equity research report 06 september 2016 ways2capital
TRANSCRIPT
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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Equity benchmark Nifty 50 has opened in a flat note on
Monday up by 11 points or 0.12 percent at 8583. On Monday the Nifty has
took Support around 8540 and bounced back from there and closed at 8607.
Market have been stuck in the trading range of 8540 to 8730 for almost a
month, Now we expect that we could get clarity on breakout or breakdown in
the upcoming week. Federal Reserve Chair Jennet Yellen’s speech reflected
optimism over the economy and an expectation that interest rate hikes are
near. The Nifty is Still in a broad range with upside resistance of being at
8820-8880 and Support at 8650-8620. There are no major Events lined up,
the Nifty is expected to trade in narrow range. The Nifty is still holding
bullish Pattern with a bit of pause for previous session for the further high.
The Significance Resistance level for Nifty is 8800-8850 and Support level is
8650-8600.
BANK NIFTY : - The Bank Nifty opened in a Negative note on Monday down
by 21 points or 0.10 per cent at 19174. Bank Nifty has traded in a very broad
range of 600-700 points in this week. Amid rising Net Performing Assets,
Reserve Bank of India asked banks to put in place clear policies for sale of
the stressed assets to Securitization and Reconstructions and firms and secure
two external valuation Purpose in case the exposure tops Rs. 50 crore. The
Bank Nifty has managed to Close the level of 19800, which is a crucial
Support for Bank Nifty. The near term Bank Nifty would witness the level of
20150-20200. The Significance Resistance levels for Bank Nifty is 19850-
20150 and Support is 19750-19600.
Monday, 05 September 2016
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TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
8966 8858 8804 8750 8642
WEEKLY R2 R1 PP S1 S2
9562 9006 8728 8450 7894
MONTHLY R2 R1 PP S1 S2
8987 8863 8801 8739 8615
BANK NIFTY
DAILY R2 R1 PP S1 S2
20205 19973 19857 19741 19509
WEEKLY R2 R1 PP S1 S2
22127 20465 19634 18803 17141
MONTHLY R2 R1 PP S1 S2
20414 20036 19847 19658 19280
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 8687 8546 8332 8147
BANK NIFTY 19335 18814 18115 17538
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 8400 7269 7054
BANK NIFTY 18068 14700 14129
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PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily Chart of Nifty has Applied the Bollinger
Band Along with Parabolic SAR, both the indicators give the early indication of Bullish or
Bearish trend of the market. Along with that the Nifty dalily Chart is Froming the Bullish
Pattern Pattern Which is the Continuous trend Signal. As we have seen in last week the
Nifty is traded in the broad range of 8650-8900 Levels. Now it seems that trend could be
continue into the bullish Side in the Daily Chart has Formed the Bullish candle which is
also the signal of bull market. If the Nifty is able to Sustain the levels of 8700-8750 level
we could witness the level of 8900-8950 in near Term. Move Toward the 8600 levels in
upcoming will lead the Nifty to break the level of 8480-8300. The Crucial levels for Nifty
is 8580-8680 down side and 8880-8900 is Upside.
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PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - In the Above given Chart of Bank Nifty has Applied the Bollinger
Band along with the Parabolic , The USage of bollinger Band differ from Trader-to-
Trader indication of Bullish or Bearish trend of the market respectively. Thus the Bank
Nifty Chart also formed the Bullish Engulfing Kind of Pattern which is a bullish signal
for market, from this Point we are Expecting if the trend continue for Upcoming week
and it could touch the level of 19950-20250 in Near-Term. If we look into the
Fundmaentals of Bank Nifty the P/E of Bank Nifty is arounf 24 which is the overbought
Territory and could seen the Bearish Movement for Upcoming time. The Crucial Levels
for Bank Nifty is 19450-19860 up side and 19063-18872 Down side.
