Equity Research Report Ways2Capital 02 November 2015


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CNX NIFTY - The Nifty is open on Monday 8333 a minor up trend and traded in the range and made a high of 8336 and low of 8252.From Tuesday market was in minor downtrend movement and Wednesday traded below the




TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )

CNX NIFTY - The Nifty is open on Monday 8333 a minor up trend and traded in the range and made a high of 8336 and low of 8252.From Tuesday market was in minor downtrend movement and Wednesday traded below the psychological level of 8200 .on Friday Nifty given the gap up opening of 8126 but traded in the range of 8100-8150. range and close at 8065 .the Nifty in next week also likely to trade in the range of 8200-8300back of mixed Festival Season. It is likely to Sell Nifty in the Range of 8185-8190 for targets of 8155-8135 and stop loss at 8205 And Buy 8200-8210for Target of 8250-8300 with stop loss of 8150.The Weekly Resistance for Nifty is R1 8171 R2 8341 and Support For Nifty is S1 8001 and S2 7831.

Bank Nifty Future: OnMonday Bank nifty open at 18027 and made high of 18029 and traded in the neutral for whole week.On the Friday PSU Banks stocks crashed Vertically. Bank Nifty last hope is 17269 and target of 17012 and 16926. If bank Nifty is Breaking the level of 17269 we can expect it to 17012 and 16900 panic level. The Hurdle for Bank Nifty is 17493 and 17539. There is a possibilities of Bank nifty can give the gap down opening on Monday. On the other hand the demand for Banking industry due to festive season positive market for Bank Nifty after Monday trading session.

 

NSE - WEEKLY NEWS LETTERS

TOP NEWS OF THE WEEK

? FPIs and their Advisors await final circular on MAT - The last mile journey in the dispute over the minimum alternate tax could turn out to be a tortuous court feud for many foreign portfolio investors if the government does not step in to keep the taxman at bay and end the controversy once and for all. Even as late as last week, arguing before the Bombay HC the counsel for the I-T department said that FPIs' bank accounts in India, relationship with the custodian that holds the securities on their behalf, and contracts with brokers would be considered to establish that an FPI has a "place of business" in the country.

 

? SEBI mulls mandatory 'Dividend Policy' for listed companies - As a debate continues about IPO- bound airline IndiGo doling out hefty dividend payouts to its promoters, markets regulator Sebi is mulling making it must for all listed companies to have a stated 'Dividend Policy'.The Move is aimed at helping the investors identify stocks with greater return potential, but the proposed “Distribution Distribution Policy” would not mean forcing the companies to pay the dividend,a senior official Said.Rather, it would require the listed companies as also those looking to get listed through Initial Public Offer route to state the circumstances under which their shareholders can or cannot expect a payout, he added.

? Government to ease safe harbour rules to attract PE investors to India - The government is set to ease a few pre-set conditions of offshore fund managers to allow private equity investors to shift base to india without attracting a tax on capital gain by relaxing safe harbour rules, The government is likely to allow a 'see through' so that the 10 per cent limit on individual investors does not apply to special purpose vehicles and relax the arm's-length condition that allows only third party fund managers to rekindle investor interest in the scheme as it has failed to attract a single fund manager even eight months after announcing what is known as safe harbour rules, people in the know said.

? IMF set for green light on China's yuan joining benchmark currency basket: Sources - International Monetary Fund staff are set to give the all-clear for China's yuan to be included in the lender's benchmark currency basket, laying the groundwork for a favourable decision by policymakers, people familiar with the discussions said on Sunday.The IMF's executive board is scheduled to decide in November on putting the yuan on a par with the dollar, yen, euro and pound sterling and a key factor will be its performance against a checklist of technical criteria, as assessed by IMF staff. Three people briefed on the IMF discussions, who asked not to be named because of the sensitivity of the issue, said a draft report from staff reached a favourable conclusion on including the yuan, also known as the renminbi.

