NIFTY FIFTY : - Indian Benchmark Index Nifty on Friday closed at 8898 after making low of 8860,
the index made a high of 8907 after opening at 8884. From last 2 week Nifty Index fell almost 1.05%
from high of 8993. The index Nifty opened in a Positive note on Monday trading session up by 18
points and 0.20 per cent at 8915. Benchmark Index Nifty opened at 8915 a closed at 8963 after
making a high of 8968 & traded in a narrow range of 132 points from 8860 to 8992 from last 9
trading sessions. Market is expected to come out of this range as UP election results will be
announced on 11th March 2017, A convincing BJP win in all the states including UP may bring BJP
for a near majority in this election; we may see more effective implementation of vital economic
reforms including GST and land & labour bills. But, election is also an uncertain event, especially for
a big & complex state like UP, where the present Government enjoys a significant popularity and
market may also remember some shocking result for BJP in the recent big elections in Bihar & Delhi.
The market would remain choppy and wait for US FED rate hike decisions. overall, This week will be
the last week of consolidation. The Market is consolidating for almost 2 weeks and now it is ready to
see a big movement on either side in next 2 trading sessions and UP Poll results would be a trigger for
this big move. Traders should hedge their positions. The Significance Support for Nifty is 8901-8880
and Resistance is 9007-9077.

BANK NIFTY : -On last Week trading session Bank Nifty closed at 20496 after making a low of
20423, the Index made a high 20580 after opening at 20573. The Index was down by 1.83%, the
index 3 week high was at 21042. The Banking Shares Index opened in a Positive note on Monday
trading session up by 53 points or 0.25 per cent at 20548, The Bank Nifty traded in a range of 195
points on Monday trading session, the index made a high of 20727 and low 20532 and closed at
20663, 168 points Up its previous day. No major movement has been seen in any of the Banking
stocks present in the Index. Bank Nifty Index is trading in a narrow range of 620 points from 20423 to
21042 from last 2 week. The Significance Levels for Bank Nifty is 20548-20290 is Down side and
21455-21865 is Up side.

Tuesday, 14 March 2017


9174 9007 8937 8867 8727

9179 9015 8933 8851 8687

9325 9061 8929 8797 8533


21408 20970 20751 20532 20313

21718 21048 20713 20378 19708

22118 21162 20684 20206 19250


NIFTY 8848 8657 8515 8306

BANK NIFTY 19307 19345 18983 18877


NIFTY 8887 8433 8209
BANK NIFTY 20875 18885 17458

Detail of Chart - Recently Nifty is trading in the accumulation phase given that; improvement will
remain on the support when short to medium term technical indicators are trading into the highly
overbought phase so; healthy boom pro move will found after heavy profitable selling on medium to
long terms. Near Middle Bollinger Band becoming on 9009 to 9080 in Nifty which both surface can
be considered as the near resistance. It is likely to profitable selling may remain in the surge of below
9009 to 9080 in Nifty. Ease your short term boom pro position if Nifty gives steady close below
accumulation area 8816 outlined in the chart. Nifty creates reversal top pattern on technical chart
which shows the trend of improvement may stay on near support 8816 and 8777 from the decline. The
quick low level can be seen below 8777 by breaking 8816 and being close below it. short term traders
sell Nifty at every high for target 8816 and 8777 with Stop loss 9080.

Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band.
Technically spinning top reversal candle pattern is becoming at the end of the week which indicates
about accidental selling below the resistance of 20800. Bank Nifty has to sustain over 20950 area for
further rally towards 21050-21150 area in the near term. On the other side, sustaining below 20800
area, Bank Nifty may fall towards 20750-20600 zone.

