TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

CNX NIFTY - The Nifty Future is open on Monday 7732.95 The market took a sharp beating in post lunch trade

triggered by sell-off in option futures. Traded between 7700-7800. On Wednesday Nifty tumbled below 7750 as

fears of further downtrend seized trader. Even as the market inched lowered, thereatening to go below 7,750. The

intensity of the fall was expected partly because of global actions leading to building of shorts and partly due to

gains in dollar index. The Expectation of Market is on positive trend for next week. Thursday Market gives Some

positive movement due to Globle Market open in Bullish trend and expectation traders took down the the

possibility of December hike rate after the release, from a 74 percent chance to 68 percent. The expectation from

market for next week toward positive movement. We could see the Nifty Around 8000-8100.Resistance for Nifty

is R1 8019 And R2 8401Support for Nifty is S1 7637 S2 7255.

Bank Nifty Future: The Bank nifty is also open in red on Monday at 16881 and made the high of 17230 and low

16855 and traded between 16800-17200 the Bank Nifty is currently 17055 and for next we could expect the that

nifty can give the gap up opening Reserve Bank of India (RBI) directed banks that they should lend at least 11.57

percent of their funds directly to non-corporate farmers in the fiscal 2015-16.RBI guoide Bank toward agriculture

sector consider under the priority sector. The expectation from Banking shares is bullish trend and the chance of

Bank Nifty to cross the level of 17200 the Resistance for Bank Nifty is 17410-18070 The Support of Bank Nifty

is 16750-16090. According to Technical Analysis Some hot stock in Banking sector is HDFC Bank , ICICI Bank,

YES Bank,Canara Bank and Bank of India we could take Buy Position on these script for short term Prospects.IT

& Banking Sector is probably on Bullish Trend.

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S28124 7950 7863 7776 7602

WEEKLY R2 R1 PP S1 S28401 8019 7828 7637 7255

MONTHLY R2 R1 PP S1 S29101 8297 7895 7493 6689

BANK NIFTY

DAILY R2 R1 PP S1 S218070 17410 17080 16750 16090

WEEKLY R2 R1 PP S1 S218586 17556 17041 16526 15496

MONTHLY R2 R1 PP S1 S219666 17908 17029 16150 14392

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8044 7987 8180 8349

BANK NIFTY 17372 17243 17808 18195

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 7740 7685 8640

BANK NIFTY 16680 15910 19950

PATTERN FORMATION ( NIFTY AND BANK NIFTY )

MAs also impart important trading signals on their own, or when two averages cross over. A rising MA indicates that the security is in anuptrend, while a declining MA indicates that it is in a downtrend. Similarly, upward momentum is confirmed with a bullish crossover, whichoccurs when a short-term MA crosses above a longer-term MA. Downward momentum is confirmed with a bearish crossover, which occurswhen a short-term MA crosses below a longer-term MA.While on the Above given Chart both the condition are not following so we canexpect that if the Nifty is crossing the level of 8000 it can make 8100-8200 high for Next Week. Weekly Support of Nifty Is 7255-7637 AndResistance is 8019-8401.

BANK NIFTY MACD

Details of Chart - On the Above given chart of Bank Nifty Weekly MA for week is giving signal if it breaking the level of 17200 it couldmake high of 17500.So we can expect The Uptrend movement for Bank nifty in Next week trading Session. Reserve Bank of India (RBI)directed banks that they should lend at least 11.57 percent of their funds directly to non-corporate farmers in the fiscal 2015-16. So BankingIndustry Shares Can open i the bullish trend on Monday. Resistance for Bank Nifty is R1 17556 R2 18586 and the Support of bank Nifty isS1 16526 S2 15596. Although The movement of Market depend on the globle Market News For instance Fed Hike Decision, Market trendAnd Others.

NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2

ACC EQ 1357 1348 1339 1330 1321

ALBK EQ 76 75 74 74 73AMBUJACEM EQ 206 204 201 199 196ASIAN PAINT EQ 839 833 826 820 813

AXISBANK EQ 469 465 462 458 455BAJAJ-AUTO EQ 2563 2531 2478 2446 2393

BANKBARODA EQ 178 175 171 168 164BANKINDIA EQ 133 132 129 128 126

BHEL EQ 181 179 177 175 173BHARTIARTL EQ 343 341 337 335 332

CIPLA EQ 653 649 640 635 627COALINDIA EQ 341 338 335 332 329

DLF EQ 108 106 104 102 100DRREDDY EQ 3411 3378 3343 3310 3275

GAIL EQ 381 369 346 334 311GRASIM EQ 3728 3708 3679 3659 3630

HCLTECH EQ 884 875 865 856 846HDFC EQ 1234 1223 1212 1201 1190

HDFCBANK EQ 1093 1086 1073 1066 1053HEROMOTOCO EQ 2665 2627 2600 2562 2535

HINDALCO EQ 80 79 78 77 77HINDUNILVR EQ 808 803 799 794 790ICICIBANK EQ 274 271 267 264 260

ITC EQ 354 351 349 345 343INDUSIND BANK EQ 944 934 922 913 901

INFY EQ 1074 1065 1053 1044 1032JINDALSTEL EQ 98 93 89 84 81KOTAKBANK EQ 700 693 686 679 672

LT EQ 1389 1375 1360 1346 1331M&M EQ 1345 1331 1311 1297 1277MRF EQ 39848 39597 39299 39048 38750

MARUTI EQ 4846 4790 4711 4655 4576ONGC EQ 238 236 234 232 229

ORIENTBANK EQ 152 150 147 145 143RCOM EQ 68 67 66 65 64

RELCAPITAL EQ 413 409 406 401 398RELIANCE EQ 970 959 942 932 915RELINFRA EQ 439 429 418 409 398RPOWER EQ 50 49 48 48 47

SBIN EQ 253 248 245 240 237SSLT( VEDL) EQ 96 95 93 91 89SUNPHARMA EQ 746 737 732 724 719TATAMOTORS EQ 414 408 405 400 397TATAPOWER EQ 68 67 67 66 66TATASTEEL EQ 235 233 230 228 226

UNIONBANK EQ 48 47 47 46 46

TOP 15 ACHIEVERS // TOP 15 LOOSERS

NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION )

FUTURE CALLS

1. ZEEL FUTURE : ZEEL MOVES IN BULLISH TREND WE CAN MADE LONG POSITION IN ZEEL

ABOVE 401 TGT 420 SL 395.

2. ADANI POWER : SELL ADANI POWER BELOW 269 TGT 250 SL 274.

3. ARVIND FUTURE : SELL ARVIND FUTURE BELOW 304 TGT 290 SL 310.

4. INFRATEL FUTURE : SELL INFRATEL FUTURE BELOW 384 TGT 370 SL 390.

5. JUSTDIAL FUTURE : BUY JUSTDIAL FUTURE ABOVE 870 TGT 940 SL 854.

SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE

1KAVERI SEED CO. 462.30 416.00 -10.02 %

2 SHREE CEMENT 11765 10862 -7.68 %

3OIL INDIA LTD. 390.80 363.00 -7.11 %

4 GODREJ CONSUMER

1317.65 1225.00 -7.03 %

5 INDIAN HOTEL CO. 97.05 90.90 -6.34 %

6 REL COMM LTD. 70.15 65.85 -6.13 %

7DLF LTD. 108.80 102.15 -6.11 %

8 POWER FINANCE CO.

226.05 213.40 -5.60 %

9 AJANTA FARMA LTD. 1419.80 1340.80 -5.56 %

10 HEXAWARE TECHNO

262.70 249.15 -5.16 %

11INFOSYS 1106.40 1050.00 -5.10 %

12 EMAMI LTD. 1051.95 1000.00 -4.94 %

13BEML LTD. 1110.40 1067.20 -3.89 %

14 IDBI BANK LTD. 87.55 84.40 -3.60 %

15HERO MOTOCO 2657.40 2563.65 -3.53 %

SR.NO SCRIPT NAME PREVCLOSE

CMP % CHANGE

1 SHRI RENUKA SUGUR 11.37 15.55

+36.76 %

2 VAKRANGEE 116.60 152.60 +30.87 %

3GAIL(INDIA) LTD. 281.15 349.45

+24.29 %

4 JINDAL STEEL 71.55 87.45 +22.22 %

5GMR INFRA LTD. 11.64 14.07

+20.88 %

6 FIRSTSOURCE SOLUT

32.60 38.60 +18.40 %

7HAVELLS INDIA 258.65 293.00

+13.28 %

8 JUST DIAL 773 868 +12.29 %

9CENTURY TEXTILES 510.60 572.40

+12.10 %

10 FINOLEX CABLES 240 265 +10.42 %

11REL INFRA 380.35 417.60

+9.79 %

12 HIND CONSTRUCTION

23.00 25.25 +9.78 %

13JET AIRWAYS 421.55 458.00

+8.65 %

14 GATI LTD. 135 146.25 +8.33 %

15ADANI POWER LTD. 26.95 29.05

+7.79 5

CASH CALLS

1. AMARAJABAT CASH : AMARAJABAT HAS BEEN TRADING IN A CONSOLIDATED RANGE IF

FOR COPPLE OF WEEKS AND BREAKOUR IS EXPECTED.LONG POSITION CAN BE MADE

ABOVE 908 FOR TGT OF 965 WITH SL OF 887.

2. JPASSOCIAT CASH : JPASSOCIAT CAN SHOW UPWARE MOMENTUM ABOVE 13.30.LONG

POSITION CAN BE MADE ABOVE 13.30 FOR TGT OF 14.10 WITH SL OF 12.95.

3. IOB CASH : IOB IS FORMING A KIND OF ROUNDING BOTTOM PATTERN ON DAILY CHART

AND BREAKOUT LEVEL IS ABOVE 31.60, LONG POSITION CAN BE MADE ABOVE IT FOR

TGT OF 33.80 WITH SL OF 30.90.

4. INDIACEM CASH : INDIACEM IS EXPECTED TO SHOW UPWARD MOMENTUM , LONG

POSITION CAN BE MADE ABOVE 83 FOR TGT OF 89 WITH SL OF 81.

5. VAKRANGEE CASH : VAKRANGEE GAINED ABOUT 25% IN THE LAST WEEK AND

EXPECTED TO MOVE UP FURTHER. LONG POSITION CAN BE MADE ABOVE 153 FOR TGT

OF 162 WITH SL OF 148.

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

1. October WPI seen at -3.82%; core inflation at -1.87% - The wholesale price index for the

month of October is expected to decline 3.8 percent this month, compared to a decline of

negative 4.4 percent on a month-on-month basis. The contraction is expected to come down on

a MoM. The core inflation number is also expected to contract, but will remain in the negative

zone. It is expected a decline of around 1.87 percent versus 1.93 percent. The build-up in

inflation rate so far this year has been around 0.28 percent and compare this to 2.61 percent on

a year on year basis. The decline is 3.5 percent to a decline of 4 percent. As per the estimates,

lesser contraction is expected in all numbers in comparison to the previous month. They will

still be in negative zone, but the contraction will be lesser. The quarter-on-quarter pick-up or

the MoM pick-up is likely to be led by fuel as well as food inflation. Pulses rose over 40

percent, which is possibly is going to weigh to some effect on the WPI data as well.

2. State-owned compnies like IRFC, Hudco and NHAI to offer tax-free bonds of Rs 18,000

crore - Yield-hungry investors will have reason to celebrate even after Diwali. Three

state-owned companies will offer tax-free bonds of as much as Rs 18,000 crore collectively in

the next two to four weeks, giving crestfallen retail investors an opportunity to earn attractive

returns over a long period. Indian Railways Finance Corporation, Housing & Urban

Development Corporation and National Highways Authority of India will sell tax-free bonds

that are at least five times larger than recent issuances, three market sources told ET.

