TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Indian Equity Bench mark Index Nifty gave breakout of 8672 previous week high and closed
at 8741 after making a weekly high of 8758. The Equity benchmark Nifty has opened in a Positive note on Monday
trading session Up by 45 points or 0.51 per cent at 8785 levels. Benchmark index Nifty was positive throughout the
week on the backdrop of positive Budget Policy Announcements and follow up buying were seen even after the
budget. Nifty traded in a narrow range of 40 points in its last trading session. The benchmark index Nifty closed
near 4 months high of 8807 after making high of 8814. The benchmark Index Nifty closed in negative territory after
four days of continuous positive close on profit booking. The Nifty closed at 8769 on Wednesday trading session
after making low of 8715. Before announcement of RBI Monetary Policy, Nifty made a high of 8791. RBI
Governor Urjit Patel surprised the market by keeping repo rate unchanged at 6.25%. Moreover he changed his
stance to neutral from accomoditive, on worries of effect of demonetization on inflation. Just after the RBI policy,
we witnessed a choppy trading sessions. The index Nifty spot traded in a 100 points range during the day but closed
in the positive terrain on Thursday trading session. Benchmark Nifty continues to trade in a 100 points range for
last four sessions. Therefore we need to watch out 8710 8820 levels closely. The Essential Resistance Levels for

Nifty is 8850-8880 and Support is 8760-8720 level..

BANK NIFTY : - The Bank Nifty made a high of 20229 and closed at 20196 level on Friday trading session.
Bank Nifty outperformed the Nifty and rallied 2.36% to make a weekly high of 20230, the Index gave breakout of
19795 previous weeks high and closed at 20197. The Bank Nifty remained strong through out the day on
expectation of rate cut in the RBI Monetary Policy meeting. But Reserve Bank of India surprised the market by
keeping repo rate unchanged at 6.25%. Bank Nifty index remained highly impulsive throughout the day since the
index oscillated in a wide range of 400 points. The index met the 20000 support and then ended well above the
20150 level but with a loss of 100 odd points. The market breadth too remained a bit confusing as at the end of the
day it was completely neutral. The next level is 20350 above which the next target would be 20525. The immediate
support for the index is at 20010 and important resistance is at 20576.

Monday, 13 Febuary 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
8944 8846 8797 8748 8650

WEEKLY R2 R1 PP S1 S2
9096 8884 8778 8672 8460

MONTHLY R2 R1 PP S1 S2
9572 9004 8720 8436 7868

BANK NIFTY

DAILY R2 R1 PP S1 S2
20651 20379 20243 20107 19835

WEEKLY R2 R1 PP S1 S2
21612 20696 20238 19780 18864

MONTHLY R2 R1 PP S1 S2
23033 21053 20063 19073 17093

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 8581 8438 8395 8318

BANK NIFTY 19566 19120 18920 18523

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 8591 8050 8084

BANK NIFTY 19567 17876 16970
PATTERN FORMATION ( NIFTY )

Detail of Chart - On the Above given daily Chart of have Applied Bollinger Band and Parabolic
SARNifty 50 continues to trade in a 100 points range for last four sessions. Therefore we need to
watch out 8710 8820 levels closely. As discussed earlier, Nifty has been forming a rising wedge
pattern on an intraday chart. Therefore, support level of 8700 would act as a key support for the
market. On the flipside, only a decisive move above 8820 would lead to fresh upside momentum,
which can assist Nifty to head towards 8900 / 8970 levels
 PATTERN FORMATION ( BANK NIFTY )

