Equity Research Report Ways2Capital 8 August 2016

The Market has opened Positive on Monday with Equity benchmark Nifty 50 was up 16 points or 0.18 percent at 8654 or above its crucial level 8650

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Market has opened Positive on Monday with Equity benchmark Nifty 50 was up 16 points or 0.18 percent at 8654 or above its crucial level 8650. The crucial Constitutional Amendments Goods and Services bill has passed by the Rajya Sabha setting in motion the process for rolling out the country’s single biggest tax reform. It lift the sentiment of market. India’s Manufacturing and Infrastructure sectors are on a recovery path. The data released on Monday has Suggested. The Nifty Chart has formed the Bearish Belt hold Pattern. Which is Indicating the Negative trend in near Term. The Bank of England is all set to bring out its scissor. The Nifty open Interest data suggest there was a lot of call writing at 8700-8800 level and put option at 8500-8400. The Crucial level for next week for Nifty is 8650-8780 up side and 8480-8400 is down side.

BANK NIFTY : - The Bank Nifty has opened in a negative trend on Monday down by 57 points or 0.30 per cent at 18896. The data suggest that credit demand remained tepid in the first three week of July for Banks despite of good Monsoon and strong economic Fundamentals. The Marginal cost of fund based lending rate system could become a tool for expanding business especially for the mid size private sector Banks as it gives them an opportunity to offer lower rate in Short-Term. Sate Bank of India to become single entity by FY 17 the merger of its associates with it said officials. The Crucial Levels for Bank Nifty for Next Week is 18900-19300 upside and 18300-18000 is down side.

NSE - WEEKLY NEWS LETTERS
? TOP NEWS OF THE WEEK
Top 10 corporate groups owe Rs 5.73 lakh crore to lenders - Top 10 corporate groups in the country owed Rs 5.73 lakh crore to state-owned banks and financial institutions at the end of March this year, government said today.
The Reserve Bank of India collects credit information from banks under the CRILC reporting system for borrowers with the credit exposure greater than Rs 5 crore. "RBI had informed that gross outstanding credit for top ten corporate groups is Rs 5,73,682 crore as on March 2016," Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Rajya Sabha. RBI is prohibited from disclosing credit information except under certain conditions, he added. The minister was asked whether it was a fact that top 10 corporate houses owe a huge amount of money to the public sector banks and financial institutions.

Government collects Rs 69,809 crore via petrol, diesel cess in 2015-16 - Government has collected Rs 69,809 crore through cess imposed on petrol and diesel in the last financial year, Parliament was informed today. It collected Rs 17,217 crore through cess on Motor Spirit and Rs 52,592 crore via cess on High Speed Diesel Oil, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha. An additional duty of excise is levied and collected on Motor Spirit under the section 111 of Finance Act 1998. Also an additional duty of excise is levied and collected, on High Speed Diesel Oil under Section 133 of the Finance Act, 1999. These levies are deemed to be a cess for the purpose of the Central Road Fund Act, 2000.

India's trade deficit with China jumps to $53 billion in 2015-16 - India's trade deficit with China has swelled to $52.68 billion in 2015-16, from $48.48 billion in the previous fiscal. "Increasing trade deficit with China can be attributed to the relative demand for imports in India and China for each other's goods," Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha today. She said efforts are on to increase overall exports by diversifying the trade basket, with emphasis on manufactured goods, , services, resolution of market access issues and other non-tariff barriers. The major imports from China include telecom instruments, computer hardware and peripherals, fertiliser, electronic component, project goods, chemicals and drug intermediaries.



Fundamentals strong, but fiscal situation a worry: Macquarie - Notwithstanding the strong fundamentals owing to contained inflation and manageable current account deficit, India's fiscal situation remains vulnerable with the country's general government fiscal deficit remaining high at 7.4% of the gross domestic product in the financial year ended March, said Macquarie in a report. The general government fiscal deficit combines that of the Centre and states. Factors such as higher wages and pensions under the 7th Pay Commission and One Rank One Pensions schemes, power sector reforms under Ujwal Discom Assurance Yojana, recapitalisation requirement of public sector banks and upcoming state elections are unlikely to allow the general government fiscal gap to consolidate meaningfully in the coming years, the brokerage said.



? TOP ECONOMY NEWS
The government seeks parliament's approval to spend an extra Rs.1.03 Lakh crore for the fiscal year ending March 2017, as per media reports.