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NSE EQUITY DAILY LEVELS
COMPANY
NAME
R2 R1 PP S1 S2
ACC EQ 1708 1688 1677 1657 1646
ALBK EQ 85 85 83 83 81
AMBUJACEM EQ 281 278 276 273 271
ASIAN PAINT EQ 1184 1176 1163 1155 1142
AXISBANK EQ 606 603 598 595 590
BAJAJ-AUTO EQ 3070 3034 2979 2943 2888
BANKBARODA EQ 169 168 164 163 159
BANKINDIA EQ 119 117 116 114 113
BHEL EQ 138 137 136 134 133
BHARTIARTL EQ 329 324 315 310 301
CIPLA EQ 587 582 577 572 567
COALINDIA EQ 339 336 333 330 327
DLF EQ 153 151 150 148 147
DRREDDY EQ 3171 3147 3114 3090 3057
GAIL EQ 401 399 393 391 385
GRASIM EQ 4701 4659 4598 4556 4495
HCLTECH EQ 791 787 783 779 775
HDFC EQ 1454 1446 1434 1426 1414
HDFCBANK EQ 1292 1288 1284 1280 1276
HEROMOTOCO EQ 3645 3614 3582 3551 3519
HINDALCO EQ 160 159 156 155 152
HINDUNILVR EQ 930 925 921 916 912
ICICIBANK EQ 266 263 262 259 258
ITC EQ 265 262 262 260 259
INDUSIND BANK EQ 1202 1196 1189 1183 1176
INFY EQ 1046 1038 1032 1024 1018
JINDALSTEL EQ 85 83 82 80 79
KOTAKBANK EQ 819 816 812 809 805
LT EQ 1527 1515 1501 1489 1475
M&M EQ 1501 1485 1460 1444 1419
MRF EQ 40144 39522 38379 37757 36614
MARUTI EQ 5256 5210 5143 5097 5030
ONGC EQ 243 240 238 235 233
ORIENTBANK EQ 125 124 123 122 121
RCOM EQ 52 50 49 47 46
RELCAPITAL EQ 561 551 539 529 517
RELIANCE EQ 1046 1029 1016 999 986
RELINFRA EQ 638 625 604 591 570
RPOWER EQ 53 52 52 51 51
SBIN EQ 257 256 253 252 249
SSLT( VEDL) EQ 177 174 171 168 165
SUNPHARMA EQ 794 787 778 771 762
TATAMOTORS EQ 557 554 551 548 545
TATAPOWER EQ 80 79 78 77 76
TATASTEEL EQ 379 376 373 370 367
UNIONBANK EQ 143 141 139 137 135
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TOP 15 ACHIEVERS // TOP 15 LOOSERS
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )
NSE FUTURE
NSE FUTURE : BUY AMARAJABAT FUTURE ABOVE 992 TGT 1010 SL 982.
NSE FUTURE : BUY APOLLOTYRE FUTURE ABOVE 195 TGT 200 SL 192.50
NSE FUTURE : BUY PETRONET FUTURE ABOVE 360 TGT 370 SL 355
NSE CASH
NSE CASH :BUY TITAN NSE CASH ABOVE 421 TGT 450 SL 412.
NSE CASH :BUY SCI NSE CASH ABOVE 74.50 TGT 80.50 SL 71.50.
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1KAVERI SEED 373 327 -12.37 %
2 IDEA CELLULAR 93 84 -10.11 %
3RCOM 53 49 -8.71 %
4 CYIENT LTD. 523 481 -7.95 %
5GATI LIMITED 148 138 -7.03 %
6 UTTAM SUGAR 52 48 -6.72 %
7DLF LIMITED 159 150 -6.07 %
8 TORRENT POWER 193 181 -6.04 %
9NESTLE INDIA 6831 6439 -5.73 %
10 RAMCO SYSTEM 512 484 -5.60 %
11BALRAMP CHIN 108 102 -5.38 %
12 ASHOK LEYLAND 87.70 83.00 -5.36 %
13EID PARRY 248 235 -4.95 %
14 BHEL 139 136 -2.40 %
15RELIANCE 1027 1013 -1.42 %
SR.NO SCRIPT NAME PREV CLOSE
CMP % CHANGE
1 TATA MOTORS 503 549+9.15 %
2HERO MOTOCORP 3304 3577 +8.26 %
3 ULTRATECH CEM 3803 4085+7.41 %
4ICICI BANK 245 261 +6.52 %
5 L&T 1427 1505+5.45 %
6ZEEL 506 533 +5.42 %
7 HDFC 1366 1439+5.33 %
8BANK BARODA 158 166 +5.09 %
9 BAJAJ AUTO LTD. 2858 2998+4.89 %
10MARUTI SUZUKI 4920 5160 +4.87 %
11 YES BANK LTD. 1326 1388+4.66 %
12GAIL LTD. 378 395 +4.53 %
13 TATA POWER 75 79+4.29 %
14KOTAK BANK 780 813 +4.20 %
15 ADANI PORTS 257 268+4.07 %
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NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
India's Q1 FY17 GDP at 7.1% vs 7.5% Year-on-Year - The Central Statistics Office,
Ministry of Statistics and Programme Implementation has released the estimates of Gross
Domestic Product for the first quarter Q1, of 2016-17, both at constant and current prices,
along with the corresponding quarterly estimates of expenditure components of the GDP.
