equity research report 18 january 2016 ways2capital

7/21/2019 Equity Research Report 18 January 2016 Ways2Capital

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TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - On Monday the Nifty50 came under pressure and slipped below 7500 to hit its fresh 52-

week low of 7495.65, weighed down by losses in realty, power, oil & gas, metal, consumer durable, and

banking stocks. The CNX Nifty has break its key support level of 7,500. The headline indices fell tracking

negative trend seen in Asian markets after People's Bank of China confounded analysts by guiding the yuan

sharply stronger, As long as the Nifty stays below the 7700- 7800 mark, it would stand an increased

possibility of breaking 7450. In case of a breakdown of this level, an immediate down move towards 7400-

7380 cannot be ruled out. On the flipside, 7676-7760 are now seen as Immediate upside hurdles for the

index. The year's first trading week with sharp losses as concerns about China and global economic

slowdown persisted. On Wednesday the Nifty50 reclaimed its crucial level of 7,550, supported by gains in

realty, power, oil & gas, metal, auto, and banking stocks. The crucial Support for Nifty is 7420-7360 and

the Resistance for Nifty is 7600-7780.

BANK NIFTY : - The Bank Nifty also open in the red on Monday down by 163 points at 15979.05 from

the previous closing level of 16142.65. All major banking stocks remained subdued. With the huge buyingin index options segment seen in this month we feel, the banking Index will continue to remain under

pressure and any close below key 15400 levels would open gates for further downside to the Bank Nifty in

the range of 15400-15230. However the Private sector banks is performing well compare to PSU Banks, the

Bank nifty is in the midpoint the two important level is 15600 upside and the 15400 down side. The weekly

Support for Bank Nifty is 15072-14750 and Resistance for Bank Nifty is 15400-15550.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2

7781 7601 7511 7421 7241

WEEKLY R2 R1 PP S1 S2

8042 7686 7508 7330 6974

MONTHLY R2 R1 PP S1 S29339 8247 7701 7155 6063



BANK NIFTY

DAILY R2 R1 PP S1 S2

16560 15816 15444 15072 14328

WEEKLY R2 R1 PP S1 S2

18367 16561 15658 14755 12949

MONTHLY R2 R1 PP S1 S2

21654 17964 16119 14274 10584

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 7737 7796 7915 8161

BANK NIFTY 16381 16730 17032 17705

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 7720 8180 8440

BANK NIFTY 16250 17890 19560



PATTERN FORMATION ( NIFTY AND BANK NIFTY )

Depiction of Chart The use of Bollinger Bands varies widely among traders. Some traders buy when price touches the lower Bolling

Band and exit when price touches the moving average in the center of the bands. Other traders buy when price breaks above the upp

Bollinger Band or sell when price falls below the lower Bollinger Band. Moreover, the use of Bollinger Bands is not confined to stoc

traders; options traders, most notably implied volatility traders, often sell options when Bollinger Bands are historically far apart or bu

options when the Bollinger Bands are historically close together, in both instances, expecting volatility to revert towards the avera

historical volatility level for the stock. On the above given chart the below lower bollinger band has crossed which is the early signal f

Bearish Market , We seems the market in Bearish mode. The crucial level for Nifty for below site is 7405-7380 and on above site 749

7580.



BANK NIFTY MACD

Details of Chart Bollinger Bands are similar to moving average envelopes. The difference between Bollinger Bands and envelopes i

envelopes are plotted at a fixed percentage above and below a moving average, whereas Bollinger Bands are plotted at standard deviatio

levels above and below a moving average. Since standard deviation is a measure of volatility, the bands are self-adjusting widening durin

volatile markets and contracting during calmer periods. Bollinger Bands are usually displayed on top of security prices, but they can b

displayed on an indicator. These comments refer to bands displayed on prices. The basic interpretation of Bollinger Bands is that price

tend to stay within the upper- and lower-band. The distinctive characteristic of Bollinger Bands is that the spacing between the band

varies based on the volatility of the prices. During periods of high volatility, on the above given chart there is high volatility and the Ban

Nifty has cross over the lower Band which indicating the Downtrend movement of the Index the important Support for Bank Nifty i

15000-14820 and the Resistance for Nifty is 15230-15504.



NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1291 1276 1259 1244 1227

ALBK EQ 60 58 55 53 50

AMBUJACEM EQ 202 198 195 191 189

ASIAN PAINT EQ 904 894 885 875 866AXISBANK EQ 408 394 382 369 357

BAJAJ-AUTO EQ 2399 2374 2345 2320 2291

BANKBARODA EQ 136 132 129 125 122

BANKINDIA EQ 102 99 97 94 92

BHEL EQ 149 146 142 138 134

BHARTIARTL EQ 317 313 308 305 300

CIPLA EQ 622 617 613 608 604

COALINDIA EQ 323 321 319 317 315

DLF EQ 112 107 103 98 94

DRREDDY EQ 2981 2954 2939 2912 2897

GAIL EQ 370 359 346 335 323

GRASIM EQ 3574 3543 3491 3460 3408

HCLTECH EQ 856 845 831 820 806

HDFC EQ 1178 1164 1154 1140 1130

HDFCBANK EQ 1063 1053 1046 1036 1029

HEROMOTOCO EQ 2478 2458 2434 2414 2390

HINDALCO EQ 78 75 73 71 69

HINDUNILVR EQ 862 842 809 789 756

ICICIBANK EQ 244 238 230 223 215

ITC EQ 319 316 314 311 309

INDUSIND BANK EQ 938 928 922 911 905

INFY EQ 1174 1158 1147 1131 1120

JINDALSTEL EQ 79 73 68 62 56

KOTAKBANK EQ 696 685 678 667 660

LT EQ 1164 1145 1123 1104 1082

M&M EQ 1214 1199 1185 1170 1155

MRF EQ 38972 38484 37992 37504 37012

MARUTI EQ 4367 4307 4281 4221 4195

ONGC EQ 228 225 221 218 215

ORIENTBANK EQ 119 113 108 103 97

RCOM EQ 85 81 76 72 67

RELCAPITAL EQ 445 420 393 368 341RELIANCE EQ 1098 1083 1075 1060 1051

RELINFRA EQ 588 550 517 479 446

RPOWER EQ 59 56 53 50 47

SBIN EQ 207 199 190 182 173

SSLT( VEDL) EQ 85 81 76 72 68

SUNPHARMA EQ 810 802 791 783 772

TATAMOTORS EQ 362 355 347 340 333

TATAPOWER EQ 68 65 63 61 59

TATASTEEL EQ 251 244 236 229 221

UNIONBANK EQ 131 125 119 112 106



TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION)

NSE CASH

GDL NSE CASH : GDL GAINED ABOUT 7% LAST WEEK AND EXPECTED TO GO

UPFURTHER,LONG POSITIONS CAN BE MADE ABOVE 350 FOR TGT AND SL OF 380 AND 338

RESPECTIVELY.

MUTHOOTFINNSE CASH : LONG POSITION CAN BE MADE IN MUTHOOTFIN ABOVE 190

FOR TGT AND SL OF 206 AND 184 RESPECTIVELY.

BERGEPAINTS NSE CASH : BERGEPAINTS GAINED 2% LAST WEEK AND LONG POSITIONS

CAN BE MADE ABOVE 266 FOR TGT AND SL OF 289 AND 257 RESPECTIVELY..

