India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Friday, February 26, 2010
BSE Bulk Deals to Watch - Feb 26 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
26/2/2010 517356 ACI Infocom VINSAN BROTHERS PVT LTD B 50000 28.56
26/2/2010 517356 ACI Infocom SAMPATRAJ BHANDARI HUF B 50000 28.56
26/2/2010 517356 ACI Infocom SHREE HARIVANSH SEC PVT LTD B 100000 28.55
26/2/2010 517356 ACI Infocom MESSRS SHREEKANT PHUMBHRA B 50000 28.56
26/2/2010 517356 ACI Infocom JINAY INVESTMENT CO PVT LTD B 75000 28.56
26/2/2010 517356 ACI Infocom SRI BHAGWAN KALYANI B 70000 28.56
26/2/2010 517356 ACI Infocom KUSHAL CHAND JAIN S 102800 28.56
26/2/2010 517356 ACI Infocom VIPIN KUSHALCHAND SANKLECHA S 103168 28.56
26/2/2010 513149 Acrow India VINOD SHARES LTD B 3400 144.55
26/2/2010 513149 Acrow India VINOD SHARES LTD S 3400 144.55
26/2/2010 531591 Bampsl Sec PRAKASH CHAND GUPTA B 900000 1.48
26/2/2010 531591 Bampsl Sec PRAKASH CHAND GUPTA S 719685 1.36
26/2/2010 512018 CNI Research OVERSEAS INFRASTRUCTURE ALLANCE INDIA PVT LTD B 320000 16.79
26/2/2010 533161 EMMBI POLY A K G SECURITIES AND CONSULTANCY LTD B 165897 28.61
26/2/2010 533161 EMMBI POLY A K G SECURITIES AND CONSULTANCY LTD S 165897 28.60
26/2/2010 504351 Empower Inds JITS SHARE TRADING PVT LTD B 100000 43.10
26/2/2010 504351 Empower Inds CHANDRAKANT B SHAH S 52200 43.10
26/2/2010 514358 Everlon Syn VAKHARIA SYNTHETICS PRIVATE LIMITED B 34000 11.55
26/2/2010 514358 Everlon Syn NANIK DAYARAM HATHI RAMANI S 40000 11.55
26/2/2010 530337 Exelon Infra ANGEL INFIN PRIVATE LIMITED S 36310 18.85
26/2/2010 590024 Fert & Chem Trv TRANSGLOBAL SECURITIES LTD. B 50106 53.56
26/2/2010 590024 Fert & Chem Trv TRANSGLOBAL SECURITIES LTD. S 50106 53.53
26/2/2010 532139 G Tech Info V K JASARASARIA & SONS S 500000 4.85
26/2/2010 513059 GS Auto J V STOCK BROKING PRIVATE LIMITED B 60569 49.02
26/2/2010 513059 GS Auto PRASHANT MAHADEV KAMBLE B 100221 48.69
26/2/2010 513059 GS Auto NILESH EKNATH BHOIR B 73157 51.54
26/2/2010 513059 GS Auto SANJAYKUMAR CHAMPAKLAL SHAH B 40000 47.40
26/2/2010 513059 GS Auto J V STOCK BROKING PRIVATE LIMITED S 60569 49.54
26/2/2010 513059 GS Auto NILESH EKNATH BHOIR S 74158 52.04
26/2/2010 513059 GS Auto SABANA MAHEBOOBALI ASARIYA S 100000 47.40
26/2/2010 513059 GS Auto D ASHOKKUMAR S 134587 48.52
26/2/2010 523467 Jai Mata Glass NARAYAN SARAWAGI B 75000 3.40
26/2/2010 524378 JMDE Pack NARESH CHAND JAIN S 86765 0.92
26/2/2010 524109 Kabra Extr KBII SECURITIES PRIVATE LIMTED S 47448 216.59
26/2/2010 530255 KAY Power BAMPSL SECURITIES LTD B 321906 16.99
26/2/2010 530255 KAY Power SUNDERDASS AGARWAL B 122740 16.80
26/2/2010 530255 KAY Power NAVAL KISHORE GUPTA S 150000 16.77
26/2/2010 530255 KAY Power BAMPSL SECURITIES LTD S 188320 16.78
26/2/2010 530255 KAY Power SUNIL KUMAR GUPTA S 77420 17.34
26/2/2010 530255 KAY Power KAILASH CHAND GUPTA S 55790 17.19
26/2/2010 531602 Koffee Break NARESH GUPTA B 500504 1.53
26/2/2010 531602 Koffee Break SUCHITKUMAR VIJAYSHANKAR GOUND S 550253 1.53
26/2/2010 531602 Koffee Break NALINI GADA S 375753 1.53
26/2/2010 526596 Liberty Shoes TRANSGLOBAL SECURITIES LTD. B 130427 102.77
26/2/2010 526596 Liberty Shoes TRANSGLOBAL SECURITIES LTD. S 130427 102.92
26/2/2010 524000 Magma Fin NILKANTH DEALERS PRIVATE LIMITED B 147438 248.59
26/2/2010 524000 Magma Fin NILKANTH DEALERS PRIVATE LIMITED S 140661 246.83
26/2/2010 532045 Nexxoft Info PATEL MAYUR DASHRATHLAL HUF B 41151 21.10
26/2/2010 532045 Nexxoft Info PRIYA CHANDRAKANT JALGAONKAR B 35000 21.45
26/2/2010 532045 Nexxoft Info ASHOK KUMAR BILGAIYAN B 43461 20.95
26/2/2010 532045 Nexxoft Info Naman Securities & Finance Pvt. Ltd. B 33339 20.02
26/2/2010 532045 Nexxoft Info C GEETHA B 26857 19.45
26/2/2010 532045 Nexxoft Info PATEL MAYUR DASHRATHLAL HUF S 41151 21.45
26/2/2010 532045 Nexxoft Info PRIYA CHANDRAKANT JALGAONKAR S 35000 21.59
26/2/2010 532045 Nexxoft Info ASHOK KUMAR BILGAIYAN S 43461 20.51
26/2/2010 532045 Nexxoft Info Naman Securities & Finance Pvt. Ltd. S 31541 20.13
26/2/2010 532045 Nexxoft Info C GEETHA S 83480 20.61
26/2/2010 532986 Niraj Cement RAJARAM VISHWAS PATIL B 146858 47.57
26/2/2010 532986 Niraj Cement FALGUNIBEN MAHAVIRBHAI GOHIL S 53913 46.24
26/2/2010 532986 Niraj Cement RAJARAM VISHWAS PATIL S 124906 46.35
