Watch the interview of Kunal Shah of Nirmal Bang Commodities with Sonia Shenoy and Anuj Singhal on CNBC-TV18. He spoke about the current trend in commodities markets.
Watch the interview of Kunal Shah of Nirmal Bang Commodities with Sonia Shenoy and Anuj Singhal on CNBC-TV18. He spoke about the current trend in commodities markets.
The Food Ministry is planning to recommend a hike in import duty on sugar to 40 percent from the current 25 percent to check the sliding price of the sweetener and enable mills to clear mounting cane arrears that has reached almost Rs 20000 crore so far.
Sugar stocks are buzzing on buyers' radar hoping for a hike in import duty. Shares of stocks like Bajaj Hindusthan , Balrampur Chini , Mawana Sugars , Sakthi Sugars and Shree Renuka jumped 1-5 percent intraday on Thursday as Food Minister Ram Vilas Paswan said he would write to Finance Minister Arun Jaitley proposing a hike in import duty.
The Food Ministry is planning to recommend a hike in import duty on sugar to 40 percent from the current 25 percent to check the sliding price of the sweetener and enable mills to clear mounting cane arrears that has reached almost Rs 20000 crore so far.
In August last year, import duty on both raw and refined sugar was raised to 25 percent from 15 percent to bail out the cash-starved sugar industry.
Paswan has called two separate meetings of farmers and chief ministers to resolve the cane arrear crisis.
The sugar industry is finding it difficult to pay the cane price to farmers as mills have been incurring losses for the last few years due to low realisation and high production cost.
The Centre has recently provided a subsidy of Rs 4,000 per tonne for the exports of 1.4 million tonnes of raw sugars to improve the cash-flow of the millers.
Industry body ISMA has been demanding that the government give exports subsidy on white sweetener, create buffer stock of 2 million tonnes and also restructure millers' debt.
Ex-mill prices of sugar have fallen to Rs 21-24/kg in the country, while the cost of production is over Rs 30/kg.
Sugar production of India, the world's second largest producer, is estimated to be higher than the domestic consumption for the fifth year in a row.
The government has pegged sugar output at 26.5 million tonnes for the 2014-15 marketing year (October-September), as against 24.3 million tonnes in the previous year. The annual domestic demand is about 24.8 million tonnes.
With inputs from PTI
Sudarshan Sukhani of s2analytics.com recommends holding Alembic.
At 12:03 hrs Alembic was quoting at Rs 39.40, down Rs 0.85, or 2.11 percent. It has touched an intraday high of Rs 40.80 and an intraday low of Rs 39.20.
Disclosure: Analyst does not have positions in the stock.
Way2Wealth has come out with its report on currencies. According to the research firm, one can sell USDINR around 62.70 for the target of 62.55 with a stop loss of 62.80
USDINR (62.71)
Exactly in line with our weekly view the pair USDINR gave away it's losing streak and closed much higher. The pair traded with strong momentum throughout the session to close with huge gains of 0.32%.
In the upcoming session, 62.80 will now act as a strong resistance for the pair. Therefore, we might witness some selling pressure which can drag the pair back to 62.65 – 62.55 levels. Overall, the bunch of swing lows like 62.39 - 62.29 – 62.20 will continue to act as a decisive supports of the pair.
GBPINR (91.58)
Initially GBPINR maintained its downside journey on Monday and inched towards the 91 mark. However, as mentioned in our previous report the oversold prices reacted in the second half and the pair rebounded sharply to close with decent gains of 0.26%.
Going ahead, a move above Monday's high of 91.62 might pull the pair further towards 92 mark. On the lower side, 91.25 – 91.00 levels might act as a strong support for the pair.
EURINR (66.04)
As expected EURINR failed to sustain above its crucial support of 66 on Monday but surprisingly it succeeded in close above the same with a loss of almost a quarter percent.
We continue to maintain our view that a sustainable move below 66 mark can lead to a sharp selloff in EURINR wherein the targets on the lower side could be 65 and below.
| Currency | Action | Entry | Target | Stop Loss |
| USDINR | Sell Around | 62.70 | 62.55 | 62.80 |
| GBPINR | Buy Above | 91.65 | 92.00 | 91.42 |
| EURINR | Sell Below | 65.96 | 65.20 | 66.20 |
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Economists say the latest number is proof that inflation is clearly trending lower, and this should provide the Reserve Bank of India room to cut rates
Wholesale price index (WPI)-based inflation for March fell to -2.33 percent, the fourth successive month of deflating prices after the flat reading in November.
A CNBC-TV18 poll of economists had forecast March WPI at -2.07 percent.
Economists say the latest number is proof that inflation is clearly trending lower, and this should provide the Reserve Bank of India room to cut rates.
January WPI inflation has been revised lower to -0.95 percent from -0.39 percent earlier
The adverse impact of unseasonal rains in February and March is yet to show in food inflation.
Food articles inflation in March fell to a three-month low of 6.31 percent against 7.74 percent in February. Vegetable inflation too declined to 9.68 percent from 15.54 percent in February. Manufactured products inflation hit a 68-month low of -0.19 percent.
A snapshot of the components:
Non-food Articles Inflation At -7.12% Vs -5.55% (MoM)
Fuel, Power Group Inflation At -12.56% Vs -14.72% (MoM)
Manufactured Pdts Inflation At -0.19% Vs 0.33% (MoM)
Primary Articles Inflation At 0.08% Vs 1.43% (MoM)
Manufactured Products Index Down 0.1%
Non-food Articles Index Down 1.8%
Food Articles Index Down 0.4%
Fuel & Power Group Index Up 3.3%
Primary Articles Index Down 1%
According to Sushil Finance, gold prices are likely to trade negative on the back of the US interest rate outlook.
Gold
Gold cut losses on Tuesday, as the dollar turned lower after U.S. retail sales and producer prices data came in weaker than expected, but prices remained below $1,200 an ounce on higher equities.
The Commerce Department said on Tuesday retail sales increased 0.9 percent, below the 1 percent that economists polled by Reuters had
forecast.
Separately, the Labor Department said its producer price index for final demand increased 0.2 percent last month. But in the 12 months through March, producer prices fell 0.8 percent, the biggest year-on-year decline since 2009.
The recent strength in the U.S. dollar, which has benefited from the growing likelihood that the Federal Reserve will raise interest rates this year, has been a headwind for bullion over the past months.
A U.S. rate increase, which would be the first in nearly a decade, dims the appeal of assets such as gold which do not pay interest.
Outlook
We expect gold prices are likely to trade negative on the back of the US interest rate outlook.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Indian ADRs ended lower on Monday. ICICI Bank was down 0.1 percent and Tata Motors slipped 3.03 percent.
Indian ADRs ended lower on Monday. In the IT space, Infosys shed 0.25 percent at USD 36.22 and Wipro was down 1.14 percent at USD 13.03.
In the banking space, ICICI Bank was down 0.1 percent at USD 10.49 and HDFC Bank was up 0.29 percent at USD 58.90.
In the other sectors, Tata Motors slipped 3.03 percent at USD 44.21 and Dr Reddy's Laboratories fell 0.89 percent at USD 59.87.
Bajaj will unveil the adventure variant of the Pulsar today. It is expected to have the same underpinnings as the Pulsar 200NS. There will be two Pulsars, the AS200 which will be a 200cc variant as well as a 150AS, the 150cc unit. The Bajaj Pulsar AS200 will be fed via a carburettor and should make 23.5PS of power. The Pulsar AS150 in the meanwhile will have an all-new engine and should make around 17PS of power. While the 150 will have a rear drum brake, the AS200 will have a disc at the rear. Both the motorcycles will not come with ABS... Read More
Honda has launched the City VX(O) trim in India at Rs 10.64 lakh for the petrol and Rs 11.83 lakh in diesel, ex-Delhi. The new VX (O) trim is the top most in the Honda City line up and features some additional features than the VX grade. Speaking of features, Honda have added, for starters, a new White Orchid Pearl exterior colour. Then there is the AVN system that has found its way to almost all of HCIL's products in India. This Audio Video Navigation system measures 15.7cm and is a touchscreen unit. Bluetooth connectivity,... Read More
Lancor Holdings Ltd has informed BSE that the Company had acquired 6.44 acres of land at Potheri, GST Road from L&T Urban Infrastructure Limited. Further, the Company has obtained permission for conversion of wet land and is in the process of launching a residential project.
Lancor Holdings Ltd has informed BSE that the Company had acquired 6.44 acres of land at Potheri, GST Road from L&T Urban Infrastructure Limited.Further, the Company has obtained permission for conversion of wet land and is in the process of launching a residential project, which has the potential of 8,00,000 sq.ft of built up area, with an estimated turnover of Rs. 400 crores at a margin of 25%.Source : BSE
Read all announcements in Lancor Holdings
The market gained some strength amid consolidation in noon trade with capital goods, realty and consumer durables holding firm. The Sensex rose 137.06 points to 29016.44 and the Nifty climbed 39.90 points to 8820.25.
12:26
Moneycontrol Bureau The market gained some strength amid consolidation in noon trade with capital goods, realty and consumer durables holding firm. The Sensex rose 137.06 points to 29016.44 and the Nifty climbed 39.90 points to 8820.25.The BSE Midcap and Smallcap indices gained 0.7 percent and 1.3 percent, respectively. About 1665 shares have advanced, 836 shares declined, and 179 shares are unchanged on the BSE.
BHEL, Bharti Airtel, Tata Power, HDFC and Tata Steel are top gainers in the Sensex. Among the losers are GAIL, M&M, Hindalco, Dr Reddy's Labs and Tata Motors.
Crude prices remained flat on a big jump in US crude inventories and stoke concerns of a global supply glut.
Meanwhile, consumer price index (CPI) data for the month of March that will be released later today is estimated to possibly harden a little to 5.36 percent versus 5.37 percent. The CPI data could come anywhere between the range of 5.08 to 5.6 percent due to the impact of food inflation that could be seen this time. A group of economists believe that the food inflation might not be high this time because of the unseasonal rains as there isn't much of an impact and secondly, it could be a lead impact. Hence, it could be more evident in the coming months as opposed to the month of March.
