Nifty posts biggest single-day fall in nearly four weeks.

 The Nifty fell about 1.5 percent on Thursday, its biggest single-day percentage drop in nearly four weeks, amid global risk aversion while Infosys declined on speculation that it may announce acquisitions which may weigh on its earnings.

Infosys shares fell 3.49 percent, weighing heavily on the Nifty. A company spokeswoman did not immediately offer comments. The IT services provider will make an announcement at 5 p.m., according to its website.

Equity markets, oil and emerging market currencies fell as fading expectations for an imminent U.S. interest rate hike following Federal Reserve meeting minutes stoked anxiety about the health of the global economy.

Selling was also seen in mid-cap and small-cap stocks, which have so far this year outperformed the broader market. The BSE MidCap index, which hit its record high last week, fell 2 percent.

"Midcaps and smallcaps were holding on since the last couple of days... But today we saw minor cracks and I think it can worsen," said Alex Mathews, head of research at Geojit BNP Paribas.

The Nifty fell 1.44 percent, its biggest single-day percentage fall since July 27, while the Sensex ended 1.16 percent lower.

Almost all sectors ended in the red, with the deep cuts seen in financial stocks. Only FMCG and healthcare stocks managed to hold out.

Among other bluechips, Reliance Industries fell 4 percent, ICICI Bank lost 2 percent and Larsen & Toubro shed 1.8 percent.

Meanwhile, Lupin rose 5.3 percent after the company received approval for a key anti-cholesterol drug from the U.S. FDA which was seen alleviating concerns over its Goa plant.

Sensex on crash course, cracks 324 points on global sell-off.

 The stock market found itself at the receiving end of a sharp global sell-off in equities and currencies on Thursday as the benchmark BSE Sensex tanked 324 points to end the day at 27,607.82.

Minutes of US Fed's July meeting suggested that the officials were in broad agreement that the economy is nearing a point which calls for a rate "lift-off", which added to the anxiety level.

European shares were ruling markedly lower over concerns about gloomy outlook of global economies.

The rupee fell to almost a two-year low of 65.50. Emerging market currencies fared no better as Turkish Lira and South African Rand went downhill.

Commodities took a blow as Brent fell 1.59 per cent to USD 46.41 in the global market. Metal prices too came under pressure and melt.

Positive comments from RBI Governor Raghuram Rajan that Indian economy is showing signs of a pick-up failed to lift mood.

The 30-share index resumed higher, but slid thereafter on intense selling, settling at 27,607.82, down 323.82 points, or 1.16 per cent.

As many as 26 in the Sensex pack ended with losses. The NSE Nifty slumped below the 8,400-level, tumbling 122.40 points, or 1.44 per cent, to close at 8,372.75.

This is Nifty's biggest single-day percentage fall since July 27. Intra-day, it hovered between 8,501.35 and 8,359.

"Sharp sell-off was witnessed across the globe after the release of FOMC minutes, which suggest that Fed can hike rate in September. Continuous fall in commodity prices, rupee weakness, sell-off by foreign portfolio investors and profit booking dampened sentiment of investors," said Gaurav Jain, Director, Hem Securities.

Vedanta took the maximum battering, which plunged 4 per cent, followed by Axis Bank.

RIL, BHEL, Tata Steel, GAIL, SBI and Infosys were among those which lost too.

Sector-wise, BSE realty index bore the brunt, down 4.13 per cent, followed by metal, banking, IT and PSU.

Earlier in the day, major Asian markets ended the day in the red. China's Shanghai Composite took a sharp fall of 3.42 per cent.

Meanwhile, foreign investors sold shares worth Rs 423.72 crore yesterday. 

Elsewhere in the region, Hong Kong, South Korea, Singapore
and Japan indices lost up to 1.77 per cent.

"India was outperforming other EMs in the last 2-3 months. We are likely to continue our outperformance, but the absolute return would be at risk. Due to increase in risks, investors are shifting their exposure to defensive sectors like pharma, IT and FMCG," said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services.

Broader markets mid-cap and small-cap indices couldn't escape the selling pressure, which too were down by over 2 per cent.

Lupin stood out as it surged 5.39 per cent and so were ITC, Dr Reddy's and Sun Pharma.

The market breadth turned sharply negative as 2,072 stocks declined, 771 advanced while 100 ruled steady.