Detail of Chart -On the Above given daily Chart of BANK NIFTY has Applied the Bollinger Band
along with MACD. Once again Nifty Bank index respected 20000 marks and witnessed smart pullback.
As discussed earlier, 20500 20580 remain key hurdle and only a decisive move above 20580 would
lead to fresh move to an all-time high level of 20910 levels. On the flipside, 20070 - 19800 act as
support for upcoming sessions.
 NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1507 1495 1485 1475 1463
ADANI PORTS EQ 318 314 310 306 302
AMBUJACEM EQ 243 240 238 235 233
ASIAN PAINT EQ 1016 1005 998 987 980
AXISBANK EQ 495 492 490 488 486
BAJAJ-AUTO EQ 2835 2819 2796 2780 2757
BANKBARODA EQ 196 194 192 190 188
BPCL EQ 742 731 722 711 702
BHEL EQ 161 159 158 156 155
BHARTIARTL EQ 362 360 358 356 354
BOSCH LTD EQ 23481 23109 22743 22371 22005
BHARTI INFRATEL EQ 327 321 317 311 307
CIPLA EQ 601 590 583 572 565
COALINDIA EQ 327 326 323 322 319
CAIRN INDIA LTD EQ 281 277 272 268 263
DRREDDY EQ 3056 3019 2997 2960 2938
GAIL EQ 498 491 486 479 474
GRASIM EQ 1036 1023 1011 998 986
HCLTECH EQ 838 832 826 820 814
HDFC EQ 1421 1403 1393 1375 1365
HDFCBANK EQ 1312 1307 1302 1297 1292
HEROMOTOCO EQ 3308 3290 3265 3247 3222
HINDALCO EQ 187 185 182 180 177
HINDUNILVR EQ 863 857 852 846 841
ICICIBANK EQ 288 286 284 282 280
ITC EQ 280 278 276 274 270
INDUSIND BANK EQ 1335 1328 1319 1312 1303
INFY EQ 990 979 961 950 932
IDEA CELLULAR EQ 112 111 110 109 108
KOTAKBANK EQ 793 786 778 771 763
LT EQ 1516 1509 1500 1493 1484
M&M EQ 1319 1299 1287 1267 1255
MRF EQ 52062 51766 51584 51288 51106
MARUTI SUZUKI EQ 6204 6158 6127 6081 6050
ONGC EQ 196 194 192 190 188
NTPC EQ 173 171 170 168 167
RCOM EQ 36 35 34 32 31
RELCAPITAL EQ 502 497 492 487 482
RELIANCE EQ 1040 1034 1030 1024 1020
RELINFRA EQ 550 547 542 539 534
RPOWER EQ 47 46 45 44 43
SBIN EQ 285 280 278 273 271
SSLT( VEDL) EQ 255 251 248 244 241
SUNPHARMA EQ 667 661 655 649 643
TATA MOTORSDVR EQ 325 322 318 315 311
TCS EQ 2485 2434 2372 2321 2259
TATAMOTORS EQ 517 513 509 505 501
TATAPOWER EQ 84 83 82 81 80
TATASTEEL EQ 477 472 466 461 455
UNIONBANK EQ 158 153 151 146 144
YES BANK LIMITED EQ 1424 1418 1410 1404 1396
ZEEL EQ 530 523517 510 504 302
 TOP 15 ACHIEVERS // TOP 15 LOOSERS

SR.NO SCRIPT NAME PREV CMP % CHANGE SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
CLOSE

1 BHEL 142 158 + 11.28 % 1 HINDALCO 191 182 - 4.98 %

2 GRASIM INDUS 944 1013 + 7.28 % 2 DR. REDDYS LABS 3144 3014 - 4.14 % -
4
3 BHARTI INFRA 299 320 + 6.89 % 3 CIPLA 607 583 - 3.97 %

4 TCS 2232 2340 + 4.85 % 4 ONGC 200 195 - 2.91 % -

2
5 ACC 1423 1484 + 4.28 % 5 TATAMOTOR LTD. 522 508 - 2.69 %

6 AMBUJA CEMENT 229 239 + 4.25 % 6 TATA STEEL 472 463 - 1.90 % -
1
7 TECH MAHINDRA 480 497 + 3.64 % 7 HCL TECH 830 817 - 1.66 %

8 ZEEL 495 513 + 3.46 % 8 NTPC 171 169 - 1.37 % -

1
9 BHARAT PETRO 698 718 + 2.81 % 9 COAL INDIA LTD. 326 321 - 1.32 %

10 ADANI PORTS 303 311 + 2.64 % 10 LUPIN LIMITED 1492 1475 - 1.08 % -
1
11 M&M 1260 1288 + 2.19 % 11 BAJAJ AUTO LTD. 2808 2778 - 1.07 %

12 KOTAK BANK 765 779 + 1.86 % 12 AXIS BANK LTD. 490 488 - 0.49 % -
0
13 WIPRO LTD. 457 466 + 1.85 % 13 BANK OF BARODA 186 185 - 0.48 %

14 GAIL LIMITED 478 487 + 1.77 % 14 HDFC BANK 1311 1307 - 0.31 % -
0
15 INDUSIND BANK 1303 1324 + 1.62 % RELIANCE 1033 1032 - 0.14 %
15
NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS )

NSE FUTURE

NSE FUTURE :BUY MCLEODRUSS FUTURE ABOVE 175 TGT 185 SL 171.

