CNX NIFTY - Markets recorded their weekly gain in this week, with the Nifty opening up for second week on Monday at 7869 after long time undervalued of index at 7750-7800. We witnessed a spirited recovery around 8000-8100 level helped by short covering as well as value buying.

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
CNX NIFTY - Markets recorded their weekly gain in this week, with the Nifty opening up for second week on
Monday at 7869 after long time undervalued of index at 7750-7800. We witnessed a spirited recovery around
8000-8100 level helped by short covering as well as value buying. The government on reform overdrive
announced the series of FDI and other development agenda. The investors are now confident last week the FIIs net
seller were Rs. 27 billion while DIIs are confident about the market for log term gain.DIIs buying is Rs. 30 billion.
The worry is the U.S. Federal Reserve meeting showed most officials anticipated economic conditions to be strong
enough for a nominal rate hike in December. So it is a period of uncertainties. However, there is absence of any
key trigger for markets and the focus is expected to shift to the winter session of parliament and GST bill, which
has begin on November 26. . It will be interesting to see whether the Nifty is able to break the crucial level of
8,000 in the coming week as the government tries to push through reforms in parliament. The Nifty is expected to
consolidate in the 8,000-8,100 range in the coming week. The Resistance for Nifty is R1 8050 R2 8156 And the
support for Nifty is S1 7899 S2 7849.
BANK NIFTY FUTURE - The Bank nifty is also open in red on Monday at 17120 and made the high of 17126
and low 16969.35 and traded between 16900-17100 the Bank Nifty is currently 17370.95 and for next week could
expect the that Bank Nifty can give the gap up opening Finance Minister met the PSU Banks Heads on Monday to
discuss various issues, including bad loans and interest rate reduction, in light of RBI lowering its policy rate in
September.and had a deep discussion with banks heads. The expectation from Banking shares is bullish trend and
the chance of Bank Nifty to cross the level of 17500 the Resistance for Bank Nifty is 17625-18325 The Support of
Bank Nifty is 16925-16225. According to Technical Analysis Some hot stock in Banking sector is IDBI Bank
,State Bank of India , YES Bank, Indusind Bank and Bank of Baroda. Can take position for next week.
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
8156 8007 7928 7899 7849
WEEKLY R2 R1 PP S1 S2
8340 8050 7905 7760 7470
MONTHLY R2 R1 PP S1 S2
9131 8327 7925 7523 6719

3. BANK NIFTY
DAILY R2 R1 PP S1 S2
18325 17625 17275 16925 16225
WEEKLY R2 R1 PP S1 S2
18554 17682 17246 16810 15938
MONTHLY R2 R1 PP S1 S2
19778 18020 17141 16262 14504
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

4. PATTERN FORMATION ( NIFTY AND BANK NIFTY )
Depiction of Chart - On The Above given daily Chart of MAs lag current price action because they are based on past prices the longer
the time period for the MA, the greater the lag. Thus a 50 -day MA will have a much greater degree of lag than a 20-day MA because it
contains prices for the past 50 days. The length of the MA to use depends on the trading objectives, with shorter MAs used for short-term
trading and longer-term MAs more suited for long-term investors. The 50-100-200-days MA is widely followed by investors and traders,
with breaks above and below this moving average considered to be important trading signals.
MAs also impart important trading signals on their own, or when two averages cross over. A rising MA indicates that the security is in an
uptrend, while a declining MA indicates that it is in a downtrend. Similarly, upward momentum is confirmed with a bullish crossover, which
occurs when a short-term MA crosses above a longer-term MA. Downward momentum is confirmed with a bearish crossover, which occurs
when a short-term MA crosses below a longer-term MA.While on the Above given Chart both the condition are not following so we can
expect that if the Nifty is crossing the level of 8000 it can make 8100-8200 high for Next Week. Weekly Support of Nifty Is 7899-7849 And
Resistance is 8007-8156.

5. 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 17370 it could
make high of 17500.So we can expect The Uptrend movement for Bank nifty in Next week trading Session.the government is in planning to
decrease the NPA of state run banks. So Banking Industry Shares Can open in the bullish trend on Monday. Resistance for Bank Nifty is R1
17556 R2 18586 and the Support of bank Nifty is S1 17625 S2 18325 . Although The movement of Market depend on the globle Market
News For instance Fed Hike Decision, and the GST bill is the key issue can Affect the Market.

6. NSE EQUITY DAILY LEVELS
COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1377 1364 1352 1339 1327
ALBK EQ 77 76 75 74 72
AMBUJACEM EQ 207 204 203 200 199
ASIAN PAINT EQ 870 864 858 852 846
AXISBANK EQ 480 475 471 466 462
BAJAJ-AUTO EQ 2479 2459 2442 2422 2405
BANKBARODA EQ 185 182 176 173 167
BANKINDIA EQ 134 132 129 128 124
BHEL EQ 180 178 176 174 172
BHARTIARTL EQ 347 344 342 339 336
CIPLA EQ 647 644 640 636 632
COALINDIA EQ 341 338 336 334 332
DLF EQ 117 116 114 112 110
DRREDDY EQ 3187 3144 3095 3052 3003
GAIL EQ 371 368 365 361 358
GRASIM EQ 3768 3751 3734 3717 3700
HCLTECH EQ 880 875 869 864 858
HDFC EQ 1255 1246 1231 1222 1207
HDFCBANK EQ 1095 1087 1074 1066 1053
HEROMOTOCO EQ 2721 2707 2683 2669 2645
HINDALCO EQ 81 80 77 76 74
HINDUNILVR EQ 827 821 815 809 803
ICICIBANK EQ 273 271 268 265 262
ITC EQ 348 346 342 340 337
INDUSIND BANK EQ 934 926 918 910 902
INFY EQ 1081 1074 1059 1052 1037
JINDALSTEL EQ 980 958 944 922 908
KOTAKBANK EQ 178 176 174 173 171
LT EQ 1387 1377 1356 1346 1325
M&M EQ 1383 1371 1361 1349 1339
MRF EQ 40250 39879 39370 38999 38490
MARUTI EQ 4731 4659 4607 4535 4483
ONGC EQ 241 239 237 235 232
ORIENTBANK EQ 163 159 152 148 141
RCOM EQ 77 76 74 73 72
RELCAPITAL EQ 442 437 433 428 424
RELIANCE EQ 999 989 981 971 963
RELINFRA EQ 446 438 433 425 420
RPOWER EQ 54 53 51 50 48
SBIN EQ 254 251 247 244 240
SSLT( VEDL) EQ 95 94 91 90 87
SUNPHARMA EQ 748 744 737 733 726
TATAMOTORS EQ 436 427 422 413 408
TATAPOWER EQ 68 67 66 66 65
TATASTEEL EQ 239 234 231 226 223
UNIONBANK EQ 49 48 47 47 46

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
NEXT WEEK STARS (AS PER TECHNICALANALYSIS PRIDICTION )
NSE FUTURE
1. MARUTI FUTURE : MARUTI FUTURE OPEN AT 4649 MADE LOW OF 4590.SHOWS BEARISH
MOVEMENT TODAY.ON DAILY CHART OF MARUTI FUTURE ALSO SUGGEST BEARISH
MOVEMENT. WE CAN MADE SHORT POSITION IN MARUTI FUTURE BELOW 4590 TGT
4390 SL 4650.
2. UPL : UPL OPEN AT 435.70 MADE LOW OF 425.40 MOVES IN BEARISH MOVEMENT.WE CAN
EXPECT FURTHER BEARISH MOVEMENT IN UPL FUTURE. WE CAN MADE SHORT
POSITION IN UPL BELOW 424 TGT 400 SL 433.
3. YES BANK : YES BANK OPEN AT 756.95 MADE HIGH OF 772 SHOWS BULLISH
MOVEMENT.ON DAILY CHART OF YES BANK IT ALSO MOVES IN BULLISH TREND WE
CAN EXPECT FURHER BULLISH MOVEMENT IN YES BANK ABOVE THE LEVEL OF 772 TGT
800 SL 760.
4. TATASTEEL : TATA STTEL OPEN AT 228.45 MADE HIGH OF 236 MOVES IN BULLISH
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1
NATCO PHARMA 2475.45 543.00 -78.06 %
2 UNITED SPIRITS 3524.25 3172.20 -9.99 %
3
DR. REDDY LABS 3440 3105 -9.74 %
4 EID PARRY 209.20 109.90 -8.75 %
5
EMAMI LTD. 1000.25 914.70 -8.55 %
6 NIIT TECHNO 621.55 571.00 -8.13 %
7
RALLIS INDIA 198.90 185.00 -6.99 %
8 UPL 444.30 421.70 -5.09 %
9 BAJAJ
ELECTRICAL 231.85 222.90 -3.86 %
10 PFC 219.15 210.80 -3.81 %
11
CEAT LTD. 1054.15 1017.10 -3.51 %
12 ABB INDIA 1200.35 1159.75 -3.38 %
13
PIRAMAL ENTER 995.10 961.70 -3.36 %
14 BHARAT FORGE 878.30 851.00 -3.11 %
15 AMARA RAJ A
BATT 900.95 875.00 -2.88 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1
GATI LTD. 140.35 169.80
+20.98 %
2 GAIL(INDIA) LTD. 306.55 368.40 +20.18 %
3
JET AIRWAYS 428.65 505.95
+18.03 %
4 JUST DIAL 804.40 943.25 +17.26 %
5
VAKRANGEE 149.10 168.50
+13.01 %
6 RELIANCE COMMU. 65.85 74.30 +12.83 %
7
FIRSTSOURCE SOLU. 38.25 43.00
+12.42 %
8 HAVELLS INDIA 256.85 288.20 +12.21 %
9
IIFL HOLDINGS 186.80 209.00
+11.88 %
10 PETRONET LNG 207.90 230.90 +11.06 %
11
IBULHSGDIN 621.40 685.15
+10.26 %
12 IDEA CELLULAR
LTD.
131.05 143.75 +9.69 %
13
ZEE ENTER. 379.75 413.75
+8.95 %
14 VOLTAS LTD. 260.25 282.75 +8.65 %
15
ARVIND LTD. 284.90 305.60
+7.27 %

8. TREND. WE CAN MADE LONG POSITION IN TATASTEEL FUTURE ABOVE 236 TGT 260 SL
224.
5. SUNPHARMA FUTURE : SUNPHARMA OPEN AT 742.95 MADE HIGH OF 745.60 MOVES IN
BULLISH TREND. WE CAN MADE LONG POSITION IN SUNPHARMA FUTURE ABOVE 746
TGT 780 SL 733.
NSE CASH
1. RAJESHEXPO CASH : RAJESHEXPO IS SHOWING POSITIVE MOMENTUM,LONG POSITION
CAN BE MADE ABOVE 710 FOR TGT OF 755 WITH SL OF 690.
2. WELCORP CASH : WELCORP IS LIKELY TO SHOW UPWARD MOMENTUM THIS WEEL
,LONG POSITION CAN BE MADE ABOVE 118 FOR TGT OF 127 WITH SL OF 113.
3. SUNPHARMA CASH : SUNPHARMA CAN SHOW UPWARD MOMENTUM ABOVE
742.50.LONG POSITION CAN BE MADE ABOVE 742.50 FOR TGT OF 797 WITH SL OF 717.
4. HATHWAY CASH : HATHWAY GAINED ABOUT 2% IN LAST TRADING SESSION AND MAY
CONTINUE TO RISE IF IT TRADES ABOVE 44.LONG POSITION CAN BE MADE ABOVE 44
FOR TGT OF 47.50 WITH SL OF 42.65.
5. IFCI CASH : LONG POSITION CAN BE MADE IN IFCI ABOVE 29.10 FOR TGT OF 31.40 WITH
SL OF 28.

