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Budget 2004-05: Finance


Financial institutions (FIs) world-over, are considered as the hubs for financial activity. Indian FIs are also gearing up to transform into 'Universal Banks', to capitalize on the opportunities available in the sector with the opening up of the Indian economy. Development Financial Institutions (DFIs) have played a vital role in long-term financing and project financing over the years. The trend is now changing with banks entering long term finance and FIs also meeting the medium and short - term needs of the business masses. Read more

 Budget Measures
  		• The government has stressed on the rural housing sector and has raised the allocation for Indira Awas Yojana by Rs 5.3 bn to Rs 22.47 bn. RBI to revise the norms of repayment of rural housing loans by banks so that installments coincide with crop cycles.
  		•  Tax exemption on interest on housing loans maintained at Rs 150,000 per year.

     Budget Impact

  • There may not be any direct impact of the government's thrust on rural housing. However increased lending to the rural housing sector may not be ruled out.

  		•  The housing sector will continue to benefit from the tax exemption on housing loans.

     Industry Wish List

  • Maintain the tax incentives on housing loans.

  • Housing finance companies (HFCs) are seeking level playing field after the aggressive entry of banks into the sector. This is due to the fact that HFCs are not allowed tax exemptions against provision for non-performing assets (NPAs) unlike banks and financial institutions.


     Budget over the years
    Budget 2001-02 Budget 2002-03 Budget 2003-04
    Enhancement of limit for deduction of interest paid on housing loans under section 24(2), from the present Rs 100,000 to Rs 150,000.

    In respect of repairs of, and collection of rent from the property, amount of 30% (from the current 25%) of the annual value of house property is allowed as a deduction u/s 24(1)(i).

    FII limit increased to 49% from the current 40%.

    Automatic foreign direct investment in non-banking finance companies allowed up to 100%.

    		Deduction for interest payable on housing loans for self-occupied houses even where such houses are acquired or constructed after March 31, 2003.

    Capital gains exemption is provided in section 54EC of the Income-tax Act to bonds issued by the National Housing Bank.

    The NHB will launch a Mortgage Credit Guarantee Scheme.

    		Tax exemption on interest on housing loans maintained at Rs 150,000 per year.

    Tax breaks on specified housing projects have been extended till 2005.

    Reduction in the interest rates on all small savings schemes by 1%.

    [Read more on Budget 2001-02] [Read more on Budget 2002-03] [Read more on Budget 2003-04]

    Key Positives

  • Bank conversion key trigger - The RBI is taking a more proactive look in to the state of NBFCs in the country. The RBI has allowed Non-banking finance companies (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 (including permission for entry of new banks). The RBI had granted license to Kotak Mahindra to convert to a bank.

  • Housing sector growth potential - There is a large demand supply mismatch as far as dwelling units are concerned in the housing sector and this will be one of the key drivers of growth in this sector. Tax incentives and ready availability of finance is also another important factor that is likely to aid growth in this sector.

  • Lower capital requirement - The RBI has reduced the capital adequacy requirement of NBFCs as far as lending to the housing sector is concerned. The RBI has reduced the capital requirement to 50% from the earlier 100% and this has helped the NBFCs to increase their exposure to the housing sector due to availability of a higher quantum of capital.

  • Policy benefits - HFCs are exempted from paying withholding tax on foreign currency borrowings. This enables HFCs to tap foreign markets to raise funds at lower cost.

  • Enhanced foreign participation limits - FII limits for HFCs and financial institutions have been increased to 49% from earlier 40%. Automatic foreign direct investment in NBFCs is also allowed up to 100%.

    		  
    Key Negatives

  • 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 Indian economy is witnessing rising inflationary pressure and this has the potential to curtail the credit growth in the economy. As inflation inches close to the 6% mark, the Reserve Bank of India (RBI) may be forced to hike interest rates and this may prohibit potential borrowers from borrowing. A hike in interest rates may have a bigger impact on the high growth retail segment, which has a higher sensitivity to rising interest rates. Thus to that extent lenders like NBFCs may witness a slowdown in credit offtake.

  • Growing competition - NBFCs as a class do not offer any products that are distinct form 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. Banks due to their low cost of capital have been able to offer services at lower cost to the consumer. Going forward if interest rates rise, NBFCs will be hit hard as banks will continue to remain more competitive.


    Budget Impact: Finance Sector Analysis for 2004 | Finance Sector Analysis for 2005-06
    Latest: Performance Of Finance Stocks | Finance Sector Report