ACC EQ 1424 1415 1406 1397 1388
ADANI PORTS EQ 308 304 300 296 292
AMBUJACEM EQ 232 231 228 227 225
ASIAN PAINT EQ 1043 1036 1030 1023 1017
AXISBANK EQ 523 520 516 513 509
BAJAJ-AUTO EQ 2900 2883 2873 2856 2846
BANKBARODA EQ 165 162 160 157 155
BPCL EQ 642 632 626 616 610
BHEL EQ 162 160 158 156 154
BHARTIARTL EQ 368 366 364 362 358
BOSCH LTD EQ 22424 22312 22156 22044 21888
BHARTI INFRATEL EQ 312 310 308 306 304
CIPLA EQ 593 591 589 587 585
COALINDIA EQ 322 319 317 314 312
CAIRN INDIA LTD EQ 287 283 279 275 271
DRREDDY EQ 2747 2731 2716 2700 2685
GAIL EQ 387 382 379 374 371
GRASIM EQ 1021 1011 1004 994 987
HCLTECH EQ 866 855 848 837 830
HDFC EQ 1389 1380 1375 1366 1361
HDFCBANK EQ 1406 1402 1397 1393 1388
HEROMOTOCO EQ 3347 3324 3306 3283 3265
HINDALCO EQ 192 190 188 186 184
HINDUNILVR EQ 881 878 872 869 863
ICICIBANK EQ 278 276 274 272 268
ITC EQ 266 264 262 260 258
INDUSIND BANK EQ 1348 1342 1332 1326 1316
INFY EQ 1035 1029 1021 1015 1007
IDEA CELLULAR EQ 108 106 104 102 100
KOTAKBANK EQ 843 836 831 824 819
LT EQ 1507 1499 1490 1482 1473
M&M EQ 1328 1314 1307 1293 1286
MRF EQ 52712 52473 52212 51973 51712
MARUTI SUZUKI EQ 6040 6000 5968 5928 5896
ONGC EQ 190 188 186 184 182
NTPC EQ 160 158 156 154 152
RCOM EQ 37 36 35 34 33
RELCAPITAL EQ 550 543 537 530 524
RELIANCE EQ 1314 1298 1279 1263 1244
RELINFRA EQ 584 574 567 557 550
RPOWER EQ 48 47 46 45 44
SBIN EQ 278 274 272 268 266
SSLT( VEDL) EQ 256 254 252 248 246
SUNPHARMA EQ 696 689 685 678 674
TATA MOTORSDVR EQ 283 281 279 277 275
TCS EQ 2571 2556 2535 2520 2499
TATAMOTORS EQ 474 471 468 465 462
TATAPOWER EQ 84 83 82 81 80
TATASTEEL EQ 480 473 468 461 456
UNIONBANK EQ 150 147 146 143 142
YES BANK LIMITED EQ 1496 1488 1477 1469 1458
ZEEL EQ 527 521 516 510 505


+ 7.57 % 1 GAIL INDIA LTD 520 378 - 27.29 %
1 BOSCH LIMITED 21158 22761
2 2 IDEA CELLULAR 110 104 - 5.70 %
+ 3.32 %
YES BANK LTD 1433 1481
3 TECH MAHINDRA 503 475 - 5.54 %
3 INDUSIND BANK 1299 1335 + 2.81 % LTD
4 4 TATA STEEL 495 467 - 5.52 %
SBIN 265 272 + 2.64 %
+ 2.46 % 5 HINDALCO INDUS. 198 187 - 5.51 %
6 6 DR. REDDY'S LABS 2871 2715 - 5.41 %
KOTAK BANK 809 828 + 2.40 %
+ 2.35 % 7 AUROBINDO 674 652 - 3.32 %
7 ZEEL 503 514 PHARMA
8 8 GRASIM 1021 999 - 2.15 %
TATA MOTORS 459 469 + 1.99 %
+ 1.93 % 9 ICICI BANK 275 270 - 1.96 %
9 TCS 2494 2542
10 10 LUPIN LTD. 1476 1447 - 1.96 %
RELIANCE 1258 1281 + 1.84 %
+ 1.68 % 11 COAL INDIA LTD. 321 316 - 1.54 %
11 HDFC BANK 1377 1400
12 12 BHARAT 632 623 - 1.49 %
ASIAN PAINTS LTD. 1013 1030 + 1.63 % PETROLEUM
+ 1.62 % 13 M&M 1322 1302 - 1.46 %
14 14 WIPRO LTD 493 487 - 1.38 %
L&T 1470 1491 + 1.45 %
15 CEMENT 3801 3852 15

Indian economy to grow 7.1% in this fiscal; Dec quarter GDP numbers surprising: Fitch -
Global rating agency Fitch today said Indian economy will grow by 7.1 per cent in the current fiscal
before stepping up to 7.7 per cent in the next two financial years. The US-based agency, however,
termed the 7 per cent GDP growth for the October-December quarter as "surprising", a tad lower than
7.4 per cent in the previous quarter. This number looks somewhat surprising, as real activity data
released since demonetisation pointed to weak consumption and services activity because these
transactions are cash-intensive. By contrast, official data suggest that private consumption was strong
in the fourth quarter of 2016 (though services output growth moderated quite substantially)," Fitch
said. Fitch expects Indian GDP to grow by 7.1 per cent for 2016-17, before picking up to 7.7 per cent
in both 2017-18 and 2018-19.