11:00
The market remained rangebound with the Nifty hovering around 8780 level. Banks, technology and auto stocks saw selling pressure while capital goods, FMCG and select oil stocks gained.
Read More »
10:00
The market remained in a consolidation mode ahead of January-March quarter earnings that will be kicked off with TCS and IndusInd Bank numbers on April 16. The Sensex rose 19.64 points to 28899.02 while the Nifty declined 1.25 points to 8779.10.
Read More »
09:15
L&T, BHEL, HDFC, SBI, Cipla, Tata Steel and NMDC gained 0.5-1 percent while GAIL dropped 2 percent. Dr Reddy's Labs, M&M, HDFC Bank, Sesa Sterlite and Coal India declined 0.5-1 percent.
Read More »
According to Angel Commodities, Chana futures is expected to trade on mixed to positive note as arrival of new crop in domestic market are picking up slowly.
Chana
NCDEX Chana Apr. futures closed higher in the last trading session by 0.08% as market participants accumulated buy position due to increasing spot demand against restricted supplies in the spot market from new season crop. Unseasonal rain in March brought a heavy loss to crops of pulses. As per the Union Agriculture Ministry reports, around 11.2 lakh hectares of pulse crops damaged.
Meanwhile, Government has extended duty free imports of pulses including chana till September 2015. As per 2nd Advance Estimates for 2014-15, Chana production estimated at 8.28 million tons compared to 9.53 million tons last year.
As per the Govt data, Chana has sown over 85.91 lakh hectares, which is 16 % less as on Feb 13, 2015 as compared to last year's 102.25 lakh hac. Whereas, area coverage under total Pulses is at 145.92 lakh hectares while the last year's sowing area coverage was 162.21 lakh hectares.
Outlook
Chana futures expected to trade on mixed to positive note as arrival of new crop in domestic market are picking up slowly. Overall sentiments look positive for Chana in long term amid expected lower output and duty-free imports allowed till Sep 2015.
For all commodities report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
It's been a one-way euro trip lower. The common currency has fallen every day this week, and is now near the lowest levels in 12 years.
Now, currency traders are keenly watching American economic data, as better news about the economy could lead the euro drop to intensify.
It all comes down to expectations about the Federal Reserve's next move. Most market participants believe the Fed will raise short-term rate targets this year. That should help the US dollar and hurt the euro, as it means that holding dollars will produce greater returns than holding euros, increasing demand for the greenback.
Expectations about a June Fed move have been tamped down due to a bevy of soft economic readings, most conspicuously the March jobs number. But this week, the Fed minutes and hawkish words from William Dudley have told investors that a June hike is still on the table, according to Boris Schlossberg of BK Asset Management.
Dudley, the generally dovish New York Fed president, told Reuters on Wednesday that depending on how the data develops, a June move could be "still in play."
Read More: American stocks are the world's worst this year
In the week ahead, Schlossberg says the biggest data point he will watch is Tuesday's retail sales report. If it indicates that "the US consumer finally started to spend, then dollar bulls run wild, and we may see 1.0500 break" on the euro, which is currently a bit below 1.0600 per dollar.
That's because better data could serve to convince traders that the much-awaited Fed move will come sooner than previously anticipated.
However, some traders say the move is overdone.
"This short-term move is technical, so I expect to see the euro bounce and the dollar pull back off of the recent move," said David Seaburg, head of equity sales trading with Cowen and Co.
Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.
Gold prices rose for the second straight day and reclaimed the psychologically important Rs 27,000-mark, surging by Rs 280 to trade at Rs 27,080 per 10 grams at the bullion market on Saturday amid a firming global trend.
Besides, increased buying by jewellers to meet wedding season demand helped the precious metal to recapture the crucial level. Silver also advanced by Rs 150 at Rs 36,900 per kg on increased offtake by industrial units and coin makers.
Bullion traders said besides a firming trend overseas, increased buying by jewellers mainly led to the rise in gold prices.
Gold in New York, which normally sets price trend on the domestic front, shot up by 1.16 percent to USD 1,207.30 an ounce and silver by 2.07 percent to USD 16.49 an ounce in yesterday's trade.
In the national capital, gold of 99.9 and 99.5 percent purity rose by Rs 280 each to Rs 27,080 and Rs 26,930 per 10 grams, respectively.
It had gained Rs 50 yesterday. However, Sovereign remained flat at Rs 23,700 per piece of eight grams in scattered deals. In a similar fashion, silver ready rose further by Rs 150 at Rs 36,900 per kg and weekly-based delivery by Rs 310 at Rs 36,710 per kg.
On the other hand, silver coins, however, traded at last level of Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.
In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.
Expressing support to 'Make in India' initiative, aircraft manufacturer Airbus on Saturday said it is ready to manufacture in India, as Prime Minister Narendra Modi visited its facility here.
Modi took the tour of the facility where planes are manufactured. He was given a briefing by officials on the functioning.
Airbus Group CEO Tom Enders, who received the Indian leader, said: "We are honoured to host Prime Minister Modi in Toulouse and convey to him our desire to forge a stronger industrial bond with India. India already takes a centre-stage role in our international activities and we want to even increase its contribution to our products".
"We support Prime Minister Modi's 'Make in India' call and we are ready to manufacture in India, for India and the world," he added.
In India, Airbus Group already operates two engineering centres - one focused on civil aviation and the other one defence - besides, a research and technology (R&T) centre which together employ over 400 highly qualified people.
The group's senior representative conveyed their decision to expand these centres so that they can take on comprehensive design responsibilities for future Airbus group programmes.
On a day Mumbai attack mastermind Zaki-ur-Rehman Lakhvi was released, Prime Minister Narendra Modi today gave a veiled message to Pakistan, saying no country should provide shelter to terrorists but should punish them.
"There is a need for global action to deal with terrorism. All nations should commit that they will not provide shelter to terrorists but punish them," Modi said at a joint press interaction with French President Francois Hollande after their talks here.
Hollande said he understands anger in India over the release of a person who is responsible for such a reprehensible act, a reference to Lakhvi who was behind the attack in Mumbai in November 2008 that claimed 166 lives.
Modi and Hollande discussed the issue of terrorism in the context of recent attack in Paris and release of Lakhvi and decided to intensify cooperation against the menace. "The world is facing many challenges.
There is an upheaval in the world and all are affected...Terror is spreading in new forms in various countries," the Prime Minister said. France suffered in Paris when terrorists struck here in January and understands India's "pain" over terrorism, he said.
"They agreed that India and France must intensify their cooperation within the framework of JWG on Counter-Terrorism, including on information and intelligence sharing on terror networks and work together to share experiences on dealing with the growing phenomenon of radicalisation," a joint statement said after Modi and Hollande held wide-ranging talks.
"They asked officials on both sides to schedule the next meeting of the JWG on Counter-Terrorism at the earliest," it said.
The two countries also agreed to commence bilateral dialogue to discuss ways and means of enhancing their cooperation in the maritime domain, in particular in the Indian Ocean Region (IOR).
"India welcomes closer engagement of France in the affairs of the Indian Ocean Rim Association and will continue to work closely with France in realisation of the objectives enshrined in the Charter of the Association," the statement said.
"The two leaders noted with satisfaction the holding of second round of the Cyber Dialogue on 17 March 2015 in New Delhi, which outlined new areas of cooperation between France and India in the field of cyber security," it said.
Strong fourth-quarter US company earnings and signs of an overall improving economy, alongside what appears to be the start of a bottoming in crude oil prices, have given equities support.
After starting 2015 with its sharpest monthly drop in a year and a spike in volatility, the benchmark S&P 500 .SPX hit an intraday record on Friday while the Dow Jones Industrial Average .DJI reached its highest point so far this year.
As "stocks have found a footing, people aren't as afraid of the potential negative" stemming from recent instability in oil prices and Greece, said Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York.
"That's allowed stocks to start breaking out of the channel that they've been stuck in since the beginning of the year," he said.
Volatility seems to abating. The CBOE Market Volatility Index .VIX, Wall Street's fear gauge, oscillated between 15 and 24 for most of 2015, rising over its historical mean of 20 during 15 of the year's 30 trading days so far.
Its 20-day moving average hit its highest since mid-2012 earlier this month.
But on Friday, the VIX fell to its lowest level this year, briefly trading below 15. That, together with a rising market, could be a promising sign.
"Market breadth, while it hasn't been wonderful, has been positive," said Phoenix Financial's Kaufman. The S&P 500 breaking above its 2,064 level earlier this month was another bullish technical sign, he said.
CONSUMERS, GREECE COULD ADD SUPPORT
With the bulk of US earnings season already in the bag, and positive on the whole, analysts are looking ahead to next week when consumer giant Wal-Mart Stores Inc (WMT.N) is scheduled to report fourth-quarter results.
"So far we're pretty pleased with the reports," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.
Of the 391 S&P 500 companies that have reported earnings, about 71.1 percent have topped profit expectations, above the historical average, Thomson Reuters data show.
Wal-Mart is likely to benefit from lower gas prices, which could translate into more consumer spending. At the same time, its global reach could leave it exposed to the negative impact of a stronger US dollar.
As stocks hit new highs, market participants will be paying close attention to developments in Greece - which, alongside oil prices, have been at the root of the volatility seen in the market this year.
Greece's new leftist government and euro zone finance ministers failed to agree this week on the next step for the country's bailout, leaving negotiations on the table for next week as they inch closer to a February 28 deadline. The Greek government promised to do "whatever we can" to secure a deal with international creditors.
While US exposure to Greek debt is "pretty minor," uncertainty over the situation and the impact on broader markets adds to volatility, according to Charles Lieberman, chief investment officer of Advisors Capital Management LLC in New Jersey.
"It's more in the nature of psychology than real substance," he said.
Young Turks brings all the action from the IIT-Delhi B-Plan Contest Aarabh 2015, organized by the department of management studies. Six B-Plans were shortlisted for the final round and Young Turks was there for all the action.
Young Turks brings all the action from the IIT-Delhi B-Plan Contest Aarabh 2015, organized by the department of management studies. Six B-Plans were shortlisted for the final round and Young Turks was there for all the action.
Watch accompanying video for more...
Shares of State Bank of India gained 1.5 percent intraday Friday after brokerage Barclays raised target price to Rs 353 apiece from Rs 346, citing strong performance saving accounts and credit cards.