RAJESHEXPO NSE CASH : LONGPOSITION CANBE MADE IN RAJESHEXPO ABOVE 730 FOR

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1 JINDAL STEEL &PWR

93.35 64.05-31.39%

2 SINTEX

INDUSTRIES

102.65 75.20-26.47%

3 IDBI BANK LTD. 83.10 61.00-26.59%

4 ORIENTAL BANKOF

134.75 104.15-22.71%

5 ALLAHABAD

BANK

67.95 52.75-22.37%

6 CANARA BANK 228.55 179.90-21.29%

7 INDIABULLS REAL

EST

65.20 51.45-21.09%

8

UNION BANK OF

IND

143.25 113.70

-20.63%

9 NCC 78.70 63.90-18.81%

10 AMTEK AUTO LTD. 48.90 39.85-18.51%

11 WOCKHARDTLTD.

1577.25 1288.40-18.31%

12 SYNDICATE BANK 85.60 70.05-18.17%

13 VEDANTA 88.85 72.90-17.95%

14 JAIN IRRIGATION 74.75 61.55-17.66%

15 BANK OF INDIA 114.15 94.05 -17.61%

SR.NO SCRIPT NAMEPREV

CLOSE

CMP % CHANGE

1 RPP INFRA PROJECT 109.00 121.20 +11.19%

2 BALRAMPUR CHINI 77.75 83.60 +7.52%

3 ENERGY DEV. 40.95 43.90 +7.20%

4 GATEWAY DIS. 321.35 343.10 + 6.77%

5 INFOSYS 1069.45 1140.20 +6.62%

6 MINDTREE LTD 1455.25 1539.00 +5.76 %

7 RELIANCE INDS. 1031.95 1073.15

8 MUTHOOT FINANCE 177.30 183.00 +3.21%

9 BHARAT PETROLEUM 911.40 933.50 +2.42%

10 SHEMAROO ENT. 322.00 326.55 +1.41%

11 BERGER PAINTS 254.40 257.25 +1.12%

12 EMAMI LTD. 977.75 985.95 +0.84%

13 RAJESH EXPORT LTD. 705.30 711.00

14 CYBER MEDIA 13.30 13.40 +0.75%

15 HIND. PETROL 882.20 885.25



TGT AND SL OF 790 AND 707 RESPECTIVELY.

JISLJSLEQS NSE CASH : LONG POSITION CAN BE MADE IN JISLJALEQS ABOVE 64 FOR TGT

AND SL OF 70 AND 61.50.

NSE FUTURE

SKSMICRO FUTURE : SKSMICO FUTURE CONSISTENTLY MOVES IN DOWNWARD SIDE WE

CAN EXPECT FURTHER DOWNSIDE MOVEMENT IN IT BELOW 480 TGT 440 SL 490.

ZEEL FUTURE : ZEEL FUTURE MOVES IN BEARISH TREND TODAY ,WE CAN MADE SHORT

POSTION IN ZEEL FUTURE BELOW 380 TGT 350 SL 388.

JETAIRWAYS FUTURE : JETAIRWAYS FUTURE MOVES IN BEARISH TREND TODAYS ON

DAILY CHART OF IT ALSO MOVES IN BEARISH TREND WE CAN MADE SHORT POSITION IN

IT BELOW 670 TGT 600 SL 685.

UBL FUTURE : UBL FUTURE MOVES IN DOWNSIDE MOVEMENT ON DAIY CHART WE CAN

EXPECT FURTHER DOWNSIDE MOVEMNET IN IT BELOW 860 TGT 800 SL 880.

KSCL FUTURE : KSCL FUTURE MOVES IN BEARISH TREND ON DAIY CJ=HART OF IT ALSO

SUGGEST DOWNWARD RALLY WE CAN MADE SHORT POSITION IN KSCL BELOW 310 TGT

280 SL 322.



NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

Reform process to continue: Arun Jaitley - Finance Minister Arun Jaitley reportedlysaid the government would continue with the reforms, with “single -minded focus” to

increase investment and growth. “If India is to grow, it is obvious that our public and

added private investments have to grow, Jaitley was quoted as saying. “We cannot afford

a change in direction, and in this circumstances every state has to contribute,” the

minister said. Jaitley called upon the states to improve ease of doing business with a view

to attract investors, says report.

