The document provides a weekly summary of key news related to the Indian economy and markets: - Industrial production contracted 1.9% in October, resuming its decline after a brief growth in September, suggesting further economic pain from demonetization. - The CBDT sought to alleviate fears of tax investigations among small and medium businesses accepting digital payments for the first time due to demonetization. - India's current account deficit narrowed to 0.6% of GDP in July-September due to a smaller trade deficit from a larger fall in imports versus exports. - The Chief Economic Advisor called for including land, real estate and power under the goods and services tax (GST) regime as the

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - Last week Equity Market witnessed one of the historic events in the Indian Economy
where after the Demonetization, markets were keenly expecting a minimum of 25 bps rate cut. But, to surprise
all, Reserve Bank of India kept the stance unchanged shocking the markets on Wednesday. The Indian Equity
benchmark Nifty opened in a negative bias on Monday trading Session Down by 31 points or 0.37 at 8230. The
Last Week upside rally was contributed by strong fundamentals of the Indian economy accompanied with
strong International markets. In last 24 trading sessions post Demonetisation, Nifty 50 has thereafter made a
low of 7916 on 21 November and two successive tops around 8250 on 01 December and again 8274 on 09
December. The Nifty is currently showing a range of 8180 - 8300 with good supports holding the base
strongly. During the discussed period, domestic indices were mostly driven by internal issues or sentiments and
an impact of global coupling was quite limited or shortlived. Combination of stronger USD and domestic jitters
of economic slowdown and political disruptions as a result of demonetization may be significant headwinds for
the Indian market in the coming Weeks despite relatively better macros among its EM peers. unless & until
Nifty sustained above 8100-8200 zone for a few days, any “Santa” or “Pre-Budget” Rally in the absence of
FII’s in this month of Dec may be utilized for long profit booking to prepare for a probable Jan-March selling
spree, despite a hope for a “dream budget”. On Thursday trading Session The Nifty opened at 8229 and that
was the day's high too. It fell sharply by 61 points to test its previous day's low of 8172 after making a low of
8172. Yellen’s comments about the 0.25% rate hike as “very modest adjustment” and her “confidence” in the
US economy has sent the USD & US bond yields soaring and for the first time after a decade. Technically,
Nifty still in positive zone. Market needs to close below 8170 for Nifty to enter into negative zone. US FED
increased Interest Rates by 25 bps, which was very much expected by the markets. Market would see roller-
coaster rides Next week. There is possibility of recovery after a negative opening but direction would remain
uncertain until closing. Traders can initiate short positions only if Nifty closes below 8170. Nifty would see
strong support at 8145-8100-8077-8000 whereas strong resistance would be seen at 8200-8230-8265-8280-
8310 levels.
BANK NIFTY : - The Indian Baking index Bank Nifty opened in a Negative note down by 79 points or 0.42
per cent at 18616. The Reserve Bank has directed banks to keep record of new bank notes in view of seizures
by Income Tax Department and other law enforcement agencies of large quantities of high denomination notes.
It has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these bank
notes by the currency chests. Nifty Bank is still in positive zone. Bank Nifty would enter into negative zone
once it closes below 18255 levels. Market may see some short covering but for now, Bank Nifty looks weak
and traders can go short at every positive rally in the Market. Bank Nifty would soon enter into negative zone
once it closes below 18255 levels and we could see some sharp downfall in the market in days to come. The
Bank Nifty is expected to trade in bullish trend for next trading week. The Significance Levels for Bank Nifty
is 18833-19759 is Upside and 17907-16981 is down side.
Monday, 19 December 2016

3. TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
8303 8201 8150 8099 7997
WEEKLY R2 R1 PP S1 S2
8478 8270 8166 8062 7854
MONTHLY R2 R1 PP S1 S2
8720 8340 8150 7960 7580
BANK NIFTY
DAILY R2 R1 PP S1 S2
18802 18494 18340 18186 17878
WEEKLY R2 R1 PP S1 S2
19750 18824 18361 17898 16972
MONTHLY R2 R1 PP S1 S2
20646 19114 18348 17582 16050
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 8197 8321 8371 8285
BANK NIFTY 18580 18870 18812 18332
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 8238 8441 7826
BANK NIFTY 17952 20049 16124

4. PATTERN FORMATION ( NIFTY )
Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band along with
Parabolic SAR both the indicators are Leading Indicators, and gives signal of Buying or Selling.
Although the Uses of Bollinger Band differ from traders to traders Some buy when it break the Lower
Band from below side and some buy when it break Upper Band. We assume that the Breaking the
Middle Band Usually a Up side is bull Signal as we can see on the above given chart it is Trading
Above its crucial Psychological Level it is around 8120. if it is Sustaining 8100-8080 Level could
lead the Nifty further Up side. Significance Support level of 8090-7995 And Significance Resistance
for Nifty is 8201-8290.

