TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Markets witnessed magnificent rally on Friday on the back of rate cut hopes

from RBI's Monetary Policy review due in December. Index Nifty saw a sharp upside rally of 132 points

from a low of 8006 to make a high of 8138 and finally closed at 8118. The Nifty open in a Negative note

on Monday down by 34 points or 0.42 per cent at 8080 level. Excess liquidity and cash reserves in banks,

which are to the tune of Rs. 6 lakh crore, also raised hopes of lower inflation. However, The Central Banks

decision of soaking up liqudity on Saturday could become a spoil sport during next week trading sessions.

As of now, no trade is the best trade on Dalal Street. Untill and unless Nifty 50 trades and sustains above

8150 mark one should not remain Long. FII have continued their selling spree in the cash market. The net

selling for the month of Nov stands at Rs. 19547 Cr, highest one month selling in the year 2016. Nifty has a

major resistance at 8287, which the markets are not very likely to breach now. However, Nifty saw a sharp

selling from 8219, just 68 points short of the major resistance. This could put some pressure on the

markets. As stated earlier by Dynamic Levels, Nifty took resistance near its weekly level of 8288 and

might continue to witness this pressure. However, next week has a major event lined up, the RBI credit

policy on the 7th. This credit policy needs to be monitored even more minutely as Demonetization has

already left its unforgettable mark on the face of Indian Economy. Expectations are that of a rate cut which

would be cheered by the markets. Technically, Nifty is still in positive zone Market would remain in

trading range and traders can go long in Nifty until Nifty holds 8117 levels by closing. Closing below 8117

levels would force Nifty to enter into negative zone again and if that happens, Nifty would see sharp

downfall. Nifty would see strong support at 8160-8117-8100-8050 whereas strong resistance would be seen

at 8250-8288-8305-8400 levels for Next week trading Session.

BANK NIFTY : - Indian Bank Index Bank Nifty opned in a Negative zone on Monday trading Session

down by 270 points or 1.47 per cent at 18237 level. Bank Nifty continue outperforming. After RBI's latest

move to curb excess liquidity with the banks, it was expected to put some pressure on the markets

especially the banking shares, which may get the worst hit. Irrespective of all the odds, Indian Indices

maintained their strength throughout the trading week. Bank Nifty has its Major Support at 18200 and

17963. However, if these levels are breached on the downside the next target for Bank Index is 17350.

Traders can also consider going long in Bank Nifty at every dip and can take long positions if Bank Nifty

closes above 18651 levels. Bank Nifty is at 18880-19000 levels, if it closes above 18651 levels. For now,

traders should go long at every dip in the market. The Reserve Bank of India on Thursday capped banks’

exposure limit to a single entity to 20% and that to a business group at 25%. The move, aimed at containing

concentration risk of banks, is in line with international best regulatory practice that is popularly known as

Basel III norms. The Bank Nifty strong Support stand at 17960-18050 levels and Strong Resistance is

18542-18832. the Bank Nifty is Expected to trade in the range of 17960-18360 for Next week. If Bank

Nifty is able to Sustain the 18160 level we may witness the 18560-18786 levels in Upcoming week..

Monday, 05 December 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

8326 8184 8113 8042 7900

WEEKLY R2 R1 PP S1 S2

8678 8316 8135 7954 7592

MONTHLY R2 R1 PP S1 S2

8640 8306 8139 7972 7638

BANK NIFTY

DAILY R2 R1 PP S1 S2

19256 18614 18293 17972 17330

WEEKLY R2 R1 PP S1 S2

20004 18912 18366 17820 16728

MONTHLY R2 R1 PP S1 S2

20011 18919 18373 17827 16735

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8232 8394 8416 8297

BANK NIFTY 18837 19094 18901 18324

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8400 8594 7826

BANK NIFTY 19518 20267 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 down side is bear Signal as we can see on the above given chart it has break

the Lower Band. and it was not able to sustain the Significance Support level of 8060. and give Gap

Down opening below its Lower Band. From this ;level we may see some Consolidation for Nifty for

the Upcoming week. The Significance levels for Nifty is 8080-7968 is down side and 8120-8180 is up

side.