Shares of State Bank of India (SBI) gained 1.5 percent intraday Friday after brokerage Barclays raised target price to Rs 353 apiece from Rs 346, citing strong performance saving accounts and credit cards.
According to the brokerage, SBI is the only PSU bank to have gained saving accounts share over the last eight years and also only PSU bank with a significant credit cards business (11 percent share of spends) with customer spending patterns similar to private banks.
Barclays believes the country's largest lender has better staff productivity trends than other PSU banks. The key reason is its success in migrating transactions to alternative channels, it said.
SBIs alternative channel transaction volumes are 1.5 times larger than the other PSU banks combined, even though the other PSUs have twice the assets/CASA. SBI is the largest player in the 3 key alternative channels – ATMs, electronic and point-of-sales terminals and is growing rapidly in each.
Brokerage said SBI benefits from the government's new capital allocation approach and has a less capital intensive balance sheet.
However, the brokerage cut its earnings per share (EPS) for FY15 and FY16 by 1 percent and 6 percent, respectively as slower revenue growth and marginally higher provisions offset lower operating expenses.
According to the note, revenue pick-up would be greater than cost increases if loan growth picked up faster.
Key risk to its overweight rating is lumpy credit events of the bank, particularly in the steel and infra space. SBI's large corporate and infra exposures have grown rapidly since FY13. Further SBI has high steel exposures. However, the stock of un-provisioned problem assets at SBI is lower," it explained.
At 11:51 hours IST, the scrip of State Bank of India was quoting at Rs 284.55, up Rs 4.10, or 1.46 percent on the BSE.
Posted by Sunil Shankar Matkar
Ashish Chaturmohta - Head Technicals & Derivative Research at Fortune Group recommends holding National Aluminium Company as the stock may touch Rs 65-67 in next 2 months.
"May be in the next 2-3 months one may expect a target of around Rs 58-60 kind of levels and still if someone continues to hold it then even NALCO has the potential to cross Rs 65-67 but around those levels, I will suggest to book profits," he added.
Disclosure: Analyst does not have any holdings in the stock nor he has recommended the stock to his clients.
Former Australia captain Richie Benaud, the celebrated 'voice of cricket' in the commentary box, has died at the age of 84 after battling skin cancer.
A giant figure in the game both on and off the field, Benaud died peacefully in his sleep in a Sydney hospice late on Thursday, his employer Channel Nine reported, citing family.
"Richie Benaud's passing has robbed us not only of a national treasure but a lovely man," Nine Network CEO David Gyngell said in a statement.
"Richie earned the profound and lasting respect of everyone across the world of cricket and beyond. First as an outstanding player and captain, then as an incomparable commentator and through it all, as a wonderful human being."
Benaud revealed in November he was fighting a skin cancer on his head and his public appearances had become increasingly rare in recent years.
After starting his career as a leg-spinning allrounder, Benaud never lost a series as captain and led the side to three successive Ashes series victories in the 1950s and 1960s.
He played 63 Tests for his country and was the first player to score 2000 Test runs and take 200 Test wickets.
A former newspaper journalist, he would then carve out a 40-year career behind the microphone, his measured style and distinctive voice marking him as one of the game's finest analysts.
Known simply as "Richie" to cricket-lovers world-wide, Benaud would also play an instrumental role in the World Series Cricket revolution.
His recruitment by Australian media tycoon Kerry Packer to call World Series games lent respectability to the breakaway professional circuit which would ultimately change the game.
Tributes poured in from former players, celebrities and politicians.
"There would hardly be an Australian over the last 40 years who hasn't listened to Richie Benaud," Australia Prime Minister Tony Abbott told ABC radio, describing him as a very effective cricketer and great personality.
"He certainly will be very, very much missed."
Australia Test captain Michael Clarke said it was a "really sad day."
"I think that's why he's such an idol to so many current cricketers because he's been such a gentlemen on the field, an amazing player, and a lot of current players probably don't realise how good a player he was," Clarke told the Today show on Channel Nine.
Accordint to Sushil Finance, GBPINR is likely to trade on the positive note on the back of upcoming May general election.
GBPINR
Sterling rose on Wednesday on talk that foreign bids for two major British firms would bolster demand for the pound, while activity in the options market showed investors were busy hedging against sharp swings before a May general election.
Outlook
We expect GBPINR is likely to trade on the positive note on the back of upcoming May general election
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Accordint to Sushil Finance, GBPINR is likely to trade on the positive note on the back of upcoming May general election
To read the full report click here
Religare Retail Research has come out with its technical outlook on currencies. According to the research firm, one can sell USDINR around 62.50 levels keeping a stop loss of 62.62 for a target of 62.30
USDINR pair is like-ly to once again witness range bound session with slightly negative bias and support is at 62.30 levels. Re-sistance is at 62.50 levels.
USDINR : Sell around 62.50 with a stop loss of 62.62 for a target of 62.30
EURINR : Sell around 67.50 with a stop loss of 67.62 for a target of 67.30
GBPINR : Sell around 93.00 with a stop loss of 93.12 for a target of 92.80
JPYINR : Sell around 52.05 with a stop loss of 52.17 for a target of 51.80
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Shares of Aurobindo Pharma gained more than 2 percent intraday and Plethico Pharmaceuticals rallied 20 percent on Thursday on settlement agreement related to acquisition of Natrol, USA.
Shares of Aurobindo Pharma gained more than 2 percent intraday and Plethico Pharmaceuticals rallied 20 percent on Thursday on settlement agreement related to acquisition of Natrol, USA.
According to a media report, Aurobindo Pharma has alleged fraud by owners of Natrol bought by the company from Plethico Pharma, saying contracts worth USD 25 million were fictitious.
In a reply to the exchange today, Aurobindo Pharma said Natrol LLC owned by the company had approached the Delaware Bankruptcy Court on April 6, 2015 in respect of acquisition of assets of Natrol, USA regarding certain discrepancies and non-performance of obligations by erstwhile owners, Plethico.
Subsequently, discussions were held between Natrol LLC and Plethico group for resolution. Based on the discussions a settlement agreement has been reached, wherein Plethico group would assign USD 23.3 million in cash in milestone payments, certain global IP rights and other assets," it added.
Aurobindo's 100 percent subsidiary Aurobindo Pharma USA acquired the US-based neutraceutical company Natrol for USD 132.5 million through an auction process conducted by United States Bankruptcy Court for the District of Delaware in November, 2014.
The above acquisition was completed by Aurobindo Pharma USA Inc on December 5, 2014 and that included manufacturing assets, personnel, commercial infrastructure etc., including nutraceutical brands in USA of Natrol along with an agreement to take certain liabilities.
At 11:47 hours IST, the scrip of Aurobindo Pharma was quoting at Rs 1,332.25, up Rs 9.10, or 0.69 percent while Plethico Pharmaceuticals was locked at 20 percent upper circuit at Rs 40.85 on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
Acrysil Ltd has informed BSE regarding Outcome of Board Meeting held on April 08, 2015.
To read the full report click here
Apr 08, 2015, 12.09 PM IST | Source: Moneycontrol.com
Palred Technologies Ltd has submitted to BSE a copy of the minutes of the Extra Ordinary General Meeting (EGM) of the Company held on April 04, 2015.
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Palred Technologies: Updates on outcome of EGM
Palred Technologies Ltd has submitted to BSE a copy of the minutes of the Extra Ordinary General Meeting (EGM) of the Company held on April 04, 2015.
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CCEA clears Glenmark, Aurobindo proposals worth Rs 4,187 cr
Realty Bill to hit Mumbai property market hardest: Broker
DA hiked by 6%; to benefit over 1 cr employees, pensioners
video of the day
Budget 2015-16: Revive capex through savings on cheap crude says Kotak Sec
Jay Bharat Maruti Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 16, 2015, to consider the Annual Audited Financial Results for the Financial Year ended March 31, 2015 and declaration of dividend, if any.
Jay Bharat Maruti Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 16, 2015, inter alia, to consider the Annual Audited Financial Results for the Financial Year ended March 31, 2015 and declaration of dividend , if any.Further, as per the "Code of Conduct for Prevention of Insider Trading" of the Company, the trading window shall remain close for Directors and Senior Management Personnel of the Company from April 08, 2015 to April 17, 2015 (both days inclusive).Source : BSE
Read all announcements in Jay BharatMarut
Future Retail has informed BSE that the Committee of Directors of the Company has at their meeting held on April 06, 2015, considered, approved & allotted of 6,000, 10.25% Secured Redeemable Non-Convertible Debentures (NCDs) of Rs 10 lakh each, aggregating to Rs 600 crore, on private placement basis.
Future Retail Ltd has informed BSE that the Committee of Directors of the Company has at their meeting held on April 06, 2015, considered, approved & allotted of 6,000, 10.25% Secured Redeemable Non-Convertible Debentures ("NCDs") of Rs. 10 lakh each, aggregating to Rs. 600.00 crore, on private placement basis.The said NCDs shall be listed on Wholesale Debt Market Segment of BSE Limited.These NCDs have been rated CARE AA- (Double A minus) by Credit Analysis & Research Limited (CARE).Source : BSE
Read all announcements in Future Ret (D)
The market fell nearly half a percent in noon trade post RBI policy. The Sensex slipped 104.03 points to 28400.43 and the Nifty dropped 35.60 points to 8624.30 due to selling in banking & financials.
12:00
Moneycontrol Bureau 12:15pm Glenmark in News: Glenmark Pharmaceuticals today said it has received the final approval from the United States Food and Drug Administration (USFDA) for sale of drugs meant to prevent post-menopause osteoporosis.The approval for sale of Norethindrone Acetate and Ethinyl Estradiol tablets was given to Glenmark Generics Inc USA, a subsidiary of Glenmark Generics Ltd.
Glenmark Generics Inc USA has been granted final abbreviated new drug approval (ANDA) from the USFDA for Norethindrone Acetate and Ethinyl Estradiol Tablets USP, 0.5 mg/2.5 mcg and 1 mg/5 mcg.
12:00pm Market Check
The market fell nearly half a percent in noon trade post RBI policy. The Sensex slipped 104.03 points to 28400.43 and the Nifty dropped 35.60 points to 8624.30 due to selling in banking & financials.