India beats China in export growth of locally made retail, lifestyle products - India is outpacing
China in export growth of locally made retail and lifestyle products, according to Damco, the world’s
seventh largest freight forwarder. An analysis of sourcing data by the transport and logistics arm of
Danish shipping conglomerate AP Moller-Maersk Group shows that amid tepid global economic
conditions, Indian exports of these products grew at a compound annual growth rate of 10% between
2013 and 2016, while China registered only 5%, though it had a much bigger base. “Contrary to the
bleakness of global trade, the future looks promising for India,” Damco chief executive officer Klaus
Rud Sejling said in an interview with ET. “The country is clearly well-poised to shape global trade, as
global retailers are constantly looking for suppliers that are nimble enough to be able to adjust with
troughs and peaks in the demand cycle, not only from an output point of view, but also when it comes
to developing entirely new products and customising existing lines.

Revised tax treaty with Singapore takes effect - India's revised tax treaty with Singapore, aimed at
checking round-tripping of funds, has come into force. While most clauses of the amended treaty
signed on December 30 took effect from February 27, the principal clause allowing levy of capital
gains tax on investments routed through Singapore will come into force from April 1. The Third
Protocol amending the existing Avoidance of Double Taxation Agreement between Singapore and the
Republic of India entered into force on February 27, 2017," a statement issued by Ministry of Finance
of Singapore said. It further stated that "the 3rd protocol signed on December 30, 2016 entered into
force on February 27, 2017 and its provisions shall take effect from February 27, 2017 except for
Articles 2, 3 and 4 which shall take effect from 1 April 2017." India had in May last year signed a
revised tax treaty with Mauritius, triggering a change in the Double Taxation Avoidance Agreement
with Singapore.
Modest recovery ahead as firms unwilling to hire more despite improved PMIs: HSBC - Even as
both service and manufacturing PMIs have posted better numbers than previous months, that firms are
reluctant to increase hiring points to a modest 'U' shaped recovery with the Reserve Bank likely to
hold on to rates in the near future, says a report by HSBC Research. Both manufacturing and services
PMIs are now in positive territory following a few months of demonetisation-led disruptions. Higher
output, new orders and order-to inventory ratios point towards improvements ahead, said HSBC. Yet,
companies are reluctant to increase hiring, and future activity expectations have fallen. Manufacturing
PMIs at 50.7 in February compared to 50.4 in January and services PMI at 50.8 in February compared
to 49.9 in January are in the positive territory, led by stronger private sector output and new orders.
Services activity rose after three months of contraction. Manufacturing had already started to rise last
month, and picked up some more pace. However, both manufacturing and services have some way to
go before reaching pre-demonetisation levels. Moreover, a slight improvement in the manufacturing
order-to-inventory ratio to 1.12 in February from 1.10 in January suggests that activity may improve
in future months. Interestingly, manufacturers are seeing higher buoyancy in new orders than service
providers, with much of it coming from external demand, said the report.

CPSE stake sale: Ministries wary of foreign investors - The government’s strategic sale plan could
face headwinds with some administrative ministries insisting on stringent conditions on foreign
investment for the sale of state-run companies under their watch. In some cases, the administrative
ministries insist that strategic equity stakes must not be sold to foreign investors, including
institutional investors, said two government officials aware of the deliberations. In others, they want a
cooling-off period of a few years after a strategic sale before allowing foreign investment. Companies
identified for strategic sales include Pawan Hans Ltd., BEML, Dredging Corporation of India Ltd. and
Bharat Pumps & Compressors Ltd. In some strategic sectors, the conditions also include that no
foreign company can be brought in as stakeholder for the next five years,” said one official who did
not wish to be identified. Not all companies put up for strategic sale have similar stringent conditions.

