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Showing posts from June, 2017

17-YEAR JOURNEY TO A LOGICAL CLIMAX

After 17 tumultuous years, a nationwide Goods and Services Tax (GST) will roll out from midnight tonight, overhauling India's convoluted indirect taxation system and unifying the USD 2 trillion economy with 1.3 billion people into a single market. GST, which will replace more than a dozen central and state levies like factory-gate, excise duty, service tax and local sales tax or VAT, is India's biggest tax reform in the 70 years of independence and will help modernise Asia's third largest economy.
Here is a look at the timelines that shaped 'one nation, one tax' system
- February 1986: Finance Minister Vishwanath Pratap Singh proposes a major overhaul of the excise taxation structure in the budget for 1986-87.
- 2000: Prime Minister Atal Bihari Vajpyee introduces the concept, sets up a committee headed by the then West Bengal Finance Minister Asim Dasgupta to design a GST model.

- 2003: The Vajpayee government forms a task force under Vijay Kelkar to recommend tax ref…

STAGE SET FOR GRAND GALA LAUNCH OF GST

Stage is set for the launch of a nationwide goods and services tax at midnight tomorrow amid protests from opposition parties who see hardships to small businesses in pushing through the biggest economic reform without preparations. Prime Minister Narendra Modi will at midnight unveil the new tax regime replacing overnight the messy mix of more than a dozen state and central levies built up over seven decades, with a one national GST unifying the country's USD 2 trillion economy and 1.3 billion people into a common market. President Pranab Mukherjee, who had originally moved the Constitution Amendment bill for bringing GST way back in 2011 when he was the finance minister in the previous UPA regime, will be present alongside eminent personalities at the historic Central-hall of Parliament. Unlike the last midnight event held in 1997 on the occasion of golden jubilee of the Independence at a special session of Parliament, it will be a gala event at the circular -shaped hall that ha…

DHIRUBHAI ENJOYED IN WEALTH CREATION

Leading businessman Anil Ambani today said more than creating wealth for himself, his father late Dhirubhai Ambani derived greater happiness from creating wealth for masses. "If you ever asked what part of being an entrepreneur he (late Ambani) enjoyed the most, he would say, 'I enjoy creating wealth. But what I enjoy even more is in creating wealth for the people of the country,'" the Anil Ambani Group chairman said while addressing an industry event here. It can be noted that the late Ambani, who had a humble beginning as a primary school teacher's son in Gujarat, is regarded as the father of capital markets and the equity cult, who made millions of investors millionaires with the IPO of Reliance Textile Industries in 1977. A person who had put in Rs 1,000 then in the IPO is worth over a million today, going by the price of RIL. Stating that the launch of Kothari Pioneer Mutual Fund, which was country's first private MF in 1993, was his (Dhirubhai's) id…

ASTRO TECHNICAL GUIDE FOR NIFTY

for June 30, 2017
Forenoon Better
Tithi ::Aashadha Sukla Sapthami
Nakshatra: Uttara;
Persons born in Aardra, Swathi and Sathabhisham and those born in Libra and Aquarius are advised to be alert in their dealings.

Sensitive / Trend change Timings : 1.55 PM;
Likely Intraday Trend...
On the basis of planetary position and aspects amongst planets, Market is expected to open steady and expected to recover from 9.30 AM to 1.40PM and could remain Sudued thereafter till close of the day.
Astro Technical Trading Strategy...
If Nifty Fut. Trades above the Open / ATP level by about 9.30AM , Long Positions can be taken with suitable SL, and such positions can be closed by about 1.30 PM. If Nifty fut trades below the ATP  about 2.00PM, Short Positions can be taken with suitable SL and such positions can be closed by about end of the day.

