Post session: Sensex sinks 360 pts as Brent crude surges, Nifty slips below 10,400 07/11/2017

Post session: Sensex sinks 360 pts as Brent crude surges, Nifty slips below 10,400
07/11/2017 15:54

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The Indian benchmarks witnessed hefty selling on Tuesday, with Sensex and Nifty slipping over 1 per cent, as investors resorted to profit booking after strong rally last week. Adding to it, rise in crude oil prices in the international markets also injected negativity in the market. Sentiments were dampened on foreign brokerage report which highlighting adverse macroeconomic impact of rise in crude oil prices, said every USD 10 per barrel rise in the price will worsen India’s fiscal balance by 0.1 percent and current account balance by 0.4 percent of GDP. On the sectoral front, pharma and realty stocks emerged as top losers on BSE, falling as much as 3.51 per cent and 2.24 per cent, respectively. Bucking the trend, IT and Technology stocks rallied as much as 1.2 per cent to 2.06 per cent.

The 30-share benchmark index closed at 33370.76, down by 360.43 points or by 1.07 per cent, and the NSE Nifty ended at 10352.35, down by 99.45 points or by 0.95 per cent.

In the choppy trade, the Sensex touched intraday high of 33865.95 and intraday low of 33341.82, while the NSE Nifty touched intraday high of 10485.75 and intraday low of 10340.8.

The top losers of the BSE Sensex pack were Lupin Ltd. (Rs. 860.00,-16.88%), Cipla Ltd. (Rs. 608.30,-7.19%), Tata Motors Ltd. (Rs. 249.00,-3.95%), Bharti Airtel Ltd. (Rs. 513.60,-3.59%), State Bank of India (Rs. 317.20,-3.57%), among others.

On the flip side, Infosys Ltd. (Rs. 955.00,+2.84%), Tata Consultancy Services Ltd. (Rs. 2711.00,+1.65%), Wipro Ltd. (Rs. 302.00,+0.83%), Kotak Mahindra Bank Ltd. (Rs. 1012.00,+0.33%), Hindustan Unilever Ltd. (Rs. 1242.40,+0.18%), were among top gainers on the BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3041, shares advanced were 958, while 1952 shares declined, and 131 were unchanged.
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Fund raising via preferential allotment rises 25% in Apr-Sep 07/11/2017

Fund raising via preferential allotment rises 25% in Apr-Sep
07/11/2017 17:14
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Indian companies garnered over Rs 23,000 crore through issuance of shares on preferential basis during April-September of the ongoing fiscal, a jump of nearly 25 per cent from the year-ago period.
The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.
As per the Securities and Exchange Board of India data, funds raised by listed firms through preferential allotment stood at Rs 23,234 crore in the first six months of 2017-18.
The funds accumulated during April-September of 2017-18 are 24.95 per cent higher as compared to same period of the previous financial year, when the companies mopped up Rs 18,594 crore.
In terms of numbers, 212 issues were witnessed in the first six months of the current fiscal as compared to 211 during the same period last year.
During the the first half of 2017-18, September was the busiest month, with the firms raising Rs 8,144 crore through the preferential allotment route, followed by August, June and May when they mopped up Rs 5,493 crore, Rs 4,825 crore and Rs 2,377 crore, respectively.
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DoT looks to bring in new telecom policy by February: Sinha 07/11/2017


DoT looks to bring in new telecom policy by February: Sinha
07/11/2017 15:06
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The telecom department (DoT) looks to finalise the new telecom policy by February and would release its draft by December-end for public comments, Union minister Manoj Sinha said today.
"We are trying to bring new telecom policy by February. For this the working group has started the process. We expect to finalise draft by end of December and place it for public comments," the Communications Minister told reporters.
He said that the government expects to complete the first phase of Bharat net project to connect 1 lakh village panchayats with high-speed broadband by the end of November.
Talking about linking Aadhaar with mobile phone number for reverification, DoT Secretary Aruna Sundararajan said that the government will not disconnect mobile numbers of people who do not have the UIDAI number.
She said that the department is waiting for the Supreme Court judgement on Aadhaar issue to decide on action to be taken for mobile numbers of those people who have Aadhaar but do not want to link it with their mobile number.
"We are also working on alternatives for people who are abroad (to help them link their mobile number with Aadhaar)," Sundararajan said.
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Pet coke ban to render 25 lakh workers in NCR jobless:Assocham 07/11/2017

