Moody’s ups India’s rating to highest since 1991 reforms

Moody’s ups India’s rating to highest since 1991 economic reforms

Global ratings agency Moody’s revised the country’s sovereign ranking to Baa2 from Baa3 – its first upgrade in almost 14 years — citing implementation of a string of economic reforms, including demonetisation and rollout of the goods and services tax. The new rating, India’s highest since the 1991 reforms, comes as a huge boost for the government.

Moody’sThe action looks beyond the present slowdown in economic growth and a surge in bank bad loans, and bets on India’s medium- and longterm growth potential.

The markets cheered, with the rupee, bonds and equities all reacting positively. Although the rupee and the sensex gained over 1% intraday, both retracted some of their gains toward the close. The move comes close on the heels of the sharp improvement in India’s ranking in the World Bank’s ease of doing business survey.

Moody’s gives govt ammo to battle oppn

The ratings upgrade by Moody’s could position India as an attractive investment destination, apart from making it easier for companies to raise resources abroad. The ratings agency highlighted reforms such as the Goods and Services Tax (GST) and demonetisation, which it said would lead to greater formalisation of the economy. Besides upgrading India’s ratings, Moody’s also revised the outlook from positive to stable, indicating that the next upgrade might take a while coming.

“The government is midway through a wide-ranging programme of economic and institutional reforms. While a number of important reforms remain at the design phase, Moody’s believes that those implemented to date will advance the government’s objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth,” the agency said.

The ratings action comes days ahead of the crucial Gujarat assembly elections where the opposition Congress has sought to portray GST and demonetisation as triggers for the slowdown. The Moody’s upgrade is expected to provide ammunition to the government to blunt criticisim about its handling of the economy after growth slowed to a three-year low of 5.7% in the June quarter and rollout issues linked to GST triggered a political backlash.

Industry, stock brokers and bankers said the revised rating would accelerate fund flow to the country. “This move will now give India access to cheaper capital funds for investment, helping accelerate growth,” said Shikha Sharma, MD & CEO, Axis Bank. So far India’s cohorts in the rating table were countries like South Africa and Indonesia. With this upgrade, India has moved into the same league as Italy, Spain, Oman and the Philippines.

Moody’s Upgrade Lifts Mood On D-St & Main St

Sensex Rallies Over 400 Pts Intra-Day

The sensex started the session almost at the day’s high, rallied over 400 points (1.2%) to an intraday high at 33,521. But, due to weekend profit-taking, it closed 236 points higher at 33,343. Market players interpreted Moody’s decision as an approval by the ratings major’s for the Narendra Modiled government’s reforms-oriented initiatives, which would put the country back on a strong economic growth path. The day’s rally added about Rs 1.7 lakh crore to investors’ wealth with the BSE’s market capitalisation now just a tad above the Rs 150-lakh-crore mark.

A section of the market believes that the Moody’s action has helped changed the mood on Dalal Street, but its impact would not last long. Jimeet Modi, founder & CEO, Samco Securities said that although Moody’s upgrade has helped a pull-back in the benchmark indices, this would prove to be short-lived as economic fundamentals have not changed. “China’s substantial reduction of rating from Aa3 to A1 did not lead to a fall in the markets. On the contrary, the stock market rose 20% since the downgrade. Therefore, the current upgrade should not be read into too much, it is merely a short-term sentiment booster,” Modi said.

Riding on reforms, govt cracked the code

‘Action Should Have Come A Year Earlier’

Several key serving and former policymakers said the upgrade should have been announced one year ago given the spate of reforms. “They always said they would like the reforms to take deep roots and the reforms are sustainable. From the department of economic affairs (DEA) we had written a letter pointing out what we considered as deficiencies in their rating methodology. They had of course replied,” former economic affairs secretary Shaktikanta Das who had spearheaded the effort told TOI.

“But the fact that reforms are deep rooted and sustainable are also a matter of subjective assessment. Now, subjective assessments can vary but at the same time our point was that subjective assessments are based on objective facts. Therefore, we felt India deserved a credit rating upgrade much earlier. It has to be recognised that without this rating upgrade India was attracting a lot of investments. Now with this upgrade, together with improved ease of doing business, India emerges as a very attractive destination,” said Das.

