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Honest Truth by Ajit Dayal
Straight from the Hip by J Mulraj
BACK TO BUDGET HOMEPAGE

Budget 2008-09: Finance


With the country's largest development financial institutions (DFIs) like ICICI and IDBI having been converted into banking entities, the term DFI has lost its relevance in the country. Institutions that today have replaced them in playing a vital role in long-term financing and project financing are the NBFCs, which have their relative specializations, for example, HDFC (mortgage loans), IDFC (infrastructure loans), PFC, REC (power project finance) and Mahindra Finance, Shriram Transport (auto loans). The trend of segmental monopoly is now changing with banks entering long term finance and FIs also meeting the medium and short - term needs of the business masses. NBFCs are now recognised as complementary to the banking system capable of absorbing shocks and spreading risks at times of financial distress. The RBI also recognises them as an integral part of the financial system and is trying to improve their credibility in the financial sector. Read more


 Budget Measures


  • Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) to be continued during the Eleventh Plan period with a capital subsidy of Rs 28,000 crore. Allocation of Rs 5,500 crore for 2008-09.
  • Corpus for the Rural Infrastructure Development Fund (RIDF-XIV) to be raised in 2008-09 to Rs 14,000 crore, with a separate window for rural roads.

     Budget Impact


  • No relief to the infrastructure financing sector in terms of tax rates.
  • Infrastructure financing companies to benefit under the public private partnerships proposed under various infrastructure schemes. The corpus for the Rural Infrastructure Development Fund will facilitate such PPP projects in the rural segments as well.
  • Companies that finance rural electrification will benefit from the additional subsidy offered to RGGVY.

     Company Impact


  • Rural Electrification Corporation will benefit from the additional subsidy offered to RGGVY.
  • IDFC to benefit from private participation in infrastructure projects.
  • HDFC to benefit from the subsidies offered to rural housing due to the company's focus on the same.

     Industry Wish List


  • Earlier income received from lending to infrastructure sectors was exempt from the Income Tax under clause 23G of Section 10 of Income Tax Act, which was withdrawn subsequently. Given the rising pressures on the lending institutions' cost of funds and given the rising importance of infrastructure sector, Budget 2008-09 is expected to restore this exemption.
  • Maintain the tax incentives on housing loans.
  • Sec 80IB to be amended to permit real estate developers to avail benefit under section 10(23G)
  • Provide NBFCs with tax benefits on NPAs as in the case of banks.

     Budget over the years


    Budget 2005-06 Budget 2006-07 Budget 2007-08

    Encourage trading of mortgage-backed securities.

    Tax exemptions on interest paid on home loans to continue.

    The allocation to 'Indira Awas Yojana' (flagship rural housing scheme) increased from Rs 25 bn in the current year to Rs.27.5 bn in BE 2005-06. About 1.5 m houses to be constructed during the next year.

    Leasing and hire purchase to be treated on par with loan transactions and interest and installment of principal amount to be abated in calculating value of the service

    Tax exemptions on interest paid on home loans to continue

    To facilitate Public Private Partnership (PPP) in infrastructure financing, a fund with a corpus of Rs 1 bn is to be created, which would contribute upto 75% of preparatory expenditure in the form of interest free loan to be recovered from the successful bidder

    Tax exemptions on interest paid on home loans to continue. However, renting of immovable property for use in commerce or business brought under the purview of service tax

    National Housing Bank (NHB) to introduce 'reverse mortgage' under which a senior citizen who is owner of a house can avail of a monthly stream of income against mortgage of his/her house, while remaining the owner and occupying the house throughout his/her lifetime, without repayment or servicing of the loan

    Regulations will be put in place to allow the creation of mortgage guarantee companies

    Surplus forex reserves shall be deployed in infrastructure financing schemes by establishment of two wholly-owned overseas subsidiaries of IIFCL.

    [Read more on Budget 2005-06] [Read more on Budget 2006-07] [Read more on Budget 2007-08]


    Key Positives
  • Independent operations: The RBI has mandated that the exposure of a bank to a single NBFC should not exceed 10% of the bank's capital funds as per its last audited balance sheet. This is to dissuade misusage of the NBFC structure to avoid compulsory regulatory requirements of a banking entity (e.g.: CRR, SLR) and save on costs. Also, the RBI proposed to limit the NBFCs promoted by foreign banks having presence in India. In this case, a NBFC, which is a subsidiary of the foreign bank's parent or where the foreign bank is having management control, would be treated as part of that foreign bank's operations in India and brought under the ambit of consolidated supervision.

  • Co-branded credit cards and sale of third party products: The RBI has allowed NBFCs to issue co-branded credit cards (in consonance with banks) and vend third party products. Both these measures are expected to generate fee-based revenues for the NBFC, which they were devoid of so long.

  • Tax incentive on housing loans: The tax incentive allowed by the finance ministry on housing loans in the previous budget propelled incremental credit offtake in the mortgage loans segment bringing the mortgage loan to GDP ratio to 6% from the erstwhile 2%.

  • Tax benefits to FIs: The finance ministry proposed amendments in the tax laws to offer tax breaks to financial institutions (FIs) merging with banks (with retrospective effect). This was beneficial to FIs that have got converted to banks (IDBI and the like).

  • Conversion into banking entity: The RBI has allowed NBFCs with a good track record and net worth over Rs 2 bn to convert into a commercial bank. However, the number of licenses to be issued may be restricted to two or three of the best acceptable proposals. Conversion into banking entity will enable the FIs to access low cost deposits and improve their margins.

