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Showing posts from June, 2015

ALL I-T REFUNDS IN BANK ACCOUNTS ONLY

In a step that would bring delight to taxpayers, the Income Tax department has put in motion a new plan which will ensure that any refund on tax paid is safely deposited in their personal bank account as soon as it is processed and released. The department is also planning to fully adopt and use banking services to end the current system of sending I-T refunds over the value of Rs 50,000 via cheques through the postal department. CBDT Chairperson Anita Kapur, during a recent interaction with the media, said the plan is being worked out on priority and is aimed at bringing an end to taxpayers' grievances regarding this particular service. She said that Central Board of Direct Taxes (CBDT) got in touch with banks and their regulator, Reserve Bank of India (RBI), after it found that the problem of wrong refunds or no refunds at all was continuing unabated. RBI, Kapur said, told them that in the e-environment, when a refund is sent directly to a taxpayer's bank account, the existi…

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

Week end Better….!!!
Planetary Position
- Moon would be transiting  from  Makha in Leo  to Chitta  in Libra. . . . - Sun transits in Mrigasira    in Gemini and  Aardra in Gemini.. - Mercury   transits  in       Rohini in 2nd pada and 3rd pada... - Venus transits in  Aslesha 2nd  and 3rd  Pada. - Mars transits in   Mrigasira in 3rd pada  and Mrigasirav 4th  Pada, - Saturn transits in   Anuradha constellation in Scropio sign in 1st Pada  and in Leo Navamsa and remains in  retrograde motion from 14th March to 2nd August, 2015. - Jupiter ,, transits in  Cancer in Aslesha constellation in    Aquarius  Navamsa  . - Rahu and Ketu continue their transit in Virgo and Pisces respectively.
Nifty Outlook for Next Week :: (22.06.2015 to 26.06.2015) …  
NIFTY :: 8225 (-246)
(Overbought …  Tecchnical Drawback  …)
Nifty gained on all the Five lays  and In view of the last session of Derivative  week  of the Month, the session would be quite  volatile. Market needs to trade above the last weeks high  to confirm t…

INDIAN OCEAN WARMING CAUSE FOR MONSOON WEAKNESS

Rapid warming of the Indian Ocean in the past century has led to a significant decrease in summer monsoon rainfall over the central-east and northern regions of India, a new study led by an Indian scientist said today. An international team of researchers led by Dr Roxy Mathew Koll, from the Indian Institute of Tropical Meteorology (IITM), Pune, found that the summer monsoon rainfall during 1901-2012 showed a weakening trend over parts of South Asia. The reduction in rainfall was significant over the central-east and northern regions of India, along the Ganges-Brahmaputra basins and the Himalayan foothills. In the study published today in the journal Nature Communications, the researchers reported that the reduction in summer rainfall over central-east India during the past century is about 10 to 20 per cent. "The Gangetic plains of India are the most heavily populated, and where agriculture is still largely rain-fed. Hence a significant reduction in rainfall over this region can…

MUMBAI CONTINUES TO BE THE MOST EXPENSIVE CITY

Mumbai, the financial capital of the country, held its position as the most expensive city in India and is ranked above Dallas, Frankfurt and Vancouver, according to a recent survey. Luanda, the capital of Angola, has been rated the world's costliest city to live in, for third consecutive year, as per Mercer's 'Cost of Living Survey 2015'. "India's most expensive city, Mumbai (at 74th place), climbed 66 places in the ranking due to its rapid economic growth, inflation and services basket and a stable currency against the US dollar," the survey has revealed. "It (Mumbai) has witnessed higher inflation over the last one year compared to other metro cities, higher cost of fuel, transportation, increased prices of food items, home services and rentals, impacting the cost of living," it said. The survey further said that Mumbai is ranked higher and more expensive than cities like Dallas (77), Munich (87), Luxembourg (94), Frankfurt (98) and Vancouver…

INFLATION DOWN FOR 7th MONTH IN A ROW

Inflation remained in negative territory for the seventh month in May, registering a decline of 2.36 per cent on account of subdued prices of food items, fuel and manufactured goods.
In the coming months however the price situation will depend on the progress of monsoon, experts said.
The Wholesale Price Index (WPI) based inflation was (-)2.65 per cent in April. It has been in the negative zone since November 2014. Inflation in last May was 6.18 per cent.
The lower inflation comes amid a forecast of deficient monsoon this year. In contrast to IMD's forecast of 12 per cent deficient rainfall, the onset of monsoon has been reasonably strong so far.
Citigroup said that overall the monsoon is still a risk factor but "we expect CPI (retail inflation) to undershoot RBI's Jan-16 projection by 40bps and average 5 per cent in 2015-16. This is likely to create room for further 25 bps cut in current fiscal".
The CPI inflation had inched up marginally in May to over 5 per cent from 4…