The additional expenditure includes Rs.5,000 crore for a rural jobs programme, about Rs.4,200 crore for road construction and Rs.2,000 crore for disaster management.

The supplementary demand for grants, presented by Finance Minister Arun Jaitley in the Lok Sabha, outlines a gross additional spend of Rs.1,03,013.74 crore and net spending of Rs.20,948.36 crore with the rest coming from savings of Rs.82,064.82 crore from various heads.

Indicating an upswing in factory activity, the Nikkei India Manufacturing Purchasing Managers’ Index posted a four-month high of 51.8 in July. It was marginally lower at 51.7 in June.

The government sought parliament's approval to spend an extra 1.03 trillion rupees USD15.43 billion in the fiscal year ending in March 2017.

State oil marketing companies reduced the jet fuel price by 4.2% to Rs. 47,206.68/kl from midnight.

The steel industry has outstanding loans of around Rs. 3 trillion in various banks, thus making the sector one of the largest contributors to non-performing assets in the country.

National Pharmaceutical Pricing Authority has slashed by up to 35% the prices of several essential medicines, including those to treat cancers and HIV infections.

Growth in the eight core sectors rose 5.2% in June, on the back of robust growth in coal and cement production. The index recovered from a five-month low in May, when it had grown 2.8%.

? TOP CORPORATE NEWS -
IL&FS Engineering and Construction Company Limited has signed an agreement with the Ministry of Road Transport and Highways for execution of a road project that involves rehabilitation and upgradation of the Birpur-Bihpur Section of NH-106 in Bihar.

Suven Life Sciences Limited has secured two patents, one each from Macau and New Zealand, corresponding to its New Chemical Entities for the treatment of disorders associated with neurodegenerative diseases.

Larsen & Toubro said its construction arm has bagged orders worth Rs. 11.67 billion across business verticals.

IL&FS is planning to set up a captive port in the district of Cuddalore in Tamil Nadu. The port will be developed and run by Adani Port.

Jindal Steel & Power is in talks to sell a 15% stake in itself to Japan's Yamato Steel for Rs. 25 billion to reduce its leverage ratio, said people with knowledge of the matter.

Jiangsu Longzhe will invest close to Rs. 8.40 billion, or USD125 million, to acquire majority stake in Diamond Power Infrastructure Limited, manufacturer of transmission equipment.

Reliance Industries has opened AJIO 'shop-in-shops' in more than 100 Reliance Trends stores as part of its omnichannel strategy.

NTPC Limited has commissioned a 50MW capacity solar photovoltaic power project of NP Kunta Ultra Mega Solar Power Project Stage-I at Anantapuramu in Andhra Pradesh on July 29.

GlaxoSmithKline and Alphabet's life sciences unit are joining hands to create a new company focused on fighting diseases by targeting electrical signals in the body, jump-starting a novel field of medicine called bioelectronics.

DHFL plans to raise up to Rs. 40 billion through a maiden issue of non-convertible debentures, where investors have the option of linking the coupon with retail inflation.

Maruti Suzuki India Limited hiked prices of its various models by up to Rs20,000.

NHPC Ltd plans to raise Rs. 45 billion through private placement, but is waiting National Green Tribunal clearance for the 2000 MW Lower Subansiri hydroelectric project at Gerukamukh along the Assam-Arunachal Pradesh border.

ICICI Bank Ltd and private equity firm Apollo Global Management LLC said on Monday they would set up an asset reconstruction company in India to buy into troubled loans held by banks.


? TOP BANKING AND FINANCIAL NEWS OF THE WEEK
ICICI Bank joined hands with the $173-billion international buyout fund Apollo Global Management to commence an asset reconstruction company that will help it accelerate its clean-up of balance sheets where a record high bad loans are hobbling growth. The agreement between the two "envisages the establishment of an asset reconstruction company, subject to regulatory approvals, and acquisition of debt exposures from lenders as well as equity stakes in companies," the bank said in a statement. "The objective of the collaboration will be to streamline the operations of borrowers, facilitate deleveraging and arrange additional funding on a case-by-case basis."

The Marginal Cost of Funds based Lending Rate system could become a tool for expanding business especially for the mid-sized private sector banks as it gives them an opportunity to offer lower rates in short-term maturities, opening up a new market which was so far not within the reach of these lenders. The new MCLR regime, which was implemented from the current fiscal year, applies to all new borrowers and is closely linked to bank deposits rates. All new floating rate loans are linked to now Marginal Cost of Lending rate.” direct payment option for its customers.


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