TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

NIFTY FIFTY : - Last week the Indian Benchmark Index Nifty made a new record high of 9982 on
the last trading day and closed at 9966. The Domestic Institutional Investors continued buying as the
quarterly numbers by most of the Companies were impressive. The Benchmark Index Nifty has shown
5 digit figure in last week. Nifty made a high of 10011 and closed at 9965 on Tuesday trading session.
Investors remained cautious ahead of FED two days policy Meeting Outcome. Although Fed keep rate
Unchanged which move the market in bullish trend, Market remained highly volatile ahead of F&O
Expiry and Profit booking didnt rule out at point of time, but overall, market traded bullish and as of
now any downfall would be an opportunity for traders to go long in the market. Breaching 10040
would force Nifty to see 10100-10246 levels ahead. Nifty has made a all-time high of 10026.The
index opened at 9993 and closed at 10025 after making a low of 9944. However the Index is not able
to sustain its crucial 10040 level which will decide the bullish trend of Nifty for upcoming week.
Nifty Closed The July Expiry Above 10000 levels & Up By Almost 5% On the back of Q1 Earning
Optimism, Smooth GST Roll Out, Good Monsoon, RBI Rate Cut Hopes, Forced P-Note FNO Short
Covering & Supportive Global Cues it may move the market towards bull side. The Significance
Support for Nifty is 9967-9886 and Strong Resistance for index is 10100-10168 levels for upcoming
week.

BANK NIFTY : - Bank Nifty also made a record high of 24461 last day and closed at
24421.HDFC Bank closed at 1735.10, up by 1.88% from its previous days close after the
announcement of its June quarter result. Bank Nifty achieved the psychological 25000 mark in
last week s trading session and market drifted down due to profit booking during the week.
Again Bank Nifty closed near 5 days moving average which is presently at 24740 levels. Yes
bank gained 6.44% after announcing its quarterly results.Indus Bank by 2.43%, ICICI Bank
by 1.91% were among the top movers in the Banking Index in last weeks trading sessions.
Indian banks are most at risk in South and South-East Asia. We agree that many banks in
India remain undercapitalised and continue to lack sufficient loan-loss provisions. Moreover,
the government has appeared reluctant to increase capital injections into the PSU banks,
despite the limited ability of these to access equity markets for the much-needed capital," the
credit rating agency Moodys said. Time and Price action Suggest the Bank Nifty need to
Sustain the 24900 crucial level for further up move towards 25120-25240 levels. On the Flip
side Sustaining below 24900 levels may drag the index towards 24780-24660 levels I near
term

Monday, 31 July 2017

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )

NIFTY

DAILY R2 R1 PP S1 S2
10138 10028 9973 9918 9808

WEEKLY R2 R1 PP S1 S2
10572 10182 9987 9792 9402

MONTHLY R2 R1 PP S1 S2
11521 10379 9808 9237 8095

BANK NIFTY

DAILY R2 R1 PP S1 S2
25357 24943 24736 24529 24115

WEEKLY R2 R1 PP S1 S2
26936 25359 24569 23779 22199

MONTHLY R2 R1 PP S1 S2
29678 25914 24032 22150 18386

MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS

NIFTY 9961 9872 9436 9097

BANK NIFTY 24039 23507 22663 21399

PARABOLIC SAR DAILY WEEKLY MONTHLY

NIFTY 9606 9494 9475

BANK NIFTY 23337 23085 23038
PATTERN FORMATION ( NIFTY )

Detail of Chart - The Nifty closed the week on a bullish note. Nifty opened gap up today post US FED
interest rate decision and domestic news flow. 10000 strike call writers were forced to square off their
positions. This pushed the Nifty even higher to 10114.85. From there, Nifty started correcting and made of
low of 10005.5. Finally In hourly chart Nifty has corrected sharply and closed at 10020.55 near hourly mid
Bollinger Band line, which stands at 10021, on Thursdays close. In near term Nifty may find support
close to 34 hour moving average and 50 hour moving average. The selloff in Nifty could be just an one
day phenomenon due to profit booking by bulls ahead of expiry. The Fibonacci retracement of the last rise
from approx. 9949.7 to approx. 10114.9 is drawn in the daily chart and close is near the 61.8% retracement
level of approx. 10013. On the upside todays high of approx. 10115 should act as a logical resistance and
9980 sould act as a Strong Support for The Nifty.
PATTERN FORMATION ( BANK NIFTY )

