NIFTY FIFTY : - Equity benchmark Index Nifty traded in a very narrow range last week by making a high of 9654 and low of 9561, but Indian shares showed good strength. Among the sectors, Financial Services and Auto were in top. Small Cap has given an upside movement of around 1% last

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - Equity benchmark Index Nifty traded in a very narrow range last week by making
a high of 9654 and low of 9561, but Indian shares showed good strength. Among the sectors,
Financial Services and Auto were in top. Small Cap has given an upside movement of around 1% last
week and closed at 7444 after making a high of 7473. Last week has been a boring week for the
Market. The Indices have moved in a very tight range 94 points throughout week. The benchmark
Nifty on 19 June Monday trading session opened at 9626 and made a high of 9673, after making a
low of 9615. Nifty closed at 9657 levels, up by 69 points from its previous day close. Hotel stocks
during Monday’s trade were gaining ground as the GST Council on Sunday has fixed the tax rate for
hotel rooms costing between Rs 2,500 to Rs 7,500 at 18%. Logistics stocks on Tuesday’s trading
session jumped as the Finance Minister Arun Jaitley during a press conference said that the GST
switch-over will happen from June 30 midnight and roll-out on July-1. Globally, the rate hike by the
Fed has taken the rates to 1.25 %. What no one realizes is that higher the rates go in the US, lesser is
the cushion for a rate cut in India. Indian market may focus on RBI minutes, which termed as quite
hawkish and RBI/MPC may not be in a mood to cut in Aug’17. All the eyes may be now on NPA
resolution & IBC act. effectiveness apart from GST implementation & high probable short term
disruption. Also, SEBI war on P-Notes may be in focus. The Progress of Monsoon and Goods and
Services Tax will be closely watch for it’s impact on Market. Time and Price action Suggest that
Nifty need to Sustain over 9540 level for Further up move toward 9580-9640 level. On the Flat side
Sustaining below 9540 level may drag the index toward 9487-9400 Levels.
BANK NIFTY : - Bank Nifty last week made a high of 23630 and closed at 23503. Bank Nifty
touched its all time high of 23807 level. The index opened at 23571 and closed at 23742. Today, Bank
Nifty got good support from hopes of a quick NPA resolution by RBI IBC mechanism and a report
that Govt may request RBI to defer Basel-III norms for the Indian Banks by another year as it may
provide the Govt some relief for its obligation of huge recapitalization funds. But, RBI may not agree
with this idea as it may cause Indian Bank’s rating downgrade. Asset quality pain for banks is
expected to continue in fiscal year ended March 2018 due to restructuring by banks, weakness in
some large corporate accounts and events like waiver of farm loans, credit rating agency ICRA said.
As of now Bank Nifty need to Sustain above 23868-24096, On the Other side Sustaining below 23500
level may drag the index toward 23412-23338 level in near term.
Monday, 26 June 2017

3. TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
9823 9679 9607 9535 9391
WEEKLY R2 R1 PP S1 S2
10019 9753 9620 9487 9221
MONTHLY R2 R1 PP S1 S2
10055 9763 9617 9471 9179
BANK NIFTY
DAILY R2 R1 PP S1 S2
24335 23885 23600 23435 22985
WEEKLY R2 R1 PP S1 S2
24736 24010 23647 23284 22558
MONTHLY R2 R1 PP S1 S2
25536 24192 23520 22848 21504
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 9627 9452 9208 8815
BANK NIFTY 23497 22855 21822 20427
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 9563 9555 8934
BANK NIFTY 23375 23097 20438

4. PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily chart of Eqity index Nifty price seems to take a
pause inside the breakdown zone before a swinging move. A quick below low level can be seen
up to 9481 after breaking 9529 and being close below it. We pro move is opening on 9736 and
9792 in Nifty which level can be considered as the near important resistance. It is likely to little
profitable selling may remain in the surge of below the IC green cloud 9736 when all time high
level can be seen up to 9792 by crossing near resistance and giving close on itare looking sure
movement of 150 to 200 points around the crucial level by rancho analysis Nifty. Long Nifty
Above 9570 For Target 9629 And 9781

5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - On the Above given daily chart of Bank Nifty has Applied the Bollinger Band
and Parabolic SAR both the indicators are indicating that the Bank Nifty to trade in positive
territory in upcoming week.Bank nifty recommendation will provide Positive move. Keep in mind
23160 and 22886 as the near support in Bank nifty. Bank Nifty to move toward new high of 23700-
23800 in near term we could witness some catious trade for next session.

