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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

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CSL FINANCE 317.3
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DARJEELING ROPEWAY COMPANY 26.2
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DAULAT SECURITIES 49.3
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DB INTERNATIONAL 44.3
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EASY FINCORP 990.0
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EBIXCASH WORLD MONEY 220.2
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ECOS (INDIA) MOBILITY & HOSPITALITY LTD. 331.2
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ELECTRA FINA 36.2
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EXPLICIT FINANCE 8.3
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FEDBANK FINANCIAL SERVICES LTD 93.9
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FINKURVE FINANCIAL SERVICES 88.6
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FUSION MICRO FINANCE 185.6
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FUTURISTIC SOLUTIONS 72.8
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GANGES SECURITIES 202.0
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GDL LEASING & FINANCE LTD. 8.3
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GEETANJALI CREDIT 4.4
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GEMSTONE INV. 3.5
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GEOJIT FINANCIAL SERVICES 119.0
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GETALONG ENTERPRISE LTD. 399.6
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GIC HOUSING 204.3
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GILADA FINANCE 12.7
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GLOBAL CAPITAL 0.9
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GOENKA BUSINESS 11.8
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GOGIA CAP. 83.5
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GOLD ROCK INVESTMENTS LTD. 11.6
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GOLECHHA GLOBAL 31.0
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GOWRA LEASNG 66.1
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GP ECO SOLUTIONS INDIA LTD. 285.4
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GREENCREST FINANCIAL 0.9
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GRETEX CORPORATE 455.0
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GUJARAT CREDIT 72.3
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GUJARAT LEASE 6.9
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HARDWYN INDIA 34.0
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HARYANA CAPFIN 314.0
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HATHWAY BHAWANI 18.0
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HB ESTATE DEV. 89.5
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HB LEAS.PUB 16.1
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HB STOCKHOLDINGS 107.7
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HCKK VENTURES 117.2
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HDFC NIFTY ETF 264.1
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HELPAGE FINLEASE 34.3
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HEMANG RESOURCES 27.5
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HIGHWAYS INFRASTRUCTURE TRUST 0.0
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HOME FIRST FINANCE 1,087.2
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HUDCO 205.7
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ICDS 48.8
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ICICI SECURITIES 851.4
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IDFC 108.0
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IFCI 58.0
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IIFL FINANCE 409.1
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IIFL SECURITIES 311.9
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IL&FS INV. MANAGERS 10.8
(3.0%)

IM CAPITALS 78.3
(0.6%)

INANI SEC. 31.0
(0.5%)

IND BANK HOUSING 43.3
(0.6%)

INDBANK MERCHANT 41.7
(-0.9%)

INDERGIRI FN 34.5
(-1.5%)

INDIA FINSEC 159.9
(1.2%)

INDIA GRID TRUST 143.5
(-0.0%)

INDIA HOME LOANS 31.2
(2.3%)

INDIA SHELTER FINANCE CORPORATION LTD. 633.7
(-1.3%)

INDIABULLS NIFTY 50 ETF 202.1
(-0.1%)

INDIANIVESH 14.8
(-0.7%)

INDINFRAVIT TRUST 135.1
(4.2%)

INDO CREDIT 2.4
(4.9%)

INDO THAI 1,048.0
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INDOSTAR CAPITAL 254.1
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INDUS FINANCE CORP. 50.4
(5.0%)

INDUSTRIAL & PRUD. INVST. 7,382.5
(2.7%)

INDUSTRIAL INVEST 395.1
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INNOVENTIVE VENTURE LTD. 60.9
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INTEC SEC. 16.9
(5.0%)

INTEGRA CAPITAL 16.0
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INTELLIGENT SUPPLY CHAIN INFRASTRUCTURE TRUST 110.0
(0.0%)

INTER GLOBE FIN. 100.2
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INTER ST.FIN 1.7
(1.2%)

INTERACTIVE FINANCIAL SERVICES 45.0
(-4.3%)

INVENTURE GROWTH 2.1
(0.5%)

INVESCO INDIA NIFTY ETF 2,688.0
(1.9%)

IREDA 185.6
(0.5%)

IRFC 142.2
(0.4%)

ISL CONSULTING 26.0
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J TAPARIA PROJECTS 24.2
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JACKSON INVEST. 0.8
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JAGSONPAL FIN. 85.0
(2.0%)