NSE FUTURE :SELL LUPIN FUTURE BELOW 1470 TGT 1420 SL 1500.

NSE FUTURE :BUY BOB FUTURE ABOVE 192 TGT 198 SL 189

NSE CASH

NSE CASH : BUY ORIENTREF NSE CASH ABOVE 136 TGT 146 SL 132.

NSE CASH : BUY CUB NSE CASH ABOVE 160 TGT 171 TGT 154.

NSE CASH : BUY VAIBHAVGLB NSE CASH ABOVE 488 TGT 523, SL 473.
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

Budget 2017: Why 25% hike in capital spend is actually only 11% - During his
Budget speech on Wednesday finance minister Arun Jaitley said he had stepped up, capital
expenditure broadly spending on creating assets by 25.4% in 2017-18 over the previous year. He went
on to add that "this will have multiplier effects and lead to higher growth". But a closer look at the
Budget documents suggests that the impressive jump may be largely a case of smokes and mirrors.
Here's what the numbers show. The 25.4% rise is actually over the Budget estimates for 2016-17,
while the increase over this year's revised estimates is a much more modest 10.7%. Even more
significantly, a considerable chunk of it may be just a reclassification of some spending from revenue
expenditure seen broadly as non-asset creating to capital expenditure. That is why an apples to apples
comparison in this case must be between the RE for the current year and the budgeted amount for
next year.
India's GDP growth likely at 7.1% in 2017-18: HSBC - India is expected to clock a GDP
growth of 7.1 per cent in 2017-18 as the country gets sufficiently remonetised and the schemes in the
Budget play a supportive role, says an HSBC report. The uptick in the growth numbers would be
largely driven by the remonetisation process which is expected by April end as this in turn would
boost the consumption levels in the country. We expect GDP to grow at 7.1 per cent year-on-year in
2017-18, up from 6.3 per cent in 2016-17, as the country gets sufficiently remonetised, and
consumption moves back to pre-demonetisation levels," HSBC India Chief Economist Pranjul
Bhandari said. Growth numbers will be largely consumption driven as investment is expected to be a
drag. "We believe that investment, which tends to be sensitive to policy uncertainty, will continue to
remain weak, keeping growth at an arm's length from the cherished 7.5-8 per cent levels," Bhandari
said.
Rs. 6.78 lakh crore remonetised, Rs. 9.1 lakh crore in circulation : Government - In the
ongoing process of remonetisation, bank notes worth Rs. 6.78 lakh crore returned to the formal
banking system between November 10 and January 13, taking the total currency in circulation to Rs.
9.1 lakh crore, the government said today. Remonetisation is taking place ceaselessly at a fast pace.
Between November 10, 2016 and January 13, 2017, the notes in circulation have increased by Rs.
6.78 lakh crore, thereby taking the total notes in circulation to Rs. 9.1 lakh crore," Minister of State
for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.
Cash crunch triggers a struggle for firms for the third month running - Services
activity contracted for the third successive month in January as firms struggled with less cash in
circulation but the pace of contraction slowed, a private survey showed on Friday. The Nikkei India
Services Business Activity Index was 48.7 in January, up from 46.8 in the previous month. A reading
above 50 indicates expansion and a figure below that indicates contraction. Indias pivotal service
sector remained in contraction territory in the opening month of 2017, with both new business and
activity falling for the third straight month, IHS Markit Report.
3.2 per cent fiscal deficit target realistic; revenues to improve : Shaktikanta Das -
Rejecting arguments that fiscal deficit target of 3.2 per cent is optimistic, Economic Affairs Secretary
Shaktikanta Das said it is realistic and there is all possibility that revenues will exceed the target as
Budget has not taken into account the demonetisation windfall. "Revenue if at all can exceed because
people are pointing out that you have not taken into account windfall you will get from RBI because
of demonetisation. Besides, he said, there would be collection taxes next fiscal from those who fail to
avail Pradhan Mantri Garib Kalyan Yojana. "Excess cash which has come into the banking system,
Income Tax department has already analysed those data and there are large number of bank accounts
where deposits made are totally disproportionate to the income of the individuals. It does not tally
with their income tax returns.