5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band along
with Parabolic SAR. Both are the leading Indicators and give Signal on Breakout of Upper or Lower
Band. On the Above given chart of Bank Nifty it is trading around Middle Band if it is not able
Sustain the Support level of 18180. From this level we are Expecting the If the Bank Nifty is able to
Sustain the Level of 18500 may go Further Up side to the level of 18800-19100 Level for Next week.
The Significance levels for Bank Nifty is 18494-19802 Up side and 18180-17880 is Down Side.

6. NSE EQUITY DAILY LEVELS
COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1333 1314 1298 1279 1263
ADANI PORTS EQ 289 285 282 278 275
AMBUJACEM EQ 205 204 201 200 197
ASIAN PAINT EQ 915 908 904 897 893
AXISBANK EQ 484 477 472 465 460
BAJAJ-AUTO EQ 2694 2676 2662 2644 2630
BANKBARODA EQ 164 161 160 157 156
BPCL EQ 621 613 609 601 597
BHEL EQ 126 125 123 122 120
BHARTIARTL EQ 323 316 313 306 303
BOSCH LTD EQ 20356 20184 20047 19875 19738
BHARTI INFRATEL EQ 359 357 354 352 349
CIPLA EQ 573 570 565 562 557
COALINDIA EQ 295 292 289 286 283
CAIRN INDIA LTD EQ 265 260 258 253 251
DRREDDY EQ 3145 3125 3113 3093 3083
GAIL EQ 429 422 416 409 403
GRASIM EQ 841 829 823 811 805
HCLTECH EQ 843 832 823 812 803
HDFC EQ 1285 1275 1269 1259 1253
HDFCBANK EQ 1189 1186 1178 1175 1167
HEROMOTOCO EQ 3211 3168 3142 3099 3073
HINDALCO EQ 178 177 176 175 174
HINDUNILVR EQ 833 826 819 812 805
ICICIBANK EQ 262 260 258 256 254
ITC EQ 231 229 227 225 223
INDUSIND BANK EQ 1108 1098 1083 1073 1058
INFY EQ 1013 1009 1006 1003 998
IDEA CELLULAR EQ 79 78 76 75 73
KOTAKBANK EQ 731 724 721 714 711
LT EQ 1370 1365 1358 1353 1346
M&M EQ 1200 1190 1179 1169 1158
MRF EQ 53393 52773 52377 51757 51361
MARUTI SUZUKI EQ 5238 5214 5182 5158 5126
ONGC EQ 210 205 203 198 196
NTPC EQ 163 162 160 159 157
RCOM EQ 37 36 36 35 34
RELCAPITAL EQ 453 448 444 439 435
RELIANCE EQ 1066 1061 1056 1051 1046
RELINFRA EQ 507 497 491 481 475
RPOWER EQ 44 43 43 42 41
SBIN EQ 268 266 265 263 262
SSLT( VEDL) EQ 241 236 232 227 223
SUNPHARMA EQ 662 655 644 637 626
TATA MOTORSDVR EQ 305 301 298 294 291
TCS EQ 2313 2299 2275 2261 2237
TATAMOTORS EQ 480 477 470 467 460
TATAPOWER EQ 80 78 77 75 74
TATASTEEL EQ 427 421 416 410 405
UNIONBANK EQ 144 141 139 136 134
YES BANK LIMITED EQ 1209 1196 1184 1171 1159
ZEEL EQ 451 446 442 437 433