The total turnover firmed up to Rs 3,354.59 crore, from Rs 3,312.12 crore yesterday. 

BSE extends direct market access facility to fgn investors.

BSE has extended the direct market access facility to foreign portfolio investors (FPIs) which allows them to access the stock exchange's trading system without any manual intervention by any broker.

"Exchange specifies that DMA facility can be extended to the... FPI investors," BSE said in a circular.

As per BSE, all provisions of the stock exchange in respect of DMA facility would be applicable to the FPIs.

The bourse would provide the direct market access facility (DMA) facility across all FPI categories. FPIs have been divided into three categories as per their risk profile.

Category I includes government and government-related investors such as central banks, governmental agencies, sovereign wealth funds and international or multilateral organisations or agencies.

Category II FPI includes appropriately regulated broad-based funds such as mutual funds, investment trusts, insurance/reinsurance companies, regulated persons such as banks, asset management companies, investment managers advisors, portfolio managers.

Besides, this category includes broad-based funds that are not appropriately regulated but whose investment manager is appropriately regulated, university funds and pension funds as well as university related endowments already registered with the board as FPI or sub-accounts.

Category III class of FPI are all other entities not eligible under Category I and II such as endowments, charitable societies, charitable trusts, foundations, corporate bodies, trusts, individuals and family offices.

Securities and Exchange Board of India (Sebi) had in 2012 streamlined the DMA facility.

As per the regulator's norms, investors seeking to avail DMA facility would not have to enter into a separate 'broker- client agreement' and it would be replaced by a simpler 'terms and conditions' document.

However, the brokers have to specifically authorise clients or investment managers acting on behalf of the clients for providing DMA facility, after fulfilling Know Your Client requirements and carrying out necessary due diligence.

The broker would have to maintain proper records of such due diligence procedures.

Some of the benefits of DMA facility include direct control of clients over orders, faster execution of their orders, reduced risk of errors associated with manual order entry and lower transaction costs.

Small stocks outshine blue-chips to give big returns to investors.

 The mid-cap and small-cap indices of the BSE have outperformed the blue-chip index so far this year and given big returns to investors.

An analysis of the three indices shows that the mid-cap index this year rose 13 percent, or 1,319.51 points, to 11,453.78, followed by the small-cap index with 5.47 percent, or 610.38 points, to 11,766.78.

On the other hand, gain in the blue-chip index has been just 2 percent, or 567.89 points, to 28,067.31 in 2015.

The 30-share index touched its all-time high of 30,024.74 on March 4, 2015.

The S&P BSE mid-cap index scaled its historic high level of 11,666.24 on August 10 and small-cap index touched its record peak of 12,203.64 on August 5.

Market analysts said that small and mid-caps suffer the most during times of uncertainty and crisis due to weaker balance sheets, which reflect in their stock prices as well, but when equities perform smartly, smaller stocks make big gains than the front-lines.

Smaller stocks are generally bought by local investors, while overseas investors focus on blue-chip shares, they said.

Retail investors are major participants in mid-cap and small-cap stocks.

Improvement in demand and profitability would help smaller stocks continue to outperform the large-caps going forward, analysts noted.

The mid-cap index tracks companies with a market value that is on an average one-fifth of blue-chips or large firms. Small-cap firms are almost a tenth of that.

Overseas investors, key driver of the Indian stock market, have invested a net amount of Rs 43,715 crore in equities and Rs 39,207 crore in the debt market since January 2015. 
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Sensex snaps 2-week gains, ends lower by 169 points.

Even after fag-end buying from operators and investors on hopes of interest rate cut by Reserve Bank Of India (RBI) due to fall in inflation figure, the S&P BSE benchmark Sensex snapped its last 2-week gains and ended lower by 169 points to close at 28,067.31.

Market was trading lower for first three trading days of the week following a surprise devaluation of the Yuan by China.

However, it recovered afterwards on hopes of interest rate cut by the RBI as consumer price inflation fell to multi year low in July.

Shares of metal, refinery, FMCG, power, capital goods, auto and consumer durable declined due to heavy selling.

However, IT and technology sector firmed up on good buying due to sharp fall in rupee value against the dollar. Healthcare sector also moved up on good enquiries.