Exporters disappointed as RBI keeps repo rate unchanged - The Reserve Bank of India
has disappointed the exporting community by retaining the policy Repo rate unchanged even though
it acknowledges that the global trade remains subdued, said chairman of the EEPC India T S Bhasin
on Wednesday. "A recent RBI survey itself had brought out worsening of the financing conditions for
the manufacturing sector. Under such a scenario, there was a strong case for a reduction in the interest
rates by the RBI," Bhasin said. Though exports have been looking up in the recent past, the global
risks have gone up. Under these circumstances, the exporters would remain at a disadvantage against
their competitors.
Foreign direct investment zooms 60 per cent to $4.68 billion in November - With the
government taking steps to improve ease of doing business and relax regulations, foreign direct
investment into the country surged by 60 per cent to USD 4.68 billion in November 2016. The FDI
stood at USD 2.93 billion in November 2015. During the period, India received maximum FDI from
Singapore, Mauritius, the UK, the US, the Netherlands and Japan, an official said. Cumulatively,
India attracted USD 32.49 billion foreign inflows in April-November period of the current fiscal as
against USD 24.81 billion in the same period previous year. The main sectors which have attracted
foreign inflows during the eight months period of 2016-17 include services (USD 6.69 billion),
telecom (USD 5.47 billion), computer hardware and software (USD 1.61 billion), electrical
equipment (USD 2 billion) and information & broadcasting (USD 1.06 billion).

TOP ECONOMY NEWS

The Reserve Bank of India has stepped in to prevent loss making banks from defaulting on bonds
that were raised to boost their capital adequacy ratio - the minimum capital that banks keep as a
cushion against defaults on loans.

The composite PMI, which measures both services and manufacturing, rose to 49.4 in January from
47.6 in December.

India has revised 40 treaties on avoidance of double taxation so that the information exchanged with
partner nations on tax matters can also be utilised for other purposes including criminal proceedings.

Allaying investor fears over levy of long-term capital gains tax on share transfer in unlisted
companies, the government said the move is only to target ' khoka ' companies and 'genuine
investments' in start-ups and through foreign direct investment will be exempt.

The Union Budget has introduced a provision that intends to restrict the minimum alternate tax credit
available on foreign tax credits, which could increase the overall tax outgo for Indian companies
having overseas operations, especially those paying sizeable dividends.

The Nikkei India Services Purchasing Managers' Index, which tracks services sector companies on a
monthly basis, came in at 48.7 in January, from 46.8 in December 2016, signalling that the sector is
heading towards stabilisation.

The government will come out with an "exhaustive list" of transactions on which the "anti-abuse"
provision of levying long-term capital gains tax on share transfer in unlisted companies will not be
applicable.

Mineral-rich states are gearing up to put 231 mineral blocks under the hammer. The blocks to be
auctioned include the lapsed applications saved under the Section 10A (2)(c) of the Mines and
Minerals- Development & Regulation Act, 2015.

The proposed changes in the regime for issuing H-1B visas for skilled workers by the US
government will have an impact on Indian companies and the Commerce Ministry will soon hold a
meeting with the industry to discuss its strategy for dealing with it.

The Finance Ministry has granted Rs100bn to Fertiliser Ministry under special banking arrangement
to provide loan to cash-starved fertiliser companies at reasonable rates.

Telecom Commission has asked DoT to seek clarification from Trai on the Rs. 30.50 billion penalty
recommended by the watchdog on three service providers Bharti Airtel, Vodafone and Idea Cellular
for allegedly denying interconnectivity to newcomer Reliance Jio.

Government is considering allowing the state-run social security and pension fund to invest more in
the stock market.

The Government has not taken any decision on levying a Banking Cash Transaction Tax on cash
deals of Rs. 0.05 million and above as suggested by the high-powered Chief Ministers panel.

The US dollar index, which measures the greenbacks strength against a trade-weighted basket of six
major currencies, was up 0.31%, not far from Tuesdays one-week high of 100.69.

The US dollar witnessed a spike on Thursday, posting its best 1-day gain against the Japanese Yen in
3 weeks, after comments from the US President Donald Trump that he would make a major
announcement on a "phenomenal" tax plan.

The Euro slipped against the US Dollar, down 0.4% at $ 1.0656 with political risks, most notably
France's upcoming election, nudging it toward its worst week in nearly two months.

The Reserve Bank of New Zealand held the benchmark interest rate at a record-low 1.75% at the end
of its policy meeting on Thursday.