JHAVERI CREDITS 310.9
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JINDAL POLY INVEST 1,022.5
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JJ FINANCE CORP. 44.3
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JM FINANCIAL 133.1
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JPT SECUR 13.1
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JUPITER LEA. 3.5
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KALYANI INVESTMENT 6,795.4
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KANUNGO FINANCIERS 7.5
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KAPIL RAJ FINANCE 41.3
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KARNAVATI FIN. 2.3
(-1.7%)

KARTIK INVESTMENTS 857.9
(0.0%)

KBS CAPITAL 9.6
(1.0%)

KCD INDUSTRIES 8.6
(4.9%)

KCK INDUSTRIES LTD. 59.0
(3.4%)

KEN FIN.SER. 16.7
(5.0%)

KEY CORP 251.1
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KEYNOTE FINANCIAL SERVICES 240.8
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KFIN TECHNOLOGIES 1,065.8
(3.5%)

KHANDWALA SECU 28.2
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KHYATI GLOBAL VENTURES LTD. 67.0
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KIDUJA IND. 445.0
(2.6%)

KIFS FINANCIAL SERVICES 160.0
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KINETIC TRUST 19.0
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KIRAN VYAPAR 274.2
(0.3%)

KOSIAN FIN. 1.0
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KREON FINNANCIAL 30.2
(-0.2%)

KRISHNA CAPITAL 26.0
(3.1%)

KRISHNA VENT. 70.0
(-0.3%)

KRYSTAL INTEGRATED SERVICES LTD 643.2
(0.7%)

KUBER UDYOG 21.1
(-4.7%)

KUMBHAT FINANCIAL 17.7
(-5.0%)

KZ LEAS FIN. 38.5
(2.7%)

L&T FINANCE 139.5
(1.3%)

LADAM AFFORDABLE HOUSING 8.4
(3.2%)

LADDERUP FIN 60.1
(-2.0%)

LAKSHMI FINANCE 231.2
(-1.6%)

LAST MILE ENTERPRISES 391.8
(-0.8%)

LEAD FINANCIAL 23.3
(0.0%)

LEADING LEASING FINANCE & INVESTMENT CO 10.5
(-2.0%)

LESHA INDUSTRIES 1.6
(-0.6%)

LIBORD INFOTECH 22.4
(2.0%)

LIC HOUSING 617.6
(1.1%)

LKP FINANCE 210.0
(1.4%)

LKP SECURITIES 23.4
(-2.8%)

LOHIA SECURITIES 195.0
(0.6%)

MACH CONFERENCES AND EVENTS LTD. 221.0
(1.8%)

MADHUSUDAN SEC. 33.6
(-5.0%)

MAGELLANIC CLOUD 78.5
(-1.8%)

MAH.RAS.APEX 165.0
(1.0%)

MAHAN INDUSTRIES 2.4
(0.4%)

MAHINDRA & MAHINDRA FINANCIAL SERVICES 263.6
(2.8%)

MANAPPURAM FINANCE 151.6
(0.9%)

MANBA FINANCE LTD. 145.8
(0.3%)

MANGAL CREDIT AND FINCORP. 148.1
(2.3%)

MANGALAM INDUST. 3.5
(0.9%)

MANIPAL FINANCE 6.2
(4.9%)

MANOJ CERAMIC LTD. 200.0
(-0.8%)

MANOJ VAIBHAV GEMS JEWELLERS LTD. 218.6
(-0.5%)

MANRAJ HOUSING 53.3
(5.0%)

MANSI FINANCE 66.2
(-2.0%)

MARUTI SECURITIES 10.9
(5.0%)

MAS FINANCIAL SERVICES 279.0
(0.6%)

MASK INVESTMENTS 211.6
(46.9%)

MASTER TRUST 159.1
(0.3%)

MATHEW EASOW 12.3
(-4.7%)

MEDICO INTERCONTINENTAL 59.3
(-3.3%)

MEFCOM CAPIT 19.5
(-1.6%)

MEHTA HOUSING 180.0
(0.0%)

MEHTA SECURITIES 41.6
(-5.0%)

MERCURY EV TECH 99.8
(0.5%)

MESON VALVES INDIA LTD. 516.4
(3.1%)