26/2/2010 531791 Novagold Petro NILESH KRUSHNA PALANDE S 127000 3.76
26/2/2010 531791 Novagold Petro SAM NOSHIR JIJINA S 34187 3.76
26/2/2010 512097 Oregon Comm NIMAI AGENCIES PRIVATE LIMITED B 19878 176.21
26/2/2010 512097 Oregon Comm KRUPA SANJAY SONI B 6801 174.66
26/2/2010 512097 Oregon Comm OM PARKASH GUPTA B 9500 177.32
26/2/2010 512097 Oregon Comm PATEL SHAILESH JIVANLAL B 12465 173.45
26/2/2010 512097 Oregon Comm NIMAI AGENCIES PRIVATE LIMITED S 19816 177.01
26/2/2010 512097 Oregon Comm VEENA CHANDRAKANT VORA S 10000 173.14
26/2/2010 512097 Oregon Comm PREMILABEN MAHENDRAKUMAR SHAH S 6226 172.60
26/2/2010 512097 Oregon Comm OM PARKASH GUPTA S 9500 177.48
26/2/2010 512097 Oregon Comm PATEL SHAILESH JI VANLAL S 6150 176.98
26/2/2010 531726 Panchsheel Org ANETN BHAGORA B 28664 38.57
26/2/2010 531816 Panoramic Univ XITIJ INVESTMENTS S 65000 279.76
26/2/2010 511734 Pasupati Fin BCB FINANCE PRIVATE LIMITED B 33000 16.35
26/2/2010 511734 Pasupati Fin SARLA BHARAT BAGRI S 33000 16.35
26/2/2010 509839 Punjab Wool HANSRAJ MALHOTRA S 67888 5.44
26/2/2010 502587 Rama Pulp GAJRIA JAYNA PRECISION INDVSTRIES PRIVATE LIMITED B 97000 31.50
26/2/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 43527 31.71
26/2/2010 502587 Rama Pulp PREMIUM HOSPITALITY SERVICES PRIVATE LIMITED S 98000 31.52
26/2/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA S 47810 31.69
26/2/2010 512359 Rotam Comm HASMUKH MALANI S 6308 80.35
26/2/2010 531569 Sanjivani Par V M SECURITIES (PROP VEENA MADAN) B 30000 61.27
26/2/2010 531569 Sanjivani Par ARCADIA SHARE & STOCK BROKERS PVT. LTD B 32160 60.45
26/2/2010 531569 Sanjivani Par PRABHUDAS LILLADHAR PVT LTD B 78929 60.24
26/2/2010 531569 Sanjivani Par NAMAN SECURITIES & FINANCE PRIVATE LIMITED B 200000 61.59
26/2/2010 531569 Sanjivani Par DIPTI RAJAN SHAH B 200000 59.25
26/2/2010 531569 Sanjivani Par VIKASH JAIN B 65777 61.43
26/2/2010 531569 Sanjivani Par ARCADIA SHARE & STOCK BROKERS PVT. LTD S 31661 59.47
26/2/2010 531569 Sanjivani Par PRABHUDAS LILLADHAR PVT LTD S 78929 60.37
26/2/2010 531569 Sanjivani Par NAMAN SECURITIES & FINANCE PRIVATE LIMITED S 200001 59.25
26/2/2010 531569 Sanjivani Par DIPTI RAJAN SHAH S 200000 61.59
26/2/2010 531569 Sanjivani Par VIKASH JAIN S 65777 61.27
26/2/2010 532793 Shree Ashtavina PVR IMPEX PRIVATE LIMITED B 1400200 13.67
26/2/2010 532793 Shree Ashtavina DRB SECURITIES PVT LTD B 800000 14.11
26/2/2010 532793 Shree Ashtavina COMFORT INTECH LIMITED S 919156 13.99
26/2/2010 532793 Shree Ashtavina AVR OVERSEAS PVT LTD S 1200000 13.67
26/2/2010 532669 Southern Onlin ARPIT SHARE BROKERS PRIVATE LIMITED B 300000 22.45
26/2/2010 532669 Southern Onlin ARPIT SHARE BROKERS PRIVATE LIMITED B 200000 22.45
26/2/2010 532669 Southern Onlin SRIJAN TIE- UP PRIVATE LIMITED S 500000 22.45
26/2/2010 500285 Spicejet MERRILL LYNCH CAPITAL MARKETS ESPANA SA SV B 1600000 57.02
26/2/2010 533157 SYNCOM HEAL REGENT FINANCE CORPORATION PVT. LTD. B 94500 95.05
26/2/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. B 141936 94.05
26/2/2010 533157 SYNCOM HEAL SANJEEV SINGHAL B 140744 94.69
26/2/2010 533157 SYNCOM HEAL OPG SECURITIES P LTD B 159112 95.15
26/2/2010 533157 SYNCOM HEAL ADITYA NITINBHAI PAREKH B 103467 93.37
26/2/2010 533157 SYNCOM HEAL REGENT FINANCE CORPORATION PVT. LTD. S 94500 95.08
26/2/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. S 141936 93.91
26/2/2010 533157 SYNCOM HEAL SANJEEV SINGHAL S 140744 94.76
26/2/2010 533157 SYNCOM HEAL OPG SECURITIES P LTD S 159112 95.23
26/2/2010 533157 SYNCOM HEAL ADITYA NITINBHAI PAREKH S 103467 95.00
26/2/2010 531831 Unisys Soft YOGESH KESHAVJI GALA B 300000 22.07
26/2/2010 531831 Unisys Soft NANALAL KESHAVJI GALA B 250000 22.10
26/2/2010 531831 Unisys Soft RAJKUMAR SHARMA S 300000 22.05
26/2/2010 531831 Unisys Soft WINSHER COMMOTRADE PRIVET LIMITED S 500000 22.06
26/2/2010 531831 Unisys Soft MIRACLE TRADECOM PVT.LTD S 174800 22.10
26/2/2010 531249 Well Pack Papers AMAR PREMCHAND WALMIKI B 66000 460.39
26/2/2010 531249 Well Pack Papers ADITI M GANDHI B 33214 460.98
26/2/2010 531249 Well Pack Papers RAMESHBHAI V PARMAR B 33803 460.61
26/2/2010 531249 Well Pack Papers AMAR PREMCHAND WALMIKI S 66000 461.83
26/2/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 29500 460.46
