TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Benchmark Index Nifty on Friday closed at 8898 after making low of 8860,

the index made a high of 8907 after opening at 8884. From last 2 week Nifty Index fell almost 1.05%

from high of 8993. The index Nifty opened in a Positive note on Monday trading session up by 18

points and 0.20 per cent at 8915. Benchmark Index Nifty opened at 8915 a closed at 8963 after

making a high of 8968 & traded in a narrow range of 132 points from 8860 to 8992 from last 9

trading sessions. Market is expected to come out of this range as UP election results will be

announced on 11th March 2017, A convincing BJP win in all the states including UP may bring BJP

for a near majority in this election; we may see more effective implementation of vital economic

reforms including GST and land & labour bills. But, election is also an uncertain event, especially for

a big & complex state like UP, where the present Government enjoys a significant popularity and

market may also remember some shocking result for BJP in the recent big elections in Bihar & Delhi.

The market would remain choppy and wait for US FED rate hike decisions. overall, This week will be

the last week of consolidation. The Market is consolidating for almost 2 weeks and now it is ready to

see a big movement on either side in next 2 trading sessions and UP Poll results would be a trigger for

this big move. Traders should hedge their positions. The Significance Support for Nifty is 8901-8880

and Resistance is 9007-9077.

BANK NIFTY : -On last Week trading session Bank Nifty closed at 20496 after making a low of

20423, the Index made a high 20580 after opening at 20573. The Index was down by 1.83%, the

index 3 week high was at 21042. The Banking Shares Index opened in a Positive note on Monday

trading session up by 53 points or 0.25 per cent at 20548, The Bank Nifty traded in a range of 195

points on Monday trading session, the index made a high of 20727 and low 20532 and closed at

20663, 168 points Up its previous day. No major movement has been seen in any of the Banking

stocks present in the Index. Bank Nifty Index is trading in a narrow range of 620 points from 20423 to

21042 from last 2 week. The Significance Levels for Bank Nifty is 20548-20290 is Down side and

21455-21865 is Up side.

Tuesday, 14 March 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

9174 9007 8937 8867 8727

WEEKLY R2 R1 PP S1 S2

9179 9015 8933 8851 8687

MONTHLY R2 R1 PP S1 S2

9325 9061 8929 8797 8533

BANK NIFTY

DAILY R2 R1 PP S1 S2

21408 20970 20751 20532 20313

WEEKLY R2 R1 PP S1 S2

21718 21048 20713 20378 19708

MONTHLY R2 R1 PP S1 S2

22118 21162 20684 20206 19250

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8848 8657 8515 8306

BANK NIFTY 19307 19345 18983 18877

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8887 8433 8209

BANK NIFTY 20875 18885 17458

PATTERN FORMATION ( NIFTY )

Detail of Chart - Recently Nifty is trading in the accumulation phase given that; improvement will

remain on the support when short to medium term technical indicators are trading into the highly

overbought phase so; healthy boom pro move will found after heavy profitable selling on medium to

long terms. Near Middle Bollinger Band becoming on 9009 to 9080 in Nifty which both surface can

be considered as the near resistance. It is likely to profitable selling may remain in the surge of below

9009 to 9080 in Nifty. Ease your short term boom pro position if Nifty gives steady close below

accumulation area 8816 outlined in the chart. Nifty creates reversal top pattern on technical chart

which shows the trend of improvement may stay on near support 8816 and 8777 from the decline. The

quick low level can be seen below 8777 by breaking 8816 and being close below it. short term traders

sell Nifty at every high for target 8816 and 8777 with Stop loss 9080.

PATTERN FORMATION ( BANK NIFTY )

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

Technically spinning top reversal candle pattern is becoming at the end of the week which indicates

about accidental selling below the resistance of 20800. Bank Nifty has to sustain over 20950 area for

further rally towards 21050-21150 area in the near term. On the other side, sustaining below 20800

area, Bank Nifty may fall towards 20750-20600 zone.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2ACC EQ 1424 1415 1406 1397 1388