6. NSE EQUITY DAILY LEVELS
COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1678 1673 1649 1644 1620
ADANI PORTS EQ 376 373 367 364 358
AMBUJACEM EQ 248 246 243 241 238
ASIAN PAINT EQ 1175 1168 1157 1150 1139
AXISBANK EQ 514 511 507 504 500
BAJAJ-AUTO EQ 2869 2855 2836 2822 2803
BANKBARODA EQ 169 166 163 160 157
BPCL EQ 655 647 637 629 619
BHEL EQ 140 138 135 133 130
BHARTIARTL EQ 370 367 365 362 360
BOSCH LTD EQ 24929 25529 24097 23697 23265
BHARTI INFRATEL EQ 382 378 375 371 368
CIPLA EQ 547 544 541 538 535
COALINDIA EQ 249 247 245 243 241
CAIRN INDIA LTD EQ 2683 2663 2638 2618 2593
DRREDDY EQ 370 364 358 352 346
GAIL EQ 1213 1196 1167 1150 1121
GRASIM EQ 866 859 850 843 834
HCLTECH EQ 1672 1665 1653 1646 1634
HDFC EQ 1717 1705 1690 1678 1663
HDFCBANK EQ 3769 3728 3689 3648 3609
HEROMOTOCO EQ 195 193 189 187 183
HINDALCO EQ 1120 1108 1092 1080 1064
HINDUNILVR EQ 298 294 289 285 280
ICICIBANK EQ 314 313 310 309 306
ITC EQ 1512 1503 1494 1485 1476
INDUSIND BANK EQ 955 950 944 939 933
INFY EQ 83 81 80 78 77
IDEA CELLULAR EQ 1015 1003 993 981 971
KOTAKBANK EQ 1755 1743 1731 1719 1707
LT EQ 1441 1415 1393 1367 1345
M&M EQ 72498 71592 70594 69688 68690
MRF EQ 7397 7336 7271 7210 7145
MARUTI SUZUKI EQ 165 162 160 157 155
ONGC EQ 161 159 158 156 155
NTPC EQ 22 21 20 19 18
RCOM EQ 673 658 638 623 603
RELCAPITAL EQ 1447 1440 1435 1428 1423
RELIANCE EQ 521 510 498 487 475
RELINFRA EQ 43 42 40 39 37
RPOWER EQ 299 295 291 287 283
SBIN EQ 242 240 235 233 228
SSLT( VEDL) EQ 549 545 541 537 523
SUNPHARMA EQ 290 284 280 274 270
TATA MOTORSDVR EQ 2440 2409 2381 2350 2322
TCS EQ 290 284 280 274 270
TATAMOTORS EQ 42 41 40 39 38
TATAPOWER EQ 521 516 509 504 497
TATASTEEL EQ 156 152 149 145 142
UNIONBANK EQ 1473 1460 1446 1433 1419
YES BANK LIMITED EQ 521 515 510 504 499
ZEEL EQ 376 373 367 364 358