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    Sector Performance
    COMPANY PRICE (Rs)
    5PAISA CAPITAL 558.8
    (3.3%)
    A F ENTERPRISES 6.1
    (-1.9%)
    A.K.CAPITAL 897.7
    (0.9%)
    AA PLUS TRADELINK LTD. 11.9
    (-8.8%)
    AADI INDUSTRIES 6.0
    (4.9%)
    AAR SHYAM INDIA INVESTMENT CO. 9.4
    (4.9%)
    AARNAV FASHIONS 28.1
    (-0.6%)
    AAVAS FINANCIERS 1,526.7
    (-0.9%)
    ABANS HOLDINGS 428.6
    (-0.5%)
    ABHINAV LEASING 2.1
    (0.5%)
    ABHISHEK INFRAVENTURES 10.0
    (4.9%)
    ABIRAMI FINANCIAL 41.1
    (-2.1%)
    ABM KNOWLEDGEWARE 104.8
    (-1.9%)
    ACME RESOURCES 37.1
    (2.0%)
    ADCON CAPITAL SERVICES LIMITED 0.8
    (-1.3%)
    ADISHAKTI LOHA AND ISPAT LTD. 10.7
    (1.9%)
    ADITYA BIRLA CAPITAL 202.0
    (-0.6%)
    ADITYA BIRLA MONEY 113.9
    (3.8%)
    ADVIK CAPITAL 2.8
    (-1.8%)
    AG UNIVERSAL LTD. 57.7
    (-4.8%)
    AGARWAL FLOAT GLASS INDIA LTD. 65.5
    (3.9%)
    AGARWAL HOLDINGS 1.3
    (-8.6%)
    AKASHDEEP METAL 18.9
    (0.4%)
    AKME STAR 52.2
    (-0.4%)
    ALANKIT 16.7
    (-1.0%)
    ALEXANDER STAMPS & COIN 14.4
    (-0.7%)
    ALMONDZ GLO. 109.3
    (-1.8%)
    AMARNATH SEC. 55.3
    (-4.7%)
    AMIT SECUR. 4.0
    (1.5%)
    AMRAPALI CAPITAL 18.2
    (5.0%)
    AMRAPALI FINCAP 12.7
    (5.0%)
    ANAND RATHI WEALTH 4,136.5
    (1.3%)
    ANGEL ONE 2,792.1
    (-2.1%)
    ANJANI FINANCE 12.0
    (1.4%)
    ANNA FINANCE 29.5
    (-0.5%)
    ANUPAM FINSERV 2.1
    (1.9%)
    APOLLO FIN I 930.0
    (-3.8%)
    APOORVA LEASING 30.4
    (-2.0%)
    APTUS VALUE HOUSING FIN. 315.7
    (0.5%)
    APUNKA INVEST COMM. 952.8
    (3.7%)
    ARAVALI SEC. 5.0
    (-4.4%)
    ARC FINANCE 0.9
    (2.3%)
    ARIHANT CAPITAL 59.0
    (2.4%)
    ARIHANT SEC. 18.5
    (1.7%)
    ARMAN FINANCIAL 1,995.7
    (-0.2%)
    ARNOLD HOLDINGS 43.9
    (2.0%)
    AROMA ENTERPRISES 30.0
    (0.0%)
    ARYAMAN CAPITAL MARKETS 121.0
    (0.0%)
    ARYAMAN FIN. 249.0
    (0.0%)
    ARYAN SHARES AND STOCK BROKERS 20.5
    (0.0%)
    ASCOM LEASING & INVESTMENTS 266.5
    (0.0%)
    ASHIKA CREDIT 78.3
    (-1.0%)
    ASHIKA CREDIT 33.5
    (3.1%)
    ASHIRWAD CAP 5.7
    (-1.9%)
    ASIT C MEHTA 163.5
    (3.3%)
    ASPIRE & INNOVATIVE ADVERTISING LTD. 81.1
    (5.0%)
    ASSAM ENTRADE 635.4
    (-2.0%)
    ATHARV ENTERPRISES 2.3
    (-0.4%)
    ATN INTERNATIONAL 0.2
    (0.0%)
    AUTHUM INVESTMENT 747.8
    (3.4%)
    AVAILABLE FINANCE 210.1
    (1.9%)
    AVONMORE CAPITAL 96.3
    (-1.5%)
    B. P. CAPITAL 4.9
    (-4.9%)
    B.N.RATHI SE 113.7
    (4.1%)
    B2B SOFTWARE TECH 31.3
    (-0.6%)
    BAID LEASING 21.1
    (-0.2%)
    BAJAJ FINANCE 6,889.3
    (-0.8%)
    BAJAJ FINSERV 1,594.3
    (-1.5%)
    BAJAJ HOLDINGS & INVESTMENT 7,914.9
    (0.1%)
    BALMER LAW INVEST 664.4
    (1.6%)
    BANAS FINANCE 17.3
    (6.3%)
    BAZEL INTERNATIONAL LTD. 42.8
    (-5.0%)
    BCL ENTERPRISES 1.1
    (-0.9%)
    BENGAL & ASSAM 8,163.0
    (0.5%)
    BERVIN INV. 38.6
    (-1.8%)
    BERYL SECURITIES 27.1
    (-4.9%)
    BF INVESTMENT 524.1
    (0.9%)
