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Capital Infusion in Banks to Help in Credit Growth: Arun Jaitley

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Finance Minister Arun Jaitley today said the government has decided to recapitalise public sector banks (PSBs) to enhance credit growth and job creation.

The government has decided to infuse Rs 2.11 lakh crore capital in PSBs in the next two years through budgetary provisions of Rs 18,139 crore, Rs 1,35,000 crore through re-capitalisation bonds, and the balance through raising of capital by banks from the market, Jaitley said.

This will help strengthen the banks, which are the key pillars of the economy, he said in his opening remarks during the 7th pre-Budget consultation meeting here with representatives of banks and financial institutions.

He said capital adequacy of the banks will help in credit growth and job creation, among others.

After the meeting, Axis Bank Managing Director Shikha Sharma said bankers discussed tax treatment for reduction in debt.

“If a buyer is going to take a haircut of the debt, the debt is going to be written off the balance sheet. Just as it is allowed under Sick Industrial Companies Act, the tax break should be allowed on that,” she said.

Yes Bank Managing Director Rana Kapoor made a case for permitting bank financing for domestic merger and acquisitions of weak companies with good underlying assets to accelerate NPA resolution, with adequate regulatory safeguards.

“Current RBI guidelines…preclude such financing, except in infra sector. Given their significant social and economic value, capital market exposure must also be precluded,” Kapoor said.

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India growth story led by exports: EEPC

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Engineering Export Promotion Council (EEPC) hailed the stellar export growth of engineering goods of 43 per cent in November and said the India growth story is being led by revival in exports when the domestic industrial growth remains subdued.

“The stellar performance of exports during November, 2017 comes on the back of smart recovery in the US economy along with several other key European nations. We only have to ensure that the momentum is kept by providing an enabling environment to exporters and removing hurdles like large overdues of the Goods and Services Tax refunds, EEPC India Chairman T S Bhasin said in a statement.

He said, the engineering exports have been performing consistently well.

“We hope exporters get their due recognition and facilitated,” Bhasin said.

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GAIL’s Rs 357 cr claim against Deepak Fertiliser

Deepak Fertilisers and Petrochemicals Corporation Ltd today said that an arbitration tribunal has rejected GAIL’s claim of Rs 357 crore against the company for supply of domestic natural gas.

In a filing to the BSE, Deepak Fertilisers informed that GAIL had claimed Rs 357 crore in respect of supply of domestic natural gas for the period July 2006 to May 2014, “alleging usage for manufacture of product other than urea”.

“The final award in this arbitration proceedings is received now and the entire claim of 357 crore by Gail is rejected for wants of merit, besides being time barred,” the filing said.

Deepak Fertilisers said that as per two contracts entered into 20016 and 2010 between the two companies, the purchase of gas was contractually and clearly intended, supplied and utilised for industrial applications.

The fertiliser firm said that the Department of Fertilisers had the full knowledge that as per the industrial license, utilisation of gas since the company’s inception was for its integrated NPK fertiliser complex.

“The company was never engaged in the manufacture of urea despite which the dispute was referred to arbitration. Accepting the company’s stand, the arbitration tribunal had earlier rejected the claim under 2006 contract amounting to Rs 244 crore,” Deepak Fertilisers said.

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Stocks to Watch from CapitalHeight

Stock like Mahindra and Mahindra, couple of midcap IT names look very promising – stocks like Mindtree, Sonata Software, etc.

“Rain Industries is now getting into a range closer to about Rs 385-400 on the upside to about Rs 340-330 on the downside. I think the last one and a half months has been spent in that range and clearly after getting so overbought, I think the stock needs to settle down for some time that activity is still on.”

“In case one has some kind of time horizon which is more than about a few months, I would suggest keeping a hold position over here and trail your stop loss to levels of about Rs 325. As long as that is not being broken medium to longer term trend will remain on the upside and eventually that should lead to a breakout beyond levels of Rs 400 which could see Rs 450-500 being tested very easily. So, it might take some time, some consolidation but overall trend remains on the upside

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Gujarat Election: MKT to Focus on Fundamentals, Earnings

The market on the last trading day of the week rallied on back of Gujarat Exit poll predicting a BJP win. Nifty rose 80 points while Sensex went up more than 200 points.