9. NSE - WEEKLY NEWS LETTERS
TOP NEWS OF THE WEEK
1. Rise in oil consumption hints at likely economic liftoff - A bunch of key barometers of
economic health has shown steady improvement in the past months, an encouraging sign that
growth may be finally picking up momentum. Commercial vehicle sales, a key indicator to
activity in the economy, have been buoyant of late. While passenger vehicle sales have also
been up, consumption of petrol and diesel has surged as crude prices have remained soft. Sales
of petrol by volume have been rising for three months in a row, diesel by two and passenger
cars for seven. Petrol sales, a gauge of discretionary demand, have risen 14.77 per cent to
17,493 thousand metric tonnes since the beginning of the year, the most in a decade. Diesel
sales, a measure of economic activity, grew 5.64 per cent to 60,071 thousand metric tonnes in
the same period, the highest in three years, according to Petroleum Planning & Analysis Cell
(PPAC) data compiled by ET Intelligence Group. To be sure, this has to be balanced with the
cost of increasingly polluted cities thanks to vehicular and other emissions that are taking a toll
on the health of Indians. Petrol and diesel together constitute nearly 73 per cent of the total
sales of decontrolled petroleum products by volume.The average volume growth of petroleum
products has been the highest since 2004 for the August-October period.
2. Markets, Fed have very different ideas about inflation - The Federal Reserve now looks
set to raise rates in December, partially based on expectation that inflation is set to finally rise
to its 2 percent target. There's only one potential problem. There's actually a way that markets
can see where investors think inflation will go. And they do not exactly see eye to eye with
America's central bank.Over the next five years, annual inflation is expected to run at less than
1.3 percent. Even over the next ten, investors are looking for no more than 1.6 percent per year.
The Fed is well aware of this thinking among investors. In fact, the minutes to the Fed's
October meeting record that "a couple of members expressed concern about the continued
decline in market-based measures of inflation compensation." To be sure, the comparison here
is not apples-to-apples, but it bears mentioning. The popular market-based measures of
inflation referenced above are simply found by comparing the yield on a Treasury bond and a
Treasury Inflation-Protected Security (or TIPS) of the same maturity.
3. Seventh Pay commission payout to be inflation neutral: India Ratings - Impementing the
recommendation of the seventh pay commission will have a minimum impact on inflation
according to ratings company India Ratings. "Ind-Ra does not see any immediate threat to
inflation due to the award of the seventh pay commission (7CPC)" said Devendra Pant chief

10. economist India Ratings said in a report. "Though consumer price index (CPI) inflation may
inch up somewhat due to higher prices of services, impact on WPI ( wholesale price index) is
likely to be muted due to the counter balance provided by the deflation in commodity prices
and the availability of excess capacity in several manufacturing sectors." A rise in demand is
likely to not only increase capacity utilisation but may also help revive the investment cycle
earlier than expected, the ratings firm said. The 7CPC has proposed an increase of 23.55% in
the pay packet (salary and allowances) of central government employees and pensioners, which
will be implemented from January 01, 2016. The payout is expected in FY'17. The award is
likely to cost the central government Rs 1.02 lakh crore in FY'17, a 23.55% increase from
FY16.
4. Investments in AIFs to get a boost on RBI notification - Alternate Investment Funds may
soon be flush with money after the Reserve Bank of India on Thursday notified that that non-
resident Indians (NRIs) and foreign portfolio investors (FPIs) will be allowed to invest and
trade in this category of funds. AIFs are pooled-in investment vehicles for real estate, private
equity and hedge funds. While NRIs were not allowed to invest in them, FPIs came in
indirectly through various structures. There are around 200 AIFs registered with the Securities
and Exchange Board of India (Sebi). But only 15-20 funds are active. The notification paves
the way for foreign money to come into AIFs without FIPB (Foreign Investment Promotion
Board) intervention and be treated as domestic capital subject to conditions," said Tejesh
Chitlangi, partner at IC Legal. "Also, downstream investment by an AIF shall be not regarded
as foreign investment if the sponsor or the manager or the investment manager is Indian owned
and controlled. The government in its 2015-16 budget had said that it would do away with
different categories like FPIs and foreign direct investment for AIF investments with a view to
making it easier for overseas investors to invest in these category of funds.
5. Dalal Street to closely follow winter session, F&O expiry - which sets the agenda of the
government. NDA's recent reverses in Bihar elections have put a cloud over the pace of
reforms, and market participants are fearing that it won't be smooth sailing in Parliament.
However, the possible passage and ratification of Goods & Services Tax (GST) offer a sliver of
hope. The government will have to adopt an extremely conciliatory stance to get some of the
crucial legislative bills such as the GST cleared in Rajya Sabha where it lacks majority," said
Ajay Bodke, CEO and chief portfolio manager - PMS, at Prabhudas Lilladher. Markets are
expected to remain volatile ahead of the futures and options (F&O) expiry though benchmark
indices may trade range- bound during the week. Foreign institutional investors' (FIIs)

11. offloading of shares last week is also expected to keep traders' sentiment cautious. Indian
markets recorded first weekly gain in four weeks on positive global cues, though indices have
found resistance at higher levels. Sensex rose 257 points, or 1 per cent, to settle at 25,868. Nifty
gained 94 points, or 1.21 per cent, to end at 7,856. However, the BSE Mid-Cap index and
Small-Cap index rose about 2 per cent to outperform the Sensex. Foreign portfolio investors
(FPIs) sold shares worth net Rs 2,464 crore last week as the US Federal Reserve prepares for an
interest rate increase in its December policy meeting. Analysts said that if the trend intensifies
this week, then markets can come under pressure.
6. Venkaiah Naidu announces Rs 3,250 crore package to decongest Delhi - In a major move
to decongest the city , urban development minister Venkaiah Naidu on Sunday announced a Rs
3,250 crore package for the capital, to be used for construction of flyovers, underpasses and rail
overbridges to free up arterial roads. From the fund, the Delhi government will get Rs 1,500
crore, DDA Rs 1,665 crore and the North Corporation Rs 85 crore. "Delhi is facing lots of
issues in traffic flow and it is important to initiate projects aimed at decongestion of roads. It
will not only save time for commuters but also save them from harassment," said Naidu, while
inaugurating the Swachh Delhi Abhiyan.
7. India to cut stake in state-run cos when mkts improve: FM - India will sell shares in
some state-run companies when market conditions improve, Finance Minister Arun Jaitley said
on Monday, as the government struggles to meet its asset sales target that is crucial to help plug
its deficit. India has raised just about USD 2 billion, or less than 20 percent of its divestment
target, so far this year. Jaitley also said he expected recent steps taken by the government and
the central bank to improve asset quality of state-run banks in a "reasonable" time. Indian banks
have been burdened with their highest bad loan ratio in a decade.
8. Market movers: Top 5 policy triggers government initiated in November - The Bihar
election outcome was a big setback for the Modi government, but that didn't deter it from
launching various policy-level initiatives to boost economic growth and revive investment
cycle in Asia's third largest economy.The Modi government was quick to bring about changes
in the foreign direct investment regime and in the power sector. The government has eased FDI
norms for 15 sectors, including defence, broadcasting, construction and retail. The government
aims to improve the ease of doing business, which is likely to be a key catalyst for drawing
foreign investments.

12. 9. Infrastructure firms seek to diversify debt with masala bonds - Some of India's most
indebted infrastructure and steel groups are considering so-called masala bonds to diversify
their funding options as local banks tighten lending, investment banking sources with direct
knowledge of the situation said. The government last month clarified how income from the
rupee-denominated offshore bonds would be taxed, removing one uncertainty for firms at a
time when the country's banks - usually the first port of call for corporates - are reluctant to
lend to sectors facing weak demand and heavy debt. The global rupee bonds would be used to
refinance costly loans or raise capital for new projects with little currency risk. Companies had
previously issued bonds abroad, but these were in dollars and other currency. Issuers have not
flocked to offshore rupee bonds, largely because of the unclear tax rules. And no privately-
owned firm has yet tested the market's appetite. NTPC , the country's largest state-run power
company, will start marketing road shows on Monday. "I am seeing a lot of interest even among
the issuers who were thinking of issuing in US dollars. They are now thinking about masala
bonds as there is no currency exposure," said Philip Lee, partner with Herbert Smith Freehills
in Singapore.
10. Investors sell ‘old’ tax-free bonds to put money in new - Many investors are keeping
their gunpowder dry these days by selling their taxfree bond units subscribed in 2012-2014.
These investors are gearing up for the large tax free bond issuances from National Highways
Authority of India (NHAI) and Indian Railway Finance Corporation (IRFC) totaling around Rs
16,500 crore that are likely to hit the market in mid-December. These bonds are likely to be
offered at higher yields than the existing ones that are traded on the bourses. These investors —
both high networth and retail — will use the cash generated from the sale to apply for the
forthcoming issues. The new tax-free bonds are likely to offer investors anywhere between 7.25
and 7.5 per cent, while yields on old tax-free bonds are around 6.85-7.1 per cent. The arbitrage
will help investors make about 50 basis points. For example, the 8.3 per cent NHAI bond
issued in 2012 and maturing in January 2027, trades at Rs 1,119 in the secondary market,
thereby offering a yield of only 6.9 per cent. Investors holding these bonds, can sell them and in
turn subscribe to the new issuance of NHAI expected in December with yields in the range of
7.25-7.45 per cent. Similarly the 7.22 per cent REC bonds trade at Rs 1,017, giving investors a
yield of 6.88 per cent. Many such tax-free bonds issue by NHAI, PFC, REC, HUDCO in the
financial years 2012-2014 are now exchanging hands in the secondary markets.
11. Foreign banks buy up bulk of Indian state government debt - Three banks snapped up
almost 90 percent of bonds sold by Indian states to foreigners, and turned them into derivatives,

