cent in
October compared with a 0.7 per cent rise in September and 9.8 per cent growth in the year-ago
month, data released by the Central Statistics Office on Friday showed. In the April-October period,
production declined 0.3 per cent compared with 4.8 per cent growth last year. "Despite a good
monsoon and the onset of the festival season, a lacklustre performance of industrial growth
performance is indeed disappointing and reiterates the fear that health of industrial sector is in
trouble," said Sunil Sinha, principal economist, India Ratings & Research. The consensus was for
about 1 per cent growth. Industrial production has contracted in four out of seven months so far this
fiscal. Some early numbers suggested industrial production will take a bigger knock following the
governments move to invalidate `500 and `1,000 notes on November 8. Sales of passenger vehicles
rose a modest 1.82 per cent in November.
CBDT tries to allay tax terror fears as businesses go digital - An increase in turnover of a business
owing to its accepting digital means of payment will not trigger reopening of cases of past years,
according to a clarification issued by the Central Board of Direct Taxes. The Income Tax regulatory
authority has sought to allay fears of tax terror, especially among the smaller and medium-sized
business entities, many of which in the back drop of demonetisation would be accepting digital
payments for the first time. These include retail stores, restaurants and other service agencies, ranging
from coaching classes to beauty parlours. In its circular, CBDT explains, "By adopting the digital
mode of payment, no financial transactions would remain undisclosed and consequently an enhanced
turnover of business might get reflected in the books of accounts. "An apprehension was raised by the
business community that increased turnover in the current year may lead to reopening of earlier years'
cases where the turnover was lower. Reopening would cause undue harassment to taxpayers.
India's current account gap in July-Sept at 0.6% of GDP - The current account deficit narrowed
by more than a percentage point to 0.6 per cent of GDP at USD 3.4 billion in the July-September on
account of lower trade deficit. The July-September CAD is lower than USD 8.5 billion, or 1.7 per
cent of GDP, in the same quarter of last fiscal. It is, however, higher than USD 0.3 billion or 0.1 per
cent recorded in the first quarter of the current fiscal. According to RBI data, private transfer receipts,
mainly representing remittances by Indians employed overseas, amounted to USD 15.2 billion,

registering a decline by 10.7 per cent from the previous level a year ago. "The contraction in the CAD
on year-on-year basis was primarily on account of lower trade deficit (USD 25.6 billion) brought
about by a larger decline in merchandise imports relative to exports," the RBI said in a statement. Net
services receipts moderated on annual basis, primarily owing to the fall in earnings from software,
financial services and charges for intellectual property rights, it said.
Bring land, realty, power under GST fold, says Arvind Subramanian - As the Narendra Modi
government wages its biggest war on black money yet, Chief Economic Advisor Arvind Subramanian
today pitched for including land and real estate under the GST regime to check money laundering and
corruption. Arvind Subramanian, who for the finance ministry had authored a report on possible tax
rates under the Goods and Services Tax, suggested that the new indirect tax set-up should be clean
with simple low rates and should include land and property as well as electricity. GST, which the
government intends to roll out from April 1, 2017, is to subsume central excise, service tax and state
VAT among other indirect levies on manufactured goods and services, but property and electricity
have so far not been talked about as being part of it. "I still think we should aspire for simple, clean
structure of rates which will have on balance lower and higher rates and that will be a necessary
complement to fighting against black money that the Prime Minister has launched with
demonetisation of old 500 and 1,000 rupee notes," he said at a conference here. He felt that land and
real estate need to be part of the GST.
Bank credit plunges by Rs 61,000 crore in post note ban fortnight - The demand destruction
unleashed by the November 8 demonetisation drive saw the bank credit shrinking by a whopping Rs
61,000 crore, or 0.8 per cent, during the fortnight to November 25, show the latest RBI data. But at
the same time, the note ban also had a positive effect, as borrowers, including some default accounts,
paid back as much as Rs 66,000 crore during the same period. In sharp contrast, during the same
fortnight, banks received huge inflows as people deposited as much as Rs 4.03 trillion into the
accounts, which as of December 9 crossed Rs 12 trillion, putting all calculations of the Government
into a tizzy. Analysts supporting the cash recall move initially claimed that at least 20 per cent, or a
little over Rs 3 trillion - out of the total Rs 15.4 trillion of the banned bank notes - would not come
back to the banking system, helping the Government net a windfall from the exercise whose stated
aim is to root out black money and curb corruption. This, they claimed, would be achieved by writing
off a similar amount from the balance sheet of the central bank and then transferring the same the
Government as surplus. But with the near total return of the banned notes, all these calculations have
gone out of the window. The outstanding credit of banking system stood at Rs 72.92 trillion as of
November 25, according to the Reserve Bank data. The year-on-year credit growth was just 6.6 per
cent, down from 9.3 per cent a year ago.
Options before government if GST not implemented by September 2017 - Even as Arun Jaitley on