Detail of Chart - On the Above given daily cahrt of Bank Nifty has Applied Bollinger Band and
parabolic SAR both are leading Indicators and gives the early signals of buy or sell.Bank Nifty in Chart is
placed around hourly Upper Bollinger Band line, which stands at 24820 levels, In near term Bank Nifty
may find support close to 10 days moving average 24840-24680 levels, and 21 day moving average. The
selloff in Nifty could be just an one day phenomenon due to profit booking by bulls ahead of expiry. The
Fibonacci retracement of the last rise from approx. 24300 to approx. 24942 is drawn in the daily chart and
close is near the 61.8% retracement level of approx. 25075 levels. As of Now 24075 should act as a logical
resistance and 24840 sould act as a Strong Support for The Bank Nifty
 NSE EQUITY DAILY LEVELS

COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1770 1751 1738 1719 1706
ADANI PORTS EQ 402 398 394 390 386
AMBUJACEM EQ 270 266 263 259 256
ASIAN PAINT EQ 1162 1156 1148 1142 1134
AXISBANK EQ 537 527 520 510 503
BAJAJ-AUTO EQ 2889 2848 2826 2785 2763
BANKBARODA EQ 163 162 161 160 159
BPCL EQ 485 479 474 468 463
BHEL EQ 372 370 367 365 362
BHARTIARTL EQ 419 416 412 409 405
BOSCH LTD EQ 24337 24124 23887 23674 23437
BHARTI INFRATEL EQ 418 414 409 405 400
CIPLA EQ 578 572 564 558 550
COALINDIA EQ 259 256 253 250 247
CAIRN INDIA LTD EQ 2535 2509 2480 2454 2425
DRREDDY EQ 390 386 383 379 376
GAIL EQ 1092 1079 1072 1059 1052
GRASIM EQ 934 918 880 864 826
HCLTECH EQ 1841 1794 1751 1704 1661
HDFC EQ 1800 1788 1775 1763 1750
HDFCBANK EQ 3723 3692 3659 3628 3595
HEROMOTOCO EQ 222 220 217 215 212
HINDALCO EQ 1185 1175 1158 1148 1131
HINDUNILVR EQ 310 306 299 295 288
ICICIBANK EQ 298 296 291 289 284
ITC EQ 1654 1635 1614 1595 1574
INDUSIND BANK EQ 1026 1008 985 967 944
INFY EQ 1191 1180 1168 1157 1145
IDEA CELLULAR EQ 1026 1016 1005 995 984
KOTAKBANK EQ 1208 1190 1171 1153 1134
LT EQ 1411 1402 1389 1380 1367
M&M EQ 70194 69489 68995 68290 67796
MRF EQ 7714 7665 7625 7576 7536
MARUTI SUZUKI EQ 168 166 163 161 158
ONGC EQ 168 166 164 162 160
NTPC EQ 27 26 26 25 25
RCOM EQ 752 721 691 660 630
RELCAPITAL EQ 1619 1606 1592 1579 1565
RELIANCE EQ 545 529 516 500 487
RELINFRA EQ 47 46 45 44 43
RPOWER EQ 303 301 298 296 293
SBIN EQ 579 570 559 550 539
SSLT( VEDL) EQ 265 264 261 260 257
SUNPHARMA EQ 2526 2508 2475 2424 2373
TATA MOTORSDVR EQ 450 448 445 443 440
TCS EQ 84 83 82 81 80
TATAMOTORS EQ 568 563 555 550 542
TATAPOWER EQ 161 158 156 153 151
TATASTEEL EQ 1905 1853 1809 1757 1713
UNIONBANK EQ 547 542 539 534 531
YES BANK LIMITED EQ 402 398 394 390 386
ZEEL EQ 270 266 263 259 256
 TOP 15 ACHIEVERS // TOP 15 LOOSERS

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

1 YES BANK LTD 1577 1841 + 16.75 % 1 DR. REDDYS LABS 2762 2464 -34.26 %

2 HDFC 1640 1785 + 8.80 % 2 LUPIN LIMITED 1142 1063 -10.96 % 3

5
3 HDFC BANK 1703 1778 + 4.43 % 3 AXISBANK LTD 540 515 -6.55 %

4 INDUSIND BANK 1566 1628 + 3.94 % 4 SUN PHARMA 575 550 -6.53 % 8
7
5 ADANI PORTS 381 395 + 3.63 % 5 COALIN INDLTD 262 251 -6.29 %