  • 90 day NPA norm: Housing Finance companies have shifted to the 90 day norm of accounting for NPAs which has brought their risk appraisal system at per with that of banks.
      
    Key Negatives
  • Higher risk weightage: The risk weightage on mortgage loans has been increased to 125%, which has additionally burdened the capital adequacy ratio of HFCs.

  • High borrowing costs: High cost of borrowings to housing finance companies (HFCs) and high stamp duty dampens growth rates. HFCs are also not yet given 'Universal Banking' status for offering wholesale and retail finances under one roof.

  • Interest rate dampener: The interest rate movement in the short term is likely to be with an upward bias. Although a marginal hike will not trigger any sensitivity, a movement beyond 100 basis points may dampen incremental offtake.

  • Growing competition: NBFCs as a class do not offer any products that are distinct from what the banks are capable of offering. NBFCs were historically strong in the retail and vehicle finance segment and they leveraged on local relationships to grow their business. However in the last 3-4 years banks have aggressively taken away market share both in the retail as well as the vehicle finance segment.


    Budget Impact: Finance Sector Analysis for 2007-08 
    Latest: Performance Of Finance Stocks | Finance Sector Report

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    Sector Performance
    COMPANY PRICE (Rs)
    5PAISA CAPITAL 525.8
    (-0.3%)
    A F ENTERPRISES 5.8
    (1.9%)
    A.K.CAPITAL 909.9
    (1.1%)
    AA PLUS TRADELINK LTD. 17.5
    (-0.3%)
    AADI INDUSTRIES 7.1
    (2.2%)
    AAR SHYAM INDIA INVESTMENT CO. 9.4
    (4.9%)
    AARNAV FASHIONS 28.8
    (0.4%)
    AAVAS FINANCIERS 1,583.8
    (-1.0%)
    ABANS HOLDINGS 423.6
    (0.0%)
    ABHINAV LEASING 1.9
    (-4.4%)
    ABHISHEK INFRAVENTURES 6.0
    (-4.9%)
    ABIRAMI FINANCIAL 63.5
    (5.0%)
    ABM KNOWLEDGEWARE 114.4
    (-1.4%)
    ACME RESOURCES 36.3
    (0.0%)
    ADCON CAPITAL SERVICES LIMITED 0.8
    (1.3%)
    ADISHAKTI LOHA AND ISPAT LTD. 11.5
    (-2.5%)
    ADITYA BIRLA CAPITAL 231.0
    (-0.7%)
    ADITYA BIRLA MONEY 134.4
    (-1.2%)
    ADVIK CAPITAL 2.6
    (-1.9%)
    AG UNIVERSAL LTD. 58.3
    (1.0%)
    AGARWAL FLOAT GLASS INDIA LTD. 68.2
    (3.7%)
    AGARWAL HOLDINGS 1.3
    (1.6%)
    AKASHDEEP METAL 18.5
    (0.7%)
    AKME STAR 55.0
    (-0.5%)
    ALANKIT 18.3
    (-2.0%)
    ALEXANDER STAMPS & COIN 15.3
    (0.7%)
    ALMONDZ GLO. 107.4
    (0.4%)
    AMARNATH SEC. 62.1
    (3.5%)
    AMIT SECUR. 4.0
    (1.5%)
    AMRAPALI CAPITAL 18.2
    (5.0%)
    AMRAPALI FINCAP 12.7
    (5.0%)
    ANAND RATHI WEALTH 3,997.4
    (0.2%)
    ANGEL ONE 2,717.1
    (-2.2%)
    ANJANI FINANCE 11.9
    (-1.2%)
    ANNA FINANCE 29.1
    (0.0%)
    ANUPAM FINSERV 2.1
    (0.5%)
    APOLLO FIN I 957.1
    (0.6%)
    APOORVA LEASING 31.8
    (0.0%)
    APTUS VALUE HOUSING FIN. 328.9
    (-0.2%)
    APUNKA INVEST COMM. 993.8
    (-3.5%)
    ARAVALI SEC. 7.4
    (4.9%)
    ARC FINANCE 0.9
    (-2.2%)
    ARIHANT CAPITAL 64.3
    (0.6%)
    ARIHANT SEC. 19.9
    (-1.5%)
    ARMAN FINANCIAL 2,029.9
    (-0.9%)
    ARNOLD HOLDINGS 40.3
    (-2.0%)
    AROMA ENTERPRISES 30.0
    (0.0%)