    BFL DEVELOPERS 20.7
    (19.9%)
    BHARAT BHUSAN 32.7
    (1.3%)
    BHARAT HIGHWAYS INVIT 106.7
    (0.2%)
    BHARTIA BACHAT 106.9
    (1.8%)
    BLS E-SERVICES LTD. 302.5
    (-2.1%)
    BLUEBLOOD VENTURES 11.1
    (4.9%)
    BRAND REALTY 42.7
    (5.0%)
    BRILLIANT PORTFOLIOS 7.0
    (5.0%)
    BRISK TECHNOVISION LTD. 134.2
    (-1.3%)
    BSE 2,781.1
    (-1.9%)
    CANFIN HOMES 763.6
    (-0.3%)
    CANOPY FINANCE 84.2
    (5.0%)
    CAPFIN INDIA 273.3
    (-5.0%)
    CAPITAL INDIA FINANCE 128.5
    (0.4%)
    CAPITAL TRADE 42.6
    (1.8%)
    CAPITAL TRUST 114.4
    (-0.7%)
    CAPRI GLOBAL CAPITAL 230.3
    (-3.8%)
    CAPRICORN SYS 10.4
    (-4.9%)
    CAREWELL INDUST. 11.4
    (-10.0%)
    CAT TECHNOLOGIES 0.8
    (4.1%)
    CELLECOR GADGETS LTD. 261.0
    (1.8%)
    CENTRUM CAPITAL 35.8
    (1.0%)
    CENTURY TWENTY 48.0
    (-5.0%)
    CHANNEL GUIDE INDIA 2.2
    (-3.9%)
    CHARTERED CAP 248.8
    (5.0%)
    CHHATTIS. IND. 53.0
    (3.8%)
    CHOICE INT. 310.6
    (2.9%)
    CHOLAMANDALAM FINANCIAL HOLDINGS 1,063.2
    (-0.2%)
    CHOLAMANDALAM INVEST 1,120.5
    (-0.8%)
    CIL SECURITIES 51.1
    (-0.7%)
    CINDRELLA FIN. 16.0
    (0.0%)
    CITI PORT FIN. 16.0
    (0.0%)
    CITY CROPS AGRO LTD. 24.0
    (3.5%)
    CLASSIC LEASING & FINANCE 14.8
    (0.0%)
    CNI RESEARCH 4.8
    (1.9%)
    COLAB CLOUD PLATFORMS 17.0
    (3.3%)
    COMFORT COMM. 23.6
    (1.7%)
    COMFORT INTECH 9.9
    (-1.2%)
    CONS. FIN & HOLD 240.3
    (0.8%)
    CONTINENTAL CREDIT 141.0
    (-2.5%)
    CONTINENTAL SECURITIES 9.1
    (-1.0%)
    CORAL INDIA FIN. 42.0
    (0.0%)
    CORPORATE MERCHANT BANKERS 16.6
    (-5.0%)
    CREDITACCESS GRAMEEN 1,426.2
    (-1.3%)
    CREDO BRANDS MARKETING LTD. 185.2
    (0.9%)
    CRESSANDA SOLU. 17.7
    (-2.8%)
    CSL FINANCE 452.3
    (-0.5%)
    CUBICAL FINANCIAL 1.7
    (1.2%)
    DALAL STREET INVESTMENTS 453.8
    (0.0%)
    DARJEELING ROPEWAY COMPANY 5.0
    (4.8%)
    DAULAT SECURITIES 32.5
    (0.9%)
    DB INTERNATIONAL 47.8
    (4.0%)
    DCM FINANCIAL 5.7
    (5.0%)
    DECILLION FINANCE 25.5
    (-2.0%)
    DEE KARTAVYA FINANCE LTD. 90.1
    (4.2%)
    DELTA INDUSTRIAL 38.5
    (2.0%)
    DHANI SERVICES 51.5
    (6.4%)
    DHANLAXMI COTEX 62.8
    (0.0%)
    DHANVARSHA FINVEST 65.7
    (1.5%)
    DHARNI CAPITAL SERVICES 47.3
    (6.2%)
    DHENU BUILDCON 2.2
    (-1.8%)
    DHFL 16.7
    (-10.0%)
    DHOOT INDUST. 17.9
    (0.0%)
    DHRUVA CAPITAL 408.2
    (-0.5%)
    DHUNSERI INVESTMENTS 1,197.5
    (-0.8%)
    DISHA RESOURCES LTD. 16.0
    (-0.1%)
    DOLAT ALGOTECH 97.3
    (2.3%)
    DYNAMIC PORTFOLIO 64.2
    (5.0%)
    EAST WEST HOLDINGS 6.4
    (0.3%)
    EASUN CAPITAL MARKETS 49.0
    (4.6%)
    EASY FINCORP 938.9
    (4.7%)
    EBIXCASH WORLD MONEY 228.2
    (-2.6%)
    ECONO TRADE 6.9
    (5.1%)
    EDELWEISS FINANCIAL 72.5
    (-2.1%)
    EKAM LEASING 5.9
    (7.1%)
    ELCID INVESTMENTS 3.4
    (5.0%)
    ELECTRA FINA 36.0
    (-1.1%)
    EMKAY GLOBAL FINANCIAL 141.3
    (-4.7%)
    ENTERO HEALTHCARE SOLUTIONS LTD. 1,113.2
    (1.3%)