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 lower Band if it is not able Sustain

the Support level of 18250. From this level we are Expecting the Bank Nifty may go Further Down

side to the level of 18150-18020 level for Next week. The Significance levels for Bank Nifty is 18614

- 19256 Up side and 18060-17980 is Down Side.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1342 1334 1325 1317 1308

ADANI PORTS EQ 278 271 268 261 258

AMBUJACEM EQ 208 207 205 204 202

ASIAN PAINT EQ 948 927 914 893 880

AXISBANK EQ 468 464 460 456 452

BAJAJ-AUTO EQ 2730 2694 2658 2628 2598

BANKBARODA EQ 168 165 162 159 156

BPCL EQ 634 630 626 622 618

BHEL EQ 130 129 127 126 124

BHARTIARTL EQ 325 321 318 314 311

BOSCH LTD EQ 20999 20675 20337 20013 19675

BHARTI INFRATEL EQ 399 392 387 380 375

CIPLA EQ 578 572 566 560 544

COALINDIA EQ 315 312 308 304 298

CAIRN INDIA LTD EQ 256 252 248 244 240

DRREDDY EQ 3232 3204 3178 3150 3124

GAIL EQ 454 448 442 438 432

GRASIM EQ 880 876 872 868 860

HCLTECH EQ 820 816 812 808 804

HDFC EQ 1266 1248 1242 1236 1230

HDFCBANK EQ 1206 1192 1184 1178 1172

HEROMOTOCO EQ 3239 3209 3180 3150 3121

HINDALCO EQ 176 172 168 164 160

HINDUNILVR EQ 858 848 838 828 818

ICICIBANK EQ 268 264 259 255 250

ITC EQ 236 232 228 224 220

INDUSIND BANK EQ 1082 1062 1042 1022 1002

INFY EQ 982 974 966 958 950

IDEA CELLULAR EQ 76 74 72 70 68

KOTAKBANK EQ 753 739 729 715 705

LT EQ 1386 1372 1366 1352 1346

M&M EQ 1174 1160 1151 1137 1128

MRF EQ 49884 49368 48824 48308 47764

MARUTI SUZUKI EQ 5307 5187 5117 4997 4927

ONGC EQ 296 292 288 286 282

NTPC EQ 164 162 161 159 158

RCOM EQ 37 36 35 34 33

RELCAPITAL EQ 434 428 424 418 414

RELIANCE EQ 1011 1003 997 989 983

RELINFRA EQ 468 462 458 454 450

RPOWER EQ 42 41 40 39 38

SBIN EQ 262 258 254 250 246

SSLT( VEDL) EQ 228 224 220 216 212

SUNPHARMA EQ 734 728 722 716 710

TATA MOTORSDVR EQ 461 446 439 424 417

TCS EQ 2300 2264 2235 2199 2170

TATAMOTORS EQ 452 448 444 440 436

TATAPOWER EQ 75 74 73 72 71

TATASTEEL EQ 415 408 401 393 386

UNIONBANK EQ 150 145 143 138 136

YES BANK LIMITED EQ 1173 1161 1152 1140 1131

ZEEL EQ 463 452 447 436 431

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE

NSE FUTURE : SELL BHARATFIN FUTURE BELOW 695 TGT 650 SL 715

NSE FUTURE : BUY EICHMOTORS FUTURE ABOVE 23000 TGT 24000 SL 22500

NSE FUTURE :BUY TATAELEXI FUTURE ABOVE 1330 TGT 1400 SL 1295

NSE CASH

NSE CASH : BUY BOSCHLTD NSE CASH ABOVE 20580 TGT 21815 SL 20155.

NSE CASH : BUY YESBANK NSE CASH ABOVE 1162 TGT 1232 SL 1137..

NSE CASH : BUY MFSL NSE CASH ABOVE 550 TGT 585 SL 537..