ICICI Bank, State Bank of India, HDFC and Axis Bank shed 1-1.8 percent. The Reserve Bank of India kept repo rate unchanged at 7.5 percent, waiting for more clarity on inflation after heavy rains raised uncertainty about food prices and seeking to grant banks more time to reflect its previous rate cuts.
Rajan also said he doubts that the US Federal Reserve's policy will be constraining when the RBI moves again and though the Fed changes will create some volatility, they will not be central to India.
However, the broader markets outperformed marginally. About 1282 shares have advanced, 1066 shares declined, and 159 shares are unchanged on the BSE.
11:00
The market remained lacklustre post announcement of RBI policy. The Reserve Bank of India kept repo rate unchanged at 7.5 percent and cash reserve ratio at 4 percent.
Read More »
10:00
Equity benchmarks are volatile ahead of RBI monetary policy. The Sensex rose 37.56 points to 28542.02 and the Nifty gained 5.30 points at 8665.20.
Read More »
09:15
The market gained further in early trade ahead of RBI policy. The Sensex rose 81.51 points to 28585.97 and the Nifty advanced 16.70 points to 8676.60. About 594 shares have advanced, 135 shares declined, and 88 shares are unchanged on the BSE.
Read More »
According to Angel Broking, Rupee is likely to trade sideways today as investors will be cautious ahead of RBI's bi-monthly policy meeting and will be looking for further cues on monetary policy although the recent unseasonal rains and tensions in Yemen might be seen as risk factors for not cutting rates immediately.
Dollar/INR
The Indian Rupee depreciated by 0.2 percent yesterday owing to weakness in the dollar against other currencies on disappointing jobs data. U.S. employers added the fewest jobs in more than a year in March amid signs the economy has been hurt by the dollar's climb to multiyear highs. Also, gains in Asian markets supported the Rupee.
However, sharp gains were capped due to cautious stance ahead of RBI policy meeting. The currency touched an intraday low of 62.23 and closed at 62.20 on Monday.
India's HSBC India Services PMI for the month of March decreased to 53.0 as compared to 53.9 in February.
For the month of April 2015, FII outflows in equities totaled at Rs.1146.43 crores ($183.16 million) as on 6th April 2015. Year to date basis, net capital inflows stood at Rs.37619.05 crores ($6087.42 million) as on 6th April 2015.
Outlook
From the intra-day perspective, Rupee is likely to trade sideways today as investors will be cautious ahead of RBI's bi-monthly policy meeting and will be looking for further cues on monetary policy although the recent unseasonal rains and tensions in Yemen might be seen as risk factors for not cutting rates immediately. However, optimism in Asian markets along with weakness in dollar overseas will be supportive.
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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Watch the interview of Rahul Shah of Motilal Oswal with Ekta Batra & Anuj Singhal on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Watch the interview of Rahul Shah of Motilal Oswal with Ekta Batra & Anuj Singhal on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Mahantesh Sabarad, Deputy VP - Research at SBI Capital Securities is of the view that one may look at Voltas and Blue Star.
At 12:20 hrs Voltas was quoting at Rs 280.05, down Rs 3.60, or 1.27 percent. It has touched an intraday high of Rs 285 and an intraday low of Rs 279.60.
Disclosure: Analyst keep advising above stocks to his clients and his firm is in the midst if being registered with SEBI.
Brokerage house Firstcall Research is bullish on Tasty Bite Eatables and has recommended buy rating on the stock with a target price of Rs 675 in its research report dated April 01, 2015.
Firstcall Research's report on Tasty Bite Eatables
"Tasty Bite Eatables Limited was incorporated in 1985 and it manufactures and markets shelf stable ready-toserve ethnic food products. It offers a range of food products, including ready-to-eat Indian and Asian entrées, cooking sauces, and meal inspirations, as well as various types of rice. The flavors range from classic restaurant favorites such as a Channa Masala to unique fusion items such as the Tofu Corn Masala. The products require no cooking, have no preservatives, require no refrigeration and as the brand suggests, taste phenomenal! The company markets its products under the 'Tasty Bite' brand name in India and internationally. It also develops and manufactures food products for institutional users, such as hotels, quick-service restaurants, catering institutions, and other retail and corporate customers. Tasty Bite Eatables Limited is a subsidiary of Preferred Brands Foods (India) Private Limited."
"The company's net profit stood at Rs. 22.90 million against Rs. 10.06 million in the corresponding quarter ending of previous year. Revenue for the quarter rose by 4.32% to Rs. 404.45 million from Rs. 387.69 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs. 8.92 a share during the quarter as against Rs. 3.92 in Q3 FY14. Profit before interest, depreciation and tax is Rs. 54.67 million as against Rs. 24.09 million in the corresponding period of the previous year."
"At the current market price of Rs. 602.00, the stock P/E ratio is at 15.53 x FY15E and 12.86 x FY16E respectively. Earnings per share (EPS) of the company for the earnings for FY15E and FY16E are seen at Rs. 38.77 and Rs. 46.82 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 22% and 23% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 7.92 x for FY15E and 6.66 x for FY16E. Price to Book Value of the stock is expected to be at 3.52 x and 2.77 x respectively for FY15E and FY16E. We recommend 'BUY' in this particular scrip with a target price of Rs. 675.00 for Medium to Long term investment", says Firstcall Research report.
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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Today Future Group is a retail conglomerate worth over USD 2 billion and Kishore Biyani an entrepreneur whose right brain rules over the left says he scratched only the surface of modern retail in India.
Today Future Group is a retail conglomerate worth over USD 2 billion and Kishore Biyani an entrepreneur whose right brain rules over the left says he scratched only the surface of modern retail in India.
For more, watch accompanying videos.
Bertrand D'Souza, Editor of Overdrive answers all your motoring queries on Auto Selector segment.
Bertrand D'Souza, Editor of Overdrive answers all your motoring queries on Auto Selector segment.
Also watch the accompanying video for what's been happening in the world of auto.
Launching an attack on opposition parties for "misleading the nation" on the land acquisition bill by running a false campaign against it, Finance Minister Arun Jaitley termed the UPA's government's 2013 act as anti-farmer and said his government seeks to correct its contentious issues.
Launching an attack on Opposition parties for "misleading the nation" on the Land Acquisition Bill by running a false campaign against it, Finance Minister Arun Jaitley termed the UPA's government's 2013 Act as anti-farmer and said his government seeks to correct its contentious issues.
Jaitley was speaking at the National Executive meeting of the BJP in Bangalore where he made a detailed presentation of the Land Bill.
While maintaining that the government was open to suggestions to improve its version of the bill, the FM said the legislation, which has so far failed to pass muster with the Rajya Sabha, was "essential for the development of rural India" and added that it would boost industrialization, which would create greater employment opportunities. (The government yesterday repromulgated an ordinance yesterday to increase the bill's shelf life by another few months.)
The government is locked in combat with opposition parties with respect to the new bill, which seeks to drop need for owners' consent and an impact study, for acquiring land for purposes such as public-private partnerships, etc.
The government says the clause of the UPA's 2013 land law, which the current bill seeks to modify, required 70 or 80 percent consent as well as an impact study, hampered the land acquisition process.
Published on Sat, Apr 04,2015 | 12:03, Updated at Sat, Apr 04 at 12:16Source : CNBC-TV18 | Watch Video :
An American think tank says over the past 10 years, Indians have stashed over 400 billion dollars in black money abroad. Estimates may vary but the size of the problem cannot be undermined. PILs have been filed, Special Investigative Teams formed, Amnesty schemes offered – and now a new offensive is being launched by the Indian government – A new law that goes after undisclosed foreign income & assets. Will it do the trick? Aayush Ailawadi brings you this story.
If passed, the Undisclosed Foreign Income & Assets (Imposition of Tax) Bill, 2015 will apply from assessment year 2016-17. The bill provides for separate taxation of any undisclosed foreign income and assets, even though these are to be reported under the current income tax law as well. But, the UFIA bill goes a step further to levy a straight 30% tax & penalties of upto 3 times the tax. A one time compliance window has been provided for tax payers to come clean and this may protect them from criminal prosecution.
SR Wadhwa
Former Chairman, Income Tax Settlement Commission
Tax Advocate
"You see this bill has 3 different parts. One is where the department knows that a person has a foreign income or assets. To such persons this law will not be applicable and will be governed by the IT Act. Then we have those who will like to avail of the compliance window. So they will voluntarily disclose their foreign income and assets and pay tax at the rate of 30 percent and penalty at the rate of 30 percent. So total they will have to pay 60% of the income and there will be no other penalty for them. Lastly, you will have those people who the department has no knowledge and they also do not avail of the compliance window which may be open for 3 to 6 months, those people will be dealt with very severely under this law. They will be levied tax penalty three times and maybe even prosecuted."
Rajesh Simhan
Head-International Tax, Nishith Desai Associates
"Here you are looking at a situation where in addition to the value of the asset you effectively have to pay incremental tax and here we are not even talking about income from the asset, we are purely talking about pure play the value of the asset and in addition to that a 3X the value of the assets that you have pay tax on. I think that is where we differ from most other jurisdictions which have similar laws in place because I don't think any other country has this kind of stringent penalties as far as non disclosure is concerned. So much so, that you go beyond the actual value of the asset."
These new provisions could have been brought in as amendments to the existing tax law. But, the other laws such as Prevention of Money Laundering Act would have needed separate amendments. Hence, this omnibus change. But, will this anti-black money law succeed where the Income Tax provisions have failed? Already, there are questions being raised about the implementation of several provisions. For instance, the 'wide' definition of resident, low thresholds, the lack of a definition for financial interest, no clear guidelines on fair market value, the impact on intermediaries and the stringent penalties!
The UFIA bill has jurisdiction over any person resident in India. For individuals, residency is determined by length of stay in India. For companies, it is determined by place of effective management. A new controversial provision in the Finance Bill says a foreign company would be deemed resident, if its place of effective management was in India at any time of the year. Consequently, the UFIA may also cast too wide a net!