    EPIC ENERGY 8.4
    (-3.0%)
    ESAF SMALL FINANCE BANK 59.8
    (-0.5%)
    ESCONET TECHNOLOGIES LTD. 171.4
    (-1.0%)
    ESCORP ASSET MANAGEMENT 86.0
    (5.0%)
    ESCORT FINANCE 8.8
    (4.9%)
    ESSAR SECURITIES 11.3
    (-2.3%)
    EVOQ REMEDIES LTD. 10.6
    (0.4%)
    EXPLICIT FINANCE 5.9
    (8.7%)
    FARRY INDUSTRIES 7.5
    (4.9%)
    FEDBANK FINANCIAL SERVICES LTD 123.7
    (-1.0%)
    FINKURVE FINANCIAL SERVICES 71.6
    (0.7%)
    FIRST CUSTO. 61.0
    (2.4%)
    FIVE STAR BUSINESS 688.8
    (-1.2%)
    FOCE INDIA LTD. 830.0
    (1.2%)
    FRANKLIN LEASING & FINANCE 12.7
    (0.0%)
    FRONTIER LEAS. 23.8
    (-5.0%)
    FUSION MICRO FINANCE 477.8
    (0.6%)
    FUTURISTIC SOLUTIONS 88.3
    (3.2%)
    G.K.CONSULTANTS 11.7
    (4.9%)
    GANESH HSG CORP 772.3
    (0.8%)
    GANGES SECURITIES 136.7
    (2.6%)
    GARNET INTERNATIONAL. 61.3
    (10.4%)
    GCM SECURITIES 0.9
    (-3.3%)
    GEETANJALI CREDIT 4.8
    (4.8%)
    GEMSTONE INV. 1.7
    (-5.0%)
    GEOJIT FINANCIAL SERVICES 78.9
    (-1.3%)
    GETALONG ENTERPRISE LTD. 193.8
    (-5.0%)
    GIC HOUSING 208.8
    (-1.9%)
    GILADA FINANCE 9.9
    (-4.7%)
    GLOBAL CAPITAL 0.9
    (-3.3%)
    GOENKA BUSINESS 6.9
    (6.0%)
    GOGIA CAP. 97.1
    (-2.0%)
    GOLECHHA GLOBAL 19.2
    (-2.0%)
    GOWRA LEASNG 38.5
    (-0.5%)
    GREENCREST FINANCIAL 1.1
    (1.9%)
    GRETEX CORPORATE 427.2
    (12.7%)
    GUJARAT CREDIT 21.5
    (0.1%)
    GUJARAT LEASE 10.0
    (-2.0%)
    HARDWYN INDIA 31.8
    (-0.4%)
    HARYANA CAPFIN 176.8
    (2.6%)
    HASTI FINANCE 10.3
    (2.0%)
    HATHWAY BHAWANI 19.4
    (0.4%)
    HB ESTATE DEV. 70.0
    (-1.2%)
    HB LEAS.PUB 16.9
    (5.0%)
    HB STOCKHOLDINGS 92.8
    (4.2%)
    HCKK VENTURES 133.0
    (4.3%)
    HDFC NIFTY ETF 241.4
    (-0.8%)
    HELPAGE FINLEASE 18.0
    (9.4%)
    HEMANG RESOURCES 34.5
    (-0.3%)
    HFCL INFOTEL 1.6
    (-1.9%)
    HIGHWAYS INFRASTRUCTURE TRUST 94.7
    (0.0%)
    HOME FIRST FINANCE 879.7
    (-0.7%)
    HUDCO 192.8
    (-1.2%)
    ICDS 39.0
    (-0.3%)
    ICICI SECURITIES 703.3
    (-1.3%)
    IDFC 122.0
    (-0.4%)
    IFCI 41.9
    (-1.4%)
    IIFL FINANCE 419.8
    (-0.5%)
    IIFL SECURITIES 141.2
    (3.3%)
    IL&FS INV. MANAGERS 9.9
    (1.4%)
    IM CAPITALS 768.6
    (-2.2%)
    INANI SEC. 30.5
    (1.7%)
    IND BANK HOUSING 46.6
    (-3.2%)
    INDBANK MERCHANT 47.9
    (0.8%)
    INDERGIRI FN 61.4
    (0.3%)
    INDIA FINSEC 92.0
    (8.2%)
    INDIA GRID TRUST 136.5
    (1.1%)
    INDIA HOME LOANS 34.0
    (1.1%)
    INDIA SHELTER FINANCE CORPORATION LTD. 579.0
    (-2.6%)
    INDIABULLS HOU. FIN. 167.2
    (-0.4%)
    INDIABULLS NIFTY 50 ETF 202.1
    (-0.1%)
    INDIANIVESH 12.0
    (-2.0%)
    INDINFRAVIT TRUST 135.1
    (4.2%)
    INDO CREDIT 1.9
    (4.5%)
    INDO THAI 346.4
    (0.4%)
    INDOSTAR CAPITAL 246.2
    (1.4%)
    INDUS FINANCE CORP. 16.5
    (-2.9%)
    INDUSTRIAL & PRUD. INVST. 5,500.0
    (3.7%)
    INDUSTRIAL INVEST 182.3
    (-0.5%)
    INTEC SEC. 17.5
    (0.0%)
    INTEGRA CAPITAL 17.8
    (0.0%)
