TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - On last trading session of previous week, Nifty 50 opened at 9375, made an all-
time high of 9377 and closed at 9285 after taking support of its weekly low of 9270. Profit booking
has been observed at higher levels since the US Jobs report and French Elections result were due.
With both the events over, Nifty was continue to hover at higher levels. On Monday trading session
benchmark index Nifty opened at 9311, made a high of 9339 and closed at 9314. The market started
the week on a Positive note. Banks and Cement were the Sector which Supported Nifty to hold Above
9300. Sentiments were bullish with Finance Minister Arun Jaitley ruling out any surprise in the tax
rate in the Goods and Services Tax that is proposed to be rolled out on July 1 and also Asserting that
there will be no cascading in Goods and Commodities, Which can even see tax rates coming down a
little. The markets were remained flat as the French election euphoria faded and a lack of fresh
catalysts kept investors on the sidelines. Apart from mixed Q4 earnings, Indian market may also take
some support from IMDs forecast comments that monsoon may be above normal this year as threat
of El-Nino is receding quite significantly. Time and Price Action Suggest that, Nifty need to sustain
over 9400 area for the short term target of 9500-9550 area and mid-term target of 9655-9700 zone.

otherwise market may correct to some extent towards 9300-9240 area in the Upcoming week.

BANK NIFTY : - Bank Nifty - Bank Nifty last trading session of previous week made an all time
high of 22854 and thereafter made a low of 22514. The Index finally closed at 22605. Index started
this week on positive note up by 74 points or 0.25 per cent. Bank Nifty made an all time high of
22978, but faced resistance at higher levels and closed at 22818. Axis bank was down by 2.08%and
Yes bank down by 1.24%, were among the losers in the Banking Index. Now All eyes may be also on
the Public Sector Banks, more details of NPA reforms/resolution mechanism. As of now Banks may
have to permanently waive off around Rs. 2 trillion, which may be a significant amount for the Public
Sector Banks and it may not be so easy to raise further capitals from the market. In reality, Reserve
Bank of India is always empowered to enforce any steps for the banks for resolution of the Non-
Performing Assets but the latest amendment may also ensure that, there will be no further
investigation of any wrong doing by the banks from any Govt investigative agencies or other dept
because it will be a Multilayer process, involving all the stakeholders. So there may be considerable
delay in actual resolution even after the reorganization of the NPA and the buyers of the stressed
assets may also be very difficult to find with an appropriate price tag. As long as the structural
problems for the NPA are not addressed properly, then it may be a tough task for the Indian banks for
an effective resolution. From This level. Bank Nifty need to sustain over 22600 area for further rally
towards 22875-23100. On the flip side, sustaining below 22550 area, Bank Nifty may fall towards
22825-22700 area in the near term

Monday, 15 May 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
9585 9469 9411 9353 9237

