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Budget 2006-07: Finance


The distinction between the business peripheries of banks, housing finance companies and NBFCs has got increasingly blurred over the past couple of years, with each giving stiff competition to the other across all segments of retail and corporate finance. Housing Finance Companies (HFCs) and Non Banking Financial Companies (NBFCs) have come a long way from the era of concentrated regional operations, lesser credibility and poor risk management practices to highly sophisticated operations, pan-India presence and, most importantly, an alternate choice of financial instruments. NBFCs are now recognized 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


  • 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.


     Budget Impact


  • The governments thrust on early completion of infrastructure projects and the commitment to consider new projects (e.g. the metro rail projects) will necessitate private participation and thus, prove to be beneficial for players like IDFC.

  • Leasing and hire purchase companies are expected to witness higher credit growth on their being treated at par with financial institutions (into lending business).

  • Housing Finance Companies are expected to witness higher credit growth on the back of continued tax sops.


     Sector Outlook


    The budget measures are expected to augur well for the housing finance companies and improve their credit disbursals. Also, focus on infrastructure lending will provide a higher impetus to the growth of the sector.


     Industry Wish List


  • Maintain the tax incentives on housing loans.

  • Sec 80IB to be amended to permit real estate developers to avail benefit under section 10(23G)


     Budget over the years


    Budget 2003-04 Budget 2004-05 Budget 2005-06

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

    Tax breaks on specified housing projects extended till 2005.

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

    Stress on the rural housing sector and increased allocation for Indira Awas Yojana by Rs 5.3 bn to Rs 22.5 bn.

    Revised 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.

    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.

    [Read more on Budget 2003-04] [Read more on Budget 2004-05] [Read more on Budget 2005-06]