? Public sector banks may share best compliance practices with each other - The government has asked public sector banks to share the best compliance practices with each other in order to set up a more robust framework with almost daily exchange of information on any suspicious account. The move comes days after a Rs 6,000-crore alleged black money remittance scam was unearthed at state-run Bank of Baroda. A senior finance ministry official said the decision was taken at a meeting of heads of all PSBs called by minister of state for finance Jayant Sinha. "There are around 150 compliance norms prescribed by the Reserve Bank of India (RBI), over and above some banks have their own best practices. We have asked them to share that amongst each other," said the above quoted finance ministry official. The State Bank of India, the country's biggest state-run lender, will share the details with the government, which will also be circulated to other banks.

? China fires to stimulate economy, cuts interest rates for sixth time since November  - China's central bank cut interest rates on Friday for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy.Monetary policy easing in the world's second-largest economy is at its most aggressive since the 2008/09 financial crisis, as growth looks set to slip to a 25-year-low this year of under 7 percent.Yet underscoring China's drive to deepen financial reforms, which many believe are necessary to invigorate the economy, the People's Bank of China said it was freeing the interest rate market by scrapping a ceiling on deposit rates.

? IDBI officials failed to alert on Kingfisher Airlines loan: CBI - The Central Bureau of Investigation has unearthed lapses on the part of the IDBI bank officials who were instrumental in the sanctioning of Rs 950 crore to Vijay Mallya's now defunct Kingfisher Airlines. According to CBI, the executive committee of IDBI bank set up to screen the loan application of Mallya gave a favorable report despite company ratings as BB which is considered to be 'risky'. CBI sources said the committee did not raise red flag at the time the loan was being processed. As per bank norms, the minimum eligibility required is BBB that stands for Better Business Bureau for any financial institution to even consider a request for a loan from the company, said CBI.

? Bharti Airtel may invest $200-$400 Million on 3G, 4G infra - Telecom Firm Bharti Airtel said on Monday it may invest an additional $200-400 Million in the current financial year to ramp up 3G and 4G infrastructure. The Company had already announced a capital expenditure guidance of about $3 billion for this fiscal. Our willingness to spend an additional $200-400 million on capex during the course of this year. A large part of that capex would really be around expanding our footprint in 3G and 4G, Bharti Airtel MD and CEO (India and South Asia) Gopal Vittal said during an investor call.

? Banks free to fix interest rates on Gold Monetisation Scheme, says RBI - Reserve Bank of India on Thursday issued guidelines for the Gold Monetisation Scheme that allow banks to fix their own interest rates on gold deposits.The RBI Notification in this regard comes ahead of the formal launch of the Scheme by prime Minister Narendra Modi on Novermber 5.The Gold Deposit scheme is aimed at mobilising a part of an Estimated 20,000 tonnes of idle precious metal with households and institutions.As per the guidelines, banks will be free to set interest rate on such deposit, and principal and interest of the deposit will be denominated in gold.

? RIL first corporate to sign revised listing pact with BSE - Reliance Industries has become the first corporate to sign the revised listing agreement with the BSE as Mandated under the newly introduced Listing Regulation notified by SEBI. Earlier, the listing agreement was a bilateral agreement between the stock exchange and the company and market regulatory SEBI didn't have regulations on this. Thus each company's agreement with stock exchange could be at variance and lacking the full force of SEBI's rigour. SEBI last month came out with such regulations and a six-month deadline for all companies in which it prescribed the listing agreement.

? Federal Reserve expected to hold interest rate at zero - The Federal Reserve is expected to again delay raising interest rates when it begins a two-day policy meeting on Tuesday amid more signs of lethargy in the world economy. With central banks in china and Europe headed in the direction of more easing and deflationary pressures all around, many economists and the debt market are now betting that the first rate increase in more than nine years will not happen until next year.That will buy some more time for emerging market countries and their businesses to prepare better for a long-expected and challenging tightening of US monetary policy.