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 ICICI BANK 316 292 - 7.54 %
2 GAIL LIMITED 378 353 - 6.46 % -
6
3 BHARAT PETRO 673 631 - 6.34 %
4 LUPIN LIMITED 1131 1061 - 6.11 % -
6
5 ONGC 167 158 - 5.47 %
6 IOC 404 382 - 5.47 % -
5
7 BANK OF BARODA 167 161 - 3.79 %
8 COALIN IND LTD 255 246 - 3.70 % -
3
9 HINDALCO 195 188 - 3.28 %
10 HERO MOTOCORP 3783 3666 - 3.10 % -
3
11 ULTRAT EC CEM 4125 4011 - 2.77 %
12 TATA MOTORS 455 443 - 2.76 % -
2
13 TECH MAHINDRA 390 380 - 2.43 %
14 POWER GRD COR 209 206 - 1.83 % -
1
15 DR. REDDY’S LABS 2682 2635 - 1.74 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1 TATA POWER 77 81 + 4.62 %
2 RELIANCE 1388 1436 + 3.45 %
3 SUN PHARMA 529 542 + 2.52 %
4 AURO PHARMA 953 998 + 2.33 %
5 AMBUJA CEMENT 237 241 + 1.79 %
6 HCL TECH 839 851 + 1.45 %
7 ITC LIMITED 306 3011 + 1.39 %
8 TATA STEEL 501 508 + 1.28 %
9 SBIN 285 288 + 1.00 %
10 ZEEL 508 512 + 0.92 %
11 ASIAN PAINTS 1145 1154 + 0.75 %
12 CIPLA LIMITED 536 540 + 0.67 %
13 BHARTI AIRTEL 364 367 + 0.67 %
14 HDFC 1640 1650 + 0.62 %
15 ADANI PORTS 363 365 + 0.51 %

8. OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

9. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Monsoon to be close to normal or above normal: IMD - Monsoon is expected to pick up pace
later this week and likely to intensify its advancement in central and north India, said a senior
IMD official, reported a national news agency. Till June 20, all India rainfall was 104%, said DS
Pai, Director-Long Range Forecast, IMD in an interaction with a media outlet. “Overall we are
close to normal or above normal monsoon,” said Pai. Monsoon is expected to advance to areas
like Bihar, Chhattisgarh, Jharkhand and eastern part of Uttar Pradesh and Madhya Pradesh in the
next 2-3 days. After June 26, it is expected that monsoon will progress faster in the northern part
of the country.
NCAER pegs FY'18 GDP growth at 7.6% on normal monsoon - Economic think-tank
NCAER has revised up its projection for the country's economic growth to 7.6 per cent for the
current fiscal, compared with the earlier prediction of 7.3 per cent on forecast of normal
monsoon. In its quarterly review of the economy, NCAER said prospects for the agricultural
sector in 2017-18 remain optimistic on forecast of good rains. Recent estimates show that
foodgrain production in 2016- 17 has touched a new record of 273.4 million tonnes or 8.7 per
cent higher as compared to last year. Also, the level of water storage in the country's main
reservoirs in 2017-18 is better compared to last year. In fact, better than the average storage over
the last ten years. "The forecast for growth of Gross Domestic Product at market prices in 2017-
18 is 7.6 per cent at constant (2011 -12) prices," said the National Council of Applied Economic
Research. The agency has also revised upward its forecast of GVA growth at 7.3 per cent for
2017-18 from its February estimate of 7 per cent.
From 11% to 2.2%, five charts explain India's vanishing inflation - Four years ago Indian
inflation was running at more than 11 percent. Now it’s melted to a record low 2.2 percent, below
Mexico, Turkey and the U.K., as the central bank’s battle against price pressures gains traction.
The slide has prompted the Reserve Bank of India, led by Urjit Patel, to slashed its inflation
forecasts and led one members of its six-person monetary policy committee to break ranks at its
June 6 announcement, stoking market speculation the bank could next cut rates, perhaps as early
as August. So what’s changed? Economists say cyclical or temporary issues like a stronger
currency and weaker domestic demand, combined with structural factors such as better food
management by Prime Minister Narendra Modi’s government are in play. There are risks the
cyclical factors could easily unwind, but for now, economists increasingly see structural factors
winning out. Inflation is expected to hug the lower band of the RBI’s 2 percent to 3.5 percent
forecast for the first half of the financial year ending in March and remain below the 3.5 percent