    Key Positives
  • 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 3% 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 2005-06 | 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 516.6
    (-1.6%)
    A F ENTERPRISES 5.9
    (1.6%)
    A.K.CAPITAL 902.1
    (0.2%)
    AA PLUS TRADELINK LTD. 18.9
    (3.5%)
    AADI INDUSTRIES 7.6
    (0.0%)
    AAR SHYAM INDIA INVESTMENT CO. 9.4
    (4.9%)
    AARNAV FASHIONS 27.6
    (-1.4%)
    AAVAS FINANCIERS 1,588.4
    (-0.2%)
    ABANS HOLDINGS 414.1
    (0.2%)
    ABHINAV LEASING 2.0
    (2.6%)
    ABHISHEK INFRAVENTURES 5.8
    (-4.9%)
    ABIRAMI FINANCIAL 73.5
    (5.0%)
    ABM KNOWLEDGEWARE 107.7
    (-2.1%)
    ACME RESOURCES 37.7
    (-0.1%)
    ADCON CAPITAL SERVICES LIMITED 0.8
    (1.3%)
    ADISHAKTI LOHA AND ISPAT LTD. 11.0
    (-4.4%)
    ADITYA BIRLA CAPITAL 218.0
    (-1.1%)
    ADITYA BIRLA MONEY 129.0
    (1.3%)
    ADVIK CAPITAL 2.4
    (-1.2%)
    AG UNIVERSAL LTD. 58.3
    (1.0%)
    AGARWAL FLOAT GLASS INDIA LTD. 68.2
    (3.7%)
    AGARWAL HOLDINGS 1.2
    (-5.6%)
    AKASHDEEP METAL 17.6
    (-0.8%)
    AKME STAR 54.7
    (-0.6%)
    ALANKIT 16.8
    (-2.4%)
    ALEXANDER STAMPS & COIN 15.0
    (2.5%)
    ALMONDZ GLO. 107.1
    (0.9%)
    AMARNATH SEC. 56.0
    (-5.0%)
    AMIT SECUR. 4.0
    (1.5%)
    AMRAPALI CAPITAL 18.2
    (5.0%)
    AMRAPALI FINCAP 12.7
    (5.0%)
    ANAND RATHI WEALTH 3,992.0
    (-0.3%)
    ANGEL ONE 2,572.8
    (-0.4%)
    ANJANI FINANCE 10.9
    (-4.8%)
    ANNA FINANCE 30.3
    (0.0%)
    ANUPAM FINSERV 2.1
    (0.0%)
    APOLLO FIN I 974.0
    (0.0%)
    APOORVA LEASING 31.5
    (0.0%)
    APTUS VALUE HOUSING FIN. 324.3
    (0.3%)
    APUNKA INVEST COMM. 946.7
    (-2.0%)
    ARAVALI SEC. 7.4
    (-5.0%)
    ARC FINANCE 0.9
    (-1.1%)
    ARIHANT CAPITAL 60.4
    (-0.6%)
    ARIHANT SEC. 21.0
    (3.1%)
    ARMAN FINANCIAL 2,053.7
    (2.1%)
    ARNOLD HOLDINGS 40.6
    (0.9%)
    AROMA ENTERPRISES 30.0
    (0.0%)
    ARYAMAN CAPITAL MARKETS 121.0
    (0.0%)
    ARYAMAN FIN. 261.0
    (-3.0%)
    ARYAN SHARES AND STOCK BROKERS 20.3
    (0.0%)
    ASCOM LEASING & INVESTMENTS 226.3
    (-5.0%)
    ASHIKA CREDIT 69.9
    (0.8%)
    ASHIKA CREDIT 33.5
    (3.1%)
    ASHIRWAD CAP 5.9
    (1.9%)
    ASIT C MEHTA 176.3
    (2.3%)
    ASPIRE & INNOVATIVE ADVERTISING LTD. 81.1
    (5.0%)
    ASSAM ENTRADE 444.1
    (-5.0%)
    ATHARV ENTERPRISES 2.3
    (6.1%)
    ATN INTERNATIONAL 0.2
    (0.0%)
    AUTHUM INVESTMENT 786.2
    (0.2%)
    AVAILABLE FINANCE 313.6
    (-4.8%)
    AVONMORE CAPITAL 120.8
    (4.4%)
    B. P. CAPITAL 5.1
    (-4.8%)
    B.N.RATHI SE 102.6
    (-1.1%)
    B2B SOFTWARE TECH 33.9
    (-0.8%)
    BAID LEASING 20.8
    (1.4%)
    BAJAJ FINANCE 6,800.2
    (-1.1%)
    BAJAJ FINSERV 1,602.7
    (-0.7%)
    BAJAJ HOLDINGS & INVESTMENT 8,364.4
    (1.1%)
    BALMER LAW INVEST 754.0
    (2.6%)
    BANAS FINANCE 14.6
    (-1.4%)
    BAZEL INTERNATIONAL LTD. 41.0
    (0.0%)
    BCL ENTERPRISES 1.1
    (-1.8%)
    BENGAL & ASSAM 8,352.6
    (2.5%)
    BERVIN INV. 38.6
    (1.1%)
    BERYL SECURITIES 24.2