Individuals who could not subscribe to such bonds offered by NTPC, Power Finance

Corporation and Rural Electrification Corporationin the past two months are now expected to

rush for the fresh series. NTPC, PFC and REC sold bonds worth Rs 700 crore each, which were

oversubscribed multiple times. IRFC will sell tax-free bonds worth Rs 4,532 crore at expected

retail interest rates of about 7.30-7.48-7.45 per cent across 10-15-20-year maturities, dealers

said. The rates will not be in sharp contrast to what were offered before the latest Reserve Bank

of India interest rate cut, although they would be a tad higher than the REC issue two weeks

ago.

3. India Inc mops up Rs 3lk cr in H1 FY16, prefers debt route - Indian companies have

garnered close to Rs 3 lakh crore from the markets in the first half of the ongoing fiscal with

debt market emerging as the most preferred route for their corporate needs. An analysis of

funds raised through various channels showed that companies have mopped up fresh capital

totalling Rs 2,90,470 crore through equity and debt in the first half of the current fiscal. A large

chunk of this, more than Rs 2.44 lakh crore came from the debt market, while Rs 46,197 crore

were mobilised through equity. The funds were raised for business expansion plans to support

working capital requirements and retire debt. In the equity segment, money was raised through

the preferential route followed by qualified institutional placements, rights issue and initial

public offers. Whereas in the debt market, the companies bagged over Rs 2.43 lakh crore

through debt placement, while public issuance of debt securities accounted for just Rs 1,553

crore.

4. LIC's Rs 45,000 crore purchase exceeds 2014 infusion, accumulates tech and banking

shares - Life Insurance Corp, the country's largest domestic institutional investor, has

purchased shares worth over Rs 45,000 crore in the stock market so far in this financial year,

exceeding last year's total. Taking advantage of volatile market conditions, LIC bought stocks

of firms such as Tata Consultancy Services, Wipro and Axis Bank. LIC has simultaneously cut

holdings in state-run companies, including Coal India and State Bank of India. Last year, LIC's

gross investments were Rs45,000 crore, compared with Rs 53,373 crore in the previous year

and Rs 33,205 crore in 2012-13. "This year, we have invested around Rs 45,000 crore in the

equity market," said a senior LIC executive who did not want to be identified. "We have been

buying equities since the beginning of this fiscal as valuations have tumbled for some sectors."

The insurer has been playing a contrarian theme, as it often does, and accumulated technology

and banking company shares when they were being shunned by other investors over the past

few months. LIC increased its stake in TCS to 2.44 per cent from 2.26 per cent in March,

Wipro to 1.88 per cent from 1.64 per cent and Axis Bank to 14.14 per cent from 12.49 per cent

in March. It cut holdings in SBI to 11.27 per cent from 11.82 per cent in March.

5. Japan economy shrinks 0.8% in Q3, back in recession - Japan's economy slid back into

recession in July-September as uncertainty over the overseas outlook hurt business investment,

putting policymakers under growing pressure to deploy new stimulus measures to support a

fragile recovery. Many analysts expect the economy to grow only moderately in the current

quarter as companies remain hesitant to use their record profits for wage hikes, underscoring

the challenges premier Shinzo Abe faces in pulling Japan sustainably out of stagnation with his

"Abenomics" stimulus policies. The world's third-largest economy shrank an annualised 0.8

percent in July-September, more than a median market forecast for a 0.2 percent contraction,

government data showed on Monday.

6. Mutual Funds see Rs 1.35 lakh crore inflow in October - Investors pumped in Rs 1.35

lakh crore into various mutual fund schemes in October, with 'liquid' segment contributing the

most to the inflow.It follows an outflow of over Rs 77,000 crore into mutual fund products in

the preceding month. It was the highest outflow in a single month since March, when the

industry had seen a withdrawal to the tune of Rs 1,09,897 crore. According to data from the

Association of Mutual Funds in India, investors have poured in a net of Rs 1,34,564 crore in

MF schemes last month. With this, the total net inflow in MF schemes has crossed over Rs 2.15

lakh crore in the April-October period of the current fiscal, 2015-16. In comparison, mutual

funds had witnessed an outflow of Rs 1.55 lakh crore in the year-ago period.

7. Wall Street surges over 1%, looks past Paris attacks - Wall Street had its strongest session

in three weeks on Monday, with sizeable gains in energy shares as investors bet Friday's deadly

attacks in Paris would have little long-term impact on the US economy and corporate earnings.

US oil prices rose after French air strikes in Syria in reaction to multiple attacks in Paris on

Friday that killed 129 people, with Islamic State claiming responsibility.

8. Government to reach out to opposition to get GST Bill passed: FM Arun Jaitley -

Finance Minister Arun Jaitley today said the government would make all efforts to persuade the

opposition for the passage of Constitution amendment bill for implementation of GST in the

winter session."The process of economic reforms is a continuing one, no reform legislation is

stopped in Parliament in past though delay may occur ... make efforts with opposition to get

GST passed by Upper House in coming Parliament session," he said at UAE India Economic

Forum 2015 Meeting here. The Goods and Services Tax , which will subsume more than a

dozen state levies to create a single market, is to be implemented from April 1, 2016. But the

deadline may be missed if Parliament does not pass the Constitution Amendment Bill in the

upcoming winter session beginning November 26. The Bill has been passed in the Lok Sabha,

it is awaiting clearance from the Rajya Sabha where the ruling NDA lacks a majority.

9. BSE to host Conscious Leadership conclave for head honchos - Prominent personalities

from the industrial and corporate world will join a conclave on 'Conscious Leadership -

Passion, Purpose and Profit', for application of ancient Indian principles in modern businesses.

Organised at the Bombay Stock Exchange jointly with Artha Forum and Indo-American

Chamber of Commerce on Saturday, the keynote address will be delivered by spiritual leader

Radhanath Swami.

10. Chinese President Xi Jinping says China's economy resilient, ample room for

manoeuvring - Chinese President Xi Jinping said on Wednesday that the fundamentals of

China's economy remain positive, the economy is proving resilient to the pains of deepening

reform and there is ample room to fend off downward pressure. Xi also told a meeting of

Asia-Pacific leaders in Manila, the Philippines, that the world economy was beset with

uncertainties with growth continuing to fall short of expectations.

11. Arun Jaitley seeks UAE sovereign wealth funds' investment for NIIF - Finance

Minister Arun Jaitley Tuesday invited sovereign wealth funds of the UAE to invest in National

Infrastructure and Investment Fund, saying it will provide good return. NIIF will attract good

return on the investment made by the Sovereign Wealth Funds, the Finance Ministry said in a

statement."It's a great opportunity for UAE Sovereign Wealth Funds and Pension Funds to

make best use of it and make big investment in India," it said. Abu Dhabi Investment Authority

has shown keen interest in making investment on NIIF, it added. The recently created Rs

20,000-crore NIIF will be professionally managed and mainly invest in commercially viable

infrastructure projects. The Finance Minister had a meeting with ADIA Managing Director

Sheikh Hamed Bin Jayed Al Nahyan and Chairman, Abu Dhabi Crown Prince Court, where

investment in various sectors including infrastructure were discussed.

12. India's current account deficit to be 1% of GDP in FY'16: Citi - India's current account

deficit is likely to be about 1 percent of the GDP in the current fiscal because of low crude

prices and contained gold imports, says a Citigroup report. According to the global financial

services major, CAD is likely to be about USD 20.6 billion in 2015-16, as against USD 28

billion last year. Though it's still early to call the bottom on export contraction, we maintain our

view of India's current account deficit narrowing to around 1 percent of GDP in FY16 due to

low crude prices and contained gold imports," Citigroup said in a research note. According to

official figures, trade deficit in the first seven months of the current fiscal has shrunk to USD

77.76 billion as against USD 86.26 billion last fiscal.

13. FPIs resume selling ahead of US Fed meet in December - Indian equity markets are

witnessing another spell of selling by foreign funds ahead of US Fed meet in December where

it may raise interest rates. Foreign portfolio investors have sold equities worth $517 million so

far this month, stock exchanges data showed. A slew of foreign direct investment reforms

announced by the government last week failed to contain sell-off as FPIs sold equities worth

$227 million during the previous two sessions.On November 10, the government announced

relaxation of FDI norms across 15 sectors including defence, banking, construction, single

brand retail, broadcasting and civil aviation. The notification also said the Foreign Investment

Promotion Board could now clear proposals up to Rs 5,000 crore (compared to Rs 3,000 crore

earlier). Amid concerns over China, overseas investors had sold equities worth $2.57 billion

during the first quarter of the current fiscal, making it the worst quarter in nearly seven years.

However, October offered some respite to the Street as FPI buying picked up as the Reserve

Bank had slashed the repo by 50 basis points. FPIs bought equities worth $877 million during

October.

14. Fed may send a big message to markets - Minutes from the Fed's last meeting could be a

big deal for markets Wednesday, showing the central bank is finally ready to raise rates next

month — barring any negative surprises in the economy. "Hopefully, they'll make their

intentions to raise rates a lot clearer in the new set of minutes," said Jack Ablin, CIO of BMO

Private Bank. The Fed on Oct. 28 laid out some of what it would consider in December when

deciding whether to move its target fed funds rate off of zero rates for the first time in nearly

seven years. Analysts expect that to be emphasized in the minutes. I think even if they were to

hike 25 basis points in December, it's not a tightening. It's just a removal of accommodation

and I think they want to make that very clear so as not to derail the rally in risk assets," said Jim

Caron, fixed income portfolio manager at Morgan Stanley Investment Management.

15. PM Narendra Modi to focus on anti-terror, business cooperation in Kuala Lumpur -

Shoring up efforts to combat terrorism and enhancing economic engagement will be the focus

of Prime Minister Narendra Modi when he addresses two powerful regional blocs at the

ASEAN-India and East Asia summits during his tree-day visit to Kuala Lumpur beginning

Saturday. Modi will also hold talks with top leadership of Malaysia on ways to ramp up

bilateral cooperation in a range of areas including defence and security and take the strategic

ties to a new level. The two sides are like likely to sign a number of MoUs. Combating

terrorism is likely to be the major focus area of the 10th East Asia Summit and the Prime

Minister will seek concerted efforts to defeat the challenge as the shock of the Paris terrorist

attacks jolted the whole world, said officials.The ASEAN is considered one of the world's

fastest growing regions and both sides are likely to seek greater economic engagement besides

expanding cooperation in host of other areas such as maritime security and dealing with illicit

drug trafficking and cyber crime.

16. LIC diet sees more equity chomp -- Life Insurance Corporation of India has over the past

three years slowly gone heavier on equity, from a conservative and debt-heavy investor.The

country's largest insurer and one of the largest investors in the stock market is slowly turning

towards the equity markets, with higher investment and more participation in large issuances,

too. Senior officials at the government-owned company said with volatility in the markets and

stock prices, it was seen as a good opportunity to buy. "Churning has been more pronounced,

and unlike others, we are a long-term player," said one.In the recent Indian Oil Corporation

issue, the insurer took nearly 86 per cent of the offer. It had invested in the share issues of Coal

India and share sales in Steel Authority of India last year. While it has often been labelled a

'bailout agency' of the government, LIC has maintained these were decisions it took on merits

of the company, the issue and pricing, and after detailed assessment by an internal investment

team.In a recent interview to this newspaper, LIC chairman S K Roy had said it was a rising

market last year. As a contrarian investor, he said, LIC tends to sell in a rising market. "In a

falling market, we will tend to buy. Which of the two will happen will depend on the behaviour

of the market."

17. Federal Reserve leaves itself a little room — just in case - While Wall Street talks up the

near certainty of a December interest rate hike, the Federal Reserve has left itself some wiggle

room for delay. A summary from the most recent Federal Open Market Committee meeting in

October contained the expected nod toward raising the key funds rate in December so long as

conditions warrant. But the minutes also showed a committee more divided, if in sentiment but

not in actual voting, than it's been since Janet Yellen chaired her first meeting in March 2014.