Govt may impose duty on crude imports, tweak domestic cess - The Government is

considering imposing import duty on crude oil while at the same time tweaking the cess

on domestic oil, according to report. Alteration in the cess on domestic oil has been a

long-standing industry demand. Similar demand was raised ahead of the Union Budget

2015-16. According to the industry, the cess today stands at more than 20 per cent of

crude oil price. The possibility of an import duty levy in Budget 2016-17 can not be ruled

out, an official has been quoted as saying.

Non-passage of GST Bill a blow to Indian economy: Jayant Sinha - The non-passage

of GST bill will be a blow to the Indian democracy, economy and the overall

development process, Union Minister of State for Finance Jayant Sinha reportedly said.

“We are very desirous to get the GST bill and we are doing everything and making all

efforts for this,” Sinha was quoted as saying.

Sinha said the BJP-led NDA government has been making all efforts to ensure passage

of the GST bill. Sinha reported that though almost all political parties were in favour of

the measure, all efforts went in vain due to Congress’ resistance.

Power prices may come down further says Piyush Goyal - Demand for electricity

hasn't increased as expected, resulting in a surplus and prices falling so much that state

distribution companies find it cheaper to buy power from the spot market than from

generators with which they have long-term contracts.



Persistent volatility in China’s market illustrates scale of reform challenge: Moody's

Investor Service - According to Moody's Investor Service, China’s equity and currency

markets remain very volatile even after the authorities attempted to stem price

movements. Coming soon after the country’s stock market turmoil in mid -2015, this

second episode suggests that China’s authorities are finding it increasingly difficult to

reconcile the tensions inherent in designing and implementing credible and effective

reform measures while maintaining economic, financial and social stability, says Moody's

Investor Service.

RBI releases monthly bulletin for January 2016 - The RBI released Jan, 2016 issue of

its monthly Bulletin. The Bulletin includes Speeches by the Top Management and

Current Statistics. This issue also includes three articles on: (1) Census on Foreign

Liabilities and Assets of Indian Direct investment Companies: 2014-15; (2) Survey on

International Trade in Banking Services: 2014-15; and (3) Survey on Computer Software

& Information Technology Enabled Services Exports: 2014-15. The Report on Trend and

Progress of Banking in India 2014-15 and Financial Stability Report – December 2015

are being issued with the Bulletin as a Supplement.

RBI increases provisions for ‘yet to fail’ CDR accounts - Reserve Bank of India has

asked lenders to increase provisioning for accounts that may not have yet failed corporate

debt restructuring , according to reports. Report says that the loan recasts of several firms

failed this year with the involved amount for the first eight months of FY16 estimated at

Rs. 22,303 crore. Earlier, RBI governor Raghuram Rajan stated that he would like to see

banks clean up their books by March 2017.

Why Q3 FYI6 may be yet another disappointing quarter? - December Quarter FY16

is expected to be another disappointing quarter for corporate India and raises concernsregarding a much delayed economic recovery. The net profit for our coverage universe is

likely to fall by 2.3% Y-o-Y rise 3% qoq. While revenue is expected to grow by 4.2%

and 4% on yoy and qoq basis respectively, EBIDTA margins look to be marginally lower

by 20 bps at 17.9% although they rose sequentially by 40bps. Our preview analysis is for

341 companies from our coverage universe of 500. These 341 stocks comprise ~70% of

total Indian equity market capitalisation. Profit growth for Nifty companies is expected to

be 5.7% yoy and 6.7% Q-o-Q.



Fitch: China Currency, Equity woes highlight stability Dilemma - China is facing a

sharpening dilemma between a perceived need to keep interest rates low to help the

economy manage its debt burden, and downward pressure on the Chinese yuan and

foreign reserves, says Fitch Ratings. The authorities have reduced interest rates steadily

since November 2014 in a bid to help the economy manage its debt burden - which ishigh and still rising - at a time of slowing growth. However, lower rates are helping to

drive capital outflows, weakening the yuan.