* B - Buy, S - Sell
NSE Bulk Deals to Watch - Feb 26 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
26-FEB-2010,BATAINDIA,Bata India Ltd.,HDFC MUTUAL FUND,BUY,369000,228.30,-
26-FEB-2010,EMMBI,Emmbi Polyarns Ltd,A K G SECURITIES AND CONSULTANCY LTD.,BUY,237443,28.71,-
26-FEB-2010,EMMBI,Emmbi Polyarns Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,150902,29.08,-
26-FEB-2010,LIBERTSHOE,Liberty Shoes Ltd,MODEX INTERNATIONAL SECURITIES LTD.,BUY,92680,102.35,-
26-FEB-2010,LIBERTSHOE,Liberty Shoes Ltd,OM INVESTMENTS,BUY,118089,105.46,-
26-FEB-2010,LIBERTSHOE,Liberty Shoes Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,140651,102.75,-
26-FEB-2010,PANORAMUNI,Panoramic Universal Limit,KETAN RAMBHAI GORANIA,BUY,65000,280.45,-
26-FEB-2010,PANORAMUNI,Panoramic Universal Limit,MADHUKAR CHIMANLAL SHETH,BUY,777,279.90,-
26-FEB-2010,SREINTFIN,SREI Infrastructure Finan,JHUNJHUNWALA REKHA,BUY,625000,65.11,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,ADITYA NITINBHAI PAREKH,BUY,209146,92.43,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,BHARGAVI ATUL JAIN,BUY,118984,92.34,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,DEEPAK S CHHEDA,BUY,121797,92.50,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,101282,92.98,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,PRASANN SHARES & SERVICES PRIVATE LIMITED,BUY,87703,94.36,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,PRASHANT JAYANTILAL PATEL,BUY,120596,95.09,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,REGENT FINANCE CORPORATION PVT. LTD.,BUY,133274,94.50,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,155228,94.25,-
26-FEB-2010,EMMBI,Emmbi Polyarns Ltd,A K G SECURITIES AND CONSULTANCY LTD.,SELL,237443,28.75,-
26-FEB-2010,EMMBI,Emmbi Polyarns Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,152478,29.13,-
26-FEB-2010,INDIABULLS,Indiabulls Financial Serv,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,SELL,2010000,103.27,-
26-FEB-2010,LIBERTSHOE,Liberty Shoes Ltd,MODEX INTERNATIONAL SECURITIES LTD.,SELL,87751,101.94,-
26-FEB-2010,LIBERTSHOE,Liberty Shoes Ltd,OM INVESTMENTS,SELL,118089,105.74,-
26-FEB-2010,LIBERTSHOE,Liberty Shoes Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,140651,102.78,-
26-FEB-2010,PANORAMUNI,Panoramic Universal Limit,MADHUKAR CHIMANLAL SHETH,SELL,68110,279.63,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,ADITYA NITINBHAI PAREKH,SELL,209146,94.86,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,BHARGAVI ATUL JAIN,SELL,118984,91.68,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,DEEPAK S CHHEDA,SELL,121797,92.56,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,101282,93.13,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,PRASHANT JAYANTILAL PATEL,SELL,120596,95.41,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,REGENT FINANCE CORPORATION PVT. LTD.,SELL,133274,94.42,-
26-FEB-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,155228,94.50,-
India Income Tax Ready Reckoner
| INCOME TAX READY RECKONER | | | | |
| | | | | |
| INDIVIDUALS | | | | |
| | | | | |
| Taxable Income | Tax Payable | Savings | ||
| | Currently | Post Budget | | |
| 160,000 | - | - | | |
| 300,000 | 14,000 | 14,000 | - | |
| 500,000 | 54,000 | 34,000 | 20,000 | |
| 700,000 | 114,000 | 74,000 | 40,000 | |
| 800,000 | 144,000 | 94,000 | 50,000 | |
| 1,000,000 | 204,000 | 154,000 | 50,000 | |
| 1,200,000 | 264,000 | 214,000 | 50,000 | |
| 1,500,000 | 354,000 | 304,000 | 50,000 | |
| 2,000,000 | 504,000 | 454,000 | 50,000 | |
| 2,500,000 | 654,000 | 604,000 | 50,000 | |
| 3,000,000 | 804,000 | 754,000 | 50,000 | |
| | | | | |
| NOTE: The above calculation do not include education cess. | | | | |
| | | | | |
| WOMEN | | | | |
| | | | | |
| Taxable Income | Tax Payable | Savings | ||
| | Currently | Post Budget | | |
| 190,000 | - | - | | |
| 300,000 | 11,000 | 11,000 | - | |
| 500,000 | 51,000 | 31,000 | 20,000 | |
| 700,000 | 111,000 | 71,000 | 40,000 | |
| 800,000 | 141,000 | 91,000 | 50,000 | |
| 1,000,000 | 201,000 | 151,000 | 50,000 | |
| 1,200,000 | 261,000 | 211,000 | 50,000 | |
| 1,500,000 | 351,000 | 301,000 | 50,000 | |
| 2,000,000 | 501,000 | 451,000 | 50,000 | |
| 2,500,000 | 651,000 | 601,000 | 50,000 | |
