Latest news and updates

01st Feb, 2019

Big news for taxpayers! Proposal for full tax exemption for upto Rs5 lakh in income from FY21

Updated on: 4:25 pm

Published on: 12:12 pm

  • Tax slab for FY19-20 to remain same.
  • However, for middle-class taxpayers, individual taxpayers with income up to Rs5 lakh are proposed to get a full tax exemption from FY21 onwards.
  • This is in addition to the Rs1.5 lakh deduction under Section 80C of the IT Act.
  • Standard deduction to be raised to Rs50,000 from Rs40,000.
  • Post-office deposits tax limit to be raised from Rs10,000 to Rs40,000.

Big win for real estate, homeowners

Updated on: 4:25 pm

Published on: 12:42 pm

  • No tax on notional rent on second self-occupied home.
  • Rent TDS limit raised from Rs1,80,000 to Rs2,40,000.
  • Affordable housing - benefits u/S 81 of the IT Act extended for one more year.
  • Capital gains u/S 54 up to Rs2cr will be available for two residential houses instead of one earlier.
  • Income tax on notional rent on unsold inventory extended from one to two years.

Will meet fiscal deficit target of 3.3% GDP this year: Goyal

Updated on: 4:23 pm

Published on: 12:25 pm

  • Rs20,000cr allocated for income to farmers will lead to the government meeting its fiscal deficit target of 3.3% of GDP this year.
  • Capex for FY19-20 at Rs3.36 lakh cr.
  • Confident of reaching Rs 80,000cr divestment target.

Aim to be $5tn economy in next 5 years: Goyal

Updated on: 4:19 pm

Published on: 12:21 pm

10 dimensions of the 10-year vision
  • Physical and social infra to provide ease of living: Social planning; houses for everyone; educational systems to be enhanced.
  • Digital India: To build digital infra and environment.
  • Clean energy: Renewables to be a major source of energy supply, thus ensuring energy security.
  • Rural industrialization: To generate massive employment opportunities.
  • Clean rivers: To provide safe drinking water and better irrigation techniques across India.
  • Coastline development.
  • Space programmes: To be a key launchpad for satellites; sending an Indian astronaut to space.
  • Food independence: Raising farm productivity.
  • Healthy India: Aiming for a healthy society and a comprehensive wellness system; women safety and empowerment.
  • Maximum governance, minimum government

Direct taxes! Returns to be processed in 24 hours, refunds to be issued simultaneously

Updated on: 4:18 pm

Published on: 12:02 pm

  • Direct tax collection rose from Rs6.38 lakh cr in FY14 to Rs12 lakh cr in FY19.
  • Pathbreaking tech project: Returns to be processed in 24 hours and refunds to be issued simultaneously.
  • In two years, all verification of returns will be done electronically without a personal interface between assessor and assessee.
  • Tax rate for firms upto Rs250cr turnover reduced to 25% from 30%; also applicable to new manufacturing companies without turnover limit.

Dr Reddys Laboratories Ltd's Q3FY19 consolidated net profit rises 45.1% yoy to Rs485.20cr : Beats Es

Published on: 3:59 pm

  • Dr. Reddy’s Q3FY19 revenue grew by 1.2% yoy to Rs3,850cr.
  • EBITDA grew by 7.4% yoy to Rs865.3cr in Q3FY19 vs. Rs805.5cr in Q3FY18 and Rs684.6cr in Q2FY19. Read more. 

Nifty settles above 10,850-mark on Budget day; Vedanta dive 18%

Published on: 3:42 pm

  • Equity benchmark indices ended in the green on the Budget day. The Sensex rose 212 points to close at 36,469 levels, while Nifty rose 63 points to settle at 10,894 levels.
  • All sectoral indices were trading on a mixed note on the NSE. Nifty Media, Metal, and PSU Bank indices slumped ~3% each, while Nifty Auto, IT, and Realty sector climbed 3%, 2%, and 1% each.
  • Surprisingly, market breadth was negative on the NSE with 907 shares declining, 822 shares advancing, while 327 shares remaining unchanged.