Traders took down the possibility of a December rate hike after the release of the minutes, from

a 74 percent chance to 68 percent. Members actively debated the wisdom both in moving too

soon and waiting too long. They wondered about delivering the wrong message both at the

October meeting and after future FOMC gatherings where, ostensibly, the committee will begin

hiking rates at a measured pace. And they debated not only over what to do should things

continue to improve, but also how to proceed should conditions worsen.

18. Mutual Funds buy shares worth Rs 52,000 crore in Apr-Oct - Mutual Fund managers

remained bullish on equity markets and purchased shares worth a staggering Rs 52,000 crore in

the first seven months of the ongoing financial year. This is on top of Rs 40,722 crore already

invested by them in the entire 2014-15 – the first net inflow in six years for an entire fiscal after

outflows, on net basis, for five consecutive financial years. Between 2009-10 and 2013-14, MF

managers had cumulatively sold shares worth over Rs 68,000 crore. They had bought shares

worth Rs 6,985 crore in 2008-09. According to the latest Sebi data, fund managers have

invested a net Rs 51,977 crore in the April-October period of 2015-16, making it the 18th

consecutive month when MFs invested in equities.They have made intensive buying especially

in September and August, when the domestic market crashed due to rout in Chinese equities.

During that time, overseas investors have pulled out from the Indian stock markets.

19. Fed officials again flag December rate hike - Federal Reserve officials on Wednesday

continued to flag December as a likely time for interest rates to rise after seven years near zero,

with two expressing confidence they will be able to pull off a rate hike smoothly despite fears

of an abrupt market reaction. Investors reacted by increasing the odds for a rate increase next

month to 72 percent, from 64 percent on Tuesday, based on interest rate futures prices.

Cleveland Fed President Loretta Mester repeated her position that the U.S. economy is now

strong enough to absorb a modest policy tightening. Atlanta Fed President Dennis Lockhart,

sitting alongside her on a panel in New York, said global financial markets have settled since

the August turmoil that caused the U.S. central bank to delay raising rates. "I am now

reasonably satisfied the situation has settled down ... So I am comfortable with moving off zero

soon, conditioned on no marked deterioration in economic conditions," Lockhart told a

conference of bankers, traders and regulators. "I believe it will soon be appropriate to begin a

new policy phase," he said, adding he will monitor economic data between now and a meeting

on Dec. 15-16, for which he has a vote on policy. Mester regains a vote next year under a

rotation.

Sentiment for a December hike took firm hold at the Fed's October 27-28 policy meeting,

according to meeting minutes released on Wednesday that showed a solid core of U.S. central

bankers poised for liftoff.

20. New bilateral assistance norms to fast-track projects:Goyal - The government today

approved a policy on bilateral assistance to fast track flow of overseas investments into

infrastructure projects. "We have today approved a policy on bilateral official development

assistance for development cooperation with bilateral partners and modified the existing

guidelines," Power Minister Piyush Goyal said after the cabinet meeting. The decision will

provide a flexible regime and enable the Ministry of External Affairs and the Ministry of

Finance to enter into bilateral agreements with different countries which will help India

generate large amounts of investments at concessional terms for long durations. It will also help

India in developing infrastructure in expeditious manner, he said. The decision has been taken

is aimed further liberalising the activities under this bilateral cooperation with different

countries. India has bilateral cooperation agreement with countries such as Japan.

21. India seeks investments from GCC countries - India has sought investments from the

member countries of the Gulf Cooperation Council in sectors like infrastructure during a

recently concluded meeting in Saudi Arabia, CII today said. A 42-member CII delegation

participated in the 4th GCC-India Industrial Forum. The forum underscored the need for

building strong business partnership between the two sides and exploring investment avenues

in diverse fields, it said in a statement. The six GCC countries are - Oman, the UAE, Bahrain,

Kuwait, Qatar and Saudi Arabia. "As an energy thirsty country, India looks to the oil-rich GCC

states for more investments in vital areas, especially in petrochemical and pharmaceutical

sectors," CII said. Quoting Saudi Arabia's Minister of Commerce and Industry Tawfiq

Al-Rabiah, it said the Gulf and Indian investors should take advantage of the healthy business

environment in both the sides. Inviting Gulf businessmen and investors, Joint Secretary in the

Department of Industrial Policy and Promotion Ravneet Kaur said huge potential of investment

opportunities exists in India. "India needs USD 1 trillion worth investments within the coming

five years, especially in the infrastructure sector. The government is keen to move forward

quickly with further simplifying the procedures to the maximum," she said.

22. Japanese retail investors return to India seeking emerging market yield - Just two

years after India's policymakers stared down a major capital flight threat, the country has

become a hot emerging market investment destination for one of the world's most robust

sources of capital - Japanese households. Japanese retail investors chasing higher yields and

resilient assets will provide Indian corporates another source of capital at a time of when capital

inflows are peaking ahead of a widely-expected US interest rate rise. Fund managers say the

increased interest from Japanese investors is also a vote of confidence in the fiscal and market

reforms of Indian Prime Minister Narendra Modi, voted into office in May 2014. Just the year

before that, worries about India's record current account deficit sent the rupee to a record low.

The reforms that have opened up India's markets to foreigners were game changers for the

so-called "Mrs. Watanabe" - Japanese retail investors driven by their country's policy of zero

interest rates to seek yield offshore.

23. RBI clears capital adequacy norm under new pvt bank licence - The Reserve Bank

today clarified that the capital adequacy norms will be applicable on a consolidated basis on

wholly-owned Non-Operative Financial Holding Company of the entities in the private sector

banking. As per RBI guidelines for Licensing of New Banks in the Private Sector, the entities

or group in the private sector are required to set up wholly-owned Non-Operative Financial

Holding Company for carrying out business of banking and other permissible financial

activities. The guidelines further stipulates that the capital adequacy norms would be applied to

the NOFHC on consolidated basis as applicable to existing banking groups. In this context, it is

clarified that consolidated level capital adequacy would also mean application of consolidated

capital adequacy norm to the NOFHC after consolidating the relevant entities held by it," RBI

said in a notification. As per RBI guidelines, the NOFHC are required to be wholly owned by

the promoter or promoter group to run the bank. Also, the NOFHC are mandated to hold the

bank as well as all the other financial services entities of the group.

24. BSE to auction investment limits for Rs 332-crore government bonds - Leading stock

exchange BSE on Monday will auction investment limits for foreign investors to buy

government debt securities worth Rs 332 crore. The auction will be conducted on BSE

ebidxchange platform from 1530 hours to 1730 hours after the close of market hours on

Monday, November 23, the exchange said in a circular issued today. The debt auction quota

gives overseas investors the right to invest in the debt, up to the limit purchased. A mock

bidding session will be conducted today to check the system performance. Depository data

showed that total investments, including limits acquired by foreign investors through the

auction route, stood at Rs 1,29,048 crore till October 29, which is 99.34 per cent of the total

permitted investment limit of Rs 1,29,900 crore in government debt securities. During earlier

auctions, government bonds were subscribed multiple times, given the huge interest among

foreign investors while the demand for corporate bonds remains less. Earlier this month, an

auction for government bonds worth Rs 852 crore had attracted bids to the tune of Rs 1,678

crore. The Securities and Exchange Board of India has decided to enhance the limit for

investment by FPIs in government securities in two tranches from October 12 to 1 January.

Earlier, they were allowed to invest up to Rs 1,24,432 crore in government debt securities

through auction.

25. RBI sets direct agri-lending target at 11.57% - Reserve Bank of India (RBI) directed

banks that they should lend at least 11.57 percent of their funds directly to non-corporate

farmers in the fiscal 2015-16. RBI set the target for direct lending by banks to agriculture under

priority sector at 11.57 percent, which is based on the system-wide average of the last three

years' achievement with regard to overall direct lending to non-corporate farmers. "It is hereby

brought to the notice of all concerned that the applicable system-wide average figures for

computing achievements under priority sector lending for the FY 2015-16 is 11.57 percent," the

central bank said in a notification. The foreign banks with more than 20 branches will continue

to be guided by their action plans as submitted by them and approved by RBI, it added. The

target for direct lending by banks to agriculture under priority sector norms has aimed to

increase the flow of credit directly to farmers. In an effort to increase direct lending to

agriculture, the target for direct lending to small and marginal farmers is increased to 7 percent

for 2015-16 and to 8 percent for 2016-17.

TOP ECONOMY NEWS

1. Gender parity to boost India's economic growth: IMF - Terming gender-gap in Indian job

market as higher than most other countries, IMF pitched for greater investment in infrastructure

and enhanced social spending to bring in larger number of women in labour force. As per a

recent IMF study, India's GDP can expand by 27 percent if the number of women workers

increases to the same level as that of men. This is much higher than the positive impact a 50-50

gender parity in workforce can have on many other economies. "The study refers to the GDP

gain that would materialise if the labour force participation gap between men and women is

closed. This gender gap in labour force participation is much larger in India than in most other

countries," said Kalpana Kochhar, Deputy Director of IMF's Asia and Pacific Department.

"Specifically, this gender gap is around 50 percent in India, compared with an average gap of

12 percent in OECD countries. Since the gap is much larger in India, the economic gain from

closing it is much larger compared with other countries," Kochhar told PTI in an interview. She

further said that delivering such a large increase in women participation will require work along

many dimensions, including increased labour market flexibility, greater investment in

infrastructure, and enhanced social spending.

2. India's food industry to be worth $65.4 bn by 2018: Report - Country's food industry is

expected to grow 11 percent annually to reach USD 65.4 billion (about Rs 4 lakh crore) by

2018, according to a research report. The industry is presently valued at USD 39.71 billion (Rs

2,476.8 billion), the joint report by IIM-Calcutta and Academic Foundation said. "Food and

grocery constitute a substantial part of India's consumption accounting for around 31 percent of

the consumption basket," the report said. In contrast, consumers in other countries spend a

much lower proportion of their income on food and grocery. While US spends 9 percent, Brazil

and China spend 17 percent and 25 percent respectively on food and grocery, the report said.

Food is also the largest segment in India's retail sector, which was valued at USD 490 billion in

2013, it added. "India's retail market is expected to grow to USD 865 billion by 2023, which is

presently valued at USD 490 billion," the report stated. The share of modern retail is expected

to rise to 24 percent of the total retail market from 8 percent currently, it added.

3. India GDP to exceed 7.3% this fiscal, to go higher: Arun Jaitley - India's economic

growth was expected to exceed 7.3 per cent in the current fiscal year and go higher still in the

next one, the country's finance minister said on Monday. "(The) Indian economy is expected to

grow better than 7.3 per cent - the level achieved last fiscal year - and at an even higher level

next year," Arun Jaitley told an investment forum in Dubai. The growth would come despite

Jaitley noting that rural demand had been impacted by lower rains in the last two years.

4. Indo-Aus FTA on track to be sealed by year end: Minister - The Indo-Australia free trade

agreement is on track to be sealed by the end of the year but "issues" in India could impact

plans for realising the deal, Trade Minister Andrew Robb has said. The minister's latest remark

came at a time when Prime Minister Narendra Modi is set to meet his Australian counterpart

Malcolm Turnbull and discuss the trade pact on the sidelines of the G20 summit in Turkey

today. The trade pact is likely to dominate talks between both the leaders who last night

announced the completion of all the formalities for India-Australia Civil Nuclear Agreement.

Robb, buoyed by the reassurances he has received during his visits to India throughout the year,

said Australia was on track to finalise the Free Trade Agreement by year end. "We have got a

programme which will see us complete it... and with India in particular they have lots of other

issues that can interfere with our programme. But at the moment we are still on track to

complete a Free Trade Agreement by the end of the year," Robb said as he did not elaborate

what issues he was referring to.