10. to 4.5 percent target for the second half.
Digital economy can reach $ 4 trillion in 4 years: Tech sector to government - Surpassing the
government's expectations to make India USD 1-trillion digital economy by 2022, technology
companies today said it has potential to grow up to USD 4 trillion during the period. IT Minister
Ravi Shankar Prasad, who chaired a meeting with industry captains to chalk out a growth plan,
said the government will formulate a new set of strategies to support growth including a new
electronics policy, software product policy and a framework for data security and
protection. "There was unanimity among all the participants that USD 1-trillion digital economy
is an understatement. India has the immense potential to go to USD 2 to 3 to 4 trillion digital
economy potential," Law and IT Minister Ravi Shankar Prasad told reporters after meeting with
top industry leaders. The meeting was attended by top experts such as Nasscom President R
Chandrashekhar, Google India's Rajan Anandan, Wipro's Rishad Premji, Indian Cellular
Association National President Pankaj Mohindroo, NIIT Chairman Rajendra Pawar and Hike
Messenger CEO Kavin Bharti Mittal, among others.
CAD expected to be around 1.4 per cent of GDP in 2017: Nomura - : India's current account
deficit is expected to be around 1.4 per cent of GDP in 2017 compared to 0.6 per cent in 2016,
owing to stronger domestic growth, says a report. The Japanese financial services major Nomura
has revised India's 2017 CAD forecast to 1.4 per cent of GDP from 1.6 percent earlier, but still
expects current account deficit to be higher than the 2016 figure. Nomura expects India's CAD to
widen in 2017 against last year as import growth should pick up in the second half 2017 due to a
stronger domestic recovery, even as protectionist policies will likely hurt services exports. "We
are revising our 2017 CAD forecast to 1.4 per cent of GDP (as against 1.6 per cent earlier) but we
still expect it to be wider than in 2016 (0.6 per cent) owing to stronger domestic growth," Nomura
said in a research note. The key risks to this outlook are the rise in protectionism, weaker global
growth or a surge in oil prices. According to Reserve Bank of India, the current account deficit
soared to $3.4 billion, or 0.6 per cent of gross domestic product in the fourth quarter of fiscal
2017, compared to $0.3 billion a year ago.
Telecom to banking, most services to be costlier with GST - For some days now, several
service providers — from insurance and banking to telecom and hotels — have been sending
emailers to customers warning of a GST-driven increase in prices starting July 1. Alarmed and
unconvinced, the revenue department in the finance ministry has roped in other ministries to
impress upon industry to adjust input tax credit against possible increase in tax liability. The tax
credit being referred to will be on taxes paid on the purchase of ACs and furniture used in the
service providers' offices. In the fast few days, banks have informed consumers that the tax
burden on credit card bills will increase from 15% to 18% from July. Similarly, telecom

11. companies have said that monthly bills will rise as the gains from input tax credit will not be be
significant. The only exception is state-owned Bharat Sanchar Nigam Ltd. Tariff will not be
changed in the GST era. They will be maintained. They should remain at the same level," the
loss-making company's chairman Anupam Shrivastava told TOI. In fact, citing financial stress in
the sector, companies such as Idea and Airtel have pitched before an inter-ministerial group that
telecom should be treated as an essential service and face a lower GST of 5% or 12%, instead of
the current 18%. When the rates were decided last month, the government had said that the
overall burden will not rise given that input credit will be available to companies. It had pointed
to the telecom sector to argue that cost will reduce by 3%.
Loan waiver, rain may slowly boost demand - The announcement of farm waivers in some
states and the forecast of a good monsoon could augur well for the rural economy but the
elephant in the room is its possible impact on demand and consumption, feel economists. The
loans waivers, made with all the good intentions, will reduce the burden on farmers and a good
monsoon will boost their income –– factors which should raise their disposable income and in
turn rural demand. However, economists say the quantum of write-offs, number of years over
which the waiver is staggered, and the manner in which the respective state government would
fund the waivers would be critical factors in determining its impact on demand and consumption.
If the waiver is funded by cutting spending elsewhere, farmers stand to gain but the overall
consumption will not get a boost. On the other hand, if states borrow more to fund the waiver,
there should be a fiscal stimulus. Almost 60 per cent of farm loans are from the formal sector, that
is from banks and cooperative societies, which will be waived.
Modi government's midnight GST launch function to be a sober one-hour function - The
Centre's GST launch on the night of June 30 will be a sober, one-hour function, reminiscent of
late night session that was held in Parliament in 1992 to commemorate 50 years of the Quit India
movement and one to celebrate India's 50 years of Independence when a special session of
Parliament was held late night. The preparations for the GST launch are exactly like that — like
we do for joint sessions," an official said. "During the 50th and 60th years of celebrations we had
special sessions in Parliament with speeches and screenings of films. Same will happen during
the GST launch on June 30," the person said. Parliamentary affairs minister Ananth Kumar has
written to all MPs urging them to attend the function. His letter dated June 19 addressed to all
Lok Sabha and Rajya Sabha MPs calls the GST a shining example of cooperative federalism best
exemplified by the fact that all decisions with regard to GST have been taken by consensus,
including the decision that tax administration would also be coordinated to achieve single
interface for taxpayers.