| 3,000,000 | 801,000 | 751,000 | 50,000 | |
| | | | | |
| NOTE: The above calculation do not include education cess. | | | | |
| | | | | |
| SENIOR CITIZENS | | | | |
| | | | | |
| Taxable Income | Tax Payable | Savings | ||
| | Currently | Post Budget | | |
| 240,000 | - | - | | |
| 300,000 | 6,000 | 6,000 | - | |
| 500,000 | 46,000 | 26,000 | 20,000 | |
| 700,000 | 106,000 | 66,000 | 40,000 | |
Budget 2010-2011
The market welcomed the Union Budget 2010-11 by crossing the technically important hump of 4940-4950 levels (intra-day as of now) on the Nifty. What cheered the market sentiments is the fact that the finance minister has addressed the key issues of containing fiscal slippage and has outlined a clear roadmap for fiscal consolidation for the next three years. This essentially means that the government’s net borrowing for FY2010-11 is well under control (below the physiologically important mark of Rs3,50,000 crore) and allays fears of crowding out of bank credit for private sector. In another words, the government’s borrowing program is not likely to put much pressure on interest rates.
Apart from the positive outcome of the above-mentioned macro issues, the market have reacted positively as expectations were relatively low from the budget and there are no apparent negatives. The finance minister has stayed away from touching tax proposals that directly impact capital markets such as capital gains tax, securities transaction tax and dividend distribution tax. On the other hand, the slabs for personal income tax has been widened considerably that will result in higher disposable income in the hands of salaried working class. The partial rollback of fiscal stimulus in form of excise duty is in line with the market expectations.
Coming to government finances, the target of bringing the fiscal deficit to 5.5% seems to be achievable. The finance minister has assumed 18% increase in gross tax receipts and relatively much lower total expenditure growth of 8.5% (5.8% in revenue expenditure). In the given improving economic conditions the revenue growth target seems achievable but the key would be to watch out for the government’s ability to curtail growth in expenditure.
From the stock market’s perspective, the major event is behind us and it will be business as usual from the next week. Fundamentally, the Sensex’ earnings could decline marginally as analyst adjust for the higher minimum alternate tax (MAT) rates (15% to 18%) and the negative impact of excise duty rollback on automobile and some fast moving consumer goods (FMCG) companies. Thus, it will be prudent to not get too carried away.
Nifty March 2010 futures above 4,900
Turnover declines
Nifty March 2010 futures were at 4,935.95, at a premium of 13.65 points over spot closing of 4,922.30. Turnover in NSE's futures & options (F&O) segment was Rs 1,16,981.30 crore, lower than Rs 1,22,098.64 crore on Thursday, 25 February 2010.
Reliance Capital March 2010 futures were at premium at 788.95 compared to the spot closing of 784.70.
State Bank of India March 2010 futures were at premium at 1,971 compared to the spot closing of 1,968.
Tata Motors March 2010 futures were at discount at 713.95 compared to the spot closing of 715.55.
In the cash market, the S&P CNX Nifty rose 62.55 points or 1.29% at 4,922.30. Stock market investors cheered the Union Budget 2010-2011 which raised the tax exemption limit for individuals and outlined plans to bolster farming expenditure.
Asian Markets Finishes Final Friday of February Flat
Sensex led regional rally while Shanghai bucks the trend
Stock markets in Asian region finished final Friday of February on favorable note, thanks to the positive economic development in India and Japan. Indian equities lead the regional gains as Indian government announced its annual budget with a proposal to cut the fiscal deficit and ease the tax burden on individuals. Japanese markets gained on better than expected industrial production data which was supported by spurt in retails sales. However, gains across the region were limited as investors continued to trade cautious as worries about Greece and the health of the world economy continue to hold the nerves of the investors.