6 INDIABULLS HOUSI 1137 1175 + 3.35 % 6 TATAMOTOR LTD. 464 445 -6.16 % 1
3
7 SBIN 290 299 + 2.91 % 7 ULTRATECH CEM 4176 4024 -5.94 %

8 VEDANTA 268 274 + 2.33 % 8 INDIAN OIL CORP 380 367 -4.84 % 1
2
9 BHARAT PETRO 467 475 + 1.81 % 9 TECH MAHINDRA 394 381 -4.79 %

10 INFOSYS 980 997 + 1.76 % 10 AURO PHARMA 748 723 -4.59 % 7

2
11 KOTAK BANK 999 1012 + 1.33 % 11 ZEEL 556 540 -4.56 %

12 ACC LIMIITED 1708 1731 + 1.32 % 12 ICICI BANK 302 296 -4.44 % 9
4
13 MARUTI SUZUKI 7543 7630 + 1.16 % 13 BHARTI INFRATEL 410 403 -4.15 %

14 WIPRO LIMITED 286 289 + 1.05 % 14 L&T 1179 1161 -3.90 % 4

6
15 ITC LIMITED 288 291 + 0.92 % 0
15 TATA POWER 83 82 -3.83 %
OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY
NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

FDI up 23% at $10 billion during April-May: Nirmala Sitharaman - Foreign direct
investment inflows into the country increased 23 per cent in the first two months of the current
fiscal from a year ago, commerce and industry minister Nirmala Sitharaman said in a written
reply to the Lok Sabha on Monday. The cumulative foreign direct investment in April-May was
$10.02 billion, or about Rs 64,524 crore, compared with $8.12 billion, or about Rs. 52,289 crore,
a year earlier. The minister said the government has put in place an investor-friendly policy for
FDI and except for a small negative list most sectors are open for 100 per cent FDI. "The policy
on FDI is reviewed on an ongoing basis to ensure that India remains attractive and investor
friendly destination The government has taken a number of FDI policy reforms which are not
only bold but historic," Sitharaman said. In 2016-17, the foreign fund inflows aggregated at
$60.08 billion, or about Rs 3,86,885 crore, the minister told Parliament.

India Inc's overseas investment plunges 46% to $1.12 billion - Direct investments by Indian
firms abroad plunged by 46 per cent to USD 1.12 billion in June this year, according to the RBI
data. They had invested USD 2.07 billion in their overseas ventures in June last year. In previous
month, May 2017, the investment figure stood at USD 1.26 billion. The investments made last
month were a mix of issuance of guarantees (USD 370.11 million), loans (178.80 million) and
equity (USD 568.34 million). The prominent investors overseas in June included Indian Oil
investing a combined USD 284.28 million in a joint venture and fully owned subsidiary in
Mayanmar and Singapore respectively.

Expect Indian growth to pick up in 2017, 2018: IMF - With global economic recovery
remaining on track on the back of better performing emerging economies, growth in India is
expected to pick up further in 2017 and 2018, the IMF has said. Growth in India is forecast to
pick up further in 2017 and 2018, in line with the April 2017 forecast," the International Monetary
Fund said in its latest World Economic Outlook report on Monday. "Pick-up in global growth
anticipated in the April World Economic Outlook remains on track," the IMF report said. "While
activity slowed following the currency exchange initiative, growth for 2016 -- at 7.1 per cent --
was higher than anticipated due to strong government spending and data revisions that show
stronger momentum in the first part of the year," it said, referring to India's demonetisation
measure as well as to the base year revisions in GDP calculations made by the Central Statistics
Office. "Inflation in advanced economies remains subdued and generally below targets; it has also
been declining in several emerging economies such as Brazil, India and Russia," it added.