ADANI PORTS EQ 308 304 300 296 292

AMBUJACEM EQ 232 231 228 227 225

ASIAN PAINT EQ 1043 1036 1030 1023 1017

AXISBANK EQ 523 520 516 513 509

BAJAJ-AUTO EQ 2900 2883 2873 2856 2846

BANKBARODA EQ 165 162 160 157 155

BPCL EQ 642 632 626 616 610

BHEL EQ 162 160 158 156 154

BHARTIARTL EQ 368 366 364 362 358

BOSCH LTD EQ 22424 22312 22156 22044 21888

BHARTI INFRATEL EQ 312 310 308 306 304

CIPLA EQ 593 591 589 587 585

COALINDIA EQ 322 319 317 314 312

CAIRN INDIA LTD EQ 287 283 279 275 271

DRREDDY EQ 2747 2731 2716 2700 2685

GAIL EQ 387 382 379 374 371

GRASIM EQ 1021 1011 1004 994 987

HCLTECH EQ 866 855 848 837 830

HDFC EQ 1389 1380 1375 1366 1361

HDFCBANK EQ 1406 1402 1397 1393 1388

HEROMOTOCO EQ 3347 3324 3306 3283 3265

HINDALCO EQ 192 190 188 186 184

HINDUNILVR EQ 881 878 872 869 863

ICICIBANK EQ 278 276 274 272 268

ITC EQ 266 264 262 260 258

INDUSIND BANK EQ 1348 1342 1332 1326 1316

INFY EQ 1035 1029 1021 1015 1007

IDEA CELLULAR EQ 108 106 104 102 100

KOTAKBANK EQ 843 836 831 824 819

LT EQ 1507 1499 1490 1482 1473

M&M EQ 1328 1314 1307 1293 1286

MRF EQ 52712 52473 52212 51973 51712

MARUTI SUZUKI EQ 6040 6000 5968 5928 5896

ONGC EQ 190 188 186 184 182

NTPC EQ 160 158 156 154 152

RCOM EQ 37 36 35 34 33

RELCAPITAL EQ 550 543 537 530 524

RELIANCE EQ 1314 1298 1279 1263 1244

RELINFRA EQ 584 574 567 557 550

RPOWER EQ 48 47 46 45 44

SBIN EQ 278 274 272 268 266

SSLT( VEDL) EQ 256 254 252 248 246

SUNPHARMA EQ 696 689 685 678 674

TATA MOTORSDVR EQ 283 281 279 277 275

TCS EQ 2571 2556 2535 2520 2499

TATAMOTORS EQ 474 471 468 465 462

TATAPOWER EQ 84 83 82 81 80

TATASTEEL EQ 480 473 468 461 456

UNIONBANK EQ 150 147 146 143 142

YES BANK LIMITED EQ 1496 1488 1477 1469 1458

ZEEL EQ 527 521 516 510 505

TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 GAIL INDIA LTD 520 378 - 27.29 %

2 IDEA CELLULAR 110 104 - 5.70 %

3 TECH MAHINDRA LTD

503 475 - 5.54 %

4 TATA STEEL 495 467 - 5.52 %

5 HINDALCO INDUS. 198 187 - 5.51 %

6 DR. REDDY'S LABS 2871 2715 - 5.41 %

7 AUROBINDO PHARMA

674 652 - 3.32 %

8 GRASIM 1021 999 - 2.15 %

9 ICICI BANK 275 270 - 1.96 %

10 LUPIN LTD. 1476 1447 - 1.96 %

11 COAL INDIA LTD. 321 316 - 1.54 %

12 BHARAT PETROLEUM

632 623 - 1.49 %

13 M&M 1322 1302 - 1.46 %

14 WIPRO LTD 493 487 - 1.38 %

15 HCL TECHN

SR.NO SCRIPT NAME PREV CLOSE

CMP % CHANGE

1 BOSCH LIMITED 21158 22761+ 7.57 %

2YES BANK LTD 1433 1481 + 3.32 %

3 INDUSIND BANK 1299 1335 + 2.81 %4

SBIN 265 272 + 2.64 %

5 BHARTI AIRTEL 356 364+ 2.46 %

6KOTAK BANK 809 828 + 2.40 %

7 ZEEL 503 514+ 2.35 %

8TATA MOTORS 459 469 + 1.99 %

9 TCS 2494 2542+ 1.93 %

10RELIANCE 1258 1281 + 1.84 %

11 HDFC BANK 1377 1400+ 1.68 %

12ASIAN PAINTS LTD. 1013 1030 + 1.63 %

13 AMBUJA CEMENTS 225 229+ 1.62 %

14L&T 1470 1491 + 1.45 %

15ULTRA TECH CEMENT 3801 3852

+ 1.33 %

NSE - WEEKLY NEWS LETTERS

✍ TOP NEWS OF THE WEEK

Indian economy to grow 7.1% in this fiscal; Dec quarter GDP numbers surprising: Fitch -