On Wall Street, stocks managed to curtail their losses and end with moderate losses. A surprising jump in jobless claims hammered stocks leaving the major averages with large, consistent losses during mid day trading hours. The claims data renewed worries about the pace of the U.S. economic recovery, while comments by Moody's regarding Greece served as a fresh reminder to investors of Europe's recent struggles.
At the end of the day, the Dow Jones Industrial Average ended lower by 53.13 points at 10321.03 while Nasdaq ended lower by 1.68 points at 2234.22. S&P 500 ended lower by 2.3 points at 1102.94.
In the commodity market, crude oil is poised for the biggest monthly advance since October as the U.S. economy starts to recover and fuel inventories fall.
Crude oil for April delivery advanced 14 cents, or 0.2%, to $78.31 a barrel in electronic trading on the New York Mercantile Exchange as of 9:40 a.m. in London. A close at that level would mean an increase this month of 7.4%.
Brent crude for April settlement gained 18 cents, or 0.2%, to $76.47 a barrel on the London-based ICE Futures Europe exchange as of 9:43 a.m. London time.
Gold gained for a second day in London, paring a weekly decline, as concerns about Greece’s debts and a stall in the dollar’s rally increased the metal’s appeal as an alternative investment. Gold for immediate delivery added $6.05, or 0.6%, to $1,112.40 an ounce at 9:26 a.m. London time. The metal is down 0.6%t this week. Bullion for April delivery was 0.4% higher at $1,112.60 on the New York Mercantile Exchange’s Comex unit.
In the currency market, the U.S. dollar continued with a mixed bias in late Asian trade Friday, holding on to slight gains against the yen but losing ground versus the euro against a backdrop of still-cautious risk sentiment although month-end flows kept the euro-zone currency afloat near morning highs.
The Japanese currency strengthened against major counterpart on speculation Japanese importers are settling accounts overseas on the last trading day of the month as well as on news the nation’s finance companies are scheduled to raise 1.44 trillion yen ($16.1 billion) today for so-called toshin mutual funds focused on higher-yielding assets. The Japan’s currency yen was quoted at 89.35 against the greenback.
The Hong Kong dollar was trading at HK$ 7.7627 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trades, the Australia dollar steadied against the US dollar and the yen on Friday, as Asian equity markets stabilised and investors looked ahead to a possible rise in domestic interest rates next week. The dollar steadied to close locally at $US0.8905, having skidded as far as $US0.8800 in offshore trade. But again, that was well short of the week's $US0.9071 top.
In Wellington trades, the New Zealand dollar firmed slightly today after falling to its lowest level in more than two weeks against the greenback and yen overnight. The NZ dollar dropped to around US68.45c but by 8am was back up to US69.37c by 5pm, above the US68.85c at 5pm yesterday. It traded as high as US69.60c during the domestic session.
The South Korean won ended at 1160 won to the greenback, up 3.4 won from Thursday’s close of 1,163.4.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.0850, 0.0350 up from Thursday’s close of NT$32.1200.
In equities, Asian markets ended mostly higher, with Indian shares cheering federal budget proposals to cut the fiscal deficit and ease the tax burden on individuals, while Japanese stocks gained on better-than-expected industrial-output data.
In Japan, the share market finished the last trading day of week as well as February slightly higher, with key indices snapping three days of losing streak helped by better than expected Japanese January industrial output lending support, although jitters over a stronger yen against the euro and unexpectedly weak US data lingered. The Nikkei index finished virtually exactly were it started the week, while it fell 0.7% for the month.
At the closing bell, the Nikkei 225 Stock Average index was at 10,126.03, added 24.07 points, or 0.24%. The broader Topix of all First Section issues on the Tokyo Stock Exchange climbed 2.69 points, or 0.3%, to 894.10.
On the economic front, the Ministry of Economy, Trade and Industry said Industrial output in Japan was up a seasonally adjusted 2.5% on month in January, climbing for the 11th consecutive month. On an annual basis, industrial production jumped 18.2% after the 5.1% gain in the previous month.
The Ministry of Economy, Trade and Industry also reported retail sales in Japan climbed 2.6% in January compared to the previous year, rising for the first time in 17 months. On a monthly basis, retail sales surged by a seasonally adjusted 2.9% after the 1.1% contraction in December.
The Ministry of Internal Affairs and Communications said Core consumer prices in Japan declined 1.3% on year in January, extending decline for the 11th straight month and reinforcing deflationary fears. Overall CPI eased 0.2% on month.
Markit Economics reported that the Japan Nomura / JMMA Manufacturing Purchasing Manager’s Index stood at a seasonally adjusted 52.5 in February, unchanged from the previous month. A reading above 50 indicates expansion, while one below 50 suggests contraction.
In Mainland China, the share market closed inch lower, as investor sentiments toward risk was subdued following credit agencies’ warnings of further downgrades of Greece’s sovereign debt, further domestic monetary tightening woes, and the uncertainty about the recovery in the US following worse-than-expected jobs data. The benchmark index registered 1.1% gain for the week and a rise of 2.1% for the month, but it fell 6.9% this year on worries about monetary tightening, sovereign debt, and the sustainability of the global recovery.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, fell 8.68 points, or 0.28%, to 3,051.94, meanwhile the Shenzhen Component Index on the smaller Shenzhen Stock Exchange fell 57.61 points, or 0.46%, to 12,436.66. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, erased 0.32%, to 3,281.67.