    ARYAMAN CAPITAL MARKETS 121.0
    (0.0%)
    ARYAMAN FIN. 265.0
    (-0.8%)
    ARYAN SHARES AND STOCK BROKERS 22.5
    (0.0%)
    ASCOM LEASING & INVESTMENTS 238.2
    (-5.0%)
    ASHIKA CREDIT 69.0
    (-4.1%)
    ASHIKA CREDIT 33.5
    (3.1%)
    ASHIRWAD CAP 5.6
    (1.8%)
    ASIT C MEHTA 188.0
    (-0.9%)
    ASPIRE & INNOVATIVE ADVERTISING LTD. 81.1
    (5.0%)
    ASSAM ENTRADE 517.8
    (-5.0%)
    ATHARV ENTERPRISES 2.3
    (0.0%)
    ATN INTERNATIONAL 0.2
    (0.0%)
    AUTHUM INVESTMENT 831.9
    (0.4%)
    AVAILABLE FINANCE 295.6
    (4.2%)
    AVONMORE CAPITAL 119.1
    (1.7%)
    B. P. CAPITAL 5.4
    (4.9%)
    B.N.RATHI SE 104.9
    (-0.1%)
    B2B SOFTWARE TECH 36.2
    (-1.2%)
    BAID LEASING 22.0
    (-0.3%)
    BAJAJ FINANCE 6,932.8
    (0.8%)
    BAJAJ FINSERV 1,627.1
    (0.7%)
    BAJAJ HOLDINGS & INVESTMENT 8,237.5
    (1.5%)
    BALMER LAW INVEST 721.3
    (-0.1%)
    BANAS FINANCE 15.4
    (-2.8%)
    BAZEL INTERNATIONAL LTD. 41.0
    (0.0%)
    BCL ENTERPRISES 1.2
    (-3.4%)
    BENGAL & ASSAM 8,300.0
    (0.0%)
    BERVIN INV. 40.0
    (-4.5%)
    BERYL SECURITIES 22.5
    (-3.4%)
    BF INVESTMENT 559.4
    (-3.5%)
    BFL DEVELOPERS 19.6
    (7.6%)
    BHARAT BHUSAN 34.2
    (-2.6%)
    BHARAT HIGHWAYS INVIT 106.5
    (-0.2%)
    BHARTIA BACHAT 110.7
    (1.5%)
    BLS E-SERVICES LTD. 300.5
    (-1.6%)
    BLUEBLOOD VENTURES 11.1
    (4.9%)
    BRAND REALTY 42.7
    (5.0%)
    BRILLIANT PORTFOLIOS 7.0
    (5.0%)
    BRISK TECHNOVISION LTD. 142.0
    (0.0%)
    BSE 2,850.8
    (-0.3%)
    CANFIN HOMES 768.4
    (-1.0%)
    CANOPY FINANCE 84.2
    (5.0%)
    CAPFIN INDIA 163.8
    (-5.0%)
    CAPITAL INDIA FINANCE 126.2
    (0.8%)
    CAPITAL TRADE 40.8
    (-1.6%)
    CAPITAL TRUST 118.7
    (-0.0%)
    CAPRI GLOBAL CAPITAL 222.5
    (-0.1%)
    CAPRICORN SYS 9.7
    (-1.6%)
    CAREWELL INDUST. 14.4
    (-5.0%)
    CAT TECHNOLOGIES 0.8
    (4.1%)
    CELLECOR GADGETS LTD. 261.0
    (1.8%)
    CENTRUM CAPITAL 37.6
    (-1.3%)
    CENTURY TWENTY 75.2
    (5.0%)
    CHANNEL GUIDE INDIA 2.4
    (3.5%)
    CHARTERED CAP 247.0
    (4.6%)
    CHHATTIS. IND. 55.1
    (-2.0%)
    CHOICE INT. 335.9
    (1.5%)
    CHOLAMANDALAM FINANCIAL HOLDINGS 1,143.2
    (-0.2%)
    CHOLAMANDALAM INVEST 1,309.3
    (0.6%)
    CIL SECURITIES 55.6
    (1.2%)
    CINDRELLA FIN. 15.1
    (0.0%)
    CITI PORT FIN. 15.9
    (5.0%)
    CITY CROPS AGRO LTD. 21.9
    (-8.6%)
    CLASSIC LEASING & FINANCE 15.0
    (0.0%)
    CNI RESEARCH 5.3
    (1.9%)
    COLAB CLOUD PLATFORMS 17.5
    (5.0%)
    COMFORT COMM. 24.0
    (0.0%)
    COMFORT INTECH 10.0
    (0.7%)
    CONS. FIN & HOLD 250.0
    (-1.5%)
    CONTINENTAL CREDIT 142.2
    (-4.5%)
    CONTINENTAL SECURITIES 8.8
    (-0.6%)
    CORAL INDIA FIN. 41.5
    (-0.6%)
    CORPORATE MERCHANT BANKERS 16.6
    (-5.0%)
    CREDITACCESS GRAMEEN 1,468.2
    (0.1%)
    CREDO BRANDS MARKETING LTD. 186.2
    (-0.1%)
    CRESSANDA SOLU. 15.4
    (-2.0%)
    CSL FINANCE 428.1
    (-2.4%)
    CUBICAL FINANCIAL 1.7
    (2.5%)
    DALAL STREET INVESTMENTS 462.0
    (-1.9%)
    DARJEELING ROPEWAY COMPANY 5.0
    (-5.0%)
    DAULAT SECURITIES 66.0
    (10.0%)
    DB INTERNATIONAL 67.4
    (4.3%)
    DCM FINANCIAL 5.3
    (-1.3%)
    DECILLION FINANCE 26.4
    (-2.0%)