Nifty hovers around 10,900-mark; Media, Metal, PSU Bank stocks slump

Published on: 3:22 pm

  • Equity benchmark indices pared it gain during the last trading hours on Friday. The Sensex rose 216 points higher at 36,473 levels, while Nifty rose 65 points to trade at 10,896 levels.
  • All sectoral indices were trading on a mixed note on the NSE. Nifty Media, Metal, and PSU Bank indices slumped 3% each, while Nifty Auto, IT, and Realty sector climbed 2% each.
  • Further, market breadth was negative on the NSE with 936 shares declining, 780 shares advancing, while 340 shares remaining unchanged. India Vix declined to 8%.

SBI falls 3% post Q3FY19 numbers

Published on: 2:40 pm

  • Shares of State Bank of India (SBI) a reported profit of Rs3,955cr in Q3FY19, against a loss of Rs2,416.4cr in the same quarter last year.
  • The bank’s NII came at Rs22,691cr as against Rs21,902cr yoy, which is up by 21.4% yoy. Read more. 

State Bank of India posts standalone net profit at Rs3,955cr in Q3FY19, vs. net loss of Rs2,416.37cr

Published on: 2:33 pm

  • State Bank of India's (SBI) Q3FY19 NII came at Rs22,691cr as against Rs21,902cr yoy, which is up by 21.4% yoy.
  • The bank has reported net profit of Rs3,955cr (beating consensus estimates by ~10%) for the quarter, against net loss of Rs2,416cr reported in corresponding quarter last year. Read more. 

Debt consolidation - key focus for fiscal consolidation

Published on: 12:27 pm

  • Debt consolidation: Key focus for fiscal consolidation.

Govt expects changes in GST for home buyers

Published on: 12:07 pm

  • GST on home buyers yet to be decided by the GST Council, says Goyal.

Entertainment industry: Single-window clearance to Indian filmmakers

Published on: 11:57 am

  • Single-window clearance to Indian filmmakers; earlier open only to foreigners.
  • Measures to control piracy.

Digital India: Moves to enhance digital infra in rural area

Published on: 11:56 am

  • Mobile consumption increased 50 times in the past 5 years.
  • Make in India - Mobile and mobile part manufacturers increased to 268 from 2 over 5 years.
  • Service centers enhancing digital infra in rural area.
  • 1 lakh digital villages to be created by next year.

Clean energy: 10x increase in solar capacity over past 5 yrs

Published on: 11:54 am

  • 10x increase in solar capacity over past five yrs

Infra: Railways see safest year; India fastest highway developer

Published on: 11:51 am

  • India was the fastest highway developer in the world with 27km-long highways built per day.
  • 100 airports are currently operational and passenger traffic doubled in the last 5 years.
  • Container cargo movement to be extended to North-east.
  • Railways see the safest year in history.

Defence spend raised to Rs3 lakh cr

Published on: 11:48 am

  • Defence spend raised to Rs3 lakh cr.

MSMEs: 2% subvention for MSME loans less than Rs1cr

Published on: 11:47 am

  • GST-registered MSMEs to get 2% interest subvention on loans less than Rs1cr.

Youth empowerment schemes announced

Published on: 11:45 am

  • 1cr youth being trained under various govt schemes.
  • Mudra, Startup India, Standup India to help entrepreneurship.

Social upliftment for deprived classes; rural women empowerment

Published on: 11:42 am

  • A committee under Niti Aayog to be formed to identify nomadic and semi-nomadic communities and setting up welfare schemes for them.
  • Push from "Women development" to "Women-led development".
  • Rural women health and quality of life to be enhanced via 6cr free LPG connections under Ujjwala Yojana provided this year;  another 2cr to be provided next year.

Gratuity limit raised to Rs30 lakh from Rs10 lakh

Published on: 11:38 am

  • High growth and formalization in the economy in the last five years, says Goyal.
  • Gratuity limit raised to Rs30 lakh from Rs10 lakh.
  • EPFO insurance increased from Rs2.5 lakh to Rs6 lakh for death.
  • PMSYM - Pension Yojna - Organized sector workers with a monthly income of Rs15,000 to get assured pension of Rs3,000 after age 60 years.
  • Allocation of Rs500cr for Mega pension.

Farmer sops announced

Published on: 11:32 am

  • Setting up of Rashtriya Kamdhenu Aayog for the protection of cow health.
  • Separate department to promote fisheries.
  • 2% interest subvention to farmers pursuing animal husbandry via government's Kisan credit scheme.