Likely rise in Feb inflation may push RBI to act: Report - Consumer price inflation is likely to rise
in February for the first time since demonetisation and this could prompt the Reserve Bank of India to
hike rates much sooner than most expect, says a report. According to a report by Capital Economics,
consumer price inflation dropped in January to 3.2 per cent from 3.4 per cent in December, but is
likely to rise in February. We think that forthcoming data will show that the CPI rate edged up in
February to 3.5 per cent," the report said, adding that "we expect February's WPI data to show that the
headline rate rose again last month to 6 per cent". According to Capital Economics, since inflation is
likely to accelerate towards the upper band of RBI's target range this year, this may nudge the Reserve
Bank to hike rates sooner than expected. The RBI has signalled the end of its loosening cycle, but we
remain comfortable going one step further in our view that the central bank will have to reverse
course and begin hiking rates over the next 12-18 months as its long-term inflation target comes under
pressure," it said.

India's current account deficit to touch $ 30 billion in 2018' - India's current account deficit is
expected to increase by $ 10 billion to $ 30 billion in the 2017-18 fiscal due to higher oil and gold
imports, credit rating agency ICRA said on Thursday. However, the pressure related to the financing
of a larger current account deficit would abate with the resumption of Non-Resident Indian deposits in
2018. The ICRA expects a rise in the prices and import volumes of crude oil and gold to enlarge the
Indian current account deficit to around $ 30 billion in 2018 from around $ 20 billion in 2017. While
merchandise exports may rise by 5-6 per cent in 2018, partly led by the higher value of commodity-
intensive exports, global trends do not augur well for a significant improvement in the services trade
surplus and remittances in 2018," Aditi Nayar, principal economist at the ICRA said.


The government is all set to change the base year of the Index of Industrial Production and the
Wholesale Price Index to 2011-12, by April-end. The change in base year in the two macroeconomic
indicators has been scheduled to ensure that all macroeconomic data indicators follow the same base
year, targeted at better mapping of economic activities.

The traders association in the country, Confederation of All India Traders, has appealed to postpone
the roll out of Goods and Services Tax to September 1. since small businesses are yet to buckle up for
the implementation and its aftermath. As per CAIT, there are nearly 70% small businesses, which are
not yet prepared for GST. Traders from small businesses need to understand the provisions and details
of GST.

The Nikkei India Services Purchasing Managers' Index , which records service sector output on a
monthly basis, was at 50.3 in February, which is nominally higher than 48.7 registered in January.
Meanwhile, the Nikkei India Composite PMI Output Index, which records both manufacturing and
service sectors, rose from 49.4 in January to 50.7 in February.

Prime Minister Narendra Modi said while speaking to the media in the national capital before the
concluding part of the Budget session, he wanted to see a breakthrough in GST. GST Bill is still
waiting for the final approval as the major opponents are still not happy with the final draft of the Bill.
Though the GST Council already approved the final drafts of the Central and Integrated GST Bills
which will soon be put up in public domain.
In what can be seen as an improvement in productivity and demand in the world’s second largest
economy, the factory-gate prices surged unexpectedly to Multi-year highs in China even as the
consumer price growth slowed down. The consumer price index increased by 0.8% in February on a
Y-o-Y basis. The CPI showed an increase of almost 2.5% in January, according to the National
Bureau of Statistics.

Insurance regulator IRDAI has cleared different levels of licences to a host of new players in the
insurance industry in Non-life and reinsurance spaces in its recently held board meeting.

Even as the government and several economists are debating the real impact of demonetisation, a
research report by Moody’s say that the process of withdrawing the high denomination notes by
Narendra Modi government may yield positive results in the long run.

The Authority of Advance Ruling recently held that the entire revenue of a company registered in
Singapore from supplying goods or rendering services in India is taxable in India.

Finance Minister Arun Jaitley will chair a high-level meeting with Reserve Bank officials tomorrow
to address the issue of Non-Performing Assets in the banking sector. The meeting, which will also be
attended by Financial Services Secretary Anjuly Chib Duggal, will discuss ways of resolution of
stressed assets urgently, sources said.

Even if the private sector is not in a hurry to grab the vast opportunities of investment in infra
projects, the government has abundant sources of funds to carry on with their development agenda in
the sector, as stated by a top Cabinet Minister during the Economic Times India Infra Summit.