Pet coke ban to render 25 lakh workers in NCR jobless:Assocham
07/11/2017 12:24

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The Supreme Court’s decision to ban distribution, sale and use of furnace oil and pet coke in the national capital region will render over 25 lakh workers jobless, Assocham said.
“The industries are already under tremendous stress after the implementation of GST and the ban on use of pet coke will prove to be the final nail in the coffin. Over 25 lakh workers will be rendered jobless in Faridabad, Ghaziabad, Gurugram (formerly Gurgaon), Panipat, Sonipat and Noida alone,” Assocham said in a statement.
The chamber has called for giving adequate time to industrial consumers to migrate from furnace oil and pet coke to gas-based alternatives to save livelihood of the workers.
“It is estimated that about 1,000 units directly and nearly 10,000 allied units have been severely impacted by the ban on the use of pet coke and furnace oil from November 1,” Assocham said in a statement.
Earlier, the apex court-appointed Environment Pollution Control Authority (EPCA), in its report to the top court, had recommended that “distribution, sale and use of furnace oil and pet coke be strictly banned in the NCR”, in a move aimed at curbing pollution in the region.
“There has been no action by the government authorities to control the dust pollution. While they are trying to control stubble burning, they are facing resistance from the farmers. But on the contrary, the industry is always agreeing to fully comply with the norms as and when laid down, yet they have been punished,” said the industry body.
According to Assocham, the industries that are directly affected are in all segments.
It is imperative that adequate time be given to the industries to set up their process to meet the new norms laid down by the ministry. Therefore, the ban needs to be lifted to save the industry as well as prevent lakhs of workers being rendered jobless, suggested the industry chamber.
“The only alternative to furnace oil and pet coke is natural gas, which is nearly four times more expensive and this the industry cannot afford in this competitive environment and poor economic scenario,” Assocham held. Moreover, it argued that there are no clear guidelines regarding emission of pollutants such as SO2 and Nitrogen Oxide (NOx).
“Interestingly, out of all the fuels used, pet coke is being labelled as a polluting fuel only because of higher sulphur content and it is alleged that it emits SO2, which pollutes the environment. However, as per the latest report form CPCB, the SO2 level in the entire NCR region including Delhi are well within the prescribed limits,” Assocham maintained.
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PE, VC deals touch record high of $21.8 bn in Jan-Oct: EY 07/11/2017


PE, VC deals touch record high of $21.8 bn in Jan-Oct: EY
07/11/2017 16:58
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Private equity and venture capital deals in India touched a record high with investments worth USD 21.8 billion so far this year, mainly driven by big-ticket transactions, according to a new EY report.
PE/VC investments in January-October 2017 recorded USD 21.8 billion across 496 deals, surpassing the previous record of USD 19.6 billion across 767 transactions in 2015.
This increase has been primarily driven by a significant number of large deals worth USD 500 million or above, and many transactions involved big bets by global pension funds, EY said in the report.
From January till October this year, PE/VC investmentsrecorded seven big ticket deals aggregating USD 8.6 billion, of which four deals were greater than USD 1 billion.
"October 2017 was another stellar month for the Indian PE/VC sector. The festive month saw a couple of cracker deal announcements which helped take the PE/VC investments for 2017 past the previous record high of 2015," EY Partner and Leader for PE Advisory Vivek Soni said.
In October, two large deals accounted for 71 per cent of the total deal value.
The largest deal saw Tencent and Softbank invest USD 1.1 billion in Ola cabs that will be used for investments in supply and technology, followed by CDPQ investing USD 400 million in Logos India Ventures that will be used to acquire logistics assets.
"PE/VC investments so far this year have eclipsed the highs seen in 2015, already making 2017 a record year for both investments and exits," Soni said adding that "with two months to go for the year-end, we expect to close the year with PE/VC investments 25 per cent to 30 per cent higher than the 2015 record levels".
Moreover, with capital markets expected to remain buoyant in the medium-term, strong PE/VC backed exits via IPO's are expected to continue unabated, he added.
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Note ban, GST impact behind us, growth in sight: FM 07/11/2017