Estimates Of GVA By Economic Activity At constant prices3. GDP at constant prices in
Q1 of 2016-17 is estimated at Rs. 29.17 lakh crore, as against Rs. 27.24 lakh crore in Q1
of 2015-16, showing a growth rate of 7.1 percent. Quarterly GVA at Basic Price at
constant prices for Q1 of 2016-17 is estimated at Rs. 27.38 lakh crore, as against Rs.
25.51 lakh crore in Q1 of 2015-16, showing a growth rate of 7.3 per cent over the
corresponding quarter of previous year.
Fiscal Deficit: April-July Revenue receipts stand at Rs. 2.56 lakh crore - The April-July
Fiscal Deficit stands at Rs.3.93 lakh crore versus Rs. 3.85 lakh crore of the budgeted
target for the fiscal year ending in March 2017, as per government data. Government data
says that Revenue deficit in same period is Rs.3.3 lakh crore, 93% of FY17 estimate,
while Non-tax revenue stood at Rs.34,098 crore. Total receipts of the government during
the four months was Rs. 2.63 lakh crore or 18.2% of the estimates for the current year.
Total expenditure of the government during April-July was nearly Rs. 6.57 lakh crore, or
33.2% of the entire year estimates. Of the total expenditure, plan spending was over
Rs.1.98 lakh crore and non-plan was over Rs. 4.59 lakh crore.
The Government to now focus on Increasing the Banks “ability to Support Growth : FM -
The Finance Minister said that all these legislations along with different structural
reforms made by the Government in the last two years will help in boosting the growth
and the overall development of the country. Arun Jaitley The Union Finance Minister,
said that Indo-US trade will get a boost due to business to business, business to
Government and Government to Government interaction between the two countries. The
Finance Minister said that foreign investment is important for India in order to have
larger investment in infrastructure sector. Jaitley said that the Government will now focus
on increasing the banks’ ability to support growth. The Finance Minister was speaking
when the members of the visiting US CEOs Forum called on him in his office here today.
The Finance Minister further said that enabling Constitution Amendment Bill relating to
Goods and Service Tax has been recently approved unanimously by both the Houses of
Parliament. Besides it, the Bankruptcy Code has also been approved. The Finance
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Minister said that all these legislations along with different structural reforms made by the
Government in the last two years will help in boosting the growth and the overall
development of the country.
RBI Governor argues for Independent Central Bank for macroeconomic stability of the
country - In his last public speech as the RBI Governor , Dr. Raghuram G. Rajan
explained why central banking was not as easy as it appeared - just raising or cutting
interest rates - and why it needed decisions, sometimes unpopular or hard-to-explain
ones, to be made under conditions of extreme uncertainty and argued in favour of having
an independent central bank and the role and responsibilities of the central bank governor.
The central bank governor has to make difficult policy choices often in the face of
uncertainties after weighing the alternatives as best as one can. He cited the example of
2013, when due to weak macro fundamentals the rupee tumbled and it was necessary to
get back the confidence of international investors and how he, who had just taken over as
the Governor of the Reserve Bank of India, had to decide on introducing the FCNR
scheme in the midst of uncertainties. That the decision proved to be beneficial for the
country, the Reserve Bank and the banks, taught him that "Policy making invariably
involves taking measured risks in the face of uncertainty." He then made out a case for
India to have a strong and independent central bank so that it could ensure
macroeconomic stability.