? Divestment department seeks cut in target, Finance ministry eyes PSUs - With the disinvestment department seeking a reduction in the record sell off target of Rs.69,500 Crore for the current financial year,the finance ministry is now eyeing higher payouts from the country’s public sector companies to make good part of the shortfall. Source blamed the poor market conditions and the government’s inability to initiate strategic sale or offload its remaining shares in companies such as Balco and Hindustan Zinc for the shortfall. Besides, they acknowledged that the target was too stiff, considering that the current fiscal’s target was almost three times the best ever receipts of around Rs. 24,350 Crore Achieved in 2014-15. The government has so far managed to mop up Rs 12,700 crore this year, largely due to stake sale in Indian Oil, an issue which mainly saw investment by the Life Insurance Corporation. Earlier this month, finance minister Arun Jaitley had told TOI in an interview that the government will be cautious on stake sales given the low metal prices and the choppy markets. But he had said that government finances were healthy due to low oil prices and he may have some funds for higher allocation to irrigation and infrastructure.

? India jumping 12 rank to 130 in the latest ranking by World Bank - The Narendra Modi government's attempts to improve the ease of doing business have yielded good result with the country jumping 12 ranks to 130 in the latest ranking compiled by the World Bank. India was ranked 142 in the ranking for 2015.Singapore has topped the ranking again. India's distance to frontier score used to compile the rankings improved to 54.68 in 2016 from 53.97 in 2015.The Cut off date for the ranking was June 1, implying that the improvement has been achieved in the Short span on one year of this government taking over.In 2015 Ranking, The last one of UPA government, India had slipped a few notches to 142.

? Govt plans to start 100 highway projects on PPP mode next year - The government plans to launch 100 highway projects next year through the public-private partnership (PPP mode), union Road Transport and Highways Minister Nitin Gadkari said on Tuesday. The government will award 100 project on PPP mode next year. Under the hybrid model, we will give you on platter projects with land acquisition and environment clearance, “Gadkari Said at the india PPP summit in New Delhi organised by industry chamber FICCI.

? WTO says trade facilitation can push global merchandise exports by $1 trillion per annum - Implementation of the Trade Facilitation Agreement has the potential to increase global merchandise exports by up to $1 trillion per annum, with developing countries expected to capture more than half of these gains, World Trade Organization Said. Globle merchandise exports estimated to increase by between $750 billion and $1 trillion per annum. Developing countries exports estimated to increase by between $170 billion and $730 billion per annum. The WTO said in its flagship world Trade Report, which has been release ahead of the crucial talk in December.

? RasGas deal: Petronet LNG likely to face Rs 10,000-crore hit - Petronet LNG, India's biggest gas importer, faces a possible Rs 10,000-crore hit as it is locked in a formula that makes it pay the highest price of liquefied natural gas in the world, which many of its buyers are rejecting, but the company has a take-or-pay contract for gas, which means it is bound to pay its supplier even if it does not take cargoes. Analysts say it will not be able to sell gas worth Rs 9,400 crore as current prices of LNG are half of what Petronet LNG pays RasGas. The company hopes to renegotiate its contract with RasGas, which supplies gas from Qatar. The government had earlier set up an inquiry on alleged irregularities in long-term LNG contracts signed by Petronet. Further, one of its terminals is idling because pipelines are not ready.

? New norms soon to boost MF sales: Sebi - Markets regulator Sebi will soon issue norms allowing e-commerce platforms to sell mutual fund products, among other measures, to boost the MF industry. The Securities and Exchange Board of India is also planning to implement know-your-client procedure online, to simplify the process for mutual fund investors and attract wider number of customers. Noting increase in use of e-commerce platform and low penetration of mutual fund products in the country, Sebi chairman U K Sinha said the regulator has "set up a committee under Nandan Nilekani which has had three rounds of meeting already", to suggest ways for boosting MF industry.