    DEE KARTAVYA FINANCE LTD. 90.1
    (4.2%)
    DELTA INDUSTRIAL 46.9
    (2.0%)
    DHANI SERVICES 51.9
    (-6.0%)
    DHANLAXMI COTEX 60.3
    (-4.2%)
    DHANVARSHA FINVEST 64.2
    (-3.8%)
    DHARNI CAPITAL SERVICES 45.6
    (-5.5%)
    DHENU BUILDCON 2.2
    (-1.8%)
    DHFL 16.7
    (-10.0%)
    DHOOT INDUST. 17.0
    (-4.8%)
    DHRUVA CAPITAL 419.4
    (-2.3%)
    DHUNSERI INVESTMENTS 1,240.7
    (-0.5%)
    DISHA RESOURCES LTD. 17.1
    (1.4%)
    DOLAT ALGOTECH 116.0
    (-2.8%)
    DYNAMIC PORTFOLIO 67.1
    (-2.0%)
    EAST WEST HOLDINGS 6.1
    (-1.8%)
    EASUN CAPITAL MARKETS 49.0
    (0.0%)
    EASY FINCORP 938.9
    (4.7%)
    EBIXCASH WORLD MONEY 229.5
    (-1.1%)
    ECONO TRADE 6.8
    (-1.2%)
    EDELWEISS FINANCIAL 77.0
    (-1.6%)
    EKAM LEASING 5.3
    (-9.1%)
    ELCID INVESTMENTS 3.4
    (5.0%)
    ELECTRA FINA 36.8
    (-0.1%)
    EMKAY GLOBAL FINANCIAL 166.0
    (-3.7%)
    ENTERO HEALTHCARE SOLUTIONS LTD. 1,098.0
    (-2.7%)
    EPIC ENERGY 6.1
    (-5.0%)
    ESAF SMALL FINANCE BANK 62.3
    (-2.0%)
    ESCONET TECHNOLOGIES LTD. 226.4
    (5.0%)
    ESCORP ASSET MANAGEMENT 81.7
    (-5.0%)
    ESCORT FINANCE 9.2
    (-4.9%)
    ESSAR SECURITIES 12.0
    (5.0%)
    EVOQ REMEDIES LTD. 10.5
    (-0.9%)
    EXPLICIT FINANCE 7.4
    (-4.9%)
    FARRY INDUSTRIES 7.5
    (4.9%)
    FEDBANK FINANCIAL SERVICES LTD 127.4
    (-0.6%)
    FINKURVE FINANCIAL SERVICES 69.8
    (1.2%)
    FIRST CUSTO. 58.7
    (-0.5%)
    FIVE STAR BUSINESS 774.6
    (5.0%)
    FOCE INDIA LTD. 908.0
    (1.0%)
    FRANKLIN LEASING & FINANCE 12.7
    (0.0%)
    FRONTIER LEAS. 22.8
    (-4.4%)
    FUSION MICRO FINANCE 536.4
    (0.3%)
    FUTURISTIC SOLUTIONS 89.5
    (0.3%)
    G.K.CONSULTANTS 16.2
    (0.0%)
    GANESH HSG CORP 815.8
    (-3.3%)
    GANGES SECURITIES 147.2
    (-3.5%)
    GARNET INTERNATIONAL. 55.7
    (1.0%)
    GCM SECURITIES 1.0
    (-4.7%)
    GEETANJALI CREDIT 5.3
    (5.0%)
    GEMSTONE INV. 2.0
    (-2.0%)
    GEOJIT FINANCIAL SERVICES 105.3
    (-1.2%)
    GETALONG ENTERPRISE LTD. 193.8
    (-5.0%)
    GIC HOUSING 220.4
    (-1.3%)
    GILADA FINANCE 10.2
    (-3.2%)
    GLOBAL CAPITAL 0.9
    (-6.5%)
    GOENKA BUSINESS 6.4
    (-1.4%)
    GOGIA CAP. 98.5
    (0.0%)
    GOLECHHA GLOBAL 19.2
    (2.5%)
    GOWRA LEASNG 40.5
    (1.3%)
    GREENCREST FINANCIAL 1.1
    (-1.8%)
    GRETEX CORPORATE 542.0
    (-1.5%)
    GUJARAT CREDIT 22.9
    (4.1%)
    GUJARAT LEASE 8.3
    (-2.0%)
    HARDWYN INDIA 29.8
    (-1.0%)
    HARYANA CAPFIN 191.4
    (3.3%)
    HASTI FINANCE 10.3
    (0.0%)
    HATHWAY BHAWANI 18.9
    (1.8%)
    HB ESTATE DEV. 68.0
    (-1.2%)
    HB LEAS.PUB 19.6
    (1.9%)
    HB STOCKHOLDINGS 88.0
    (-1.2%)
    HCKK VENTURES 120.8
    (-5.0%)
    HDFC NIFTY ETF 246.6
    (-0.8%)
    HELPAGE FINLEASE 19.5
    (2.6%)
    HEMANG RESOURCES 33.3
    (-1.9%)
    HFCL INFOTEL 1.7
    (-1.8%)
    HIGHWAYS INFRASTRUCTURE TRUST 94.7
    (0.0%)
    HOME FIRST FINANCE 895.9
    (0.7%)
    HUDCO 219.6
    (-1.0%)
    ICDS 37.3
    (-0.9%)
    ICICI SECURITIES 752.0
    (0.5%)
    IDFC 119.4
    (-1.6%)
    IFCI 52.5
    (4.8%)
    IIFL FINANCE 400.9
    (0.8%)
    IIFL SECURITIES 143.1
    (-2.7%)
    IL&FS INV. MANAGERS 11.2
    (9.7%)
    IM CAPITALS 893.9