Sensex resumed slightly higher at 28,250.78 and firmed up to 28,417.59, but dropped to 27,479.43 due to heavy profit-booking during the first three days of the week.

However, it recovered afterwards to close at 28,067.31, still showing a loss of 169.08 points or 0.60 percent.

The Sensex had gained by 124.08 points or 0.44 percent in previous two weeks.

The CNX 50-share Nifty also dropped by 46.05 points or 0.54 percent to 8,518.55 after moving in a range of 8,621.55 and 8,337.95.

It had gained 43.05 points or 0.51 percent in the previous two weeks. 
The BSE Mid-Cap index fell 103.74 points or 0.90 percent to settle at 11,453.78. The BSE Small-Cap index declined 337.69 points or 2.79 percent to settle at 11,766.78.

Key benchmark indices rallied on Friday after data showed that annual wholesale prices continued to decline for the ninth consecutive month in July, raising hopes that RBI may lower key policy rates at its forthcoming Monetary Policy Review meet next month.

Inflation based on the wholesale price index (WPI) for July 2015 slipped further in negative terrain and stood at -4.05 percent (provisional) as compared to -2.4 percent (provisional) for the previous month.

Industrial production registered year-on-year growth of 3.8 percent in June 2015.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 2,443.55 crores during the week as per the SEBI's record including the provisional figure of August 14.

Among the 30-share Sensex pack, 19 stocks declined while rest of them gained.

Major losers were VEDL (17.19 pct), Hindalco (14.87 pct), Tata Steel (9.52 pct), Tata Motors (9.48 pct), Coal India (9.17 pct), SBI (4.60 pct), ONGC (4.16 pct), HUL (3.71 pct), BHEL (3.40 pct) and NPTC (3.29 pct).

However, Lupin rose by 5.86 pct, Sun pharma 5.57 pct, TCS 5.56 pct, Infosys 4.87 pct, Cipla 3.40 pct, Maruti 2.84 pct and Hero Motoco 2.01 pct.

Among the S&P BSE sectoral indices, Metal dropped by 9.99 pct, Oil&Gas 4.61 pct, FMCG 2.68 pct, Power 2.51 pct, Capital Godos 2.38 pct and Auto 1.54 pct.

IT rose by 4.06 pct, Healthcare 3.07 pct and Teck 2.41 pct.

Total turnover at BSE and NSE dropped to Rs 16,903.65 crores and Rs 89,408.51 crores respectively from the last weekend's level of Rs 19,574.56 crores and Rs 97,273.30 crores. 

Sensex retakes 28,000, Nifty above 8,500 as WPI falls.

 The benchmark BSE Sensex reclaimed the 28,000-mark and the NSE Nifty was trading above 8,500 level at noon on Friday on across-the-board gains after WPI inflation fell for July, raising hopes of a rate cut by the RBI amid a pause in rupee's fall.

Wholesale price index-based inflation plunged to (-)4.05 percent in July, from (-)2.40 percent in June.

The latest set of numbers followed data earlier this week which showed retail inflation eased in July, which raised hopes of a possible rate cut by RBI.

Equity brokers said better-than-expected positive macro data fuelling hopes of a policy rate reduction triggered buying by participants, helping key indices regain their crucial levels.

Besides, falling global crude oil prices, which slid to its lowest level in over six years, lifted sentiment, they said.

The 30-share index, which rose over 162 points in early trade, continued its advance, soaring 500.52 points, or 1.82 percent, to 28,050.05 at 1326 hours.

The gauge had gained 37.27 points in the previous session.

All sectoral indices, led by realty, banking, auto and healthcare, were trading in the positive zone with gains up to 5.57 percent.

The NSE Nifty retook the crucial 8,500-mark by surging 166.15 points, or 1.99 percent, to 8522 at 1326 hours.

Vedanta led the pack of gainers, followed by RIL, HDFC, Bajaj Auto and ICICI Bank.

Among other Asian markets, the Shanghai Composite index rose 0.27 percent while Japan's Nikkei fell 0.37 percent and Hong Kong's Hang Seng lost 0.14 percent.

Meanwhile, foreign portfolio investors (FPIs) net sold shares worth Rs 625.90 crore yesterday, provisional exchange data showed.