 

? Indian market still popular among global investors; MSCI India trading at 37% premium - Globle Investors seem to be pinning hopes on Indian stocks' premium valuation to sustain against its emerging market peers. The MSCI India Index is trading at a 37% premium to the Emerging Market (EM) Index against the five-year average of 34% as fund managers bet that India may be in a position to stay resilient even if the region's economic conditions deteriorate.Flows into EMs may be muted unless they demonstrate the ability to overcome the leadership and macro-economic challenges. India's relatively better macroeconomic position may sustain its premium valuations, said Sanjeev Prasad, senior ED and head - strategy at Kotak Institutional Equities.

? Retail investors keen to switch to preference shares & tax-free bonds as FD rates fall - Financial advisors have always complained that the Indian investor depends too much on bank deposits for his savings because of their presumed safety and compound interests. But the slide in deposit rates may change this forever.Retail investors are gradually moving to instruments such as preference shares and tax-free bonds, which in the past, did not go down too well with them. Rates offered are in the range of 7.40-8.25% compared with 7-7.5% offered by bank term deposits. With falling deposit rates, a section of the retail investors are now keen to invest in instruments like redeemable preference shares, tax-free bonds, rather than open bank FDs," said Vikram Dalal, managing director, Synergee Capital Services. "An investor can always look at branded company preference shares like Tata Capital, L&T Finance.

? Given the long-term interest rate outlook in India - it may be prudent to invest a portion of the investible funds in such securities," he said. The preference shares offer a fixed dividend rate till maturity. Tata Capital, L&T Finance Holding, Infrastructure Leasing & Financial Services now offer dividend rates in the range of 8.33-9.40% with about 5-7 year maturities, which are tax-free.

? Once a month, PM Narendra Modi steps in to revive stalled projects - Prime Minister Narendra Modi is personally taking on notorious red tape to clear tens of billions of dollars worth of stalled public projects, hoping that his hands-on intervention can bend a vast, dysfunctional bureaucracy. Once a month, Modi holds a meeting with top state and federal bureaucrats to check why projects have not got off the ground. Since March this year, his intervention has helped revive nearly $60 billion in federal and state projects, according to government data. Modi has won plaudits for the initiative that has chipped away at a $150 billion backlog of planned roads, ports, railways, power stations and other projects. But equally, critics say, the fact he needs to personally intervene shows the level of government inertia in Asia's third-biggest economy.

? BOJ holds rates despite overseas headwinds, stagnant inflation - The Bank of Japan held off on expanding its massive stimulus programme on Friday, preferring to preserve its dwindling policy options in the hope that the economy can overcome the drag from China's slowdown without additional monetary support. But the central bank is likely to remain under pressure to expand its already massive asset-buying programme as slumping energy costs, weak exports, and a fragile recovery in household spending keep inflation well short of its 2 percent target.

? Defence Ministry gives nod to proposals worth Rs 11,000 cr - The Defence Ministry on Thursday cleared proposals worth Rs 11,000 crore for the modernisation of the armed forces including procurement of four multi-purpose vessels for the Navy and upgradation of heavy lift aircraft IL 76 and IL 78. A decision was also taken to "overcome hollowness" of the ammunitaion and artillery, defence sources said but did not elaborate. The Defence Acquisition Council, chaired by Defence Minister Manohar Parrikar, cleared the pending proposal to procure four multi-purpose vessels for the Navy, each costing Rs 700 crore. The Council also cleared the proposal of procuring two Deep Submerge Rescue Vessel, each costing Rs 750 crore.

? In aviation policy draft, Modi government seeks to make air travel affordable - Incentives to fly to small towns at affordable costs and easing the norms for domestic carriers to operate services abroad are some of the highlights of the new draft aviation policy, released on Friday for inputs from stakeholders before finalisation.The primary aim of the policy is to ensure a tariff of no more than Rs. 2500 per ticket for each flying-hour with a host of incentives and other benefits to both airport developers and operators to make the happen. A lot of consultation has taken place. We invite suggestions from stakeholders and public - since it involves the people of india. After all those suggestions come in, we will look into it. Civil Aviation Minister Pusapati Ashok Gajapatji Raju Said.