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 ONGC 306 201 -34.26 %
2 ULTRATECH CEM 3568 3177 -10.96 %
3 BHARTI AIRTEL 332 310 -6.55 %
4 HINDALCO INDUS 878 817 -6.53 %
5 AMBUJA CEMENT 216 202 -6.29 %
6 ACC LIMITED 1379 1294 -6.16 %
7 COAL INDIA LTD. 306 288 -5.94 %
8 BHEL 129 122 -4.84 %
9 ICICI BANK 268 255 -4.79 %
10 AURO PHARMA 723 690 -4.59 %
11 HERO MOTOCORP 3277 3127 -4.56 %
12 ASIAN PAINTS 941 899 -4.44 %
13 ITC LIMITED 236 226 -4.15 %
14 ZEEL 460 442 -3.90 %
15 TATA STEEL 430 414 -3.83 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1 SWAN ENERGY 167 200
+19.64 %
2
MASTEK LTD. 150 176 +17.67 %
3 RAMCO SYSTEM 311 344
+10.31 %
4
MPHASIS LTD. 518 565 +9.15 %
5 KRBL LIMITED 275 297
+7.80 %
6
P C JEWWELLER 354 378 +6.69 %
7 MIND TREE LTD. 470 501
+6.52 %
8
FORTIS HEALTH 172 183 +6.11 %
9 BIOCON 943 982
+4.12 %
10
EID PARRY 255 265 +4.06 %
11 TVS MOTOR LTD. 363 378
+4.06 %
12
TCS 2195 2282 +3.98 %
13 L & T INFOTECH 654 679
+3.72 %
14
AXIS BANK LTD. 456 472 +3.59 %
15 RELIANCE 1028 1057
+2.74 %

8. NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )
NSE FUTURE
NSE FUTURE :SELL CENTURYTEX FUTURE BELOW 760 TGT 730 SL 775
NSE FUTURE :BUY AXISBANK DUTURE ABOVE 480 TGT 500 SL 467
NSE FUTURE :SELL HINDALCO FUTURE BELOW 170 TGT 165 SL 174
NSE CASH
NSE CASH : BUY MINDAIND NSE CASH ABOVE 333 TGT 359 SL 323.
NSE CASH : BUY SASKEN NSE CASH ABOVE 422 TGT 454 SL 410.
NSE CASH : BUY TRIDENT NSE CASH ABOVE 61 TGT 66 SL 59.

9. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Industrial production shrinks 1.9% in October - Industrial production contracted in October,
resuming its decline after marginal growth in September, suggesting more pain going ahead as the
impact of note withdrawal begins to show up. The Index of Industrial Production fell 1.9 per cent in
October compared with a 0.7 per cent rise in September and 9.8 per cent growth in the year-ago
month, data released by the Central Statistics Office on Friday showed. In the April-October period,
production declined 0.3 per cent compared with 4.8 per cent growth last year. "Despite a good
monsoon and the onset of the festival season, a lacklustre performance of industrial growth
performance is indeed disappointing and reiterates the fear that health of industrial sector is in
trouble," said Sunil Sinha, principal economist, India Ratings & Research. The consensus was for
about 1 per cent growth. Industrial production has contracted in four out of seven months so far this
fiscal. Some early numbers suggested industrial production will take a bigger knock following the
government’s move to invalidate `500 and `1,000 notes on November 8. Sales of passenger vehicles
rose a modest 1.82 per cent in November.
CBDT tries to allay tax terror fears as businesses go digital - An increase in turnover of a business
owing to its accepting digital means of payment will not trigger reopening of cases of past years,
according to a clarification issued by the Central Board of Direct Taxes. The Income Tax regulatory
authority has sought to allay fears of tax terror, especially among the smaller and medium-sized
business entities, many of which — in the back drop of demonetisation — would be accepting digital
payments for the first time. These include retail stores, restaurants and other service agencies, ranging
from coaching classes to beauty parlours. In its circular, CBDT explains, "By adopting the digital
mode of payment, no financial transactions would remain undisclosed and consequently an enhanced
turnover of business might get reflected in the books of accounts. "An apprehension was raised by the
business community that increased turnover in the current year may lead to reopening of earlier years'
cases where the turnover was lower. Reopening would cause undue harassment to taxpayers.
India's current account gap in July-Sept at 0.6% of GDP - The current account deficit narrowed
by more than a percentage point to 0.6 per cent of GDP at USD 3.4 billion in the July-September on
account of lower trade deficit. The July-September CAD is lower than USD 8.5 billion, or 1.7 per
cent of GDP, in the same quarter of last fiscal. It is, however, higher than USD 0.3 billion or 0.1 per
cent recorded in the first quarter of the current fiscal. According to RBI data, private transfer receipts,
mainly representing remittances by Indians employed overseas, amounted to USD 15.2 billion,