In Hong Kong, the share market finished the session higher, with broad based gains across the sectors on hopes recent sell off was overdone and as metals prices advanced in Asian deal. The benchmark index registered 3.6% gain for the week and a rise of 2.4% in the February 2010.
At the closing bell, the Hang Seng Index spurted 209.13 points, or 1.03%, to 20,608.70, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 Mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, surged 155.23 points, or 1.36%, to 11,543.73.
In Australia, the domestic market rebounded on the last day of the month-long corporate profit reporting season, helped by bargain hunting in materials and resources financials, properties, and utilities as well as a string of upbeat earnings from blue chip companies. The benchmark index managed to chalk up a minimal gain for the week and a rise of 1.3% for the month. At the closing bell, the benchmark S&P/ASX200 index was up 43.60 points, or 0.95%, to 4,637.70, meanwhile the broader All Ordinaries added 36.20 points, or 0.78%, higher to 4,651.10.
On the economic front, the Reserve Bank of Australia reported Friday that for the full year to January 2010, private sector credit increased 1.3%. The total amount of credit extended to private sector recipients in Australia increased 0.4% in January 2010 versus the preceding month. Credit for housing increased 0.7% for the month. For the year to January, housing sector credit increased 8.2%. Business credit declined 0.1% on month and was down 7.8% for the year to January.
In New Zealand, stock market continued to edge forward to end the last trading day of the week in the positive terrain. The benchmark index although started the day lower, inched up by the end of the session on Friday, registering the third consecutive rise in a row. At the closing today, the NZX 50 was up 0.14% or 4.42 points to 3156.10. Meanwhile, the NZX 15 gained 0.17% or 9.84 points to close at 5682.31.
On the economic front, New Zealand recorded its smallest annual trade deficit since July 2002 in January, reflecting weaker-than-expected imports outpacing a decline in exports. For the month of January, merchandise trade recorded a surplus of $269 million, the first in eight months. The deficit was $178 million in the 12 months ended January 31, from a revised deficit of $549 million in the year through December.
In South Korea, stocks closed higher as investors hunted for bargains following a two-session losing streak. The benchmark Korea Composite Stock Price Index (KOSPI) increased 7.07 points or 0.45% to end at 1,594.58.
In Singapore, the key benchmark indices finished the session flat, with investor jitters over unexpectedly weak US data outweighed by a wave of short covering after stronger than expected economic data from Japan and Korea. The benchmark index managed to chalk down a minimal loss of 0.2% for the week and a minimum rise of 0.2% for the month. At the closing bell, the blue chip Straits Times Index was at 2,750.86, rose 1.71 points or 0.06%, off an intraday high of 2,756.28 and off an intraday low of 2,738.71.
On the economic front, the Singapore Tourism Board said total visitor arrivals in Singapore rose 17.6% in January from a year earlier to reach 908,000. Average hotel room rates in January fell 9.5% from a year earlier to S$187 ($133) although occupancy rose 13.9 percentage points from a year ago to 80.4%, the STB said in a statement.
In Taiwan, stocks edged up on Friday, helped by data the previous day showing solid export orders for January, but investor caution over the global recovery kept a lid on gains. Financial shares gained after Taiwan said it would allow brokerages to buy Hong Kong red chip shares directly, though it was a mixed bag for tech shares, with the electronics sub index closing down. A number of concerns underpinned investor caution towards risky assets such as stocks, including poor economic data in the United States and the euro zone and worries over debt problems in Greece. The benchmark Taiex share index finished the day higher by 9.14 points or 0.12% at 7436.10.
In Philippines, the stock market closed the week on a positive note, with PSEi still hovering above the 3000 crucial mark, as investors continued to applaud for some of the encouraging manifestations of a recovery from the domestic economy. At the closing bell, the benchmark index PSEi escalated 0.41% or 12.49 points to 3,043.75, while the All Shares index went up 0.64% or 12.38 points to 1,928.34.
In India, the key benchmark indices pared gains after a sharp surge in early afternoon trade triggered by the finance minister's budget which pushed for higher consumption. The government's pledge to progressively cuts its budget deficit over the next three fiscal years, changes in personal tax rates which will lift disposable incomes in the hand of individuals and a reduction in surcharge on corporate tax for domestic companies to 7.5% from 10%, lifted sentiment. The government's plan to introduce direct and indirect tax reforms from 1 April 2011 also cheered investors. The Finance Minister said the government aims to introduce the Goods and Services Tax (GST) and implement the direct tax code from 1 April 2011
The peak rate of excise duties has been raised to 10% from 8% as a first step towards the winding down of fiscal stimulus measures. However, the service tax was retained at 10%. The government has estimated Rs 40000 crore from disinvestment for FY 2010-11. It has estimated Rs 35000 crore from sale of third generation telecom auctions.
The finance minister has raised personal income tax slabs which will result in increase in disposable incomes. Incomes up to Rs 1.6 lakh attracts no tax now. Personal income tax for income between Rs 1.6 -5 lakh attracts tax rate of 10% and for the income between 5-8 lakh attracts tax of 20%. The personal income tax above Rs 8 lakh tax is kept at 30%. The Finance Minister said additional Rs 20,000 deduction available will be available for investment in infrastructure bonds. He said threshold limit for TDS applicability will be rationalized.
The BSE 30-share Sensex was up 175.35 points or 1.08% to 16,429.55. The barometer index rose 415.05 points at the day's high of 16,669.25 in early afternoon trade. The Sensex fell 4.53 points at the day’s low of 16,249.67 in early trade. The 50-unit Nifty was up 62.55 points or 1.29% to 4922.30.