Rajesh Simhan
Head-International Tax, Nishith Desai Associates
"This bill is an extension of the IT provisions. OF course the fundamental issue is that did I need new provisions or a new bill to cover these aspects. But, really you have to read it along with the IT act and its provisions and you have to take into consideration some of the issues around the new POEM, as to when a foreign company can be treated potentially as a resident of India. To that extent you have to read both in conjunction even as far as the disclosure under this Bill is concerned."
The UFIA bill defines undisclosed financial assets as one or more foreign bank accounts with a maximum aggregate balance of more than 5 lakh rupees in the previous year. Experts say that's too low a threshold and could lead to undue harassment by tax authorities.
Rajesh Simhan
Head-International Tax, Nishith Desai Associates
Even if somebody has gone abroad, lets say for an internship, unlike in India you will end up having substantial assets. 5 Lakh INR is 8000 USD, if I do an internship I will probably earn more money which may be lying in the foreign bank a/c. And again what you have to keep in mind is that from an IT perspective, just having that account doesn't mean I am liable to tax in India. After I come back to India, if I earn any income from that amount, it is only under those circumstances that I am liable to tax in India. Second, from an exchange control perspective also I am allowed to keep that money outside of India and do whatever I want to do with that money. As long as I actually report the income that I derive from that asset that is there, those are the only circumstances which today you would be taxable in India. As opposed to it, you now have a situation where even if I have more than 8000 USD in my bank account abroad, I am potentially subject to penalties and tax on the whole amount in case I fail to disclose it and it is very much possible and really, if the idea of the bill was really to target black money, you would have ideally wanted to have a much higher threshold.
Mukesh Butani
Managing Partner, BMR Legal
"But, let's take an instance of a person who is currently resident in India and he was a NRI at one point, he may be a student and he earned an income off shore and he didn't disclose that income in India cause he was not resident for exchange control purposes and not even for IT purposes. I think that's a legit way of keeping income abroad and don't think the bill is targeted towards those persons as such."
The UFIA bill applies to both undisclosed foreign income and assets and that includes financial interest in any entity. But, financial interest has not been defined.
Rajesh Simhan
Head-International Tax, Nishith Desai Associates
"The challenge that we face is to what extent, direct or indirect, what are the kind of interests that are covered – issues such as being a beneficiary of a discretionary trust or a contingent beneficiary, under those circumstances also does it mean that I have a financial interest. Those are still grey areas that are there today.
The UFIA bill says, Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value or fair market value of the asset, and not on the purchase price. But, the question is– who determines fair market value of an asset in a foreign country?"
SR Wadhwa
Former Chairman, Income Tax Settlement Commission
Tax Advocate
"Yes, that's a difficult thing! The fair market value will be determined when the AO comes to know of the property and it will be difficult to ascertain what is fair market value. In India, the IT dept has got the District Evaluation Officers from the CPWD and other agencies who value such properties but properties located abroad some sort of mechanism will have to be found out, to find out fair market value."
Mukesh Butani
Managing Partner, BMR Legal
"Fair market value will be determined as it is for any other asset under the wealth tax law."
That leaves the most important question facing this law – why will it succeed when others have failed? Experts point to the stringent penalty & punishment provisions. 30% tax plus 3 times that amount in penalties plus upto 7 years of rigorous imprisonment for failure to furnish returns and 10 years in jail for wilful evasion. Worse still, is the presumption of 'mens rea' of guilty mind of the accused.
Rajesh Simhan
Head-International Tax, Nishith Desai Associates
"I don't really look at it as a financial regulation but as a criminal regulation that is there today! And under criminal law, the basic tenet is that a person is innocent until proven guilty and here you are just shifting the burden of proof to say well, if the AO thinks that is the case, then you are effectively guilty unless you show me otherwise and here again, the AO has wide powers. Like I said, a wide overreach what really was the objective and what you really see in the Bill."
SR Wadhwa
Former Chairman, Income Tax Settlement Commission
Tax Advocate
"I think it will increase litigation except where people will avail the tax compliance window and pay 60% where the matters are disputed, it will be a very prolonged litigation for the taxpayers and for the department and possibly the recovery in terms of actual tax may not be very significant."
It's a tough act –there are no compounding or settlement provisions. And an accused must pay up the full tax & penalty amount before disputing it. If a company can't pay its penalties – its manager must. And abetment, by say a bank manager or an accountant could send him to jail for upto 7 years. The government is counting on this new era of exchange of information treaties and this threat of severe punishment to prompt disclosures. Will this treasure hunt hit gold or will this be yet another attack of tax terrorism?
In Mumbai, Aayush Ailawadi
Published on Sat, Apr 04,2015 | 11:08, Updated at Sat, Apr 04 at 11:08Source : CNBC-TV18
The Ministry of Finance has issued ten Income Computation and Disclosure Standards (ICDS), operationalising a new framework for computation of taxable income by all assesses in relation to their income under the heads "Profit and gains of business or profession" and "Income from Other Sources". The Central Board of Direct Taxes (CBDT) notified these standards under section 145(2) of the Income-tax Act, 1961 vide "Notification No. 33/2015 [F. No. 134/48/2010-TPL] / SO 892(E) dated 31 March 2015". The notification of these standards comes as a follow up to the announcement made by the Finance Minister in his maiden budget speech in July 2014 of the intent to notify these standards.
Applicability and effective date
All assesses following the mercantile system of accounting will be required to adopt these standards for the purposes of computation of taxable income under the heads "Profit and gains of business or profession" and "Income from Other Sources".
These standards are applicable for previous year commencing from April 1, 2015, i.e., Assessment Year 2016-17 onwards. Therefore, these standards are already effective, and will have an immediate impact on companies, who will need to take this into account when paying their advance taxes for the first quarter of FY 15-16.
Need for ICDS
When the CBDT set up a committee in 2010 to look at the taxation related aspects of Ind-AS implementation, they also recognized it as an opportunity to address certain accounting issues that have been a subject matter of tax litigation due to either diversity in accounting practices or divergence in views between tax payers and tax authorities.
While globally different approaches have been adopted to deal with the tax issues arising from IFRS adoption, the CBDT has chosen to go down the path of prescribing a separate framework for computation of taxable income, which is independent of the financial reporting framework followed by the company. While one of the other approaches could have been considered for India, it may be too late to reopen the debate on the merits of each of those approaches, considering that time is of the essence for implementation of Ind-AS. With the notification of ICDS, there is certainty on the path that has been chosen by the CBDT; ICDS is now a reality that companies must embrace.
Facilitates Ind-AS adoption
The notification of these ICDS is quite timely and important, especially considering that the timelines for adoption of Ind AS (IFRS converged standards) have also been notified, which permits voluntary adoption for financial year 2015-16. Providing a tax neutral framework for transition to Ind-AS was a prerequisite for smooth implementation of Ind-AS from this year. With the adoption of ICDS, irrespective of the whether the company reports its financial results as per Ind AS or the existing Indian accounting standards, they would compute their taxable income in accordance with ICDS, ensuring horizontal equity.
These standards were developed prior to the notification of Ind-AS and used the old Indian GAAP standards as a base, and included modifications to make them suitable for tax purposes. Now that Ind-AS has been notified, and most large companies would switch to Ind-AS reporting from the coming year, they will find significant differences between the principles used in ICDS and those in Ind-AS. As a result, the resultant computations of taxable income and net income as per financial statements could be vastly different.
Significant changes
The adoption of ICDS will significantly alter the way companies compute their taxable income, as many of the concepts from existing Indian GAAP have been modified. These ICDS have also been developed with a view to minimising tax related disputes by bringing greater consistency in the application of accounting principles governing the computation of income.
The ICDS in general do not have prudence as a fundamental assumption, and accordingly in several situations this would result in earlier recognition of income or gains or later recognition of expenses as compared to that under the accounting standards; this would potentially have a direct impact on the timing of tax related cash outflows.
Some of the key changes are briefly discussed below:
• No concept of prudence or materiality
• Disallows recognition of expected losses or mark-to-market losses unless specifically permitted by any other ICDS
• Does not permit accounting under the completed contract method, and proposes that only the percentage of completion method should be applied for recognition of revenue for all services or construction contracts
• Does not define any minimum period for classification of an asset as a qualifying asset (with the exception of inventories) for capitalization of borrowing costs. As a result, borrowing cost, may need to be capitalized even if an asset does not take substantial period of time to construct.
• New formula for capitalization of borrowing cost on general borrowings which involves allocating the total general borrowing cost incurred in the ratio of average cost of qualifying assets on the first day and last day of the previous year and the average cost of total assets on the first and last day of the previous year. Formulae appears to be ambiguous and may require further clarification.
• Requires accounting of all government grants either to be reduced from cost of assets or recognition as income over a period of time or recognition immediately, depending on the nature of grants
• Premium, discount or exchange difference on contracts that are intended for trading or speculation purposes, or that are entered into to hedge the foreign currency risk of a firm commitment or a highly probable forecast transaction should be recognised at the time of settlement.
• Exchange differences on translation of non-integral foreign operations to be recognized as an income or expense unlike the Indian GAAP.
• Requires recognition of contingent assets when the inflow of economic benefits is reasonably certain.
• Does not permit recognition of expected losses on onerous contracts
As compared to the twelve draft standards that were issued for public comments in January 2015, the CBDT has notified only ten standards now; the standards on leases and intangible assets have not been notified. However, these standards have not comprehensively addressed important areas such as financial instruments, share based payments, etc, which are quite prevalent in today's business environment.
The standards have generally excluded those topics where there is specific guidance under the income tax law. However, if there is a conflict between the provisions of the Income-tax Act, 1961 and ICDS, then the provisions of the Income-tax Act would prevail. The interplay between judicial precedents and the requirements of these standards needs to be seen, and there could be several instances, where there are conflicting positions.
Transitional provisions
The overarching principles of the transitional provisions are that no income would escape taxation nor would it suffer double taxation as a result of the transition to this new framework. As per the transitional provisions, the assessees will be required to do a retrospective catch up at the date of transition in certain cases, whereas in certain other cases, the provisions apply only on a prospective basis.
Making it 'business as usual'
Considering the extent of differences between Ind-AS and ICDS, most large corporates would need to consider the process and system changes that may be warranted to implement ICDS and maintain records as per these two sets of standards. Considering that the information computed using ICDS would be subject to audit through the tax audit process, it becomes all the more important for companies to maintain information in a manner that provides an audit trail.