WEEKLY R2 R1 PP S1 S2
9820 9516 9364 9212 8908

MONTHLY R2 R1 PP S1 S2
9903 9543 9363 9183 8823

BANK NIFTY

DAILY R2 R1 PP S1 S2
23434 22978 22750 22522 22066

WEEKLY R2 R1 PP S1 S2
23811 23101 22749 22395 21687

MONTHLY R2 R1 PP S1 S2
24784 23316 22582 21848 20380

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 9266 9158 8812 8674

BANK NIFTY 22183 21551 20376 19792

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9311 9222 8701

BANK NIFTY 22535 21604 19484
PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above Given Daily Chart of Nifty Index Applied Technical
Indicators Entire technical indicators are trading into the bull trend Nifty 50 is heading
towards the upper line of the rising wedge and 100% expansion of the last bull rally.These
two combinations will act as a major and strong cluster.Moreover, the major time cluster is
also noticed ahead, one is the time taken by last bull trend and another is 61.8%of high to
high squaring.The time and price cluster is not only acting as major Support and Resistance
but it has the power to attract the price towards it. On the Above given chart it has touched
the Upper Band if break the further rally may may continue till 9500 on next week
PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above Given Daily Chart of Bank Nifty has Applied Bollinger Band
along with Parabolic SAR. the major time cluster is also noticed ahead in Bank Nifty also, The
Technical indicators are still in bull trend and it may continue toward 22875-23006 level for near
term. Technically Crucial levels for Bank Nifty is 22750-22860 is up side and 22625-22542 is
Down side.
 NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1722 1702 1679 1659 1636
ADANI PORTS EQ 364 362 357 355 350
AMBUJACEM EQ 263 261 258 256 253
ASIAN PAINT EQ 1205 1178 1153 1126 1101
AXISBANK EQ 524 517 508 501 492
BAJAJ-AUTO EQ 3046 3027 2998 2979 2950
BANKBARODA EQ 193 190 188 185 183
BPCL EQ 740 736 730 726 720
BHEL EQ 178 175 173 170 168
BHARTIARTL EQ 374 368 365 359 356
BOSCH LTD EQ 23796 23653 23522 23379 23248
BHARTI INFRATEL EQ 386 381 376 371 366
CIPLA EQ 578 572 565 559 552
COALINDIA EQ 280 278 276 274 272
CAIRN INDIA LTD EQ 2675 2640 2581 2546 2487
DRREDDY EQ 415 412 406 403 397
GAIL EQ 1172 1164 1154 1146 1136
GRASIM EQ 852 847 843 838 834
HCLTECH EQ 1581 1570 1554 1543 1527
HDFC EQ 1554 1549 1543 1538 1532
HDFCBANK EQ 3586 3544 3504 3462 3422
HEROMOTOCO EQ 198 195 192 189 186
HINDALCO EQ 997 989 979 971 961
HINDUNILVR EQ 306 302 298 294 290
ICICIBANK EQ 280 278 276 274 272
ITC EQ 1436 1427 1416 1407 1396
INDUSIND BANK EQ 973 966 959 952 945
INFY EQ 94 93 91 90 88
IDEA CELLULAR EQ 974 960 949 935 924
KOTAKBANK EQ 1772 1755 1741 1724 1710
LT EQ 1388 1382 1371 1365 1354
M&M EQ 66994 66358 65851 65215 64708
MRF EQ 6860 6815 6753 6708 6646
MARUTI SUZUKI EQ 187 186 185 184 183
ONGC EQ 163 161 160 158 157
NTPC EQ 34 33 33 32 32
RCOM EQ 698 686 675 663 652
RELCAPITAL EQ 1375 1365 1355 1345 1335
RELIANCE EQ 628 619 612 603 596
RELINFRA EQ 49 48 47 46 45
RPOWER EQ 305 302 299 296 293
SBIN EQ 242 240 236 234 230
SSLT( VEDL) EQ 664 659 651 646 638
SUNPHARMA EQ 268 267 264 263 260
TATA MOTORSDVR EQ 2399 2381 2350 2332 2301
TCS EQ 436 433 430 427 424
TATAMOTORS EQ 83 83 82 82 81
TATAPOWER EQ 449 445 438 434 427
TATASTEEL EQ 184 180 176 172 168
UNIONBANK EQ 1655 1597 1533 1475 1411
YES BANK LIMITED EQ 553 545 534 526 515
ZEEL EQ 364 362 357 355 350
 TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CMP % CHANGE SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
CLOSE