Global rating agency Fitch today said Indian economy will grow by 7.1 per cent in the current fiscal

before stepping up to 7.7 per cent in the next two financial years. The US-based agency, however,

termed the 7 per cent GDP growth for the October-December quarter as "surprising", a tad lower than

7.4 per cent in the previous quarter. This number looks somewhat surprising, as real activity data

released since demonetisation pointed to weak consumption and services activity because these

transactions are cash-intensive. By contrast, official data suggest that private consumption was strong

in the fourth quarter of 2016 (though services output growth moderated quite substantially)," Fitch

said. Fitch expects Indian GDP to grow by 7.1 per cent for 2016-17, before picking up to 7.7 per cent

in both 2017-18 and 2018-19.

India beats China in export growth of locally made retail, lifestyle products - India is outpacing

China in export growth of locally made retail and lifestyle products, according to Damco, the world’s

seventh largest freight forwarder. An analysis of sourcing data by the transport and logistics arm of

Danish shipping conglomerate AP Moller-Maersk Group shows that amid tepid global economic

conditions, Indian exports of these products grew at a compound annual growth rate of 10% between

2013 and 2016, while China registered only 5%, though it had a much bigger base. “Contrary to the

bleakness of global trade, the future looks promising for India,” Damco chief executive officer Klaus

Rud Sejling said in an interview with ET. “The country is clearly well-poised to shape global trade, as

global retailers are constantly looking for suppliers that are nimble enough to be able to adjust with

troughs and peaks in the demand cycle, not only from an output point of view, but also when it comes

to developing entirely new products and customising existing lines.

Revised tax treaty with Singapore takes effect - India's revised tax treaty with Singapore, aimed at

checking round-tripping of funds, has come into force. While most clauses of the amended treaty

signed on December 30 took effect from February 27, the principal clause allowing levy of capital

gains tax on investments routed through Singapore will come into force from April 1. The Third

Protocol amending the existing Avoidance of Double Taxation Agreement between Singapore and the

Republic of India entered into force on February 27, 2017," a statement issued by Ministry of Finance

of Singapore said. It further stated that "the 3rd protocol signed on December 30, 2016 entered into

force on February 27, 2017 and its provisions shall take effect from February 27, 2017 except for

Articles 2, 3 and 4 which shall take effect from 1 April 2017." India had in May last year signed a

revised tax treaty with Mauritius, triggering a change in the Double Taxation Avoidance Agreement

with Singapore.

Modest recovery ahead as firms unwilling to hire more despite improved PMIs: HSBC - Even as

both service and manufacturing PMIs have posted better numbers than previous months, that firms are

reluctant to increase hiring points to a modest 'U' shaped recovery with the Reserve Bank likely to

hold on to rates in the near future, says a report by HSBC Research. Both manufacturing and services

PMIs are now in positive territory following a few months of demonetisation-led disruptions. Higher

output, new orders and order-to inventory ratios point towards improvements ahead, said HSBC. Yet,

companies are reluctant to increase hiring, and future activity expectations have fallen. Manufacturing

PMIs at 50.7 in February compared to 50.4 in January and services PMI at 50.8 in February compared

to 49.9 in January are in the positive territory, led by stronger private sector output and new orders.

Services activity rose after three months of contraction. Manufacturing had already started to rise last

month, and picked up some more pace. However, both manufacturing and services have some way to

go before reaching pre-demonetisation levels. Moreover, a slight improvement in the manufacturing

order-to-inventory ratio to 1.12 in February from 1.10 in January suggests that activity may improve

in future months. Interestingly, manufacturers are seeing higher buoyancy in new orders than service

providers, with much of it coming from external demand, said the report.

CPSE stake sale: Ministries wary of foreign investors - The government’s strategic sale plan could

face headwinds with some administrative ministries insisting on stringent conditions on foreign

investment for the sale of state-run companies under their watch. In some cases, the administrative

ministries insist that strategic equity stakes must not be sold to foreign investors, including

institutional investors, said two government officials aware of the deliberations. In others, they want a

cooling-off period of a few years after a strategic sale before allowing foreign investment. Companies

identified for strategic sales include Pawan Hans Ltd., BEML, Dredging Corporation of India Ltd. and

Bharat Pumps & Compressors Ltd. In some strategic sectors, the conditions also include that no

foreign company can be brought in as stakeholder for the next five years,” said one official who did

not wish to be identified. Not all companies put up for strategic sale have similar stringent conditions.