The 2016-17 economic survey had also questioned the rating methodology of the agencies and used the rating of China and India to point out the flaws. While it was pointing out the gaps, North Block mandarins, such as Das and CEA Arvind Subramanian realized that trying too hard with the agencies may not work and instead it is better to focus on the job at hand. “We do what we do,” Subramanian was overheard telling his colleagues in the finance ministry in the afternoon, in what was probably a take on Raghuram Rajan’s latest book ‘I do what I do’.

Former NITI Aayog vice chairman Arvind Panagariya pointed to flawed methodology that rating agencies pursue. “Of course, our ratings continue to be well below what they ought to be. We have no record of ever defaulting and we are among the fastest growing large economies. But the ratings agencies seem to attach a huge negative weight to our low level of percapital income,” he said.

“Nevertheless, while we must rejoice the rare event, we must also reaffirm our resolve to continue moving ahead with reforms to create the New India that the PM envisages by 2022,” Panagariya said. Economic affairs secretary Subhas Chandra Garg said the upgrade is a credible stamp of approval of deep and comprehensive structural reforms undertaken by the government to put India on a sustainable high growth and institutional development path.

N K Singh, a former civil servant and a member of the now-wound up Planning Commission, echoed the sentiment. “It is a very strong vindication going beyond recognition of the government’s overall economic strategy. This is not the result of a single measure but a constellation of measures which includes continued fiscal consolidation, convergence of fiscal and monetary policies, and continuous fine tuning of GST.”

International borrowings to be cheaper for India Industries

“Usually, rating upgrades are anticipated 30-60 days in advance and the effect of the change lingers on till 30-60 days after the event. However, in the current case, as the change in ratings by Moody’s was completely unanticipated, the decrease in yields might materialise in a short duration,” said HDFC Bank chief economist Abheek Barua.

In its earlier rating of Baa3, India’s peers included South Africa, Hungary, Indonesia, Kazakhstan and Romania. The borrowing costs for these companies ranged between 4.3% and 9.3%. The cohorts under the new rating of Baa2 include Spain, Italy, Philippines and Oman. The borrowing costs for these countries range from 1.5% to 4.9%.

Bank of America president and India country head Kaku Nakhate said, “This ratings upgrade will help India Inc’s future external borrowings becoming cheaper, which in turn will lead to higher investments in manufacturing and infrastructure sector.” Following the ratings upgrade, prices of bonds issued by Indian corporates rose in the international markets.

‘Upgrade shows reforms may boost growth’

Moody’s Investors Service vice-president (sovereign risk group) William Foster explains to TOI the rationale behind the ratings upgrade. Foster also sounds upbeat about India’s prospects, although he says the fiscal deficit could be wider than expected this year. Excerpts:

William Foster

VP (SOVEREIGN RISK GROUP), MOODY’S

What prompted the ratings upgrade?

How do you expect growth to pan out?

Longer term, India’s growth potential is significantly higher than most other Baa-rated sovereigns. The reforms — aimed at improving the business environment, increasing formalisation of the economy or anchoring stable inflation — contribute to further enhancing the economy’s capacity to absorb shocks. We have revised our GDP growth forecast down to take into account the immediate impact of demonetisation and disruptions related to GST. We forecast real GDP growth to moderate to 6.7% in the year ending in March 2018. However, as disruption fades, we expect to see a rebound growth to 7.5% in the next fiscal year.

Will the reforms undertaken by the government be enough to tackle the problem in the banking sector and revive growth?

The recapitalisation of public sector banks announced last month should enable them to move forward with the resolution of NPLs (non-performing loans) through comprehensive write-downs of impaired loans and increase lending gradually. This represents a step forward in addressing a key weakness in India’s credit profile. Over the medium term, if met by rising demand for investment and loans, the measures will help foster more robust growth, in turn supporting fiscal consolidation.

When do you expect private sector investments to pick up?

Private sector investment has been weak, likely hampered by high corporate debt in investment-intensive sectors and ongoing challenges in the business environment and infrastructure gaps. Over time, measures implemented and planned such as GST removing barriers to trade within India, steps aimed at enhancing the business environment, encouraging foreign direct investment, providing greater visibility about future inflation will contribute to higher investment. Most of these measures will take time.