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 HINDALCO 180 168 -6.51 %

2 BHARAT PETRO 639 608 -4.89 %

3 TATA MOTORS 452 432 -4.30 %

4 ASIAN PAINTS 945 904 -4.29 %

5 BANK BARODA 167 161 -4.05 %

6 KOTAK BANK 752 723 -3.80 %

7 TCS 2300 2221 -3.41 %

8 AURO PHARMA 740 719 -2.85 %

9 TECH MAHINDRA 487 473 -2.84 %

10 SBI 260 254 -2.63 %

11 AXIS BANK 471 459 -2.39 %

12 M&M 1173 1145 -2.34 %

13 INDUSIND BANK 1073 1056 -1.57 %

14 YES BANK LTD 1167 1150 -1.50 %

15 INFOSYS 977 964 -1.33 %

SR.NO SCRIPT NAME PREV CLOSE

CMP % CHANGE

1 HPL ELECTRIC 100 108+8.00 %

2NUCLEUS SOFT 256 272 +6.29 %

3 SWAN ENERGY 150 157+4.90 %

4KIRILOSKAR IND 820 853 +4.00 %

5 GUJRAT INDUS 98 101+2.59 %

6EICHER MOTORS 22202 22756 +2.50 %

7 JYOTHY LAB 355 363+2.39 %

8GUJRAT APOLLO 129 132 +2.17 %

9 NELCO LIMITED 82.70 84.40+2.06 %

10TECHNOCRAFT 356 363 +1.91 %

11 IDEA CELLULAR 72.80 73.45+0.89 %

12TATA POWER CO. 72.85 73.45 +0.82 %

13 CIPLA 568 571+0.53 %

14ULTRATECH CEM 3570 3585 +0.42 %

15 ICICI BANK 258 259.25+0.23 %

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Government's public debt inches up 3 per cent in September quarter - The public debt of the

central government rose 3 per cent in the July-September quarter compared to the previous quarter.

"The Public Debt of the central government provisionally increased by 3 per cent in second quarter of

2016-17 on Q-o-Q basis," said the Quarterly Report on Debt Management for July-September 2016.

Internal debt constituted 92.3 per cent of public debt as at end-September 2016, while marketable

securities accounted for 83.4 per cent of public debt. About 26.2 per cent of outstanding stock has a

residual maturity of up to 5 years, which implies that over the next five years, on an average, around

5.6 per cent of outstanding stock needs to be rolled over every year. "Thus, the rollover risk in debt

portfolio continues to be low. The implementation of budgeted buyback/switches in coming months is

expected to reduce rollover risk further," the report said.

India's trade deficit with China rises to $ 53 billion in FY16 - India's trade deficit with China

increased to USD 52.69 billion in 2015-16 from USD 48.48 billion in the previous financial year,

Parliament was informed today. During the April-September period of 2016-17, the deficit is at USD

25.22 billion, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok

Sabha. "Increasing trade deficit with China can be attributed primarily to the fact that Chinese exports

to India rely strongly on manufactured items to meet the demand of fast expanding sectors like telecom

and power," she said. India is negotiating the Regional Comprehensive Economic Partnership trade

agreement keeping in view "its offensive export interests" as well as sensitivities with respect to all

participating countries including China, she said. She added that efforts are being made to increase

overall exports by diversifying the trade basket with emphasis on manufactured goods, services,

resolution of market access issues and other non-tariff barriers.

Bank of America Merrill Lynch lowers GDP forecast to 7.1% for FY 2017 - Bank of America

Merrill Lynch today trimmed the country's economic growth estimates by 30 basis points to 7.1 per

cent for the current fiscal as demonetisation of Rs 500 and Rs 1,000 notes is expected to hurt activity

in December. Besides, the global financial services major has lowered its GDP number by 30 bps to

7.3 RPT 7.3 per cent for the next fiscal. Earlier, BofA had estimated GDP growth at 7.4 per cent for

2016-17 and 7.6 per cent for 2017-18. At the same time, BofA said the Reserve Bank would cut rates

by 25 basis points in the upcoming policy review on December 7, as the "conversion of black money

into deposits allow banks to cut lending rates even in October-March busy industrial season". BofA

said it is relieved to hear RBI governor Urjit Patel's comments that the banking regulator will review

the cash reserve ratio hike as soon as the government issues an adequate quantum of Market

Stabilisation Scheme bonds. However, it noted that as CRR does not pay interest, banks would find it

difficult to cut lending rates even if the RBI cuts lending rates by 25 bps in December.