    INTELLIGENT SUPPLY CHAIN INFRASTRUCTURE TRUST 101.8
    (-0.3%)
    INTELLIVATE CAPITAL 62.6
    (-2.0%)
    INTER GLOBE FIN. 67.2
    (-2.0%)
    INTER ST.FIN 2.1
    (0.0%)
    INTERACTIVE FINANCIAL SERVICES 24.5
    (5.2%)
    INVENTURE GROWTH 2.4
    (1.3%)
    INVESCO INDIA NIFTY ETF 2,471.1
    (-0.3%)
    IREDA 163.1
    (1.9%)
    IRFC 141.9
    (0.1%)
    ISL CONSULTING 30.6
    (-0.2%)
    J TAPARIA PROJECTS 29.1
    (-2.9%)
    JACKSON INVEST. 1.0
    (2.1%)
    JAGSONPAL FIN. 6.9
    (-5.0%)
    JHAVERI CREDITS 430.0
    (0.1%)
    JINDAL POLY INVEST 652.1
    (1.6%)
    JJ FINANCE CORP. 20.0
    (0.0%)
    JM FINANCIAL 79.7
    (-2.8%)
    JPT SECUR 9.3
    (0.0%)
    JUPITER LEA. 3.5
    (4.9%)
    KALYANI INVESTMENT 3,901.0
    (0.1%)
    KANUNGO FINANCIERS 5.6
    (-9.9%)
    KAPIL RAJ FINANCE 21.0
    (2.4%)
    KARNAVATI FIN. 2.3
    (2.2%)
    KARTIK INVESTMENTS 750.0
    (1.9%)
    KBS CAPITAL 9.1
    (-0.2%)
    KCD INDUSTRIES 9.8
    (-0.5%)
    KCK INDUSTRIES LTD. 84.0
    (5.0%)
    KEN FIN.SER. 14.1
    (-5.0%)
    KEY CORP 109.9
    (2.0%)
    KEYNOTE FINANCIAL SERVICES 182.5
    (-5.0%)
    KFIN TECHNOLOGIES 625.7
    (1.1%)
    KHANDWALA SECU 30.0
    (-0.7%)
    KIDUJA IND. 233.0
    (-4.9%)
    KIFS FINANCIAL SERVICES 148.0
    (-1.4%)
    KINETIC TRUST 15.7
    (0.0%)
    KIRAN VYAPAR 173.5
    (-1.1%)
    KOSIAN FIN. 0.7
    (1.4%)
    KREON FINNANCIAL 45.3
    (-0.7%)
    KRISHNA CAPITAL 22.6
    (-2.0%)
    KRISHNA VENT. 89.8
    (-2.0%)
    KRYSTAL INTEGRATED SERVICES LTD 825.9
    (-15.3%)
    KUBER UDYOG 9.1
    (-2.0%)
    KUMBHAT FINANCIAL 16.0
    (-10.0%)
    KZ LEAS FIN. 31.4
    (-4.9%)
    L&T FINANCE HOLDINGS 161.3
    (-0.2%)
    LADAM AFFORDABLE HOUSING 7.0
    (-3.3%)
    LADDERUP FIN 31.0
    (0.2%)
    LAKSHMI FINANCE 176.2
    (-3.7%)
    LAST MILE ENTERPRISES 870.3
    (-2.0%)
    LEAD FINANCIAL 17.0
    (5.0%)
    LEADING LEASING FINANCE & INVESTMENT CO 2.2
    (3.8%)
    LESHA INDUSTRIES 4.0
    (0.3%)
    LIBORD INFOTECH 10.0
    (-1.9%)
    LIC HOUSING 641.7
    (-1.9%)
    LKP FINANCE 129.1
    (0.4%)
    LKP SECURITIES 19.0
    (3.3%)
    LOHIA SECURITIES 195.0
    (0.6%)
    MADHUSUDAN SEC. 33.1
    (-4.8%)
    MAGELLANIC CLOUD 439.9
    (0.3%)
    MAH.RAS.APEX 123.9
    (-5.3%)
    MAHAN INDUSTRIES 3.1
    (-1.9%)
    MAHINDRA & MAHINDRA FINANCIAL SERVICES 291.2
    (1.1%)
    MANAPPURAM FINANCE 189.0
    (0.0%)
    MANGAL CREDIT AND FINCORP. 108.5
    (-0.5%)
    MANGALAM INDUST. 5.0
    (0.4%)
    MANIPAL FINANCE 5.5
    (-4.2%)
    MANOJ CERAMIC LTD. 132.5
    (-5.4%)
    MANOJ VAIBHAV GEMS JEWELLERS LTD. 249.7
    (1.6%)
    MANRAJ HOUSING 38.8
    (5.0%)
    MANSI FINANCE 64.4
    (-0.6%)
    MARUTI SECURITIES 9.1
    (3.5%)
    MAS FINANCIAL SERVICES 287.0
    (-0.4%)
    MASK INVESTMENTS 64.7
    (-4.5%)
    MASTER TRUST 752.8
    (0.1%)
    MATHEW EASOW 8.1
    (4.9%)
    MATRU-SMRITI TRADERS 130.0
    (-0.0%)
    MEDICO INTERCONTINENTAL 45.0
    (-0.2%)
    MEFCOM CAPIT 14.2
    (1.4%)
    MEHTA HOUSING 117.0
    (0.0%)
    MEHTA SECURITIES 28.5