HSBC Global Research: CPI inflation rose more than expected in December - CPI

inflation rose more than expected in December led by higher food and core prices. This is

broadly in line with pass-through trends noted in recent PMI surveys. However, we are

not too concerned about price pressures yet given recent decline in commodity prices

29% oil price drop since 1 December and still wobbly growth conditions. On this note,

the steep decline in industrial output in November should be seen in tandem with the

sharp rise in the previous month since Diwali related distortions are at play. Doing this

still suggests that the momentum has weakened a notch; partly due to the impact from

floods affecting an industrial hub in Southern India. All this indicates that the 9.3%

manufacturing GDP uptick seen in the previous quarter is not likely to sustain.

Moody's: Indian corporates benefit from healthy domestic fundamentals - Moody's

Investors Service and its Indian affiliate, ICRA Limited, say that non-financial corporates

in India “Baa3 positive” will benefit from healthy domestic growth and accommodative

monetary policies. However, investment is constrained by the high leverage levels of

various corporate groups, the weak asset quality of the banking system, structural issues

in sectors such as steel and power generation, and setbacks in high profile policy changes,

such as the goods and services tax. Weak global growth and additional US rate hikes will

also weigh on businesses.

IOC to invest Rs. 13,000 crore to upgrade refineries to BS VI standard - Indian Oil

Corporation will invest nearly Rs. 13,000 crore to upgrade its refineries and produce BS

VI grade automotive fuels from April 1, 2020. The investment figure does not include the

amount required for the company’s newest refinery in Paradip, Odisha, IOC Director

Sanjiv Singh said. “The move to BS IV would require an investment of Rs. 7,000 crore.

This is already being done as we would need to sell BS IV across the country by April 1,



2017. Further, the move from BS IV to BS VI would require Rs. 13,000 crore of

investments,” Singh said.

RBI to come out with 'reasoned response' on IIP decline: Rajan - Reserve Bank of

India Governor Raghuram Rajan reportedly said the central bank will carefully look intothe latest data on industrial production, and come out with a “reasoned response”. “I don’t

respond to questions on macro economy on the fly. You will have a reasoned response in

some point. The numbers will be dissected,” Rajan said. Industria l production contracted

3.2 per cent in November, 2015, the sharpest decline in 4 years, RBI’s next bi-monthly

policy review will be unveiled on February 2.

World Economic situation is challenging: Jaitley - The Union Finance Minister Arun

Jaitley said that Indian economy is on path of recovery despite uncertainty and volatility

in global economic situation. He said that India recorded a higher growth of 7.3 per cent

in 2014-15 as compared to 6.9 per cent growth achieved in 2013-14 and 5.1 per cent in

2012-13, despite the slowdown witnessed in the world economy, pointing toward

resilience of the Indian economy. He said that the rate of growth of GDP in the first half

of the current financial year 2016-17 is estimated to be 7.2 per cent. The Finance Minister

was making the Opening Remarks during his pre-Budget consultation Meeting with the

leading economists.

Union Budget to be presented on February 29 - The government has confirmed that

the Union Budget will be presented on February 29, 2016. Given the sky high industry

expectations on several fronts and the current macro economic scenario of the nation, the

budget is very critical for the NDA government. Finance Minister Arun Jaitley has

already hinted that the budget will be more "social sector centric" and inclusive to

different groups.

Govt approves 5 FDI proposals worth Rs. 6,050 crore - Based on the

recommendations of Foreign Investment Promotion Board in its 229th meeting held on

21st December 2015, the Government has approved five proposals of Foreign Direct

Investment amounting to Rs. 6,050.10 crore.



Moody's: Global airline profits will continue to rise on low fuel prices in 2016 -

Global airline industry profits will remain strong amid lower fuel prices in 2016,

supporting a positive outlook on the industry for the next 12 to 18 months, says Moody's

Investors Service. Moody's expects the airline industry's operating margin to top 10% this

year. US carriers will continue to maintain the highest operating margins, owing partly toa mature domestic market and their modest exposure to weaker foreign currencies,

according to the report, "Global Airline Industry: Margins to Rise on Lower Fuel Prices,

Steady Demand Growth; Yields to Remain Flat.