Rs 4,00,000 crore debt risks being written off: India Ratings - At least Rs 4 lakh crore of debt held

by India’s top borrowers faces the risk of being written off as these companies face an issue with cash

flows because of a build-up in non-productive assets during the last five years, credit rating agency

Indian Ratings and Research said on Tuesday. The ratings agency analysed asset funding trends for the

top 500 companies in India which showed that 240 out of the 500 companies may be classified as

vulnerable with an overall debt of Rs 12.4 lakh crore. “Economic recovery will marginally benefit

these entities. Structural mismatch in cash flow and relatively high proportion of non-productive assets

will need to be addressed to restore debt sustainability. Banks may find it difficult to fit such corporates

in the Scheme for Sustainable Structuring of Stressed Assets. Corporates operating in sectors such as

infrastructure and construction, sugar, consumer durables, engineering and equipment, airlines and

trading primarily fall in this category,” India ratings said.

Credit growth hits double digit at 12% in September quarter - Deposit expansion of scheduled

commercial banks stood at 12.9 per cent while credit growth was at 12.1 per cent for the quarter ended

September, led by higher contribution by public sector banks, RBI today said. "The acceleration in

both, deposits as well as credit, was broad based and observed across all population groups as also

bank groups with exception of growth in bank credit by foreign banks," RBI said in its Quarterly

Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2016. It said public

lenders continued to maintain their leading position, accounting for 70 per cent of total deposits and 67

per cent of credit in the quarter. Term deposits constituted the highest share (63.6 per cent) in

aggregate deposits followed by savings (28.1 per cent) and current deposits (8.3 per cent). Seven

states -- Maharashtra, NCT of Delhi, Tamil Nadu, Karnataka, Uttar Pradesh, West Bengal and Gujarat

-- accounted for 68 per cent of the total business (deposits plus credit) of the banks in the country.

"These seven states together accounted for 66 per cent of deposits and 72 per cent of credit, at all-India

level," RBI data showed.

Cash shortage may slowdown GDP to 6.5% in Oct-Dec quarter: Nomura - Cash crunch post

demonetisation is expected to slowdown India's GDP growth to 6.5 per cent for the fourth quarter of

2016 and is likely to spill over into the first quarter of 2017, says a report. According to global

financial services firm Nomura, the cash shortage is likely to last till January. Nomura noted that even

though the economy experienced a robust aggregate momentum before the demonetisation, its

recovery was narrow-based due to weak investments and slow non-agriculture sectors with

consumption serving as the only growth engine. "We expect the cash shortage triggered by

demonetisation to last until January and GDP growth to slow to 6.5 per cent in fourth quarter Oct-Dec

and to remain subdued at 7 per cent in the first quarter 2017," Nomura said. "However, once the cash

shortage eases, we expect a gradual recovery to take hold in the second half of 2017, owing to a boost

to government fiscal finances and improved banking system liquidity," it added.

Rate cut by Reserve Bank next week a near certainty, say economists - Minutes after RBI’s blunt

move to soak up liquidity from banks, a fund house chief executive wrote a long text to members of

his WhatsApp group justifying the hike in the cash reserve ratio and how it would stabilise markets. A

day later, when the governor said it was a temporary measure, he joined those cheering in the bond

market. These men know that a dip in growth and surge in deposits would force the central bank to

lower interest rates sooner than later — an action that pushes up bond prices and softens bond yields.

What’s bad news for the economy is good news for the bond market, which has recovered most of the

losses from the shock of last Saturday’s CRR hike. “A rate cut now is not a conflict with the CRR hike

because this hike will be eventually rolled back. The economy is at a standstill now, so we should

expect a cut. We were always expecting a 25-basis-point cut in December and another 25 bps later in

the fiscal, and we are sticking to our prediction,” said Indranil Sengupta, chief India economist at Bank

of America-Merrill Lynch. Pradip Madhav, MD of STCI Primary Dealer — one of the country’s largest

bond houses — said he would not rule out even a 50-bps cut by RBI.