GDP at the low end of plan panel projections during 2012-14: Niti Aayog - India has
performed worse than the "policy logjam" scenario in the first two years of the 12th Five-Year
Plan (2012-17) based on the old GDP series, on the basis of which the 12th Five-Year projections
were made, says Niti Aayog in its rather late appraisal of the Plan that came to an end on March
31, 2017. However, as per the revised GDP series, the economic growth in the country stood at
5.6 per cent, 6.6 per cent, 7.2 per cent and 7.6 per cent, respectively, in the first four years of the
12th Plan, it said. Under the new methodology, the base year has been changed from 2004-05 to
2011-12 and more reliable sources of data has been used for the corporate sector, financial
corporations and local bodies and autonomous institutions. The GDP is now measured at market
prices (broadly equivalent to consumer prices) instead of factor costs (broadly equivalent to
producer prices) in conformity with international standards. "When measured at factor cost, the
real GDP growth under the old methodology turns out to be 4.5 per cent in 2012-13 and 4.7 per
cent in 2013-14. Because the 12th Plan projections were based on the old series, it may be
reasonably concluded that at least in 2012-13 and 2013-14, India has performed worse than the
'policy logjam' scenario," the Aayog has said in the appraisal document.

RBI may decrease repo rate by 25 bps: ICRA - RBIs Monetary Policy Committee (MPC) is
likely to decrease the repo rate by 25 basis points (bps) at its upcoming policy review on August
2017, according to ICRA. There is a less likelihood of further rate cuts in the second half of
FY18, said the agency. Naresh Takkar, Managing Director and Group CEO, ICRA said, With the
CPI inflation easing below the 2% floor of the inflation target band in June 2017, a reasonably
favourable progression of the monsoon and kharif sowing so far, and limited evidence of a knee-
jerk rise in prices following the imposition of the goods and services tax, there is a high likelihood
that the MPC would vote to reduce the repo rate by 25 bps in their upcoming meeting. CPI
inflation in India stood at 1.54% in June 2017 against 2.18% in May 2017 and below the market
expectations which was at around 1.7%.
The drop in inflation was largely followed by a decrease in vegetable prices (-16.5% yoy) and
pulses (-21.9% yoy), excluding these two items, the inflation stood at 3.9%. Along with this, food
price index also dropped to 2.1% on YOY in June 2017 after falling in 1.1% in the last month.

133 companies owe over Rs 3,39,704 crore to exchequer: Arun Jaitley - A total of 133
companies with outstanding dues of Rs 500 crore or more under direct and indirect taxes owed
over Rs 3,39,704 crore approximately to the exchequer as on March 31, 2017, the government
said today. In a written reply to the Rajya Sabha, Finance Minister Arun Jaitley said, "The number
of companies with outstanding corporate tax dues of Rs 500 crore or more is 132 as on March 31,
2017, involving total dues of Rs 3,38,098 crore." Jaitley further said there is one case of service
tax in which the amount due is Rs 1,606.26 crore (and an equal amount of penalty). The minister,
however, added that out of the outstanding corporate dues, Rs 2,45,480 crore were not realisable.
Elaborating, Jaitley said the outstanding corporate dues not realisable include demand covered by
stay (Rs 1,20,604 crore), no asset or inadequate assets for recovery (Rs 84,469 crore) and
company under liquidation (Rs 30,532 crore), among others. The higher value cases are
monitored regularly and all possible steps are being taken for speedy recovery, he added. .

TOP ECONOMY NEWS

RBIs Monetary Policy Committee is likely to decrease the repo rate by 25 basis points at its
upcoming policy review on August 2017, according to ICRA. There is a less likelihood of further
rate cuts in the second half of FY18, said the agency.
The Ministry of Housing and Urban Affairs has asked state governments to form a real estate
regulatory authority immediately. At the same time, the Ministry has also requested to assign the
task of Appellate Tribunal to any existing Tribunal where such a system has not been put in place.
As per the Real Estate Regulation Act , all existing and new projects must be registered with the
regulator by July 31. The developers who fail to register under the new Act will attract a penalty
of 10% of the project cost.
The Finance Minister Arun Jaitley on Monday introduced a bill in Lok Sabha to amend the
Banking Regulation Act 1949. Once enacted into law, the Banking Regulation (Amendment) Bill
2017 is expected to replace the ordinance issued by the centre in May 2018. The measure allows
the RBI to initiate insolvency resolution process on specific stressed assets.
The countrys foreign exchange reserves stood at USD 389.059 billion, rose by USD 2.681
billion, as on July 14, because of an increase in foreign currency assets , as per the Reserve Bank
of India data. While in the previous week, the reserves had marginally dropped by USD 161.9
million to USD 386.377 billion. According to the RBI data, Foreign Currency Assets, increase by
USD 2.677 billion to USD 364.908 billion.
Indian banks taking 12 of the country's largest defaulters to bankruptcy court under a central bank
directive, will need to make additional provisioning of at least 180 billion rupees ($2.8 billion),
India Ratings and Research said.
The government collected a total Rs 2,35,307.75 crore last fiscal by way of a host of cesses,
including those of education, Swachh Bharat, Krishi Kalyan and other surcharges, Parliament was
informed.
 TOP CORPORATE NEWS -