Crisil, in its recent report, hints that revenue will grow by 8-9% in fiscal 2018 for corporate India.
The growth of 8-9% in fiscal 2018 if delivered will be a five year high for the corporates and this
growth according to Crisil is driven by firm commodity prices, stable macros and lower interest rates.
While keeping the growth expectation at 7.4% for fiscal 2018, Crisil expects a mild growth in the
economy. The economic growth could be due to pent-up consumption demand after demonetisation.


SPML Infra Limited received new orders worth Rs. 250 crore for power Transmission &
Distribution projects in West Bengal and Haryana.
Following USFDA warning, pharma major, Wockhardt Pharma on Wednesday early trading hour,
declined upto 3.58 per cent and later improved significantly facing heavy buying. USFDA slapped a
warning note to Wockhardt for its Morton Grove facility in the USA. The USFDA note also said that
the pharma major did not pay adequate heed to its earlier notes.

The board of directors of Hero MotoCorp have declared an interim dividend of Rs. 55 per equity
share of face value Rs. 2 each, for the financial year 2016-17, March 18, 2017 as the record date for
payment of the interim dividend.

The board of directors of Cadila Healthcare have declared an interim dividend of Rs 3.20 per equity
share of face value Rs 1, covering the financial year 2016-17. The board of directors has set March
17,2017 as the record date for payment of interim dividend.

Cyient Limited through its wholly owned US subsidiary, Cyient Inc., has acquired 100% stake in
CERTON Software Inc. The acquisition of CERTON will strengthen Cyient’s business, by adding
Unique Model-based systems, engineering tools and test automation capabilities that are used to
design, develop, simulate, validate and verify safety-critical embedded systems, software and
electronic hardware.

Lupin Limited announced that the company has launched generic Paxil CR Extended Release Tablets
USP, 12.5 mg, 25 mg and 37.5 mg. The pharma major has received an approval from the USFDA

Crompton Greaves is gaining in trade at morning hours of Tuesday’s session as it has signed a share
purchase agreement with Alfanar Electric Systems Co., Saudi Arabia for the sale and acquisition of
the company’s B2B Automation business comprising of ZIV Aplicacionesy Tecnologia, S.L. (Spain) ,
its subsidiaries along with related automation businesses in India, UK, Ireland & France for an
enterprise value of Euro 120 million, subject to customary conditions From Alfanar.

South Indian Bank is soaring on bourses on a lacklustre day and is up by more than 2% in the early
hours of the trade. The Reserve Bank of India, via a notification on Monday stated that the central
bank has withdrawn the restrictions placed on the purchase of shares of South Indian Bank by foreign
portfolio investors.

Mahindra & Mahindra Limited total vehicle production fell by 1.2% in February Y-o-Y to 44,401
units. For the month of Feb, M&M produced 11 compact cars and 354 super compact cars. The
passenger vehicles sales for M&M Limited fell by 13% Y-o-Y to 20,605 units. The commercial
vehicles sales stood at 16,383 units, up by 18% in February.
Punjab National Bank plans to sell 7% of its stake in PNB Housing Finance. PNB currently holds
39% stake in the housing finance company, and various private equity investors have shown interest
in buying stakes in the mortgage arm, owing to its portfolio and low Non-Performing Assets.

The Reserve Bank of India has opposed a pact between the Tata Group and NTT Docomo aimed at
resolving a two-year-old dispute between the two over the enforcement of a $ 1.17-billion arbitral
award by an international court to the Japanese company.

Kotak Mahindra Bank's promoter Uday Kotak on Wednesday sold a 1.5 per cent stake in lender to
two Canadian pension funds for an estimated Rs. 2,255 crore through open market transactions.

Tata Motors Limited on Tuesday said it is in talks with the world's largest auto maker Volkswagen
for a possible partnership. The company is exploring various opportunities, including partnership in
its new advanced modular platform development, possibilities of a joint venture or a contract
manufacturing with the German auto major, in its bid to scale up.

Tata Motors-owned Jaguar Land Rover today reported its best-ever retail sales for February at
40,978 vehicles, up 9.3 per cent from the same month last year.

State-run power giant NTPC Limited announced commissioning of 45 MW solar capacity at Bhadla
in Rajasthan taking the total installed capacity of the project to 160 MW. "The 45 MW of Bhadla solar
power project of NTPC in Rajasthan has been commissioned today. With this, the installed capacity of
Bhadla solar power project has become 160 MW and that of NTPC's solar power projects has become
520 MW," a senior official said.
State-run Power Finance Corporation today said that it has sanctioned financial assistance of Rs.
2,703 crore for West Bengal's first super critical thermal power project in Murshidabad district.