1 TECH MAHINDRA 413 442 + 7.08 % 1 DENA BANK 46.45 40.10 - 13.56 %

2 BHARTI AIRTEL 344 365 + 5.90 % 2 YESBANK LTD 1608 1483 - 7.81 %

3 AURO PHARMA 589 623 + 5.89 % 3 INDIABULL HOU 1106 1053 - 4.72 %

4 KOTAK BANK 908 954 + 5.10 % 4 GRASIM INDUS 1192 1149 - 3.60 %

5 HERO MOTOCORP 3376 3541 + 4.89 % 5 GAILIND LTD 418 409 - 2.29 %

6 AMBUJA CEMENT 246 258 + 4.81 % 6 TATA POWER 84 82 - 1.32 %

7 ZEEL 505 526 + 4.11 % 7 POWERGRI CORP. 209 206 - 1.32 %

8 BAJAJ AUTO 2887 3004 + 4.06 % 8 ASIAN PAINTS 1146 1132 - 1.21 %

9 SUN PHARMA 630 655 + 3.95 % 9 DR.REDDYS 2603 2580 - 0.85 %

LABS
10 ADANI PORTS 344 357 + 3.77 % 10 ITC LIMITED 277 274 - 0.79 %

11 M&M 1321 1367 + 3.53 % 11 COALIND LTD 278 276 - 0.68 %

12 INFOSYS 931 964 + 3.52 % 12 ICICI BANK 298 296 - 0.67 %

13 CIPLA 549 567 + 3.27 % 13 NTPC 159 157 - 0.53 %

14 HINDALCO 185 191 + 2.83 % 14 BANK OF BARODA 187 186 - 0.53 %

15 HINDUNILVR 953 980 +2.76 %

15 AXISBANK LTD 504 503 - 0.30 %
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

Reserve Bank of India and Indian Banks Association to select cases for Resolution of NPAs
- The Indian economy will grow 7.5 per cent next year by virtue of consumption revival and
higher infrastructure spending, says a report by the UN Economic and Social Commission for
Asia and the Pacific. For 2017, India's economic growth is projected stable at 7.1 per cent before
catapulting to 7.5 per cent going into the next year, the regional development arm of the the
United Nations said. This forecast is "underpinned by higher private and public consumption and
increased infrastructure spending," the report said. The International Monetary Fund last month
projected the India's growth at 7.2 per cent in the fiscal 2017-18 and at 7.7 per cent for the next
financial year.

India to grow at 7.7 per cent in 2018-19: IMF - India's growth is expected to rebound to 7.2 per
cent in the 2017-18 fiscal and 7.7 per cent in 2018-19 after disruptions caused by demonetisation,
the IMF said , while recommending the removal of long-standing structural bottlenecks to
enhance market efficiency. The temporary disruptions caused by cash shortages accompanying
the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages
ease, the International Monetary Fund said in its regional economic outlook. Such disruptions
would also be offset by tailwinds from a favourable monsoon season and continued progress in
resolving supply-side bottlenecks, the IMF said. The investment recovery is expected to remain
modest and uneven across sectors as deleveraging takes place and industrial capacity Utilisation
picks up, it noted. "In India, growth is projected to rebound to 7.2 per cent in FY 2017-18 and
further to 7.7 per cent in FY 2018-19," the IMF said.

Remonetisation to expand tax base, says Arun Jaitley - Finance Minister Arun Jaitley said
Remonetisation, following the world's largest note ban, has been substantially completed and the
move will result in expansion of the tax base in the country. In November 2016, the government
junked 500 and 1,000 rupee notes, which made up 86.4 per cent of the country's circulating
currency. As demonetised currency was allowed to be deposited in bank accounts or exchanged
for new currency, the government introduced new 2,000 and 500 rupee notes. "India was not a tax
compliant society. A very large part of the economy was Cash-Centric. This problem needed to be
addressed. It requires a lot of political courage to resolve the problem," he said at an Interactive
Session on 'India's Business Environment: Reforms and The Prime Minister Narenda Modi on
November 8 last year took the unprecedented decision to demonetise the high denomination
currency, which was the largest currency replacement anywhere in the world. "Eighty six per
cent of India's currency was replaced within a matter of few months. The remonetisation got
substantially completed," he said.

The USD $ 1.3 trillion housing boom set to be India's next growth driver - In a country where
slums sit cheek-by-jowl next to palatial luxury - including whats been reported as the worlds
most expensive private home Indias unhoused may soon become a more potent economic
growth driver. Prime Minister Narendra Modis drive to bring homes to the countrys 1.3 billion
people, rising incomes and the best affordability in two decades will unleash a $1.3 trillion wave
of investment in housing over the next seven years, according to CLSA India Pvt. The firm
expects 60 million new homes to be built between 2018 and 2024, creating about 2 million jobs
annually and giving a tailwind of as much as 75 basis points to Indias gross domestic product.
The volume of social and affordable housing will rise almost 70 percent to 10.5 million annually
by 2024, exceeding the 33 percent increase in the premium market.