✍ TOP ECONOMY NEWS

Indian banks' loans rose 7.9% in the two weeks to November 11 from a year earlier, while deposits

rose 11.7.

A minimum of 50% tax may be levied on unexplained bank deposits made using the banned currency

notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the

amendments to tax law the government plans to bring in Parliament shortly.

As many as 273 infrastructure projects, including those delayed due to land acquisition, forest

clearances and other reasons, have led to a cost overrun of Rs. 1.77 trillion.

The government of India has so far generated a revenue of approximately Rs. 27.79 billion from the

auction and allotment of 83 coal blocks.

The Finance Ministry said the customs department is moving towards a paperless regime and doing

away with submission of certain documents physically by importers and exporters from December 1.

India's economy grew at 7.1% in the first six months of the current financial year despite subdued

growth in the world economy.

Providing a window to black money holders, the government proposed to levy a total tax, penalty and

surcharge of 50% on the amount deposited post demonetisation while higher taxes and stiffer penalty

of up to 85% await those who don't disclose but are caught.

The government is pushing banks to install 1 million credit card swipe machines in the next three

months. To incentivise banks and the manufacturers of point-of-sales terminals, the government has

waived the 12.5% excise duty and 4% special excise duty on these machines.

The Lok Sabha passed the Bill to amend Income Tax Act to impose tax on deposits made post-

demonetisation without debate.

Public banks have seen nearly Rs. 800 billion increase in gross non-performing assets in the three

months ended September 2016.

The Indian telecom sector has received foreign direct investment of USD 10 billion in the first 8

months of the current financial year.

GDP rose 7.3% in the quarter ended September, higher than the 7.1% in the previous one.

Infrastructure sector recorded a growth rate of 6.6% in October — the highest in last six months — on

the back of impressive performance by steel and refinery products.

State oil companies have raised the price of petrol by 13p/ltr and cut the price of diesel by 12p/ltr.

The Nikkei/ Markit Manufacturing Purchase Managers Index fell to 52.3 in November from 54.4 in

October.

Aviation turbine fuel prices were cut by 3.7%, while subsidised LPG rate was hiked by Rs

2.07/cylinder, the seventh increase in cooking gas price in six months.

India Inc's borrowings from overseas markets fell by 30.3% from a year ago to USD1.47bn in October

2016.

The Reserve Bank of India will cap banks' exposure to a single entity to 20% of a lender's capital base

and to 25% limit to a group of connected entities.

✍ TOP CORPORATE NEWS -

Gufic Biosciences Limited has approved the Scheme of Amalgamation of Gufic Stridden Bio-Pharma

with the company.

Ashok Leyland Limited has completed the acquisition of Nissan Motor Co. Limited’s stake in each of

the three joint ventures formed between the two companies.

Bharat Heavy Electricals Limited and Kawasaki Heavy Industries, are in talks for forming a joint

venture to make locomotives and steel coaches for metro trains in India.

Strides Shasun Limited has inked a pact with Moberg Pharma to acquire PediaCare brand for over

USD 5 million.

Aurobindo Pharma Limited has inked a pact to acquire select commercial products in France from

Teva for an undisclosed amount.

Reliance Industries Limited has sought access to the LPG pipeline that Indian Oil Corporation

Limited

is laying from Gujarat to Gorakhpur in eastern Uttar Pradesh to cater to the growing demand for

cooking gas in the country.

Oil and Natural Gas Corporation is planning to invest USD 10-15 billion in East Coast.

State Bank of India said it will raise Rs. 56.81 billion by issuance of preferential shares to the central

government, its majority shareholder.

Steel Authority of India Limited, Bhilai Steel Plant , is looking to develop and explore small mines to

meet its iron-ore requirement.

After eight years, the Rs. 60 billion joint venture between NTPC Limited and BHEL to manufacture

power equipment has finally got into production mode at Mannavaram in Chittoor district of Andhra

Pradesh.

Tata Motors Limited and Kingfisher Airlines are among the 4 companies that owe over Rs10bn in

indirect taxes to the exchequer.

The Competition Commission has approved the proposed acquisition of urea and customised fertilisers

business of Tata Chemicals Limited by Norway’s Yara Fertilisers.