    (-0.7%)
    INANI SEC. 37.8
    (-3.0%)
    IND BANK HOUSING 47.8
    (-4.1%)
    INDBANK MERCHANT 49.9
    (-1.0%)
    INDERGIRI FN 55.1
    (0.0%)
    INDIA FINSEC 107.8
    (-0.0%)
    INDIA GRID TRUST 138.0
    (0.5%)
    INDIA HOME LOANS 32.8
    (-0.4%)
    INDIA SHELTER FINANCE CORPORATION LTD. 589.8
    (0.4%)
    INDIABULLS HOU. FIN. 168.0
    (-1.7%)
    INDIABULLS NIFTY 50 ETF 202.1
    (-0.1%)
    INDIANIVESH 11.2
    (2.0%)
    INDINFRAVIT TRUST 135.1
    (4.2%)
    INDO CREDIT 1.9
    (4.5%)
    INDO THAI 319.5
    (-2.2%)
    INDOSTAR CAPITAL 256.1
    (4.3%)
    INDUS FINANCE CORP. 17.4
    (-0.2%)
    INDUSTRIAL & PRUD. INVST. 5,545.0
    (-2.3%)
    INDUSTRIAL INVEST 169.9
    (-4.5%)
    INTEC SEC. 17.3
    (0.4%)
    INTEGRA CAPITAL 16.4
    (0.3%)
    INTELLIGENT SUPPLY CHAIN INFRASTRUCTURE TRUST 101.8
    (-0.3%)
    INTELLIVATE CAPITAL 51.2
    (-2.0%)
    INTER GLOBE FIN. 62.9
    (0.0%)
    INTER ST.FIN 2.1
    (0.5%)
    INTERACTIVE FINANCIAL SERVICES 22.5
    (-1.7%)
    INVENTURE GROWTH 2.2
    (-1.8%)
    INVESCO INDIA NIFTY ETF 2,504.0
    (-1.3%)
    IREDA 179.6
    (-1.0%)
    IRFC 157.0
    (-1.2%)
    ISL CONSULTING 30.4
    (0.6%)
    J TAPARIA PROJECTS 29.0
    (-0.8%)
    JACKSON INVEST. 0.9
    (-4.1%)
    JAGSONPAL FIN. 5.6
    (-4.9%)
    JHAVERI CREDITS 355.3
    (-2.0%)
    JINDAL POLY INVEST 713.8
    (2.5%)
    JJ FINANCE CORP. 20.0
    (0.0%)
    JM FINANCIAL 85.4
    (1.1%)
    JPT SECUR 9.3
    (-0.1%)
    JUPITER LEA. 3.5
    (4.9%)
    KALYANI INVESTMENT 4,277.8
    (-2.4%)
    KANUNGO FINANCIERS 5.5
    (-4.9%)
    KAPIL RAJ FINANCE 23.7
    (0.0%)
    KARNAVATI FIN. 2.3
    (1.4%)
    KARTIK INVESTMENTS 750.0
    (1.9%)
    KBS CAPITAL 10.5
    (-0.9%)
    KCD INDUSTRIES 12.5
    (-3.8%)
    KCK INDUSTRIES LTD. 91.9
    (4.9%)
    KEN FIN.SER. 13.0
    (-2.2%)
    KEY CORP 133.9
    (2.0%)
    KEYNOTE FINANCIAL SERVICES 178.0
    (-3.8%)
    KFIN TECHNOLOGIES 786.3
    (-3.5%)
    KHANDWALA SECU 29.4
    (1.2%)
    KIDUJA IND. 256.5
    (2.8%)
    KIFS FINANCIAL SERVICES 156.9
    (-1.9%)
    KINETIC TRUST 15.7
    (0.0%)
    KIRAN VYAPAR 177.1
    (-0.7%)
    KOSIAN FIN. 0.7
    (4.3%)
    KREON FINNANCIAL 44.4
    (-2.7%)
    KRISHNA CAPITAL 22.1
    (-1.3%)
    KRISHNA VENT. 83.0
    (-0.2%)
    KRYSTAL INTEGRATED SERVICES LTD 756.6
    (3.6%)
    KUBER UDYOG 9.0
    (1.9%)
    KUMBHAT FINANCIAL 16.5
    (9.7%)
    KZ LEAS FIN. 32.3
    (5.0%)
    L&T FINANCE HOLDINGS 167.8
    (-1.2%)
    LADAM AFFORDABLE HOUSING 8.2
    (4.1%)
    LADDERUP FIN 30.5
    (-1.0%)
    LAKSHMI FINANCE 178.1
    (-0.6%)
    LAST MILE ENTERPRISES 942.9
    (-2.0%)
    LEAD FINANCIAL 16.0
    (-3.0%)
    LEADING LEASING FINANCE & INVESTMENT CO 2.3
    (-0.4%)
    LESHA INDUSTRIES 3.9
    (-0.5%)
    LIBORD INFOTECH 9.4
    (2.0%)
    LIC HOUSING 654.4
    (-2.3%)
    LKP FINANCE 150.1
    (-1.3%)
    LKP SECURITIES 27.6
    (5.0%)
    LOHIA SECURITIES 195.0
    (0.6%)
    MADHUSUDAN SEC. 32.9
    (1.0%)
    MAGELLANIC CLOUD 647.2
    (1.4%)
    MAH.RAS.APEX 133.2
    (-2.8%)
    MAHAN INDUSTRIES 2.5
    (-1.9%)
    MAHINDRA & MAHINDRA FINANCIAL SERVICES 267.0
    (0.9%)
    MANAPPURAM FINANCE 197.1
    (-1.9%)
    MANGAL CREDIT AND FINCORP. 107.8
    (-2.1%)