The FM has said that the fiscal glide path may be affected due to the structural changes India has undertaken. Do you think the fiscal deficit target for this year will be missed?

We forecast the general government budget deficit (state and Centre) at 6.5% of GDP this fiscal year, similar to the last two fiscal years. Lower government revenues than planned in the Budget and somewhat higher government spending could lead to a deficit somewhat wider than targeted. However, we think that the government’s commitment to fiscal consolidation remains. Over time, measures aimed at broadening the tax base and improving the efficiency of government spending will contribute to a gradual narrowing of the deficit. Together with robust and sustained nominal GDP growth, this would be conducive to a gradual decline in the government debt burden.

ENDORSES REFORMS

Moody’s upgrade is a hugely welcome endorsement of the govt’s reform policies, and the economy’s enormous potential. Key reforms will surely have large payoffs in the coming years. Economic cycle too is on an upswing

KUMAR M BIRLA | CHAIRMAN, AB GROUP

It’s a welcome development, but we also feel it was long overdue… it’s a recognition of the actions that the govt has undertaken. We also need to keep all these things in perspective

ARVIND SUBRAMANIAN | CEA

r s

Moody’s has noticed the seriousness of the government in carrying out the reforms like GST, which has been pending for 10 years. Some of these reforms are transformational

DEEPAK PAREKH | CHAIRMAN, HDFC

Borrowing costs are expected to come down for corporates. Banks are well poised to contribute to growth of economy. By January, some of the bad debt resolution plans should be in place

RAJNISH KUMAR | CHAIRMAN, SBI

A large part of capital allocation are ratings-led. It leads to lower credit premium for corporates and makes capital cheaper. Some more pension funds will now be able to invest in India

CHANDA KOCHHAR | MD & CEO, ICICI

It highlights the immense potential that India offers. More importantly, it also emboldens the government to stay true to the path of strong and transformational reforms

SUNIL MITTAL | CHAIRMAN, BHARTI ENTERPRISES

We believe private sector capital will still take some time to come back. The central & state governments and PSUs are expected to drive capital expenditure for another 9-12 months

S N SUBRAHMANYAN | CEO & MD, L&T

-Mumbai, 18 November, 2017

Axis, HDFC, ICICI to charge 150 after 4 cash transactions

Axis, HDFC, ICICI to charge Rs. 150 after 4 cash transactions

Some banks, including Axis, HDFC, ICICI Bank, have begun charging a minimum amount of Rs. 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The new charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

Axis, microstat

The bank would also cap the third party cash transactions at Rs. 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

In case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, from Thursday onwards.

These charges are for cash transactions in the branches, and not through ATMs. The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

According to details on ICICI Bank website, there will be no charge for first four transactions a month at branches in home city while Rs. 5 per thousand rupees would be charged thereafter subject to a minimum of Rs. 150 in the same month.

The third party limit would be Rs. 50,000 per day. For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs. 5 per thousand rupees thereafter subject to a minimum of Rs. 150.

For anywhere cash deposit, ICICI Bank would charge Rs. 5 per thousand rupees (subject to a minimum of Rs. 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs. 5 per thousand thereafter.

ATM intercharge charges have also been re-introduced. At Axis Bank, the first five transactions or Rs. 10 lakh of cash deposits or withdrawals would be free and charged at Rs. 5 per thousand rupees or Rs. 150, whichever is higher.

It could not be ascertained whether the public sector banks have also begun imposing such charges. When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.

-PTI, NEW DELHI, MARCH 02, 2017

Union Cabinet approves five associate banks’ merger with SBI

Union Cabinet approves five associate banks’ merger with SBI

The merger proposal was announced in May 2016 and was scheduled for March 2017.

The Union Cabinet on Wednesday approved the merger of five of State Bank of India subsidiaries — State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore — with the SBI.

Union Cabinet, microstatThe merger proposal was announced in May 2016 and was scheduled for March 2017.

While announcing the decision, Finance Minister Arun Jaitley said that the Cabinet had earlier given its in-principle approval for the merger, and then had sent it to the respective banks for their suggestions. These suggestions have been taken on-board, and the decision has been formally approved by the Cabinet.