5. India's economy can hit $10 trillion-mark in over two decades, says Pranab Mukherjee

- Asserting that the Indian economy has shown resilience in the face of challenging global

trends, President Pranab Mukherjee today said it has the potential to attain a size of $10 trillion

over the next two decades.Inaugurating the 35th India International Trade Fair (IITF) 2015 here

at Pragati Maidan, he said there was a need to provide impetus to domestic manufacturing, and

'Make in India' campaign along with focus on Asia, Africa and Latin America as newer export

markets will help sustain the challenges from the external sector."We are a $2.1 trillion

economy and have the potential to be a $10 trillion economy over the next two decades

provided we are able to give fillip to manufacturing and innovation," Mukherjee said."Our

economy has admittedly withstood the challenging global economic scenario of the past few

years. Despite the economic slowdown afflicting major economies in the world, India has

remained largely insulated," he said. Barring a below 5 percent growth in one year (2012-13),

India's economy has shown resilience, the President said.Mukherjee said that the economic

scenario is again looking up, with 7.2 percent economic growth in 2014-15."It is expected to

improve further as other macro economic indicators show substantial improvement," he said.

Inflation is within control and industrial performance is also showing signs of revival, he said

adding fiscal consolidation measures are in place and India should be able to meet the target of

three percent fiscal deficit by 2017-18.

6. India for global efforts on return of illicit overseas funds - Government will soon bring a

new law on public procurement to check corruption and domestic black money, Prime Minister

Narendra Modi said today while seeking greater global cooperation for return of illicit money

stashed abroad. He also said that the barriers of excessive banking secrecy must be removed

and all countries should implement a Common Reporting Standard based on Automatic

Exchange of Tax Information for better cooperation on such matters.

7. NCAER lowers GDP forecast to 7.4% for FY'16 - Economic think tank NCAER today

marginally lowered GDP forecast at 7.4 per cent because of slowdown in agriculture due to

deficient monsoon. "This marginal fall is due to the anticipated slowdown in the agricultural

sector. Industrial growth continues to gather strength while the outlook for the services remains

mixed," National Council of Applied Economic Research (NCAER) said in a statement. n

August, it had projected economic growth at 7.5 per cent for the current fiscal.The Finance

Ministry has pegged the growth rate for the financial year 2015-16 at around 8.1-8.5 per cent

which now looks difficult to achieve as the growth in the first quarter worked out to be only 7

per cent. It further said, the overall demand remains sluggish because of weak external demand

and dampened rural demand, while investment shows weak signs of revival.

8. Low oil prices favoured Indian economy: Jaitley - Low oil prices have created a

favourable environment for the Indian economy as it helped to absorb the loss faced by oil

companies and kept inflation under control, Finance Minister Arun Jaitley said. Jaitley said that

low oil prices also enabled the government to rationalise subsidies. "It has enabled us to absorb

the loss that our own oil companies were facing because of future purchases. It has also kept

inflation under control, which, in turn, has helped the Reserve Bank to ease up the rates. "It has

also enabled us to increase the cess around fuel which has been diverted for infrastructure

creation," he said told reporters during a press briefing.

9. Exports fall 17.53% in October; trade deficit narrows - Contracting for the 11th month in

a row, India's merchandise exports fell 17.53 per cent in October to $21.35 billion, mainly due

to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader

demand slowdown. The imports too shrank an annual 21.15 per cent to $31.12 billion in

October, narrowing the trade gap to $9.76 billion, from $13.57 billion in the same month last

year. Exports in October 2014 were valued at $25.89 billion. Gold imports during the month

under review showed a sharp decline of 59.5 per cent at $1.70 billion. The cumulative exports

during April-October this fiscal came down by 17.62 per cent to $154.29 billion as against

$187.2 billion in the same period last year, according to data released by the Commerce

Ministry. The trade deficit during the first seven months of the current fiscal has shrunk to

$77.76 billion as against $86.26 billion last fiscal.

10. Gold imports dip 59.5% to $1.7 bn in October - Gold imports plunged by 59.5 percent to

USD 1.7 billion in October which will help curb the country's Current Account Deficit. The

sliding prices of the yellow metal is one of the reasons for a dip in imports. The prices are

declining in both global and domestic markets. The gold imports stood at USD 4.20 billion in

October 2014. The contraction in imports helped in narrowing the trade deficit to USD 9.76

billion in October, lowest since February. It was USD 6.85 billion in that month. This year, the

imports of the yellow metal were up 62.2 percent and 140 percent in July and August,

respectively. In September, the inward shipments declined by 45.6 percent. India is the largest

importer of gold in the world. The imports mainly cater to the demand of jewellery industry. In

2014-15, gold was the third largest commodity imported in India after crude oil and electronic

items. During that fiscal, the country's imports stood at USD 34.32 billion. The CAD in

2014-15 shrank to 1.3 percent of GDP from 1.7 percent in 2013-14.

11. October trade deficit narrows to lowest in eight months - India's trade deficit narrowed

in October to its lowest since March, largely due to low gold imports and a faint pickup in

non-oil exports. Meanwhile, non-oil-non-gold imports rose further although the pace of

sequential growth softened a tad. Interestingly, the recent improvement in NONG imports is

skewed more towards consumer goods like transport equipment and electronics, than

investment related project goods or machine tools,reflecting the mix in India's growth recovery.

"Trade data supports our benign outlook on the external balance. We expect the CAD to be

contained at 1 per cent of GDP this year and be fully funded by FDI flows," HSBC said in its

report.

12. Rebuffing critics, FM Arun Jaitley goes for growth, reform - Finance Minister Arun

Jaitley rebuffed Prime Minister Narendra Modi's critics on Tuesday and challenged the

opposition to back a crucial tax reform, pledging also to put investments before budget savings

to drive growth in Asia's No.3 economy. Jaitley, in an interview with Reuters, brushed aside

senior leaders in Modi's ruling nationalist party who rebelled after a heavy election defeat this

month in Bihar, the country's third most populous state. "People must have a sense of

responsibility when they speak," he said over breakfast at his hotel in Dubai, where he was on a

visit to attract investments from Middle Eastern sovereign wealth funds that would help drive

growth.The setback in Bihar dealt a blow to Modi's prestige after he campaigned actively in the

state, and has emboldened his opponents in Parliament who have used their control of the

Upper House to delay his economic reform agenda. Jaitley said the government would prefer to

use buoyant tax receipts to fund extra infrastructure spending than to slash its borrowing target

for the current fiscal year that runs to March 2016.

13. UBS sees RBI cutting rates again by 25 basis points by end-FY16 - Even as the price

indices have moved up in recent months, Swiss brokerage UBS expects the same to fall during

the second half and expects RBI to cut the repo rate again by 25 basis points in this fiscal and

50 basis points next year. "We reiterate that 75 basis points more repo rate cuts are likely -- 25

basis points by end-FY16, another 50 basis points in FY17, versus no cuts expected by the

street over the same period," the brokerage said in a report.

14. Infrastructure project budgets may exclude land cost for faster clearances - The

government could soon give the go-ahead to excluding the cost of land while computing the

total cost of infrastructure projects, a measure that will allow more ministries to clear their own

projects without going through the time-consuming process of seeking the approval of the

Cabinet Committee on Economic Affairs. All infrastructure projects costing over Rs 1,000

crore have to be approved by the CCEA and given the high cost of land, many projects will

remain below the threshold if this component is not included in the project cost, officials said.

"The Prime Minister's Office has supported the proposal to exclude the land cost from total

project cost. We are expecting to get the Cabinet's approval soon," said a senior official of the

road transport and highways ministry, which has moved the proposal. The land cost makes up

as much as 40% of the project cost in many cases, according to officials, who said the proposal

will benefit the ministries of urban development and railways as well. To implement the

proposal, the government will have to amend the transaction of business rules for the Cabinet

Committee on Economic Affairs.

15. Oil & gas block auction policy to be ready by FY16: Pradhan - Government expects to

finalise the new policy for auction of oil and gas blocks during the ongoing financial year, Oil

Minister Dharmendra Pradhan said. "We have brought this consultation paper and suggestions

will come in by November 30. We will make the policy after considering all the views and take

it to the Cabinet. It will be our endeavour to make the policy during this financial year only,"

Pradhan told reporters on the sidelines of Bio-Energy Summit 2015 organised by CII here. Oil

Ministry had issued a paper on new fiscal and contractual regime for award of hydrocarbon

acreages with a view to revive investor interest in oil and gas exploration by simplifying rules.

It proposes to free natural gas pricing as well as replace the controversial Production Sharing

Contract (PSC) with simpler revenue-sharing regime for all future field auctions in the

backdrop of low gas prices not attracting investors in exploration and production sector.

16. Narendra Modi understands importance of private sector: US Senator - Highly critical

of Nehruvian socialist democracy, a top US Senator has praised the free market economy push

of Prime Minister Narendra Modi observing that he understands the importance of private

sector.“I think, the new Prime Minister is trying to move in a different direction and realises the

wisdom and importance of private sector. Unfortunately we have got a President who is not

convinced of that in this country,” Republican Senator Mitch McConnell said in his remarks

during the launch of Republican Hindu Coalition. We watch with great interest as India seems

to be putting aside some of its socialists rules. Nehru was a great Indian, a great person, but his

tendency to lean towards the Soviet Union and pick up some of their bad habits lingered India

for long time,” McConnell, the Senate Majority Leader, said. Advocating the need for a

stronger Indo-US ties, Pete Sessions, Chairman of House Rules Committee, said under Modi’s

tenure there is much greater realisation of strengthening the ties between the two largest

democracies of the world.

17. Government likely to pay 45 rupees/T incentive to cane growers - India will, for the first

time, pay sugarcane farmers in part for produce that they sell to money-losing mills,

government sources said on Tuesday after a cabinet meeting chaired by Prime Minister

Narendra Modi. Modi's government would directly pay farmers 45 Indian rupees for every

tonne of cane produced, leaving mills to bear the rest of nearly 98 percent of the cost, one of

the sources said, aimed at wooing politically influential growers and helping sugar companies

recovering from a global glut. The sources did not wish to be identified as the government is

soon expected to announce the cabinet decision. Shares of Indian sugar companies have been

rising on hopes of government help and stocks of Shree Renuka Sugars, Simbhaoli Sugars and

Bannari Amman Sugars shot up further on Wednesday.

18. Foreign Investment Promotion Board clears 6 FDI proposals worth Rs 1,810 crore -

The Foreign Investment Promotion Board (FIPB) has cleared six FDI proposals envisaging

foreign investment of Rs 1,810 crore, including that of IIFL Holdings."Based on the

recommendations of FIPB in its meeting held on October 30, 2015, the government has

approved six proposals of Foreign Direct Investment amounting to Rs 1,810.25 crore," a

Finance Ministry statement said today. The board has approved the proposal of IIFL Holdings,

a non-banking finance company, to increase foreign equity from 50.16 per cent to 80 per cent

by issuing shares to FIIs. This proposal is expected to result in foreign investment of Rs 1,800

crore.Moreover, FIPB has also approved the proposals of Agile Electric Sub Assembly,

Sharekhan Ltd and SeQuent Scientific. These proposals, however, will not involve any inflow

of foreign investment and have more to do with restructuring of of businesses.

19. Modi government clears big-ticket projects worth 10,000 crore - In a spate of decisions

underlining the government's reform drive, union cabinet has approved 10% stake sale in Coal

India, initial public offer of Cochin Shipyards, and approved 3% interest subsidy for exports.

The cabinet also empowered roads ministry to revive 34 stalled projects by appropriate

measure where delay is not because of the builder and cleared big-ticket railway projects

adding up to over Rs 8,000 crore. For the first time, cabinet also approved direct payment of a

production subsidy to the farmers. The union cabinet also allowed separation of land and

construction cost of road projects to empower the highways ministry to clear more projects

without going to cabinet where the cost escalation is because of higher compensation for land.