MID EAST POR 9.3
(0.0%)

MILLENNIUM ONLINE 2.6
(-4.8%)

MINOLTA FINANCE 8.9
(0.0%)

MIRAE ASSET NIFTY 50 ETF 254.7
(2.2%)

MKVENTURES CAPITAL 1,627.8
(-2.8%)

MODERN SHARES 51.7
(3.5%)

MONARCH NETWORTH CAPITAL 396.7
(1.2%)

MONEY MASTERS 11.0
(4.7%)

MONO PHARMACARE LTD. 34.9
(5.0%)

MOONGIPA CAPITAL 52.4
(-5.0%)

MORARKA FINANCE 152.6
(-2.8%)

MOTILAL OSWAL 909.5
(3.2%)

MOTILAL OSWAL N100 ETF 172.3
(1.0%)

MOTOR & GEN. FINAN 33.0
(-0.2%)

MUDRA FINANCIAL SERVICES 4.1
(4.9%)

MUFIN GREEN FINANCE 112.3
(0.6%)

MULTI COMMODITY 6,199.8
(0.5%)

MUNOTH INVESTMENTS 17.8
(4.7%)

MUTHOOT CAPITAL 340.1
(3.8%)

MUTHOOT FINANCE 1,926.6
(1.4%)

MUTHOOT MICROFIN LTD. 182.1
(-0.1%)

MY MONEY SEC. 63.8
(-2.0%)

MY MUDRA FINCORP LTD. 98.9
(2.6%)

N.B.I INDUSTRIAL FINANCE COMPANY 2,577.1
(-1.5%)

N2N TECHNOLOGIES 22.0
(0.0%)

NAHAR CAPITAL & FINANCIAL 327.9
(0.1%)

NALIN LEASE 69.9
(-2.0%)

NAM CREDIT 5.8
(0.0%)

NAM SECURITIES 159.0
(-0.9%)

NARENDRA INVESTMENTS (DELHI) 58.7
(-0.7%)

NATIONAL HIGHWAYS INFRA TRUST 131.0
(-1.1%)

NAVIGANT CORPORATE ADVISORS 49.0
(-0.8%)

NAVODAY ENTERPRISES 10.0
(10.6%)

NAYSAA SECURITIES 613.9
(0.7%)

NCL RESEARCH 0.8
(0.0%)

NDL VENTURES 108.9
(1.0%)

NEIL IND. 13.1
(-3.4%)

NEWJAISA TECHNOLOGIES LTD. 84.0
(0.7%)

NIHAR INFO GLOBAL 6.4
(5.0%)

NIKKI GLOBAL 11.7
(-1.9%)

NITIN CASTINGS 691.3
(-1.9%)

NIYOGIN FINTECH 51.6
(-2.8%)

NORTHERN ARC CAPITAL LTD. 232.3
(2.2%)

NORTHLINK FISCAL 31.4
(2.0%)

OCTAL CREDIT 36.9
(4.2%)

ODYSSEY CORP 29.7
(2.0%)

ONELIFE CAPITAL 15.1
(-2.7%)

ONTIC FINSERVE 0.8
(-1.3%)

PAISALO DIGITAL 47.1
(6.7%)

PALASH SECURITIES 161.3
(2.0%)

PAN INDIA CORPORATION 3.0
(-0.3%)

PANAFIC INDUSTRIALS 1.3
(1.6%)

PANORAMA STUDIOS INTERNATIONAL 224.1
(2.8%)

PARAGON FIN. 61.1
(2.0%)

PARSHWANATH CORP 80.3
(-5.0%)

PAUL MERCHANTS 944.1
(1.2%)

PEARL GREEN CLUBS AND RESORTS LTD. 137.5
(-5.0%)

PHOENIX OVERSEAS LTD. 29.7
(-2.6%)

PILANI INVESTMENT & IND. 6,212.9
(-0.8%)

PIONEER INVEST 62.5
(5.6%)

PIOTEX INDUSTRIES LTD. 57.1
(-1.8%)

PMC FINCORP 3.5
(4.8%)

PNB HOUSING FINANCE 852.8
(-1.3%)

POLYTEX 6.8
(5.0%)

POONAWALLA FINCORP 355.7
(-1.2%)

POPULAR ESTATE 23.8
(-2.0%)