Government open to providing more funds for banks' recapitalisation: Arun Jaitley -
Finance Minister Arun Jaitley has said the government is open to providing more funds for banks
recapitalisation and paring its stake once their health improves. Where more funds are required
from the government, we will be quite willing to look at that. But once the health of the banks
improve, we have also announced that the government will be willing to bring down its equity in
the banks to 52 per cent and that can be used for banks' recapitalisation, said Jaitley, who is in
Japan to attend some meetings. The government has allocated Rs.10,000 crore for recapitalisation
of Non-Performing asset-laden public sector banks for 2017-18. It had given Rs. 25,000 crore for
the purpose in 2015-16 and the same amount again in 2016-17. Another Rs.10,000 crore will be
infused in 2018-19. Jaitley said the government is hopeful that the NPA problem, which is limited
to a set of accounts, will get resolved after the promulgation of an ordinance.

NPA ordinance credit positive, but more steps needed: Moody's - The government's ordinance
on bad loans resolution is credit positive, but does not address the key structural issues plaguing
the banking sector, ratings agency Moody's said. Last week, the Government through an
ordinance provided the Reserve Bank with greater powers to intervene in the Resolution of Non-
Performing loans. Later, the RBI lowered the threshold for consensus required among lenders in
Joint Lenders' Forum to approve resolution proposals. These measures improve the efficacy of
NPL resolution mechanisms and are a credit positive. However, they do not address the lack of
capital at the state-owned banks that has prevented them from writing down NPLs to realistic
levels," the global ratings agency said in a statement.

April retail inflation seen easing to three-month low - Consumer inflation is expected to have
eased to a three-month low in April, helped by smaller rises in food prices, but with a summer
rebound in prospect the Reserve Bank of India is likely to keep interest rates on hold. The RBI's
Monetary Policy Committee , which has a mid-term inflation target of 4 per cent, maintained its
hawkish stance on inflation, with most members expressing concern over upside risks to core
inflation. Consumer prices, the RBI's main policy target, likely rose 3.49 per cent in April,
according to a Reuters poll of economists, compared with an increase of 3.81 per cent in March.
Data on the consumer price index, wholesale price index and industrial output will be released
around 1200 GMT Friday. Economists expect the central bank to keep its policy rate unchanged
this year.

TOP ECONOMY NEWS

Armed with additional legislative powers, the RBI will soon start identifying cases for resolution
of non-performing assets in consultation with IBA for necessary action, a senior government
official said. The government will not get into individual cases as it has already given
authorisation to the banking regulator RBI to resolve NPA cases through the ordinance passed last
week, the finance ministry official said.

India's move to strengthen the hand of its central bank will help it push reluctant lenders towards
write downs and errant borrowers into insolvency, bankers said, but the country is far from
drawing a line under its $150 billion of sour debts. India's bad loan problem is choking off new
credit and dampening economic growth, and the government of Prime Minister Narendra Modi
knows it needs to act.

The government will release on Friday the new series of Index of Industrial Production as well as
Wholesale Price Index, with 2011-12 as the base year, so as to map economic activities more
accurately. The monthly WPI for April under the new series will be released on May 12 instead of
May 15, the Commerce Ministry said in a statement.

Aimed at generating more jobs in a technology-driven environment which is replacing the labour
at a swift pace, the government is set to roll out a new manufacturing policy by September, said
the Commerce & Industry Minister Nirmala Sitharaman, reported a national news agency.
Indias manufacturing policy will soon be overhauled with the objective of creating more jobs in
an environment where technology is rapidly replacing labour, said the Minister.