Way forward
From a regulatory perspective, considering the magnitude of the changes involved, CBDT would also need to ensure that all its officers are now trained and educated on the new framework. This is important to ensure that there is a fair process of assessment, and the objective of minimizing tax disputes is met.
Another area that needs the regulators attention is on Minimum Alternate Tax (MAT) provisions. Once Ind-AS comes in, some companies would be reporting on Ind-AS whereas others would be on old Indian GAAP; therefore the accounting profits based on which MAT is to be calculated would need to be clarified, and may require consideration of suitable adjustments to Ind-AS accounting profit. CBDT would need to address this matter shortly.
From a corporate perspective, as a first step companies should carry out an impact assessment. The impact assessment would provide clarity on both the extent of impact on taxable income, as well as the system and process changes that would be required to be able to compute taxable income each period in an efficient manner. A comprehensive impact assessment would then serve as a blue print and drive the plan for implementation.
ICDS is now a reality, and certainly a step in the right direction to enable smooth implementation of Ind-AS as well as reduce tax litigation in the medium term. As with any new framework, its implementation will throw up challenges, but certainly none that are insurmountable. With the extent of changes in financial, corporate and tax reporting regulations, corporates in India, certainly have their task cut out for 2015.
Friday: 10.30 pm, Saturday: 11.30 am
Sunday: 9:30am & 11.00pm
Published on Sat, Apr 04,2015 | 12:12, Updated at Sat, Apr 04 at 12:13Source : CNBC-TV18 | Watch Video :
5 years and only 38 de-listings. Is it that Indian companies love being listed or hate the de-listing process? Well, the good news is that SEBI has amended the 2009 de-listing regulations. The process is now speedier, M&A friendly and scam proof… or is it? To discuss the De-Listing of Equity Shares Amendment Regulations, 2015, Menaka Doshi is joined by Deutsche Bank's Sanjay Sharma & Kotak's Sourav Mallik.
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US stocks bounced on Thursday after two days of declines following encouraging data on the labor market, but mixed data this week kept investors on edge before Friday's key payrolls report.
The consumer discretionary sector, as measured by the S&P consumer discretionary index, was the day's best-performing sector. The index rose 0.9 percent, helped by gains in CarMax. The stock jumped 9.3 percent to USD 74.73 following stronger-than-expected quarterly results.
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week. The report followed lower-than-expected readings on private sector employment and manufacturing on Wednesday.
The data has given a mixed picture of the economy ahead of the March jobs report, due on Friday, when the stock market is closed for the Good Friday holiday. Stock investors will be unable to trade off the report until Monday.
The Federal Reserve has said it will not raise interest rates until it deems the economy strong enough to withstand such a move, which will raise borrowing costs and possibly crimp spending. A below-consensus jobs number on Friday could ease concerns of a nearer-term rate rise, strategists said.
For the week, the S&P and Dow each rose just 0.3 percent, while the Nasdaq dipped 0.1 percent.
"It's safe to say there's quite a of bit of uncertainty in the market and you're kind of seeing that translate into a lot of volatility with not a lot of direction," said Joe Bell, senior equity analyst at Schaeffer's Investment Research in Cincinnati.
The Dow Jones industrial average rose 65.06 points, or 0.37 percent, to 17,763.24, the S&P 500 gained 7.27 points, or 0.35 percent, to 2,066.96, and the Nasdaq Composite added 6.71 points, or 0.14 percent, to 4,886.94.
Micron Technology shares lost 1.5 percent to USD 26.72, a day after the company forecast lower revenue for the current quarter.
Shares of Motorola Solutions Inc fell 6.2 percent to USD 62.51. A Bloomberg report, citing people with knowledge of the matter, said the company has failed to find a buyer after seeking to raise interest from private equity funds and large industrial companies.
The S&P energy index ended up 0.2 percent despite lower crude prices. Oil fell after a preliminary pact between Iran and global powers on Tehran's nuclear program, although officials set further talks in June and analysts questioned when the OPEC member will be allowed to export more crude.
The release of the US monthly jobs report has coincided with Good Friday only four times since 1999, according to data from Bespoke, most recently in 2012. Analysts expect 245,000 jobs added in the month, down from 295,000 in February.
Advancing issues outnumbered declining ones on Thursday on the NYSE by 1,923 to 1,101; on the Nasdaq, 1,643 issues rose and 1,092 fell.
The S&P 500 posted 19 new 52-week highs and three new lows; the Nasdaq Composite recorded 104 new highs and 35 new lows.
About 5.9 billion shares changed hands on US exchanges, below the 6.4 billion daily average for the last five trading sessions, according to BATS Global Markets.
Market focus will shift from macro to micro next week as economic data winds down and quarterly earnings reports from S&P 500 components including Alcoa take center-stage.
Earnings expectations have been falling sharply in the past weeks, with the most recent estimate showing a 2.8 percent decline in earnings growth, squeezed by dwindling expectations for the energy sector.
Energy companies' earnings are now expected to fall nearly 64 percent year-on-year. Investors saw the sector drop 3.6 percent in the first quarter, bringing the nine-month decline to 22 percent.
Market bulls say softening economic data including US private sector jobs, factory activity and consumer spending have weighed on stocks lately. The effect of the strong US dollar on offshore operations and creeping inflation, in the form of higher labor costs, have also taken a toll - perhaps an excessive one.
"My guess is we've overdone it in terms of concern," said Art Hogan, chief market strategist at Wunderlich Securities in New York. "We always price in the bad news first."
He said that both energy companies - pummeled by concern about the sharp drop in oil - and multinationals - suffering from the impact of a stronger dollar - might actually be set for positive surprises.
"In terms of knee-jerk reaction, surprises are going to come from where we slashed estimates the most."
Stocks hold amid sour mood
Despite the rising concern about the earnings season and the weaker data, stocks showed resilience to start the year. This past week the S&P 500 closed its ninth consecutive quarterly gain, even if it was a meager 0.4 percent.
"Estimates are down and the market has already absorbed that," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
"All you need is some positive surprises for shorts to have to cover," she said, speaking of investors who borrow a stock to sell it, betting on a price decline. "Positive guidance can change the tone of the market quite rapidly."
Chipmaker Micron set a negative early tone on Wednesday, forecasting lower revenue for the current quarter on waning customer demand.
More than 80 percent of the earnings preannouncements this season were negative, according to Thomson Reuters data, setting the bar lower than is usually the case towards the start of earnings season.
In a typical quarter about 63 percent of companies beat estimates and just above 20 percent miss.
But the negativity has set the bar so low, it may have set the stage for a bounceback.
"The market has been trying to price in what has been a lot of bad news in the economic data stream and (expected) bad news in the earnings season," Wunderlich's Hogan said.
"We may well have underestimated the positives."
Indian ADRs closed higher on Thursday. In the banking space, ICICI Bank was up 0.66 percent to USD 10.69 and HDFC Bank gained 1.9 percent at USD 60.61 per ADR.
Indian ADRs closed higher on Thursday. In the banking space, ICICI Bank was up 0.66 percent to USD 10.69 and HDFC Bank gained 1.9 percent at USD 60.61 per ADR.
IT stocks like Infosys and Wipro remained unchanged at USD 34.64 and USD 13.14, respectively.
Among others, Tata Motors was up 0.26 percent to USD 45.59 while Dr Reddy's Labs fell 0.39 percent to USD 56.52.
Siddharth Bhamre of Angel Broking recommends buying Wipro on dips.
Siddharth Bhamre of Angel Broking told CNBC-TV18, "IT sector sometimes has to face perils of being very honest with the market and companies come upfront and they talk about how they are going to perform and sometimes they come out and say that we are probably not going to perform that well. So, market do react negatively in short-term and that is what you are seeing in HCL Tech , that kind of correction we have seen in last two trading sessions. But I am not very down-beat on IT."
"In HCL Tech if further corrections happen and if it goes to Rs 910-915 which is not very far from current level, I think it is a good buy. Related names in same space, Infosys , probably last month you would have seen that it has been in a range barring two trading sessions. This month also we are seeing that it might be in a range but a wider range with Rs 2,100 on the lower side and Rs 2,300 on the higher side. Implied Volatility (IV) have just started increasing now. Results are coming, so around 33-34 percent IVs are there, they may go up till 38 and not beyond. So, I would suggest before the results if IVs are around 38-40 shorting strangle in Infosys provided it is around Rs 2,200, short strangle of Rs 2,100 and Rs 2,300 in Infosys. We are expecting that this time even after result Infosys might remain in a range a bit volatile."
" Wipro is a buy-on-dips in this space. If it corrects further and it is available at Rs 615-620, it is a good buy."
According to Siddharth Bhamre of Angel Broking, one may prefer Idea Cellular over Bharti Airtel.
Siddharth Bhamre of Angel Broking told CNBC-TV18, " Idea Cellular is looking very positive from current level; it has some resistance around Rs 188-190 zone. But if it breaches that resistance which we believe with the kind of open interest it is showing, the built up of long positions we are seeing, it is quite possible that resistance will be breached and we might see further upside move. So, in telecom space I will prefer Idea over Bharti Airtel or Reliance Communications ."
"Pharma have run up significantly, then we saw some correction and again the runup has started. I am not very comfortable in pharma now. It has done really well when markets were going up and they have done really well when markets were falling also. Now, in this upside move market, I am not very hopeful about pharma. I am not saying go and short them, but I will not go long over there," he said.
"In related space pharmaceutical, Biocon is one stock in which since last one month we have been suggesting to accumulate, two months infact, to accumulate around Rs 415-430 odd zone. This stock has given a clear break-out. We have seen formation of long positions in Biocon. All those short positions which were there accumulated in this stock since last 4-5 months, those positions did not get roll over in February and March series and now we are seeing renewed upside moves. This upside move, though it has been significant, there is further upside move which is left. So, in pharmaceutical or related space I would prefer Biocon over others."
Siddharth Bhamre of Angel Broking is optimistic in Tata Steel.