The 30-share BSE Sensex was up 216.27 points at 33,462.97 and the 50-share NSE Nifty gained 81.20 points at 10,333.3.

Prasanth Prabhakaran of YES Securities the exit poll results are already positive and so as far as market is concerned maybe the bottom is in place and it will now be looking for BJP to win with  110-120 seats. However, to find growth, fundamentals have to catch up.

The market is now waiting for the earnings recovery to happen and if that is not earlier than Q2, Q3 of FY19 then markets may not have reason to go up drastically.

A Gujarat win will help consolidate the government’s position in terms of reforms etc.

According to Prakash Gaba of the key Nifty levels to watch out for on Monday would 10,290 on the downside and 10,350. Anything above 10,350 is a buy and below 10,290 is a sell and 10290 to 10350 is no trade zone.

In the same interview, experts SP Tulsian of, Mitessh Thakkar and Kunj Bansal Centrum Wealth Management along with others shared their view on specific stocks and sectors.

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Mkt to Track Global Cues; Earnings Growth for 2018

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Gujarat elections take a center stage on Dalal Street. It was a bumper market rally on back of exit polls — though the indices did come off the highest points of the day.

However, now all eyes are on the actual numbers that will come out on Monday and if or not they will tally with the numbers thrown by in the exit polls.

The market in the week gone by faced many variables, like Fed rate hike, crude going to USD 65/bbl and then back to USD 63/bbl, global cues, and advance tax numbers.

According to most experts, market in the near-term gas priced-in Gujarat outcome, assuming exit polls are right.

To tell us what all this means for the market going forward, CNBC-Tv18 spoke to Andrew Holland, CEO, Avendus Capital Alternate Strategies and Mitessh Thakkar of

If the exit poll results for Gujarat and Himachal Pradesh are right then it is like a vote for Prime Minister Modi and his reforms process, particularly in Gujarat, said Holland, adding that this is what the foreign investors will take cues from — continuation of a strong government, he added.

However, if polls are wrong then it will be a huge negative shock for the market, he said.

As of now, market seems to have priced-in the poll outcome, said Holland.

According to him, even if the real results are as the exit polls suggest then market would turn to global cues and as long as they are positive, market may test new highs.

However, market is still driven by liquidity and that is a bit nerving, he said, adding that until some trigger takes the global markets down, we will continue with this happy Goldilocks scenario and get into the Christmas spirit and market may see a reasonable run towards end of the year.

For 2018, he would remain more optimistic on earnings growth and that is what will hold markets up despite global cues that could take markets down in the short-term, said Holland.

So, for the very short-term still nervous with liquidity driven market but medium-term more enthused by global growth in world and earnings growth in India, he said.

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SBI Report Small Depositors have nothing to Worry

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There has been considerable disquiet over the draft Financial Resolution and Deposit Insurance (FRDI) Bill. Industry chamber Assocham has also jumped into the ‘bail-in’ debate on FRDI, cautioning the government that the trust in the banking system runs the risk of being eroded if the clause is not done away with.

The industry body, however, seems to be speaking in a different voice than the captains of the banking industry. In a recent banking conference, CEOs of some of the top banks in the country assured people that deposits were not threatened by the new FRDI Bill, as it was an improvement over the present system.

In fact, a report by Soumya Kanti Ghosh, Chief Economic Adviser, SBI has said that the FRDI Bill will be a win-win for all.

In a report titled ‘Some Fallacies Regarding FRDI’ Ghosh toes the government line saying that the FRDI Bill in India would be more depositor-friendly than many other jurisdictions around the world.

The report goes on the say that the statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed firm. The bail-in strategy would help to mitigate the systemic risks associated with disorderly liquidations, reduce deleveraging pressures, and preserve asset values that might otherwise be lost in a liquidation. Ghosh says that India’s bail-in is similar to the strategies adopted by EU countries like Cyprus and Greece.

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