High growth rate mandatory for collective well being: Arun Jaitley - A high growth rate
is a requisite if the benefits of growth are to percolate down to the last man, especially
minorities. Post 1991 economic liberalization, the acceleration of growth rate has led to
substantial reduction in poverty. All communities have shown reduction in poverty levels,
however on an uneven basis, says Union Finance Minister, Arun Jaitley, speaking at a
Conference on Empowerment through Education – ‘Taalim-o-Tarbiyat ’ in Mumbai.
While higher growth rate impacts all by way of offering economic opportunities, certain
minorities have lagged behind and those areas need to be addressed. Despite the poverty
rate among Muslim community declining from 52% in 1991 to about 27% in 2011, some
communities like Jains and Parsis have overcome the challenge of poverty, he said.
Jaitley said education is the key to improve the conditions faster which would aid
conversion of skills into opportunities. Madarasa is an important institution in imparting
education for children of Muslim community and complimented the efforts of leaders like
Zafar Sareshwala, for blending technology and traditional teachings, he said. The world is
facing two kinds of challenges – political and economic. India is on a better wicket on
both the fronts. “Barring occasional skirmishes, often magnified by media, there are no
major incidents in our country. Our society continues to speak in one voice” Jaitley said.
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Recognizing the diversity of India, the framers of the Constitution had provided for
minority protection and had affirmed that government remains committed to the welfare
of minorities, he added.
Expect current a/c surplus of $ 4 billion in June quarter: Nomura - Japanese brokerage
Nomura today said the country is likely to post first quarterly current account surplus in
nine years in the June quarter at $ 4 billion or 0.8 per cent of the GDP. "We believe this
swing in the current account balance will be driven by a sharp narrowing of the
merchandise trade deficit," it said in a note. It added that despite weak global demand
which has resulted in subdued non-oil exports, services exports and remittances, imports
have contracted sharply. The imports are lower on weak investment demand, lower oil
prices and a sharp correction in gold imports which were 48 per cent lower in the April-
June period, it said. The note said that imports are likely to remain subdued for the
remainder of the year as all the indicators are pointing to further weakness in non-
agriculture growth. Current Account Deficit, or the difference between inflow and
outflow of foreign exchange, came in at 1.1 per cent of GDP in 2015-16, 1.3 per cent in
2014-15, 1.7 per cent in 2013-14 and a record high of 4.8 per cent of GDP in 2012-13.
GST to bring biggest business reform: Tax expert - The proposed Goods and Services tax
regime is set to bring in biggest business reform, a tax expert said here today. "GST is
just not tax reform. I say it is going to bring biggest business reform," A2Z Taxcorp
Executive Director Bimal Jain said at Bharat Chamber of Commerce-organized
interaction on GST draft law. According to him the implications will not be the same for
all and depend on how each one does business. Jain also called upon the industry to
prepare sector wise concerns seriously. Referring to various concerns of a few sectors on
the issue, Jain urged that unless these are corrected they might have to suffer, beside
highlighting benefits of GST. Service Tax Chief Commissioner S K Panda said concerns
should be pointed out quickly to the government so that those can be taken into
consideration when the final legislation is drafted. Panda said that he has raised at several
locations of the draft, word service is missing instead of goods and services tax.
✍ TOP ECONOMY NEWS
The mines ministry has allotted 30 mineral blocks for exploration to Mineral Exploration
Corporation Limited to enhance confidence among private exploration agencies.
India’s biggest telecom spectrum auction will now start from October 1 instead of
September 29, as the operators have suggested that there should be a gap of three working
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days between the mock auction and the actual start of sale of airwaves.
The auto industry suffered a loss of Rs. 40 billion in 8 months following the ban on sale
of diesel vehicles in engine capacity of 2,000 cc and above in Delhi/NCR.
Drugs Prices Control Order will be amended in the next 15 days to enable the regulator
NPPA to fix prices of about 350 medicines whose market data is not available.
The revised tax treaty with Mauritius, which allows India to tax capital gains on
investments routed through the island nation, will tackle round tripping of funds and curb
tax evasion.
