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Sunday, July 10, 2011
Monsoon covers more parts of Gujarat and Rajasthan
The southwest monsoon has further advanced over remaining parts of Gujarat and some more parts of Rajasthan, the Indian Meteorological Department (IMD) said. Conditions are favourable for further advance of southwest monsoon over remaining parts of Rajasthan and thus would cover the entire country during the next 23 days, the weather office said.
Monsoon rains were 25% below normal in the week ended July 6, slowing from the 10% above average rains in the previous week, the IMD said on Thursday. The slowing rains reflect a weakness in the monsoon over rice, cotton and oilseeds growing areas of east, west and central India. But the weekly rains were above normal over the cotton and rice growing areas of Andhra Pradesh.
Gross direct tax collections up 23.91% in Q1 FY12
Gross direct tax collections during the first quarter of the current fiscal (April - June 2011) were up by 23.91%. Gross direct tax collections rose to Rs. 1,04,136 crore as against Rs. 84,041 crore during the same period last year. Gross collection of Corporate Taxes was up by 23.49% and stood at Rs. 68,223 crore against Rs. 55,244 crore in the same period last year. Gross collection of personal income tax was up by 24.63% which rose to Rs. 35,859 crore as against Rs. 28,772 crore during the same period last year. Net tax collections, however, stood at Rs. 57,268 crore, down from Rs. 68,675 crore in the same period in last fiscal. This was on account of an increase of 205.01% in tax refunds, which stood at Rs. 46,868 crore as against Rs. 15,366 crore in the same period during the last fiscal.
Weekly Newsletter - July 10 2011
It was a fairly choppy week. The main stock indices gained ~0.5% each, thanks to a big rally on Thursday. Some of those gains were wiped out on Friday. More pain could be in the offing following a dismal US jobs report. Over the weekend, China will release its trade data and ECB president Trichet will deliver a speech.
US trade balance and FOMC minutes will be out on July 12. A spate of important Chinese statistics, including Q2 GDP report, will be issued on July 13. Fed chief Ben Bernanke will testify before the Congress. European banks’ stress-test results are due on July 15. A lot of other global data points will also be watched closely.
Back home, the Government will release IIP and inflation data next week while the pace of the results announcement will accelerate. Infosys, TCS, Bajaj Auto, JSW Steel, Canara Bank, Godrej Properties, LIC Housing and Coal India will declare their Q1 earnings.
Since the Nifty failed to close above 200-DMA, that level will be crucial from short-term trading perspective. It is expected to find support between 5500 and 5600. FII flows will be another key factor to keep in mind.
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