Technical Levels... Resistance : 9545, 9580 Support : 9465, 9430 --------------------------------------- IF resistance levels are achieved in the forenoon session, buying m…

ASTRO TECHNICAL GUIDE FOR NIFTY

for June 27, 2017
Second Half Subdued with Scrip Specific Movements
Tithi ::Aashadha Sukla Shashti
Nakshatra: Pubba;
Persons born in Mrigasira, Chitta and Dhanishta and  those born in Virgo and Capricorn  are advised to be alert in their dealings.
Sensitive / Trend change Timings :11.00AM; 12.13PM;1.15 PM;
Likely Intraday Trend...
On the basis of planetary position and aspects amongst planets, Market is expected to open Subdued and expected to recover from 10.45 AM to 12.50PM and remain Sudued thereafter till close of the day.
Astro Technical Trading Strategy...
If Nifty Fut. Trades above the Open / ATP level by about 10.45AM , Long Positions can be taken with suitable SL, and such positions can be closed by about 12.45 PM. If Nifty fut trades below the ATP  about 1.00PM, Short Positions can be taken with suitable SL and such positions can be closed by bout end of the day. Technical Levels Resistance : 9530, 9565 Support : 9450, 9415 --------------------------------------- IF resistance leve…

MEN PREFERRED OVER WOMEN IN HIRING

Gender diversity may be a politically correct proposition, but when it comes to corporate hiring, the reality is men are preferred to women even if the two are equally qualified for the same job. This is one of the findings by a Randstad Workmonitor survey, where 55 per cent of overall respondents from India indicated that men are favoured over women when two candidates are equally qualified for the same set of responsibilities.
Giving a break-up, 61 per cent males and 47 per cent females held this view. Globally, the figure stood at 70 per cent. But there is a silver lining. Interestingly, despite numerous reports on gender pay gap, a whopping 91 per cent of respondents from India believed that both men and women in similar roles were rewarded equally at their workplace, much higher than the global average of 79 per cent who thought so. Besides, 88 per cent felt that both men and women are equally supported while seeking a promotion, the report added.
"Gender diversity may be high…

NIFTY @10K THIS FISCAL

The Nifty is likely to hit 10,300 -10,400 level this fiscal amid positive market sentiment, expectation of continuation of reforms, GST implementation and favourable monsoon, brokerage firm HDFC Securities has said. "Trajectory is positive and we are moving towards 10,300 -10,400 levels of Nifty but we have to see whether it will come with correction or it will straightaway go there," Dhiraj Relli, MD & CEO, HDFC Securities told PTI. The brokerage firm said that markets are looking positive and has responded positively to the structural reforms done by the government in the last three years. "We have seen earnings improving in Q4. We have seen that mother of all reforms is on anvil, which is GST. We are seeing that we will have a steady GDP growth in India. So, macros are all in place. "The government has adhered to the fiscal prudence. Keeping in mind all these macros in place and positive monsoon, we are heading for an earning upgrade and it will definitely l…

ASTRO TECHNICAL GUIDE FOR NIFTY

for June 27, 2017
Sell on Rise
Tithi ::Aashadha Sukla Panchami
Nakshatra : Makha
Persons born in Rohini, Hastha and Sravanam and those born in Virgo and Capricorn are advised to be alert in their dealings.
Sensitive / Trend change Timings : 1.20 PM;
Likely Intraday Trend...
On the basis of planetary position and aspects amongst planets, Market is expected to open Subdued and expected to recover from 11 AM and may remain Subdued from 1 PM .
Astro Technical Trading Strategy...
If Nifty Fut. Trades above the Open / ATP level by about 11AM , Long Positions can be taken with suitable SL, and such positions can be closed by about 1.00 PM.
Technical Levels... Resistance : 9550, 9585 Support : 9470, 9435 -----------------------------------  IF resistance levels are achieved in the forenoon session, buying may be avoided at higher levels and risky traders can consider short positon for a pull back to Bullish trigger level. IF Support levels are achieved in the forenoon session, selling may be avoided a…