    (5.0%)
    BF INVESTMENT 558.5
    (3.0%)
    BFL DEVELOPERS 20.6
    (4.9%)
    BHARAT BHUSAN 33.4
    (-1.4%)
    BHARAT HIGHWAYS INVIT 106.8
    (1.2%)
    BHARTIA BACHAT 120.4
    (7.6%)
    BLS E-SERVICES LTD. 281.9
    (-0.7%)
    BLUEBLOOD VENTURES 11.1
    (4.9%)
    BRAND REALTY 42.7
    (5.0%)
    BRILLIANT PORTFOLIOS 7.0
    (5.0%)
    BRISK TECHNOVISION LTD. 142.0
    (1.2%)
    BSE 2,819.4
    (0.4%)
    CANFIN HOMES 742.3
    (0.3%)
    CANOPY FINANCE 84.2
    (5.0%)
    CAPFIN INDIA 155.3
    (5.0%)
    CAPITAL INDIA FINANCE 129.2
    (-2.2%)
    CAPITAL TRADE 41.6
    (8.4%)
    CAPITAL TRUST 121.5
    (2.9%)
    CAPRI GLOBAL CAPITAL 232.9
    (9.3%)
    CAPRICORN SYS 9.3
    (-4.8%)
    CAREWELL INDUST. 14.4
    (-5.0%)
    CAT TECHNOLOGIES 0.8
    (4.1%)
    CELLECOR GADGETS LTD. 261.0
    (1.8%)
    CENTRUM CAPITAL 40.6
    (-0.1%)
    CENTURY TWENTY 86.4
    (4.2%)
    CHANNEL GUIDE INDIA 2.3
    (1.4%)
    CHARTERED CAP 222.8
    (-0.1%)
    CHHATTIS. IND. 51.9
    (-2.0%)
    CHOICE INT. 332.7
    (-2.4%)
    CHOLAMANDALAM FINANCIAL HOLDINGS 1,090.0
    (-0.8%)
    CHOLAMANDALAM INVEST 1,264.6
    (-3.2%)
    CIL SECURITIES 54.6
    (2.6%)
    CINDRELLA FIN. 15.0
    (0.0%)
    CITI PORT FIN. 15.9
    (5.0%)
    CITY CROPS AGRO LTD. 19.0
    (-13.6%)
    CLASSIC LEASING & FINANCE 14.7
    (-1.9%)
    CNI RESEARCH 5.6
    (1.8%)
    COLAB CLOUD PLATFORMS 18.0
    (0.0%)
    COMFORT COMM. 24.2
    (4.0%)
    COMFORT INTECH 9.8
    (0.3%)
    CONS. FIN & HOLD 233.0
    (-4.3%)
    CONTINENTAL CREDIT 145.0
    (0.0%)
    CONTINENTAL SECURITIES 8.5
    (1.2%)
    CORAL INDIA FIN. 40.4
    (-2.0%)
    CORPORATE MERCHANT BANKERS 16.6
    (-5.0%)
    CREDITACCESS GRAMEEN 1,427.9
    (0.3%)
    CREDO BRANDS MARKETING LTD. 180.1
    (0.8%)
    CRESSANDA SOLU. 14.0
    (-4.2%)
    CSL FINANCE 414.0
    (-0.7%)
    CUBICAL FINANCIAL 1.6
    (1.3%)
    DALAL STREET INVESTMENTS 452.9
    (-1.8%)
    DARJEELING ROPEWAY COMPANY 5.0
    (0.0%)
    DAULAT SECURITIES 53.6
    (-5.0%)
    DB INTERNATIONAL 61.2
    (-0.2%)
    DCM FINANCIAL 4.8
    (-4.4%)
    DECILLION FINANCE 25.2
    (-1.9%)
    DEE KARTAVYA FINANCE LTD. 90.1
    (4.2%)
    DELTA INDUSTRIAL 47.8
    (2.0%)
    DHANI SERVICES 48.4
    (-1.8%)
    DHANLAXMI COTEX 60.3
    (-4.2%)
    DHANVARSHA FINVEST 62.3
    (-4.0%)
    DHARNI CAPITAL SERVICES 45.6
    (-5.5%)
    DHENU BUILDCON 2.2
    (-1.8%)
    DHFL 16.7
    (-10.0%)
    DHOOT INDUST. 16.5
    (-2.9%)
    DHRUVA CAPITAL 425.0
    (0.0%)
    DHUNSERI INVESTMENTS 1,184.6
    (-0.6%)
    DISHA RESOURCES LTD. 17.0
    (0.5%)
    DOLAT ALGOTECH 133.2
    (2.8%)
    DYNAMIC PORTFOLIO 67.1
    (2.0%)
    EAST WEST HOLDINGS 6.1
    (2.4%)
    EASUN CAPITAL MARKETS 49.0
    (0.0%)
    EASY FINCORP 938.9
    (4.7%)
    EBIXCASH WORLD MONEY 219.0
    (-0.1%)
    ECONO TRADE 6.5
    (-2.4%)
    EDELWEISS FINANCIAL 73.6
    (0.8%)
    EKAM LEASING 5.0
    (-3.1%)
    ELCID INVESTMENTS 3.4
    (5.0%)
    ELECTRA FINA 33.6
    (-5.0%)
    EMKAY GLOBAL FINANCIAL 157.8
    (-0.8%)
    ENTERO HEALTHCARE SOLUTIONS LTD. 1,078.6