Sunday said that the last possible day to pass GST is September 16, many are discussing of what
would happen in a worst case scenario, if government were to miss even this deadline? The
government is required to implement the Goods and Services Tax by September 16, or there would be
no tax law altogether after that since the validity of the recently passed GST bill lapses by then, point
out experts. The Parliamentary logjam, with the opposition being relentless in its attack on
demonetisation, has impacted governments planned timeline on GST. If the GST doesn't come into
force by September 16, there is one view that existing specified tax legislations would cease to have
effect. Hence, the government is working towards ensuring that GST is implemented before 16th
September. It needs to be seen that if the same is not achieved whether the Government has an
alternative plan, said Dharmesh Panchal, India - West Indirect Tax leader, PwC. Experts say that the
government may not be in a position to levy any indirect taxes as the current taxes would cease to
exist while its replacement GST would not have come into force.
CPI inflation to remain below 5% in first half of 2017: HSBC - The Reserve Bank is expected to
meet its target 'comfortably' as CPI inflation is likely to remain well below 5 per cent over the first
half of 2017, an HSBC report says. According to the global financial services major, food prices have
remained low over the first 10 days of December and it is getting increasingly likely that the RBI will
meet its '5 per cent by March' CPI target comfortably. "We expect CPI inflation to remain well below
5 per cent over the first half of 2017," HSBC said in a research note. Retail inflation fell to a two-year
low of 3.63 per cent in November following the Centre's demonetisation drive that led to lower
consumer spending on various food items including vegetables. The report further said that
demonetisation has clearly hurt activity as effective cash in circulation has contracted 60 per cent over
the last month.

TOP ECONOMY NEWS

Industrial production contracts 1.9% in October as against 9.9% growth in the same month last year,
driven down by a contraction in manufacturing and mining sectors.

Government realised Rs324.34bn in upfront payment for the spectrum sold in the auction this year,
which was lower than Telecom Department's projection of Rs345.86bn.

Direct tax collection was up by 15.12% to Rs 4.12 trillion while indirect tax collection jumped by
26.2% to Rs5.52trn during the April to November period this year.

A major banking sector union asked the RBI to supply adequate cash to nationalised bank branches
and ATMs or stop cash transactions, otherwise they may resort to agitation and even go on strike.

In value terms, PE/VC investments in India stood at USD 908 million, down 50% over a deal value
of USD 1.82 billion in November last year.

The

Directorate General of Anti-Dumping and Allied Duties has recommended imposition of

definitive anti-dumping duty on imports of steel tubes and pipes from China.

Premium

collection of life insurance companies has more than doubled in November while

investment in mutual funds grew by a three-fourth.

The Department of Industrial Policy & Promotion has set up a committee with representatives from
various ministries such as food processing, energy and environment as well as industry bodies to
identify areas where the US could be persuaded to share technology with India under the bilateral
Trade Policy Forum platform.

In value terms, PE/VC investments in India stood at USD 908 million, down 50% over a deal value
of USD 1.82 billion in November last year.

The

Directorate General of Anti-Dumping and Allied Duties has recommended imposition of

definitive anti-dumping duty on imports of steel tubes and pipes from China.

Premium

collection of life insurance companies has more than doubled in November while

investment in mutual funds grew by a three-fourth.

The Department of Industrial Policy & Promotion has set up a committee with representatives from
various ministries such as food processing, energy and environment as well as industry bodies to
identify areas where the US could be persuaded to share technology with India under the bilateral
Trade Policy Forum platform.

The

Wholesale Price Index -based inflation for November 2016 came in at a five-month low of

3.15% against 3.39% in the previous month.

Finance Minister Arun Jaitley hinted that tax rates might be brought down as demonetisation is likely
to bring in higher tax revenues from unaccounted wealth.

The

Asian Development Bank has trimmed its 2016 growth estimate for India to 7% from the

previous 7.4% on account of demonetisation, weak investment and agricultural slowdown.

The

demand destruction unleashed by the November 8 demonetisation drive saw the bank credit

shrinking by a whopping Rs. 610 billion, or 0.8%, during the fortnight to November 25.

Direct

investments by Indian firms abroad plunged by 70.9% year-on-year to USD747.78mn in

November 2016.

Reserve Bank of India Deputy Governor R Gandhi said Rs. 12.4 trillion of old notes scrapped have
been deposited in banks till December 10.

The Central Electricity Regulatory Commission has admitted the petition filed by the Indian Energy
Exchange for the introduction of green power (renewable energy) contracts.
With sharp drop imports, Indias Current Account Deficit declined to USD 3.4 billion (0.6% of GDP)
for the second quarter ended September 2016 from USD 8.5 billion (1.7% of GDP) in July-September
2015.