20. Africa proving to be favourable for Indian investment: Official - : Africa is proving to

be a favourable market for Indian investment, particularly with more participation from the

private sector, a senior Indian official has said. Shailesh Nathan, Small and Medium Business

Development Chamber of India's Regional Director in a statement said that even though the

figures may seem not so impressive from the mid 1990s until now, the growth rate of this

investment segment is very high. His statement comes following the Third India Africa Forum

Summit held in New Delhi in October where Prime Minister Modi reiterated that his

government's interest in Africa was driven by the aim of empowerment, capacity building,

human resource development, access to Indian market, and support for Indian investments in

Africa. "The African market cannot be overlooked, he said adding that more and more private

sector to private sector trade is happening even though the infrastructure may not be as good as

when compared with China," Nathan said.

21. Modi govt sets ball rolling, to reboot 34 stuck road plans worth Rs 35,000 crore - The

Narendra Modi-led NDA government has set the ball rolling for reviving 34 stuck road projects

worth at least Rs 35,000 crore. The government has authorised National Highways Authority of

India to work on the revival of these 34 projects on project-by-project basis. As per the

decision, NHAI will pay rationalized compensation to concessionaires in case of delays on

government's part. The NHAI will now call the concessionaire and the bankers to sort out the

issues and would help in releasing of more funds. "We'll extend the concession agreements of

investors in case the delay in project is not on their part. Banks would be taken on board and

we'll try to get funds released for projects," NHAI Chairman Raghav Chandra told ET.

22. With moves like Coal India stake sale and exports subsidy, Modi sarkar sets the ball

rolling on reforms - The government announced a spate of policy changes on Wednesday,

maintaining the pace of its hectic reform drive after the Bihar elections. The Cabinet

Committee on Economic Affairs approved a 10 per cent stake sale in Coal India Ltd, an initial

public offering at Cochin Shipyard and a five-year interest subsidy scheme to boost sagging

exports. CCEA also empowered the National Highways Authority of India to revive 34 stalled

projects by compensating developers for delays not attributable to them by pushing forward the

toll period. The move is aimed at freeing up projects worth Rs 35,000 crore. CCEA also cleared

big-ticket railway projects adding up to nearly Rs 10,000 crore of investment and, for the first

time, approved direct payment of a sugarcane production subsidy to farmers. Land costs will

not be included in the cost of road projects, which gives the highways ministry leeway to clear

more projects without having to approach the Cabinet. All these decisions will give a "huge

boost to economic growth, to growth of exports, revival of stalled projects and bring back the

momentum in the economy which this government has been striving for over the past 18

months", Coal & Power Minister Piyush Goyal said at a news briefing.

23. Govt fixes maximum marketing margin for natural gas -The government today fixed a

maximum marketing margin that firms like Reliance Industries can charge on selling natural

gas to fertiliser and LPG plants at Rs 200, a 12.5 per cent cut from current charge of Rs 225.

“The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for

determination of marketing margin for supply of domestic gas to urea and LPG producers,” an

official statement said here.The new rate would be “fixed on non-discretionary basis,” it said,

adding the decision is likely to enhance transparency and provide an element of certainty for

future investments in gas infrastructure sector. Currently, Reliance Industries charges USD

0.135 per million British thermal unit as marketing margin on its eastern offshore KG-D6 gas.

This is over an above the current gas selling price of USD 4.24 per mmBtu.

24. Finance Minister Arun Jaitley meets Rahul Gandhi - Finance Minister Arun Jaitley

today met Congress vice president Rahul Gandhi. There was no word from the Congress on

what was discussed at the meeting held a week before the winter session of Parliament. Arun

Jaitley has been meeting leaders of parties across the divide in recent days to extend invitation

for his daughter’s wedding next month. He has repeatedly said in the last few days that he

would reach out to Congress and Gandhi to seek his help to clear the Goods and Services Tax

Bill, the government’s big reform measure that is stuck in Parliament on stiff opposition from

Congress. Party sources said Jaitley’s meeting with Rahul Gandhi was welcome but the

government should speak with the leaders of the Congress party in the two houses of

Parliament –Mallikarjun Kharge in the Lok Sabha and Ghulam Nabi Azad in the Rajya

Sabha–on the issue of GST.

25. CCEA decisions to revive economy, boost investor mood: CII - The decisions taken by

the government today such as the disinvestment in Coal India will help in reviving the

economy and boosting investors' sentiment, industry body CII said. It said that the Cabinet

Committee on Economic Affairs has taken some timely decisions. "The Cabinet decisions are

targeted at revival of the economy and would go a long way towards boosting investor

sentiments," CII President Sumit Mazumder said in a statement. Disinvestment in Coal India

Ltd, 3 percent interest subsidy for exporters, and clearances to road and rail projects are all

steps in the right direction, he said. "Initial public offering of Cochin Shipyard is a major first

step towards unlocking the port sector," he added. Mazumder said that excluding land costs

from highway projects requiring Cabinet approval would help fast-track road project

clearances. "The relief offered to concessionaires of roads and highways projects would go a

long way towards alleviating financial distress and reviving stalled projects," he added. On the

interest subvention scheme, he said the decision would boost labour intensive exports and make

Indian exports more competitive. The decision of CCEA on sugarcane would help alleviate

distress of farmers as well as sugar mills, CII said.

26. US trade delegation to visit India next year to boost trade ties - The sparsely populated

North Dakota State of the US will send its first ever trade mission to India next year as part of

an effort to attract investment and boost bilateral trade ties."A high-level North Dakotan Trade

Mission to India is being planned in February-March 2016, which would probably be led either

by Governor of North Dakota Jack Dalrymple or Lt Governor Drew Wrigley," Ausaf Sayeed,

Consul General of India in Chicago, said after a visit to the State. During his visit early this

month, Sayeed met Drew Wringley, chairman of North Dakota Trade Office, and briefed him

on the positive economic climate in India and the series of initiatives that are being undertaken

by the new Indian government towards ease of doing business.

27. Can handle financial implications of Pay Panel: FinMin -The Finance Ministry today

said it can "handle" financial implications of the recommendations of the Seventh Pay

Commission and will work out modalities for implementation of the suggestions. "There are

challenges, we will face that... It's not going to impact this fiscal. By the time it is implemented,

it goes into next financial year and our growth prospects are good, our economy is pretty

robust, we will handle this," Finance Secretary Ratan Watal told reporters here. In a big

bonanza to central employees and pensioners, the seventh Pay Commission on Thursday

recommended a 23.55 percent increase in salary, allowances and pension along with a virtual

one-rank-one-pension for civilians, involving an additional outgo of Rs 1.02 lakh crore a year.

Watal also said the Finance Ministry would look at how to channelise the increase in money in

the hands of people to long-term saving instruments.

28. Govt announces interest equalisation scheme to boost exports - In a bid to arrest the

decline in exports , the Central government has announced an interest equalisation scheme on

pre and post shipment rupee export credit with effect from 1st April, 2015 for five years.The

rate of interest equalisation would be 3 per cent. The scheme would be available to all exports

made by small and medium scale enterprises across 416 tariff lines. Merchant exporters will not

be eligible for the sop. The scheme covers mostly labour intensive and employment generating

sectors like processed agriculture/food items, handicrafts, handmade carpet (including silk),

handloom products, coir and coir manufactures, jute raw and yarn, readymade garments etc.

Fabrics of all types, toys, sports goods, paper and stationary, cosmetics and toiletries, leather

goods and footwear, ceramics and allied products, glass and glassware are also included.

Medical and scientific instruments, optical frames, lenses, sunglasses, auto components

industrial machinery, electrical and engineering items, manufactured by SMEs are also covered.

According to an official press release, the scheme is expected to cost the government at least Rs

2,500 crore annually. The actual financial outgo, though, would depend on the level of exports

and the claims filed by the exporters with the banks.

29. Drop in public and private investments top concerns: Rajan - The Reserve Bank of

India chief Raghuram Rajan said on Friday that a drop in public and private investments were

the main concerns he had about the country's economic growth. Weak capital investment has

been a key factor behind India's struggle to realise its growth potential and with factories

running 30 percent below capacity, private companies are in little rush to make fresh

investments. "On the growth front, the central concern is with investments," said Rajan, who

was speaking at a business event in Hong Kong. "Private investment has fallen back a bit and

so has public investment." The RBI has cut its growth forecast for the current fiscal year to 7.4

percent from 7.6 percent previously, well below the government's target of 8 to 8.5 percent, but

still faster than China. Despite the slowdown in growth and investments, Rajan said strong

foreign direct investment and some traction in infrastructure development may encourage

private investments. Rajan, who was speaking at a business event in Hong Kong, has said the

central bank expects to meet its 6 percent target for retail inflation - which the RBI tracks to set

interest rates - for January and will focus on its 5 percent target for March 2017. RBI cut the

benchmark policy rate by a half percentage point to 6.75 percent in September, after months of

pleading by government leaders and industrial groups for more stimulus to stoke growth.

TOP CORPORATE NEWS

1. Tata Steel wants to sell UK plant: Report - Tata Steel wants to sell its plant in northern

England to give it the "best chance of survival" as the UK industry has been struggling under a

flood of cheap steel being pumped in from China, which has depressed prices. According to

The Sunday Times, the Indian steel giant hopes the sale of its Scunthorpe plant in north

Lincolnshire will take place by April next year. The firm is weighing up the closure of its

long-products arm, of which Scunthorpe forms the core. A plan to sell it to US industrial tycoon

Gary Klesch collapsed in the summer, the newspaper had earlier reported. Various bidders are

believed to be interested and there is a possibility of a management buyout as well. The UK's

Department for Business is understood to be trying to attract buyers with a promise of

long-term supply contracts, including a deal to feed Network Rail with steel for its

multi-billion-pound overhaul of the railways.

2. British NHS-led consortium to invest Rs 10K-cr in hospitals - Indo-UK Healthcare, a

consortium of Indo-British promoters, has committed to invest over Rs 10,000 crore to bring

the famed NHS Hospitals of England, apart from other leading English educational institutions

and universities into the country over the next few years. The initiative is supported by

Healthcare UK, a joint initiative of the British department of health, UK Trade and Investment

and the National Health Service England. Under the agreement signed in the presence of

visiting Prime Minister Narendra Modi and his host David Cameron, the first hospital, King's

College Hospital, England will come up in New Chandigarh at an investment of 100 million

pounds or Rs 1,000 crore, a statement from Indo-UK Healthcare said. However, it did not say

when the first hospital will become functional. "Each of the 11 Indo-UK Institutes of Health

will entail a foreign direct investment of around Rs 1,000 crore across 11 states and will include

multispecialty NHS-branded hospital for healthcare delivery, clinical support services, NHS

e-health, staff accommodation, a medical college, a nursing college, R&D facilities, medical

manufacturing facilities and a medical mall," the statement said.

3. Jindal Steel to cut costs after Q2 loss - Jindal Steel and Power Ltd said it plans to cut costs

and divest some non-core assets, as it swung to a second-quarter loss due to a drop in iron and

steel sales and a one-time charge linked to an overseas unit. Indian steelmakers including Tata

Steel Ltd, JSW Steel Ltd and Jindal Steel have seen sales dented in the past few quarters due to

rising imports from China, Japan, South Korea and Russia. China makes nearly half the world's

1.6 billion tonnes of steel. With growth slowing at home, it is expected to export a record 100

million tonnes to world markets this year to help address its spare steel-making capacity. India

imposed a 20 percent import tax on some steel products in September to mitigate the damage to

domestic companies. Jindal Steel and Power registered a consolidated loss of Rs 6.2 billion in

the September quarter, compared with a profit of Rs 4.4 billion in the year-ago period, the

company said in a statement late on Saturday.

4. Rajesh Exports Q2 net profit rises 75% to nearly Rs 280 crore - Jewellery exporter and

retailer Rajesh Exports Ltd on Monday reported a 75.15% jump in profit at Rs 279.83 crore for

the second quarter ended September 30, on the account of higher sales.The company had

clocked a net profit of Rs 159.76 crore during the same period last year. Its net sales reported

over fourfold increase to Rs 44,319.65 crore during the quarter under review as against net

sales of Rs 10,959.42 crore in the same period last fiscal.