Six months after the announcement of demonetisation by Prime Minister Narendra Modi, the RBI
has declined to share details of the note ban process, saying it would be detrimental to the
country's economic interests. Replying to an RTI query, the central bank said disclosing such
details may impede future economic or fiscal policies of Government of India.The Reserve Bank
of India was asked to provide a copy of the minutes of the meetings held in its office during
which the decision to demonetise Rs. 500 and Rs. 1,000 notes was taken.

India is likely to witness above average monsoon rainfall this year as doubts over the El Nino
weather situation has settled down in the past few weeks due to which higher farm output seems
positive, mentioned a national news portal. We assessed 96% based on the climatological
conditions up to March. Now, conditions are becoming favourable for an improvement over our
April 18 estimate" said K.J. Ramesh director general of the India Meteorological Department
while speaking to a news agency.

The foreign institutional investors started pumping in huge liquidity in the Thursdays trading
session. It can be attributed as the reason for the strong upward rally of Nifty, Sensex and Midcap
stocks. The strong positivity floating in the market may attract more FII inflow and push the
markets to new highs. The domestic institutional investors enjoyed the high levels of markets and
booked their profits on Thursday.

The Reserve Bank today extended the last date for companies undertaking billing business under
the Bharat Bill Payment System by seven months to December 31, 2017. This extension is in
view of the difficulties expressed by various entities in meeting the deadline," it added.
India can clock a GDP growth of over 7.5 per cent in the fiscal 2017-18 and the country's macro-
economic fundamentals, including fiscal deficit and inflation, are all "very sound", according to
Finance Secretary Ashok Lavasa.

The Indian Meteorological Department has forecasted above average rainfall for June to
September monsoon season which is vital for the country's farmland as concerns over the El Nino
weather condition are very less. The stocks of Indian companies which are dependent on
monsoon have been trading on a positive note since then, mentioned a national news.

TOP CORPORATE NEWS -

Bharti Airtel Limited Q4FY17 consolidated results for the quarter came in mixed versus street
estimates. Revenue for the quarter came in 3.1 % lower than the estimated figure of Rs 22647 Cr.
EBITDA for the quarter came in 1.1% higher than the estimated figure of Rs 7775 Cr. And lastly,
net profit for the quarter came in 10.6% higher than the estimated figure of Rs 425 Cr.
Capitalising on parent company Volkswagens partnership with Tata Motors, Czech based Skoda
is set to strengthen its presence in the compact vehicles segment with Tata Motors. The company
is seeking to make a comeback in the high volume small car segment, with the launch of mini-
SUV and entry-level Sedan. The vehicles to be manufactured in joint product strategy with Tata
Motors, are likely to hit the roads in 2019.

Indias leading financing enterprise, Bajaj Finance Limited is likely to raise funds worth USD
150 million or Rs. 1000 crore from a member of the World Bank Group, International Finance
Corporation. In an announcement, IFC confirmed that it will subscribe to Bajaj Finances non-
convertible debentures in order to on-lend to micro, small and medium enterprises.

Havells India Limited, a leading fast moving electrical goods company on Monday informed of
successfully completing the acquisition of consumer durable business division of Lloyd Electric
and Engineering Limited. The company has carried out the acquisition at an enterprise value of
Rs. 1600 crores on a debt free, cash free basis, as per exchange filing.

Union Bank of India NII for the current quarter came in at Rs. 2387 crore up 14.5% Y-o-Y.
Gross Non-Performing Asset for the quarter stood at 11.17% as against 8.7% in corresponding
quarter of last year. Gross NPA during the quarter stood at Rs 33712.28 crore as against Rs.
24170.89 crore in corresponding quarter of last year. capital adequacy ratio for the period was
11.79%. Provision for the period jumped by 56.2% y-o-y to Rs. 2,444. The company reported a
12.6% y-o-y increase in net profit to reach at Rs 108 crore.

ABB India Limited standalone revenue for the quarter came in at Rs. 2169 crore, registering 8.2%
y-o-y increase. This was primarily driven by 12.9% y-o-y growth in the revenue of Power Grids
business. EBITDA for the quarter stood flat at Rs. 171 crore versus Rs. 173 crore in
corresponding quarter of last year, with a corresponding margin contraction of 75 bps. EBITDA
margin for the quarter stood at 7.9%. The PAT for the quarter came in at Rs. 88.2 crore, yoy
increase of 3.2%. This was due to decline in finance cost by 24.3% yoy.