    (-1.5%)
    EPIC ENERGY 6.0
    (0.3%)
    ESAF SMALL FINANCE BANK 59.9
    (-0.9%)
    ESCONET TECHNOLOGIES LTD. 213.5
    (-3.7%)
    ESCORP ASSET MANAGEMENT 81.7
    (-5.0%)
    ESCORT FINANCE 9.2
    (0.0%)
    ESSAR SECURITIES 13.1
    (2.9%)
    EVOQ REMEDIES LTD. 10.5
    (2.0%)
    EXPLICIT FINANCE 6.5
    (-2.8%)
    FARRY INDUSTRIES 7.5
    (4.9%)
    FEDBANK FINANCIAL SERVICES LTD 125.9
    (0.5%)
    FINKURVE FINANCIAL SERVICES 67.2
    (-1.9%)
    FIRST CUSTO. 61.3
    (0.3%)
    FIVE STAR BUSINESS 748.7
    (-2.7%)
    FOCE INDIA LTD. 931.0
    (1.0%)
    FRANKLIN LEASING & FINANCE 12.7
    (0.0%)
    FRONTIER LEAS. 21.1
    (-2.8%)
    FUSION MICRO FINANCE 484.6
    (-0.7%)
    FUTURISTIC SOLUTIONS 89.4
    (5.0%)
    G.K.CONSULTANTS 16.2
    (0.0%)
    GANESH HSG CORP 776.2
    (2.7%)
    GANGES SECURITIES 163.2
    (3.0%)
    GARNET INTERNATIONAL. 52.2
    (-2.5%)
    GCM SECURITIES 1.0
    (2.0%)
    GEETANJALI CREDIT 5.5
    (4.9%)
    GEMSTONE INV. 1.9
    (-1.6%)
    GEOJIT FINANCIAL SERVICES 104.5
    (1.8%)
    GETALONG ENTERPRISE LTD. 195.0
    (0.6%)
    GIC HOUSING 210.6
    (0.8%)
    GILADA FINANCE 10.2
    (2.6%)
    GLOBAL CAPITAL 0.9
    (-1.1%)
    GOENKA BUSINESS 6.9
    (2.4%)
    GOGIA CAP. 95.7
    (-2.7%)
    GOLECHHA GLOBAL 20.9
    (4.0%)
    GOWRA LEASNG 38.9
    (3.0%)
    GREENCREST FINANCIAL 1.0
    (-1.9%)
    GRETEX CORPORATE 568.5
    (2.4%)
    GUJARAT CREDIT 23.0
    (0.0%)
    GUJARAT LEASE 7.9
    (-2.0%)
    HARDWYN INDIA 29.0
    (2.3%)
    HARYANA CAPFIN 185.8
    (-0.1%)
    HASTI FINANCE 10.1
    (-1.9%)
    HATHWAY BHAWANI 19.4
    (2.2%)
    HB ESTATE DEV. 66.9
    (2.2%)
    HB LEAS.PUB 20.8
    (2.0%)
    HB STOCKHOLDINGS 89.3
    (5.1%)
    HCKK VENTURES 114.8
    (-5.0%)
    HDFC NIFTY ETF 244.8
    (0.0%)
    HELPAGE FINLEASE 19.5
    (2.6%)
    HEMANG RESOURCES 33.0
    (1.2%)
    HFCL INFOTEL 1.9
    (5.0%)
    HIGHWAYS INFRASTRUCTURE TRUST 94.7
    (0.0%)
    HOME FIRST FINANCE 892.6
    (1.6%)
    HUDCO 223.7
    (7.8%)
    ICDS 36.5
    (-2.0%)
    ICICI SECURITIES 735.4
    (-0.3%)
    IDFC 113.8
    (-0.6%)
    IFCI 52.3
    (6.9%)
    IIFL FINANCE 389.7
    (0.1%)
    IIFL SECURITIES 139.7
    (2.3%)
    IL&FS INV. MANAGERS 11.7
    (3.2%)
    IM CAPITALS 870.0
    (-1.8%)
    INANI SEC. 37.5
    (-3.4%)
    IND BANK HOUSING 49.0
    (0.1%)
    INDBANK MERCHANT 49.5
    (4.2%)
    INDERGIRI FN 53.0
    (-2.0%)
    INDIA FINSEC 112.5
    (3.3%)
    INDIA GRID TRUST 136.1
    (0.2%)
    INDIA HOME LOANS 32.9
    (1.9%)
    INDIA SHELTER FINANCE CORPORATION LTD. 576.2
    (-0.0%)
    INDIABULLS HOU. FIN. 160.8
    (-0.8%)
    INDIABULLS NIFTY 50 ETF 202.1
    (-0.1%)
    INDIANIVESH 11.1
    (-1.2%)
    INDINFRAVIT TRUST 135.1
    (4.2%)
    INDO CREDIT 1.9
    (4.5%)
    INDO THAI 313.0
    (-4.9%)
    INDOSTAR CAPITAL 232.5
    (-1.3%)
    INDUS FINANCE CORP. 17.0
    (3.0%)
    INDUSTRIAL & PRUD. INVST. 5,331.0
    (3.5%)
    INDUSTRIAL INVEST 160.4
    (-5.0%)
    INTEC SEC. 17.6
    (-1.4%)
    INTEGRA CAPITAL 16.4
    (0.3%)