    MANGALAM INDUST. 4.4
    (-2.0%)
    MANIPAL FINANCE 5.3
    (-3.7%)
    MANOJ CERAMIC LTD. 138.2
    (10.0%)
    MANOJ VAIBHAV GEMS JEWELLERS LTD. 245.9
    (-0.5%)
    MANRAJ HOUSING 40.7
    (2.4%)
    MANSI FINANCE 60.0
    (1.7%)
    MARUTI SECURITIES 9.1
    (0.0%)
    MAS FINANCIAL SERVICES 300.1
    (-0.2%)
    MASK INVESTMENTS 94.8
    (2.9%)
    MASTER TRUST 749.9
    (-0.8%)
    MATHEW EASOW 8.0
    (4.0%)
    MATRU-SMRITI TRADERS 125.3
    (2.1%)
    MEDICO INTERCONTINENTAL 45.0
    (0.2%)
    MEFCOM CAPIT 13.6
    (-2.9%)
    MEHTA HOUSING 141.0
    (4.4%)
    MEHTA SECURITIES 27.1
    (0.1%)
    MERCURY EV TECH 78.0
    (0.2%)
    MESON VALVES INDIA LTD. 948.9
    (-4.6%)
    MID EAST POR 10.8
    (-1.6%)
    MILLENNIUM ONLINE 3.2
    (4.9%)
    MINOLTA FINANCE 8.4
    (4.9%)
    MIRAE ASSET NIFTY 50 ETF 237.9
    (-0.7%)
    MKVENTURES CAPITAL 2,564.8
    (-6.0%)
    MODERN SHARES 43.1
    (-1.4%)
    MONARCH NETWORTH CAPITAL 569.4
    (-1.7%)
    MONEY MASTERS 188.0
    (4.4%)
    MONO PHARMACARE LTD. 46.0
    (2.2%)
    MOONGIPA CAPITAL 34.3
    (-1.6%)
    MORARKA FINANCE 150.1
    (-0.6%)
    MOTILAL OSWAL 2,426.6
    (-0.6%)
    MOTILAL OSWAL N100 ETF 144.2
    (0.7%)
    MOTOR & GEN. FINAN 34.2
    (-1.3%)
    MUDRA FINANCIAL SERVICES 4.1
    (4.9%)
    MUFIN GREEN FINANCE 129.6
    (0.3%)
    MULTI COMMODITY 4,009.4
    (-1.7%)
    MUNOTH INVESTMENTS 11.5
    (4.2%)
    MUTHOOT CAPITAL 315.0
    (-0.2%)
    MUTHOOT FINANCE 1,699.1
    (-1.0%)
    MUTHOOT MICROFIN LTD. 241.7
    (-0.1%)
    MY MONEY SEC. 15.4
    (5.0%)
    N.B.I INDUSTRIAL FINANCE COMPANY 1,794.4
    (-0.3%)
    N2N TECHNOLOGIES 28.7
    (-2.0%)
    NAHAR CAPITAL & FINANCIAL 298.1
    (-1.0%)
    NALIN LEASE 44.9
    (0.0%)
    NAM CREDIT 3.9
    (3.4%)
    NAM SECURITIES 145.0
    (0.0%)
    NARENDRA INVESTMENTS (DELHI) 55.2
    (3.6%)
    NATIONAL HIGHWAYS INFRA TRUST 125.8
    (1.0%)
    NAVIGANT CORPORATE ADVISORS 44.5
    (5.0%)
    NAVODAY ENTERPRISES 7.6
    (-15.6%)
    NAYSAA SECURITIES 273.8
    (-1.5%)
    NCL RESEARCH 0.7
    (1.4%)
    NDL VENTURES 104.4
    (-2.4%)
    NEIL IND. 16.5
    (-2.1%)
    NEWJAISA TECHNOLOGIES LTD. 98.5
    (0.1%)
    NIHAR INFO GLOBAL 6.7
    (-0.5%)
    NIKKI GLOBAL 8.1
    (1.9%)
    NITIN CASTINGS 625.1
    (-2.8%)
    NIYOGIN FINTECH 80.0
    (-2.8%)
    NORTHLINK FISCAL 26.0
    (0.0%)
    OCTAL CREDIT 19.2
    (0.0%)
    ODYSSEY CORP 9.0
    (0.0%)
    ONELIFE CAPITAL 19.1
    (1.4%)
    ONTIC FINSERVE 0.6
    (-1.6%)
    ORACLE CREDIT 140.0
    (-2.2%)
    PAISALO DIGITAL 66.4
    (-3.0%)
    PALASH SECURITIES 134.0
    (-1.5%)
    PAN INDIA CORPORATION 2.3
    (0.0%)
    PANAFIC INDUSTRIALS 1.1
    (-1.9%)
    PARAGON FIN. 49.7
    (0.0%)
    PARSHWANATH CORP 50.5
    (0.0%)
    PAUL MERCHANTS 990.4
    (-0.7%)
    PEARL GREEN CLUBS AND RESORTS LTD. 157.4
    (3.5%)
    PILANI INVESTMENT & IND. 3,913.5
    (-1.6%)
    PIONEER INVEST 50.8
    (4.4%)
    PMC FINCORP 2.8
    (-1.4%)
    PNB HOUSING FINANCE 795.3
    (-0.2%)
    POLYTEX 7.5
    (1.9%)
    POONAWALLA FINCORP 484.2
    (-1.5%)
    POPULAR ESTATE 20.6
    (0.5%)
    POWER FINANCE CORPORATION 480.5
    (2.7%)
    PREM SOMANI 19.5
    (-1.5%)
    PRERNA FINSA 29.3
    (4.3%)
    PRESSMAN ADVT. 267.8