    (0.5%)
    MERCURY EV TECH 84.2
    (1.6%)
    MESON VALVES INDIA LTD. 757.3
    (5.0%)
    MID EAST POR 9.5
    (0.0%)
    MILLENNIUM ONLINE 2.5
    (-4.7%)
    MINOLTA FINANCE 7.5
    (0.0%)
    MIRAE ASSET NIFTY 50 ETF 233.0
    (-0.6%)
    MKVENTURES CAPITAL 1,788.8
    (6.7%)
    MODERN SHARES 39.2
    (2.8%)
    MONARCH NETWORTH CAPITAL 594.1
    (1.9%)
    MONEY MASTERS 151.7
    (-1.2%)
    MONO PHARMACARE LTD. 45.6
    (-3.3%)
    MOONGIPA CAPITAL 33.5
    (0.0%)
    MORARKA FINANCE 141.2
    (1.0%)
    MOTILAL OSWAL 2,082.0
    (2.4%)
    MOTILAL OSWAL N100 ETF 143.9
    (-1.2%)
    MOTOR & GEN. FINAN 35.0
    (2.9%)
    MUDRA FINANCIAL SERVICES 4.1
    (4.9%)
    MUFIN GREEN FINANCE 120.0
    (-2.4%)
    MULTI COMMODITY 3,892.7
    (4.0%)
    MUNOTH INVESTMENTS 12.6
    (0.9%)
    MUTHOOT CAPITAL 305.2
    (0.4%)
    MUTHOOT FINANCE 1,655.2
    (1.3%)
    MUTHOOT MICROFIN LTD. 235.3
    (2.1%)
    MY MONEY SEC. 15.4
    (5.0%)
    N.B.I INDUSTRIAL FINANCE COMPANY 1,782.9
    (1.4%)
    N2N TECHNOLOGIES 33.0
    (0.0%)
    NAHAR CAPITAL & FINANCIAL 291.6
    (-0.4%)
    NALIN LEASE 42.9
    (-2.0%)
    NAM CREDIT 4.1
    (-2.1%)
    NAM SECURITIES 164.0
    (5.0%)
    NARENDRA INVESTMENTS (DELHI) 56.3
    (1.0%)
    NATIONAL HIGHWAYS INFRA TRUST 125.8
    (1.0%)
    NAVIGANT CORPORATE ADVISORS 42.4
    (5.0%)
    NAVODAY ENTERPRISES 9.0
    (5.9%)
    NAYSAA SECURITIES 245.0
    (0.8%)
    NCL RESEARCH 0.7
    (-2.7%)
    NDL VENTURES 101.0
    (-1.5%)
    NEIL IND. 19.1
    (0.7%)
    NEWJAISA TECHNOLOGIES LTD. 107.0
    (4.0%)
    NIHAR INFO GLOBAL 7.0
    (2.2%)
    NIKKI GLOBAL 7.6
    (-1.9%)
    NITIN CASTINGS 630.7
    (-1.7%)
    NIYOGIN FINTECH 70.0
    (-1.3%)
    NORTHLINK FISCAL 26.3
    (5.0%)
    OCTAL CREDIT 19.5
    (0.0%)
    ODYSSEY CORP 9.2
    (0.7%)
    ONELIFE CAPITAL 20.7
    (5.0%)
    ONTIC FINSERVE 0.7
    (-1.5%)
    ORACLE CREDIT 144.3
    (0.8%)
    PAISALO DIGITAL 78.2
    (-1.9%)
    PALASH SECURITIES 125.3
    (-2.8%)
    PAN INDIA CORPORATION 2.4
    (0.9%)
    PANAFIC INDUSTRIALS 1.2
    (-1.6%)
    PARAGON FIN. 54.3
    (-5.0%)
    PARSHWANATH CORP 55.6
    (-5.0%)
    PAUL MERCHANTS 934.2
    (-1.0%)
    PEARL GREEN CLUBS AND RESORTS LTD. 163.5
    (-3.2%)
    PILANI INVESTMENT & IND. 3,404.1
    (-0.5%)
    PIONEER INVEST 53.0
    (2.7%)
    PMC FINCORP 2.6
    (0.0%)
    PNB HOUSING FINANCE 753.3
    (0.7%)
    POLYTEX 6.7
    (-1.9%)
    POONAWALLA FINCORP 500.4
    (2.3%)
    POPULAR ESTATE 19.9
    (5.0%)
    POWER FINANCE CORPORATION 395.5
    (-0.3%)
    PREM SOMANI 18.3
    (-5.0%)
    PRERNA FINSA 29.7
    (0.2%)
    PRESSMAN ADVT. 267.8
    (1.5%)
    PRIME PROPERTY 32.3
    (-1.7%)
    PRIME SECURITIES 175.5
    (-3.9%)
    PRO FIN CAPITAL 1.2
    (-1.6%)
    PROVESTMENT SERVICES 7.9
    (0.0%)
    PTC INDIA FINANCIAL 38.8
    (-2.3%)
    PUNE E - STOCK BROKING LTD. 126.1
    (2.0%)
    PURSHOTTAM INVEST. 35.9
    (0.3%)
    PUSHPA.FLORI 15.0
    (-1.5%)
    PYXIS FINVEST 9.8
    (5.0%)
    R R FINANCE. 17.6
    (9.7%)