PM Kisan scheme to cost govt Rs75,000cr in FY20; interest subsidy doubled

Published on: 11:29 am

  • Pradhan Mantri Kisan SAMPADA Yojana to cost govt Rs75,000cr in FY20.
  • Health cards to also be provided.

Direct income support of Rs6,000 allocated per annum to small farmers with less than 2 hectare land

Published on: 11:27 am

  • Minimum Support Price (MSP) was raised by up to 50% last year.
  • Fall in food inflation and fragmented land holding causing the decline in farmer income.
  • Structural support required to aid ailing farmers.
  • Direct income support of Rs6,000 allocated per annum to small & marginal farmers with less than two-hectare landholding under PM Kisaan Nidhi Yojna.
  • Amount to be directly transferred to farmers' accounts.
  • PM Kisaan scheme to cost govt Rs75,000cr.

Ayushman Bharat extended to 50cr people; 10 lakh availed benefits

Published on: 11:23 am

  • Ayushman Bharat extended to 50cr people last year.
  • Rs3,000cr spent for treatment of 10 lakh who availed PMJAY benefits.

MGNREGA allocation for FY20 to be at Rs60,000cr

Published on: 11:19 am

  • MGNREGA allocation for FY20 to be at Rs60,000cr.
  • Gram Sadak Yojana budget to be Rs19,000cr.

~Rs3 lakh cr of bad loans restructured during NDA term

Published on: 11:13 am

  • NPAs rose mainly during 2008-14 owing to aggressive credit growth, leading to bad loans.
  • Nearly Rs3 lakh cr of bad loans restructured under the Insolvency and Bankruptcy Code (IBC) during NDA regime.

CAD to be contained at 2.5%

Published on: 11:11 am

  • 2018-19 Current Account Deficit to be contained at 2.5%.

Piyush Goyal revises 2018-19 fiscal deficit target at 3.4%

Updated on: 11:10 am

Published on: 11:03 am

  • Piyush Goyal begins interim Budget 2019-20 speech.
  • Wishes Arun Jaitley a speedy recovery.
  • Speaks about how the govt has reversed policy paralysis, tamed inflation, and brought about fiscal discipline.
  • Piyush Goyal revises 2018-19 fiscal deficit target at 3.4%.
  • GST implemented to streamline taxation.
  • NPAs rose mainly during 2008-14 owing to aggressive credit growth.

Union Budget 2019 LIVE Updates

Updated on: 10:41 am

Published on: 10:10 am

  • FM Piyush Goyal arrives at Parliament; will present the Budget at 11AM.
  • IIFL Budget Poll 2019 revealed that a majority respondents expect changes in income tax slabs; capital market taxes
  • Catch LIVE budget updates here.

Eris Lifesciences Ltd's Q3FY19 consolidated net profit rises 7.08% yoy to Rs80.20cr: In-line with Es

Published on: 10:09 am

  • Eris Life’s revenue in Q3FY19 grew by 20.8% yoy to Rs252.4cr.
  • EBITDA grew 15.3% yoy to Rs93.5cr in Q3FY19 vs. Rs81.1cr in Q3FY18. Read more. 

IIFL Budget Poll 2019: Respondents want changes in income tax slabs; capital market taxes

Updated on: 10:05 am

Published on: 10:20 am

  • When asked if this budget would be full of populist measures, around 73% people said that they expected a populist budget with the general elections being around the corner.
  • Roughly 61% respondents expected a change in capital market taxes. 
  • Further, ~78% people expect changes in the tax structure for the salaried class. However, this seems unlikely as this won't be a full budget.
  • An interesting response we received was that on farm loan waivers - 65% voted against farm loan waivers being the right approach to solve the farmer crisis. 
  • 71% of the respondents believe that there will be some key announcements in favor of MSMEs which may help job creation as well.

Nifty above 10,850 mark ahead of Budget; Vedanta tanks 18%

Published on: 9:50 am

  • Equity benchmark indices opened higher ahead of the Union Budget 2019 presentation in the parliament, tracking firm global cues. FM Piyush Goyal will present the interim budget for 2019-20 in parliament today.
  • Shares of Bank of India, OBC, and Bank of Maharashtra gained 4-14% after the RBI lifted lending curbs. Read more.