The RBI keeps policy repo rate under the liquidity adjustment facility unchanged at 6.25%. The
reverse repo rate under the LAF remains unchanged at 5.75%, and the marginal standing facility rate
and the Bank Rate at 6.75%.

Reserve Bank of India Governor cut the economic growth forecast to 6.9% for the current financial
year from 7.1% estimated earlier, even as he said the economy will bounce back to 7.4% next
financial year.

With the government taking steps to improve the ease of doing business and relax regulations,
foreign direct investment into the country surged by 60% to USD 4.68 billion in November 2016.

The baseline for annual revision of wages paid under MNREGA "can be changed" from Consumer
Price Index-Agriculture Labour to Consumer Price Index for Rural.

The Reserve Bank of India announced that the weekly cash withdrawal limit would be increased to
Rs. 0.05 million on savings accounts from February 20.

TOP CORPORATE NEWS -

BHEL has secured order for the installation of Solar PhotoVoltaic rooftop systems totalling 3.6 MW
from Surat Municipal Corporation.

Reliance Infrastructures defence unit Reliance Aerostructure Ltds proposed joint venture with
Dassault Aviation has received clearance from the Competition Commission of India.

Kalpataru Power Transmission Ltd has bagged orders of over Rs. 8.23 billion in the domestic
and overseas markets.

Jet Airways Limited plans to add 11 Boeing 737 aircraft to arrest its falling market share.

Rural Electrification Corp has inked initial pact with KPCL and BESCO for extending Rs.
391.21 billion financial assistance to the power utilities till March 2022.

Hindustan Petroleum Corpn has received environment clearance for expansion of its Mumbai
refinery in Maharashtra, entailing an investment of Rs. 38.46 billion.

Dabur Limited, is bringing Sri Lankan ayurvedic beauty brand Spice Island to India to strengthen
its portfolio.

ONGCs decision to invest USD 11.5 billion in Andhra Pradesh, at a time when gas prices in India
are falling, may put its cash flow under pressure.

NTPC has decided to shut down old polluting power plants of capacity totalling roughly 11GW and
replace those with new ones which are highly efficient.

CESC has bagged the power distribution franchisee for Bikaner city in Rajasthan. It plans to invest
Rs. 1.35 billion in the network in three years and hopes to clock a turnover of around Rs. 4 billion.

Tata Power Solar has achieved the milestone of shipping out of its factories 1GW worth of
modules. Its a subsidiary of Tata Power, has achieved this feat after 27 years of its coming into
existence.

Granules India said re-inspection of its manufacturing facility at Gagillapur in Telangana has been
successfully completed by Portugals health authority INFARMED.

Pricol has inaugurated a new factory on the outskirts of Pune. The company expects the new facility
in Phulgaon to bring in Rs. 2 billion of incremental business in the next couple of years.

The UK's CDC Group-backed Ujjivan Small Finance Bank is going to open its first set of
branches for public transaction and start rolling out branch network across India from next fiscal.

Sun Pharma is recalling over 0.27mn bottles of bupropion hydrochloride extended-release tablets
used for the treatment of major depressive disorders in the US due to failed dissolution specifications.

The Comptroller & Auditor General of India has red flagged multiple operational and procurement
procedures adopted by NTPC in fuel management of coal-based power stations.

Pilani acquired 8.1 million shares of Idea through market purchases between November 18 and
December 6.

MTNL has been hit hard by debt and it is borrowing money to meet its day-to-day requirements.

GAIL India Limited is in favour of extending the LNG support scheme for gas-based power plants.
GAIL was in favour of continuing 50% exemption on the natural gas pipeline tariff for gas-based
power plants to boost pipeline utility to the next financial year.

NTPC Limited is looking to add capacity in a phased manner over the next few years. This is in line
with the Central Electricity Authority's projection of thermal capacity addition in the next five years.

Ajanta Pharma Limited has said the US health regulator has issued one observation for its
Paithan facility in Aurangabad after the inspection.

Kotak Mahindra Bank and Axis Bank have strongly denied rumours that the biggest
consolidation in banking space is in the works. For the past few weeks, the stock market has been
abuzz with prospects of a merger between the two private banks.

Welspun India Limited has entered into a co-operation agreement with the Cotton Egypt
Association to promote and market Egyptian cotton products worldwide.

Idea Cellular Limited has enabled a USSD-based platform for shopkeepers and customers to
conduct digital transactions using Idea Money service.

Oil and Natural Gas Corp will not export naphtha from Hazira in western India as it supplies the
fuel to a cracker operated by ONGC Petro additions.