Siddharth Bhamre of Angel Broking told CNBC-TV18, "We are optimistic in Tata Steel . We are expecting further short covering though there are not many shorts over there, we have seen that Chinese markets are doing well, so there would be some sentimental change in metals space. So, though we like Hindalco Industries also at current level, Tata Steel at current level or some dip and you will see that good accumulation of long position would begin. So, that is one stock on the long side."
" Maruti Suzuki did not come up with good set of numbers. It is a very over-owned stock, lot of long positions. I will not be surprised if some of the aggressive traders go short in this counter from near-term. So, that is one stock which I would trade with negative as for the coming week," he added.
Latest News from Moneycontrol.com http://www.moneycontrol.com Wed, 01 Apr 2015 12:30:03 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/announcements/arihant-superstructures-outcomeboard-meeting_1346195.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Arihant Superstructures: Outcome of board meeting" title="Arihant Superstructures: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Arihant Superstructures Ltd has informed BSE regarding Outcome of Board Meeting held on March 30, 2015. Wed, 01 Apr 2015 12:24:53 +0530 http://www.moneycontrol.com/news/announcements/arihant-superstructures-outcomeboard-meeting_1346195.html http://www.moneycontrol.com/news/stocks-views/stayindia-cements-sudarshan-sukhani_1346172.html <img src="http://www.moneycontrol.com/news_image_files/2014/u/Ultratech_cement_200.jpg" alt="Sudarshan Sukhani" title="Sudarshan Sukhani" border="0" width="75" height="75" align=" left" hspace="5"/> Sudarshan Sukhani of s2analytics.com recommends staying with India Cements as the stock may rally. Wed, 01 Apr 2015 12:24:15 +0530 http://www.moneycontrol.com/news/stocks-views/stayindia-cements-sudarshan-sukhani_1346172.html http://www.moneycontrol.com/news/announcements/ador-multiproducts-updatesappointmentwoman-director_1346194.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Ador Multiproducts: Updates on appointment of woman director" title="Ador Multiproducts: Updates on appointment of woman director" border="0" width="75" height="75" align=" left" hspace="5"/> Ador Multiproducts Ltd has informed BSE that the Board appointed a Woman Director by passing of circular resolution on March 30, 2015. Wed, 01 Apr 2015 12:23:07 +0530 http://www.moneycontrol.com/news/announcements/ador-multiproducts-updatesappointmentwoman-director_1346194.html http://www.moneycontrol.com/news/announcements/duke-offshore-appoints-harshika-kataria-as-independent-women-director_1346193.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Duke Offshore appoints Harshika Kataria as independent women director" title="Duke Offshore appoints Harshika Kataria as independent women director" border="0" width="75" height="75" align=" left" hspace="5"/> Duke Offshore Ltd has informed BSE that the Company have appointed Ms. Harshika Kataria, as Independent Women Director in the Board of Directors of the Company w.e.f. April 01, 2015. Wed, 01 Apr 2015 12:23:07 +0530 http://www.moneycontrol.com/news/announcements/duke-offshore-appoints-harshika-kataria-as-independent-women-director_1346193.html http://www.moneycontrol.com/news/announcements/riddhi-siddhi-gluco-biols-appoints-vaishali-patel-as-independent-woman-director_1346192.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Riddhi Siddhi Gluco Biols appoints Vaishali Patel as independent woman director" title="Riddhi Siddhi Gluco Biols appoints Vaishali Patel as independent woman director" border="0" width="75" height="75" align=" left" hspace="5"/> Riddhi Siddhi Gluco Biols Ltd has informed BSE that the Board of Directors of the Company has appointed Mrs. Vaishali Patel as an Independent woman director w.e.f. March 27, 2015. Wed, 01 Apr 2015 12:23:06 +0530 http://www.moneycontrol.com/news/announcements/riddhi-siddhi-gluco-biols-appoints-vaishali-patel-as-independent-woman-director_1346192.html http://www.moneycontrol.com/news/announcements/lt-construction-wins-orders-valued-rs-3343cr_1346191.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="LT Construction wins orders valued Rs 3343cr" title="LT Construction wins orders valued Rs 3343cr" border="0" width="75" height="75" align=" left" hspace="5"/> The construction arm of LT has won orders worth Rs 3343 crore across various business segments in March 2015. Wed, 01 Apr 2015 12:23:05 +0530 http://www.moneycontrol.com/news/announcements/lt-construction-wins-orders-valued-rs-3343cr_1346191.html http://www.moneycontrol.com/news/announcements/frontier-leasingfinance-appoints-usha-iyengar-as-additional-director_1346190.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Frontier Leasing Finance appoints Usha Iyengar as additional director" title="Frontier Leasing Finance appoints Usha Iyengar as additional director" border="0" width="75" height="75" align=" left" hspace="5"/> Frontier Leasing Finance Ltd has informed BSE that, the Board of the Directors of the Company has vide Circular Resolution dated April 01, 2015 approved the appointment of Mrs. Usha Iyengar, as an Additional Director of the Company with effect from April 01, 2015. Wed, 01 Apr 2015 12:21:07 +0530 http://www.moneycontrol.com/news/announcements/frontier-leasingfinance-appoints-usha-iyengar-as-additional-director_1346190.html http://www.moneycontrol.com/news/announcements/mahindramahindra-sells-45212-unitsmarch-2015-_1346189.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Mahindra and Mahindra sells 45212 units in March 2015 " title="Mahindra and Mahindra sells 45212 units in March 2015 " border="0" width="75" height="75" align=" left" hspace="5"/> Mahindra and Mahindra has sold 45212 units in March 2015 as against 51636 units during March 2014. Wed, 01 Apr 2015 12:21:05 +0530 http://www.moneycontrol.com/news/announcements/mahindramahindra-sells-45212-unitsmarch-2015-_1346189.html http://www.moneycontrol.com/news/announcements/atul-auto-sells-3222-unitsmarch-2015_1346188.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Atul Auto sells 3222 units in March 2015" title="Atul Auto sells 3222 units in March 2015" border="0" width="75" height="75" align=" left" hspace="5"/> Atul Auto has sold 3222 units in March 2015 against 3214 units in March 2014. Wed, 01 Apr 2015 12:21:05 +0530 http://www.moneycontrol.com/news/announcements/atul-auto-sells-3222-unitsmarch-2015_1346188.html http://www.moneycontrol.com/news/announcements/pnb-receives-rs-870crgovtindia_1346187.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="PNB receives Rs 870cr from Govt of India" title="PNB receives Rs 870cr from Govt of India" border="0" width="75" height="75" align=" left" hspace="5"/> Punjab National Bank has informed BSE that capital funds to the tune of Rs. 870 crore has been received from the Govt. of India on March 31, 2015 for Issue and allotment of 4,42,07,317 equity shares of face value of Rs. 2/- each at a premium of Rs. 194.80 i.e. at a price of Rs. 196.80 per equity share on preferential basis. Wed, 01 Apr 2015 12:21:03 +0530 http://www.moneycontrol.com/news/announcements/pnb-receives-rs-870crgovtindia_1346187.html http://www.moneycontrol.com/news/business/chinese-imports-notserious-threat-for-tyre-market-ceat_1346186.html <img src="http://www.moneycontrol.com/news_image_files/2014/c/ceat_subbarao_200.jpg" alt="A Subba Rao" title="A Subba Rao" border="0" width="75" height="75" align=" left" hspace="5"/> Allaying fears that a flood of cheap Chinese tyres, which have reportedly hit a record-high market share of 18-20 percent, may disrupt the Indian market, CEAT CFO A Subba Rao said he didn’t foresee it to be a serious threat. Wed, 01 Apr 2015 12:20:10 +0530 http://www.moneycontrol.com/news/business/chinese-imports-notserious-threat-for-tyre-market-ceat_1346186.html http://www.moneycontrol.com/news/market-outlook/hereprakash-diwans-top-trading-ideas_1346134.html <img src="http://www.moneycontrol.com/news_image_files/2014/p/prakash-diwan-200-1911.jpg" alt="Prakash Diwan" title="Prakash Diwan" border="0" width="75" height="75" align=" left" hspace="5"/> Watch the interview of Prakash Diwan, Director of Altamount Capital Management with Ekta Batra Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market, specific stocks and sectors. Wed, 01 Apr 2015 12:18:59 +0530 http://www.moneycontrol.com/news/market-outlook/hereprakash-diwans-top-trading-ideas_1346134.html http://www.moneycontrol.com/news/local-markets/sensex-nifty-rangebound-fertiliser-stocks-rally-sun-up_1346185.html <img src="http://www.moneycontrol.com/news_image_files/2014/b/BSE-Sensex_16-9_356x200_200_3621.jpg" alt="Sensex, Nifty rangebound; fertiliser stocks rally, Sun up" title="Sensex, Nifty rangebound; fertiliser stocks rally, Sun up" border="0" width="75" height="75" align=" left" hspace="5"/> The market continued to be directionless in noon trade with the Nifty struggling below 8,500. Technology and oil stocks dragged while healthcare, FMCG, banks and telecom stocks gained. Wed, 01 Apr 2015 12:18:34 +0530 http://www.moneycontrol.com/news/local-markets/sensex-nifty-rangebound-fertiliser-stocks-rally-sun-up_1346185.html http://www.moneycontrol.com/news/announcements/oasis-securities-outcomeboard-meeting_1346184.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Oasis Securities: Outcome of board meeting" title="Oasis Securities: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Oasis Securities Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2015,
has appointed Ms. Smita Pachisia as Additional Director of the Company (Woman Director) and Mr. Naresh Pachisia resigned as Director of the Company. Wed, 01 Apr 2015 12:15:38 +0530 http://www.moneycontrol.com/news/announcements/oasis-securities-outcomeboard-meeting_1346184.html http://www.moneycontrol.com/news/announcements/multiplus-holdings-outcomeboard-meeting_1346183.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Multiplus Holdings: Outcome of board meeting" title="Multiplus Holdings: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Multiplus Holdings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2015, has considered and approved the proposed appointment of Mrs. Kavita Jayprakash Sheth as a Additional Women director subject to approval of all regulatory statutory authority. Wed, 01 Apr 2015 12:15:38 +0530 http://www.moneycontrol.com/news/announcements/multiplus-holdings-outcomeboard-meeting_1346183.html