? US wants faster pace of reforms in India, says Nirmala Sitharaman - The US is appreciative of the series of reforms unleashed by the NDA government but feels that it is not happening at the pace it wants, according to Union Commerce Minister Nirmala Sitharaman. Reform is happening but it is happening much slower than they would want it to happen," she said after concluding the 9th round of US-India Trade Policy Forum meeting which she co-chaired along with US Trade Representative Mike Froman.

? Economic affairs secretary Shaktikanta Das nominated on RBI Central Board - Economic Affairs Secretary Shaktikanta Das has been nominated to the Central Board of Directors of the Reserve Bank. The Central Government has nominated Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance, New Delhi as a Director on the Central Board of Directors of the Reserve Bank of India vice Ajay Tyagi," the RBI said in a statement today. The nomination of Das is effective October 30, 2015 and until further orders, RBI said. Das is a 1980 batch IAS officer of Tamil Nadu cadre officer. The Reserve Bank's affairs are governed by the Central Board of Directors.

 

TOP ECONOMY NEWS

1. India-Africa Forum Summit kicks off in New Delhi - The 3rd India-Africa Forum Summit kicked off on Monday with a meeting among the senior officials of the host nation and 54 countries from the African continent.A moment for the cameras. IAFS formally begins with senior officials meeting," India's foreign ofice spokesperson Vikas Swarup tweeted, soon after a photo session at the venue, the Indira Gandhi Nation Stadium. According to Indian officials, this will, perhaps, be the first time that all the 54 African countries are coming together outside the continent for such a meeting, with 40 of them expected to be represented by their heads of state or government.The two previous India-Africa summits were held in 2008 and 2011, in New Delhi and Addis Ababa but with only representative participation from African countries. The actual summit this time among the leaders is scheduled on October 29.

2. DBS Sees FY16 GDP growth at 7.4 per cent with downside risks - India is expected to clock 7.4 per cent growth rate this fiscal with a downside risk amid weak exports, slow pace of structural reforms and investment spending, says a DBS report. According to the global financial services firm, though better production numbers and improved discretionary spending are encouraging for the country's growth prospects, the capex cycle is yet to take-off convincingly and this could affect the economy's return to high growth rates."DBS expects FY16 real GDP growth at 7.4 per cent with downside risks," the report said. "India clocked a GDP growth of 7.3 per cent for financial year 2015. While not all growth cylinders are firing at once, some are showing progress," DBS said in a research note and added that industrial production quickened in July-August, both manufacturing and services PMIs improved in the September quarter and discretionary spending is turning up at a modest pace.

3. FIPB to consider seven FDI proposals on October 30 - : Inter-ministerial body FIPB will consider seven foreign investment proposals,including that of IIFL Holdings, Volkswagen Finance pvt. Ltd. And sharekhan Ltd, on October 30.The Foreign Investment Promotion Board , headed by Economic Affairs Secretary Shaktikanta Das, will meet on Friday to take up seven FDI proposals listed on the agenda, the Finance Ministry said. Among others, proposals of Monsoon Capital LLC, SeQuent Scientific Ltd, Agile Electric Sub Assembly Ltd and Serap India Private Ltd are on the agenda. India Allows FDI in most of the sector through automatic route but FIPB approval is Required for proposals in certain segments that are considered sensitive to the company and Security of the Company.IIFL Holdings,an NBFC, is seeking approval for increasing foreign equity from 52.29 percent to 100 percent by way of issuing shares to FIIs.The Estimated investment is Rs. 3,201.5 Crore.

4. WTO sees up to $3.6 trillion boost to trade from deal to cut red tape - The benefits of a treaty that will cut red tape at borders and standardize customs procedures are much larger than previously thought and could add $3.6 trillion to annual global exports, the World Trade Organization said in a report on Monday.The WTO's trade facilitation agreement, struck at a ministerial conference in Bali in December 2013, will do more to boost trade than if all the world's import tariffs were removed, cutting costs 9.6 to 23.1 percent, the WTO calculated. You could say that it's global trade's equivalent of the shift from dial-up internet to broadband," said WTO Director-General Roberto Azevedo. Once the new rules come into effect, which Azevedo hoped would happen by the end of 2016, it will cut waiting times at customs, lessen the potential for corruption and hasten foreign direct investment into weaker economies. The TFA had previously been expected to add $400 billion to $1 trillion to trade, according to various economic studies.