FINANCIAL YEAR TO CHANGE FROM 2018

Come 2018 and the financial year in India could commence from January instead of April as the Centre appears set to make the historic transition to end the 150-year-old tradition. Accordingly, the next Budget could be presented by the Centre in November this year, high level government sources told PTI here today. The sources said the government is working on aligning the financial year with the calendar year after Prime Minister Narendra Modi pitched for a change. This would be another historic change after advancement of the Budget presentation to February 1 this year, ending the decades-old practice of presenting the annual exercise in the last week of February. According to the proposal under discussion, the Budget session of Parliament would have to be held well before December so that the budgetary exercise can be concluded by the year-end. Since it takes nearly two months for the conclusion of the budgetary exercise, the possible dates for holding the Budget session could be th…

KERALA STARTUP FOUND SOLUTION FOR AMBULANCES STUCK IN THICK TRAFFIC

A technical solution to end the problem of ambulances being stuck in traffic junctions has been found by two entrepreneurs here.
The novel solution by the start-up venture of Mohamed Jasim and Muhammed Sadique, Traffitizer Technologies Pvt Ltd, which is incubated at the Centre for Social Innovation and Incubation at Rajagiri School of Engineering and Technology (RSET), will soon be set up at the junctions.
Their Traffitizer- Emergency Response System (T-ERS) is a Centralized Internet of Things (IoT) based system, with artificial intelligence at different levels.
This has a hardware-software module that can be connected to the traffic control system at any traffic junction.
"All that an ambulance driver has got to do before starting an emergency trip is to turn on the T-ERS configured in their ambulance unit. Traffic junctions will automatically initiate a green channel path when the ambulance enters a predefined zone near the traffic junction area," RSET principal Dr A Unnikrish…

YOGI COMPLETES 100 DAYS IN POWER

Yogi Adityanath today completed 100 days in office as the Uttar Pradesh chief minister, but it was a low-key event with no fanfare to showcase the achievements, except for the government asserting that it has given the "best performance and result". The BJP government, which assumed office on March 19 after bagging 325 of the 403 Assembly seats along with its allies, however, faces major challenges, some of these being raising funds for the farm loan waiver and law and order issues, including communal clashes. "In the last 100 days, we have given the best performace and result in the interest of 22 crore people of the state," Deputy Chief Minister Keshav Prasad Maurya told PTI here in an interview. Summing up the highlights of the 100-day of governance, he said, "There is fear among the corrupt and the criminals as they are not getting political patronage now as in the past." He said, "This is a paradigm shift from what it used to be during the previ…

FPIs keep faith in equities

Foreign investors have invested about USD 124 billion in Indian equities over 2008-17 and own large stakes in the country's best companies, says a report. In stark contrast, Indians have "consumed" around USD 300 billion worth of gold over the same period. "The next decade will perhaps decide the winner, but we note that foreigners own large stakes in India's best companies," said Kotak Institutional Equities in a note.
Foreign portfolio investors (FPIs) own a combined more than 50 per cent in five of India's top seven banks and financial institutions.
"It seems that foreigners have more faith in India's economy (banks are perhaps the most leveraged plays on the same) than Indians," the report said. Large gold imports reflect low confidence historically among Indians in government policies and the sharp rise in gold imports up to 2012-13 reflected the Indian citizens' concerns about high inflation.
The report further said India's infl…

SBI CHIEF SALARY A RAIN DROP IN A OCEAN

SBI, one of the world's 50 largest banks, pays only a small fraction to its top management as compared to private sector players like ICICI Bank and HDFC Bank. Former RBI governor Raghuram Rajan had flagged the low remuneration issue last August saying it makes difficult for state-owned banks to "attract top talent, especially a lateral entry". SBI Chairman Arundhati Bhattacharya took home Rs 28.96 lakh last fiscal, which is pittance when compared to remuneration of her counterparts in private banks receive, according to analysis of annual reports of various banks. In comparison, ICICI Bank MD and CEO Chanda Kochhar received a basic salary of Rs 2.66 crore last fiscal besides Rs 2.2 crore performance bonus to be paid over the next few years. In addition, she received allowances and perquisites of over Rs 2.43 crore. The total compensation received by Kochhar in FY17 stood at Rs 6.09 crore. Similarly, Shikha Sharma, MD and CEO of Axis Bank, took home a basic salary of Rs …