Latest News from Moneycontrol.com http://www.moneycontrol.com Wed, 01 Apr 2015 12:30:03 +0530 Moneycontrol.com http://img1.moneycontrol.com/images/top2010/moneycontrol_logo.jpg http://www.moneycontrol.com Feed provided by Moneycontrol. http://www.moneycontrol.com/news/announcements/arihant-superstructures-outcomeboard-meeting_1346195.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Arihant Superstructures: Outcome of board meeting" title="Arihant Superstructures: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Arihant Superstructures Ltd has informed BSE regarding Outcome of Board Meeting held on March 30, 2015. Wed, 01 Apr 2015 12:24:53 +0530 http://www.moneycontrol.com/news/announcements/arihant-superstructures-outcomeboard-meeting_1346195.html http://www.moneycontrol.com/news/stocks-views/stayindia-cements-sudarshan-sukhani_1346172.html <img src="http://www.moneycontrol.com/news_image_files/2014/u/Ultratech_cement_200.jpg" alt="Sudarshan Sukhani" title="Sudarshan Sukhani" border="0" width="75" height="75" align=" left" hspace="5"/> Sudarshan Sukhani of s2analytics.com recommends staying with India Cements as the stock may rally. Wed, 01 Apr 2015 12:24:15 +0530 http://www.moneycontrol.com/news/stocks-views/stayindia-cements-sudarshan-sukhani_1346172.html http://www.moneycontrol.com/news/announcements/ador-multiproducts-updatesappointmentwoman-director_1346194.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Ador Multiproducts: Updates on appointment of woman director" title="Ador Multiproducts: Updates on appointment of woman director" border="0" width="75" height="75" align=" left" hspace="5"/> Ador Multiproducts Ltd has informed BSE that the Board appointed a Woman Director by passing of circular resolution on March 30, 2015. Wed, 01 Apr 2015 12:23:07 +0530 http://www.moneycontrol.com/news/announcements/ador-multiproducts-updatesappointmentwoman-director_1346194.html http://www.moneycontrol.com/news/announcements/duke-offshore-appoints-harshika-kataria-as-independent-women-director_1346193.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Duke Offshore appoints Harshika Kataria as independent women director" title="Duke Offshore appoints Harshika Kataria as independent women director" border="0" width="75" height="75" align=" left" hspace="5"/> Duke Offshore Ltd has informed BSE that the Company have appointed Ms. Harshika Kataria, as Independent Women Director in the Board of Directors of the Company w.e.f. April 01, 2015. Wed, 01 Apr 2015 12:23:07 +0530 http://www.moneycontrol.com/news/announcements/duke-offshore-appoints-harshika-kataria-as-independent-women-director_1346193.html http://www.moneycontrol.com/news/announcements/riddhi-siddhi-gluco-biols-appoints-vaishali-patel-as-independent-woman-director_1346192.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Riddhi Siddhi Gluco Biols appoints Vaishali Patel as independent woman director" title="Riddhi Siddhi Gluco Biols appoints Vaishali Patel as independent woman director" border="0" width="75" height="75" align=" left" hspace="5"/> Riddhi Siddhi Gluco Biols Ltd has informed BSE that the Board of Directors of the Company has appointed Mrs. Vaishali Patel as an Independent woman director w.e.f. March 27, 2015. Wed, 01 Apr 2015 12:23:06 +0530 http://www.moneycontrol.com/news/announcements/riddhi-siddhi-gluco-biols-appoints-vaishali-patel-as-independent-woman-director_1346192.html http://www.moneycontrol.com/news/announcements/lt-construction-wins-orders-valued-rs-3343cr_1346191.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="LT Construction wins orders valued Rs 3343cr" title="LT Construction wins orders valued Rs 3343cr" border="0" width="75" height="75" align=" left" hspace="5"/> The construction arm of LT has won orders worth Rs 3343 crore across various business segments in March 2015. Wed, 01 Apr 2015 12:23:05 +0530 http://www.moneycontrol.com/news/announcements/lt-construction-wins-orders-valued-rs-3343cr_1346191.html http://www.moneycontrol.com/news/announcements/frontier-leasingfinance-appoints-usha-iyengar-as-additional-director_1346190.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Frontier Leasing Finance appoints Usha Iyengar as additional director" title="Frontier Leasing Finance appoints Usha Iyengar as additional director" border="0" width="75" height="75" align=" left" hspace="5"/> Frontier Leasing Finance Ltd has informed BSE that, the Board of the Directors of the Company has vide Circular Resolution dated April 01, 2015 approved the appointment of Mrs. Usha Iyengar, as an Additional Director of the Company with effect from April 01, 2015. Wed, 01 Apr 2015 12:21:07 +0530 http://www.moneycontrol.com/news/announcements/frontier-leasingfinance-appoints-usha-iyengar-as-additional-director_1346190.html http://www.moneycontrol.com/news/announcements/mahindramahindra-sells-45212-unitsmarch-2015-_1346189.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Mahindra and Mahindra sells 45212 units in March 2015 " title="Mahindra and Mahindra sells 45212 units in March 2015 " border="0" width="75" height="75" align=" left" hspace="5"/> Mahindra and Mahindra has sold 45212 units in March 2015 as against 51636 units during March 2014. Wed, 01 Apr 2015 12:21:05 +0530 http://www.moneycontrol.com/news/announcements/mahindramahindra-sells-45212-unitsmarch-2015-_1346189.html http://www.moneycontrol.com/news/announcements/atul-auto-sells-3222-unitsmarch-2015_1346188.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment1_190.jpg" alt="Atul Auto sells 3222 units in March 2015" title="Atul Auto sells 3222 units in March 2015" border="0" width="75" height="75" align=" left" hspace="5"/> Atul Auto has sold 3222 units in March 2015 against 3214 units in March 2014. Wed, 01 Apr 2015 12:21:05 +0530 http://www.moneycontrol.com/news/announcements/atul-auto-sells-3222-unitsmarch-2015_1346188.html http://www.moneycontrol.com/news/announcements/pnb-receives-rs-870crgovtindia_1346187.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="PNB receives Rs 870cr from Govt of India" title="PNB receives Rs 870cr from Govt of India" border="0" width="75" height="75" align=" left" hspace="5"/> Punjab National Bank has informed BSE that capital funds to the tune of Rs. 870 crore has been received from the Govt. of India on March 31, 2015 for Issue and allotment of 4,42,07,317 equity shares of face value of Rs. 2/- each at a premium of Rs. 194.80 i.e. at a price of Rs. 196.80 per equity share on preferential basis. Wed, 01 Apr 2015 12:21:03 +0530 http://www.moneycontrol.com/news/announcements/pnb-receives-rs-870crgovtindia_1346187.html http://www.moneycontrol.com/news/business/chinese-imports-notserious-threat-for-tyre-market-ceat_1346186.html <img src="http://www.moneycontrol.com/news_image_files/2014/c/ceat_subbarao_200.jpg" alt="A Subba Rao" title="A Subba Rao" border="0" width="75" height="75" align=" left" hspace="5"/> Allaying fears that a flood of cheap Chinese tyres, which have reportedly hit a record-high market share of 18-20 percent, may disrupt the Indian market, CEAT CFO A Subba Rao said he didn’t foresee it to be a serious threat. Wed, 01 Apr 2015 12:20:10 +0530 http://www.moneycontrol.com/news/business/chinese-imports-notserious-threat-for-tyre-market-ceat_1346186.html http://www.moneycontrol.com/news/market-outlook/hereprakash-diwans-top-trading-ideas_1346134.html <img src="http://www.moneycontrol.com/news_image_files/2014/p/prakash-diwan-200-1911.jpg" alt="Prakash Diwan" title="Prakash Diwan" border="0" width="75" height="75" align=" left" hspace="5"/> Watch the interview of Prakash Diwan, Director of Altamount Capital Management with Ekta Batra Reema Tendulkar on CNBC-TV18, in which he shared his readings and outlook on market, specific stocks and sectors. Wed, 01 Apr 2015 12:18:59 +0530 http://www.moneycontrol.com/news/market-outlook/hereprakash-diwans-top-trading-ideas_1346134.html http://www.moneycontrol.com/news/local-markets/sensex-nifty-rangebound-fertiliser-stocks-rally-sun-up_1346185.html <img src="http://www.moneycontrol.com/news_image_files/2014/b/BSE-Sensex_16-9_356x200_200_3621.jpg" alt="Sensex, Nifty rangebound; fertiliser stocks rally, Sun up" title="Sensex, Nifty rangebound; fertiliser stocks rally, Sun up" border="0" width="75" height="75" align=" left" hspace="5"/> The market continued to be directionless in noon trade with the Nifty struggling below 8,500. Technology and oil stocks dragged while healthcare, FMCG, banks and telecom stocks gained. Wed, 01 Apr 2015 12:18:34 +0530 http://www.moneycontrol.com/news/local-markets/sensex-nifty-rangebound-fertiliser-stocks-rally-sun-up_1346185.html http://www.moneycontrol.com/news/announcements/oasis-securities-outcomeboard-meeting_1346184.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment2.jpg" alt="Oasis Securities: Outcome of board meeting" title="Oasis Securities: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Oasis Securities Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2015,
has appointed Ms. Smita Pachisia as Additional Director of the Company (Woman Director) and Mr. Naresh Pachisia resigned as Director of the Company. Wed, 01 Apr 2015 12:15:38 +0530 http://www.moneycontrol.com/news/announcements/oasis-securities-outcomeboard-meeting_1346184.html http://www.moneycontrol.com/news/announcements/multiplus-holdings-outcomeboard-meeting_1346183.html <img src="http://www.moneycontrol.com/news_image_files/bse_corporate_announcment_190.jpg" alt="Multiplus Holdings: Outcome of board meeting" title="Multiplus Holdings: Outcome of board meeting" border="0" width="75" height="75" align=" left" hspace="5"/> Multiplus Holdings Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2015, has considered and approved the proposed appointment of Mrs. Kavita Jayprakash Sheth as a Additional Women director subject to approval of all regulatory statutory authority. Wed, 01 Apr 2015 12:15:38 +0530 http://www.moneycontrol.com/news/announcements/multiplus-holdings-outcomeboard-meeting_1346183.html