Oriental Bank of Commerce cuts lending rate by 0.1%

State-owned Oriental Bank of Commerce (OBC) slashed minimum lending rate -- the base rate -- by 0.1 percent to 9.90 percent, a move which will lower EMIs for borrowers of the bank.

The bank has reduced base rate to 9.90 percent from 10 percent with effect from August 17, OBC said in a statement.

With the reduction in base rate, all loans linked to the base rate will become cheaper by 0.1 percent.

The reduction in base rate by the bank comes even after RBI kept benchmark rate unchanged in the monetary policy review on August 4.

RBI kept repo rate -- the short-term lending rate -- cash reserve ratio (CRR) and statutory liquidity ratio (SLR) unchanged at 7.25 percent, 4 percent and 21.5 percent, respectively.

Earlier this month, Punjab National Bank cut interest rate on fixed deposits on select maturities by up to 0.50 percent.

Interest rate on domestic term deposits has been reduced between 0.10 percent and 0.50 percent on select maturities with effect from August 10, PNB said in a statement. 

Tata Steel shares trim early gains; up nearly 1% at close.

 Trimming most of its early gains, shares of Tata Steel ended nearly one percent higher Wednesday on profit-taking in an overall weak broader market.

The stock ended the day with a gain of 0.89 percent at Rs 249.10 on the BSE. In intra-day, it surged 4.45 percent to Rs 257.90.

At the NSE, shares of the company settled at Rs 249.05 per scrip, up 0.91 percent.

In terms of volume, 29.26 lakh shares of the company changed hands at the BSE and over one crore shares were traded at NSE during the day.

The company's consolidated net profit jumped over two- fold for the reported quarter helped by strong sales from its Indian operation, cost optimisation and sale of non-core assets.

Its consolidated total income, however, fell 17 percent to Rs 30,300.33 crore during the April-June quarter this fiscal, from Rs 36,427.21 crore in the same period a year ago.

Total expenses fell 14 percent to Rs 28,872.59 crore from Rs 33,704.92 crore for the reported quarter.

In the broader market, the Sensex ended with a loss of 353.83 points at 27,512.26. 

Cadila Healthcare shares surge over 5% as Q1 net jumps.

 Shares of Cadila Healthcare Wednesday surged over 5 percent after the company reported a 47.11 percent rise in consolidated net profit for the first quarter ended June 30.

The drug firm's scrip climbed 5.16 percent to settle at Rs 2,017.30 on BSE. Intra-day session, it gained 6.34 percent to Rs 2,040.

At NSE, shares of the company ended at Rs 2,011.70, a gain of 5.12 percent.

The company's market capitalisation rose by Rs 2,028.92 crore to Rs 41,303.92 crore.

"For Q1FY16, Cadila Healthcare posted robust results," said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.

Cadila Healthcare today reported a 47.11 percent rise in its consolidated net profit to Rs 353.39 crore for the first quarter ended June 30, mainly on account of robust sales.

The company had posted a net profit after taxes, minority interest and share of profit/(loss) of associates of Rs 240.21 crore for the corresponding period of the previous fiscal, Cadila Healthcare said.

Consolidated total income from operations of the company rose to Rs 2,500.65 crore during the quarter under consideration as against Rs 2,050.12 crore in the year ago period.

In a separate filing on BSE, Cadila Healthcare said its Board of Directors has considered and approved the sub-division (split) of one equity share of the company having a face value of Rs 5 into five equity shares of face value of Rs 1 each. 

Rupee plunges 29 paise to 64.16 against USD, post yuan devaluation.

 The rupee fell sharply by 29 paise to 64.16 against the dollar in early trade Tuesday at the Interbank Foreign Exchange due to a rise in the greenback against other currencies overseas.

Dealers attributed the fall to the dollar's gains after China devalued yuan, which pushed up demand from importers for the US currency.

However, a higher opening in domestic equity market capped losses to some extent.

The rupee had lost six paise to settle at 63.87 against the dollar in yesterday's trade on fag-end demand for the greenback from importers.

Meanwhile, the benchmark BSE Sensex was trading higher by 103.40 points, or 0.36 percent, at 28,205.12 in early trade today. 

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Sun TV tumbles 7% after HC cancels Maran's anticipatory bail.