    INTELLIGENT SUPPLY CHAIN INFRASTRUCTURE TRUST 101.8
    (-0.3%)
    INTELLIVATE CAPITAL 49.0
    (-0.5%)
    INTER GLOBE FIN. 65.6
    (2.0%)
    INTER ST.FIN 2.0
    (-1.0%)
    INTERACTIVE FINANCIAL SERVICES 23.2
    (10.0%)
    INVENTURE GROWTH 2.1
    (-0.9%)
    INVESCO INDIA NIFTY ETF 2,508.6
    (0.4%)
    IREDA 171.0
    (2.0%)
    IRFC 152.2
    (1.5%)
    ISL CONSULTING 30.1
    (0.0%)
    J TAPARIA PROJECTS 28.7
    (1.5%)
    JACKSON INVEST. 0.8
    (-4.7%)
    JAGSONPAL FIN. 5.9
    (4.8%)
    JHAVERI CREDITS 338.9
    (5.0%)
    JINDAL POLY INVEST 695.0
    (0.5%)
    JJ FINANCE CORP. 19.0
    (-5.0%)
    JM FINANCIAL 81.3
    (-0.8%)
    JPT SECUR 9.2
    (-1.8%)
    JUPITER LEA. 3.5
    (4.9%)
    KALYANI INVESTMENT 4,369.0
    (4.8%)
    KANUNGO FINANCIERS 5.2
    (-4.6%)
    KAPIL RAJ FINANCE 24.5
    (0.0%)
    KARNAVATI FIN. 2.2
    (1.9%)
    KARTIK INVESTMENTS 750.0
    (1.9%)
    KBS CAPITAL 10.1
    (0.4%)
    KCD INDUSTRIES 10.8
    (-5.0%)
    KCK INDUSTRIES LTD. 91.9
    (4.9%)
    KEN FIN.SER. 13.7
    (5.0%)
    KEY CORP 142.0
    (2.0%)
    KEYNOTE FINANCIAL SERVICES 174.0
    (4.4%)
    KFIN TECHNOLOGIES 769.5
    (1.4%)
    KHANDWALA SECU 28.4
    (0.7%)
    KIDUJA IND. 251.0
    (0.4%)
    KIFS FINANCIAL SERVICES 150.2
    (-2.5%)
    KINETIC TRUST 15.7
    (0.0%)
    KIRAN VYAPAR 176.0
    (-0.7%)
    KOSIAN FIN. 0.7
    (-1.4%)
    KREON FINNANCIAL 40.2
    (-1.8%)
    KRISHNA CAPITAL 23.4
    (4.7%)
    KRISHNA VENT. 79.9
    (0.2%)
    KRYSTAL INTEGRATED SERVICES LTD 733.9
    (-1.2%)
    KUBER UDYOG 9.4
    (2.0%)
    KUMBHAT FINANCIAL 16.6
    (8.9%)
    KZ LEAS FIN. 31.6
    (3.0%)
    L&T FINANCE HOLDINGS 161.7
    (0.5%)
    LADAM AFFORDABLE HOUSING 8.8
    (2.8%)
    LADDERUP FIN 30.9
    (1.4%)
    LAKSHMI FINANCE 173.5
    (1.2%)
    LAST MILE ENTERPRISES 887.5
    (-2.0%)
    LEAD FINANCIAL 16.0
    (5.0%)
    LEADING LEASING FINANCE & INVESTMENT CO 2.3
    (3.1%)
    LESHA INDUSTRIES 3.9
    (0.0%)
    LIBORD INFOTECH 10.0
    (1.9%)
    LIC HOUSING 635.8
    (1.9%)
    LKP FINANCE 147.0
    (-2.0%)
    LKP SECURITIES 23.7
    (-5.0%)
    LOHIA SECURITIES 195.0
    (0.6%)
    MADHUSUDAN SEC. 31.9
    (-2.0%)
    MAGELLANIC CLOUD 640.1
    (1.6%)
    MAH.RAS.APEX 131.0
    (2.5%)
    MAHAN INDUSTRIES 2.4
    (-1.6%)
    MAHINDRA & MAHINDRA FINANCIAL SERVICES 255.1
    (-0.7%)
    MANAPPURAM FINANCE 180.1
    (-3.0%)
    MANGAL CREDIT AND FINCORP. 105.9
    (-1.3%)
    MANGALAM INDUST. 4.2
    (-3.0%)
    MANIPAL FINANCE 5.3
    (-3.7%)
    MANOJ CERAMIC LTD. 157.5
    (-3.6%)
    MANOJ VAIBHAV GEMS JEWELLERS LTD. 230.6
    (-0.9%)
    MANRAJ HOUSING 38.7
    (-5.0%)
    MANSI FINANCE 54.9
    (1.5%)
    MARUTI SECURITIES 8.9
    (-2.2%)
    MAS FINANCIAL SERVICES 286.1
    (-1.4%)
    MASK INVESTMENTS 94.0
    (0.0%)
    MASTER TRUST 727.3
    (-1.7%)
    MATHEW EASOW 8.0
    (5.0%)
    MATRU-SMRITI TRADERS 120.8
    (-3.8%)
    MEDICO INTERCONTINENTAL 44.2
    (2.0%)
    MEFCOM CAPIT 11.6
    (-1.3%)
    MEHTA HOUSING 159.0
    (3.9%)
    MEHTA SECURITIES 28.4
    (5.0%)