The Consumer Price Index based inflation for November fell to 3.63% against 4.20% reported in
previous month.

The

Government will start easing restrictions on cash withdrawals once 80 per cent of the new

currency introduced following demonetisation is Re-channelised through bank deposits. Restrictions

on cash withdrawals will be first eased in the case of cooperative banks and then for all the scheduled
commercial banks.

The Supreme Court ordered a ban on all liquor shops on national as well as state highways across the
country and made it clear that licences of existing shops will not be renewed after March 31 next year.

Expanding for the third straight month, exports rose 2.29% to US$ 20 billion in November. Imports
too increased by 10.44% to US$ 33 billion, leaving a trade deficit of US$ 13 billion in November.

TOP CORPORATE NEWS JSW Energy Limited is believed to have initiated talks for a possible acquisition of Monnet Powers
1,050 MW coal-fired plant in Odisha at Angul, close to the site of another Group company, Jindal

Steel & Power Ltds steel making facility.

A group of lenders led by State Bank of India has ordered a forensic audit of Jindal Steel & Power to
find out if the company has diverted funds from projects for which the loans were given.
IL&FS Engineering and Construction Co. has emerged as the lowest bidder for rural electrification
works of Jharkhand Bijli Vitran Nigam, Ranchi, worth Rs. 2.25 billion.
Tata Consultancy Services, Deloitte Touche, EY and Tally Solutions were among the 34 firms
shortlisted to provide interface between the new Goods and Services Tax server and taxpayers.
MIC Electronics Limited has received a letter of award for supply of 20,000 standalone off-grid
solar LED street lights with a contract price of Rs. 329 million.
Mahindra & Mahindra Limited has launched the CNG variant of its popular mini-truck Jeeto,
priced at Rs. 0.35 million (ex-showroom, Delhi). The CNG variant will be available at the top-end
model of Jeeto X716.
Strides Shasun has inked pacts to acquire Perrigo API India for Rs. 1 billion.
State Bank of India sold 3.9% stake in its life insurance venture SBI Life to private equity firms
KKR and Temasek. The deal values SBI Life at Rs. 460 billion.
Oil and Natural Gas Corp is awaiting nod of upstream regulator DGH to commence investing USD
5.07 billion in bringing to production oil and gas discoveries in its Bay of Bengal block KG-D5.
Life Insurance Corporation has hiked its stake in Bata India Limited by 2.03%, taking its total
shareholding to 7.05% in the company.
Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Fin.
After agreeing to a deal to sell 3.9% stake in SBI Life Insurance, its joint venture with BNP Cardiff,
State Bank of India will begin the process for re-valuation of the arm, for a plan to sell a further 10%
stake to the partner.
Tata Motors Limited said it will hike the prices of its passenger vehicles by up to Rs. 25,000 from
next month in order to offset the increased input costs.

Natco Pharma Limited has launched generic Tamiflu capsules, used for the treatment of influenza,
in the American market after the final nod from the US health regulator in Aug 2016.
Alkem Laboratories Limited said the US health regulator has issued three observations after
inspection of the companys API facility at Ankleshwar in Gujarat.
Axis Bank Limited slammed a regional newspaper report stating authorities were preparing to revoke
the bank's license as "false and malafide", saying it had strong systems and controls in place as per
central bank rules.
Sun Pharma and Moebius Medical have entered into an exclusive worldwide licensing deal to further
develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.
Glenmark Pharmaceuticals Limited US business has received a boost with the launch of generic
version of cholesterol drug Zetia in that market.
Morgan Stanley will buy 50 million shares 1.73% stake in Tata Motors Limited on behalf of an
undisclosed client. The shares will be bought at an upper cap of Rs. 499.8, nearly 10% premium to
last closing price of Rs. 454.55. At the top end, the deal size translates into Rs. 25 billion.
A massive fire has engulfed the premises of Syngene, the contract research subsidiary of Biocon
Limited , possibly due to a chemical leak.
Petroleum and Natural Gas Regulatory Board last week gave GAIL India Limited four more years
till February 2019 to complete the 1104 km Kochi-Koottanad-Bengaluru-Mangaluru natural gas
pipeline. The Rs. 44.93 billion project was originally to be completed in March 2013.

An overwhelming majority of shareholders of Tata Consultancy Services voted to oust Cyrus Mistry
as director from the companys board at the companys extraordinary general meeting held in
Mumbai.
The US drug regulator has flagged serious problems with the testing programmes at drugmaker Sun
Pharma's manufacturing facility at Halol.
Bharti Airtel Limited and Vodafone India are pushing ahead the government's broad agenda to move
towards cashless economy, at a time when demonetisation has crippled cash payments due to
inadequate cash in the system.