 Shares of Sun TV Network tanked nearly 7 percent Tuesday after the Madras High Court cancelled former telecom minister Dayanidhi Maran's interim anticipatory bail in the controversial telephone exchange case and directed him to surrender before CBI within three days.

As a result, the stock declined 6.52 percent to Rs 318.70 on BSE.

On NSE, it went down 6.74 percent to Rs 318.20.

While rejecting his charges of "political vendetta", the Madras High Court yesterday cancelled Dayanidhi Maran's interim anticipatory bail in the controversial telephone exchange case and directed him to surrender before CBI within three days.

In a 49-page order, Justice Vaidhyanthan held that "prima facie" Maran had "misused" his office by obtaining telephone connections "illegally" and allegations against him were backed by material evidence.

CBI has registered an FIR against Maran and others alleging that more than 300 high-speed telephone lines were provided at his residence in Chennai and extended to his brother Kalanithi Maran's SUN TV channel to enable its uplinking when Dayanidhi Maran was Union Telecom Minister in 2004-07. 

Rupee gains 4 paise to 63.77 against USD.

Snapping its three-day falling streak, the rupee recovered 4 paise to 63.77 against the US dollar in early trade Monday on fresh selling of the American currency by exporters and banks amid a higher opening in the domestic equity market.

Selling of the American currency by exporters and banks supported the rupee, but dollar's strength against other currencies overseas capped the gains, dealers said.

Besides, a higher opening in domestic equity market helped the rupee, they added.

The rupee had shed four paise at 63.81 against the US dollar in Friday's trade on sustained demand for the American currency from banks and importers.

Meanwhile, the benchmark BSE Sensex recovered by 62.59 points, or 0.22 percent, to trade at 28,298.98 in early trade. 

Jaiprakash Associates' stock plunges 7% as Q1 loss widens.

 Shares of infrastructure major Jaiprakash Associates slumped nearly 7 percent Monday as the company's standalone net loss widened to Rs 465 crore in the April-June quarter of 2015-16 fiscal.

The stock plunged 6.63 percent to Rs 11.12 at the BSE.

On NSE, it tumbled 6.72 per cent to Rs 11.10.

Jaiprakash Associates' standalone net loss widened to Rs 465 crore in the April-June quarter of the current fiscal from Rs 80.61 crore in the corresponding quarter of the previous year.

Total income from operations of the company also declined to Rs 2,392.75 crore in the June quarter from Rs 3,030.40 crore in the year-ago period, the company had said in a filing to the BSE on Saturday.

Tedious end of the Week..

After hovering around the dotted line for most part of the day, the Indian equity markets witnessed some pressure in the final hour of trade. While the BSE-Sensex closed lower by 62 points, the NSE-Nifty closed lower by 18 points. The S&P BSE Midcap and S&P  BSE   Smallcap too closed the day in the red and were down by 0.3% and 0.2% respectively. oil and gas and consumer durables stocks observed buying interest, while stocks from power and metal space witnessed selling pressure.

Asian stock markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 2.26% while Hong Kong's Hang Seng is up 0.73% and Japan's Nikkei 225 is up 0.29%. European shares fell in early trade weighed down by Germany's top share index. The rupee was trading at 63.80 against the US$ in the post noon session.

Shares of Vedanta surged after it was reported that the company is all set to start iron ore mining operations at the Codli mines in Goa from August 10. The mining conglomerate will restart iron ore business in Goa after a closure for nearly 3 years. The actual operations will begin post monsoon around the second half of September. The company has permission to mine 5.5 million tonnes per annum (MTPA) of the total permitted 20 million tonnes (MT) capacity for iron ore production in Goa by the Supreme Court. The company will commence operations at a time when iron ore prices are at their lowest. Since the closure of mining operations in September 2012, prices have crashed to USD 32-33 per tonne for Goa grade of iron ore (average grade 58% FE) from a peak of about USD 140 per tonne in 2012.

Automobile stocks ended the trading day with moderate gains. Cummins India and Tata Motors were the leading gainers. According to a leading economic daily, TVS Motor has entered into strategic partnership with Pollachi based Mahalingam College of Engineering and Technology (MCET) to develop industry supported BE Programme and offer it to students. TVS-MCET Collaborative Educational Program was aimed at bridging the gap between the quality of engineers expected by the industry and the graduating engineers. The program nurtured technical education by bringing industry practices into education system and improving the skills of instructors and students. TVS Motor ended the trading day up by 1% on the BSE. 