Note ban, GST impact behind us, growth in sight: FM
07/11/2017 16:15
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Finance Minister Arun Jaitley said today that the impact of structural reforms is "behind us" and the early economic indicators point to an improvement.
Structural reforms like demonetisation and the roll out of the Goods and Services Tax would have had some consequences but they will help the economy in the long run, he said.
"Having undertaken two major structural changes which are extremely important for Indian economy, I think the impact being substantially behind us, the early indications for the future look to be positive." he said at the India Today Conclave here.
In the last 2-3 months the Purchasing Managers' Index (PMI) data has come out positive, similar to industrial output and core sector growth, he said, adding that these are some of the early indicators and "probably point to an improved situation".
Prime Minister Narendra Modi had on November 8 last year announced the demonetisation of old Rs 500 and Rs 1,000 notes to combat corruption, black money, terrorism and fake currency.
On the criticism that note ban has impacted growth, Jaitley said: "If you don't have the capacity or courage or broad shoulders to undertake those structural reforms, then of course, that status quo would have continued.
"And the status quo ante that existed in India, I don't think that is an ideal situation where India would have lived to be."
Jaitley said India was a fast moving global economy for three years in a row and the time was opportune to undertake structural reforms. "Otherwise, the only option to structural reform that my predecessor could give you is policy paralysis, not my choice."
The economy slowed to 5.7 per cent in the April-June quarter of the current fiscal, the weakest pace since 2014 as demonetisation sucked out 86 per cent of the currency in circulation throwing cash-dependent businesses in disarray and the implementation of GST from July 1 hit small and medium enterprises.
The GDP growth had started to slip in the quarters before demonetisation, he said, adding that the manufacturing activity declined in the run up to the GST roll out from July 1 as businesses started destocking their goods.
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Hidden wealth of Rs 792 cr detected in Panama cases: CBDT 07/11/2017


Hidden wealth of Rs 792 cr detected in Panama cases: CBDT
07/11/2017 16:01
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The CBDT has said that investigations in the Panama Papers leak cases have resulted in the Income Tax Department detecting undisclosed wealth of 792 crore so far even as the probe is on in full swing.
Commenting on the issue, the Central Board of Direct Taxes (CBDT), the poilcy-making body of the income tax department told the media, "Investigations have led to the detection of undisclosed credits (in offshore bank accounts) of about Rs 792 crore so far. The investigation is in full swing."
It said that taxman has filed 5 criminal prosecution complaints in these instances, while it has served seven notices under the new anti-black money act to the entities allegedly involved. The department also conducted searches in 35 cases and surveys in 11, it said.
"The Income Tax Department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions. Based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases (non-residents/ or no irregularities)," it said.
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'17% growth in e-filing of tax returns post demonetisation' 07/11/2017


'17% growth in e-filing of tax returns post demonetisation'
07/11/2017 15:44
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The e-filing of income tax returns (ITRs) went up by 17 per cent post demonetisation, while the rise in the 'individual filers' category was over 23 per cent, according to official data.
Year-on-year data, accessed by PTI, shows that while a total of 3,21,61,320 e-returns were filed till October 31 last year (financial year 2016-17), the figure rose to 3,78,20,889 by this October-end (FY 2017-18).
This reflects an overall growth of 17.60 per cent in the number of people filing their ITRs online.
A senior Income Tax Department officer, supervising these activities, attributed the rise to the withdrawal of two high-value currency notes of Rs 500 and Rs 1,000 from circulation by the government on November 8 last year.
The data also reflects an increase of 23.28 per cent in the category of individual e-filers who use the basic ITR-1 form to show their income records to the taxman.
While 1,69,04,759 people filed ITR-1 online last year, the figure stood at 2,08,40,303 this year, the data revealed.
ITR-1 or 'Sahaj' filers are called 'individual filers' in income tax parlance.
Online filing of ITR-2A, filed by those who having income from salary and other sources, saw an increase by 21.78 per cent as 28,82,189 returns were filed under this category till October this year as compared to 23,66,687 in the corresponding period last year.
"The spike in figures are due to demonetisation. The tax department had asked people to file their returns so that they are clean when it comes to making any transaction in the wake of the note ban," the officer said.
The I-T department has already chosen 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation, official sources said yesterday.
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IT department to probe 20,572 tax returns after note ban 07/11/2017


IT department to probe 20,572 tax returns after note ban
07/11/2017 14:14
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According to sources, the Income Tax Department has picked 20,572 tax returns for detailed scrutiny suspecting discrepancies in incomes before and after demonetization.
As per reports, the department has identified one lakh high risk cases of alleged tax evasion for detailed investigation.
According to the sources, 20,572 tax returns have been selected for detailed scrutiny after their profiles before and after demonetisation did not match.
As per reports, a scrutiny procedure in the I-T department denotes submission of a volume of records and testimonials, after which the taxman or the assessing officer makes sure that the return filed is correct and the filer has not evaded any tax.
As per reports, the I-T department initiated the first phase of the 'Operation Clean Money' on January 31 this year to check black money and stash funds in the wake of the withdrawal of Rs 500 and Rs 1,000 notes, the two highest value banknotes of the time.
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Economic reforms to help support long-term growth:BMI Research 07/11/2017