5. Ease of doing business: India improves ranking; Singapore tops the list, says World Bank - The Narendra Modi government's attempts to improve the ease of doing business have yielded good result with the country jumping 12 ranks to 130 in the latest ranking compiled by the World Bank.India was ranked 142 in the ranking for 2015.Singapore has Topped the ranking again. India’s distance to frontier score used to compile the rankings improved to 54.68 in 2016 from 53.97 in 2015. The cut-off date for the ranking was June 1, implying that the improvement has been achieved in a short span on one year of this government taking over. In 2015 ranking, the last one of UPA government, India had slipped a few notches to 142.

6. Invest in Africa for resources and growth, says Sushma Swaraj -Indian companies must invest in African countries as they offer resources and growth opportunities that can be a win-win situation for both sides, External Affairs Minister Sushma Swaraj said. Sharing her experience after meeting visiting foreign ministers of African nations, Swaraj said countries in that continent offer immense business and investment opportunities for India. Nowhere is the impact of economic growth and development as visible as in Africa...The day you combine your strength with their needs, that would be a win-win situation for both...their needs would be fulfilled and you would make money," she said while addressing the India-Africa Business Forum here.

7. US Fed keeps rates unchanged; puts December hike on agenda - The US Federal Reserve kept interest rates unchanged on Wednesday and in a direct reference to its next policy meeting put a December rate hike firmly in play.Investors had expected the Fed to remain pat on rates, but the overt reference to December came as a surprise.The central bank also downplayed recent global financial market turmoil and said the US labour market was still healing despite a slower pace of job growth. In determining whether it will be appropriate to raise the target range at its next meeting, the committee will assess progress - both realised and expected - toward its objectives of maximum employment and 2 per cent inflation," the Fed said in a statement after its latest two-day policy meeting. Investors quickly shifted their expectations of a December hike, with rates futures contracts upping the chance of a move this year to 43 per cent from 34 per cent prior to the statement.

8. Energy, farm cooperation top Modi’s one-on-ones with African leaders - Expanding cooperation in oil/energy, agriculture, infrastructure, tourism and Defence sectors dominated the one-on-one meetings Prime Minister Narendra Modi had with 19 African Heads of State and officials, who are in Delhi for the 3rd India-Africa Forum Summit.Briefing news persons, a senior official of the External Affairs Ministry said the issue of increasing cooperation in the oil sector came up at meetings with Nigeria, Niger and Equatorial Guinea.During their discussions on cooperation between India and Nigeria in the oil sector, the Nigerian President informed the PM that India had become its largest importer of oil replacing the US, while the President of Niger told the PM that his country had further liberalised foreign direct investment rules in the oil sector,” a senior official of the External Affairs Ministry said. At the meeting with Swaziland, sugarcane processing as an area of cooperation was discussed, the official added.

9. GST, bankruptcy code important reforms for India, says World Bank - The World Bank on Wednesday said introduction of Goods and Services Tax and bankruptcy code were crucial reforms for India to implement.World Bank Country Director Onno Ruhl hoped that the Indian Parliament would pass the GST bill and also the bankruptcy code in the ensuing winter session. The GST's beneficial impact would be seen in 2018 if the law was made in 2016, he told reporters in the national capital in connection with the World Bank ranking India 130 out of 189 nations in its report on 'Doing Business 2016'.

10. India Offered Generous commitments to combat climate change , says Arvind panagariya - India has not shied away from coming forward with generous commitments to combat climate change even as developed nations have fallen short of their obligation to provide finance as well as technologies for mitigation, NITI Aayog Vice Chairman Arvind Panagariya said.In a blogpost on the NITI Aayog website, he said that the responsibility for arresting the climate change phenomenon rests principally with the developed countries.Panagariya said that commitments by India are more ambitious than even much publicised offers by China.