Sundaram-Clayton Limited to set up its first manufacturing facility outside of India with an
additional investment of over USD 50 million around Rs. 3.50 billion.

The Indian Hotels Company Limited announced all its hotels will be brought under a single
brand Taj Hotels Palaces Resorts Safaris.

Tata Steel Limited UK has signed an agreement to sell its speciality steel unit to Liberty House
Group for GBP 100 million.

Tata Teleservices Limited is believed to be in talks to sell its entire stake in Viom Networks to
American Tower Corporation for about Rs. 40 billion.

Hathway Cable & Datacom Limited has launched a new value added on-demand service Hathway
Special under its cable business. Available for all Hathway subscribers, the ad-free service will be
offered for a free preview starting February 9, for 30 days.

The Government is mulling the merger of about half a dozen state-owned consultancy firms like
Engineering Projects (India) Ltd with Engineers India Limited to create a mega consultancy
firm that can take on the might of global giants like Bechtel.

Reliance Jio rubbished Bharti Airtels statement on providing 35,000 points of interconnect to the
company as malicious and misleading.

Founders of Infosys have flagged concerns over transparency and corporate governance at
second-largest software exporter in the country.

Federal Bank Limited has partnered with online data and information portal Commodity Online
for the distribution of loans against warehouse receipts and collateral management services across the
country.
Mahindra Lifespace Developers announced a partnership with State Bank of India to set up a
platform for providing quicker and convenient financing of home purchases.

Infosys Limited is planning up to a Rs 120 billion or $ 1.8 billion share buyback, a move that is
pending final nod from its key shareholders, including the founders.

Schneider Electric India has announced it has powered more than 2GW of solar capacity in India
through its inverters, transformers and other medium-voltage equipment and expects to achieve
2.5GW by March 2017.

Bharti Airtel Limited is restructuring its shareholding pattern of foreign subsidiaries to simplify
the structure and bring in synergies between the companies.

The Competition Commission has approved the acquisition of Reliance Infrastructure by the
Adani Transmission.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

The new Reserve Bank guidelines on Basel III-compliant additional tier-1 bonds have partially
reduced the default risks for many state-run banks like Central Bank, IOB and United Bank, who had
negative distributable reserves under the earlier guidelines. This will have positive reserves under the
new norms, says a report by rating agency Icra.

State-run IDBI Bank today said it has reduced its Marginal Cost of Funds Based Lending rate by
30-35 basis points across various tenors, effective February 1. For overnight tenor, the bank has
reduced its minimum lending rate to 8.20 per cent from 8.50 per cent, it said in a statement.

Former Reserve Bank of India Governor C Rangarajan said banks cannot escape from the
responsibility of controlling Non-Performing Assets in their balance sheets. At a panel discussion on
'Union Budget-2017', Rangarajan also said that though the adverse impact of demonetisation will
wear off as the currency availability improves, some affects will not go away even as sectors like real
estate will have to rethink their business models.

Ujjivan Small Finance Bank officially started its services with five pilot branches from here, aiming
to become a leading mass market retail bank over the next five years by catering to the un-served and
under-served customers.
After setting financial parameters to achieve with his Indradhanush in August 2015 on infusion of
fresh capital, finance minister Arun Jaitley has sanctioned just Rs. 10,000 crore for banks shows his
resolve to see results from banks before opening his purse strings. For a segment that needs at least
Rs. 75,000 crore in the next two years as estimated by ratings company India Ratings.

Private sector lender IDFC Bank has collaborated with fintech startup India Lends to enable first
time borrowers who do not have a credit history to take loans.

State-run Punjab National Bank may look at selling stake in PNB Housing Finance and PNB
Gilts in the next financial year, to shore up its capital base.

Reserve Bank guidelines on providing adequate provisioning to cover bad loans would continue to
put pressure on banks' profitability for some time, even though some banks are witnessing reduction
in proportion of Net Performing Assets, RBI Deputy Governor S S Mundra said today. Mundra was
responding to media queries in a press conference post RBI's sixth bi-monthly monetary policy
review.
While Innoventive Industries moved the Bombay High Court against the bankruptcy law, the Insolvency
& Bankruptcy Board of India has registered six other cases including one involving Vijay Mallyas UB
Engineering to begin insolvency resolution process against these companies, ushering in a new era in
Indias dealing with sick businesses.
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(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the
subject company.