10. registering a decline by 10.7 per cent from the previous level a year ago. "The contraction in the CAD
on year-on-year basis was primarily on account of lower trade deficit (USD 25.6 billion) brought
about by a larger decline in merchandise imports relative to exports," the RBI said in a statement. Net
services receipts moderated on annual basis, primarily owing to the fall in earnings from software,
financial services and charges for intellectual property rights, it said.
Bring land, realty, power under GST fold, says Arvind Subramanian - As the Narendra Modi
government wages its biggest war on black money yet, Chief Economic Advisor Arvind Subramanian
today pitched for including land and real estate under the GST regime to check money laundering and
corruption. Arvind Subramanian, who for the finance ministry had authored a report on possible tax
rates under the Goods and Services Tax, suggested that the new indirect tax set-up should be clean
with simple low rates and should include land and property as well as electricity. GST, which the
government intends to roll out from April 1, 2017, is to subsume central excise, service tax and state
VAT among other indirect levies on manufactured goods and services, but property and electricity
have so far not been talked about as being part of it. "I still think we should aspire for simple, clean
structure of rates which will have on balance lower and higher rates and that will be a necessary
complement to fighting against black money that the Prime Minister has launched with
demonetisation of old 500 and 1,000 rupee notes," he said at a conference here. He felt that land and
real estate need to be part of the GST.
Bank credit plunges by Rs 61,000 crore in post note ban fortnight - The demand destruction
unleashed by the November 8 demonetisation drive saw the bank credit shrinking by a whopping Rs
61,000 crore, or 0.8 per cent, during the fortnight to November 25, show the latest RBI data. But at
the same time, the note ban also had a positive effect, as borrowers, including some default accounts,
paid back as much as Rs 66,000 crore during the same period. In sharp contrast, during the same
fortnight, banks received huge inflows as people deposited as much as Rs 4.03 trillion into the
accounts, which as of December 9 crossed Rs 12 trillion, putting all calculations of the Government
into a tizzy. Analysts supporting the cash recall move initially claimed that at least 20 per cent, or a
little over Rs 3 trillion - out of the total Rs 15.4 trillion of the banned bank notes - would not come
back to the banking system, helping the Government net a windfall from the exercise whose stated
aim is to root out black money and curb corruption. This, they claimed, would be achieved by writing
off a similar amount from the balance sheet of the central bank and then transferring the same the
Government as surplus. But with the near total return of the banned notes, all these calculations have
gone out of the window. The outstanding credit of banking system stood at Rs 72.92 trillion as of
November 25, according to the Reserve Bank data. The year-on-year credit growth was just 6.6 per
cent, down from 9.3 per cent a year ago.
Options before government if GST not implemented by September 2017 - Even as Arun Jaitley on

11. Sunday said that the last possible day to pass GST is September 16, many are discussing of what
would happen in a worst case scenario, if government were to miss even this deadline? The
government is required to implement the Goods and Services Tax by September 16, or there would be
no tax law altogether after that since the validity of the recently passed GST bill lapses by then, point
out experts. The Parliamentary logjam, with the opposition being relentless in its attack on
demonetisation, has impacted government’s planned timeline on GST. “If the GST doesn't come into
force by September 16, there is one view that existing specified tax legislations would cease to have
effect. Hence, the government is working towards ensuring that GST is implemented before 16th
September. It needs to be seen that if the same is not achieved whether the Government has an
alternative plan,” said Dharmesh Panchal, India - West Indirect Tax leader, PwC. Experts say that the
government may not be in a position to levy any indirect taxes as the current taxes would cease to
exist while its replacement GST would not have come into force.
CPI inflation to remain below 5% in first half of 2017: HSBC - The Reserve Bank is expected to
meet its target 'comfortably' as CPI inflation is likely to remain well below 5 per cent over the first
half of 2017, an HSBC report says. According to the global financial services major, food prices have
remained low over the first 10 days of December and it is getting increasingly likely that the RBI will
meet its '5 per cent by March' CPI target comfortably. "We expect CPI inflation to remain well below
5 per cent over the first half of 2017," HSBC said in a research note. Retail inflation fell to a two-year
low of 3.63 per cent in November following the Centre's demonetisation drive that led to lower
consumer spending on various food items including vegetables. The report further said that
demonetisation has clearly hurt activity as effective cash in circulation has contracted 60 per cent over
the last month.
✍ TOP ECONOMY NEWS
Industrial production contracts 1.9% in October as against 9.9% growth in the same month last year,
driven down by a contraction in manufacturing and mining sectors.
Government realised Rs324.34bn in upfront payment for the spectrum sold in the auction this year,
which was lower than Telecom Department's projection of Rs345.86bn.
Direct tax collection was up by 15.12% to Rs 4.12 trillion while indirect tax collection jumped by
26.2% to Rs5.52trn during the April to November period this year.
A major banking sector union asked the RBI to supply adequate cash to nationalised bank branches
and ATMs or stop cash transactions, otherwise they may resort to agitation and even go on strike.