5. DLF gets CCI approval for Rs 1,990 crore deal with GIC - India's largest realty firm DLF

on Monday said it has got fair trade regulator CCI's approval for the joint venture with

Singapore's sovereign wealth fund GIC, which is investing Rs 1,990 crore in two projects

here.The realty firm would use this fund to boost cash flow and reduce debt, which stood at Rs

22,520 crore as on September 30.DLF had sold in September about 50% stake each in two

upcoming projects in the national capital to GIC. On September 2, DLF had announced that its

arm DLF Home Developers and GIC have entered into a joint venture for two upcoming

projects located in Central Delhi. "GIC will invest approximately Rs 1,990 crore". In a

regulatory filing, DLF informed the "Competition Commission of India vide its letter dated

November 12 has communicated that the Commission in its meeting held in November 10,

2015 considered and approved the proposed combination in terms of sub-section of the Section

31 of the Competition Act, 2002".

6. Coal India to enhance washing capacity by 112 mt - Coal India , the government-owned

near-monopolist in the sector, is to build 15 washeries across its various subsidiaries, through

private companies under a build and operate model.CIL currently owns 17 washeries, five for

coking coal and 12 for non-coking. Of the new ones, six are to handle coking coal and the other

nine the other. The cumulative washing capacity is estimated at 112 million tonnes, said senior

CIL officials.The coking washeries would be awarded by Bharat Coking Coal, the combined

capacity being 18.6 mt. The non-coking ones would be distributed among Mahanadi Coal,

South Eastern Coal and Central Collieries."We are expecting three coking coal washeries to be

operational by the end of next year," said a senior CIL official.

7. India can become engine of global economic growth: Anil Agarwal - Pinning hopes on

Narendra Modi-led government for policy reforms to attract investment, mining baron Anil

Agarwal today said India has the potential to become the "engine of global economic growth".

"As the world is changing the Indian government ... should move towards faster decision

making, creating level playing field for the investment. If anyone can help India realise the

great potential it is our Prime Minister Modi and his government," Vedanta Resources Chief

Anil Agarwal said on the sidelines of the global CEOs meet here. Stressing that India needs at

least 10 more companies on par with the natural resources giant Vedanta, Agarwal said

companies who want to invest in India can raise capital in the UK to invest in India's growth

story. India has all the potential resources and talent to become the engine of global economic

growth," he said and added Indian companies are investing up to USD 600 million every year

and creating jobs and contributing to the British economy.

8. Telcos line up Rs 34,000-cr capex for 4G expansion - Large telecom operators plan to

spend Rs 34,000 crore in the current financial year to roll out fourth-generation technology

networks and boost their existing one, to address call drops. Airtel, which had earlier said it

would spend $3 billion for its India and global operations in FY16, recently said it might end

up investing $200-$400 million totalling a capex of $3.2-3.4 billion because of accelerated 3G

and 4G expansion in India. Idea Cellular, the third largest operator, has already raised its

guidance from Rs 5,000-5,500 crore to Rs 6,000-6,500 crore for the current financial year, out

of which half has already been spent. Vodafone, the second largest telecom service provider,

also said it would be stepping up investments. "In FY15, we invested Rs 8,500 crore on capex

and rolled out 23,000 sites, taking our overall network footprint to 131,000 sites. We expect to

make similar investments in capex this fiscal as well," said a Vodafone India spokesperson.

9. Reliance Infrastructure to sell 49% stake in Mumbai discom to PSP Investments for Rs

3,500 crore - Anil Ambani-led Reliance Infrastructure has signed a pact to sell a 49 per cent

stake in its Mumbai electricity business to the Public Sector Pension Investment Board of

Canada. The deal pegs the enterprise value of the division at Rs 15,000 crore, according people

familiar with the contours of the transaction.Reliance Infrastructure did not disclose the size of

the deal but one of those cited above told ET that the Canadian fund will pay around Rs 3,500

crore for the stake, if the deal takes place. The Mumbai circle licence, along with the

generation, transmission and distribution asset, will be transferred to a subsidiary, which will

then offload the stake. Around Rs 8,000 crore of debt will also be transferred to the subsidiary,

the person said. This deal will help Reliance Infra substantially reduce its debt by Rs 11,500

crore. The deal is subject to approvals but should be closed by March," said an executive

involved in the transaction. The deal will mark the first time a foreign fund is investing in a

power distribution business in India. The development comes at a time when the government

has initiated its ambitious Ujwal Discom Assurance Yojana to erase losses at state run power

distribution companies to revive the sector.

10. NEIL plans to increase its turnover to Rs 5,000 cr by 2020 - Country's largest bearings

manufacturer and leading exporter National Engineering Industries Ltd is planning to more

than treble its turnover and increase export by the year 2020. The company expects to get 35

percent of turnover from export by 2020 and increase its growth rate. The company's current

turnover is Rs 1,500 crore. "We are concentrating on export as the automotive market in India

is tough. The company expects 35 percent turnover from export by 2020, which in present is 25

percent", Rohit Saboo, President and CEO of NEIL, told PTI today. He said that the company

recently got Deming Grand Prize- 2015, which was of huge significance as it recognises the

company for the contribution in the field of Total Quality Management. "This not only puts

India but also Rajasthan on the world map. We are the first company from Rajasthan and also

the first bearing company in the world to get this award. With this recognition, the world had

become our market", said Saboo, who received the award on November 11 in Japan.

11.Videocon to raise Rs 641 crore through FCCBs - Videocon Industries will raise USD

97.20 million through five year Foreign Currency Convertible Bonds due in 2020. In a BSE

filing, Videocon said it has "launched issue of Foreign Currency Convertible Bonds convertible

into ordinary equity shares, in exchange of a part of outstanding amount of existing USD

200,000,000 6.75 percent." It further said: "Convertible Bonds due 2015, subject to the

acceptance of the exchange offer by the requisite majority of the bond holders and subject to

other statutory approvals." Videocon said it will "make an application to the Singapore

Exchange Securities Trading Ltd for the Bonds to be listed; and for in-principle approval for

the shares to be issued upon conversion of the Bonds to be listed on the National Stock

Exchange of India Ltd and the BSE Ltd."

12. Expect oil production to rise in FY16: ONGC - ONGC reported a weak set of second

quarter earnings with net profit declining 31 percent to Rs 4,842 crore and revenue falling 9.4

percent to Rs 20,679 crore. AK Srinivasan, Director-Finance said that realizations were lower

in the Q2 at USD 49 per barrel. The company loses close to USD 530 crore every year due to

fall in dollar, he added. He expects oil production to cross 26 million this year. Last financial

year, the company clocked in production of 25.94 million. However, gas production will be

lower than the target and is expected to improve only in FY17, he said.

13. Western Coalfields lines up Rs 6,280 crore investment by FY20 - Western Coalfields, a

Coal India arm, has finalised a capital investment plan of a whopping Rs 6,280 crore till

2019-20 in a phased manner. The major chunk of investment, which works out to

approximately Rs 3,486 crore and stretches from 2015-16 to 2019-20, will be on land

acquisition, followed by Rs 2,032 crore on installation of plant and machinery. WCL has also

marked another Rs 242 crore for exploration, Rajiv Ranjan Mishra, Chairman and Managing

Director said. According to revised estimates, about Rs 850 crore are being spent on land

acquisition during the current fiscal for opening new mines and Rs 350 crore on plant and

machinery this year, Mishra, who completed one year at WCL recently, told PTI. WCL, he said,

is already in a turnaround mode, as it posted an operating profit of Rs 115.61 crore last

financial year after running up losses for three consecutive years from 2011-12 to 2013-14.

14. BSNL reports operating profit of Rs 672 crore for FY15 - Reversing the trend, state-run

BSNL today reported an operating profit of Rs 672 crore for the financial year 2015 on the

back of fall in administrative costs and jump in revenues. The company had posted an operating

loss of Rs 691 crore in the previous fiscal. BSNL Chairman and Managing Director Anupam

Shrivastava said income from services increased by 4.16 per cent to Rs 27,242 crore in

2014-15, which is highest in comparison to the previous five years. Income from services stood

at Rs 26,153 crore in 2013-14. "BSNL had bad results for the last few years, but in year

2014-15, it has been able to reverse the trend. Also it is a known fact that most of the telecom

majors are having heavy debt burdens but it still continues to be relatively better, showing a

low debt-equity ratio," Shrivastava said.

15. Apollo Tyres buys out Germany's Reifencom for euro 45.6 mn - Apollo Tyres has

acquired Reifencom GmbH, one of the largest tyre distributors in Germany, for euro 45.6

million."The acquisition is a strategic fit in further growing our European business," Apollo

Tyres Vice-Chairman and MD Neeraj Kanwar Monday said in a statement. It will enable the

company to improve its mix of distribution channels in Germany and Europe and aid in

increasing the visibility of Apollo and Vredestein tyres in the offline and especially the fast

growing online retail space, he added. Reifencom GmbH has an online presence in six

countries Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37

stores and service centres across Germany. The success of Reifencom GmbH is attributed to its

highly efficient logistics system, which ensures there is a guarantee of a high degree of

availability of all kinds of tyres and rims, even during busy periods like spring and

autumn.With an objective to provide world-class products and services, and that too, at very

competitive prices, Reifencom GmbH procures tyres and rims from leading manufacturers,

thereby ensuring a high-level of quality."It is our privilege to join hands with Apollo Tyres,

where the team shares our passion for providing world-class products and customer service,"

Reifencom GmbH Managing Directors Olaf Sockel and Heiko Knigge said.

16. Asset quality pressure to continue, not worsen: M&M Fin - M&M Financial Service's

second quarter saw worsening in asset quality with gross non-performing asset (NPA) rising to

9.4 percent as against 6.3 percent year-on-year. Ramesh Iyer, MD of the company says though

the pressure will continue, but the asset situation will not worsen further. Iyer says that sales

have been better during the festive season than in first two quarters of FY16. However, asset

under managements saw a muted growth. Growth will pick-up with discounts and raise in sales

volume, he adds.

17. Jewellery sales to add Rs 450 cr to topline in Q4FY16:Titan - Titan missed street

expectations with net profit slipping 39.1 percent to Rs 145.39 crore and total income falling

25.5 percent to Rs 2,654 crore. However, Bhaskar Bhat, MD of the company says that product

mix and cost initiatives aided growth in Q2. The company expects significant pick-up in sales

in the on-going festive season. Jewellery and premium watch segment has been better than gold

business, Bhat added. Bhat says jewellery sales will contribute Rs 450 crore to the topline

growth in fourth quarter of FY16.

18. No output in sight, Odisha CM to open Tata Steel plant - Tata Steel’s Kalinganagar

project is some way off from rolling out steel as Odisha Chief Minister Naveen Patnaik is set to

dedicate the plant to the state today. The blast furnace, sinter plant and steel melting shop for

the first three million tonnes of the Kalinganagar project, all critical to steel making, are yet to

receive clearance from the Odisha State Pollution Control Board. Only peripheral units like the

captive power plant, coke plant and hot strip mill had received environmental clearance,

officials said. It will take another three months for steel to be produced from the Kalinganagar

complex. Though work on the blast furnace, sinter plant and steel melting shop was almost

complete, it would take time for the customary pre-operation heating process and stabilisation

of the units, they added. We have already started commissioning process of the coke plant and

the hot strip mill according to the plan and the next in line is the blast furnace, sinter plant and

steel melting shop. After all, the plants are successfully commissioned, trial production would

commence. As soon as we come to this stage, appropriate disclosures would be made”, a

company spokesperson stated.