China growth concerns pose challenge for India: SEBI chief U K Sinha - SEBI

Chairman U K Sinha said on Thursday the Chinese slowdown concerns have posed a new

challenge for India and raised uncertainty over the country’s growth. Certain things have

unfolded beginning of this year which have posed some serious challenges for global

economy and also India, Sebi chief U K Sinha said here this evening while addressing an

Icra function here. He noted that while previously the challenges were Greece and

European Union now the biggest challenge is China. Some of the measures taken in

China have brought about certain amount of uncertainty for global economy and markets,

he said.

TOP ECONOMY NEWS

The government has reportedly said India's competitiveness has not reduced and declining exports is a

concern for some sectors. "Fall of exports is because of commodity prices, currency fluctuation, not because your competency is down, Commerce and Industry Minister Nirmala Sitharaman has said.Sitharaman said that the depreciation of the Yuan is definitely going to make imported goods from Chinacheaper.

Union Finance Minister Arun Jaitley reportedly said India needs to increase public spending into social

infrastructure and rural sector to boost domestic demand. "India still manages a faster growth. But it is

important to see how do we improve our growth rate a little faster," Jaitley said.

In the run-up to the rate hike by the US Federal Reserve, there was strong concern over the stability of the

rupee, as a Fed liftoff was widely expected to trigger an outflow by foreign portfolio investors fromemerging markets, including India, putting huge pressure on the domestic unit.

Finance Minister Arun Jaitley stated that States are formulating policies to attract investments. The weak

rainfall has impacted rural demand, added Jaitley. He said that volatility is the new norm in Globaleconomy. Central Govt in partnership with states are trying to accelerate growth, Jaitley said.

Moody's Investors Service expects India Baa3 positive to remain among the world's fastest growing major



economies in 2016, but believes market trends this year will depend on whether inflation remains undercontrol and corporate profits revive.

Amid significant gloom that has caused India’s stock market to tank a fair bit in the very beginning of the

New Year, a World Bank report has projected India to be the brightest spot in the global economiclandscape in the calendar year ahead.

Stalling growth of Chinese economy is brewing fresh troubles for India. Due to fall in overall business

activity in China, there is increasing pressure on Chinese authorities to depreciate their currency further andgive boost to their exports. Problem with intentional depreciation of Yuan is that it exports the deflationfrom China to every other country that has trade relations with it.

India Inc raised US$3.16bn from overseas markets in November 2015, down 9.5% from a year ago, RBI

data showed.

The government has decided to amend the mining law in order to permit the transfer of non-auctioned

mines, which were granted for captive uses.

Electronic transactions related to e-governance projects in the country have almost doubled in 2015, owing

to the Digital India Programme, Telecom Minister said.

The Cabinet is likely to approve by the first week of February a new power tariff policy with focus on

clean energy, better regulation of discoms and faster roll out of investments, Power Minister has said.

R ailway Minister described the Kolkata-New Delhi railway corridor as the most "congested" in the

country and said collaboration with several countries is being done to revamp the network.

The Prime Minister's Office has constituted a high powered committee under the vice-chairman of NITI

Aayog to fast-track the Mumbai-Ahmedabad High Speed Rail Corridor, which will be used to run 'bullettrains' between the two cities.

The government is likely to spend Rs110 billion in the next five years to improve the road infrastructure

sector in the country to reduce the number of accidents.

The net outlook bias is a negative 11%, which is the worst level since the 2008-2009 financial crisis. That's

according to a report by Standard & Poor's Ratings Services titled, " Global Corporate Rating Trends 2016:Largest Negative Swing Since 2009".