    MERCURY EV TECH 74.1
    (-2.2%)
    MESON VALVES INDIA LTD. 857.6
    (-5.0%)
    MID EAST POR 10.5
    (-4.8%)
    MILLENNIUM ONLINE 3.7
    (4.9%)
    MINOLTA FINANCE 8.3
    (-4.9%)
    MIRAE ASSET NIFTY 50 ETF 236.0
    (0.0%)
    MKVENTURES CAPITAL 2,463.2
    (10.0%)
    MODERN SHARES 42.8
    (-2.4%)
    MONARCH NETWORTH CAPITAL 540.3
    (-0.6%)
    MONEY MASTERS 161.3
    (-5.0%)
    MONO PHARMACARE LTD. 43.7
    (-5.0%)
    MOONGIPA CAPITAL 30.8
    (10.0%)
    MORARKA FINANCE 145.6
    (-0.9%)
    MOTILAL OSWAL 2,346.1
    (-1.6%)
    MOTILAL OSWAL N100 ETF 146.6
    (0.1%)
    MOTOR & GEN. FINAN 34.4
    (1.9%)
    MUDRA FINANCIAL SERVICES 4.1
    (4.9%)
    MUFIN GREEN FINANCE 123.8
    (-1.7%)
    MULTI COMMODITY 3,902.2
    (-0.2%)
    MUNOTH INVESTMENTS 9.8
    (-0.7%)
    MUTHOOT CAPITAL 307.0
    (0.5%)
    MUTHOOT FINANCE 1,657.1
    (-1.1%)
    MUTHOOT MICROFIN LTD. 235.9
    (0.2%)
    MY MONEY SEC. 15.4
    (5.0%)
    N.B.I INDUSTRIAL FINANCE COMPANY 1,784.3
    (-0.0%)
    N2N TECHNOLOGIES 27.3
    (0.0%)
    NAHAR CAPITAL & FINANCIAL 295.5
    (-0.4%)
    NALIN LEASE 45.0
    (0.0%)
    NAM CREDIT 4.1
    (10.0%)
    NAM SECURITIES 145.0
    (0.0%)
    NARENDRA INVESTMENTS (DELHI) 52.8
    (2.4%)
    NATIONAL HIGHWAYS INFRA TRUST 125.8
    (1.0%)
    NAVIGANT CORPORATE ADVISORS 44.4
    (-5.0%)
    NAVODAY ENTERPRISES 7.5
    (-1.3%)
    NAYSAA SECURITIES 278.5
    (4.2%)
    NCL RESEARCH 0.7
    (0.0%)
    NDL VENTURES 96.7
    (2.1%)
    NEIL IND. 19.3
    (19.9%)
    NEWJAISA TECHNOLOGIES LTD. 102.2
    (2.1%)
    NIHAR INFO GLOBAL 6.2
    (-4.9%)
    NIKKI GLOBAL 8.6
    (1.9%)
    NITIN CASTINGS 630.0
    (-0.0%)
    NIYOGIN FINTECH 78.7
    (3.2%)
    NORTHLINK FISCAL 27.3
    (5.0%)
    OCTAL CREDIT 19.2
    (0.0%)
    ODYSSEY CORP 9.1
    (6.1%)
    ONELIFE CAPITAL 17.4
    (0.8%)
    ONTIC FINSERVE 0.6
    (0.0%)
    ORACLE CREDIT 134.1
    (-3.4%)
    PAISALO DIGITAL 62.4
    (-0.8%)
    PALASH SECURITIES 131.5
    (-4.5%)
    PAN INDIA CORPORATION 2.2
    (-0.5%)
    PANAFIC INDUSTRIALS 1.2
    (4.3%)
    PARAGON FIN. 50.9
    (3.2%)
    PARSHWANATH CORP 49.5
    (-2.0%)
    PAUL MERCHANTS 941.0
    (-0.4%)
    PEARL GREEN CLUBS AND RESORTS LTD. 136.5
    (-5.0%)
    PILANI INVESTMENT & IND. 3,898.6
    (0.7%)
    PIONEER INVEST 49.9
    (1.6%)
    PMC FINCORP 2.8
    (4.9%)
    PNB HOUSING FINANCE 756.6
    (-0.6%)
    POLYTEX 7.8
    (0.0%)
    POONAWALLA FINCORP 468.4
    (-0.7%)
    POPULAR ESTATE 20.1
    (-5.0%)
    POWER FINANCE CORPORATION 440.9
    (4.5%)
    PREM SOMANI 20.0
    (2.7%)
    PRERNA FINSA 30.2
    (10.6%)
    PRESSMAN ADVT. 267.8
    (1.5%)
    PRIME PROPERTY 26.6
    (-4.6%)
    PRIME SECURITIES 174.2
    (1.3%)
    PRO FIN CAPITAL 1.0
    (-1.9%)
    PROVESTMENT SERVICES 7.1
    (0.0%)
    PTC INDIA FINANCIAL 41.6
    (1.7%)
    PUNE E - STOCK BROKING LTD. 155.0
    (4.3%)
    PURSHOTTAM INVEST. 37.1
    (0.0%)
    PUSHPA.FLORI 17.8
    (3.0%)
    PYXIS FINVEST 9.8
    (5.0%)
    R R FINANCE. 19.8
    (4.3%)
    RADHEY TRADE HOLDING 187.8
    (5.0%)