ITC Limited Q1FY18 standalone results for the quarter were largely in-line with street
estimates. Revenue for the quarter came in 0.6% lower than the estimated figure of Rs. 13877
crore. EBITDA for the quarter came in 0.3% lower than the estimated figure of Rs. 3757 crore.
And lastly, net profit for the quarter came in 0.9% lower than the estimated figure of Rs. 2583
crore.

ICICI Bank Limited Q1FY18 results came in mixed versus street estimates. NII for the quarter
came in 2.9% below the street estimates of Rs.5758 crore. And, lastly net profit for the quarter
came in 2.2 % higher than estimated figure of Rs. 2005 crore. NII for the quarter saw 8.4% yoy
increase to Rs.5590 crore vs Rs.5159 crore in Q1FY17.This was largely due to marginal increase
in interest earned by 1% to Rs.13459 crore in Q1FY18.

Oil and natural gas corporation Limited Q1FY18 standalone results for the quarter
registered a miss versus consensus estimates. Revenue for the quarter came in 5 % lower than the
estimated figure of Rs. 20087 crore. EBITDA for the quarter came in 27 % higher than the
estimated figure of Rs. 9674 crore. And lastly, net profit for the quarter came in 11.5 % lower than
the estimated figure of Rs. 4387.9 crore.

Idea Cellular's Q1FY18 consolidated results for the quarter registered a miss versus street
estimates. Revenue for the quarter came in 1.4% higher than the estimated figure of Rs. 8050
crore. EBITDA for the quarter came in 3.6% lower than the estimated figure of Rs. 1945 crore.
And lastly, net loss for the quarter came in at Rs. 815 crore against the estimated loss of Rs. 750
crore.

Glenmark pharmaceuticals Limited Q1FY18 consolidated results for the quarter registered
a beat on street estimates. Revenue for the quarter came in 3.5 % higher than the estimated figure
of Rs. 2284 crore. EBITDA for the quarter came in 41.8 % higher than the estimated figure of Rs.
462 crore.And lastly, net profit for the quarter came in 29.7 % higher than the estimated figure of
Rs. 257 crore.

Dr. Reddy's laboratories Q1FY18 standalone results for the quarter registered a miss versus
street estimates. Revenue for the quarter came in 4.1 % lower than the estimated figure of Rs.
3383 crore. EBITDA for the quarter came in 60.1 % lower than the estimated figure of Rs. 601
crore. And lastly, net profit for the quarter came in 79.1 % lower than the estimated figure of Rs.
282 crore. Dr. Reddy's laboratories standalone revenue for the quarter came in at Rs. 3248.9 crore,
registering 2% yoy increase. This was aided by rise in global generics revenue by 3% yoy to
Rs.2748 crore.

Maruti Suzuki India Limited Q1FY18 standalone results for the quarter came in mixed
versus street estimates. Revenue for the quarter came in 13.3% higher than the estimated figure of
Rs. 17449 crore. EBITDA for the quarter came in 6.5% lower than the estimated figure of Rs.
2494 crore. And lastly, net profit for the quarter came in 6.7% lower than the estimated figure of
Rs. 1669 crore.

HCL Technologies reported consolidated results for the quarter registered a beat on street
estimates in terms of operating profit and bottomline. Revenue for the quarter came in 0.34 %
lower than the estimated figure of Rs. 12191 crores. EBITDA for the quarter came in 13.05 %
higher than the estimated figure of Rs. 2383 crores. And lastly, net profit for the quarter came in
8.17 % higher than the estimated figure of Rs. 2043 crores. HCL Technologies consolidated
revenue for the quarter came in at Rs. 12149 crores, registering 5.8% QoQ decline. This was
driven by decrease in revenue from Software services and Business process outsourcing services
by 9.2% yoy and 8.9% yoy, respectively.