    (1.5%)
    PRIME PROPERTY 28.3
    (-4.5%)
    PRIME SECURITIES 180.0
    (-1.9%)
    PRO FIN CAPITAL 1.1
    (-1.8%)
    PROVESTMENT SERVICES 7.2
    (-4.2%)
    PTC INDIA FINANCIAL 44.5
    (0.1%)
    PUNE E - STOCK BROKING LTD. 145.7
    (0.5%)
    PURSHOTTAM INVEST. 36.3
    (1.9%)
    PUSHPA.FLORI 17.7
    (4.9%)
    PYXIS FINVEST 9.8
    (5.0%)
    R R FINANCE. 18.4
    (0.1%)
    RADHEY TRADE HOLDING 162.3
    (5.0%)
    RADIANT CASH MANAGEMENT 86.1
    (-2.1%)
    RAJATH FINANCE 21.8
    (5.0%)
    RAJPUTANA INVEST. 41.0
    (1.0%)
    RANDER CORP. 9.6
    (-1.4%)
    RANE HOLDINGS 1,400.1
    (4.1%)
    RASHI PERIPHERALS LTD. 343.5
    (-2.8%)
    RAVINDRA TRADING 69.9
    (-0.8%)
    REAL TOUCH FINANCE 45.6
    (-5.0%)
    REC 557.7
    (0.6%)
    REGENCY TRUST 3.2
    (1.9%)
    RELIANCE CAPITAL 11.8
    (-4.5%)
    RELIANCE HOME FINANCE 4.3
    (-1.8%)
    RELIGARE ENT 216.7
    (-0.1%)
    REPCO HOME 517.8
    (-0.5%)
    RGF CAPITAL 0.7
    (1.5%)
    RICH CAPITAL 18.2
    (5.0%)
    RICHFIELD FINANCIAL SERVICES 56.5
    (2.0%)
    RITA FINANCE AND LEASING LTD. 20.8
    (-1.7%)
    RK SWAMY LTD. 278.1
    (0.7%)
    RKD AGRI & RETAIL 8.4
    (0.0%)
    ROSELABS FIN 32.6
    (2.0%)
    ROYAL SENSE LTD. 133.1
    (-1.0%)
    S R G SECURITIES 26.0
    (-13.3%)
    SABRIMALA LEASING AND HOLDINGS 14.3
    (1.9%)
    SAGAR PRODUCTIONS 5.2
    (2.0%)
    SAHARA HOUSING 38.0
    (-0.4%)
    SAHARA INDIA MEDIA 15.7
    (0.0%)
    SAKTHI FINANCE 54.0
    (-0.4%)
    SALEM ERODE INVESTMENTS 44.5
    (-0.8%)
    SAMBHAAV MEDIA 5.3
    (0.0%)
    SAMYAK INTERNATIONAL 33.1
    (-3.4%)
    SARASWATI COMMERCIAL (INDIA) 5,244.3
    (-3.5%)
    SASTASUNDAR VENTURES 306.1
    (-0.6%)
    SATIN CREDITCARE NET. 251.8
    (-2.3%)
    SATIN CREDITCARE NETWORK LTD. - (PARTLY PAID UP RI 67.6
    (-1.0%)
    SAUMYA CONSULTANTS 208.6
    (-2.5%)
    SAWACA BUSINESS 1.3
    (0.0%)
    SBFC FINANCE LTD 86.0
    (-2.6%)
    SBI CARDS 721.8
    (-1.0%)
    SBI NIFTY BANK ETF 494.5
    (-0.5%)
    SCAN STEELS 72.2
    (0.5%)
    SCARNOSE INTERNATIONAL LTD. 154.0
    (-5.0%)
    SCINTILLA COMM. 4.3
    (-4.9%)
    SERA INVESTMENTS 13.4
    (-2.0%)
    SG FINSERVE 479.7
    (2.2%)
    SHALIMAR AGENCIES 40.6
    (-0.0%)
    SHANTHALA FMCG PRODUCTS LTD. 80.0
    (2.2%)
    SHARDUL SECURITIE 191.0
    (0.5%)
    SHARE INDIA SECURITIES 1,686.1
    (-1.7%)
    SHARP INVESTMENTS 0.8
    (1.3%)
    SHASHANK TRADERS 22.0
    (5.0%)
    SHIVANSHI FINSERVE 4.9
    (-1.6%)
    SHIVOM INV 0.4
    (-2.3%)
    SHRADHA INDUSTRIES LTD. 51.8
    (-2.2%)
    SHREE MARUTINANDAN TUBES LTD. 297.1
    (-0.8%)
    SHREM INVIT 118.0
    (0.0%)
    SHRI NIWAS LEASING 19.1
    (5.0%)
    SHRICON IND. 129.3
    (-4.9%)
    SHRIRAM ASSE 322.9
    (-0.3%)
    SHRIRAM FINANCE 2,589.0
    (0.3%)
    SHRISTI INFRA. DEV. 51.2
    (0.5%)
    SHYAMKAMAL INVESTMENTS 8.5
    (-2.3%)
    SIDDHA VENTURES 10.3
    (1.8%)
    SIEL FINANCIAL 22.7
    (2.0%)
    SILICON VALL 0.0
    (0.0%)
    SMART FINSEC 12.0
    (2.0%)
    SMC GLOBAL 159.4
    (-1.9%)
    SONAL MERCANTILE 100.2
    (-1.8%)
    SP CAPITAL 34.1
    (2.0%)
    SPANDANA SPHOORTY FINANCIAL 859.3
    (-1.3%)
    SREI INFRA FINANCE 2.1
    (4.6%)
    SRG HOUSING FINANCE 277.8
    (1.4%)