RBL Bank Limited has tied up with Bajaj Finance, to launch a series of co-branded credit cards for

Indian customers.

After GAIL India Limited, Gujarat government has sought Rs 66 billion from the Central

government to partly fund two gas pipeline projects of its firm GSPL including one taking the fuel to

Jammu and Kashmir.

Government has in-principle approved strategic disinvestment of loss-making subsidiary of Steel

Authority of India Limited, Salem Steel Plant.

Tata Steel Limited has signed an agreement with Liberty House to negotiate on sale of UK Speciality

Steel biz for Rs. 8.54 billion.

The Rs. 129.40 billion Jagdishpur-Haldia-Bokaro-Dhamra natural gas pipeline project, recently

awarded to GAIL India Limited by the Cabinet Committee on Economic Affairs, has hit a regulatory

roadblock as the Petroleum & Natural Gas Regulatory Board has questioned the validity of the

government’s decision.

Suzlon Energy Limited has announced that it has bagged a 50.40MW wind power project from a

leading business house to be executed in Andhra Pradesh.

Indiabulls Housing Finance Limited has raised Rs5bn by issuing debentures on a private placement

basis.

Sun Pharmaceuticals Industries Limited launched BromSite solution, marked for treatment of

postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery, in

the US market.

The Competition Appellate Tribunal has granted a conditional stay against the Competition

Commission of India's imposition of a Rs. 1.88 billion penalty against The India Cements Limited.

Reliance Infrastructure Limited has received capital market regulator SEBI’s clearance to launch an

infrastructure investment trust.

JSW Steel Limited has joined one of two investor groups vying to take over Italy's loss-making Ilva

steel plant.

Pfizer Limited is planning to extend its Corex brand to a series of new products to treat respiratory

ailments as part of a revamp of its product portfolio.

Natco Pharma has received final approval from the US Food and Drug Administration for a generic

version of Armodafinil tablets used as a wakefulness promoting agent for oral administration.

The government has ordered LPG producers like Reliance Industries to supply all the cooking gas

they produce locally to state-owned oil companies only, and private retailers have been asked to source

their requirements through imports.

Reliance Industries Ltd's recent technological innovation for its Only Vimal textile brand, DEO2

process technology has been granted a patent by the US government's United States Patent &

Trademark Office.

Jet Airways is developing a gateway in Singapore, its first in East Asia, to build connections between

Europe and Asia Pacific.

Lupin Limited is launching generic version of sleep disorder Nuvigil tablets in the US market. The

brand has an annual market size of USD 515 million and Lupin is the third company to launch the

generic version in the US.

Quess Corp has entered into agreements to acquire the facility management and catering businesses of

Manipal Integrated Services Pvt. Ltd.

Fortis Healthcare Limited has redeemed the outstanding USD100mn foreign currency convertible

bonds listed on the Luxembourg stock exchange, on the due date.

Apollo Hospitals said its clinics subsidiary, Apollo Health and Lifestyle, has raised Rs4.50bn by

selling 29% equity stake to World Bank’s arm IFC, to fund its growth plans.

Lupin Limited announced a new partnership with Eli Lilly India to market and sell the latter’s

diabetes treatment drug ‘Eglucent’ in the country.

Bharat Heavy Electricals Ltd has commissioned the first unit of the 4x30MW Pulichintala

hydroelectric project in Telangana.

The government has restricted coal production from Reliance Power’s Moher and Moher Amlohri

extension blocks attached to the Sasan ultra mega power project in Madhya Pradesh.

KPIT has completed an agreement to invest in a Germany-headquartered automotive engineering

services company.

Mukesh Ambani, chairman and managing director, Reliance Industries said that all Reliance Jio's new

users will get free voice calls and data from December 4 to 31 March 2017 as part of the company's

new year offer.

ITC Limited will set up an integrated consumer goods facility and a five star hotel in Odisha at an

investment of Rs8bn.

Sun Pharma is eyeing a controlling stake in Bolt Equity Limited which is backed by AAC Capital.