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

PULLBACK IN THE OFFING

During the current week Moon would be transiting  from  Rohini In Taurus  to Aslesha in Cancer. . . Sun transits in Mrigasira in Taurus and Gemini.
Mercury transits in Rohini.
Venus transits in  Aslesha 3rd and 4th  Pada.
Mars transits in   Mrigasira in 2nd pada  and Mrigasira 3rd  Pada,
Saturn transits in   Anuradha constellation in Scropio sign in 1st Pada  and in Leo Navamsa and remains in retrograde motion from 14th March to 2nd August, 2015.
Jupiter ,, transits in  Cancer in Aslesha constellation in    Aquarius  Navamsa .
Rahu and Ketu continue their transit in Virgo and Pisces respectively.
Outlook for 15 to 20 JUNE 2015)
NIFTY :: 7979 (-115)
(Oversold …  Technical Bounce  …) Nifty lost about 1.5% last week due to global cues. Market needs to trade above the last weeks high  to confirm this  pattern. 20DMA, 50DMA, 100DMA and 200 DMA are placed at about 8251, 8594, 8375 and 8376 respectively and would act as supports / resistances. Nifty is trading  below all  the  ave…

LARGE US COMPANIES LAG BEHIND IN SOCIAL MEDIA

In a surprising find, several firms on Fortune Magazine's list of America's most admired companies are failing to achieve basic social media standards, scientists say. "We were surprised that not all the companies had a Twitter account, for instance, and not every company had a Facebook page, or a YouTube page," said Marcia DiStaso, associate professor of public relations, at Pennsylvania State University. "There are top companies that don't have a Facebook page, but just used an entry from their Wikipedia page," DiStaso said. The companies included in the study appeared on Fortune's most admired companies list in 2012. While 95 per cent of the 417 most admired companies on the list had a Facebook page, 51 per cent were basic Wikipedia-fed pages. For example, ExxonMobil and Berkshire Hathaway, two of the world's biggest companies, only have default Wikipedia page holders as their Facebook home. On an industry basis, companies in the consumer pac…

NIFTY CRACKS 8000 LEVEL

Wiping out yesterday's sharp gains, the NSE Nifty plunged to eight-month low on across-the-board selling by losing 159.10 points and settled below 8,000-level. Earlier, the bourses opened positive on a sharp fall in Current Account Deficit (CAD), but soon drained the momentary firmness following volatility witnessing huge selling pressure amid late monsoon worries as well as caution over key macro data -- IIP and CPI -- to be be released tomorrow. Sectorally, PSU banks fell 2.69 per cent, followed by realty (2.45 pc), auto (2.41 pc), bank (2.28 pc), energy (2.27 pc), financials (2.21 pc), infra (2.22 pc), IT (1.53 pc), pharma (1.47 pc) and metal (1.28 pc). The broader market also saw unwinding as mid-cap fell 2.28 per cent and small-cap dropped 1.74 per cent. Elsewhere, Asian markets closed higher tracking overnight gains in the US markets. The broader 50-share barometer opened higher at 8,157.30 and traded between 8,163.05 and 7,958.25 before finishing at 7,965.35, a fall of 159.…

INDIAN REGULATORIES RANKED AMONG BEST

India's financial market regulatory framework today got the top-most ratings from the global bodies of banking and capital market regulators, with RBI and Sebi being rated better than their peers in China and the US.
In the latest global 'assessment study' of the regulatory framework for financial market infrastructures across the world, only six countries, including India, have got the highest score of '4' for all eight parameters on a scale of one to four.
The other five countries are Australia, Brazil, Hong Kong, Japan and Singapore.
The 'Rating Level 4' means that the financial market regulators -- Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) -- have all regulatory measures "fully in force". The annual assessment studies the implementation status of the international Principles for Financial Market Infrastructure (PFMIs) in various countries. These PFMIs work as global standards for the financial sector entiti…