13. raising the prospect of more volatility in one of Asia's best performing debt markets. Several
market participants involved in the sale said offshore units of Nomura, Standard Chartered and
Bank of America Merrill Lynch bought about 30 billion rupees (USD 451 million) of the 35
billion rupees on offer in October, the first window for foreigners to buy in. Much of that debt
was then sold for a hefty fee as derivatives known as total return swaps to offshore clients keen
for the bonds' higher yields, compared with India's already popular sovereign debt, and with
similar guarantees. n contrast, traditional buyers of the illiquid bonds are state banks, who hold
the debt to maturity. When contacted by Reuters, the three banks declined to comment. India
has been one of the most resilient emerging markets, with foreign buyers taking up about USD
9.7 billion of debt this calendar year, nearly exhausting available limits on sovereign debt
purchases. Those purchases have helped domestic debt return 7.8 percent so far this year, the
highest in Asia, according to HSBC. Given that appetite and a need to expand its investor base,
India let foreigners buy state bonds and also relaxed the investment ceiling in government
bonds by around 56 billion rupees in September: the first step in a gradual opening. "The main
objective of (Reserve Bank of India) in opening these limits is to attract diverse and new sets of
investors to the Indian bond market," said a senior foreign bank treasury official based in
Mumbai.
12. Yellen defends Fed policy, calls for gradual hikes - Federal Reserve Chair Janet Yellen on
Monday argued for gradual rate normalization, and called an interest rate hike "appropriate" if
central bank officials see progress toward labor and inflation goals. Responding to an open
letter from consumer advocate Ralph Nader, Yellen defended the Fed's accommodative policy,
contending it helped boost the job market and asset prices in the wake of the global financial
crisis. Late last month, Nader criticized near-zero interest rates, claiming they hurt savers and
burdened people on fixed incomes. "We all hope and expect that the economy will continue to
expand, that the jobs market will continue to make progress, and that inflation will move
toward our 2 percent price stability objective," Yellen wrote. "If that is the case, my colleagues
and I have indicated it will be appropriate to begin to normalize interest rates." She stressed that
rate hikes will come gradually, adding that an "overly aggressive" increase would help savers
"only temporarily." Nader previously implied that the Fed excluded savers from its policy
decisions and instead focused on pleasing the financial sector. Traders have eyed any rate
commentary from Yellen and other members of the Fed's policy-making committee ahead of its
next meeting in December. Officials have implied they will strongly consider moving from
near-zero interest rates at the meeting. The next clue about the employment situation will come
early next month, with the release of November jobs data.

14. 13. Narendra Modi promises more reforms; hopes to rollout GST next year - Promising
more reforms to make India more attractive for foreign investments, Prime Minister Narendra
Modi today assured investors that he would “carefully hold” their hands and expressed hope
that the GST regime would be rolled out in 2016.
Speaking at the India Singapore Economic Convention here, Modi said India is exploring a
potential partnership with Singapore’s Changi Airport for developments of two Indian airports
and invited companies here to join in building smart cities. “In the last 18 months, the run-ways
for the take-off of the economy have been made. Reforms are happening in a big way. They are
now reaching to the last mile. Reform is to transform the system so that they perform. They aim
at helping people realise their dreams. “It means more charm on the faces and less forms in the
offices. Efforts to deepen financial markets have been made,” Modi said. The Prime Minister
said his government began to liberalise FDI laws soon after coming to power last year and the
latest round of FDI reforms have made India the “most open economy” in the world. “We are
also conscious of last mile operational issues in such matters and we are fine tuning the norms.
Recently, we further eased FDI norms, after which India is the most open economy in terms of
FDI,” he added . While talking about 40 per cent increase in FDI and improvement in rankings
like ease of doing business and world competitiveness index, Modi said, “Perceptions are
turning into positive outcomes
14. FM calls Congress suggestions on GST 'preposterous' - Barely two days before the start
of the winter session of Parliament, Finance Minister Arun Jaitley said the government was
willing to reach out to the Congress over the goods and services tax (GST) but counselled the
party to reconsider some of its suggestions as they can “damage” the new indirect taxation
system. Speaking at the annual day function of Assocham in New Delhi on Tuesday, Jaitley
termed “preposterous” the Congress’ suggestion that tariff must be mentioned in the
Constitution amendment Bill. “It did not dawn on them when (the then finance minister) P
Chidambaram accepted the Standing Committee recommendations,” Jaitley said, adding it
would be “extremely unfair” to the country “if we try to impose in the name of political
compromise, a GST with a defective architecture”. And when tariff rate has to be mentioned in
the Constitution itself, (then it) is a flawed architecture... Because the GST with flawed
architecture can actually damage the system much more than it can benefit,” he said, adding
this wasn’t there in Pranab Mukherjee’s as well as Chidambaram’s Bill.
15. Failure of economic reforms could hamper investments, says Moody's - Moody's
Investors Service on Wednesday cautioned that a loss of momentum on reforms may hamper

15. investment and prove to be a 'downside factor' for Indian companies, even as it said most
corporates will benefit from strong economic fundamentals and accommodative monetary
policy. It further said that weak global cues and an impending US rate hike may also have an
impact on Indian businesses. Moody 's said that a failure by the government in implementing
key reforms such as Goods and Services Tax (GST ) and land acquisition laws could hamper
investment and signal a derailed reform prospect. "A healthy 7.5 per cent GDP growth for India
for the fiscal year ending March 2017 and a pick-up in manufacturing activity will be broadly
supportive of business growth," Moody's VP and Senior Credit Officer Vikas Halan said. But
despite these overall supportive domestic conditions for the country's corporates, potential
headwinds loom from a loss of reform momentum, he said. The Modi administration so far this
year has been unable to enact legislation on key reforms, including a unified goods and services
tax and the Land Acquisition Bill. "It seems highly unlikely that the major reforms will get
enacted by the Upper House of Indian Parliament where the ruling coalition is in minority. A
failure to implement these reforms could hamper investment amid weak global growth," Halan
added.
16. Dalal Street yearns for GST, Opposition in no mood to give in - The winter session of
Parliament, which will run from November 26 through December 23, is expected to be a
stormy one, but the stock market is hoping against hope for a quick resolution to the important
goods and service tax bill (GST).Ahead of the winter session, the government has reached out
to the top leaders in the opposition camp, trying to ensure a smooth passage for the GST bill.
Traders and analysts on Dalal Street want to see the GST bill become a reality, because it can
add an additional 100 bps -220 bps to India's gross domestic product (GDP) growth. "While the
monsoon session of Parliament was not productive, we are hoping that key bills will get passed
in the winter session. The much-awaited bill is of course GST," says Ravi Sundar
Muthukrishnan, Senior Vice-President and Co-Head of Research at ICICI Securities.
17. India tops in corporate responsibility reporting: KPMG - India has emerged as the top
country when it comes to corporate responsibility reporting, a global report released by KPMG
has said. The KPMG study has found that after India countries such as Indonesia, Malaysia,
South Africa have the higher corporate responsibility reporting rates in world According to the
KPMG Survey of Corporate Responsibility Reporting 2015, more companies (79%) now report
on CR in Asia Pacific than in any other region, followed by the Americas (77%) and then
Europe (74%). This growth has been driven by a surge of CR reporting in countries such as
India, Taiwan and South Korea, where increasing amounts of reporting requirements and

16. guidelines have been introduced. Corporate reporting is entering into a whole new exciting
phase, with CR becoming a firmly integral part of annual reports. It is encouraging to see that
India is leading, with all top companies reporting on CR, but we can see through this survey
that the quality of Indian reports can improve further," said Mritunjay Kapur, Partner and Head
of Risk Consulting, KPMG in India. The report also focusses on the quality of carbon reporting
among the world's 250 largest companies (G250).
18. India & China remain largest overweight, says Macquarie - Viktor Shvets, Macquarie
says combination of dollar shortage & divergent global monetary policies is likely to lead to
significant shifts in currency, bond & commodity markets in 2016. The global economy can
only be re-flated if Fed joins other central banks in stimulating, he feels. According to him,
divergent policies are likely to compress aggregate demand & trade. Whilst short emerging
market (EM) equities/long dollar is the consensus view, it could remain so in 2016, Shvets says.
"We continue to focus on safety. India & China remain our largest overweight," he adds.
19. GST a 'brahmastra' for India in difficult global times: Assocham - As the Winter
Session of Parliament began today, industry body Assocham appealed to the Opposition parties
to help in the passage of GST bill as it can be a 'brahmastra' for India in challenging global
times. "Goods and Services Tax is a key 'brahmastra' for our GDP. Lawmakers across parties
should pass the Constitutional Amendment Bill on GST without further delay," the new
Assocham President Sunil Kanoria said. This would send a strong signal to investors that
India's economy can overcome serious global challenges with political will," he told reporters
here. He said the economy was affected by demand slowdown, uncertain geopolitical situation
after the Paris terror attacks, and an unprecedented crash in vital commodities. "GST will
harmonise indirect taxes by doing away with multiplicity of taxes. It will also reduce cost of
production, which will be then passed on consumers, thus lowering inflation. More striking
would be the display of a political unity and the will to rise up to national cause," he said.
Timely implementation of GST would raise the GDP by 1.5 to 2 per cent, Kanoria said adding
the Opposition should not change their earlier stance. Talking about the country's economic
growth forecast, he said this fiscal, Indian economy is expected to register a growth of 7.2 per
cent to 7.3 per cent.
20. RBI allows foreign investors to buy bonds in default - Reserve Bank of India (RBI ) is
allowing foreign investors to buy corporate bonds that are either totally or partly in default, it
said on Thursday, a potential boost to the country's nascent distressed debt market ."This will
provide an exit to existing investors and also help in reducing the level of stress in the banking

17. sector," said a policymaker. While foreigners had not previously explicitly been banned from
buying defaulted bonds, officials said investors had sought clarity from the Reserve Bank of
India after a unit of JP Morgan in India suffered significant mark-to-market losses in late
August. It was hit by a steep downgrade to auto-parts maker Amtek Auto Ltd's debt. At the
time, foreign distressed debt buyers had eyed Amtek bonds - unusual in a country where trading
in corporate bonds is mostly confined to top rated issuers. There were lots of queries from
foreign investors on buying defaulted bonds," the policymaker said. In its circular issued on
Thursday, the RBI said the maturity of the bonds should be three years or more. The issuer will
need to restructure the bond to comply with the minimum maturity tenure, as foreigners are not
allowed to buy corporate bonds of below three years, the RBI said.
21. FAME-India scheme to save Rs 60,000 crore on oil import bill: Government - The
FAME-India scheme offering incentives on hybrid and electric vehicles will help save Rs
60,000 crore annually on the country's oil import bill by 2020, the government said today. "The
successful rollout of the FAME-India scheme will result in an annual savings worth Rs 60,000
crore on India's oil import bill by 2020," Additional Secretary in the Heavy Industries Ministry
Ambuj Sharma told PTI. "We will spend about Rs 800 crore in the first two years. Overall, Rs
14,000 crore are needed to make the scheme succeed. However, we will save fuel worth Rs
60,000 crore through this spend," Union Heavy Industries Minister Anant Geete told reporters
on the sidelines of a rally of hybrid and electric vehicles. India's crude oil import bill is likely to
drop by 35 per cent to $73 billion this fiscal on lower global energy prices and weak demand.
India had imported 189.43 million tonnes of crude oil in 2014-15 for Rs 6.87 lakh crore. This
fiscal, the imports are projected at 188.23 million tonnes, almost the same level as last year.
22. Government to hike minimum wages to boost economy: Shankar Aggarwal, Labour
Secretary - The government is working on a law that will seek to raise minimum wages in both
formal and informal sectors as well as ensure that the higher wages are paid to workers. "We
will increase the wages under Minimum Wage Act, so that workers have decent wages aligned
with inflation and have some money to buy goods and services," Labour Secretary Shankar
Aggarwal said at a CII event here. Through an amendment to the Minimum Wage Act, the
ministry can fix a mandatory minimum level of wages applicable across the country for all
categories of workers. It will be benchmarked to inflation. "We will create a law to give certain
minimum wages across the country in all trades and not only in scheduled employments,"
Aggarwal said at the inaugural session of the CII National Conclave on Employee Relations.
Aggarwal added that the labour ministry is conscious of the need to pay the minimum wages to