12. ✍ TOP ECONOMY NEWS
Policies like farm loan waivers are impacting asset quality of the agricultural sector and is also
expected to affect state finances adversely, says a report. According to SBI's research report
Ecowrap, apart from farm loan waiver, Uday bonds and prohibition of alcohol are also expected
to impact state finances.
The government on Wednesday sold a 2.5 per cent stake in construction major Larsen & Toubro
for Rs. 4,158 crore through a series of block deals. The buyers were also government-managed
entities -life insurance giant LIC, banking leader SBI, reinsurer GIC and non-life insurance major
New India Assurance.
India has witnessed a whopping 30 per cent rise in the foreign exchange earnings from the
tourism sector in the month of May, as compared to the same period in the last two years and a 19
per cent increase in tourist footfalls. According to the Reserve Bank of India's credit data of
Travel Head from Balance of Payments, foreign exchange earnings during the month of May
2017 were Rs 12,403 crore as compared to Rs 10,260 crore in May 2016 and Rs 9,505 crore in
May 2015.
Fifty-six years. That's how long it would take if the one dozen companies the Indian central bank
is pushing into bankruptcy were to repay creditors by handing over their entire current operating
income. For India's capital-starved commercial lenders, at the receiving end of much of this $37
billion of unpaid debt, waiting for even 56 days without a resolution isn't an option. Hence the
nuclear strike against errant borrowers.
Consumer-facing companies selling groceries, medicines, cars and electronics could be ready for
the new goods and services tax regime only by mid-July as a significant part of their ecosystem
— dealers, wholesalers and retail stores still lack basic IT infrastructure and licences for the
transition. Larger companies are well on their way in putting systems in place. From the
compliance perspective, they have got leeway to put it in place till August.
Lower rates of GST may not necessarily mean higher profits for Indian consumer firms, while
the converse is equally true for those selling in limited pockets. The reason is a simple averaging
of tax rates across all states instead of weighted averages, which would have mapped sales
volumes to levies in the relevant states. On the surface, tax rates of certain products would have
seemingly come down compared to existing rates under GST. But some companies may still have
to increase prices.“This is mainly because for some products, the bulk of the sales take place in a
few states where the current VAT may have been lower.”

13. The Centre's GST launch on the night of June 30 will be a sober, one-hour function, reminiscent
of late night session that was held in Parliament in 1992 to commemorate 50 years of the Quit
India movement and one to celebrate India's 50 years of Independence when a special session of
Parliament was held late night. The preparations for the GST launch are exactly like that — like
we do for joint sessions," an official said. "During the 50th and 60th years of celebrations we had
special sessions in Parliament with speeches and screenings of films. Same will happen during
the GST launch on June 30," the person said.
With the countdown to GST roll out underway, government today promised leniency in
enforcing penal laws for violations during the initial period of implementation of the new national
sales tax regime. Revenue Secretary Hashmukh Adhia said a distinction would be made between
genuine mistakes in filing of returns and deliberate attempts to evade taxes. Our intention is to
have a smooth landing of GST. Intention is not to harass everyone in the first month," he said at a
GST Town Hall.
Safety audit of the Goods and Services Tax Network an information technology backbone of the
Goods and Services Tax, is being carried out by security agencies ahead of its roll-out from next
month. The process of granting national security clearance to the GSTN is going on and agencies
such as Intelligence Bureau ) and National Technical and Research Organisation have been roped
in for it, official sources said today.
With fresh slippages of 6.2% during Q4FY2017 as against 4.2% (annualised) in Q3FY2017 and
5.5% for FY2017, the asset quality pain is expected to continue for the banks during FY2018.The
same may however peak-out in FY2018 with gross non-performing assets (GNPA)s of Rs 8.8 to
9.0 trillion (9.9-10.2%) by end of FY2018 as against GNPAs of 9.5% (Rs 7.65 trillion) as on
March 31 2017, says ICRA, in its report released.
✍ TOP CORPORATE NEWS -
CMI Limited has received orders from East Central Railway worth Rs. 20.69 crore for supply of
railway signalling cable and from BHEL worth Rs. 9.97 crore for supply of 3.3 KV and 11 KV
power cable for its Baddi plant, the company informed the bourses on Thursday.
Lupin Limited on Thursday announced the launch of its Desoximetasone Cream USP, 0.05%
and Desoximetasone Cream USP, 0.25% in the US. It had received the United States Food and
Drug Administration approval for the same earlier.