REFUND OF TATKAL FARES ON CARDS

To ease pressure during peak hours, Railways has decided to stagger booking of tatkal tickets by allowing reservations in AC class from 10 am to 11 am and non-AC class from 11 am. The new tatkal booking schedule will come into effect in the next couple of days, a senior railway official said. It is also toying with the idea of giving refund on cancellation of tatkal tickets, the percentage of which would be calculated based on a time frames. The public transporter has decided to rechristen premium trains as "Suvidha" trains with an overhaul in the fare structure, cancellations and bookings, Railway Member (Traffic) Ajay Shukla said. Announcing the changes in timing of tatkal bookings for AC and non-AC classes, he said the measures were taken to ensure "fast service while booking online and reducing passenger rush at the counters". Talking to reporters, Sharma said the IRCTC website had recently registered three crore hits in a day, slowing the server in the process…

HDFC BANK LAUNCH PAYZAAP APPLICATION

The second largest private sector lender HDFC Bank today claimed to have done a global first by launching a mobile phone application that will aggregate merchants' applications and allow users to transfer funds, shop, pay utility bills, book tickets and recharge phones. "Our investors told us that banking will become obsolete and will be taken over by intermediaries. If they (intermediaries) were to do so sitting over my existing systems, why not have the capabilities myself as part of the digital banking?" managing director Aditya Puri said while launching the application. Puri said he visited Silicon Valley and met technology companies over three days last November to understand what they are doing. Accordingly, the bank developed Payzapp, which will help its customers do multiple transactions. Unlike prepaid wallets launched by its competition or non-bank companies, a customer's debit or credit card will be connected to the application and multiple transactions ca…

MARKET HALTS 6 DAY LOOSING SPREE

Snapping its six-day losing streak, the benchmark BSE Sensex today surged 359 points to recover from near eight months low to 26,840.50 on value-buying as MSCI deferred inclusion of China A shares in its index. Moreover, rupee's recovery against dollar to Rs 63.78 (intra-day), too boosted sentiment. The Sensex opened on a strong footing at 26,517.32 and continued its upward trend to hit day's high of 26,934.74 on across-the-board value buying in blue-chips. However, due to profit-booking at higher levels, the index slipped at the fag-end and closed 359.25 points or 1.36 per cent higher at 26,840.50. The gauge had lost 1,367.74 points in previous six days. Brokers said apart from value buying, MSCI deferring inclusion of China stocks to its benchmark indices, rather opting to sort out regulatory issues, bolstered trading sentiments. Stocks of BHEL emerged top gainers among 30-Sensex stocks by surging 4.21 per cent to Rs 251.40, followed by Wipro 3.60 per cent to Rs 563.30. The …

DEAL FRIMLY WITH NON SERIOUS CHARITIES

Taxman should dig out solid proof against "black sheep" entities in the country who claim illegal income tax exemptions from the government in the name of doing charity, CBDT has told the I-T department. Asking tax sleuths to crack down on such activities which lead to huge loss of revenue, the apex policy making body of the tax department has asked them to deal with these cases "firmly" as activities of non-profit organisations (NGOs) have grown considerably and their "regulation" is essential in view of huge taxes "foregone". "Separating black sheep from white sheep is not an easy task especially when the tax evaders pulls wool over the taxman's eyes. However, this is a task with which all tax officers are familiar. Their expertise lies in providing proof of the real colour rather than merely naming the colour which even a layman can do. "While this needs to be done in any jurisdiction, in the case of charities, the default colou…

DIAMOND NECKLACE FETCH Rs. 13 CRORE IN AUCTION

A diamond necklace designed by acclaimed Indian jeweller Nirav Modi has fetched Rs 13 crore at a Christie's auction in Hong Kong. The 10.2 carat diamond necklace was previously sold in another sale by the auction house in the year 2011. "The Orchid Ainra Necklace achieved a price of Rs 13 crores, a phenomenal 71 per cent appreciation in value since its previous sale by the same auction house in 2011," the jeweller said in a statement today. The necklace contains pear-shaped diamonds weighing 10.02 and 2.66 carats each and is spaced by a fancy purplish red hexagonal-shaped diamond. "The diamond has been certified as a Type IIa diamond by GIA (Gemological Institute of America), the most sought after gems in the world due to their exceptional colour and clarity," the statement added. Red diamonds are said to be among the rarest in the spectrum of coloured diamonds. Pink and red diamonds are valued 50 times more than white diamonds. The jewellery went under the ham…