12. In value terms, PE/VC investments in India stood at USD 908 million, down 50% over a deal value
of USD 1.82 billion in November last year.
The Directorate General of Anti-Dumping and Allied Duties has recommended imposition of
definitive anti-dumping duty on imports of steel tubes and pipes from China.
Premium collection of life insurance companies has more than doubled in November while
investment in mutual funds grew by a three-fourth.
The Department of Industrial Policy & Promotion has set up a committee with representatives from
various ministries such as food processing, energy and environment as well as industry bodies to
identify areas where the US could be persuaded to share technology with India under the bilateral
Trade Policy Forum platform.
In value terms, PE/VC investments in India stood at USD 908 million, down 50% over a deal value
of USD 1.82 billion in November last year.
The Directorate General of Anti-Dumping and Allied Duties has recommended imposition of
definitive anti-dumping duty on imports of steel tubes and pipes from China.
Premium collection of life insurance companies has more than doubled in November while
investment in mutual funds grew by a three-fourth.
The Department of Industrial Policy & Promotion has set up a committee with representatives from
various ministries such as food processing, energy and environment as well as industry bodies to
identify areas where the US could be persuaded to share technology with India under the bilateral
Trade Policy Forum platform.
The Wholesale Price Index -based inflation for November 2016 came in at a five-month low of
3.15% against 3.39% in the previous month.
Finance Minister Arun Jaitley hinted that tax rates might be brought down as demonetisation is likely
to bring in higher tax revenues from unaccounted wealth.
The Asian Development Bank has trimmed its 2016 growth estimate for India to 7% from the

13. previous 7.4% on account of demonetisation, weak investment and agricultural slowdown.
The demand destruction unleashed by the November 8 demonetisation drive saw the bank credit
shrinking by a whopping Rs. 610 billion, or 0.8%, during the fortnight to November 25.
Direct investments by Indian firms abroad plunged by 70.9% year-on-year to USD747.78mn in
November 2016.
Reserve Bank of India Deputy Governor R Gandhi said Rs. 12.4 trillion of old notes scrapped have
been deposited in banks till December 10.
The Central Electricity Regulatory Commission has admitted the petition filed by the Indian Energy
Exchange for the introduction of green power (renewable energy) contracts.
With sharp drop imports, India’s Current Account Deficit declined to USD 3.4 billion (0.6% of GDP)
for the second quarter ended September 2016 from USD 8.5 billion (1.7% of GDP) in July-September
2015.
The Consumer Price Index based inflation for November fell to 3.63% against 4.20% reported in
previous month.
The Government will start easing restrictions on cash withdrawals once 80 per cent of the new
currency introduced following demonetisation is Re-channelised through bank deposits. Restrictions
on cash withdrawals will be first eased in the case of cooperative banks and then for all the scheduled
commercial banks.
The Supreme Court ordered a ban on all liquor shops on national as well as state highways across the
country and made it clear that licences of existing shops will not be renewed after March 31 next year.
Expanding for the third straight month, exports rose 2.29% to US$ 20 billion in November. Imports
too increased by 10.44% to US$ 33 billion, leaving a trade deficit of US$ 13 billion in November.
✍ TOP CORPORATE NEWS -
JSW Energy Limited is believed to have initiated talks for a possible acquisition of Monnet Power’s
1,050 MW coal-fired plant in Odisha at Angul, close to the site of another Group company, Jindal