Surana Solar Limited has received an order from Aryavaan Renewable Energy Pvt Ltd, one of the

subsidiaries of Surana Telecom and Power Ltd, for the supply of solar modules for a 5MW solar power

plant.

Vedanta group has lined up Rs. 300 billion investments to ramp up the capacity of Cairn India.

Wipro Limited has been awarded a three-year IT infrastructure services and digital transformation

contract by Woodside, an Australian oil and gas company with a global presence.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

Private sector lender RBL Bank, has tied up with non banking finance company Bajaj FinanceBSE

3.93 %, to launch a series of co-branded credit cards for Indian customers. The first of these credit

cards is proposed to be launched in the fourth quarter of FY17. The co-branded cards are targeted at

the large segment of people in metros and non-metros who have no credit cards. These will have many

customer-friendly features, including no-cost EMI options, easy borrowing rates, digital payment

solutions and more. The cards will also boast attractive offers and deals, said the bank in a statement.

Banks and automated teller machines in Delhi, Mumbai and elsewhere were strapped for cash on

Monday as the supply of notes by the Reserve Bank of India continued to fall short of demand, leaving

those awaiting the month-end payday filled with trepidation. While the lack of new Rs 500 notes was

especially acute, bankers said currency supplies had improved from last week but not enough to meet

customer requirements. Some officials speculated that the central bank may have turned its focus to the

villages, where the economy is even more heavily dependent on cash and where distress could be acute

since branches and ATMs are more widely dispersed than in urban areas. Long queues were seen

outside ATMs in Mumbai, Delhi and Kolkata while many others were out of cash despite being

tweaked to dispense the new, smaller-sized Rs 2,000 and Rs 500 notes.

The government will nudge banks to tap Pradhan Mantri Jan Dhan Yojana accounts that have seen a

spurt in deposits to push financial services products, including insurance and pension schemes. The

idea is to inculcate the transaction habit among accountholders and provide them basic financial cover,

said a government official aware of deliberations. The move follows a surge in such accounts,

promoted as part of the government’s financial inclusion drive, after Rs 500 and Rs 1,000 notes ceased

to become legal tender starting November 9 in the campaign against black money.

Banks played down expectations of a dramatic improvement in currency availability, raising the

prospect of queues lengthening as salaries get paid and people look to withdraw money from their

accounts. While much of India has become habituated to the sight of people lining up at banks and

cash dispensers since the November 8 demonetisation announcement, bank officials said the message

from the Reserve Bank of India is that supplies may not get any easier in the near future and that they

should push digital transactions. “We had sought a hearing with RBI as we were not allocated enough

cash, but we were told that rationing of cash may continue for some time,” said a banker who was

present at one of several meetings with central bank officials.

New central bank Governor Urjit Patel is facing fires on multiple fronts as he prepares for next week’s

monetary policy review. A cash shortage triggered by Prime Minister Narendra Modi’s decision to void

86 percent of currency in circulation and an accompanying surge in banking liquidity as Indians

deposit their worthless bank notes threatens one of the world’s economic bright spots. Gross domestic

product data due later Wednesday is likely to highlight what’s as at stake as economists forecast a 7.5

expansion in July through September from a year earlier.

With the government nudging people towards digital banking modes -- payments through mobile

phones, Point of Sale machines and others -- ATM players may find their business in a flux in the

coming years. ATMs are cash-vending machines and operators are paid on a per transaction basis.

While some industry insiders see a plateauing of demand for ATMs because of the various other

payment modes that will come into play in the near future, others are sanguine about the continued

demand for the cash-dispensing machines.

The Reserve Bank of India on Thursday capped banks’ exposure limit to a single entity to 20% and

that to a business group at 25%. The move, aimed at containing concentration risk of banks, is in line

with international best regulatory practice that is popularly known as Basel III norms. A bank’s

exposure to an entity or a business group is considered ‘large' if it is equal to or above 10% of a bank’s

eligible capital base. According to the revised norms, the sum of all exposures of a bank to a single

business entity must not be higher than 20% of a bank’s available and eligible capital base at all times.

However, in exceptional cases, bank boards may be allowed an additional 5% exposure of the lender's

available and eligible capital base.

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