    RADHEY TRADE HOLDING 130.2
    (-4.8%)
    RADIANT CASH MANAGEMENT 84.9
    (-0.6%)
    RAJATH FINANCE 21.8
    (5.0%)
    RAJPUTANA INVEST. 38.5
    (-1.3%)
    RANDER CORP. 9.4
    (-2.0%)
    RANE HOLDINGS 1,213.2
    (0.7%)
    RASHI PERIPHERALS LTD. 314.6
    (-2.3%)
    RAVINDRA TRADING 70.8
    (-4.6%)
    REAL TOUCH FINANCE 49.4
    (1.9%)
    REC 428.9
    (-0.1%)
    REGENCY TRUST 2.8
    (1.9%)
    RELIANCE CAPITAL 11.8
    (-4.5%)
    RELIANCE HOME FINANCE 3.2
    (1.9%)
    RELIGARE ENT 221.3
    (-0.8%)
    REPCO HOME 468.4
    (0.9%)
    RGF CAPITAL 0.6
    (-1.5%)
    RICH CAPITAL 17.7
    (-3.3%)
    RICHFIELD FINANCIAL SERVICES 52.3
    (-2.0%)
    RITA FINANCE AND LEASING LTD. 19.5
    (-1.2%)
    RK SWAMY LTD. 272.8
    (-1.8%)
    RKD AGRI & RETAIL 8.4
    (0.0%)
    ROSELABS FIN 30.3
    (1.9%)
    ROYAL SENSE LTD. 140.5
    (-1.4%)
    S R G SECURITIES 26.0
    (-13.3%)
    SABRIMALA LEASING AND HOLDINGS 9.6
    (4.9%)
    SAGAR PRODUCTIONS 5.6
    (-1.9%)
    SAHARA HOUSING 37.4
    (-1.4%)
    SAHARA INDIA MEDIA 15.7
    (0.0%)
    SAKTHI FINANCE 55.9
    (-2.0%)
    SALEM ERODE INVESTMENTS 44.6
    (-3.7%)
    SAMBHAAV MEDIA 5.3
    (-1.9%)
    SAMYAK INTERNATIONAL 25.1
    (1.2%)
    SARASWATI COMMERCIAL (INDIA) 5,181.0
    (-0.4%)
    SASTASUNDAR VENTURES 315.4
    (0.5%)
    SATIN CREDITCARE NET. 237.6
    (-0.7%)
    SATIN CREDITCARE NETWORK LTD. - (PARTLY PAID UP RI 67.6
    (-1.0%)
    SAUMYA CONSULTANTS 187.2
    (-5.0%)
    SAWACA BUSINESS 1.2
    (4.6%)
    SBFC FINANCE LTD 88.2
    (0.9%)
    SBI CARDS 725.1
    (-0.2%)
    SBI NIFTY BANK ETF 476.3
    (-0.8%)
    SCAN STEELS 70.7
    (5.0%)
    SCARNOSE INTERNATIONAL LTD. 177.0
    (-2.8%)
    SCINTILLA COMM. 4.0
    (3.1%)
    SERA INVESTMENTS 13.9
    (-2.0%)
    SG FINSERVE 434.7
    (-2.9%)
    SHALIMAR AGENCIES 42.7
    (-0.2%)
    SHANTHALA FMCG PRODUCTS LTD. 88.0
    (0.0%)
    SHARDUL SECURITIE 192.4
    (-2.0%)
    SHARE INDIA SECURITIES 1,647.6
    (-1.8%)
    SHARP INVESTMENTS 0.8
    (-1.3%)
    SHASHANK TRADERS 20.9
    (5.0%)
    SHIVANSHI FINSERVE 5.5
    (-0.9%)
    SHIVOM INV 0.4
    (-2.3%)
    SHRADHA INDUSTRIES LTD. 56.9
    (2.1%)
    SHREE MARUTINANDAN TUBES LTD. 251.1
    (-3.4%)
    SHREM INVIT 118.0
    (0.0%)
    SHRI NIWAS LEASING 18.2
    (0.0%)
    SHRICON IND. 136.4
    (-0.1%)
    SHRIRAM ASSE 285.8
    (-4.1%)
    SHRIRAM FINANCE 2,373.3
    (-1.1%)
    SHRISTI INFRA. DEV. 53.5
    (13.8%)
    SHYAMKAMAL INVESTMENTS 11.9
    (-2.0%)
    SIDDHA VENTURES 9.1
    (1.3%)
    SIEL FINANCIAL 18.6
    (2.0%)
    SILICON VALL 0.0
    (0.0%)
    SMART FINSEC 12.7
    (-1.9%)
    SMC GLOBAL 139.1
    (-1.2%)
    SONAL MERCANTILE 99.9
    (2.2%)
    SP CAPITAL 29.4
    (2.0%)
    SPANDANA SPHOORTY FINANCIAL 858.2
    (-2.6%)
    SREI INFRA FINANCE 2.1
    (4.6%)
    SRG HOUSING FINANCE 270.7
    (0.5%)
    SRI AMARNATH 7.8
    (5.0%)
    SSPN FINANCE 9.0
    (-1.1%)
    STAMPEDE CAPITAL 1.4
    (-1.5%)
    STANDARD BATT. 83.8
    (5.0%)
    STANDARD CAPITAL 1.9
    (-1.6%)
    STANROSE MAFATLAL 79.2