14. Steel & Power Ltd’s steel making facility.
A group of lenders led by State Bank of India has ordered a forensic audit of Jindal Steel & Power to
find out if the company has diverted funds from projects for which the loans were given.
IL&FS Engineering and Construction Co. has emerged as the lowest bidder for rural electrification
works of Jharkhand Bijli Vitran Nigam, Ranchi, worth Rs. 2.25 billion.
Tata Consultancy Services, Deloitte Touche, EY and Tally Solutions were among the 34 firms
shortlisted to provide interface between the new Goods and Services Tax server and taxpayers.
MIC Electronics Limited has received a letter of award for supply of 20,000 standalone off-grid
solar LED street lights with a contract price of Rs. 329 million.
Mahindra & Mahindra Limited has launched the CNG variant of its popular mini-truck Jeeto,
priced at Rs. 0.35 million (ex-showroom, Delhi). The CNG variant will be available at the top-end
model of Jeeto X716.
Strides Shasun has inked pacts to acquire Perrigo API India for Rs. 1 billion.
State Bank of India sold 3.9% stake in its life insurance venture SBI Life to private equity firms
KKR and Temasek. The deal values SBI Life at Rs. 460 billion.
Oil and Natural Gas Corp is awaiting nod of upstream regulator DGH to commence investing USD
5.07 billion in bringing to production oil and gas discoveries in its Bay of Bengal block KG-D5.
Life Insurance Corporation has hiked its stake in Bata India Limited by 2.03%, taking its total
shareholding to 7.05% in the company.
Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Fin.
After agreeing to a deal to sell 3.9% stake in SBI Life Insurance, its joint venture with BNP Cardiff,
State Bank of India will begin the process for re-valuation of the arm, for a plan to sell a further 10%
stake to the partner.
Tata Motors Limited said it will hike the prices of its passenger vehicles by up to Rs. 25,000 from
next month in order to offset the increased input costs.

15. Natco Pharma Limited has launched generic Tamiflu capsules, used for the treatment of influenza,
in the American market after the final nod from the US health regulator in Aug 2016.
Alkem Laboratories Limited said the US health regulator has issued three observations after
inspection of the company’s API facility at Ankleshwar in Gujarat.
Axis Bank Limited slammed a regional newspaper report stating authorities were preparing to revoke
the bank's license as "false and malafide", saying it had strong systems and controls in place as per
central bank rules.
Sun Pharma and Moebius Medical have entered into an exclusive worldwide licensing deal to further
develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.
Glenmark Pharmaceuticals Limited US business has received a boost with the launch of generic
version of cholesterol drug Zetia in that market.
Morgan Stanley will buy 50 million shares 1.73% stake in Tata Motors Limited on behalf of an
undisclosed client. The shares will be bought at an upper cap of Rs. 499.8, nearly 10% premium to
last closing price of Rs. 454.55. At the top end, the deal size translates into Rs. 25 billion.
A massive fire has engulfed the premises of Syngene, the contract research subsidiary of Biocon
Limited , possibly due to a chemical leak.
Petroleum and Natural Gas Regulatory Board last week gave GAIL India Limited four more years
till February 2019 to complete the 1104 km Kochi-Koottanad-Bengaluru-Mangaluru natural gas
pipeline. The Rs. 44.93 billion project was originally to be completed in March 2013.
An overwhelming majority of shareholders of Tata Consultancy Services voted to oust Cyrus Mistry
as director from the company’s board at the company’s extraordinary general meeting held in
Mumbai.
The US drug regulator has flagged serious problems with the testing programmes at drugmaker Sun
Pharma's manufacturing facility at Halol.
Bharti Airtel Limited and Vodafone India are pushing ahead the government's broad agenda to move
towards cashless economy, at a time when demonetisation has crippled cash payments due to
inadequate cash in the system.