SENSEX DOWN TO 8 MONTH LOW

The benchmark BSE Sensex today plunged by 245 points to 26,523.09 -- its lowest in nearly eight months -- on heavy selling in FMCG stocks amid prevailing drought fears and RBI's cautions stance on economic recovery. The 30-share barometer has seen an erosion of 1,326 points in last five sessions. The 50-share NSE Nifty continued its slide for the sixth session and dipped below the psychological 8,100-mark by tumbling 70.55 points or 0.87 per cent to close at 8,044.15. The sentiment was also hit after a better-than-expected US jobs data raised fears that the Federal Reserve will raise interest rates this year. At the forex market, the rupee breached the 64-level to trade at 64.16 (intra-session) against the dollar. The Sensex, after opening higher at 26,814.31, advanced to touch the day's high of 26,827.05 on value-buying in recently beaten blue-chip stocks. However, it slipped into the negative zone on emergence of profit-booking and touched a low of 26,472.87 before settling …

MARKET IN BEAR GRIP

The benchmark BSE Sensex today plunged by 351 points to fall below the 27,000-mark on heavy selling in realty and FMCG sectors as contraction in services sector for the first time in 13 months coupled with drought fears hit market sentiment. In last two sessions, the Sensex has lost 1,011.79 points. A day after RBI chief's comment over risk of inflationary worries due to deficient monsoon amid global uncertainties, bearish sentiment persisted on economic recovery concerns. "Several short-term concerns have overshadowed investor sentiments, which have led to the Indian stock market sliding for the second consecutive trading session. Thus, the probability of a rate cut in the next policy meet has becoming much slimmer," said Hitesh Agrawal, Head Research of Reliance Securities. Frantic unwinding was seen across-the-board with rate sensitive counters hitting hard along-with frontline FMCG stocks. Mid-cap and small-cap too saw large scale selling. The Sensex after remaining …

PUNE HOTEL ROOMS CHEAPEST

Pune has replaced Jaipur in offering best value accommodation for travellers in 2014, with an average room rate of Rs 5,162 after a two per cent fall from the previous year, says a recent report. The average accommodation rate offered to travellers in Pune in 2013 was Rs 5,243 per night, according to Hotels.com Hotel Price Index (HPI) report. Jaipur, which offered the best value to travellers in 2013 at Rs 4,983 per night slipped to the number two position with an average room rate of Rs 5,291 in 2014 after a six per cent hike, it said. Hotel Price Index (HPI) is a regular report on hotel prices in major destinations across the world. HPI is based on the bookings made on Hotels.com sites around the world and tracks the actual prices paid per hotel room (rather than advertised rates) per night. The new city to enter the top 10 destinations list offering best value accommodation is Kochi in Kerala, a popular tourist destination in India, which recorded one of the highest hikes with 7 pe…

TRAINSETS FOR INTER CITY TRAVEL

The Railways has invited global players for a Rs 2,500-crore project it has lined up under Prime Minister Narendra Modi's ambitious 'Make in India' programme for the procurement and manufacture of 15 train sets which will be used for faster inter-city travel. While the successful bidder will be importing two train sets, the rest would have to be manufactured in the country, said a senior Railway Ministry official. A train set comprises coaches or railway cars where each coach is powered by a dedicated propulsion system. That means there is no locomotive required to haul the train. Introduction of the much-awaited train set project was announced by the Railway Minister Suresh Prabhu in his Rail Budget 2015-16. As per the Request for Proposal for the project, while 275 coaches will be manufactured in India, 40 would be imported. Railways wants to use these train sets to boost inter- city connectivity. The Request for Qualification (RFQ) was floated last week for the global m…

SENSEX TANKS 661 POINTS ON RBI CAUTIOUS STANCE

The benchmark BSE Sensex plunged by 661 points today to 27,188.38 as RBI took a cautious stance on the economic recovery even as it cut policy rates by 25 bps, while forecast of a deficient monsoon added to the rout. The Reserve Bank cut interest rate by 0.25 per cent for the third time this year but hinted there may not be any more cuts in the near-term sending stock markets in a tizzy. Inflation, however, still remains a worry for the bank as it expects price rise to remain subdued till August before rising to 6 per cent by January 2016. Meanwhile, monsoon is expected to be "deficient" as the Met department today gave "below normal" forecast for rains in the country which is likely to trigger fears of a drought. Rate sensitive -- realty, banking and auto -- suffered the most as selling remained unabated throughout the day. "RBI expects the inflation to tick higher from here owing to higher oil prices, below normal monsoon, and fall in crop output. The rise i…