Federal Bank Q1FY18 results reported miss versus street estimates. The NII for the quarter
came in 6% below the street estimates of Rs.852 crore. Lastly, net profit for the quarter also came
in 16% lower than the street estimates of Rs.251 crore. NII for the quarter increased 15% yoy to
Rs.801 crore in Q1FY18 vs Rs.692 crore in Q1FY17. This was backed by equal increase in
interest earned to Rs.2324 crore in Q1FY18 vs Rs.2013 crore.

Bharti Airtel's Q1FY18 consolidated results for the quarter beat consensus estimates on Net
profit. Net profit for the quarter came in 42% higher than the estimated figure of Rs. 435 crore.
Revenue for the quarter came in line with the estimated figure of Rs. 22028 crore. Also, EBITDA
for the quarter came in 2.1% higher than the estimated figure of Rs. 7600 crore.

Hero Motocorp's Q1FY18 standalone results for the quarter registered a miss versus street
estimates. Revenue for the quarter came in 6.6% higher than the estimated figure of Rs. 8080
crore. EBITDA for the quarter came in 0.2% lower than the estimated figure of Rs. 1299 crore.
And lastly, net profit for the quarter came in 2% lower than the estimated figure of Rs. 933 crore.

Zee Entertainment's Q1FY18 consolidated results for the quarter registered a miss on street
estimates in terms of bottomline. Revenue for the quarter came in 2.5% higher than the estimated
figure of Rs. 1503 crore. EBITDA for the quarter came in 10.4% lower than the estimated figure
of Rs. 481 crore. And lastly, net profit for the quarter came in 24.7% lower than the estimated
figure of Rs. 334 crore.

Bharti Infratel's Q1FY18 consolidated results for the quarter were largely in-line with street
estimates. Revenue for the quarter came in line with the estimated figure of Rs. 3504 crore.
EBITDA for the quarter came in 2.6% higher than the estimated figure of Rs. 1535 crore. And
lastly, net profit for the quarter came in 5.7 % higher than the estimated figure of Rs. 628 crore.
Bharti Infratel consolidated revenue for the quarter came in at Rs. 3524 crore, registering 9.8%
yoy increase.

TOP BANKING AND FINANCIAL NEWS OF THE WEEK

When Moody's Investors Service polled market participants in Hong Kong recently, 70 percent
picked India's banking system as the most vulnerable among seven countries in South and
Southeast Asia. As another earnings season rolls on, the weaknesses of Indian lenders -- depleted
capital levels in state-run banks and an inability to shed soured corporate debt even in non-state-
controlled ones -- are once again obvious. What's not as apparent, though, is an quadrifurcation of
Indian banking.

Indian banks are most at risk in South and South-East Asia, and being under-capitalised, they lack
sufficient loan provisioning, says a Moody's poll. It said the government has appeared reluctant to
increase capital injection into PSU banks despite the limited ability of these lenders to access
equity markets for the much-needed capital. Earlier this month, Moody's polled 210 market
participants on some of the industry's most pressing credit issues. "Indian banks are most at risk in
South and South-East Asia. We agree that many banks in India remain undercapitalised and
continue to lack sufficient loan-loss provisions. Moreover, the government has appeared reluctant
to increase capital injections into the PSU banks, despite the limited ability of these to access
equity markets for the much-needed capital," the Moodys polls said.

Banks hoping to escape steep provisions on loans referred to bankruptcy court, apart from the 12
companies that the Reserve Bank of India recently mandated for the insolvency process, are set to
be disappointed. The central bank will soon direct lenders to set aside 50% of bad debt as soon as
a referral happens, and 100% if the tribunal orders liquidation, taking a heavy toll on finances
already marred by provisioning requirements on non-performing assets.

Veteran banker Aditya Puri said initiating insolvency proceedings is not the "best solution" to
fight the bad loan issue and advocated using the recently introduced law only in cases of wilful
default. As far as going to insolvency courts is concerned, that's not the best solution. Ideally, we
should be able to help him to breath, and only if he is a wilful defaulter we opt for insolvency
court," Puri told the HDFC BankBSE -0.75 %'s annual general meeting.

Amid majority of farmers stopping loan repayments, a Punjab government-appointed expert panel
will meet bankers for the first time here on July 25 to seek suggestions on debt waiver. The
meeting between the panel on loan waiver and bankers assumes significance as Congress led
government was facing mounting pressure to implement the debt waiver, a key poll promise. The
expert panel will meet representatives of several banks here in connection with the debt waiver
issue, a senior official of the Punjab National Bank said.
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