POSITIVE ELECTRONICS LTD. 10.6
(0.0%)

POSITRON ENERGY LTD. 311.0
(-1.1%)

POWER FINANCE CORPORATION 477.9
(5.3%)

PRERNA FINSA 28.5
(1.1%)

PRESSMAN ADVT. 267.8
(1.5%)

PRIME PROPERTY 32.2
(6.4%)

PRIME SECURITIES 283.2
(3.2%)

PRO FIN CAPITAL 3.3
(1.9%)

PROVESTMENT SERVICES 37.5
(2.0%)

PTC INDIA FINANCIAL 40.3
(1.9%)

PUNE E - STOCK BROKING LTD. 191.7
(6.3%)

PURPLE FINANCE LTD. 44.6
(-2.2%)

PURSHOTTAM INVEST. 38.8
(-4.5%)

PUSHPA.FLORI 14.9
(-2.1%)

PYXIS FINVEST 9.8
(5.0%)

QUADRANT TELEVENTURES 1.6
(-2.5%)

QVC EXPORTS LTD. 44.9
(3.1%)

R R FINANCE. 21.1
(-5.0%)

RADHEY TRADE HOLDING 267.6
(-1.4%)

RADIANT CASH MANAGEMENT 73.4
(1.1%)

RAJATH FINANCE 27.8
(0.0%)

RAJPUTANA INVEST. 40.5
(-2.0%)

RANDER CORP. 11.9
(-2.0%)

RANE HOLDINGS 1,788.1
(0.6%)

RASHI PERIPHERALS LTD. 371.1
(2.5%)

RAVINDRA TRADING 119.2
(5.0%)

REAL TOUCH FINANCE 63.5
(-4.6%)

REC 506.2
(3.1%)

REGENCY TRUST 3.1
(2.0%)

RELIANCE CAPITAL 11.8
(-4.5%)

RELIANCE HOME FINANCE 2.8
(-4.8%)

RELIGARE ENT 247.1
(-1.0%)

REPCO HOME 448.8
(1.8%)

RGF CAPITAL 0.7
(-1.4%)

RICH CAPITAL 12.8
(-0.1%)

RICHFIELD FINANCIAL SERVICES 63.3
(-2.0%)

RITA FINANCE AND LEASING LTD. 21.4
(2.1%)

RK SWAMY LTD. 203.8
(-0.7%)

RKD AGRI & RETAIL 11.4
(2.0%)

ROSELABS FIN 37.2
(0.7%)

ROYAL SENSE LTD. 230.9
(5.0%)

RRP SEMICONDUCTORS 109.1
(2.0%)

S R G SECURITIES 71.1
(-5.0%)

SABRIMALA LEASING AND HOLDINGS 30.5
(-2.0%)

SAGAR PRODUCTIONS 5.8
(2.9%)

SAGILITY INDIA LTD. 28.0
(-0.9%)

SAHARA HOUSING 42.8
(0.9%)

SAHARA INDIA MEDIA 15.7
(0.0%)

SAI CAPITAL LTD. 406.5
(5.0%)

SAI SWAMI METALS & ALLOYS LTD. 48.0
(0.1%)

SAKTHI FINANCE 58.1
(-1.6%)

SALEM ERODE INVESTMENTS 51.0
(-3.8%)

SAMBHAAV MEDIA 5.5
(-0.7%)

SAMMAAN CAPITAL 155.9
(-2.5%)

SAMYAK INTERNATIONAL 46.2
(-2.0%)

SANOFI CONSUMER HEALTHCARE INDIA LTD. 4,802.3
(0.0%)

SARASWATI COMMERCIAL (INDIA) 22,330.9
(-1.5%)

SARASWATI SAREE DEPOT LTD. 119.3
(0.0%)

SARTHAK GLOBAL LTD. 17.5
(0.0%)

SARVAMANGAL MERCANTILE COMPANY LTD. 52.5
(0.0%)

SARVOTTAM FINVEST LTD. 27.0
(-0.1%)

SASTASUNDAR VENTURES 301.2
(2.9%)

SATIN CREDITCARE NET. 148.7
(0.4%)

SATIN CREDITCARE NETWORK LTD. - (PARTLY PAID UP RI 67.6
(-1.0%)

SAUMYA CONSULTANTS 257.7
(5.0%)