Fitch: Further USD appreciation complicates Economy, Trade, Industrial Sectors -

Continued appreciation of the U.S. Dollar relative to the euro would affect net exports,with knock-on effects for GDP growth and several corporate industrial sectors, accordingto a new study by Fitch Ratings and Oxford Analytica.

The net outlook bias is a negative 11%, which is the worst level since the 2008-2009

financial crisis. That's according to a report by Standard & Poor's Ratings Services titled," Global Corporate Rating Trends 2016: Largest Negative Swing Since 2009".

Government data show CPI inflation rising to 5.61% in December from 5.41% in

November and 4.28% a year ago.The CPI has risen sharply due to surge in food inflation to 6.4% from 6.07% in November.Retail inflation for housing inflation at 5%.December Urban Inflation rate stands at 4.73% Vs 4.71% in November.



The Index of Industrial Production for the month of November 2015 stands at 166.6,

which is 3.2 percent lower as compared to the level in the month of November 2014. Thecumulative growth for the period April-November 2015 over the corresponding period ofthe previous year stands at 3.9 percent.

Power and Coal Minister said Japanese financial institutions have evinced keen interest

in investing large amount of capital in various sectors including energy space in India.

The wholesale price index -based deflation persisted for the 14th straight month in

December with the index dropping 0.73% compared to 1.99% in November.

TOP CORPORATE NEWS -

Reliance Industries Ltd. has disputed the one-man AP Shah Committee constituted by government to

decide on the firm's KG gas dispute with ONGC, saying the panel has no legal basis and only arbitration

can decide on such disputes, as per the contract.

Hindustan Zinc Ltd. is planning to invest Rs.80 billion over the next 3-5 years to increase its ore and

finished metal production.

Bharat Forge announced plans to set up an integrated auto component hub in Nellore in Andhra Pradesh

and said it will invest Rs. 12 billion and create 3,000 jobs.

Ashok Leyland Ltd. has received a US$50mn worth order for vehicles and spare parts from the

Government of Zimbabwe.

DLF Ltd. said that it would begin handing over flats in its 1,830-apartment residential complex in

Bengaluru, after a division bench of the Karnataka High Court dismissed a public interest litigation against

the project.

Reliance Power, said that the Central Electricity Regulatory Commission has approved

its petition seeking “change in law” during operations related to the company’s 4,000

megawatt Sasan Ultra Mega Power Project in Madhya Pradesh.

Cadila Healthcare said it has received Establishment Inspection Report for Baddi

manufacturing plant from the US health regulator after successful inspection closure.

NIIT Technologies said it has entered into an over Rs2.2bn pact with UK

communications regulator Ofcom for providing information and communications



technology services.

Aurobindo Pharma Ltd. has become the latest global conglomerate to launch its factory

in Saudi Arabia. The company's investment arm has leased a site in Phase one of the King

Abdullah Economic City's Industrial Valley to build its first manufacturing facility in

Saudi Arabia to produce oral tablets and capsules.

Suzlon Ltd. Group said it has bagged 197.40 MW repeat order from a Independent

Power Producers company in Andhra Pradesh.and company als has announced its foray

into solar power with projects worth 210MW in Telangana.

Tata Steel on Monday said its sales rose by 10 per cent to 2.35 million tonnes in the

quarter ended December 31, up from 2.13 MT in the year-ago period.

Tata Consultancy Services Ltd. missed the street expectations showing a disappointing

performance in the sixth consecutive quarter. The top IT firm registered a mere 0.7%

growth Q-o-Q in the quarter ending December 2015 and 11.7% growth Y-o-Y with a

Constant Currency growth of 0.5% Q-o-Q. The company expects Q4 to be better than Q3

FY16.

Everest Industries reported a 145% increase in net profit at Rs. 2.7 crore for the third quarter that ended on

December 31, 2015. The company's total income has increased by 1.87% at Rs. 282.5 crore for the quarter

against Rs. 277.3 crore in the corresponding quarter of the previous year.