Asian shares flat; focus on US-China trade talks

Published on: 9:25 am

  • Shares in Asian markets were trading on a mixed note on Friday as investors are uncertain regarding the trade talks between the US and China.
  • The US trade negotiations that had been tipped as determinative in the end broke up with an agreement to keep talking, as a March 1 deadline for tariff hikes looms. Read more.

Nifty above 10,850 mark ahead of Budget; Vedanta stock drops 11%

Published on: 9:16 am

  • The Sensex rose 87 points to 36,344, while Nifty rose 31 points to 10,862.
  • The most active stocks were Vedanta, Infosys, Graphite, Reliance Industries, and Axis Bank.
  • Asian stock markets were trading mixed on hopes the leaders from the United States and China could strike a trade deal and as the Federal Reserve appeared to have all but abandoned a plan to raise borrowing rates further.

Oriental Bank of Commerce receives Rs1,186cr from government

Published on: 9:12 am

  • Oriental Bank of Commerce has received Rs1,186cr towards the contribution of the Government of India in the preferential allotment of equity shares (special securities/bonds) of the bank as the government's investment.
  • "The same amount has been credited to Share Application Money Pending Allotment account," the bank said in a press note after market hours to the exchanges on Thursday. Read more.

DHFL appoints CA firm to probe Cobrapost claims

Published on: 9:10 am

  • Dewan Housing Finance Corporation Ltd (DHFL) in its filing to the exchanges informed that the company has appointed an independent chartered accountant firm to verify the allegations made by Cobrapost and submit a report.
  • The CA firm has been appointed by the Audit Committee of the Board of Directors of the Company at its meeting held on Thursday, the company said in a press note after market hours to the exchanges on Thursday. Read more.

Laurus Labs Ltd's Q3FY19 consolidated net profit declines 48.9% yoy to Rs17.82cr : Misses Estimates

Published on: 9:09 am

  • Laurus Lab’s revenue in Q3FY19 grew by 10.5% yoy to Rs529.5cr.
  • EBITDA was flat at Rs87.7cr in Q3FY19 vs. Rs87.3cr in Q3FY18. Read more. 

Important results today: SBI, Dr. Reddy's, Titan, Monsanto

Published on: 9:05 am

Quarterly results that are expected today include State Bank of IndiaDr Reddy's LaboratoriesTitan CompanyMonsanto IndiaBSE LimitedBerger Paints.

Here is the street expectation for the companies:

Dr. Reddy’s Consensus expectations for Q3FY19E:
  • Dr.Reddy’s Lab’s revenue in Q3FY19 is expected to remain flat yoy and qoq in absence of any big product launch in the US. The company launched generics of Aggrenox ($182mn), Renvela suspension ($101mn), and Hygroton ($122mn) towards the end of the quarter; however, there was no big product launch during the quarter. Read more.

GST collection for January crosses Rs1 lakh cr: Finance Ministry

Published on: 8:45 am

  • GST collections in January crossed Rs1 lakh cr, the Finance Ministry said on Thursday.
  • This is the third time in current fiscal that GST collections have crossed the Rs1 lakh cr mark. Previously in April and October, the collections had surpassed this milestone.
  • GST collections soared to Rs1 lakh cr in January this year from the Rs94,726cr collected in December last year. The collection was at Rs89,825cr during the same month last year. Read more.

RBI lifts lending restrictions on 3 PSU banks

Published on: 8:35 am

  • The Reserve Bank of India (RBI) lifted lending restrictions on three Public Sector Banks namely, Bank of India (BoI)Bank of Maharashtra (BoM), and Oriental Bank of Commerce (OBC).
  • "It has been decided that BoI and BoM, which meet the regulatory norms including Capital Conservation Buffer (CCB) and have Net NPAs (non-performing assets) of less than 6% as per third quarter results are taken out of the PCA framework subject to certain conditions and continuous monitoring," the RBI said in a statement on Thursday. Read more.

SGX Nifty indicates a positive opening ahead of Union budget

Published on: 8:29 am

  • SGX Nifty is at 10,894, up 38 points. For today, expect high volatility as Finance Minister presents the Union Budget.
  • Nifty saw the strongest rally in last 6 months as it jumped 180 points on expiry of derivative contracts for January.
  • Bears squeezed as short covering & value buying saw stocks close at month highs.
  • This came in as foreign investors bought over Rs3,000cr on a single day, the highest inflow in over a year. Read more.