14. Tata Power Company Limited was one of the most talked about share in the markets in
Thursday’s trading session because of several reasons. The company has recently approached the
Ministry of Power and Gujarat Urja Vikas Nigam Limited to sell around 51% equity in the 4000-
MW Mundra Ultra Mega Power Project to them.
PI Industries Limited and Kumiai Chemical Industry Co. Ltd jointly announced on Thursday to
have entered into an agreement to establish a joint venture company in India. The JVC is being
set-up initially to manufacture and distribute Bispyribac Sodium, one of the flagship
agrochemical products of Kumiai in India to achieve operational efficiencies and further growth.
Tata Elxsi Limited on Thursday announced that it has been selected as a strategic design partner
by the Airports Authority of India to improve passenger experience for AAI managed airports.
Tata Elxsi will be primarily responsible for the wayfinding and information design guidelines for
airports that will be managed by AAI in the future.
Tata Motors Limited on Wednesday informed that a meeting of the committee constituted by the
board of the directors approved the offer for subscription of non-convertible debentures of Rs 500
crore on a private placement basis. The company will offer 5,000 NCDs, which will be listed
both on BSE & NSE. The face value will be Rs 10,00,000 each. The coupon rate is fixed at Rs
7.50% and Credit Analysis & Research Limited has assigned it 'CARE AA+' rating.
Lupin's Pithampur Unit 3 has been issued 5 observations by the US Food and Drug
Administration, reported a national news channel. Lupin Limited was trading lower by 2.1% at
Rs. 1,071 per share at 1242 hours on NSE. It touched a high of Rs 1,089.90 and a low of Rs
1,068.25 so far during the day.
Axis Bank Limited plans to raise funds worth Rs. 35,000 crore in about a year's time on a private
placement basis from Indian as well as overseas markets. The leading private sector bank in its
annual report for 2016-17, had said that it might raise additional funds to maintain its capital to
risk-weighted assets ratio. The bank may issue debt securities denominated in Indian rupees or
any other permitted foreign currency including long-term bonds, green bonds, non-convertible
debentures.
Tata Power Company Limited strategic Engineering Division has received an order for a pilot
project from Ministry of Home Affairs, Govt of India for the supply of Comprehensive Integrated
Border Management System to Border Security Force.
Alembic Pharmaceuticals Limited has received US Food & Drug Administration approval for