India's largest car maker Maruti Suzuki is gearing up to introduce four new products next fiscal. The
company, which has been bringing about two new products each year in the past couple of years, is
accelerating the introduction with an eye to strengthen its hold in the market.

Jain Irrigation has bagged an order worth Rs. 189 crore for development of micro irrigation systems
network in Rajasthan. "Jain Irrigation receives order worth Rs. 1,890 million for development of
micro irrigation systems network," the company said in a filing to the stock exchanges.

Coal India Limited will pay the government, its largest shareholder, over Rs 15,000 crore through
dividend, distribution tax and proceeds of a share buyback this year, a drop of 13% from the amount
paid in 2015-16. The company's board declared a dividend of Rs 18.75 per share on Monday, entitling
the government to get Rs 9,208 crore for its 79.11% shareholding. The government will also receive
Rs 2,369 crore as dividend distribution tax and about Rs 3,600 crore from shares sold back to the
company in October last year.

Steel Authority of India Bhilai Steel Plant crossed a significant milestone on Tuesday with the
lighting up of the stoves of the plant's new furnace which is slated to take its post modernisation hot
metal capacity to 7.5 million tonne.

Dr Reddy's Laboratories said it has received 13 observations from the US health regulator for its
formulation manufacturing facility at Duwada, Visakhapatnam. "The audit of company's formulation
manufacturing facility at Duwada, Visakhapatnam, by the US FDA, has been completed on March 8,
2017. The company have been issued a Form 483 with 13 observations, which the company is
addressing," Dr Reddy's Laboratories said in a BSE filing.


ESAF Microfinance, the only company from Kerala to receive the small finance bank license, has
issued Commercial Papers worth Rs.330 crore. The papers are rated A1 by CARE ratings. The
subscribers to the CP are major private sector banks and NBFCs.

State-owned Punjab National Bank will put on sale four bad assets worth Rs. 295 crore in a move to
shed Non-Performing Assets from its books. Last week, PNB Managing Director Usha
Ananthasubramanian said the bank has identified assets worth Rs. 1,800 crore that will be sold by
month-end to recover bad loans.

Banks' cash transaction fees are suddenly in the news. The immediately trigger for this appears to be
an announcement by HDFC Bank that it would henceforth charge Rs. 150 plus taxes for each cash
withdrawal or deposit after four deposits each month.Here, it seems that HDFC Bank missed a trick
because the normal stratagem that banks employ is to introduce charges by stealth. ICICI Bank and
Axis Bank have been quietly charging similar fees for some time now. Under the garb of supporting
the government's efforts to promote cashless, these banks have decided to relieve their customers of
some cash.

Indian banks and companies have filed claims worth Rs. 4,089 crore in the past three months under
the Insolvency and Bankruptcy Code, which seeks to ensure time-bound settlement of insolvency. The
code that came into effect in December has given the lenders a new tool to counter the problem of
rising Non-Performing Assets, which soared to Rs. 6.97 lakh crore in the quarter to December.

Additions to India’s bloated bad-loans inventory are unlikely to cease soon, with about a dozen
lenders now approaching debt-recovery courts to recover a part of their estimated credit exposure of
Rs. 17,300 crore to Mumbai-based Top worth. Lenders led by the State Bank of India and Punjab
National Bank are filing cases in the Mumbai debt recovery tribunal –– either individually or as a
consortium against Top worth Urja & Metals, Phoenix Impex and Poscho Steels for cumulative
defaults of about Rs. 3,200 crore, two people familiar with the matter Said. Bank of Baroda has
already filed a case against Top worth Pipes & Tubes in Mumbai DRT to recover Rs. 356 crore.

Some Indian banks remain at risk of skipping coupon payments on capital instruments over the next
couple of years; despite measures by the Reserve Bank of India says Fitch Ratings. Mid-sized state
banks are the most at risk of breaching capital triggers. Distributable reserves at small- to mid-sized
state banks were down by one third in 9M17 compared with financial year 2015.

Mid-sized private lender IndusInd Bank Limited said it is in talks with multiple entities for business
expansion, including the widely speculated merger of Bharat Financial Inclusion.

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