16. Bajaj Electricals Limited has entered into a strategic alliance with the UK-based firm Gooee to
create lighting products and solutions on the Internet of Things platform.
NTPC Limited has lined up investments worth Rs. 26.48 billion for developing three coal blocks in
Odisha.
Lupin Limited has received approval from the US health regulator to market its Desoximetasone
ointment, used for providing relief from inflammation and itching in a skin disease.
Indian Oil Corp sought up to 80,000 t of 40ppm sulphur diesel for delivery in late December.
Wipro Limited chief executive has split the information technology major's India and Middle East
business in two. And, carved a separate hyper automation group by consolidating the Artificial
Intelligence assets such as Holmes that would be headed by its chief technology officer, K R Sanjiv.
Infosys Limited has invested an undisclosed amount in ideaForge , which counts India’s armed and
paramilitary forces as its biggest customers.
NTPC Limited has decided to replace over 25-year-old power plants totaling 11GW capacity in the
next five years at an investment of Rs. 500 billion.
Bajaj Auto Limited launched its latest sports bike Dominar 400 priced up to Rs 1.5 lakh (ex-
showroom Delhi) as it looks to challenge segment leader Royal Enfield in the Rs 1-2 lakh category.
Cipla Limited subsidiary in the Netherlands will pump in up to euro 16.8 million to form a joint
venture with its Iranian distributor Ahran Tejarat Company. The JV proposes to undertake
manufacturing and marketing of pharmaceutical products in Iran.
Welspun India Limited is investing Rs 600 crore for setting up a facility for manufacturing carpets,
area rugs and carpet tiles here, marking the leading global home textile firm's foray into flooring
solutions segment
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
The finance ministry has written to all banks to keep a tight watch on cash deposits as seizure of large
hauls of old and new currency notes and gold continues, suggesting connivance of banks in money

17. laundering. It has directed state-run banks and the Indian Bankers Association to ensure that deposits
of new and old currency notes are properly reflected in the customers’ counterfoils and bank records.
There have been concerns that deposits in new or valid currency may have be shown as deposits in the
demonetised Rs. 500 and Rs. 1000 notes and the legal currency diverted for laundering.
To avoid any malpractices, the government today asked all public sector banks to strictly maintain
record of deposits made through both old Rs. 500/1,000 notes and other valid currencies. In a letter
written to chief executive officers of public sector banks, the Finance Ministry asked that
"maintenance of records regarding deposit of Specified Bank Note and Non-SBN, as the case may be,
is essential both in the bank record as well as the customers record.
With more and more instances of money laundering and fraudulent currency exchange surfacing,
RBI today warned of stern action against wrongdoers and asked banks to carry out a thorough central
data checking, while it suspended a "junior functionary" who is being investigated. "We have issued
elaborate instructions to all banks to do the central data checking and wherever they find any
inconsistency, it should be pursued further through their internal audit mechanism," said deputy
governor of RBI, S S Mundra, speaking to a select group of reporters here.
The office of the banking ombudsman received 1.02 lakh consumer complaints in FY16, up 21%
during the year. The Banking Ombudsman Scheme aims to provide a quick and cost-free resolution
mechanism for complaints relating to deficiency of banking services of common bank customers who
otherwise find it difficult or cost-prohibitive to approach any other forum such as courts. The
maximum rise in complaints were against private sector banks, which rose 36.5%.
The Supreme Court today expressed concern over lack of infrastructure, manpower and other
facilities at Debt Recovery Tribunals and their appellate bodies and said lakhs of crores of rupees are
non-performing assets as the recovery mechanism is not up to the mark. The bench headed by Chief
Justice T S Thakur also said that it may ask the National Law School and IIM at Bangalore to jointly
conduct a study as to what "ails" these quasi- judicial bodies -- DRTs and Debt Recovery Appellate
Tribunals, meant for recovering bad loans of financial institutions.
The broader banking system in India will continue to be capital constrained and it will require an
additional capital of up to Rs 1.2 lakh crore or USD 18 billion over next three years, says a report. In
order to thrive in a resource-constrained world, banks will need to have a razor-sharp focus on
managing their capital and their risk-return profiles, said the report by management consulting firm
Oliver Wyman.

18. Small finance banks funding mix will be different and complex after their transition from non-
banking finance companies and microfinance institutions and they are likely to need Rs. 60,000 crore
of non-equity funding by the financial year 2019-2020, according to a report. The current funding mix
for MFIs includes bank debt, other borrowings and equity, with bank debt being the largest proportion
in the mix. Scheduled Commercial Banks prefer funding MFIs because these advances qualify as
priority sector lending for them.
The Reserve Bank of India has ordered banks to investigate instances of unusual patterns in cash
management at branches and currency chests — a move aimed to prevent unauthorised exchange of
scrapped notes for new notes. The banking regulator has asked banks to immediately bring to their
notice any such malpractice found at their bank and also track the complete trail if cash movement is
in large quantity.

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