    RADIANT CASH MANAGEMENT 86.0
    (-1.1%)
    RAJATH FINANCE 21.8
    (5.0%)
    RAJPUTANA INVEST. 39.8
    (-4.9%)
    RANDER CORP. 10.2
    (1.9%)
    RANE HOLDINGS 1,425.4
    (-1.5%)
    RASHI PERIPHERALS LTD. 328.2
    (-1.4%)
    RAVINDRA TRADING 65.9
    (2.8%)
    REAL TOUCH FINANCE 44.0
    (0.0%)
    REC 534.1
    (5.4%)
    REGENCY TRUST 3.3
    (1.8%)
    RELIANCE CAPITAL 11.8
    (-4.5%)
    RELIANCE HOME FINANCE 4.1
    (-1.9%)
    RELIGARE ENT 215.5
    (-0.4%)
    REPCO HOME 505.1
    (2.0%)
    RGF CAPITAL 0.7
    (-4.2%)
    RICH CAPITAL 18.3
    (0.6%)
    RICHFIELD FINANCIAL SERVICES 60.0
    (2.0%)
    RITA FINANCE AND LEASING LTD. 21.2
    (1.7%)
    RK SWAMY LTD. 270.6
    (-0.8%)
    RKD AGRI & RETAIL 8.4
    (0.0%)
    ROSELABS FIN 33.0
    (-2.0%)
    ROYAL SENSE LTD. 128.3
    (-3.6%)
    S R G SECURITIES 26.0
    (-13.3%)
    SABRIMALA LEASING AND HOLDINGS 15.1
    (2.0%)
    SAGAR PRODUCTIONS 5.1
    (-1.9%)
    SAHARA HOUSING 36.5
    (-0.6%)
    SAHARA INDIA MEDIA 15.7
    (0.0%)
    SAI CAPITAL LTD. 139.4
    (1.8%)
    SAI SWAMI METALS & ALLOYS LTD. 119.7
    (99.5%)
    SAKTHI FINANCE 52.0
    (-1.7%)
    SALEM ERODE INVESTMENTS 45.0
    (0.2%)
    SAMBHAAV MEDIA 5.5
    (0.9%)
    SAMYAK INTERNATIONAL 30.6
    (0.9%)
    SARASWATI COMMERCIAL (INDIA) 5,258.2
    (2.1%)
    SASTASUNDAR VENTURES 294.5
    (-0.2%)
    SATIN CREDITCARE NET. 248.2
    (3.0%)
    SATIN CREDITCARE NETWORK LTD. - (PARTLY PAID UP RI 67.6
    (-1.0%)
    SAUMYA CONSULTANTS 190.1
    (-2.0%)
    SAWACA BUSINESS 1.3
    (4.8%)
    SBFC FINANCE LTD 84.3
    (3.9%)
    SBI CARDS 711.4
    (-0.5%)
    SBI NIFTY BANK ETF 485.9
    (-0.3%)
    SCAN STEELS 69.5
    (-1.1%)
    SCARNOSE INTERNATIONAL LTD. 139.0
    (-5.0%)
    SCINTILLA COMM. 4.8
    (4.8%)
    SERA INVESTMENTS 13.2
    (1.9%)
    SG FINSERVE 429.6
    (-4.0%)
    SHALIMAR AGENCIES 40.6
    (-0.0%)
    SHANTHALA FMCG PRODUCTS LTD. 77.0
    (0.0%)
    SHARDUL SECURITIE 189.9
    (-1.1%)
    SHARE INDIA SECURITIES 1,703.5
    (-0.8%)
    SHARP INVESTMENTS 0.7
    (1.4%)
    SHASHANK TRADERS 22.0
    (5.0%)
    SHIVANSHI FINSERVE 4.8
    (-1.0%)
    SHIVOM INV 0.4
    (-2.3%)
    SHRADHA INDUSTRIES LTD. 52.3
    (1.7%)
    SHREE MARUTINANDAN TUBES LTD. 285.0
    (-1.4%)
    SHREM INVIT 118.0
    (0.0%)
    SHRI NIWAS LEASING 19.1
    (5.0%)
    SHRICON IND. 129.9
    (3.2%)
    SHRIRAM ASSE 286.7
    (-5.1%)
    SHRIRAM FINANCE 2,450.2
    (-1.6%)
    SHRISTI INFRA. DEV. 50.2
    (1.0%)
    SHYAMKAMAL INVESTMENTS 8.9
    (4.8%)
    SIDDHA VENTURES 10.7
    (4.4%)
    SIEL FINANCIAL 24.0
    (2.0%)
    SILICON VALL 0.0
    (0.0%)
    SMART FINSEC 12.0
    (2.0%)
    SMC GLOBAL 155.3
    (1.3%)
    SONAL MERCANTILE 103.0
    (6.2%)
    SP CAPITAL 36.2
    (2.0%)
    SPANDANA SPHOORTY FINANCIAL 800.7
    (-2.0%)
    SREI INFRA FINANCE 2.1
    (4.6%)
    SRG HOUSING FINANCE 271.3
    (0.6%)
    SRI AMARNATH 7.8
    (5.0%)
    SSPN FINANCE 8.6
    (-5.0%)
    STAMPEDE CAPITAL 1.2
    (-1.6%)
    STANDARD BATT. 147.5
    (-2.0%)
    STANDARD CAPITAL 1.8
    (-1.1%)