Perol price dip by Rs.1.77 in a week after introduction of daily rates revision

Petrol prices have been cut by Rs 1.77 per litre and diesel by 88 paise a litre ever since the daily revision in rates was implemented just over a week back. Sate-owned oil companies this month dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost. Prices of petrol and diesel have been revised at 0600 hrs everyday since June 16 and the biggest beneficiary has been the consumer. Petrol price was at Rs 65.48 a litre on June 16 in Delhi and today it costs Rs 63.71 per litre, according to information available from oil companies. Similarly, a litre of diesel was priced at Rs 54.49 on June 16 but has since dropped to Rs 53.61, thanks to the softening international oil prices. "Previously, the benefit of any decline in international oil prices would have been passed on to consumers only after a fortnight, but now it is instantaneously reflected in the billing," …

RBI widens Banking Ombudsman Scope

The Reserve Bank today the extended the scope of Banking Ombudsman Scheme under which banks could be penalised for mis-selling third-party products like insurance and mutual funds via mobile or electronic banking. The pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to Rs 20 lakh. "Under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India," the central bank said. The RBI had widened the scope of its Banking Ombudsman Scheme, 2006, to include, inter alia, deficiencies arising out of sale of insurance, mutual fund, and other third-party investment products by banks. Further, "the pecuniary jurisdiction of the Banking Ombudsman to pass an Award has been increased from existing rupees one million to rupees two million", it said. Compensation not exceeding Rs 1 lakh can also be awarded by the O…

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

Outlook for the Week 27.06.2017 to 30.06.2017
Nifty Near Crucial Support    
NIFTY :: 9575 (-13)
Nifty traded in a narrow range of 9565 to 9699 during last week and closed nearer to the lower end of the range for the week at 9575 with a Loss of 13 Points, a loss of about 0.13%, with a slight negative outlook. Nifty is trading near Crucial Support and if it closes below 9550, it would become weak.
- The short term trend is Neutral. It is Bullish both for Medium and Long term, Short term could become Bearish if Nifty comes and closes below 9525.
- 20 DMA, 50DMA, 100DMA and 200 DMA are placed at about 9628, 9452, 9209 and 8816 respectively and would act as Supports and Resistances as Nifty is trading above all the Moving averages except 20 DMA.
- Nifty continues to trade above the 200 DMA and also the 50 DMA and 50 DMA too has come above 200 DMA (Golden Cross has come at about more than Five months ago) suggesting that the Long term outlook has become Bullish and Nifty continues to trade ab…

ASTRO TECHNICAL GUIDE FOR NIFTY

 for June 23, 2017
Forenoon Better
Tithi ::Jyeshta Bahula Chaturdasi
Nakshatra: Mrigasira;
Persons born in Pushyami, Anuradha and Uttarabhadra  and  those born in Gemini & Libra are advised to be alert in their dealings.
Sensitive / Trend change Timings :1.02 PM;
Likely Intraday Trend...
On the basis of planetary position and aspects amongst planets, Market is expected to open Subdued and remain Subdued till about 10.10AM and remain Better thereafter till about 12.15 PM and could remain Subdued thereafter till about close of the day.
Astro Technical Trading Strategy...
If Nifty Fut. Trades above the Open / ATP level by about 10.15AM , Long Positions can be taken with suitable SL, and such positions can be closed by about 12.15. If Nifty fut trades below  ATP by about 1.00 PM , Short Positions can be taken with suiable stop loss and such positions can be closed by about end of the day.
Technical Levels... Resistance : 9670, 9705 Support : 9590, 9555 ------------------------------------- IF…