    (-1.0%)
    STEEL CITY SECURITIES 73.7
    (-2.1%)
    STEL HOLDINGS 313.6
    (0.8%)
    STELLANT SECURITIES 15.1
    (5.0%)
    STELLAR CAPITAL 5.7
    (0.0%)
    STEP TWO CORP 40.0
    (-0.3%)
    STERLING GUARANTY 24.7
    (0.0%)
    SUCHITRA FINANCE 110.4
    (2.0%)
    SUJALA TRADING 33.1
    (-0.0%)
    SULABH ENGINEERS 5.6
    (0.2%)
    SUMEDHA FISC 50.7
    (0.5%)
    SUMMIT SECURITIES 1,202.1
    (-1.6%)
    SUNDARAM FINANCE 4,577.8
    (-1.0%)
    SUNGOLD CAPITAL 3.5
    (-4.9%)
    SUNREST LIFESCIENCE LTD. 68.8
    (0.0%)
    SUNRISE INDUSTRIAL 7.2
    (5.0%)
    SUNSHINE CAPITAL 3.4
    (-4.5%)
    SUPERIOR FINLEASE 1.7
    (-4.1%)
    SUPRA PACIFIC 31.0
    (4.0%)
    SUPRA TRENDS 40.9
    (0.0%)
    SUPREME HOLD 59.0
    (-1.4%)
    SURYA INDIA 18.3
    (4.9%)
    SVARAJ TRADING 10.5
    (-1.4%)
    SW INVESTMENTS 62.2
    (3.1%)
    SWARNA SECURITIES 63.4
    (-2.0%)
    SWATI PROJECTS 85.0
    (2.0%)
    SYMBIOX INVESTMENT 2.8
    (-0.4%)
    TAC INFOSEC LTD. 303.7
    (5.0%)
    TAMBOLI CAPITAL 138.4
    (-2.1%)
    TATA INVESTMENT 6,944.4
    (1.5%)
    TATA NIFTY ETF 234.0
    (-0.5%)
    TCI FINANCE 5.5
    (5.0%)
    THE INVESTMENT TRUST OF INDIA 145.3
    (0.2%)
    THE YAMUNA SYNDICATE 24,100.0
    (2.5%)
    THIRDWAVE FINANCIAL INTERMEDIARIES 112.4
    (-0.4%)
    TIAAN CONSUMER 2.9
    (0.0%)
    TILAK FINANCE 5.3
    (-1.9%)
    TIMES GUARANTY 92.4
    (-2.0%)
    TOYAM SPORTS 3.9
    (-1.8%)
    TRANSWARRANTY FIN 11.0
    (-1.2%)
    TRC FINANCIAL SERV. 26.9
    (0.0%)
    TRICOM FRUIT 1.5
    (4.8%)
    TRINITY LEAGUE INDIA 16.9
    (-4.6%)
    TRIO MERCANTILE 1.0
    (0.0%)
    TRISHAKTI ELEC. 56.5
    (5.0%)
    TYPHOON FINANCIAL SERVICES 19.0
    (5.0%)
    U.Y. FINCORP 25.7
    (-0.3%)
    UGRO CAPITAL 256.7
    (-2.9%)
    UJJIVAN FINANCIAL SERVICES 526.3
    (0.4%)
    UNITECH INTERN. 6.0
    (0.0%)
    UNITED CRED. 22.1
    (-1.3%)
    UPASANA FINANCE 40.7
    (-6.5%)
    USHAKIRAN FINANCE 22.8
    (-4.8%)
    V B INDUSTRIES 8.1
    (4.8%)
    VALLEY INDIANA 44.1
    (10.0%)
    VARDHMAN HOLDINGS 3,010.0
    (-0.8%)
    VARIMAN GLOBAL 28.6
    (2.0%)
    VAS INFRASTRUCTURE 4.0
    (4.4%)
    VEDANT ASSET 42.9
    (-3.6%)
    VEERHEALTH CARE 21.4
    (-1.8%)
    VEERKRUPA JEWELLERS LTD. 1.3
    (4.7%)
    VERTEX SEC. 4.3
    (4.9%)
    VIBRANT GLOBAL 99.1
    (-2.1%)
    VIJI FINANCE 3.4
    (1.8%)
    VIKALP SECUR 23.5
    (2.0%)
    VINTAGE SECURITES 18.0
    (-5.0%)
    VISAGAR FINANCIAL 0.8
    (0.0%)
    VISAGAR POLYTEX 1.1
    (-1.8%)
    VISCO TRADE ASSOCIATES 271.7
    (-0.4%)
    VISTAR AMAR 213.9
    (-2.6%)
    VIVO BIO TECH 45.0
    (0.7%)
    VJTF EDUSERVICES 130.1
    (-0.6%)
    VLS FINANCE 247.5
    (-1.8%)
    VOLTAIRE LEASING 13.9
    (2.0%)
    WALCHAND PEOPLE 207.6
    (2.1%)
    WELSPUN INVESTMENTS 796.5
    (-1.2%)
    WILLIAMSON MAGOR 35.1
    (3.2%)
    WOMEN NETWORKS 7.8
    (-5.0%)
    WORTH INVEST. 285.6
    (2.0%)
    YAMINI INVESTMENTS 1.0
    (-1.0%)
    YASH MANAGE. 13.2
    (0.3%)

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