    STANROSE MAFATLAL 81.0
    (-1.4%)
    STEEL CITY SECURITIES 105.4
    (-0.1%)
    STEL HOLDINGS 315.7
    (-0.3%)
    STELLANT SECURITIES 15.1
    (0.0%)
    STELLAR CAPITAL 5.2
    (-5.0%)
    STEP TWO CORP 43.0
    (5.0%)
    STERLING GUARANTY 23.5
    (-5.0%)
    SUCHITRA FINANCE 123.5
    (2.0%)
    SUJALA TRADING 35.1
    (3.2%)
    SULABH ENGINEERS 5.1
    (1.0%)
    SUMEDHA FISC 47.6
    (-2.7%)
    SUMMIT SECURITIES 1,463.3
    (0.9%)
    SUNDARAM FINANCE 4,509.9
    (0.3%)
    SUNGOLD CAPITAL 2.7
    (-0.4%)
    SUNREST LIFESCIENCE LTD. 69.0
    (-1.4%)
    SUNRISE INDUSTRIAL 7.2
    (5.0%)
    SUNSHINE CAPITAL 3.4
    (0.0%)
    SUPERIOR FINLEASE 1.4
    (-3.6%)
    SUPRA PACIFIC 31.5
    (0.0%)
    SUPRA TRENDS 40.9
    (0.0%)
    SUPREME HOLD 62.3
    (-1.9%)
    SURYA INDIA 18.3
    (4.9%)
    SVARAJ TRADING 11.3
    (2.2%)
    SW INVESTMENTS 64.5
    (2.4%)
    SWARNA SECURITIES 58.4
    (-2.0%)
    SWATI PROJECTS 109.9
    (2.0%)
    SYMBIOX INVESTMENT 2.8
    (0.4%)
    TAC INFOSEC LTD. 687.7
    (-5.0%)
    TAMBOLI CAPITAL 136.6
    (-1.3%)
    TATA INVESTMENT 6,508.8
    (5.0%)
    TATA NIFTY ETF 236.3
    (0.3%)
    TCI FINANCE 6.3
    (5.0%)
    THE INVESTMENT TRUST OF INDIA 149.5
    (-0.3%)
    THE YAMUNA SYNDICATE 26,000.1
    (-0.5%)
    THIRDWAVE FINANCIAL INTERMEDIARIES 93.3
    (-2.0%)
    TIAAN CONSUMER 2.9
    (1.7%)
    TILAK FINANCE 4.7
    (-1.9%)
    TIMES GUARANTY 93.1
    (-2.0%)
    TOYAM SPORTS 4.1
    (2.0%)
    TRANSWARRANTY FIN 18.1
    (18.2%)
    TRC FINANCIAL SERV. 26.9
    (0.0%)
    TRICOM FRUIT 1.9
    (-4.5%)
    TRINITY LEAGUE INDIA 21.4
    (-0.5%)
    TRIO MERCANTILE 1.0
    (0.0%)
    TRISHAKTI ELEC. 58.3
    (-2.0%)
    TYPHOON FINANCIAL SERVICES 19.0
    (5.0%)
    U.Y. FINCORP 24.6
    (-3.1%)
    UGRO CAPITAL 259.5
    (-1.6%)
    UJJIVAN FINANCIAL SERVICES 590.4
    (2.7%)
    UNITECH INTERN. 6.0
    (0.0%)
    UNITED CRED. 21.5
    (2.9%)
    UPASANA FINANCE 47.8
    (-1.2%)
    USHAKIRAN FINANCE 30.2
    (10.0%)
    V B INDUSTRIES 7.3
    (-4.6%)
    VALLEY INDIANA 33.4
    (-5.0%)
    VARDHMAN HOLDINGS 3,049.8
    (0.4%)
    VARIMAN GLOBAL 24.5
    (-2.0%)
    VAS INFRASTRUCTURE 3.9
    (2.9%)
    VEDANT ASSET 41.1
    (-2.1%)
    VEERHEALTH CARE 21.2
    (1.9%)
    VEERKRUPA JEWELLERS LTD. 1.4
    (-2.9%)
    VERTEX SEC. 4.9
    (-4.5%)
    VIBRANT GLOBAL 101.1
    (-1.4%)
    VIJI FINANCE 3.6
    (-3.8%)
    VIKALP SECUR 37.1
    (2.0%)
    VINTAGE SECURITES 15.2
    (5.0%)
    VISAGAR FINANCIAL 0.8
    (0.0%)
    VISAGAR POLYTEX 1.0
    (-1.0%)
    VISCO TRADE ASSOCIATES 335.0
    (0.0%)
    VISTAR AMAR 205.1
    (-0.2%)
    VIVO BIO TECH 43.7
    (0.4%)
    VJTF EDUSERVICES 89.2
    (3.5%)
    VLS FINANCE 249.9
    (-0.1%)
    VOLTAIRE LEASING 15.4
    (-2.0%)
    WALCHAND PEOPLE 211.5
    (0.2%)
    WELSPUN INVESTMENTS 764.0
    (4.5%)
    WILLIAMSON MAGOR 40.3
    (0.2%)
    WOMEN NETWORKS 9.2
    (0.0%)
    WORTH INVEST. 369.1
    (2.0%)
    YAMINI INVESTMENTS 0.9
    (-1.2%)
    YASH MANAGE. 13.2
    (4.2%)

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