 

11. Strengthening ties: India to offer concessional credit of $10 billion to Africa, says PM Modi. - Seeking to boost ties with Africa, Prime Minister Narendra Modi on Thursday said that India will offer concessional credit of $10 billion over the next five years. "This will be in addition to our ongoing credit programme," he said. We will also offer a grant assistance of $600 million. This will include an India-Africa Development Fund of $100 million and an India-Africa Health Fund of $10 million," Modi said.

 

12. Coal India takes IT route to track Mining projects - The world’s largest coal miner is planning to put in place a mechanism to monitor execution of mining projects that cost over Rs. 150 crore as the PSU behemoth eyes an output of one billion tonnes by 2020. According to a Coal India Ltd. Official, a tender document has been drafted by the PSU to set up an IT-enabled system to monitor and evaluate projects. In the first phase,the monitoring and evaluation system will be set up for project costing Rs.150 crore or more, official said. The government has set an ambitious one billion tonnes of production target for CIL by 2020.

13. India to see average growth of 8.8% in next decade: Dun & Bradstreet - India's economic landscape is expected to undergo a major transformation over the next decade and is likely to achieve an average growth rate of around 8.8 per cent, a Dun & Bradstreet report says. According to the report, this increase in growth rate would culminate into high per capita income over the years. We believe India has the potential to achieve a higher growth rate, given its domestic fundamentals," D&B said in a report titled 'Manufacturing India 2025' which outlines the country's growth journey during the next decade. We expect India to realise its potential and achieve an average growth rate of around 8.8 per cent during the next decade," it said adding that with this, India's nominal GDP is expected to touch USD 3.4 trillion by 2019-20 fiscal and further to around USD 7.0 trillion by 2024-25 fiscal.

 

14. Gold Monetisation Scheme: Collective effort needed to unlock 20,000 tonnes of precious metal - The success of the government's gold monetisation scheme aimed at unlocking 20,000 tonnes of the precious metal lying idle in households depends largely on the tripartite agreement between refiners, banks and collection centres, experts said. If banks can work out effective tie-ups with refiners and collection centres then they can offer a better rate of interest to those who want to deposit gold with them, said members of India Gold Policy Centre at IIM Ahmedabad. The industry wants an interest rate of 2% for one year, 2.5% for three to five years and 3% for long term gold deposits for 12-15 years.

  1. World Bank retains India growth forecast at 7.5% for 2015-16 - The World Bank says India, now the world's fastest growing economy, is relatively well-positioned to weather the global volatility and even set for a modest acceleration in growth in the years ahead. The latest India Development Update expects India's economic growth to be at 7.5% in 2015-16, followed by a further acceleration to 7.8% in 2016-17 and 7.9% in 2017-18," the development lender said in its biannual report "India Development Update" released on Thursday. "However, acceleration in growth is conditional on the growth rate of investment picking up to 8.8% during FY16 to FY18," the bank warned listing a number of reforms the country needs to undertake flagging the goods and services tax as most urgent.

  2. RBI has allowed custodians or banks to short-sell in the government bond market - The Reserve Bank of India has allowed custodians or banks to short-sell in the government bond market with primary members or individual bank customers, who invest through lenders, holding a kind of depository account with the central bank, a move aimed at drawing retail participation. So far, institutions mostly invest in sovereign securities market. More investments from retail investors are expected to add more liquidity in the secondary market.

17. Moody's to PM Narendra Modi: Rein in members or risk losing credibility - Against the backdrop of controversies like on beef, Moody's Analytics today cautioned Prime Minister Narendra Modi that the country may lose domestic and global credibility if he doesn't rein in the members of his party. In a report titled India Outlook: Searching for Potential, Moody's Analytics said for the country to reach its growth potential it has to deliver the promised reforms.



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