The state-owned Oil and Natural Gas Corporation overseas arm, ONGC Videsh Limited, has
registered a record output of 12.57 million tonnes of crude oil and equivalent gas from its assets
overseas in 2016-17.

Bharti Infratel Limited consolidated revenue for the quarter came in at Rs. 3520 crore,
registering 10.6% y-o-y increase. EBITDA for the quarter rose by 7.9% y-o-y to Rs. 1585 crore
with a corresponding margin contraction of 114 bps. EBITDA margin for the quarter stood at
45%. The PAT for the quarter came in at Rs. 597 crore, y-o-y decline of 16.9%. Looking at full
year numbers, we see that revenue for FY17 increased 8.9% yoy to Rs. 13,424 crore and EBITDA
rose 9.1% yoy to Rs. 5942 crore. The company reported net profit of Rs. 2747 crore, up by 22.2%
yoy.

Natco Pharma Limited, on Monday, 08 May 2017, announced that it has launched a generic
version of sofosbuvir 400 mg / velpatasvir 100 mg fixed dose combination in India. Sofosbuvir
400 mg / velpatasvir 100 mg fixed dose combination is sold by Gilead Sciences, Inc. globally,
under the brand name Epclusa, which is the first all-oral, pan-genotypic, single tablet regimen for
the treatment of adults with genotype 1-6 chronic hepatitis C virus infection, said Natco Pharma
in its exchange filing on Monday.

Ramky Infrastructure Limited has been awarded a project worth Rs. 336.60 Crores in the State
of Jharkhand by the National Highway Authority of India on EPC Contract, said Ramky Infra in
its BSE filing on Monday, 08 May 2017.

Tata Chemicals Limited on Wednesday in its filing said that on May 9, the company has signed
a business transfer agreement with Unnati Inorganics Private Limited to acquire their undertaking
precipitated silica operation, on a slump basis.

Jubilant Industries Limited in its filing to the exchanges said that the National Green Tribunal
has allowed two units of the group to resume operations at Gajraula, Uttar Pradesh after they
complied with its directions.

Cadila Healthcare Limited, on Wednesday, 10 May 2017, in its exchange filing announced that
the United States Court of Appeals for the Federal Circuit has affirmed the judgement in favour of
its US subsidiary, Zydus Pharmaceuticals Inc., holding that its proposed generic version of Lialda
(mesalamine) does not infringe US patent No 6,773,720.

HCL Technologies Limited, an Indian multinational IT services company, during early morning
hours of Thursday, announced a buyback programme of Rs. 3500 crore.

The Hero Motocorp Limited Standalone revenue for the quarter came in at Rs. 6915 crore,
registering 7.9 % Y-o-Y decline. EBITDA for the quarter fell by 19.5 % Y-o-Y to Rs. 957 crore
with a corresponding margin contraction of 200 bps. EBITDA margin for the quarter stood at 13.8
%. This Margin contraction was aided by 169 % Y-o-Y increase In Inventory. The Profit After Tax
for the quarter came in at Rs. 717.7 crore Y-o-Y decline of 13.8 %.
Larsen & Toubro has entered into a contract with the Ministry of Defence for the supply of 100
units of 155mm/ 52 calibre tracked self-propelled gun systems to the Indian Army. L&T in its
exchange filing on Friday said that the contract is valued at about Rs 4500 Crore and it is the
largest order placed by the Defence Ministry on an Indian Private Company.

Siemens Limited is trading 1417 and may go up side till 1459.. at standalone revenue for the
quarter came in at Rs. 2929 crore, registering 5.2% yoy increase. EBITDA for the quarter fell by
13.4% yoy to Rs. 279 crore with a corresponding margin contraction of 205 bps. EBITDA margin
for the quarter stood at 9.5%. This margin contraction was led by 27.7% yoy increase in cost of
material consumed. Adjusted PAT for the quarter came in at Rs. 175 crore, yoy decline of 6.9%.