19. HCL Technologies wins contract from Deutsche Bank -IT services firm HCL

Technologies said on Tuesday it has signed an application development and maintenance

contract with Deutsche Bank.The financial details of the deal were not disclosed.Under the

terms of agreement, HCL will provide digital solutions, systems integration, product

implementation and design, build and test new applications in addition to the ongoing

application maintenance and support services, it said in a statement.

20. Dr Reddy's buys IPR for anti-coagulant drug for Rs 115 cr - Dr Reddy 's has completed

the purchase of worldwide exclusive Intellectual Property Rights for Fondaparinux sodium, its

generic anti-coagulant drug, from Australian partner Alchemia for USD 17.5 million. The

company had earlier inked a term sheet for this transaction in September. Alchemia's

shareholders approved the sale of Fondaparinux at the company's annual general meeting held

on November 10, post which Dr Reddy's and Alchemia have executed a purchase and sale

agreement, together with various patent assignment deeds, Dr Reddy's Laboratories said in a

statement. "Alchemia has received USD 17.5 million from Dr Reddy's as consideration for the

sale. The agreement is effective July, 2015," it added. Fondaparinux is a generic version of the

anticoagulant drug Arixtra, which is approved in the US and Europe for the treatment of deep

vein thrombosis and pulmonary embolism .

21. Anil Ambani's defence dream blooms -Anil Ambani-controlled Reliance Group's efforts

for a big play in defence - by acquiring stake in Pipavav Defence and Offshore Engineering

Company - got a shot in the arm after it found an equity buyer for the electricity distribution

business in Mumbai of Reliance Infrastructure. Canada's PSP Investments will acquire 49 per

cent stake in Reliance Infrastructure's integrated power generation, transmission and

distribution business in Mumbai and adjoining areas. This business will be carved out into a

separate special purpose vehicle in which RInfra will own the controlling 51 per cent stake.

RInfra's Mumbai power business had revenues of Rs 7,700 crore in FY 2014/15. The

consolidated revenue of RInfra stood at Rs 17,000 crore and net profits at Rs 1,300 crore. The

PSP buy is expected to create liquidity of Rs 3,500 crore for RInfra. Using part of the cash, the

company will go for an open offer to buy an additional 26 per cent stake in Pipavav Defence

and Offshore Engineering Company.

22. BSNL reports Rs 8,234 crore net loss in FY15 - BSNL has reported a net loss of Rs 8,234

crore for 2014-15 against Rs 7,020 crore in 2013-14. BSNL's chairman and managing director

Anupam Shrivastava ascribed the rise in net losses to asset depreciation being calculated

according to the new Companies Act norms. He said the net loss would have been much less, at

Rs 5,370 crore, if asset depreciation was calculated according to the old Companies Act. BSNL

reported an operating profit of Rs 672 crore for the financial year under review, compared with

an operating loss of Rs 691 crore in 2013-14. Income from services increased 4.16 per cent to

Rs 27,242 crore in 2014-15. The figure was Rs 26,153 crore in the previous financial year.

"BSNL had bad financial results for the past few years, but in 2014-15, it was able to reverse

the trend. It is a known fact that most of the telecom majors are having heavy debt burdens, but

BSNL continues to be relatively better, showing a low debt equity ratio," said Shrivastava.

23. Jindal Stainless aims to cut debt by 64% - Jindal Stainless, part of the $19-billion OP

Jindal group, aims to cut its Rs 8,580-crore of debt by 64 per cent, through operational and

financial restructuring. This would be the third such in seven years. The aim is do so via

improved cash flow, reduction in interest cost and operational efficiencies. Presently, the

country’s largest stainless steel manufacturer, it has a factory each in Haryana and Odisha, with

cumulative capacity of 1.6 million tonnes a year.“The business restructuring would bring down

debt from Rs 8,580 crore at the end of March to Rs 3,080 crore, help us utilise idle capacity and

improve cash flows, through longer tenure of the restructured loan,” Rajiv Rajvanshi, its

director, told this newspaper. The company had informed the BSE exchange last week that this

Saturday would be the date of record for a Scheme of Arrangement that would involve, apart

from JSL, subsidiaries Jindal Stainless Hisar, Jindal United Stainless, Jindal Coke and their

creditors.

24. NTPC to benefit from UDAY, improved environment: Moody's - Moody's Investors

Service said on Wednesday state-run NTPC will benefit from improving operating environment

for India's power sector and revival scheme UDAY for debt-ridden distribution companies."The

improving coal environment and proposed debt reduction program should boost the ability of

offtakers to buy electricity, which will in turn increase NTPC's utilisation rates and incentive

income," said Abhishek Tyagi, Moody's Vice President and Senior Analyst.Further, the

government's sale of a 5 per cent stake in NTPC will not affect our assessment of the support

for the company, adds Tyagi. The government will retain a 70 per cent stake and NTPC remains

of strategic importance as India's largest coal-based generator, the agency said. According to a

statement, Tyagi was speaking on the release of a new Moody's report titled 'NTPC Limited:

FAQ on Coal Availability, State Distribution Companies Finances and Government Stake Sale'

that addresses frequently asked questions by investors on some of these changes in the

company's operating environment. Moody's report highlights several important developments

that affect the credit profile of India's power sector over the past year.

25. Hero MotoCorp sells over 10 lakh units in festive period - Country's largest two-wheeler

maker Hero MotoCorp has clocked over 10 lakh units in retail sales during the festive season

this year. "Thanks to the phenomenal customer response to our range of products, including all

the new launches, the 1 million unit landmark was achieved during the 35-day festive period

starting with the Navratras," Hero MotoCorp Ltd said in a statement. This is a robust 11 percent

growth over the corresponding period last year, it added. "Our two new scooters -- Maestro

Edge and Duet -- have been blockbusters and there has also been phenomenal demand for the

new Splendor PRO," the company said. These, along with the robust sales of Passion PRO and

Glamour bikes, and the continuing popularity of Pleasure and Maestro scooters have resulted in

this double digit growth, it added. "We are focused on taking this momentum forward as we

look to drive growth in the rest of the year and beyond," the company said.

26. Rs 30k-cr realty debt at risk of high refinancing cost - Rating agency Crisil has warned

that Rs 30,000 crore debt of the top 25 realtors is at the risk of higher refinancing cost amid a

continued slump in the realty space owing to high prices and dependence of the companies on

high-return demanding private equity players. "An analysis of the top 25 realtors, comprising

around 95 percent of the market capitalisation of the sector, shows that Rs 30,000 crore of their

debt obligations will face high refinancing risks with demand in respective markets expected to

be tepid over medium-term," Crisil said in a note today.

27. Govt to auction eight coal blocks in next round: Coal secy - The fourth round of coal

mines auction will be notified on Friday, Coal Secretary Anil Swaroop told media. This time

eight blocks will be auctioned, and due date for bids is fixed for December 31, Swaroop said.

"Commencement of sale of tender document will start from December 31 while the vesting

order by the nominated authority to successful bidders will be issued by March 10," the

secretary said. The government has already mobilised over Rs 3 lakh crore in the first three

rounds of coal auction and allotment. "It has been decided to auction eight Schedule III coal

mines earmarked for non-regulated sectors like, iron and steel, cement and captive power plants

in the fourth tranche. The e-auction for these mines will be held from January 18 to January 22,

2016," Coal Secretary Anil Swarup said addressing the media here. the coal secreatry also said

coal production for this fiscal is up 9 percent and has crossed the 300 MT mark.

28. Punj Lloyd bags two electrification contracts worth Rs 483 crore from NTPC -

Engineering major Punj Lloyd has bagged two rural electrification contracts worth Rs 483

crore from NTPC for Puri and Koraput districts of Odisha. These two contracts are awarded

under Rajiv Gandhi Grameen Vidyutikaran Yojana of 12th Plan (2012-17), the company said in

a press release on Thursday. According to the statement, the scope of work for these two

projects includes supply and erection of rural electrification work, construction and

augmentation of substation, installation of distribution transformers and connections to below

poverty line consumers in the districts. The company bagged these projects shortly after it

announced its debut in T&D with two orders for rural electrification by Power Grid

Corporation of India Ltd. "Electrification of these districts will give much awaited development

to the remote regions of Odisha and Punj Lloyd is proud to be involved in this transformation.

With this, Punj Lloyd will be executing four T&D orders with a cumulative value of about Rs

1,000 crore", C K Thakur, President & CEO Power, Punj Lloyd said.

29. See 20-25% revenue & 25% orderbook growth in FY16: NBCC - State-run NBCC

reported a 12 percent increase in its consolidated net profit to Rs 68.28 crore for the quarter

ended on September 30, on account of increase in revenue from operations. Detailing the

second quarter numbers and business outlook going forward Anoop Kumar Mittal, CMD,

NBCC in an interview to CNBC-TV18 said, he expects 20-25 percent revenue growth, 18-20

percent bottomline growth and 25 percent orderbook growth in the current fiscal.

30. Reliance Group to develop 6000 MW solar park in Rajasthan - Billionaire Anil

Ambani-led Reliance Group will develop a 6,000 megawatt Solar Power Park in Rajasthan, a

plan that has potential to attract an investment of Rs 60,000 crore. "The Reliance Group has

signed an MoU to develop Solar Park and Solar Projects of 6,000 MW capacity, spread over

nearly 30,000 acres, over next six years, with a potential to attract investment of about Rs

60,000 crore in Rajasthan," Ambani said at the Resurgent Rajasthan Summit here. Ambani said

his group has already made investments exceeding over Rs 7,000 crore, spread across solar

power generation, telecom, roads, financial services and entertainment sectors in the State.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

1. Bank credit growth still lingers in H1 as debt market soars - Bank credit growth

continued to disappoint during first half of the current fiscal with an annual growth of just 8.4

per cent at Rs 62.02 trillion, down 20 bps, as per Care Ratings. Debt market growth was,

however, robust with debt issuances increasing 18.6 per cent. Reflecting the lingering pain of

the manufacturing sector, which accounts for 42 per cent of bank credit, the demand remained

negative yet again. Services come second at 23 per cent of the total and agriculture at third with

a share of 13 per cent and personal loans 20 per cent. The decline in the services sector demand

is mainly due to a steeper decline in loan demand from NBFCs which have been raised 16 per

cent more funds from the debt market. This suggests a shift in sourcing funds for NBFCs from

banks to the debt market where interest rates have moved downwards at a faster rate. For the

first half, credit demand would have been much lower had it not been for the agriculture loans

and personal loans segments. Out of the total Rs 62.02 trillion loan of the system in H1, food

credit stood at Rs 1.03 trillion, up 3.6 per cent, while in the year-ago period demand grew by

15.6 per cent, while non-food credit 1.6 per cent to Rs 60.99 trillion, against 1.5 per cent

pick-up in the year ago period.

2. PE investments in India touch $14 billion till October: Thornton - Private equity

investment in India till October this year soared close to $ 14 billion, registering a steady

growth over last year but the average deal size has come down, says a report by Grant

Thornton. According to the assurance, tax and advisory firm, there were 863 private equity

deals worth $ 13.83 billion during January-October period, as against 497 such transactions

worth $ 10 billion in the same period a year ago. The sharp rise in PE transactions was largely

driven by sectors like IT & ITES, energy & natural resources, manufacturing, banking &

financial services, telecom and pharma, which attracted large investments. Meanwhile, the

October private equity deal tally saw a 73 per cent rise in investment volumes, but values

declined by 40 per cent due to shrinking size. "Private equity investments are building up but

the average deal size has come down by 20 per cent, perhaps as a large chunk of PE money has

been invested in early-stage companies or start-ups," the report added.