 “This will lead to far greater operational efficiency and synergy of operations within these banks,” Mr. Jaitley said. “It will decrease the cost of operations, which will also result in a decrease in the cost of funds.”

“The merger is likely to result in recurring savings, estimated at more than Rs. 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds,” the government said in a statement. “Existing customers of subsidiary banks will benefit from access to SBI’s global network.”

While announcing the decision, Finance Minister Arun Jaitley said that the Cabinet had earlier given its in-principle approval for the merger, and then had sent it to the respective banks for their suggestions. These suggestions have been taken on-board, and the decision has been formally approved by the Cabinet.  “This will lead to far greater operational efficiency and synergy of operations within these banks,” Mr. Jaitley said. “It will decrease the cost of operations, which will also result in a decrease in the cost of funds.”

Mr. Jaitley also said that SBI, following the merger, will not only be a large domestic bank, but will also become a global player as well.

NEW DELHI, FEBRUARY 15, 2017

ATM security breach: Banks block over 32 lakh debit cards

ATM security breach: Banks block over 32 lakh debit cards; Govt seeks details

ATM security breach: Banks block over 32 lakh debit cards; Govt seeks details

In a move to safeguard their customers from any financial fraud in the wake of unprecedented ATM security breach, various public and private sector banks led by state-run State Bank of India have either recalled or blocked over 32 lakh debit cards.

Bankers said the recalled cards include those that have been replaced as a ‘pre-emptive measure’, while in many cases the customers have been asked to mandatorily change the PIN and other security numbers to resume using the blocked cards.

While there were some reports about certain cards, affected by security breach, having been used fraudulently abroad including in China, bankers appeared putting the blame on a payment services provider that manages ATM network of a private sector bank.

State-run SBI is said to have re-called around 6 lakh cards, while others like Bank of Baroda, IDBI Bank, Central Bank and Andhra Bank have also replaced debit cards of several customers as a pre-emptive measure.

Among the private sector players, ICICI Bank, HDFC Bank and Yes Bank have asked customers to change their ATM PINs. HDFC Bank also advised its customers to use its own ATMs for carrying out any transaction.

The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank.

Hitachi provides payment services through ATM services, point of sale services (POS), emerging payments services and banking channel products like cash recycling ATMs and auto passbook entry machines.

Yes Bank sought to distance itself from the breach and stressed on need to police service providers in a better way.

“There needs to be a lot more vigilance where there are outsourcing partners to make sure they don’t endanger the delivery and system risk, and there’s a fair amount of policing as far as outsourcing risks are concerned,” Yes Bank chief Rana Kapoor told reporters.

Hitachi Payment Services, however, maintained its system was not compromised, citing interim report by an external audit agency appointed by it.

According to bankers, the breach took place in such a way that anyone using the said bank’s ATMs in the region might stand to get affected.

Concerned over the issue, the Finance Ministry has sought details from banks as also the additional steps that need to be taken to avert such incidents.

According to the Ministry sources, the Department of Financial Services has sought information about implication of such data compromise from Indian Banks Association.

Seeking to calm worried card users, the Finance Ministry also said that debit cards are completely safe and there should be no room for panic.

“Only about 0.5 percent debit card details were compromised while remaining 99.5 cards are completely safe and bank customers should not panic,” Department of Financial Services Additional Secretary G C Murmu told PTI.

Meanwhile, a Finance Ministry source said, “We have got information from SBI that PIN (Personal Identification Number) related with few debit cards has been compromised and the bank is in the process of replacing it with new card in secured manner.”

The bank has taken measures to ensure safety of data, the source added.

In a statement, SBI said, “Card network companies NPCI, MasterCard and Visa had informed various banks about a potential risk to some cards owing to a data breach. Accordingly, we have taken precautionary measures and have blocked cards of certain customers identified by networks.”

SBI’s Deputy Managing Director and Chief Operating Officer Manju Agarwal said the data breach took place between May and July, but was discovered only in September and so the bank decided to proactively change the cards.