18. every worker and that it has launched several initiatives to consolidate and rationalize the
labour laws. Since labour is a subject under the Concurrent List, both the Centre and the states
fix minimum wages for skilled, semi-skilled and unskilled workers in their jurisdictions.
23. Government's gold bond scheme a hit, gets 63,000 applications - The first tranches of
sovereign gold bond scheme has received 63000 applications for 917 kilos of paper gold worth
Rs 246 crore. "Excellent response for an innovative product," tweeted DEA Secretary
Shaktikanta Das. Applications for the bond under the first tranche were open between
November 5 and November 20 and the bonds were to be issued on November 26, which has
been now extended to November 30 by the Reserve Bank of India. "Large number of
applications has been received by banks and post offices. To enable smooth uploading of
applications into RBI's E-kuber system, particularly by the post offices, it has since been
decided to shift the issue date of the Sovereign Gold Bond from November 26, 2015 to
November 30, 2015," the RBI had said in a statement.The declining price of gold may have
dampened the demand somewhat. The government has launched the scheme in a bid to
discourage investment buying of gold, a big drag on the country's balance of payments. Finance
minister Arun Jaitley had in the budget announce the launch of "a Sovereign Gold Bond, as an
alternative to purchasing metal gold" with a fixed rate of interest and principal redeemable in
cash in terms of the face value of the gold at the time of redemption. The bonds are being
issued by the Reserve Bank India for the government of India and will constitute part of the
overall borrowing of the government. The bonds are denominated in multiples of one gram of
gold and will have an 8 years maturity with an exit option from 5th year onwards. The
minimum permissible investment is 2 grams of gold and the maximum limit is 500 grams per
person per fiscal year.
24. RBI to hold rates steady, growth seen rising to 7.3% in Sept quarter: Reuters poll -
The Reserve Bank of India (RBI) is expected to hold its policy interest rate at 6.75 per cent
next week to stifle inflation, while data is seen showing economic growth accelerated to 7.3 per
cent in the September quarter, a Reuters poll of economists showed. All 45 economists
surveyed expected the RBI to stand pat at its policy review on Tuesday, while the range of
forecasts for gross domestic product growth for the latest quarter was between 6.9-7.6 per cent,
with the median at 7.3 per cent. The GDP data is set to be released on Monday. Having posted 7
per cent year-on-year growth in gross domestic product during the June quarter, the economy is
improving, but the government's target of 8 to 8.5 per cent for the fiscal year ending March
looks a long way off. Two months ago, the Reserve Bank of India lowered its forecast for

19. growth this fiscal year to 7.4 per cent, which would still put India among the world's fastest
growing economies. The RBI's focus is on inflation, however, and it has predicted consumer
price inflation will spike to 5.8 per cent in January, having struck record lows of around 3.6 per
cent earlier this year, inflation was up to 5 per cent in October.
TOP ECONOMY NEWS
1. Seventh Pay Commission to be demand booster, but lag on fiscal path: India Ratings and
Research - The Seventh Pay Commission award will be a demand booster to the economy, but
it may pose a serious challenge to the government's fiscal consolidation path, ratings firm Ind-
Ra said today. "Ind-Ra's estimate shows that the demand boost to the economy as a result of the
revision in the salaries/pensions will be at least four times the 7CPC's award. However, after
factoring in the share of the central government in increased tax collection (direct and indirect),
the net impact on the exchequer will be lower at 0.68 per cent of GDP. "Yet at a time when the
government is pursuing the path of fiscal consolidation, this will pose a serious challenge for
the government in terms of not deviating from the fiscal deficit targets as announced in the
FY16 budget," Ind-Ra said in a release. The Seventh Central Pay Commission (CPC) award is
likely to cost the central government Rs 1.021 trillion in 2016-17, a 23.55 per cent increase
from 2015-16, it added.
2. Government needs to generate Rs 80,000 cr to achieve fiscal deficit target: Care Ratings
- India will have to generate additional revenue of Rs 80,000 crore if the government's self
imposed target of 3.5% fiscal deficit at the end of the current fiscal following the seventh pay
commission's recommendation for a 23.55% increase in pay, allowances and pension for
government employees, credit rating agency Care Ratings said on Friday. The seventh pay
commission's recommendations were announced on Thursday and is likely to come into force
from January 1, 2016. "The total impact of the panel's recommendation would be an increase of
expenditure by 0.65% of GDP in 2016-17. If we assume that the fiscal deficit only increases by
the amount of pay commission recommendation in FY17, then the fiscal deficit amount stands
at Rs 6,29,299 crore which is 4% of GDP," Care said adding that the government has set a
target of a fiscal deficit of 3.5% for the next fiscal. In order to attain the 3.5% deficit ratio;
approximately Rs 80,000 crore additional revenue needs to be generated. Alternatively there
have to be some cuts in expenditure to ensure that there are savings which can compensate for
this additional cost on salary account," Care said.

20. 3. Seventh Pay Commission to have a bearing on state finances: Bibek Debroy, Niti Aayog -
The Seventh Pay Commission's recommendations will take a heavy toll on fragile finances of
states and force them to scale back their development spends, Niti Aayog Member Bibek
Debroy says. He felt that once the Centre implements the recommendations, it's "impossible"
for the states to hold back a hike in their employees' salaries."There are serious repercussions
arising from the Seventh Pay panel report, as in the two earlier Pay Commissions, on finances
of states, which which will go for a toss," he told PTI over the weekend here. Typically, what
every state does is that if starved for cash, slash capital expenditure or development spends,"
Debroy, one of three full-time members of the National Institution for Transforming India (Niti
Aayog), said.
4. 3 ASEAN nations to ratify FTA with India on services soon - ASEAN member nations
Indonesia, Philippines and Cambodia are likely to ratify the long-pending FTA on services and
investment with India by next month that will pave way for its full implementation by the 10-
nation bloc, considered one of the world's fastest growing regions. Many Association of
Southeast Asian Nations (ASEAN) member countries including Singapore have been
impressing upon the three nations to ratify the agreement at the earliest and India has been
conveyed that the process will be completed by December, government sources said. The free
trade agreement (FTA) in services and investments came into force from July in countries
which have ratified it. Besides the three countries, other members of ASEAN are Brunei, Laos,
Malaysia, Myanmar, Singapore, Thailand and Vietnam. Laos has ratified the services part of the
pact but it is yet to clear the investment component. ASEAN is India's fourth largest trading
partner and India in turn is sixth largest trading partner for the bloc. The combined GDP of both
sides is USD 2.57 trillion. Both India and ASEAN have been seeking greater economic
engagement and set a target of USD 100 billion in trade by 2015.
5. PM Narendra Modi meets Chinese counterpart Li Keqiang; discusses bilateral ties -
Prime Minister Narendra Modi on Saturday met his Chinese counterpart Li Keqiang and
discussed bilateral ties and global issues of mutual concern, as he underlined that the two
countries should increase strategic coordination to tackle the common threat of terrorism.
Condemning the recent spurt of terror attacks in Paris and Mali, Modi said the menace of
terrorism was the biggest challenge facing humanity. During the meeting on the sidelines of
ASEAN-India Summit here, the Prime Minister said that there was a need for the international
community to eschew their political differences and unite to face this menace, External Affairs
Ministry Spokesman Vikas Swarup told reporters. Modi said that countries should put aside

21. their political differences and came together to help the affected. He said that both India and
China faced the threat of terrorism and there was a need to increase strategic coordination. On
his part, Li said China was against terrorism and cooperation between the two countries on
terrorism would help Asia become more safe. The two leaders felt that slowing down of global
trade offers an opportunity for both India and China to work together and become drivers of
global growth. Li noted that India had maintained its growth momentum despite global
downturn and its flagship initiatives like 'Make un India', 'Digital India' offered opportunities
for Chinese to partner with India, Swarup said.
6. Incentives given to exporters to help boost shipments: Nirmala Sitharaman - A host of
incentives including extension of 3 per cent interest subsidy will help in boosting exports,
which are in negative zone since December last year, Commerce and Industry Minister Nirmala
Sitharaman said. She said the country's exports are suffering due to a decline in prices of three
major items -- crude oil, commodities and essential metals, and demand slowdown in major
economies including Japan, the US and Europe. "Exports are declining in terms of value. We
are trying to do things to make our exports a bit more competitive," Sitharaman told PTI in an
interview. The government has recently extended incentives under the Merchandise Export
India Scheme (MEIS), three per cent interest subsidy and enhanced duty drawback rates.
"These are steps we have announced with an intention of handholding (to exporters)," the
minister said.
7. China's economic slowdown adversely affected India, says RBI Governor Raghuram
Rajan - China's pain of economic slowdown is India's pain too, RBI Governor Raghuram
Rajan said contradicting government assertions that India will not be affected by deceleration
of Chinese economy. There is a lower demand for some of our exports to China. But indirectly
too, many of the countries are not exporting to China as much as they did and they are buying
less from us," Rajan said in an interview with Hong Kong-based South China Morning Post.
"But India being a commodity importer, has been helped a bit by cheaper commodities. So the
impact has not been as bad as it could have been. Still, on the whole, we have been adversely
affected by the Chinese slowdown because China's slowdown has impacted global growth and
India is very well integrated into the global economy", Rajan said. Finance Minister Arun
Jaitley had told a gathering at Columbia University last month that India is "not impacted" by
the slowdown as it is not part of Chinese supply chain and India could become the "additional
shoulder" the global economy needs to stand on as China slows. Some comments from India
that China's pain is India's gain has drawn strong reactions from the Chinese media.