3. India Inc's appetite for commercial papers decreasing amid fall in bank lending rates -

India Inc's reliance on commercial paper for short-term borrowings appears to be waning after

banks eased their lending rates, leading to a rise in corporate loans. Total CP issuances fell to

Rs 43,150 crore during the two weeks that ended on September 30, the lowest fortnightly

amount in the past eight months and 16 per cent less than what they raised a year earlier. The

focus of borrowing seems to be shifting to the banking channel. State Bank of India said its

large corporate advances grew 22 per cent year-on-year to Rs 2.84 lakh crore at the end of

September. Axis Bank's corporate lending grew 25 per cent to Rs 1.39 lakh crore. For almost a

year, CPs remained the most preferred way for firms to raise short-term resources as banks

were rigid about lowering lending rates. Top-rated entities raised funds directly from the market

through CPs or corporate bonds at 7-9 per cent rate, while the lending rate for banks exceeded

10 per cent.Commercial papers are unsecured money market instruments and help corporate

borrowers diversify their sources of shortterm funds. The outstanding size of the market was Rs

2,68,420 crore, with about onethird of the investment coming from banks.

4. Yes Bank plans to raise funds through green bond issue in London - Private sector lender

Yes Bank today signed a memorandum of understanding with London Stock Exchange to

collaborate on debt and equity issuances. The MoU with LSE coincides with Prime Minister

Modi's trip to the United Kingdom. As part of the Agreement, the bank plans to list a Green

Bond of up to $500m on London Stock Exchange by December 2016. Also, as part of its

overall $1bn of equity capital raising plans, the bank may also potentially raise funds through

the the listing of Global Depository Receipts. Rana Kapoor, Managing Director & CEO of Yes

Bank said, "We will endeavour to improve the access to long term overseas funds for corporate

in India, through capital markets in the UK particularly towards Green Infrastructure Financing,

which is high on India's agenda. We also look forward to working with the LSE in establishing

London as the leading centre for rupee denominated offshore capital raising."

5. Banks have $380 bn market opportunity in financial inclusion' - Banks can address an

additional $380 billion market in annual revenues by targeting micro-enterprises and bringing

unbanked and underbanked adults into the formal financial system, according to a

report.Closing the small-business credit gap at average lending spreads and adding fee-based

services could generate about $270 billion in additional revenue for banks, while including

unbanked adults into the formal financial system could generate another $110 billion, said the

report.

6. ICICI Bank to sell 6% stake in Pru Life for Rs 1,950 crore - ICICI Bank on Monday said

it would sell a six per cent stake in its life insurance venture, ICICI Prudential Life Insurance,

to Premji Invest and its affiliates, and Compassvale Investments Pte, a unit of Singapore-based

Temasek, for Rs 1,950 crore. This deal values the life insurance company at Rs 32,500 crore,

making it the highest valued private insurance company in the country. Of the six per cent

stake, four per cent will be sold to Premji Invest, while balance will be sold to Compassvale

Investments, an indirectly wholly-owned subsidiary of Temasek.

7. US private equity firm KKR acquires 60% stake in i-bank Avendus - Bulgebracket US

private equity firm KKR has acquired a 60% stake in Avendus Capital through a combination

of new shares and a secondary sale of stock by existing investors. The PE firm will increase its

ownership to 70% shortly. Under the deal that's set to be announced on Tuesday, KKR will

infuse about $70 million or Rs 450 crore in the company and another $35 million will be paid

to exiting stakeholders. With this, the equity value of Avendus Capital will swell to $180

million or Rs 1,120 crore, said two people familiar with transaction.

8. Zarine Daruwala quits ICICI Bank to join Standard Chartered - ICICI Bank's head of

corporate banking division Zarine Daruwala has quit the Mumbai based lender to join UK base

Standard Chartered as its India CEO, two people familiar with the development said. Daruwala

will be replaced by Vishakha Mulye who was on Monday designated as executive director at

the bank, these people said. ICICI could not be immediately reached for comment. Daruwala

has been with the bank since June 1989 working in different roles from corporate to rural

banking and even mergers and acquisitions. She joins Standard Chartered at a time when the

UK lender has been besieged by rising non performing loans from companies in India. Mulye,

the present managing director and chief executive officer of ICICI Venture was CFO at ICICI

Bank between 2005 and 2007.

9. India Inc's overseas investment down 21% at $2.3 bn in Oct - Direct investments by

Indian firms abroad fell 21 percent to USD 2.28 billion in October 2015 compared to the same

month last year, according to RBI data. Indian companies had put in USD 2.88 billion in the

form of outward foreign direct investment in October 2014. While in the preceding month of

September 2015, the investment stood at USD 1.24 billion, as per the data. The investments

were a mix of issuance of guarantees, loans and equity.

10. Payworld launches service to withdraw cash without going to ATM - Electronic

processing platform Payworld announced on Tuesday it has launched the "Payworld Cash

point", cash payout from Payworld retail points in areas where ATMs are not available or

accessible. "This would also be helpful to the millions of people in rural and semi urban areas

that have opened bank accounts under the Prime Minister's Jan DhanYojana and have debit

cards but no access to an ATM machine in their neighbourhood," Payworld said in a statement

here. Payworld has tied up with the State Bank of India to operate the scheme, it said.

11. Avendus-KKR deal reopens old trend: i-banks diversification - Just sealed

Avendus-KKR deal reopens an old trend in the pure play investment banking sector, which was

dominated by deal-makers, Nimesh Kampani, Vallabh Bansali, Hemendra Kothari and Uday

Kotak till late 90s, who either exited the business or turned full-service financial players. While

some of these pioneering biggies, Kothari and Bansali, quit the space after selling DSP Merrill

Lynch to Merril Lynch in 2005 and Enam Securities to Axis Bank in 2010, respectively, Kotak

and Kampani became full-service financial players with focus on credit business.Kotak has

even entered into the banking sector. What was notable about them, however, was that these

maverick i-bankers cut deals for cash-rich large business houses riding on their long

relationship with the promoters.

12. RBI's Raghuram Rajan urges IMF to act against 'extreme' policies - Reserve Bank of

India Governor Raghuram Rajan urged the International Monetary Fund on Monday to stop

"sitting on the sidelines" and instead play an active role in questioning the easy money policies

adopted by developed economies. Raghuram Rajan, a former chief economist of the IMF, said

countries were putting these policies in place without consideration for the negative impact

they have on the global economy. "Extreme" measures had steered volatile capital flows to

emerging markets, while exchange rate intervention risked spurring competitive devaluations,

he said in a speech ahead of a G20 summit in Turkey next month."The IMF has been sitting on

the sidelines and applauding these kinds of policies right from when they have been initiated,

and hasn't really questioned the value of these kinds of policies," he told a G20 consultation

meeting. We can do better," he said, calling on emerging markets to push back against such

policies.

13 Bandhan Bank collects Rs 3,000-cr deposits in less than 3 months -Bandhan Bank,

which commenced operations in August this year, has been able to collect deposits of more than

Rs 3,000 crore in less than three months. The Kolkata-based private sector lender, the first

instance of a microfinance entity transforming into a universal bank in the country, has roped in

5 lakh new customers.With the opening of a new branch in Odisha’s Bhubaneswar on Monday,

the bank’s total number of branches at present stands at 566. The bank had started operations on

August 23 with 501 branches across 24 states. Now, it operates across 27 states.“We had started

the banking operations with a customer base of 74 lakh, and it has increased to 79 lakh in less

than three months. Total number of accounts has increased to 1.60 crore. And during the period,

the bank has collected deposits of over Rs 3,000 crore,” Bandhan Bank MD and CEO Chandra

Shekhar Ghosh told FE.

14. India holds discussions with potential investors at Taskent International Investment

Forum - India was among 560 foreign participants that included representatives, heads and

managers of over 300 foreign companies, European nations, Korea, Germany, Poland, Japan,

Kuwait, banks, investment funds, the Asian Development Bank, the World Bank, and the

International Finance Corporation that participated in the International Investment Forum held

in Uzbekistan capital of Tashkent on November 5-6. The Indian companies that included

BHELBSE 0.31 % had fruitful participation at IIF and held discussions with members of the

Government, heads of ministries and departments of Uzbekistan, official foreign delegations,

executives of major foreign companies, investment funds and banks. Representatives of the

Indian firms also visited certain regions of Uzbekistan where they were appraised of the

favorable investment climate, which was offered to Indian business to Uzbekistan. In course of

the first plenary session, the Forum's participants form India got familiar with the economic

reforms strategy of Uzbekistan. Special attention of the Indian companies was drawn towards

the structural transformation and diversification of the Uzbek economy for the period of

2015-2019.

15. State-run banks crack the whip on defaulters, loan recoveries climb - From Finance

Minister Arun Jaitley to CLSA strategist Chris Wood, the pre-dominant worry is bad loans of

state-run banks. But there is light at the end of the tunnel. Recovery from written-off loans is

climbing at a fast clip. Bank of India and the State Bank of India led by Arundhati Bhattacharya

are leading the way in getting the defaulters to pay up. They are armed with a new-found

freedom owing to the non-interference of political powers in their day-today business affairs.

Loan recoveries by banks rose 51% on quarter as lenders employed various methods including

naming and shaming the defaulters through newspaper advertisements. Top 7 PSU banks have

recovered Rs 1,845 crore by end of September quarter, compared with Rs 1,222 crore in the

June quarter. For Bank of India it was Rs 799 crore from written-off accounts and for SBI it

was Rs 627 crore. And Punjab National Bank recovered Rs 217 crore, data from the banks

show. "Our loan recovery has improved significantly. We have focused on speeding up Sarfaesi

action against defaulters, initiating wilful defaulter proceedings, taking symbolic possession of

assets and conducting eauctions," Anant Upadhyay, GM, Recovery Division, Bank of India,

said.

16. RBI restores ‘normalcy’ after staff leave trips settlements - The RBI has swung into

action after a mass leave by central bank employees halted payment and RTGS settlements on

Thursday morning. Government bond trading was also impacted in the first hour leading to

spikes in short term rates by 65-70 basis points higher than the benchmark rate. RTGS, or Real

Time Gross Settlement, a central payment mechanism for transactions, was not working when

the markets opened for trading, dealers said. Overall, the RBI has ensured uninterrupted RTGS

system for the day efficiently. This led to spikes in short-term rates as the inter-bank call money

and collateralised borrowing and lending obligation, or CBLO, shot up to 7.40-7.45% against

6.75% — the repo or the rate at which banks borrow short-term funds from RBI.

17. RBI opens door for banking M&As, allows individuals to own more than 10% in

banks - The Reserve Bank of India RBI has thrown open the doors for mergers and

acquisitions in the banking industry by signaling that it is open to persons owning more than 10

percent stake in a bank. For the first time in decades the central bank has said that it could

permit promoters, or investors to own more than 10 per cent if the applicant meets certain

conditions including if `it is in public interest' and in the `desirability of diversified

ownership.'Many investors who owned up to 4.99 per cent in banks and were keen on raising it

but did not do so till now will have an opportunity to raise their holdings. If they get the central

bank permission to buy 5 per cent, then they automatically have a right to go up to 10 per cent.

"This indicates that RBI would be willing to allow shareholding of more than 10 percent for

purposes of consolidation,'' said Shinjini Kumar, Partner at consultants PwC. "With the ability

to grant 26 per cent voting rights as per the amendment bill even though not automatically

extended here, this could pave the way for increased promoter shareholding and consolidation

activity in banking."

18. Canara Bank to raise Rs 2,400 cr by issuing tier II bonds - Canara Bank said it will

raise an additional capital of Rs 2,400 crore by issuing bonds on private placement basis to

support its asset growth. The decision to raise the additional capital was taken at Board meeting

of the bank Thursday. "The Board of the bank...has permitted to raise an additional capital of

Rs 2,400 crore through issue of Basel-III compliant tier II bonds by way of private placement",

Canara Bank said in a regulatory filing. The public sector lender said the coupon rate on the

bonds would be as decided by the Bond Committee of the bank. The Bengaluru-headquartered

bank said the capital raised will be utilised to support the asset growth during 2015-16 and also

to maintain healthy level of Capital to Risk Weighted Assets Ratio .

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