Likely rise in Feb inflation may push RBI to act: Report - Consumer price inflation is likely to rise

in February for the first time since demonetisation and this could prompt the Reserve Bank of India to

hike rates much sooner than most expect, says a report. According to a report by Capital Economics,

consumer price inflation dropped in January to 3.2 per cent from 3.4 per cent in December, but is

likely to rise in February. We think that forthcoming data will show that the CPI rate edged up in

February to 3.5 per cent," the report said, adding that "we expect February's WPI data to show that the

headline rate rose again last month to 6 per cent". According to Capital Economics, since inflation is

likely to accelerate towards the upper band of RBI's target range this year, this may nudge the Reserve

Bank to hike rates sooner than expected. The RBI has signalled the end of its loosening cycle, but we

remain comfortable going one step further in our view that the central bank will have to reverse

course and begin hiking rates over the next 12-18 months as its long-term inflation target comes under

pressure," it said.

India's current account deficit to touch $ 30 billion in 2018' - India's current account deficit is

expected to increase by $ 10 billion to $ 30 billion in the 2017-18 fiscal due to higher oil and gold

imports, credit rating agency ICRA said on Thursday. However, the pressure related to the financing

of a larger current account deficit would abate with the resumption of Non-Resident Indian deposits in

2018. The ICRA expects a rise in the prices and import volumes of crude oil and gold to enlarge the

Indian current account deficit to around $ 30 billion in 2018 from around $ 20 billion in 2017. While

merchandise exports may rise by 5-6 per cent in 2018, partly led by the higher value of commodity-

intensive exports, global trends do not augur well for a significant improvement in the services trade

surplus and remittances in 2018," Aditi Nayar, principal economist at the ICRA said.

✍ TOP ECONOMY NEWS

The government is all set to change the base year of the Index of Industrial Production and the

Wholesale Price Index to 2011-12, by April-end. The change in base year in the two macroeconomic

indicators has been scheduled to ensure that all macroeconomic data indicators follow the same base

year, targeted at better mapping of economic activities.

The traders association in the country, Confederation of All India Traders, has appealed to postpone

the roll out of Goods and Services Tax to September 1. since small businesses are yet to buckle up for

the implementation and its aftermath. As per CAIT, there are nearly 70% small businesses, which are

not yet prepared for GST. Traders from small businesses need to understand the provisions and details

of GST.

The Nikkei India Services Purchasing Managers' Index , which records service sector output on a

monthly basis, was at 50.3 in February, which is nominally higher than 48.7 registered in January.

Meanwhile, the Nikkei India Composite PMI Output Index, which records both manufacturing and

service sectors, rose from 49.4 in January to 50.7 in February.

Prime Minister Narendra Modi said while speaking to the media in the national capital before the

concluding part of the Budget session, he wanted to see a breakthrough in GST. GST Bill is still

waiting for the final approval as the major opponents are still not happy with the final draft of the Bill.

Though the GST Council already approved the final drafts of the Central and Integrated GST Bills

which will soon be put up in public domain.

In what can be seen as an improvement in productivity and demand in the world’s second largest

economy, the factory-gate prices surged unexpectedly to Multi-year highs in China even as the

consumer price growth slowed down. The consumer price index increased by 0.8% in February on a

Y-o-Y basis. The CPI showed an increase of almost 2.5% in January, according to the National

Bureau of Statistics.

Insurance regulator IRDAI has cleared different levels of licences to a host of new players in the

insurance industry in Non-life and reinsurance spaces in its recently held board meeting.

Even as the government and several economists are debating the real impact of demonetisation, a

research report by Moody’s say that the process of withdrawing the high denomination notes by

Narendra Modi government may yield positive results in the long run.

The Authority of Advance Ruling recently held that the entire revenue of a company registered in

Singapore from supplying goods or rendering services in India is taxable in India.

Finance Minister Arun Jaitley will chair a high-level meeting with Reserve Bank officials tomorrow

to address the issue of Non-Performing Assets in the banking sector. The meeting, which will also be

attended by Financial Services Secretary Anjuly Chib Duggal, will discuss ways of resolution of

stressed assets urgently, sources said.

Even if the private sector is not in a hurry to grab the vast opportunities of investment in infra

projects, the government has abundant sources of funds to carry on with their development agenda in

the sector, as stated by a top Cabinet Minister during the Economic Times India Infra Summit.