Top stocks in focus: Dr. Reddy’s, SBI, Titan, Oriental Bank of Commerce

Published on: 8:27 am

  • The Reserve Bank of India said that Bank of IndiaBank of Maharashtra and Oriental Bank of Commerce were allowed to exit the prompt corrective action framework after meeting the regulatory norms.
  • European Union cleared Sumitomo and Mahindra JV, as per media reports.
  • DHFL appointed an independent Chartered Accountant firm to verify the allegations made in the complaint and submit a report in a time bound manner.
  • Yes Bank received the Reserve Bank of India’s nod for appointment of Ajai Kumar as the Interim managing director and Chief Executive Officer of the bank with effect from February 1 until Ravneet Gill assumes office. Read more

RBI lifts lending restrictions on 3 PSU banks

Published on: 8:25 am

  • The Reserve Bank of India (RBI) lifted lending restrictions on three Public Sector Banks namely, Bank of India (BoI), Bank of Maharashtra (BoM), and Oriental Bank of Commerce (OBC).
  • "It has been decided that BoI and BoM, which meet the regulatory norms including Capital Conservation Buffer (CCB) and have Net NPAs (non-performing assets) of less than 6% as per third quarter results are taken out of the PCA framework subject to certain conditions and continuous monitoring," the RBI said in a statement on Thursday. Read more. 

GST collection for January crosses Rs1 lakh cr: Finance Ministry

Published on: 8:20 am

  • GST collections in January crossed Rs1 lakh cr, the Finance Ministry said on Thursday.
  • This is the third time in current fiscal that GST collections have crossed the Rs1 lakh cr mark. Read more

Broker Radar for February 1

Published on: 8:15 am

Macquarie Maintained ‘Outperform’ on Petronet LNG with a TP of Rs270.
  • Petronet LNG’s consistent performance continues.
  • Believe capital allocation and competition risks are overblown.
  • Expect high payout led by strong FCF and net cash position.
Macquarie Maintained ‘Outperform’ on Vedanta; cut TP to Rs260 from Rs223.
  • Purchase in economic interest in Anglo American from parent should raise capital allocation risks.
  • December quarter’s EBITDA was below expectations led by loss at aluminium division.
  • Vedanta cut 2018-19 volume guidance for oil and zinc international division. Read more

Current FII data

Published on: 8:06 am

FII/DII Data:  In yesterday’s trading session, FIIs bought 3006cr stock in cash market whereas, DIIs sold 1634cr worth of stock. In the derivative market, FIIs bought 2765cr of Index futures and bought 3437cr worth of Index options. In the Stock futures segment, FIIs bought 1160cr worth of stock futures and bought 782cr stock options.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 109 (55) 0 0.7 1.0
Index Short 157 (44) 0
Index Call Long 180 (23) 0 3.1 1.0
Index Call Short 58 (56) 0
Index Put Long 284 (38) 0 2.0 1.0
Index Put Short 144 (30) 0

What not to miss today

Published on: 7:54 am

  • Markets to open positive ahead of Union Budget; Nifty support at 10780, resistance 10940.
  • FIIs purchased 3006cr (cash), 2765cr in Index Futures.
  • S&P 500 witnesses best January closing since 1987 on strong earnings; Asian markets gain. Read more.

Bulk deal

Published on: 7:50 am

  • Setco Automotive: Promoter Setco Engineering Private sold 7lakh shares or 0.52% equity at Rs 30.55 each.

Derivative watch

Published on: 7:42 am

  • Rollovers of Nifty,Bank Nifty in December stood at 62%,77%, respectively (1.87cr/14.4 lakh shares) as against 74%,64%, respectively (2.23cr/11.5 lakh shares) in the last series, while market-wide rollovers stood at 88% vs. 86% in the previous month.
  • Nifty rollovers were lower in terms of total open interest (number of open positions) vis-à-vis last month, indicating an unwinding of short positions in the index. We expect the index to trade with a positive bias in the series ahead.
  • February expiry starts with the maximum open interest buildup in Nifty call options at 11,000CE (2.78mn shares) and for Nifty put options, at 10,700PE (2.99mn shares).

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