SAWACA BUSINESS 0.6
(0.0%)

SBFC FINANCE LTD 84.2
(-0.3%)

SBI CARDS 679.5
(0.6%)

SBI NIFTY BANK ETF 519.5
(1.3%)

SCAN STEELS 44.0
(0.5%)

SCARNOSE INTERNATIONAL LTD. 155.1
(5.0%)

SCINTILLA COMM. 5.4
(-5.0%)

SERA INVESTMENTS 38.3
(-2.0%)

SG FINSERVE 415.0
(3.0%)

SHALIMAR AGENCIES 50.7
(0.0%)

SHANTHALA FMCG PRODUCTS LTD. 43.0
(9.1%)

SHARANAM INFRAPROJECT AND TRADING LTD. 0.7
(-4.1%)

SHARDUL SECURITIE 427.5
(-2.0%)

SHARE INDIA SECURITIES 273.5
(4.0%)

SHARE SAMADHAN LTD. 59.0
(0.5%)

SHARP INVESTMENTS 0.8
(1.3%)

SHASHANK TRADERS 24.2
(5.0%)

SHIV TEXCHEM LTD. 304.4
(-0.9%)

SHIVANSHI FINSERVE 4.7
(5.4%)

SHIVOM INV 0.4
(-2.3%)

SHRADHA INDUSTRIES LTD. 88.2
(0.9%)

SHREE MARUTINANDAN TUBES LTD. 167.4
(12.7%)

SHREE SALASAR INVESTMENTS LTD. 13.9
(5.0%)

SHREEKRISHNA BIOTECH LTD. 141.4
(-5.0%)

SHREM INVIT 118.0
(0.0%)

SHRI NIWAS LEASING 22.3
(5.0%)

SHRICON IND. 219.0
(-2.0%)

SHRIRAM ASSE 462.0
(5.0%)

SHRIRAM FINANCE 2,852.5
(1.8%)

SHRISTI INFRA. DEV. 50.2
(-0.0%)

SHYAMKAMAL INVESTMENTS 10.7
(4.8%)

SIDDHA VENTURES 19.2
(10.0%)

SIEL FINANCIAL 65.4
(2.8%)

SILICON VALL 0.0
(0.0%)

SILKFLEX POLYMERS (INDIA) LTD. 80.9
(5.0%)

SLONE INFOSYSTEMS LTD. 241.6
(5.0%)

SMART FINSEC 16.3
(-5.0%)

SMC GLOBAL 144.8
(0.9%)

SONAL MERCANTILE 108.5
(-0.2%)

SP CAPITAL 56.8
(-2.0%)

SPANDANA SPHOORTY FINANCIAL 365.1
(0.3%)

SREI INFRA FINANCE 2.1
(4.6%)

SRG HOUSING FINANCE 324.9
(1.0%)

SRI AMARNATH 7.8
(5.0%)

SSPN FINANCE 8.6
(4.4%)

STAMPEDE CAPITAL 0.8
(-1.3%)

STANDARD BATT. 71.4
(-3.3%)

STANDARD CAPITAL 1.0
(1.0%)

STANROSE MAFATLAL 80.1
(-1.3%)

STEEL CITY SECURITIES 106.1
(1.3%)

STEL HOLDINGS 454.5
(1.1%)

STELLANT SECURITIES 64.9
(2.0%)

STELLAR CAPITAL 6.4
(3.6%)

STEP TWO CORP 30.0
(0.0%)

STERLING GUARANTY 28.1
(2.0%)

SUCHITRA FINANCE 235.0
(5.0%)

SUJALA TRADING 32.8
(-0.9%)

SULABH ENGINEERS 5.0
(0.6%)

SUMEDHA FISC 87.9
(3.7%)

SUMMIT SECURITIES 3,214.5
(-1.2%)

SUNDARAM FINANCE 4,197.4
(2.1%)

SUNGOLD CAPITAL 3.0
(-4.7%)

SUNREST LIFESCIENCE LTD. 54.0
(0.0%)

SUNRISE INDUSTRIAL 7.2
(5.0%)

SUNSHINE CAPITAL 2.0
(-0.5%)

SUPERIOR FINLEASE 1.7
(-2.3%)

SUPRA PACIFIC 27.3
(-4.8%)