Rupee climbs 4 paise to 63.71 against dollar in early trade.

The rupee edged up 4 paise to 63.71 against the US dollar in early trade on Thursday at the Interbank Foreign Exchange market on increased selling of the American currency by exporters amid higher foreign funds inflow.

Forex dealers said a weakening dollar against other currencies overseas and a higher opening in the domestic equity market supported the rupee.

The rupee had closed barely steady at 63.75 against the US dollar in yesterday's trade on fresh selling of the greenback by banks and exporters amid sustained foreign capital inflows into equities.

The benchmark BSE Sensex rose further 91.32 points, or 0.32 per cent, to 28,314.40 in early trade today.
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EPFO enters Dalal Street, plans to hike investments further.

Marking its maiden entry into stock market, retirement fund body EPFO Thursday announced its first equity investment through Exchange Traded Funds benchmarked to key indices Sensex and Nifty and promised to invest more than the current limit of Rs 5,000 crore from the next year.

The first investment, announced here by Labour Minister Bandaru Dattatreya in the presence of top market participants, would be made through SBI Mutual Fund's two index linked ETFs -- one to the BSE's Sensex and the other to NSE's Nifty.

The minister said Employment Provident Fund Organisation (EPFO) will initially put only 5 percent of its incremental fund flow, which would be around Rs 5,000 crore, but the cap could be increased to 15 percent next year.

The return from the ETF investment will be more than the 8.75 percent the EPFO offers to subscribers now, he said.

"We expect that the return be given to 4.67 crore subscribers of EPFO, which started investing 5 percent of its incremental fund of Rs 1,00,000 crore, to be more than the existing return of 8.75 percent," the minister told reporters after making a formal announcement here today.

Apart from Dattatreya, the event was attended by Sebi's whole-time member S Raman, SBI chairperson Arundhati Bhattacharya, BSE chief Ashish Kumar Chauhan and the Central PF commissioner K K Jalan.

Chauhan said that investment of pension funds in stock markets is an internationally accepted practice and citizens world over have got better returns from such investments.

NSE chief Chitra Ramkrishna, who was not present at the event, said in a statement that EPFO's entry will unlock savings into nation building and other entities may consider similar initiatives.

A press release from SBI Mutual Fund, however, named Ramkrishna among those present on the occasion.

The SBI-ETF Nifty and SBI Sensex ETF are the two index-linked ETF schemes chosen from SBI Mutual Fund.

The Index-based ETFs are universally considered amongst the safest investment avenues to help PF members accumulate robust retirement corpus over a long-term.

"Even though the EPFO, with its Rs 6.5 trillion corpus will be investing only 5 percent of its incremental flow by the end of the current fiscal, we will review the situation after that to decide whether we should increase it to 15 percent next year," Dattatreya said.  For More information regarding financial market click herewww.rpshares.com/news.html

Balaji Telefilms trims most of early gains; stock up .

 Trimming most of its initial gains on profit-taking, shares of Balaji Telefilms ended the day over 1 percent higher, a day after Star India sold its entire 25.99 percent stake in the company for an estimated Rs 108 crore.

After surging 10.23 percent to Rs 105 -- its 52-week high -- in intra-day trade, shares of the company finally ended at Rs 95.90, up 0.68 percent on the BSE.

On the NSE, the stock settled with a gain of 1.1 percent at Rs 96.35.

Most of the shares were purchased by Balaji Telefilms' promoters - Ekta Kapoor and Shobha Kapoor - and Group CEO Sameer Nair.

"This confirms Star's exit of a minority stake of 25.99 percent in Balaji Telefilms. Axis capital acted as advisors to Star and also executed the on-market sale on August 5, 2015," Star India CEO Uday Shankar said.

Star India, which had initially acquired 21 percent stake in Balaji in August 2004 for over Rs 120 crore, increased its holding in the company to 25.99 percent.

As per the latest data available with Metropolitan Stock Exchange (formerly known as MCX-SX), Star India offloaded a total of 1.69 crore shares of Balaji Telefilms through open market route.

The shares were sold at an average price of Rs 63.6 apiece valuing the transaction at Rs 108 crore. 
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