Bajaj Electricals Limited has entered into a strategic alliance with the UK-based firm Gooee to
create lighting products and solutions on the Internet of Things platform.
NTPC Limited has lined up investments worth Rs. 26.48 billion for developing three coal blocks in
Odisha.
Lupin Limited has received approval from the US health regulator to market its Desoximetasone
ointment, used for providing relief from inflammation and itching in a skin disease.
Indian Oil Corp sought up to 80,000 t of 40ppm sulphur diesel for delivery in late December.
Wipro Limited chief executive has split the information technology major's India and Middle East
business in two. And, carved a separate hyper automation group by consolidating the Artificial
Intelligence assets such as Holmes that would be headed by its chief technology officer, K R Sanjiv.
Infosys Limited has invested an undisclosed amount in ideaForge , which counts Indias armed and
paramilitary forces as its biggest customers.
NTPC Limited has decided to replace over 25-year-old power plants totaling 11GW capacity in the
next five years at an investment of Rs. 500 billion.
Bajaj Auto Limited launched its latest sports bike Dominar 400 priced up to Rs 1.5 lakh (exshowroom Delhi) as it looks to challenge segment leader Royal Enfield in the Rs 1-2 lakh category.
Cipla Limited subsidiary in the Netherlands will pump in up to euro 16.8 million to form a joint
venture with its Iranian distributor Ahran Tejarat Company. The JV proposes to undertake
manufacturing and marketing of pharmaceutical products in Iran.
Welspun India Limited is investing Rs 600 crore for setting up a facility for manufacturing carpets,
area rugs and carpet tiles here, marking the leading global home textile firm's foray into flooring
solutions segment

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The finance ministry has written to all banks to keep a tight watch on cash deposits as seizure of large
hauls of old and new currency notes and gold continues, suggesting connivance of banks in money

laundering. It has directed state-run banks and the Indian Bankers Association to ensure that deposits
of new and old currency notes are properly reflected in the customers counterfoils and bank records.
There have been concerns that deposits in new or valid currency may have be shown as deposits in the
demonetised Rs. 500 and Rs. 1000 notes and the legal currency diverted for laundering.

To avoid any malpractices, the government today asked all public sector banks to strictly maintain
record of deposits made through both old Rs. 500/1,000 notes and other valid currencies. In a letter
written to chief executive officers of public sector banks, the Finance Ministry asked that
"maintenance of records regarding deposit of Specified Bank Note and Non-SBN, as the case may be,
is essential both in the bank record as well as the customers record.

With more and more instances

of money laundering and fraudulent currency exchange surfacing,

RBI today warned of stern action against wrongdoers and asked banks to carry out a thorough central
data checking, while it suspended a "junior functionary" who is being investigated. "We have issued
elaborate instructions to all banks to do the central data checking and wherever they find any
inconsistency, it should be pursued further through their internal audit mechanism," said deputy
governor of RBI, S S Mundra, speaking to a select group of reporters here.

The office of the banking ombudsman received 1.02 lakh consumer complaints in FY16, up 21%
during the year. The Banking Ombudsman Scheme aims to provide a quick and cost-free resolution
mechanism for complaints relating to deficiency of banking services of common bank customers who
otherwise find it difficult or cost-prohibitive to approach any other forum such as courts. The
maximum rise in complaints were against private sector banks, which rose 36.5%.

The

Supreme Court today expressed concern over lack of infrastructure, manpower and other

facilities at Debt Recovery Tribunals and their appellate bodies and said lakhs of crores of rupees are
non-performing assets as the recovery mechanism is not up to the mark. The bench headed by Chief
Justice T S Thakur also said that it may ask the National Law School and IIM at Bangalore to jointly
conduct a study as to what "ails" these quasi- judicial bodies -- DRTs and Debt Recovery Appellate
Tribunals, meant for recovering bad loans of financial institutions.

The broader banking system in India will continue to be capital constrained and it will require an
additional capital of up to Rs 1.2 lakh crore or USD 18 billion over next three years, says a report. In
order to thrive in a resource-constrained world, banks will need to have a razor-sharp focus on
managing their capital and their risk-return profiles, said the report by management consulting firm
Oliver Wyman.

Small

finance banks funding mix will be different and complex after their transition from non-

banking finance companies and microfinance institutions and they are likely to need Rs. 60,000 crore
of non-equity funding by the financial year 2019-2020, according to a report. The current funding mix
for MFIs includes bank debt, other borrowings and equity, with bank debt being the largest proportion
in the mix. Scheduled Commercial Banks prefer funding MFIs because these advances qualify as
priority sector lending for them.

The Reserve Bank of India has ordered banks to investigate instances of unusual patterns in cash
management at branches and currency chests a move aimed to prevent unauthorised exchange of
scrapped notes for new notes. The banking regulator has asked banks to immediately bring to their
notice any such malpractice found at their bank and also track the complete trail if cash movement is
in large quantity.

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