15. its Abbreviated New Drug Application for Candesartan Cilexetil Tablets, 32 mg, the company
informed the bourses on Wednesday. Candesartan Cilexetil Tablets are indicated for the treatment
of hypertension in adults and children and treatment of heart failure.
Trent Limited has issued and allotted commercial paper of Rs 100 crore. The proceeds of the
same will be primarily used to refinance the company's upcoming repayments. Credit Analysis
and Research Limited has assigned a credit rating of‘CARE A1+’to the said instruments.
Instruments with CARE A1 rating are considered to have very strong degree of safety regarding
timely payment of the financial obligations and carry the lowest credit risk.
Canara Bank has decided to sell its stake in the credit rating agency CARE Limited for nearly
Rs. 393 crore. The state-owned bank plans to sell 8.90% stake. Canara Bank in the bid document
said that it proposes to sell 26,22,430 equity shares of CARE, at a floor price of Rs. 1,500 per
share, comprising of 8.90% of the total paid-up capital of the company.
Piramal Enterprises, a flagship company of the Piramal Group on Tuesday said that it has raised
Rs. 600 through the issue of securities. The company in its regulatory filing said that, the
allotment of 6,000 secured redeemable non-convertible debentures having the face value of Rs 10
lakh each aggregating to Rs. 600 crore on private placement basis has been approved by an
administrative committee of the company's board.
IT services player, HCL Technologies on Tuesday announced its next generation research
platform, a pre-competitive drug discovery ecosystem built with open standards. This platform
will provide research scientists with a collaborative ecosystem, greater computational resources
and the ability to mine research data to make more informed scientific decisons.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
State Bank of India, the country’s biggest bank, has been authorised to refer Essar Steel,
Bhushan Steel and Electrosteel to the bankruptcy court raising the possibility that some of these
companies could be merged in an effort to return them to health. The decision of the lenders
consortium which met in Mumbai on Thursday indicates a new urgency in dealing with lakhs of
crores of bad loans in the steel sector.The three companies between them owe banks nearly Rs 1
lakh crore. By early next week, SBI will file applications at the National Company Law Tribunal
for these three companies under the Insolvency and Bankruptcy Code.
Reserve Bank of India has asked banks to resolve 55 high value cases of bad loans within six

16. months or face the prospect of being directed to go in for the new insolvency resolution
mechanism as part of the strategy to rein in unacceptable level of non-performing assets. Earlier
this month, RBI identified 12 accounts for insolvency proceedings with each of them having over
Rs 5,000 crore of outstanding loans, accounting for 25 per cent of total NPAs of banks.
Asset quality pain for banks is expected to continue in fiscal year ended March 2018 due to
restructuring by banks, weakness in some large corporate accounts and events like waiver of farm
loans, credit rating agency ICRA said in a note on Thursday. ICRA expects gross Non-Performing
Assets of Indian banks to increase to 9.9% to 10.2% by March 2018 from 9.5% in March 2017
with fresh slippages of loans expected at 3% to 4% in the fiscal. However pressures on asset
quality may also peak in the fiscal year in what ICRA called as a "decisive year" because RBI
steps up the resolution process for NPAs. ICRA pegged the total amount of suspect loans at 15%
to 17% of bank loans as of March 2017, much higher than the 9.5% GNPAs.
Lenders may be forced to write off more than half the loans taken by companies in the debt-
smothered steel sector which are facing bankruptcy proceedings. And in the process, banks will
have to take steep haircuts of around 56% of the loans because of the unsustainably high debt of
these companies, according to a Credit Suisse report.
The Reserve Bank has removed the restriction on foreign investment in IDFC Limited after the
shareholding of overseas investors fell below the prescribed level. "The foreign shareholding by
foreign institutional investors/foreign portfolio investors in IDFC have gone below the prescribed
FII/FPI investment limit. Hence, the restrictions placed on the purchase of shares by FII/FPI of
the above company, are withdrawn with immediate effect," the RBI said in notification.
State-run Uco Bank may require Rs 3,000-4,300 crore of tier 1 capital in the FY2018 and
FY2019 to cover the losses for the last two years, rating company ICRA said, after downgrading
the bank's bond programmes. ICRA projected that out of the total capital requirement, Rs. 1,800-
3,000 crore has to be equity capital and the balance to be raised in additional tier 1 capital.
The finance ministry has asked four large PSU lenders to explore opportunities for acquisition of
small and mid-sized banks with a goal to create global sized lenders, sources said. One of the
possibilities is that large public sector banks like Punjab National Bank, Bank of Baroda, Canara
Bank and Bank of India could try looking for potential candidates for acquisition, they said.

17. LEGAL DISCLAIMER
This Document has been prepared by Ways2Capital (A Division of High Brow Market Research
Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on
Ways2Capital Equity/Commodities Research assessment and have been obtained from sources
believed to be reliable. This document is meant for the use of the intended recipient only.
This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant
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