India Inc's overseas borrowings fell by 44% to USD 1.2 billion in July this year as against
USD 2.14 billion in the same period a year ago.
Sebi has eased restrictions on 201 entities against whom it had taken action in two
different cases of alleged misuse of stock market platform for tax evasion and suspected
money-laundering activities.
The Indian economy grew at 7.1% in the first quarter of the fiscal, with good
performance of sectors including manufacturing, electricity, financial services and public
administration.
Growth in the eight core sectors stood at 3.2% in July mainly due to sharp uptick in
refinery products and a sustained rise in coal production. The index had grown by 5.2% in
the previous month of June.
The Cabinet allowed contractors to move to the new speedier arbitration process,
approved release of 75% of the amount in dispute against bank guarantee and provided
for a conciliation board comprising of independent domain experts in new contracts.
The Indian economy grew at 7.1% in the first quarter of the fiscal, with good
performance of sectors including manufacturing, electricity, financial services and public
administration.
Growth in the eight core sectors stood at 3.2% in July mainly due to sharp uptick in
refinery products and a sustained rise in coal production. The index had grown by 5.2% in
the previous month of June.
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The Cabinet allowed contractors to move to the new speedier arbitration process,
approved release of 75% of the amount in dispute against bank guarantee and provided
for a conciliation board comprising of independent domain experts in new contracts.
✍ TOP CORPORATE NEWS -
DLF Limited has shortlisted bidders for stake sale in its rental arm and has allowed access
to virtual data room and vendor diligence reports.
Prime Focus Technologies , subsidiary of Prime Focus Limited, has secured close to USD
20 million in first round of funding from Ambit Pragma.
Reliance Communications Limited is planning to offer voice calling over LTE by the end
of the year, giving users another option to make voice calls, and is holding talks with
major network providers to finalise a player within a fortnight.
A government-appointed panel examining a dispute over migration of gas from Oil &
Natural Gas Corporation -held blocks in the Bay of Bengal to adjacent fields of Reliance
Industries will submit its report to the Ministry of Petroleum by August 31.
The pensioners of Britannia Industries Limited and the biscuit-making major have agreed
to settle a decade-long dispute to pay pensions due to employees who retired after March
2003.
Cipla Limited said its US arm InvaGen Pharmaceuticals Inc has received final approval
from the American health regulator to market generic Bupropion Hydrochloride extended
release tablets used for treatment of major depressive disorder.
A central green panel has given environment clearance to Steel Authority of India
Limited Rs. 54.19 billion expansion and modernisation project for its Rourkela plant in
Odisha.
Reliance Communications Limited is evaluating its options regarding spectrum in 700
MHz band, which will be auctioned for the first time in India.
The Department of Posts has blacklisted HCL Infosystems Limited and its subsidiaries
for a period of six months debarring the company from participating in any tenders issued
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by it.
IndiGo will seek shareholders’ approval for increasing its borrowing limit to Rs. 200
billion.
Havells India Limited plans to invest Rs. 3 billion in the current financial year in
expansion of its manufacturing base and is considering diversifying into various
consumer electronics businesses including water purifiers and personal grooming.
The Competition Commission has raided Eveready Industries Limited corporate office in
Kolkata.
Tata Steel Limited has finally given up the plan to set up 5.5 mtpa green-field integrated
steel plant in Chhattisgarh’s Bastar district.
Lupin Limited has received tentative approval for its generic version of anti-depressant
Paroxetine extended-release tablets from the US health regulator.
Welspun India Limited has appointed consultancy firm Ernst & Young to look into
alleged lapses in its products supply after the US-based Target Corp terminated contract
with the textiles maker.
In a bid to achieve 100% Bharat Stage-IV fuel production, the Indian Oil Corporation
Limited, will invest around Rs. 13.30 billion in two phases, to complete the conversion
from BS-III to a cleaner fuel by the end of this year.
DHFL Limited is hitting the market with a public issue of non-convertible debentures
aimed at mopping up Rs. 100 billion for its operations.
Tata Motors Limited has carried out raids in 19 locations across the country in recent
months to help curb counterfeit products, as part of its campaign against spurious spare
parts that started in 2012-13.
Coal India Limited said its shareholders have approved buyback of 108.9 million shares
worth Rs. 36.50 billion.