In other regional market, shares climbed in Europe on Friday, taking back some sharp losses made in the previous session when worries about Greece’s fiscal health dominated. On a regional level in Europe, the U.K. FTSE 100 index rose 1% or 50.80 points to 5,329, the German DAX index advanced 1% or 54.10 points at 5,586 and the French CAC-40 index rose 1.1% or 41.63 points to 3,682.
More gains in store for equities on market-friendly budget
The forthcoming week will largely be driven by post-budget reactions as analysts revise their estimates based on the announcements made in the budget. Market players largely welcomed the Union Budget 2010-11 which proposed market friendly measures including reduction in surcharge on corporate tax, lower fiscal deficit projection, roadmap for rollout of goods & service tax (GST) and direct tax code (DTC), among others. The stock market remains closed on Monday, 1 March 2010 on account of Holi.
Finance Minister, Pranab Mukherjee, has pegged the fiscal deficit for the year ended March 2011 (FY11) at 5.5% of the gross domestic product (GDP). This is lower than the fiscal deficit as percentage of GDP of 6.9% in the revised estimates for the current fiscal. The finance minister said the government also aims to reduce the deficit further to 4.8% of GDP in the year starting 1 April 2011, and to 4.1% in the year from 1 April 2012.
Progressing further with its disinvestment drive, the government has estimated to raise Rs 40000 crore from disinvestment in the year ended March 2011. It has also estimated Rs 35000 crore from sale of third generation telecom auctions.
The Finance Minister in his budget speech also unveiled a roadmap for implementation of goods and service tax (GST) and direct tax code (DTC). He said that the government is confident of rollout of GST and DTC by 1 April 2011. The deadline for the GST introduction was earlier pegged at 1 April 2010.
DTC will replace the Income Tax Act whereas the GST will replace most indirect taxes at central and states levels like service tax, excise duty, VAT, cesses, surcharges and local levies.
The Finance Minister also proposed a reduction in surcharge on corporate tax for domestic companies to 7.5% from the present 10%.
Foreign institutional investors (FII) inflow in February 2010 totaled Rs 1460.60 crore as of 24 February 2010. Their inflow in the calendar year 2010 totaled Rs 960.10 crore.
A lot will also depend on how the global markets pan out. US markets have turned volatile as sentiment took a hit from recent data showing a weaker-than-expected labor market. Meanwhile, global credit agencies have warned of further downgrades to Greece, which is struggling to tackle its debt crisis
Budget Special Highlights - 2010-2011
Highlights
- Service tax to result in net revenue gain of Rs 3000 cr
- Customs duty on silver at Rs 1500/kg
- Custom duty on gold to be reduced
- Mobile phones to be cheaper
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
- 5% customs duty on crude petroleum back
- Peak customs duty unchanged at 10%
- FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
- Revenue loss of Rs 26,000 crore on direct tax proposals
- Stimulus-led excise duty rollback partially reversed
- FM allows housing projects to complete projects in 5 years instead of 4 years to avail tax break
- One-time interim relief to housing and real estate sector
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations of their accounts
- Uproar in Parliament over petrol price rise
- To levy excise duty of Re 1/litre on petrol
- New tax rates would offer relief to 60 per cent of tax-payers
- CET on petroproducts hiked by Re 1
- Direct tax receipts to fall by Rs 56,000 cr
- Standard excise rate up from 8 to 10%
- Large cars, SUVs excise up to 22% from 20%
- Sops for real estate, housing projects extended by a year
- Partial roll back the rate reduction in central excise
- Direct tax scheme to result in revenue loss of Rs 26,000 cr
- Compliance burden reduced on professionals and entrepreneurs
- Corporate tax surcharge down from 10 to 7.5%
- New income tax slabs will bring relief to the middle class
- Rs 20,000 additional tax break for infra bonds
- Minimum Alternate Tax hiked to 18%
- R&D allocation increased 200%
- To unveil new Saral 2 form for salaried individuals in two pages
- Deduction of additional 10% for investment on infrastructure bonds
- Tax slabs: Broadening 1.6 lakh - Nil above 1.6 lakh-up to 5 lakh 10%
- 5-8 lakh- 20% above 8 lakh- 30%
- Tax paying interface to be de-cluttered
- States to be offered assistance to computerise commercial taxes
- Greater transparency in tax administration targeted
- Centralized Tax Centre at Bengaluru fully functional
- Fiscal deficit at 5.5% for FY'11
- Rolling target for fiscal deficit 4.2%
- Gross tax receipts at Rs 7.46 lakh cr
- New symbol for Indian Rupee
- Tech advisor group under Nandan Nilekani
- Allocation for development of micro and small scale sector raised from Rs 1,794 cr to Rs 2,400 cr
- Rs 2,600 cr for Minority Affairs Ministry
- To create 50 cr skilled workers by 2022
- Rs 1,900 cr to UID authority allocated
- First set of UID to be issued by this year
- Rs 19,484 cr allocated for road development, to build 20 km of highway every day
- Subsidy for affordable housing extended
- Skill development programme for textile and garment sector
- Pvt sector to meet deficit in grain storage
- 50% increase in women & child development allocation
- Development of rural infra remains high priority area
- Power sector allocation doubled to Rs 5130 cr
- Rs 400 cr corpus for micro-finance scheme