Bharat Heavy Electricals Limited added record capacity of 5,010 Mw of utility power projects in the first

three quarters of the current financial year.

Coal India Ltd. is making its biggest tech overhaul in four decades to check rampant theft and shed its

image as an inefficient behemoth, spurred by an impending opening up of the sector to private firms for the

first time since the 1970s.

Indian Oil Corporation, the country's biggest refiner, will invest up to $2.69 billion in six of its refineries

to upgrade fuel specifications to meet government norms, a senior official said.

Infosys Ltd. third quarter earnings beat analysts' expectations on Thursday with

consolidated profit rising 1.94 percent sequentially to Rs 3,465 crore and revenue

growing 1.7 percent to Rs 15,902 crore. Dollar revenue for the quarter increased 0.6



percent to USD 2,407 million from USD 2,392 million on sequential basis and 1.1

percent in constant currency.

Idea Cellular Ltd. has announced that it's expanding 4G network to central and north

Indian states, taking total circles where it is offering 4G services to seven, up from four in

December.

Reliance Communications said it has received a go-ahead from the stock exchanges to

acquire Sistema Shyam Teleservices Ltd (SSLT) , which operates under the MTS brand.

Government has approved five foreign investment proposals involving an inflow of Rs60.5bn including a

Rs50bn plan of Cadila Healthcare for fresh equity infusion.

Jindal Steel & Power Ltd has put on hold its expansion plans and said the company is not in a "tearinghurry" to sell some its non-core assets.

A committee under the Ministry of Environment and Forest has given green signal to the proposed 2

million tonnes per annum pellet plant at the Integrated Steel Plant being set up by NMDC in Chhattisgarh.

Tata Consultancy Services Ltd. Japan announced that it has begun the deployment of a new

communication infrastructure service called ASTEPLUG CI for Japanese conglomerate Mitsubishi

Corporation and is concurrently providing the service to Mitsubishi Corporation group companies.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The merger advisory units of Axis Bank , Kotak Mahindra Bank and ICICI Bank have

made it to the list of top five dealmakers by fees earned during 2015, a Dealogic report

has revealed. This marks the return of Indian tigers, overtaken by American and European

investment banks since mid-2000s.

Public sector lender Indian Overseas Bank today said it will rationalise the number of

its regional offices by closing 10 such offices to improve efficiency.

The December and March quarter earnings of state-run banks may turn out to be the

worst in years as they have been mandated to set aside funds not only on loans that aren't

being repaid on time, but also on those that have shown signs of weakness on the books



of other lenders. This follows meetings that the RBI has held with banks, said two senior

officials who attended the meeting.

IDFC Bank has acquired 10% stake in ASA International India Microfinance for about

Rs. 8.5 crore, according to reports. ASA International India is a division of Dhaka-

headquartered ASA, which operates in over 12 countries.

Indian Bank has announced that pursuant to the Bank's Strategic Plan discussed by its

Board on October, the Bank is proposing to seek the approval of its Board in the ensuing

Board Meeting to be held on January 19, 2016 to permit the Bank to raise Basel III

compliant Tier II Bonds for Rs. 1100 crore in one or more tranches in the current or

subsequent years based on the requirement.

The State Bank of India has identified non-core assets and unlisted entities that it plans

to monetise to meet capital and regulatory requirements under Basel III norms.

IndusInd Bank has tied up with online payment solution firm, PayU India. This will help

provide customers the full suite of consumer banking products online as well as payment

innovations. The partnership is aimed at bridging the gap between conventional banking

and new online payment systems.

Private sector lender Karur Vysya Bank reported a 34.20 per cent jump in net profit at

Rs 152.83 crore for third quarter ended December 31, on account of lower provisions for

bad loans.

State Bank of India said it has secured a US$500mn loan from Korean EXIM Bank to

help fund companies from the East Asian nation setting up units in India.

The country's largest public sector bank, SBI , opened its first branch dedicated to serving

startup companies in Bengaluru.



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