“As soon as we came to know financial data being stolen, we asked our customers to change the ATM pin numbers. Despite instructions only 7 percent of the customers changed their pin numbers. At that point we decided to recall cards as we did not want our to customers to be at any risk,” she said.

She, however, declined to give the number of debit cards the bank has recalled, but sources said it was around six lakh cards. SBI has issued nearly 20 crore debit cards.

An Axis Bank spokesperson said, “The bank has proactively reached out to the affected customers and advised them to change their Debit Card PINs. The Axis Bank ATM network is fully secured and customers should ideally use Axis Bank ATMs to change their Debit Card PINs.”

SBI said its systems have not been compromised and its existing cardholders are not at any risk.

The bank is in the process of issuing new cards at no cost to those whose cards have been blocked, and it is an industry incident and not an SBI only incident, it added.

Another state-run bank’s chairman and managing director said, “As soon as we came to know about the security breach, we replaced debit cards of those customers which we thought were at high risk. We replaced around 3 lakh debit cards.”

Bankers said some of their customers reported about suspicious transactions, which took place in China, from their international debit cards.

“There was some compromise of data and when the bank came to know about some suspicious transactions which had taken place overseas. We have already completed the process of recalling the card,” Bank of Baroda Executive Director Mayank Mehta said.

The bank has verified its internal switch system, softwares and is also checking offsite ATMs, he added.

Central Bank’s Executive Director R C Lodha said, “A few customers came to us about unauthorised transactions from their cards in China. These customers do not even have passports. We have replaced such cards.”

The debit cards which were affected included of Visa, Mastercard and RuPay.

In a statement issued today, Visa said, “It has been informed that some payment cards in India may have been compromised due to suspected breach of payment systems at a service provider. We also note reports that some of these affected accounts have been fraudulently used for overseas transactions.”

“Visa does not currently process domestic debit ATM transactions in India, however we are working closely with all networks and our financial institution partners to support with investigations,” it said.

Mastercard said its systems have not been breached.

“At Mastercard, safety and security of payments is a top priority for us and we are working on the investigations with the regulators, issuers, acquires, global and local law enforcement agencies and third party payment networks to assess the current situation,” it said in a statement today.

Hitachi Payment Services’ Managing Director Loney Antony said some of the banks to whom the company provides payment services, had reported such unauthorised transaction towards end of July. It had then conducted an internal enquiry which did not find any security breach.

In September, the banks again reported about suspicious transactions to the company after which an external audit agency was appointed.

“We had appointed an external audit agency in the first week of September to check the security of our systems for any breach or compromise based on a few suspected transactions that were highlighted by banks for whom we manage their ATM networks. The interim report published by the audit agency in September does not suggest any breach or compromise in our systems,” Antony said.

He said the final report is expected by mid-November.

Post this incident, while some of the banks like SBI have re-called around six lakh cards, others like Bank of Baroda, IDBI Bank, Central Bank of India and Andhra Bank have already replaced their debit cards as a pre-emptive measure.

Some of the lenders like ICICI Bank, HDFC Bank and Yes Bank have asked customers to change their ATM pin numbers.

HDFC Bank also advised its customers to use its own ATMs for carrying out any transaction.

-October 20, 2016 | PTI | Mumbai/New Delhi

 

RBI imposes Rs 27-crore penalty on 13 banks

RBI imposes Rs 27-crore penalty on 13 banks

RBI imposes Rs 27-crore penalty on 13 banks

In a major crackdown for FEMA violations and KYC lapses, the RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI Bank to ensure strict compliance with guidelines.

On the basis of inputs received from a public sector bank, the Reserve Bank had undertaken a scrutiny on advance import remittances in 21 banks in October and November 2015.

In a statement issued today, the RBI said it has imposed monetary penalty on 13 banks for “violation of regulatory directions/instructions/guidelines, among other things, on KYC norms”.

These banks are: Bank of Baroda (Rs 5 crore), Punjab National Bank (Rs 3 crore), Syndicate Bank (Rs 3 crore), UCO Bank (Rs 2 crore), HDFC Bank (Rs 2 crore), Allahabad Bank (Rs 2 crore), Canara Bank (Rs 2 crore), IndusInd Bank (Rs 2crore), SBBJ (Rs 2 crore), Bank of India (Rs 1 crore), Corporation Bank (Rs 1 crore), RBL Bank (Rs 1 crore) and SBM (Rs 1 crore).