22. 8. RBI’s Rajan wants cos to go bankrupt... and that’s good - India's Sisyphean system for
bankruptcy is in the sights of the country's central bank governor, who says reform is
desperately needed to protect state-owned banks. "We want to bring pure capitalism back,
which is a contract is a contract," Raghuram Rajan, governor of the Reserve Bank of India
(RBI), told CNBC in an exclusive interview. "That's what we're in the process of doing by
giving the banks a few more powers and asking them to enforce their contracts." Without that,
companies don't fear resolution and instead put the squeeze on banks to bail them out, he said.
"Without a bankruptcy code, you basically tell the banks, 'I'm your problem now and tell me
what hit are you going to take,'" he said. "It can't be win-win for the entrepreneurs and lose-lose
for the banks. It has to change." The bankruptcy code has been a key reform pursued by Prime
Minister Narendra Modi's administration, which swept to power last year promising to change
the country's famously inhospitable climate for business.
9. Economy will slightly do better this year, says former governor of RBI C Rangarajan -
The economy will slightly perform better this year as the productivity level of capital may
remain high, former governor of RBI C Rangarajan today said. "Though the growth rate of
economy will be somewhere around 7.5 per cent, the productivity of capital is less than
investment growth and should catch up," Rangarajan told reporters on the sidelines of the 24th
session of the India Art History Congress at Kumaraguru College of Technology here. The rate
of agriculture growth is expected to be lower this fiscal too, he said.On raising FDI cap,
Rangarajan said there could be 100 per cent FDI in certain sectors, but there should be
restrictions in some cases, particularly Defence.Listing out the positives, he said more foreign
capital should not just add to finances, but contribute to use of newer technologies.
10. Finance ministry invites seven merchant bankers to make presentation of Coal India
stake sale - The finance ministry has invited seven merchant bankers to make a presentation on
Coal India's divestment on November 26. The financial bids will be opened immediately after
the process is complete and the Department of Divestment will select the merchant banker,
officials said. The merchant bankers include Axis Capital, HSBC Securities and Capital
Markets, Kotak Mahindra Capital, Edelweiss Financial Services, SBI Capital Markets, JM
Financial Institutional Securities and ICICI Securities. The government is hoping to raise about
Rs 21,000 crore from a 10% stake sale in the monopoly miner and is likely to approach the
market within a month. The Cabinet had on November 11 cleared an additional 10% stake sale
in Coal India. According to officials, the Centre is likely to approach the market within a month
and offer about 63.16 crore shares. Going by the closing price of Rs 332 on the National Stock

23. Exchange on November 23, the government is likely to add about Rs 21,000 crore to its kitty.
Since foreign institutional investors remain closed during the festive season in December, the
government is likely to complete the current round of stake sale before that time, officials said.
11. Prospects brighten for key tax reform; Arvind Subramanian panel may suggest 18%
GST rate - A key panel on goods and services tax is likely to recommend a revenue-neutral
rate of about 18 per cent. The group, headed by Chief Economic Adviser Arvind Subramanian,
has zeroed in on the rate after considering various scenarios, brightening the chances for this
important reform as the low rate should be acceptable to everyone."It has worked out to about
18 per cent," a government official privy to discussions said. Another official said the range for
the tax could be 16-18 per cent. GST, which seeks to replace a host of central and state indirect
taxes on goods along with services tax, will create a pan-India market and is expected to help
lift the country's gross domestic product ( GDP) by 1-2 per cent. A revenue-neutral rate means a
rate at which there would be no revenue loss to the Centre or states under GST compared with
current collections. Low rate will help boost compliance and also cut the pain from increase in
tax rate on services, which is at 14 per cent. Under GST regime, tax on goods will come down
substantially from 27 per cent now, but that on services will go up.
12. Finance Ministry to clean-up trade transfer pricing norms to make doing business
easy - India proposes a major clean-up of decade-and-a-halfold rules that govern the prices of
imports by related parties - such as arms of multinationals from their parent - in an attempt to
reduce delays and disputes and make it easier to do business. The finance ministry is not just
looking at changing the rules but also the process itself, which is riddled with delays and
cumbersome paperwork. "There is a need for a fresh look at these rules..A lot of water has
flowed over 14 years," a finance ministry official told ET. With 'ease of doing business' the
guiding principle, the government now proposes to make the process swifter and introduce an
electronic interface. One option is to link valuations to audits, a procedure that's considered
more sound and thorough and followed internationally.
13. Parliament's Winter Session key to investor confidence: Dun and Bradstreet - The
Winter Session of Parliament holds the key for business optimism in the country amid muted
investments, a weakening rupee and slower-than-anticipated pace of reforms, a Dun and
Bradstreet report says. The recovery in the Indian economy is "still fragile"and the confidence
of the business community remains tempered, it added. "Deficit rainfall and subdued rural
demand pose another threat to the recovery process while retail inflation has edged up led by
higher prices of food," Dun and Bradstreet India Senior Economist Arun Singh said. Singh

24. further said that while the government has taken certain measures to revive investment and
ensure flow of funds to infrastructure projects, it needs to pro-actively take the reform agenda
forward. "Progress of the Winter Session of Parliament is expected to impact the business
optimism and revive investor confidence in the short term," he added. The session beginning on
November 26 is set to be a stormy affair, with the Opposition buoyed by the Bihar results
getting ready to confront the government on a host of issues, which could push back efforts for
an early passage of key legislations, including GST.
14. No hitch in accepting permanent solution on food security at WTO: Nirmala
Sitharaman - Members of the WTO will have to provide permanent solution to India's food
security issue and the country does not see any "hitch" in that, Commerce and Industry Minister
Nirmala Sitharaman has said. "Peace clause is with us and it's only natural that they (WTO)
have to give a permanent solution. How it is going to be given... I do not see any hitch in that.
Whether it is going to happen before Nairobi meet or not is get to be seeing," Sitharaman told
PTI. Ending months-long deadlock, the World Trade Organization in November last year
acceded to India's demand to remove constraints on the food stockpiling issue. The WTO's
General Council, the highest decision making body of the organisation, had accepted India's
demand for extending the peace clause till a permanent solution is found for its food
stockpiling issue. This has enabled India to continue procurement and stocking of foodgrain for
distribution to the poor under its food security programme without attracting any kind of action
from WTO members even if it breaches the 10 per cent subsidy cap as prescribed by the
multilateral trade body.
15. India issues press note to activate recent changes in FDI policy, says 'manufacturing'
crucial - India has issued a press note to activate the recent changes in the foreign direct
investment policy that liberalised the rules for foreign investment considerably. The policy
clearly defines 'manufacturing' which is crucial to the policy on e-commerce. Under the policy,
a company manufacturing goods in India is free to sell online without any restriction. The
retailers that don't manufacture in India are subject to some conditions such as mandatory local
sourcing up to 30%, though the latest reforms have relaxed that condition also for some hi-tech
manufacturers. The government had on November 10 announced steps raising FDI caps in
select sectors, placing more activities under automatic route and easing of entry
conditionalities. Broad-based reforms touched upon 15 sectors, including, defence, construction
& development, retail, broadcasting, civil aviation, banking and manufacturing. FDI upto 49%
in limited liability partnerships has been permitted on the automatic route. It allowed upto

25. 100% FDI in DTH, cable network and plantation crop and upto 49% in uplinking of news and
current affairs TV channels. Conditions have been relaxed for FDI in single-brand retail,
construction sector. FDI upto 100% has been allowed in duty-free shops and Limited Liability
Partnerships (LLP). The government allowed upto 49% in defence on the automatic route. It
raised the FIPB's monetary limit to Rs 5,000 crore from Rs 3,000 crore for approving FDI
proposals. These announcements have now been operationalised with the issue of the press
notes.
16. India Inc sees green shoots in economy - You can call it the first signs of recovery. If
figures of a good offtake in automobiles, oil, power, plastic, road construction and even real
estate for the last couple of months are anything to go by, the economy seems to be at the
beginning of a turnaround. The strong showing comes on the back of higher retail sales
reported by companies, especially during Diwali. Though a few CEOs are still concerned over
the speed of clearances and weak corporate results, a majority of them TOI spoke to believe
these are signs of green shoots. Despite the improvements in macro indicators and growth in
sectors like commercial vehicles and construction, which point to a recovery, there was a word
of caution with some saying that it could take a few more months for the reality to manifest.
The going so far seems to be good though. Two-wheeler and four-wheeler sales were up 13%
and 21%, respectively, year-on-year (YoY) in October, strongly hinting at a demand revival. Oil
demand too grew 17% YoY in October, with both transport and industrial demand looking
strong. Bitumen (used in road surfacing) sales were up 54% pointing to growth in road
construction. Power consumption too was up 11% in September, bringing it into the double-
digit growth sphere, said a report by Credit Suisse.
17. PM Modi invites Singapore firms to invest in Navratna PSUs - Prime Minister Narendra
Modi today invited investors here to participate in the proposed divestment of Navratna PSUs
and sought the Singaporean government's help in building at least 20 smart cities. In wide-
ranging discussions with Singapore leaders, including its Prime Minister Lee Hsien Loong and
President Tony Tan Keng, Modi stressed on the idea to 'create many Singapores' within India.
He also pitched for issuance of rupee bonds and infrastructure bonds in Singapore. Besides,
Modi sought faster completion of Regional Comprehensive Economic Partnership (RCEP) to
create a new economic block within Asia. The Prime Minister also invited his Singaporean
counterpart to visit India, especially Gujarat to see with his entire family the Asiatic lion, which
forms part of the symbol of Singapore. Singapore sought doubling of flights to India while
Modi wanted the city-state to play a key role in upgradation of railway stations in India. At the

26. media briefing about Modi's meetings here, Secretary (East) at the Ministry of External Affairs
Anil Wadhwa said there were broadly 14-15 key issues including skills development, urban
development, tourism, civil aviation and financial services, that were discussed in the meetings
the Prime Minister has had here.
18. Keen to scale up investments in infrastructure: PM Modi - Keen to scale up investments
in infrastructure, Prime Minister Narendra Modi said rupee bonds to fund infrastructure
projects will be launched in countries like Singapore. Speaking at the India-Singapore
Economic Convention, Modi said reforms in India are happening in a big way and will
transform the systems so that they perform. "We are keen to scale up investments in next
generation infrastructure including digital networks and clean energy," he said. "In addition to
the core infrastructure, we are keen to invest in our social, industrial and agri-infrastructure to
give better income and quality of life to our people." With tight control over expenditure,
capital investment by the public sector has been greatly increased. A National Investment and
Infrastructure Fund is being set up to leverage this, while tax-free Infrastructure Bonds with
broaden the corporate bond market will be issued soon. "This will also provide long term
finance for infrastructure," he said. "For infrastructure, we have also decided to launch Rupee
Bonds in some countries. Singapore could be among them. We are quite eager to work with
Singapore in this regard." During the 18-month BJP rule, "reforms are happening in a big way.
They are now reaching to the last mile. Reform is to Transform the systems so that they
Perform", he said.
19. PM Narendra Modi signs strategic partnership with Singapore, inks 10 pacts -
India and Singapore on Tuesday elevated their ties to the 'strategic partnership' level and
signed bilateral agreements for enhanced defence cooperation and in areas like cyber
security, shipping and civil aviation after Prime Minister Narendra Modi met his
Singaporean counterpart Lee Hsien Loong. Modi also met Singapore President Tony Tan
Keng on the second day of his visit today and was accorded a ceremonial welcome here at
Istana, the official residence and office of the President. India and Singapore elevate their
bilateral relations to a strategic partnership to deepen and broaden engagement in existing
areas of cooperation and catalyse new ones ranging from political, defence and security
cooperation to economic, cultural and people-to-people contact. The strategic partnership is
also a framework to contribute to greater regional stability and growth," the joint
declaration said.