Biocon Limited on Wednesday said it has received US FDA observations on Form 483 for its
Bengaluru facility. According to a Biocon spokesperson the observations on Form 483 is a
standard outcome of any audit. A leading news portal reported that the company has already
responded to US FDA on all observations of the recent audit within stipulated timelines.

Zee Entertainment Enterprises Limited consolidated revenue for the quarter came in at Rs. 1583
crore, registering 1.5% yoy increase. This was driven by increase in volume growth of
subscription revenue, advertising revenue and domestic advertising revenue by 10%, 9.2% and
8.1% yoy respectively.

IL&FS Engineering and Construction Company on Friday announced that it has received Letter
of Intents amounting to Rs 559.35 crore.
Asian Paints Limited on Thursday reported 10.14% rise in consolidated net profit at Rs 479.61
crore for the quarter ended March 31, 2017, against Rs 435.47 crore in the corresponding quarter
last year. Total income of the company jumped 9.39% on a year-on-year basis to Rs 4,486.34
crore for the quarter under review. It had posted total income of Rs 4,101.41 crore in the same
quarter last year.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The government will dilute its stake in state-run banks to 52 per cent once the health of the
lenders improve and the money will be used to inject capital in them, Finance Minister Arun
Jaitley said. He hoped for a resolution to the burgeoning bad loan problem following the
government empowering the Reserve Bank of India to order lenders initiate insolvency
proceedings against defaulters and create committees to advise banks on recovering Non-
Performing loans.

Hopeful of resolving the problem of stressed assets of banks with the newly promulgated
ordinance that permits the central bank to recover bad loans, finance minister Arun Jaitley on
Monday said the government will now wait for a few months for results to show.

The government's all out war against Non-Performing Asset will help in cleaning balance sheets
of state- owned banks and expedite fund raising via markets to meet the global Basel III capital
adequacy norms, an official said. "As NPAs get resolved, the balance sheets of the public sector
banks will get better, improving the valuation of their stocks," a senior Finance Ministry official
said.

The IDBI Bank Limited has been put under the scanner by the Reserve Bank of India. The apex
bank also initiated a Prompt Corrective Action against it. The move that will place various
restrictions on the lender including on fresh loans and dividend distribution. This is to inform that
RBI has initiated Prompt Corrective Action for IDBI Bank in view of high net NPA and negative
return on assets IDBI bank said in its Exchange filing post market hours on Tuesday.

The new ordinance that empowers RBI to nudge banks to deal with stressed assets will improve
transparency and provide higher assurance when dealing with bad loans, said Arundhati
Bhattacharya, chairman, State Bank of India .

Banks can initiate loan recovery proceedings without waiting for an account to be formally
classified as non-performing, as the latest amendments to banking rules allow for faster resolution
of their bad debt problem, a senior government official said.

The Ministry of Finance should be able to infuse $ 27 billion of capital into PSU banks by
2019 without breaching its fiscal deficit target, says a Bank of America Merrill Lynch report.
According to the global financial services major, PSU bank capital risks are overdone and
government is fully incentivised to address their asset quality to support recovery.
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published on website. No litigations have been filed against the company since the incorporation of
the company.

Disclosure Appendix:
The reports are prepared by analysts who are employed by High Brow Market Research Investment
Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views
about the subject company or companies & their securities and no part of compensation was, is or will
be directly or indirectly related to the specific recommendations or views contained in this research
report.

Disclosure in terms of Conflict of Interest:

(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the
subject company and the nature of such financial interest;
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial
ownership of one percent or more in the securities of the subject company,
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at
the time of publication of the research report or at the time of public appearance;

Disclosure in terms of Compensation:

High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals
reporting to analysts from owning securities of any company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market
Research Pvt. Ltd.

Disclosure in terms of Public Appearance:

(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from
the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of
distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or
employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the
subject company.