TATA STEEL RECLAIMS A PIECE OF HISTORY

Domestic giant Tata Steel today reclaimed a piece of history as it acquired a desk weight which is a cut up from a section of the first steel rail track rolled at its Jamshedpur facility in 1912. The item was set up for auction in the UK. "A section of the first steel rail track rolled at Tata Steel in 1912 at Jamshedpur was cut up to be used as a desk weight with the engraving - 'First Rail Rolled from Tata Steel by the Tata Iron & Steel Co Ltd/Sakchi. India/March 18th 1912'. It was presented to Robert Crewe - Milnes, 1st Marquis of Crewe (1858-1947) by Tata Steel in 1912," the company said in a statement. However, the company did not provide the amount for which it reclaimed the piece in the auction. It said this precious heritage of the steel company became part of "The Duchess" Indian collection consisting of property and precious objects from the Estate of Mary, the Duchess of Roxburghe. "It came up for auction at Sotheby, UK and has been acqu…

Cos PREFER DEBT ROUTE FOR FUND RISING

Indian firms raised a staggering over Rs 1 lakh crore from the markets in April, with debt segment emerging as the most preferred route to garner capital for their corporate needs. An analysis of funds raised through various routes showed that companies have together mopped up fresh capital worth Rs 1.05 lakh crore from equity and debt markets. A large chunk of this amount or more than Rs 85,136 crore has been mopped up from debt market, while Rs 20,406 crore has been mobilised via equity route. These funds have been raised mainly for expansion of business plans and to support working capital requirements. In the equity segment, most of the funds were raised through preferential route (Rs 10,484 crore), followed by rights issue (Rs 7,498 crore) Initial Public Offers (Rs 1,392 crore) and Qualified Institutional Placements (Rs 1,032 crore). Within the debt market, the companies raised Rs 84,807 crore through debt placement route, while just Rs 329 crore was mopped up through public issu…

NSE MIDCAP BEAT NIFTY

Buoyed by robust investor sentiment, the mid-cap index of National Stock Exchange (NSE) has rallied by 30 per cent, outperforming the larger index Nifty, in the first year of the Modi government. The mid-cap index of the NSE has given a return of 29.97 per cent since the NDA government led by Narendra Modi took charge on May 26 last year, while gain in the 50-share Nifty has been at 16.65 per cent during the same period, an analysis of the indices showed. However, small-cap has given a return of 15.59 per cent during this period. Further, all the sectoral indices barring realty and PSU banks have given positive returns. Pharma has given a return of 62.22 per cent, followed by auto (33.70 per cent), IT (29.04 per cent), finance (26.66 per cent) and bank (26.55 per cent). On the other hand, realty index dropped by 17.88 per cent and PSU bank slipped by 3.15 per cent. According to market experts, when markets perform well, smaller stocks make big gains than the front-lines. But during ti…

FSSAI FIXING BRAND AMBASSODORS IN MAGGI CASE

Maggi brand ambassadors including Bollywood star Madhuri Dixit were today warned of action by the government if their advertisements for Nestle's popular noodle product were found to be misleading.
While the probe was expanded to test Maggi noodle samples from across the country, Nestle India claimed that it has got tested samples in an external laboratory as well as in-house and the product has been found "safe to eat".
The company, however, did not name the laboratory and said it is "fully cooperating with the authorities who are conducting further tests".
Swinging into action, the Consumer Affairs Ministry today said the central food safety regulator FSSAI (Food Safety and Standards Authority of India) is testing samples from all states and that strict action will be taken for any violation.
All test reports are expected to come within 2-3 days.
A case has already been lodged against Nestle India by UP food regulator FSDA in a Barabanki court in Uttar Pradesh ove…

HDFC MF REMAINS MOST PROFITABLE FUND HOUSE

HDFC Mutual Fund has retained its position as the most profitable fund house in 2014-15, with a profit after tax (PAT) of Rs 416 crore, while rival Reliance MF remains at the second place. According to an analysis of profit figures for fund houses available with industry body AMFI, HDFC MF, country's largest fund house, posted a PAT of Rs 416 crore for the full year ended March 31, 2015, while Reliance MF registered a PAT of Rs 357 crore during the last fiscal. ICICI Prudential MF, the second largest fund house in terms of assets base, reported a profit after tax of Rs 247 crore, while Birla Sunlife MF posted a PAT of Rs 123 crore.
Reacting to the profit figures, Reliance MF CEO Sundeep Sikka said: "As a fund house we believe in balanced growth - both top line and bottom line - and this has helped us deliver better results and value to our stakeholders and investors. We will continue to work towards better returns for all our stakeholders." On the assets under management …