27. 20. No policy paralysis, GDP to touch 8% this year: Arvind Panagariya - Rejecting
criticism that the policy paralysis has returned to haunt the NDA in view of critical legislations
getting stuck in Parliament, NITI Aayog Vice Chairman Arvind Panagariya says the economic
growth this year may touch eight per cent due to implementation of various critical economic
reforms. He asserts that projects are being cleared and gathering speed and ease of doing
business has improved. "In the last quarter meaning January to March, 2016, I expect that we
would touch eight per cent mark, hopefully cross it a bit," he told PTI here in an interview. He
said the economic growth for the entire year is expected to be at 7.5 per cent to eight per cent.
We might get full eight per cent because I also expect the first quarter growth rate which has
been at seven per cent for 2015-16 will be revised upwards," he said. "We will continue to
make progress. When we come to the last year of the present term of Prime Minister Narendra
Modi, I would expect it would be near the double digit," he said.
21. Exports may fall below $300 bn by 2015-16 end - India will miss its export target of $325
billion due to a slump in the global economy but the number might end up below $300 billion
by the end of 2015-16, said Department of Commerce Joint Secretary Ravi Kapoor on Tuesday.
Speaking at the sidelines of the India Engineering Sourcing show here, he told reporters: “India
has reported exports of $312 billion against a target of $340 billion in 2014-15. The
government has set a target of $325 billion for the current financial year. It will be a happy
situation if the country achieves exports of $300 billion but it (exports) will end less than $300
billion. Kapoor’s admission comes close on the heels of India’s exports contracting for the
eleventh straight month in October. The joint secretary said the fall in exports was due to a fall
in petroleum product exports, again a function of international oil prices. India’s merchandise
exports dipped 17.6 per cent to $154.29 billion, while merchandise imports fell 15.2 per cent to
$232.54 billion in April-October 2015. However, Kapoor said the government had provided a
slew of incentives to boost exports. These included the 3 per cent interest subsidy scheme for
five years and the Merchandise Exports from India Scheme. He hoped that the interest subsidy
scheme would help in controlling the dip in exports and increase competitiveness of domestic
products in the global market.
22. Government plans to put 98 per cent sectors for FDI under automatic route -
Government is planning to put 98 per cent of sectors, which are open to foreign investments,
under the automatic route so that businessmen won't need to visit the Finance Ministry or
'Udyog Bhavan' for any approval, a top official said on Tuesday. "We are putting maximum
sectors (of FDI) through automatic route. Our belief is that nobody should come to government.

28. So we get 92 per cent of FDI coming through automatic route. We are targeting that almost 97-
98 per cent must come through automatic route. We do not want any businessman to enter
Udyog Bhavan (the Commerce and Industry Ministry building), we do not want any
businessman to enter the Finance Ministry," Secretary in the Department of Industrial Policy
and Promotion (DIPP ) Amitabh Kant said at a function in New Delhi. As per the FDI policy,
foreign investments are allowed either under automatic route or through the approval of FIPB,
which is under the Finance Ministry. He also said that the government is taking several steps to
improve ease of doing business both at the central and state level to attract foreign
investors."States must become easy and simple place to do business.
23.Income tax mop-up from Mumbai rises 20 per cent to Rs 1.14 trillion - Income tax
collection from the Mumbai region has gone up by over 20 per cent as of November 21 over
the year-ago period. The region, which mops up more than one-third of the total direct tax, has
collected Rs 1.14 trillion (Rs 1,14,000 crore) as of November 21, up from Rs 0.95 trillion in the
year-ago period, showing a growth by 20.17 per cent, Principal Chief Commissioner of Income
Tax and Head of Mumbai region DS Saksena told PTI. The department is hopeful of achieving
its projected collection of Rs 2.56 trillion for the fiscal by March from Mumbai region alone, he
added. Against this, indirect taxes have been doing much better with the collection till
September rising over 35.8 per cent to over Rs 3.24 trillion in the first half of the current fiscal,
reflecting growth in economic activity against Rs 2.38 trillion. Saksena said while advance tax
collection from the region rose only 6.47 per cent to Rs 58,000 crore during period, up from Rs
54,761 crore a year ago, TDS collections rose 10 per cent to Rs 53,062 crore from Rs 48,223
crore.
24. India Inc remains vulnerable to volatile rupee: Moody's - Most non-financial corporates
will benefit from strong domestic growth and accommodative monetary policy, although weak
global growth and a potential US rate hike will weigh on businesses, the rating company
Moody's said in a report on Wednesday. Such non-financial companies are rated as Baa3
(positive outlook). "Healthy 7.5% GDP growth for India for the fiscal year ending March 2017
(FY2017) and a pick-up in manufacturing activity will be broadly supportive of business
growth " said Vikas Halan, a Moody's Vice President and Senior Credit Officer. However, the
corporates remain vulnerable to the volatile Indian rupee as against the US dollar and to low
commodity prices," he said. The fall in commodity prices has benefited many Indian corporates
given the country's status as a net importer of raw materials and its recent history of high
inflation. The resultant moderating inflation should result in lower borrowing costs for

29. corporates and yields on corporate bonds, says Moody's. Refining and marketing companies
meanwhile should benefit from healthy margins as demand growth outpaces expected capacity
additions.
25. Failure of economic reforms in India could hamper investments: Moody's - Moody's
Investor Services has again warned the government on sluggish economic reforms.The Modi
administration so far this year has been unable to enact legislation on key reforms, including a
unified goods and services tax and the Land Acquisition Bill," Moody's said in a research report
released on Wednesday.But despite these overall supportive domestic conditions for the
country's corporates, potential headwinds loom from a loss of reform momentum. This came
after Moody's Analytics, a research arm of the global rating company, stirred up controversies
on the government's dealing with minorities affairs, which in turn, would be chocking the
reform processes. The rating company sees the government's inability to get reforms approved
as a major hurdle. It seems highly unlikely that the major reforms will get enacted by the upper
house of the Indian parliament where the ruling coalition is in minority, it said. "A failure to
implement these reforms could hamper investment amid weak global growth." By sector,
Moody's expects upstream oil & gas companies to benefit from lower fuel subsidy burdens,
although low crude and domestic natural gas prices will continue to hurt profitability. n the real
estate sector Moody's expects demand to improve in 2016 on the back of lower interests rates,
although approval delays could push back project launches for property developers.
26. Government hopeful on GST Bill as Winter Session begins - A united opposition is set
to corner the government over the issue of intolerance in the Winter Session of Parliament
beginning on Thursday but the prospects of a thaw on the crucial GST bill brightened with both
sides expressing preparedness for discussing it. Opposition is likely to press for a resolution to
condemn the alleged rise in intolerance, a demand unlikely to be conceded by the government
which instead prefers a debate, seeking to project incidents like Dadri lynching as law and
order issues pertaining to states. Parliamentary Affairs Minister M Venkaiah Naidu said though
the government does not agree with the perception of rising intolerance, "we are willing to go
along with Opposition in this regard for a discussion in an appropriate manner, if you desire."
27. Record cash pullouts signal spending binge; strong durables sales hint at improving
consumer sentiment - Consumers withdrew record amounts of cash from the banking system
during the just concluded festive season that saw strong sales of consumer products, the two
data points together offering a comforting picture of consumer sentiment in the country. Cash
and currency in circulation in the system, essentially computed using data on cash withdrawals

30. from banks and money held in banks' and central bank vaults, rose by a record Rs 66,070 crore
in the first two weeks of November, according to latest data from the Reserve Bank of India
( RBI). This is 2.5 times the figure for the Diwali fortnight last year and also a record rise
during any two-week period in India, an ETanalysis of past data shows. Until this year, the cash
and currency in circulation figure had never exceeded Rs 47,000 crore, which was during the
Diwali fortnight of 2012. In fact, this number breached the Rs 20,000-crore mark only in the
Diwali fortnight of 2007, around the time inflation became a major problem. There have been
instances of sharp rise in currency in circulation during election. The sharp increase in cash and
currency in circulation this festive season coincides with strong growth reported by consumer
goods companies, thereby appearing to confirm the notion that buyers did not shy away from
spending this year and portending better tidings in the future. Sales of smartphones,
refrigerators, televisions and kitchen equipment are said to have risen during this year's festive
season.
28. India to be a $3.5 trillion economy by 2020: Sonal Varma, Nomura - A gradual
economic recovery is under way in India, and the economy can easily hit the $3.5 trillion mark
in next five years, provided the government keeps the reform momentum going, Nomura India
Executive Director and India Economist Sonal Varma said in a webinar organised by
ETMarkets.com on Thursday. For India to become a $3.5 trillion economy, GDP has to grow at
7.5-8 per cent on a sustainable basis, which is not that tough, given the reforms roadmap that
the government has. Lower crude oil prices will help contain inflationary pressures and fiscal
deficit, which will in turn draw higher foreign direct investment, she said. FDI or foreign direct
investment is a more stable form of capital flow, which can strengthen the fundamentals of any
economy. Data suggests the current account deficit was financed by FDI flows this time
around, which has put lesser weight on the government's balance sheet, which is a big positive.
"We are already a $2 trillion economy, growing at a nominal rate of around 11.5 per cent (7.5
per cent real + 4 per cent inflation)," Varma said. "It is not a tough ask. What we need to do is
ensure that policies are enacted that can sustain our growth at 7.5-8 per cent without generating
inflationary pressures," she added. The green shoots visible right now are FDI flows and private
capex, which are showing a pickup. Varma said various stalled projects have been revived,
which is a positive trigger for both the economy and the markets.
29. Rupee trades at fresh two years low of 66.89 against US dollar - The domestic currency
extended losses and hit its fresh two-year low against US dollar as the dollar index continued to
strengthen on the hopes of interest rates hike in US by US Federal Reserve in its December