The RBI further said that eight other banks — Axis Bank, Federal Bank, ICICI Bank, Kotak Mahindra Bank, OBC, Standard Chartered Bank, SBI and Union Bank of India — have been “advised to put in place appropriate measures and review them from time to time to ensure strict compliance with KYC requirements and FEMA provisions on an ongoing basis”.

“In respect of eight other banks…Based on written and oral submissions, it was decided to advise them to put in place appropriate measures and review the same from time to time to ensure strict adherence to KYC/AML requirements as well as FEMA provisions on an ongoing basis,” the RBI said.

It, however, added that “this action” is based on deficiencies in regulatory compliance and “is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers”.

The scrutiny in the 21 banks examined the alleged irregularities in opening and monitoring of accounts including violations under FEMA provisions. e of KYC and FEMA norms.

The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms/AML standards.

The findings, the apex bank said, revealed weaknesses in the internal control systems, management oversight and violation of certain regulatory guidelines.

The weakness was revealed in non-adherence to KYC requirements like customer identification and risk categorisation, instructions on monitoring of transactions in customer accounts and the guidelines issued under the FEMA provisions.

Based on the findings, the Reserve Bank had issued a show-cause notice to 21 banks.

The central bank came to the conclusion that “some of the violations of serious nature were substantiated” and warranted imposition of monetary penalty on 13 banks, as the failure on the part of these banks to take timely remedial measures had aggravated the seriousness of the contraventions.

-July 27, 2016, Mumbai

 

Top 7 companies lose Rs. 48,763 crore in m-cap; TCS hit hardest

Top 7 companies lose Rs. 48,763 crore in m-cap; TCS hit hardest

The combined market valuation of seven of the top-10 most valued Sensex firms declined by Rs 48,762.5 crore last week, with IT bellwether TCS taking the steepest hit.

While TCS, HDFC Bank, CIL, Sun Pharma, ONGC, HDFC and HUL suffered losses in their market capitalisation (m-cap), RIL, Infosys and ITC emerged as gainers.Tata Consultancy Services office in Chennai. File photo.

Software major TCS, which reported a lower-than-expected 14.2 per cent growth in net profit for the October-December quarter on Tuesday (January 12), witnessed an erosion of Rs. 26,354.48 crore from its m-cap, which stood at Rs. 4,46,006.36 crore.

The market valuation of ONGC plunged by Rs. 8,298.82 crore to Rs. 1,87,835.79 crore and that of HDFC Bank dipped by Rs. 4,785.04 crore to Rs. 2,63,328.64 crore.

Mortgage lender HDFC’s m-cap slumped by Rs. 4,159.95 crore to Rs. 1,81,372.05 crore while that of CIL dropped by Rs. 1,800.16 crore to Rs. 2,00,986.72 crore.

Similarly, the valuation of Sun Pharma went down by Rs. 1,708.69 crore to Rs. 1,89,135.18 crore and that of HUL fell by Rs 1,655.36 crore to Rs 1,74,007.67 crore.

In stark contrast, the m-cap of Infosys surged by Rs. 17,812.81 crore to Rs. 2,61,897.63 crore and that of RIL jumped by Rs. 15,904.53 crore to Rs. 3,47,615.95 crore.

Infosys on January 14 reported a better-than-expected 6.6 per cent rise in its third quarter net profit and raised its annual revenue growth forecast.

Meanwhile, ITC added Rs. 321.46 crore in its market capitalisation to take it to Rs. 2,52,151.15 crore.

The pecking order of the top-10 list showed that TCS stood at number one position despite taking a big hit in m-cap, followed by RIL, HDFC Bank, Infosys, ITC, CIL, Sun Pharma, ONGC, HDFC and HUL.

On a weekly basis, the benchmark BSE Sensex fell by 479.29 points, or 1.92 per cent, to 24,455.04, its weakest closing since May 30, 2014, while the broader NSE Nifty lost 163.55 points, or 2.15 per cent, to 7,437.80.

-PTI, NEW DELHI, January 17, 2016