- National pension scheme allocation increased
- States to get Rs 3,675 crore for primary education at rural level
- Rs 400 cr corpus for micro-finance scheme
- NREGA allocation to Rs 40,100 crore
- National Social Security fund to be set up for unorganized sector
- Urban Development allocation to be raised by 75 per cent
- 20,000 mw of solar power by 2022
- Rural development allocation to Rs 61,000 cr
- Indira Awaas Yojana allocation raised in proportion to plain and hill area housing
- Development of rural infra remains high priority area
- Social sector spending at Rs 1.38 lakh cr for FY11
- Rs 500 cr for Clean Ganga Mission
- Rs 66, 100 cr for rural development in FY10-11
- Allocation for school education up from Rs 26, 800 crore to Rs 31, 036 cr
- Rs 22, 300 crore allocated for Health Ministry
- Coal regulatory authority proposed
- Rs 300 cr for Rashtriya Krishi Vikas Yojana
- Bank farm loan target: Rs 3.75 lakh crore
- Rs 200 cr To Tamil Nadu for textiles
- Need to take firm view on opening up of the retail sector
- National clean Energy Fund to be set up
- Rs 200 crore to Goa as a special golden jubilee package to restore beaches and increase green cover
- To provide 2% loan subsidy to farmers
- Extend loan payment by calamity hit farmers
- Rs 400cr for four-part strategy for agriculture
- 2% interest subvention for exports extended
- Additional banking licenses for pvt players
- 4 pronged strategy for agriculture
- Rs 16,500 cr capital support for PSU banks
- Will consider Parikh report on fuel pricing
- Goods and services tax to be introduced in 2011
- Fertiliser subsidy to be reduced
- GDP growth for FY'10 is seen at 7.2 pc
- Rs 25,000 cr disinvestment target this year
- India weathered economic crisis well
- Direct tax code to be implemented from April 1, 2011
- Gradual phasing out of economic stimulus
- Pvt investment can sustain 9 pc growth
- First challenge: Return to GDP growth
- Manufacturing growth highest in the past 2 years
- Indian economy is in a far better position today
- FM is expected to simplify tax laws in 2010
- Biggest challenge is to make the growth all inclusive
- Need to strengthen food security
- Pranab: Indian economy has stood through the test of time
- Economic growth slows down to 6 pc in Q3
- Finance Minister presents Budget 2010
- Pranab Mukherjee presents his 5th Union Budget
- Finance Minister Pranab Mukherjee reaches Parliament
- Inflation is forecast to reach 10 percent in coming weeks
- Government borrowing was forecast to rise by another 2.2 percent
- Economists forecast India may cut its fiscal deposit to 5.6% of GDP
Taxes
- More services to be brought under service tax net
- Service tax to result in net revenue gain of Rs 3000cr
- Customs duty on gold to be reduced; silver at Rs 1500/kg
- Uniform concessional duty of 5% on all medical appliances
- Rationalising of customs on gaming software
- Custom duty of one of the key component of microwave oven reduced
- Peak customs duty unchanged at 10%
- Custom duty for importing of duplication of prints of films revised
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
- Nominal duty of 4% electric cars
- Partial rollback of excise duty on cement, cement products, large cars
- To levy excise duty of Re 1/litre on petrol
- R&D Corp Tax break up to 200%
- Direct tax receipts to fall by Rs 56,000 cr
- Pilot project for tax grievances extended to 4 cities
- Direct tax scheme to result in revenue loss of Rs 26,000cr
- Corporate tax surcharge down from 10 to 7.5%
- Rs 20,000 additional tax break for infra bonds
- Corp Min Alternate Tax up from 15 to 18%
- New tax rates would offer relief to 60 per cent of tax-payers
- Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%, above 8 lakh = 30%
- Centralized Tax Centre at Bengaluru fully functional
- Gross tax receipts Rs 7.46 lakh crore
- Deferment of goods & service tax negative for corporates in FY10-11
- Direct tax to be implemented from April 1, 2011
- Simple tax system with minimum exemptions near completion
- Indirect taxes will continue to be in focus
- Excise duty, service tax may go up by 2%
Prices
- More services to be brought under service tax net
- Service tax to result in net revenue gain of Rs 3000cr
- Customs duty on gold to be reduced; silver at Rs 1500/kg
- Uniform concessional duty of 5% on all medical appliances
- Rationalising of customs on gaming software
- Custom duty of one of the key component of microwave oven reduced
- Peak customs duty unchanged at 10%
- Custom duty for importing of duplication of prints of films revised
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
- Nominal duty of 4% electric cars
- Partial rollback of excise duty on cement, cement products, large cars
- To levy excise duty of Re 1/litre on petrol
- R&D Corp Tax break up to 200%
- Direct tax receipts to fall by Rs 56,000 cr
- Pilot project for tax grievances extended to 4 cities
- Direct tax scheme to result in revenue loss of Rs 26,000cr
- Corporate tax surcharge down from 10 to 7.5%
- Rs 20,000 additional tax break for infra bonds
- Corp Min Alternate Tax up from 15 to 18%
- New tax rates would offer relief to 60 per cent of tax-payers
- Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,
- above 8 lakh = 30%
- Centralized Tax Centre at Bengaluru fully functional
- Gross tax receipts Rs 7.46 lakh crore
- Deferment of goods & service tax negative for corporates in FY10-11
- Direct tax to be implemented from April 1, 2011
- Simple tax system with minimum exemptions near completion
- Indirect taxes will continue to be in focus
- Excise duty, service tax may go up by 2%
Subscribe to:
Posts (Atom)