31. policy meet. Rupee touched its day's low of 66.89, down 32 paise against US dollar, its lowest
since September 04,2013. The currency had plunged by 25 paise to settle at over two month
low of 66.57 against the US dollar on Thursday on month-end demand for the American
currency from importers and banks on the back of higher greenback in overseas markets.
Meanwhile, the dollar index stood at 99.89, near an 8-1/2 month peak of 100.170 scaled earlier
in the week. On the week, it was up 0.3 per cent.
30. PM intervenes on GST Bill; to meet Sonia, Manmohan Singh - Prime Minister Narendra
Modi has invited Sonai Gandhi and ex-PM Manmohan Singh for a meeting on the Goods and
Services Tax (GST) Bill. Given that all other regional parties are on board for the GST Bill, the
Congress Party is continuing to stick to its three demands: lower GST rate; the one percent
additional tax for manufacturing states and a clear route of arbitration for dispute resolution.
Finance Minister Arun Jaitley on Thursday offered an olive branch to the Opposition to get the
GST bill passed, adding that PM Modi is willing to speak to everyone to get the landmark
indirect tax law through. Jaitley, who needs Parliament approval for the Goods and Services
Tax (GST) Bill in the Winter Session to roll out the new indirect tax regime from planned April
1, said he has spoken to "almost all Congress leaders" on the issue.
31. Business sentiment lowest in November since February 2014 - With the festival period
failing to boost demand for Indian companies' goods and services, business sentiment in
November fell to the lowest level since February 2014 and is unlikely to revive over the
coming few months, says a survey. The Deutsche Borse's MNI India Business Sentiment
Indicator, a gauge of current sentiment among BSE listed companies, dropped 11.6 per cent in
November as compared to October. However, the sentiment among service sector companies
rose for the first time in five months.
"The busy festival season failed to bring cheer to India's largest companies in November, as
business sentiment fell to the lowest level since February 2014, with companies also seeing
little chance of a revival over the coming months," the survey said. Noting that the festivals
failed to boost demand for Indian companies' goods and services this year, the report said,
"Companies across all sectors received fewer orders in the three months to November
compared with the same period a year earlier".
32. Need to create ecosystem to boost exports: Jaitley - Concerned over slowing global
demand and declining exports, Finance Minister Arun Jaitley on Thursday underlined the need
for creating an ecosystem to boost shipments to the markets overseas. He asked exporters to

32. produce quality products at competitive prices to meet the challenge of slowing demand in
international markets. "One important factor, which our global experience now teaches us is
that the world wants to buy good products, it wants to buy cheaper products and therefore you
have to think ahead of the others, manufacture products which are cost and quality competitive.
"This can actually enable you, even in adverse global circumstances, to find bigger market. And
we have to create in India an ecosystem which can actually facilitate that," he said. The
minister was speaking at the closing ceremony of 14-day long India International Trade Fair
here. Observing that trade helps in expanding economic activity, Jaitley said the "glaring
challenge" is to step up shipments at a time when the world trade was getting compressed. "The
purchasing capacity of global buyer is contracting. Their ability to buy has been reduced and
therefore suppliers are going to find it difficult (to get buyers)," he added.
TOP CORPORATE NEWS -
1. Pfizer set to buy Allergan for more than $150 billion - Pfizer Inc was due to secure formal
board approval on Sunday for its acquisition of Botox maker Allergan Plc for more than $150
billion, creating the world's biggest drug maker, according to people familiar with the matter.
The deal, the largest ever in the healthcare sector, is sure to draw political ire in a US
presidential election year because Pfizer would redomicile to Ireland, where Allergan is
registered, in a so-called "inversion" that would slash its corporate tax rate.It will also reignite
debate in the pharmaceutical industry over the role of research and development, with Allergan
Chief Executive Brent Saunders, a prolific dealmaker and a skeptic of in-house drug discovery,
joining the combined company in a position to influence its strategy. The deal would involve
Pfizer paying with 11.3 of its shares for each Allergan share, the people said. There will also be
a small cash component, accounting for less than 10 per cent of the value of the deal, the people
said. Pfizer's Chief Executive Ian Read, 62, will be CEO of the combined company, with
Allergan's CEO Brent Saunders, 45, serving in a very senior role focused on operations and the
integration, the people added.
2. Air India mops up Rs 7,000 crore through aircraft sale - Air India has mopped up Rs
7,000 crore by selling nine of its 21 Dreamliner planes to a Singaporean lessor, which it has
taken back on lease from the company under an SLB arrangement. A major chunk of these
funds will go into repayment of the bridge loan availed earlier for purchasing these Boeing
787-800s, airline sources said. Under a Sale and Lease Back (SLB) arrangement, the seller of

33. an asset leases it back from the purchaser for a long-term period and continues to use it without
actually owning it. Air India has 131 aircraft in its fleet, consisting of Boeing, Airbus and ATR
planes as well as CRJs. Of these, 21 are Boeing 787-800s. Earlier also, the flag carrier had sold
and leased back 12 Dreamliners under a similar arrangement. Air India has sold all the nine
Dreamliners to one Singaporean lessor for a little over Rs 7,000 crore. These planes have now
been taken back on lease by the same firm,” Air India sources told PTI. Sources said that of the
total proceeds, about Rs 6,000 crore will be used for repayment of the bridge loan taken against
these planes at the time of acquisition while the remaining Rs 1,000 crore will be utilised for
other purposes.
3. Britannia eyes Rs 20,000 cr turnover in 5-6 years - Having regained the leadership
position in India’s biscuits market more than a decade after losing it to rival Parle, Britannia
Industries is embarking on a new growth path of becoming a total food company, aiming at Rs
20,000 crore turnover within 5-6 years. As part of the strategy, the company, which had posted
consolidated net sales of Rs 7,775.09 crore in the last fiscal, will finalise in the next six months
its plans to expand in dairy segment besides introducing new variants of its value segment
biscuit brand Tiger. Moreover, in the next two years and beyond the company plans to expand
into ready-to-eat, ready-to-cook and drinks category in a phased manner. “We have the core
strength…our brands are very strong and our understanding of the food industry is very deep…
Our idea to become a total food company is to move from the side of the plate to the middle,”
Britannia Industries Managing Director Varun Berry told PTI.
4. Bharti Airtel leads GSM user additions in October with 2.7 million: COAI - A total of
6.30 million GSM subscribers were added during the month of October, an increase of 0.9%
from the previous month, taking the total subscribers on GSM technology up to 739.44 million.
Bharti Airtel added the highest number of subscribers at 2.7 million, taking its total subscriber
base to 237.98 million at the end of the month, according to data revealed by the Cellular
Operators Association of India (COAI). Vodafone with additions of 1.6 million added the
second highest number of users, taking its total kitty up to 189 million at the end of the month.
Idea CellularBSE 2.36 %, however, added under a million (7.2 lakh) subscribers in October,
registering a total of 167 million users. UP (East) circle recorded the largest number of GSM
subscribers in the country at 65.14 million. The total additions during the month for the circle
were 4.1 lakh.
5. Sebi seeks vendor for web access to 20 crore Sahara docs - In the high-profile Sahara
case, regulator Sebi is looking for a server hosting vendor for the mammoth task of providing

34. electronic data storage and web access services for a database of 20 crore scanned pages. In this
long-running case, Sahara group was asked by the Supreme Court in August 2012 to submit all
documents and deposit investors' money with Sebi for refund purpose. Sebi was mandated by
the court to examine the documents submitted by Sahara, whose chief Subrata Roy is in Tihar
Jail for over 18 months, to ascertain their genuineness and make refund to investors. Sebi has
been inviting refund applications from investors through various platforms, including
newspapers and its own website, and the process of returning investors' money is underway
after ascertaining genuineness of their claims. In connection with this matter, which is being
overseen by a retired Judge appointed by the Supreme Court, Sebi has generated about 20 crore
pages of PDF documents and a database created out of them. The total volume of this electronic
data, including the PDF files, is 70 terabytes.
6. See 10-15% growth going ahead; focus on organic growth: UPL - Global generic crop
protection, chemicals and seeds company, UPL (formerly known as United Phosphorous) said
board members on Monday have approved amalgamation of Advanta with itself. Post merger,
seed company Advanta's every shareholder will get one equity share and three preference
shares of UPL for every share held in the company. Jai Shroff, CEO, UPL, said Advanta is
projected to see healthy growth in the coming years. Both UPL and Advanta have been
outperforming industry growth rate. According to him, UPL will benefit from Advanta's major
international presence and Advanta will benefit from the company's rich customer accessibility.
He said UPL is likely to see 10-15 percent growth going ahead. Shroff said exports from India
will continue to grow at a better rate than industry. UPL also plans to focus on organic growth.
UPL said GDR (global depository receipt) holders of Advanta would get 106 new GDRs for
every 100 GDRs held and FCCB (foreign currency convertible bonds) holders would get 100
FCCBs for every 100 FCCBs held.
7. HLL's margins may improve post deal: Bajaj Electricals - Bajaj Electricals will merge
with Hind Lamps Limited's (HLL) manufacturing business and the transaction is likely to close
in the next 12 months, says Shekhar Bajaj, Chairman and MD of the company. On HLL's
business, he says it has been under Board for Industrial and Financial Reconstruction (BIFR)
for the last 10-12 years and is valued at Rs 16 crore today. It has a negative net-worth of Rs 25-
30 crore, he adds. With this deal, cost of borrowing for HLL will come down from 13 percent
to 10-11 percent, he says, adding that margins too are likely to improve in the coming quarters.

35. 8. See India as strong export, software, engineering hub: ABB - ABB, in November, this
year announced plans to double its workforce at the global engineering section in India. This is
majorly due to the strong growth momentum despite softness in other Emerging Markets
(EMs), says Ulrich Spiesshofer, Global CEO of ABB . Speaking to CNBC-TV18’s Shereen
Bhan, Spiesshofer says that ABB plans to double its business in India in coming years. Growth
rate in EMs, like Russia and Brazil, has softened, but there still exists growth pockets like
India, he adds. Spiesshofer sees India as a strong export, software and engineering hub for the
company. Focus will be on three parameters – power for all, industrial efficiency, urbanisation
and infrastructure growth, he says. However, he says India has further opportunities to improve
in areas like ease of doing business and that reform initiatives of the Modi government are on
the right track. Besides India, ABB is 'cautiously optimistic' on China. "We have also gained a
lot of new customers and we have done well in China to really penetrate more to western parts
of the Chinese continent," Spiesshofer says. ABB is undergoing internal changes to focus more
on the needs of its customers and smooth execution of products, he says that the company will
focus on key growth areas like cost effectiveness to accelerate growth and value creation. Man-
power, he says, is one of key factors of growth for ABB. On its expansion plans, Spiesshofer
says that the company will look at merger & acquisition (M&A) to strengthen the portfolio and
fill in required gaps.
9. Tata Steel likely to raise $1.5 billion to refinance debt - Tata Steel is looking to raise at
least $1.5 billion to refinance its bloated debt and reduce interest cost, several people aware of
the development told ET. The fund size could go up to as high as $3 billion. The proposed
mobilisation done through the company's Singapore subsidiary would primarily be for Tata
Steel Europe, earlier known as Corus, while balance sheet debt of others may also be
refinanced. Tata Steel has a proactive approach to financing and seeks to continuously optimise
its debt based on market conditions," Tata Steel said in reply to an email seeking comment. "In
this connection, we regularly interact with lenders, investors and other financial intermediaries
and evaluate financing terms on an ongoing basis. There isn't any specific comment to make at
this point. As many as 10-15 local and global lenders have been mandated to raise funds which
will mature in about six years and are linked to refinance the money the company had raised to
finance its £6.2-billion acquisition of UK's Corus in 2007.
10. PSUs fare poorly in corporate governance: Study - Conventional wisdom suggests that
since it's the government that formulates rules, state-owned companies would be at the
forefront of abiding by them. However, according to an analysis by a proxy firm shared