SUPRA TRENDS 52.2
(5.0%)

SUPREME HOLD 72.6
(0.2%)

SURYA INDIA 18.3
(4.9%)

SVARAJ TRADING 10.8
(-1.7%)

SW INVESTMENTS 86.5
(-4.7%)

SWARNA SECURITIES 80.5
(2.1%)

SWATI PROJECTS 124.1
(-2.0%)

SYMBIOX INVESTMENT 4.0
(4.2%)

TAC INFOSEC LTD. 757.4
(2.0%)

TAMBOLI CAPITAL 171.2
(1.6%)

TATA INVESTMENT 6,497.0
(-0.4%)

TATA NIFTY ETF 254.5
(1.9%)

TCI FINANCE 13.9
(-2.0%)

THE INVESTMENT TRUST OF INDIA 211.2
(5.0%)

THE YAMUNA SYNDICATE 47,380.0
(-0.0%)

THIRDWAVE FINANCIAL INTERMEDIARIES 167.0
(4.4%)

TIAAN CONSUMER 7.0
(5.0%)

TILAK FINANCE 3.4
(1.5%)

TIMES GUARANTY 144.6
(3.4%)

TOYAM SPORTS 2.6
(-2.3%)

TRANSWARRANTY FIN 22.0
(-3.9%)

TRC FINANCIAL SERV. 34.3
(0.0%)

TRICOM FRUIT 1.5
(-4.5%)

TRINITY LEAGUE INDIA 14.8
(-2.0%)

TRIO MERCANTILE 1.1
(3.9%)

TRISHAKTI ELEC. 129.3
(-2.0%)

TYPHOON FINANCIAL SERVICES 19.0
(5.0%)

U.Y. FINCORP 26.4
(0.2%)

UGRO CAPITAL 231.2
(2.3%)

UJJIVAN FINANCIAL SERVICES 590.4
(2.7%)

UNIJOLLY INVESTMENTS COMPANY LTD. 4.6
(0.0%)

UNITECH INTERN. 5.0
(-8.7%)

UNITED CRED. 31.2
(-4.9%)

UPASANA FINANCE 53.9
(-2.2%)

USHAKIRAN FINANCE 40.0
(1.0%)

V B INDUSTRIES 9.1
(4.9%)

VALLEY INDIANA 38.3
(3.1%)

VARDHMAN HOLDINGS 5,007.9
(-1.1%)

VARIMAN GLOBAL 13.1
(-0.8%)

VAS INFRASTRUCTURE 3.6
(-5.0%)

VEDANT ASSET 161.9
(-2.0%)

VEERHEALTH CARE 18.3
(0.5%)

VEERKRUPA JEWELLERS LTD. 1.6
(4.7%)

VERTEX SEC. 5.8
(-0.3%)

VIBRANT GLOBAL 65.9
(1.7%)

VIJI FINANCE 3.4
(-1.8%)

VIKALP SECUR 44.0
(0.0%)

VINTAGE SECURITES 20.2
(2.1%)

VISAGAR FINANCIAL 0.8
(0.0%)

VISAGAR POLYTEX 1.0
(0.0%)

VISAMAN GLOBAL SALES LTD. 43.0
(0.0%)

VISCO TRADE ASSOCIATES 94.0
(-2.2%)

VISION INFRA EQUIPMENT SOLUTIONS LTD. 197.2
(-2.2%)

VISTAR AMAR 125.0
(-2.8%)

VIVO BIO TECH 38.6
(1.3%)

VJTF EDUSERVICES 94.1
(-5.0%)

VLS FINANCE 376.8
(1.2%)

VOLTAIRE LEASING 15.3
(-2.0%)

WALCHAND PEOPLE 157.1
(-1.6%)

WELSPUN INVESTMENTS 890.0
(0.9%)

WILLIAMSON MAGOR 36.5
(0.5%)

WINNY IMMIGRATION & EDUCATION SERVICES LTD. 222.0
(0.0%)

WOMEN NETWORKS 8.5
(0.0%)

WORTH INVEST. 16.1
(3.6%)

YAMINI INVESTMENTS 1.6
(-1.8%)

YASH MANAGE. 13.0
(5.0%)

Budget 2004-05: Finance

Budget Measures

Budget Impact

Industry Wish List

Budget over the years

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