    SRI AMARNATH 7.8
    (5.0%)
    SSPN FINANCE 8.6
    (-5.0%)
    STAMPEDE CAPITAL 1.3
    (0.8%)
    STANDARD BATT. 136.5
    (5.0%)
    STANDARD CAPITAL 1.9
    (0.0%)
    STANROSE MAFATLAL 82.1
    (-0.5%)
    STEEL CITY SECURITIES 102.2
    (3.0%)
    STEL HOLDINGS 313.5
    (-1.7%)
    STELLANT SECURITIES 15.1
    (5.0%)
    STELLAR CAPITAL 5.5
    (-0.2%)
    STEP TWO CORP 38.4
    (2.0%)
    STERLING GUARANTY 24.7
    (0.0%)
    SUCHITRA FINANCE 118.7
    (0.0%)
    SUJALA TRADING 34.6
    (2.6%)
    SULABH ENGINEERS 5.3
    (-1.7%)
    SUMEDHA FISC 50.5
    (1.6%)
    SUMMIT SECURITIES 1,470.7
    (-1.4%)
    SUNDARAM FINANCE 4,833.3
    (-0.5%)
    SUNGOLD CAPITAL 3.0
    (-2.0%)
    SUNREST LIFESCIENCE LTD. 70.3
    (0.0%)
    SUNRISE INDUSTRIAL 7.2
    (5.0%)
    SUNSHINE CAPITAL 3.5
    (-1.4%)
    SUPERIOR FINLEASE 1.4
    (-4.8%)
    SUPRA PACIFIC 30.1
    (-5.1%)
    SUPRA TRENDS 40.9
    (0.0%)
    SUPREME HOLD 61.4
    (-2.3%)
    SURYA INDIA 18.3
    (4.9%)
    SVARAJ TRADING 10.2
    (0.4%)
    SW INVESTMENTS 63.4
    (5.0%)
    SWARNA SECURITIES 59.6
    (-2.0%)
    SWATI PROJECTS 103.5
    (2.0%)
    SYMBIOX INVESTMENT 2.8
    (-0.4%)
    TAC INFOSEC LTD. 626.8
    (9.6%)
    TAMBOLI CAPITAL 138.8
    (-0.7%)
    TATA INVESTMENT 6,506.1
    (-0.9%)
    TATA NIFTY ETF 238.6
    (-0.6%)
    TCI FINANCE 6.0
    (4.9%)
    THE INVESTMENT TRUST OF INDIA 153.8
    (0.6%)
    THE YAMUNA SYNDICATE 27,201.0
    (0.7%)
    THIRDWAVE FINANCIAL INTERMEDIARIES 99.1
    (-2.0%)
    TIAAN CONSUMER 2.9
    (4.4%)
    TILAK FINANCE 5.0
    (-1.2%)
    TIMES GUARANTY 91.7
    (2.0%)
    TOYAM SPORTS 3.9
    (1.8%)
    TRANSWARRANTY FIN 13.7
    (20.0%)
    TRC FINANCIAL SERV. 26.9
    (0.0%)
    TRICOM FRUIT 2.2
    (-4.8%)
    TRINITY LEAGUE INDIA 20.3
    (-1.0%)
    TRIO MERCANTILE 1.0
    (-8.8%)
    TRISHAKTI ELEC. 61.9
    (-4.6%)
    TYPHOON FINANCIAL SERVICES 19.0
    (5.0%)
    U.Y. FINCORP 25.8
    (-0.7%)
    UGRO CAPITAL 282.2
    (-0.5%)
    UJJIVAN FINANCIAL SERVICES 590.4
    (2.7%)
    UNITECH INTERN. 6.0
    (0.0%)
    UNITED CRED. 22.0
    (-1.1%)
    UPASANA FINANCE 47.1
    (3.0%)
    USHAKIRAN FINANCE 24.3
    (4.1%)
    V B INDUSTRIES 7.0
    (4.5%)
    VALLEY INDIANA 39.0
    (-0.1%)
    VARDHMAN HOLDINGS 3,177.4
    (-1.2%)
    VARIMAN GLOBAL 26.0
    (-1.7%)
    VAS INFRASTRUCTURE 3.8
    (-1.8%)
    VEDANT ASSET 42.0
    (-1.8%)
    VEERHEALTH CARE 20.0
    (-2.0%)
    VEERKRUPA JEWELLERS LTD. 1.5
    (-2.0%)
    VERTEX SEC. 5.1
    (4.9%)
    VIBRANT GLOBAL 107.5
    (-2.1%)
    VIJI FINANCE 3.9
    (-3.3%)
    VIKALP SECUR 35.0
    (2.0%)
    VINTAGE SECURITES 13.8
    (0.0%)
    VISAGAR FINANCIAL 0.8
    (0.0%)
    VISAGAR POLYTEX 1.0
    (1.0%)
    VISCO TRADE ASSOCIATES 346.0
    (0.4%)
    VISTAR AMAR 218.4
    (-0.2%)
    VIVO BIO TECH 44.6
    (-0.6%)
    VJTF EDUSERVICES 95.1
    (-5.0%)
    VLS FINANCE 265.1
    (-1.4%)
    VOLTAIRE LEASING 16.1
    (1.9%)
    WALCHAND PEOPLE 208.1
    (-0.9%)
    WELSPUN INVESTMENTS 773.8
    (-0.6%)
    WILLIAMSON MAGOR 37.5
    (-5.1%)
    WOMEN NETWORKS 9.3
    (0.0%)
    WORTH INVEST. 347.9
    (2.0%)
    YAMINI INVESTMENTS 0.9
    (-1.2%)
    YASH MANAGE. 13.0
    (-0.4%)

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