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[rsnagesh]

The fiscal deficit in the first 10 months of FY14 stood at Rs.532842 Cr,
which was 101.6% as a proportion of Revised Estimate (RE) compared with 89.4%
in the same period last year 2013. Meanwhile, the month of Jan 2014 showed
a fiscal deficit of Rs.16452 cr, lower than Rs.60982 Cr seen previous month.
In Apr-Jan 2013-14, fiscal deficit recorded a 14.42% growth compared with
same period last year. The upside to fiscal deficit has been due to relatively
sharper increase in expenditure as compared to the revenues. On the other hand,
lower tax revenue growth by 9.12% in Apr-Jan 2013-14 also fueled higher fiscal deficit.
The tax revenue again took a toll as only Rs.575945 Cr, 68.9% of the RE of
Rs.836026 Cr, was collected in the first ten months of FY14. For the month of Jan 2014,
the fiscal deficit at Rs 16452 Cr is much higher than a fiscal deficit of Rs.6833 Cr
during Dec 2013. The reason for this slippage has been a considerably increase in the
non-plan expenditure on revenue account.

Revenue deficit, which had come down to 97.7% of the BE till Dec 2013, crossed the RE to 102.3%.
Revenue deficit recorded 7.57% growth to Rs.378850 Cr in Apr-Jan 2013-14 compared with
Rs.352205 Cr in Apr-Jan 2012-13.

The primary deficit for Apr-Jan 2013-14 rose to Rs.247463 Cr from Rs.231886 Cr seen same
time previous fiscal, marking a rise of 6.72%. This accounted to 171.3% of the RE.

Excise tax collection recorded a rise of 8.23% in Jan 2014 compared with Jan 2013.
In Apr-Jan 2014, it recorded a fall of 5.20% compared with same period last year.
Income tax revenue collection recorded a 38.67% growth in Jan 2014 compared with Jan 2013.
In Apr-Jan 2014, it recorded 21.34% growth compared with Apr-Jan 2013. Overall Gross Revenue
Collection recorded 18.57% growth in Jan 2014 compared with the same month last year.
In Apr-Jan 2014 it recorded a rise of 10.02% compared with Apr-Jan 2013. Gross Tax Revenues
during Jan 2014 were noted at Rs.77320 Cr Vs Rs.146660 Cr seen in Dec 2013.
The uptick in Tax Revenues in Dec was due to the quarterly advance tax inflows.

NOTE.: Based on the above facts in Fundamentals of the Economy and also presuming that Our RBI GOVERNOR'S estimation on FISCAL DEFICIT & his related target, If Governor's Estimation would continue to face Uptick in Momentum & Real time Translation of Prices, NIFTY SPOT MONTHLY TARGETS WOULD GET POSTED UPTO 2015-2016 FINANCIAL YEAR IN A DAY OR TWO. The Projected Calculations are fully based on Nifty 50 Stocks Current & Future Earnings, Book Value Forecast, FISCAL DEFICIT, INDUSTRIAL PRODUCTION, GDP GROWTH RATE ETC.,

READINGS BY R.S. NAGESH