36. exclusively with TOI, it appears that it's the public sector undertakings (PSUs) which have
scored poorly on corporate governance norms mandated by the government. These state-owned
companies have violated guidelines related to board independence, appointment of audit,
nomination and corporate social responsibility committees, and women directors on the
board.Proxy advisory firm Stakeholders Empowerment Services (SES) studied the top 27 listed
PSUs with a market capitalization of Rs 11,22,036 crore (as on October 26), where the highest
market cap was that of ONGC at Rs 2,20,774 crore, and PTC India had the lowest market cap
of Rs 1,961 crore. According to the SES analysis, 13 PSUs among the top BSE100 companies
accounted for 14.1% of that index's total market cap, and nearly all the PSUs are non-compliant
for one reason or other. Among the entire 27 PSUs studied, the analysis says 25 do not meet the
criteria for independence of the board, almost 50% failed to constitute a compliant CSR
committee, while nearly 25% do not have a woman director. Moreover, over 80% do not have a
compliant audit committee and NRC (nomination and remuneration committee), the analysis
adds, saying these PSUs, rather than being role models, have set a bad precedent. LIC Housing
Finance is the lone compliant company while the rest (26) are all non compliant in some
parameter or the other.
11. Nippon ups stake in Reliance Life to 49%, invests Rs 2265cr - Reliance Capital on
Tuesday said Nippon Life Insurance (NLI) has raised its stake in life insurance business of the
company to 49 percent by investing Rs 2,265 crore. The stock rallied 3.6 percent intraday.
"NLI, one of the largest life insurers in the world, has signed definitive agreements to increase
its stake in Reliance Life Insurance (RLIC), a part of Reliance Capital, from existing 26 percent
to 49 percent," the Anil Dhirubhai Ambani Group company said in its filing. It further said the
Japanese company will be investing Rs 2,265 crore to acquire an additional 23 percent stake in
Reliance Life Insurance and this transaction pegs Reliance Life Insurance’s valuation at
approximately Rs 10,000 crore (USD 1.5 billion). “We are delighted that outstanding
relationship between two companies has now grown into an equal partnership, with NLI
increasing their stake – first, in our asset management business, and now, in our Life Insurance
business - to 49 percent," Anil Dhirubhai Ambani, chairman, Reliance Group said.
12. United Spirits' AGM: Chmn Mallya's fate hangs in balance - In the company's Annual
General Meeting (AGM) scheduled today, shareholders of United Spirits Limited (USL) will
decide on whether Vijay Mallya can continue as the Chairman of the liquor giant. Though
Mallya will chair the AGM in all probability, it is learnt that Diageo is evaluating its contractual
obligation with him. Earlier, the USL board had asked Vijay Mallya to step down, to which he

37. had absolutely refused. Post this, there was no resolution proposed on Mallya's chairmanship at
AGM.
13. Succession planning for top management at Mahindra Group begins - Mahindra Group
will select 32 high performers from within the auto-to-defence conglomerate to hone them into
new age leaders to take over its existing and new businesses within a decade, a senior company
official said. Succession planning at Mahindra is critical with most of its top managers are
above 50 years even when the average age of employee of the group stands at 34 for
manufacturing and 30 services. The group's revenues is growing at a fast pace as it expands into
newer areas and geographies, leaving a gaping hole for future leaders in the coming years. "We
are seeking to develop qualities in the leaders who are going to steer our businesses in the
volatile, uncertain, complex and ambiguous times, where there is a lot of pushback from our
stake holders and we are becoming increasingly global," Rajeev Dubey, group president for
human resources told ET. Its revenue has shot up 7 times to $12.4 billion since 2005 while it
aggressively entered several new businesses during the last decade such as two wheelers,
aerospace and defence, clean energy, holidays and private equity funding. It is also setting up
in-house startups to venture into newer areas. Revenue from its traditional automotive and
tractor business stands at 81%
14. Fitch downgrades outlook on JSW Steel to negative - Credit ratings agency Fitch on
Monday downgraded its outlook on JSW Steel to 'Negative' from 'Stable' due to risk of further
decline in product prices. It also affirmed Long-Term Issuer Default Rating (IDR) at 'BB+' and
the steelmaker's senior unsecured rating and the rating on its $500 million, 4.75 per cent senior
unsecured notes due 2019 at 'BB+', the agency said in a statement. The revision in the outlook
reflects the risk of further declines in pricing, which would make it difficult for the company to
improve performance and reduce leverage," it said. JSW Steel' s financial profile weakened
amid challenging conditions for Indian steel producers in 2015 and high debt levels as the
company expands capacity, it added. A key assumption of Fitch's rating case is that steel prices
will recover modestly in the financial year ending March 31, 2017, in response to improving
steel demand in India, it said. The rating reflects the company's strong market position and
highly efficient operations, which allows it to maintain low cost. Fitch expects JSW Steel's
financial profile to improve significantly in 2016-17 and 2017-18, with the benefits from capex
driving higher sales volume and improvement in profitability.
15. At Rs 42,894 cr, BHEL market cap below Siemens India - India’s biggest capital goods
company, Bharat Heavy Electrical (BHEL), has lost so much value that it now commands a

38. market capitalisation smaller than that of Siemens India. At Rs 42,894 crore, BHEL is now less
valuable than Siemens, which commands a market cap of Rs 44,098.4 crore. At the start of
2015, the PSU was valued twice as much as the Indian subsidiary of the German multinational.
But an 80% fall in Q1FY16 earnings, followed by a net loss of Rs 204.9 crore in Q2FY16, has
prompted the Street to do a rethink. The Ebitda loss of Rs 470 crore in the July-September
quarter was particularly shocking. In early September, Crisil had downgraded the rating
outlook on the long-term bank facilities of the engineering firm to “negative” from “stable”,
citing slow project execution, stretched working capital and vulnerable profitability. While
BHEL’s order backlog is Rs 1.2 lakh crore, nine times that of Siemens, analysts aren’t
convinced the pace of execution will pick up. Moreover, while order inflows had picked up
pace in Q1FY16, the momentum was lost again in the July-September quarter when they fell
82% year-on-year, due to lack of any major orders from the power sector.
16. Axis Bank, Vistara to launch travel credit card - Private lender Axis Bank on Tuesday
said it has joined hands with Tata-SIA joint venture airline Vistara to launch a travel credit card
next year under a strategic partnership. The co-branded travel credit card, to be unveiled early
next year, will offer a host of privileges and benefits to the business and leisure travellers of
Vistara, Axis Bank said in a release today. "The card will be unveiled early next year. The Axis
Bank Vistara co-branded credit card will provide preferred privileges and benefits for business
and leisure travellers under the carrier's Club Vistara frequent flyer program," it said. The
country's third full service airline after national carrier Air India and Naresh Goyal-promoted
Jet Airways , Vistara last month for the first time breached the one lakh passengers mark since
its launch in January this year. Vistara, is a joint venture between Tata Sons Limited and
Singapore Airlines Limited (SIA) with Tata Sons holding the majority stake of 51 per cent in
the company and SIA holding the remaining 49 per cent.
17. Idea buys spectrum from Videocon for Rs3,310 crore - Idea Cellular Ltd has agreed to
buy 5 Mhz each of spectrum in two circles—Gujarat and Uttar Pradesh (West)—from Videocon
Telecommunications Ltd for Rs. 3,310 crore in a move that gives the former 4G, and the latter
much-needed cash as it seeks to restructure,re-focus and monetize its telecom assets. The
transaction is the first pure spectrum trading agreement since Department of
Telecommunications (DoT) issued Guidelines for Trading of Access Spectrum by Access
Service Providers (Guidelines) on 12 October. The new guidelines have led to much
speculation regarding consolidation in telecom sector. Analysts expect that in the next two
years, there will be only five-six telcos in the market, from the current 12, on account of the

39. new rules. The value of the deal, for 5 Mhz of 1,800 Mhz spectrum in each circle, is provisional
and could change once the telco completes the necessary due diligence. The deal is also
dependent on approval from the DoT.
18. RCom to sell entire stake in Reliance Infratel - Reliance Communications (RCom) is
close to finalising a deal to sell its entire stake in tower unit Reliance Infratel, sources aware of
the development said. R Com owns about 96 percent stake in Infratel and the sale would fetch
it around Rs 22,000 crore, which will be used to retire some debt. The sources further added the
deal values Infratel at around Rs 22,500 crore. Reliance Infratel has about 43,500 mobile
towers. The debt of RCom stood at around Rs 38,000 crore. According to sources, the deal is
almost finalised and is likely to be announced within 10 days. When contacted, RCom declined
to comment. A few months ago, RCom had said that it had short-listed bidders that have sought
to acquire up to 100 percent stake in Infratel. RCom is looking to monetise its non-core assets
to bring down the the debt-to-Ebitda ratio to about 3 in 18-24 months. The company's net debt-
to-Ebitda ratio is about 4.64. To achieve this target, the Anil Ambani group firm is planning to
hive off its DTH business, sell stake in international operations at Reliance Globalcom and
divestment of Infratel, among others.
19. Vijay Mallya, Kingfisher Airlines, UBL declared as wilful defaulters - After a protracted
legal battle, State Bank of India (SBI) has declared industrialist Vijay Mallya a 'wilful defaulter'
for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines. SBI has
declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings as
wilful defaulters, sources told PTI. The sources said after the Bombay High Court in August
this year allowed Mallya to be represented by his legal counsels, SBI moved the Supreme Court
challenging the HC order, saying that HC order violated the RBI rules on grievance redressal
committee that allow only the borrower to be present his case in person. However, the Supreme
Court upheld the High Court verdict and asked SBI to consider this only as a one-off instance
and allow Mallya's lawyers to represent him at the grievance reddressal committee meeting
which was held recently. However, the lawyers could not satisfactorily present a case of
genuine distress of Mallya and his companies in not paying the money they owe to the bankers.
Following this, SBI declared them as wilful defaulters, the source added.
20. Sistema Shyam Q3 loss narrows to Rs 406 crore - Telecom operator Sistema Shyam
TeleServices, which operates under MTS brand name, today reported narrowing of its net loss
to Rs 406.3 crore for the third quarter ended September 30, 2015. The company, which is in