Neuland Laboratories Limited said its board has approved merger of Neuland Health
Sciences and Neuland Pharma Research with the company.
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Carborundum Universal Limited inaugurated its Research and Development centre at its
industrial ceramics division in Hosur, Tamil Nadu.
Aurobindo Pharma and Intas are among the final contenders for the UK and Irish
portfolio of Israeli generics behemoth Teva, put up for sale to comply with European anti-
trust regulations.
Oswal group is in the process of selling its stake in listed broadcaster New Delhi
Television Limited.
Indian Oil Corporation., also boosting its liquefied natural gas business, is lifting
purchases of the fuel to take advantage of a price plunge amid a glut.
In a move to counter Reliance Jio, Bharti Airtel has slashed 4G and 3G mobile internet
charges by up to 80% to as low as Rs. 51/GB under a special scheme.
Dr. Reddy’s Laboratories Limited has launched Nitroglycerin sublingual tablets, a
therapeutic equivalent generic version of Nitrostat sublingual tablets, in the US market.
Vedanta Limited 1980 MW Talwandi Saboo thermal power plant has become fully
operational with the 660 MW third unit starting commercial generation.
A Centre's green panel has given environmental clearance to Reliance Industries for
expansion of its jetty facility in Jamnagar, Gujarat, for handling chemical and
petrochemical products at a cost of Rs. 7.50 billion.
Cadila Healthcare Limited, Torrent Pharma & GSK Pharma are in a three-way race to
acquire top-selling zinc-based multi-vitamin brand owned by Chennai based Apex Labs.
PTC India Financial Services Limited has entered into arrangements with scheduled
commercial banks whereby the banks will issue letters of credit to project companies in
the renewable energy space.
Zee Entertainment Enterprises Limited, confirmed that it was in advance level talks to
sell its sports channel bouquet, which it operates under the Ten Sports brand.
In a partial exit from Brazil, Shree Renuka Sugars Limited is all set to hive off larger of
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the two plants of its Brazilian subsidiary Renuka do Brasil S/A. The move aims to reduce
its consolidated debt burden by almost 50%.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
The South Indian Bank Limited has launched Unified Payment Interface facility- an
initiative promoted by NPCI towards creating "Cash less Society".
Canada Pension Plan Investment Board that manages pension fund assets has received
RBI approval to increase stake beyond 5% to 10% in Kotak Mahindra Bank.
IDBI Bank Limited has raised capital of Rs. 15 billion through Basel III compliant
Additional Tier-1 bonds to enhance capital adequacy.
IDBI Bank Limited has cut its stake in CARE to 3.40% from 6.12%.
The Reserve Bank of India asks banks to lay down clear policy on stressed assets sales,
Amid rising Net-Performing Assets, RBI asked banks to put in place clear policy for sale
of Stressed Assets to Securitization and reconstruction firms and Secure two external
Valuation purpose in case the exposure tops Rs. 50 crore. In order to further strength the
banks ability’s to resolve the Stressed Assets Effectively. RBI has come out with an
"improved framework" governing sale of such assets by banks to securitisation
companies , reconstruction companies , other banks or non-banking financial companies
or financial institutions.
Three out of the 10 provisionally licensed small banks are set to begin operations in the
next few months as they have met the regulatory requirements and put in place the
systems needed. The Reserve Bank of India has issued the final licence to Capital Local
Area Bank, Suryodaya and newly listed Equitas. This could also see some competition for
deposits in smaller towns against the developed ones.
The Reserve Bank of India after outgoing Governor Raghuram Rajan will deal with a
markedly different set of priorities, Deutsche Bank said in a special report. "There is little
basis to guess the path of monetary policy to be pursued by the RBI under Governor-elect
Urjit Patel, but there is sufficient empirical evidence to underscore the desirable path," it
noted in the report released this week.
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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
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Disclosure in terms of Conflict of Interest:
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(c) High Brow Market Research Pvt. Ltd. or its associate has no other material
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Disclosure in terms of Compensation:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its
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Analyst compensation: Analysts are salary based permanent employees of High
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(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an
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(d) High Brow Market Research Pvt. Ltd. has never been engaged in market
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