Economic reforms to help support long-term growth:BMI Research
07/11/2017 13:45
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India is expected to remain one of the fastest growing emerging markets with real GDP growth averaging 6.5 per cent over the next five fiscals, though bureaucratic inefficiencies will continue to cap the country's growth potential, says a report.
According to a report by BMI Research, a Fitch Group company, while India's ease of doing business ranking has improved, significant bureaucratic inefficiencies are likely to cap the country's growth potential further.
"We believe that the ongoing economic reforms and improvements to the business environment will continue to support India's economic growth over the coming years, and we expect the country to be one of the best performing emerging market economies, with real GDP growth set to average 6.5 per cent over the next five fiscal years," the report said.
However, the improvement in the ranking masks the fact that bureaucratic inefficiencies remain rife, as indicated by the stalling of the 2015 Land Acquisition Bill in Parliament and a massive backlog of unresolved cases in courts.
"In our view, these issues are likely to continue to cap India's growth potential below the 7 per cent level over the coming years, and the country is likely to continue facing challenges in completing large-scale infrastructure projects and establishing a strong manufacturing base," it added.
India's ranking on the World Bank's 2018 Ease of Doing Business index improved significantly to 100/190 countries - a 30 notch jump from its previous position.
Moreover, there has been a surge in foreign investment, which is likely to continue at a steady pace as global firms look to tap into India's vast market potential, the report said adding that pro-business and pro-investor policies are likely to encourage investment.
"A more favourable business environment is likely to encourage a pick-up in private investment growth, which has been lacklustre due to poor business environment, as well as heavily leveraged businesses that were unable and unwilling to increase capital investments, particularly large industrial corporates (such as steel and coal), which were hit hard by weaker commodity prices," the report noted.
As per the report, insolvency regulation is a positive step in cleaning up the financial system in the country. Furthermore, tax reforms will help strengthen India's fiscal revenues.
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ASSOCHAM seeks Parliamentary panel help for exporters on GST issues 07/11/2017


ASSOCHAM seeks Parliamentary panel help for exporters on GST issues
07/11/2017 12:21
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ASSOCHAM has suggested examining the impact of the Goods and Services Tax (GST) on exports and impressing upon the GST Council and the government to help exporters receive their tax refunds without any further delay, besides easing rules for the GST administration on exports to maintain the growth momentum. ASSOCHAM has listed several issues such as refund of GST paid on capital goods, export obligations, transfer of drawback scrips and early clearances of their dues on account of tax refunds for resolution by the GST Council and the Finance Ministry. “The growth in exports has picked up, providing momentum which must be maintained by making our goods competitive. We should fully tap the uptick in the global economy to our advantage. It is pertinent to ensure that our exporters remain fully funded and do not face any working capital shortage etc,” says ASSOCHAM. Besides, the chamber is engaged with the GST Council, Finance Ministry and tax authorities for ironing out the GST roll-out issues. It said that as per section 16 of the IGST Act, the exporters have an option not to pay any IGST on the exports and claim refund of the GST paid on procurement of inputs and input services. However, no refund is available for GST paid on the capital goods per section 54(8)(a) of the CGST Act. Since in case of exporters, there is no output GST liability, this results in blockage of credit of GST paid on capital goods, impacting the financial health of the exporters. Also in the GST regime, for non-fulfilment of export obligation on imports made during pre-GST regime, while the importer is required to repay the customs duty saved, including CVD and SAD component, its credit is not available in absence of enabling provisions under GST law. This results in such CVD and SAD component becoming a cost to such exporters in GST regime. In the pre-GST regime, the MEIS and SEIS scrips were allowed to be used to pay excise duty/service tax on the procurements. However, similar facility is not available under GST law and now the MIES and SEIS scrips can be used only for making payment of the basic customs duty. Due to such restriction, the exporters are not able to fully derive the benefits under these schemes and this impacts their financial health. It said significant amount of refunds pertaining to pre-GST period are yet to be granted to the assesses. The refunds are stuck either due to delay in processing of the refunds or in the litigations relating to eligibility/procedural aspects for refund claim. This has caused significant amount of funds blockage for the exporters.
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