Crisil, in its recent report, hints that revenue will grow by 8-9% in fiscal 2018 for corporate India.

The growth of 8-9% in fiscal 2018 if delivered will be a five year high for the corporates and this

growth according to Crisil is driven by firm commodity prices, stable macros and lower interest rates.

While keeping the growth expectation at 7.4% for fiscal 2018, Crisil expects a mild growth in the

economy. The economic growth could be due to pent-up consumption demand after demonetisation.

✍ TOP CORPORATE NEWS -

SPML Infra Limited received new orders worth Rs. 250 crore for power Transmission &

Distribution projects in West Bengal and Haryana.

Following USFDA warning, pharma major, Wockhardt Pharma on Wednesday early trading hour,

declined upto 3.58 per cent and later improved significantly facing heavy buying. USFDA slapped a

warning note to Wockhardt for its Morton Grove facility in the USA. The USFDA note also said that

the pharma major did not pay adequate heed to its earlier notes.

The board of directors of Hero MotoCorp have declared an interim dividend of Rs. 55 per equity

share of face value Rs. 2 each, for the financial year 2016-17, March 18, 2017 as the record date for

payment of the interim dividend.

The board of directors of Cadila Healthcare have declared an interim dividend of Rs 3.20 per equity

share of face value Rs 1, covering the financial year 2016-17. The board of directors has set March

17,2017 as the record date for payment of interim dividend.

Cyient Limited through its wholly owned US subsidiary, Cyient Inc., has acquired 100% stake in

CERTON Software Inc. The acquisition of CERTON will strengthen Cyient’s business, by adding

Unique Model-based systems, engineering tools and test automation capabilities that are used to

design, develop, simulate, validate and verify safety-critical embedded systems, software and

electronic hardware.

Lupin Limited announced that the company has launched generic Paxil CR Extended Release Tablets

USP, 12.5 mg, 25 mg and 37.5 mg. The pharma major has received an approval from the USFDA

earlier.

Crompton Greaves is gaining in trade at morning hours of Tuesday’s session as it has signed a share

purchase agreement with Alfanar Electric Systems Co., Saudi Arabia for the sale and acquisition of

the company’s B2B Automation business comprising of ZIV Aplicacionesy Tecnologia, S.L. (Spain) ,

its subsidiaries along with related automation businesses in India, UK, Ireland & France for an

enterprise value of Euro 120 million, subject to customary conditions From Alfanar.

South Indian Bank is soaring on bourses on a lacklustre day and is up by more than 2% in the early

hours of the trade. The Reserve Bank of India, via a notification on Monday stated that the central

bank has withdrawn the restrictions placed on the purchase of shares of South Indian Bank by foreign

portfolio investors.

Mahindra & Mahindra Limited total vehicle production fell by 1.2% in February Y-o-Y to 44,401

units. For the month of Feb, M&M produced 11 compact cars and 354 super compact cars. The

passenger vehicles sales for M&M Limited fell by 13% Y-o-Y to 20,605 units. The commercial

vehicles sales stood at 16,383 units, up by 18% in February.

Punjab National Bank plans to sell 7% of its stake in PNB Housing Finance. PNB currently holds

39% stake in the housing finance company, and various private equity investors have shown interest

in buying stakes in the mortgage arm, owing to its portfolio and low Non-Performing Assets.

The Reserve Bank of India has opposed a pact between the Tata Group and NTT Docomo aimed at

resolving a two-year-old dispute between the two over the enforcement of a $ 1.17-billion arbitral

award by an international court to the Japanese company.

Kotak Mahindra Bank's promoter Uday Kotak on Wednesday sold a 1.5 per cent stake in lender to

two Canadian pension funds for an estimated Rs. 2,255 crore through open market transactions.

Tata Motors Limited on Tuesday said it is in talks with the world's largest auto maker Volkswagen

for a possible partnership. The company is exploring various opportunities, including partnership in

its new advanced modular platform development, possibilities of a joint venture or a contract

manufacturing with the German auto major, in its bid to scale up.

Tata Motors-owned Jaguar Land Rover today reported its best-ever retail sales for February at

40,978 vehicles, up 9.3 per cent from the same month last year.

State-run power giant NTPC Limited announced commissioning of 45 MW solar capacity at Bhadla

in Rajasthan taking the total installed capacity of the project to 160 MW. "The 45 MW of Bhadla solar

power project of NTPC in Rajasthan has been commissioned today. With this, the installed capacity of

Bhadla solar power project has become 160 MW and that of NTPC's solar power projects has become

520 MW," a senior official said.

State-run Power Finance Corporation today said that it has sanctioned financial assistance of Rs.

2,703 crore for West Bengal's first super critical thermal power project in Murshidabad district.

India's largest car maker Maruti Suzuki is gearing up to introduce four new products next fiscal. The

company, which has been bringing about two new products each year in the past couple of years, is

accelerating the introduction with an eye to strengthen its hold in the market.

Jain Irrigation has bagged an order worth Rs. 189 crore for development of micro irrigation systems

network in Rajasthan. "Jain Irrigation receives order worth Rs. 1,890 million for development of

micro irrigation systems network," the company said in a filing to the stock exchanges.

Coal India Limited will pay the government, its largest shareholder, over Rs 15,000 crore through

dividend, distribution tax and proceeds of a share buyback this year, a drop of 13% from the amount

paid in 2015-16. The company's board declared a dividend of Rs 18.75 per share on Monday, entitling

the government to get Rs 9,208 crore for its 79.11% shareholding. The government will also receive

Rs 2,369 crore as dividend distribution tax and about Rs 3,600 crore from shares sold back to the

company in October last year.

Steel Authority of India Bhilai Steel Plant crossed a significant milestone on Tuesday with the

lighting up of the stoves of the plant's new furnace which is slated to take its post modernisation hot

metal capacity to 7.5 million tonne.

Dr Reddy's Laboratories said it has received 13 observations from the US health regulator for its

formulation manufacturing facility at Duwada, Visakhapatnam. "The audit of company's formulation

manufacturing facility at Duwada, Visakhapatnam, by the US FDA, has been completed on March 8,

2017. The company have been issued a Form 483 with 13 observations, which the company is

addressing," Dr Reddy's Laboratories said in a BSE filing.

✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK

ESAF Microfinance, the only company from Kerala to receive the small finance bank license, has

issued Commercial Papers worth Rs.330 crore. The papers are rated A1 by CARE ratings. The

subscribers to the CP are major private sector banks and NBFCs.

State-owned Punjab National Bank will put on sale four bad assets worth Rs. 295 crore in a move to

shed Non-Performing Assets from its books. Last week, PNB Managing Director Usha

Ananthasubramanian said the bank has identified assets worth Rs. 1,800 crore that will be sold by

month-end to recover bad loans.

Banks' cash transaction fees are suddenly in the news. The immediately trigger for this appears to be

an announcement by HDFC Bank that it would henceforth charge Rs. 150 plus taxes for each cash

withdrawal or deposit after four deposits each month.Here, it seems that HDFC Bank missed a trick

because the normal stratagem that banks employ is to introduce charges by stealth. ICICI Bank and

Axis Bank have been quietly charging similar fees for some time now. Under the garb of supporting

the government's efforts to promote cashless, these banks have decided to relieve their customers of

some cash.

Indian banks and companies have filed claims worth Rs. 4,089 crore in the past three months under

the Insolvency and Bankruptcy Code, which seeks to ensure time-bound settlement of insolvency. The

code that came into effect in December has given the lenders a new tool to counter the problem of

rising Non-Performing Assets, which soared to Rs. 6.97 lakh crore in the quarter to December.

Additions to India’s bloated bad-loans inventory are unlikely to cease soon, with about a dozen

lenders now approaching debt-recovery courts to recover a part of their estimated credit exposure of

Rs. 17,300 crore to Mumbai-based Top worth. Lenders led by the State Bank of India and Punjab

National Bank are filing cases in the Mumbai debt recovery tribunal –– either individually or as a

consortium against Top worth Urja & Metals, Phoenix Impex and Poscho Steels for cumulative

defaults of about Rs. 3,200 crore, two people familiar with the matter Said. Bank of Baroda has

already filed a case against Top worth Pipes & Tubes in Mumbai DRT to recover Rs. 356 crore.

Some Indian banks remain at risk of skipping coupon payments on capital instruments over the next

couple of years; despite measures by the Reserve Bank of India says Fitch Ratings. Mid-sized state

banks are the most at risk of breaching capital triggers. Distributable reserves at small- to mid-sized

state banks were down by one third in 9M17 compared with financial year 2015.

Mid-sized private lender IndusInd Bank Limited said it is in talks with multiple entities for business

expansion, including the widely speculated merger of Bharat Financial Inclusion.

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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.