RBI, Enforcement Directorate to see if money was sent to tax haven
After enduring volatility for the first two months of calendar year 2016 (CY16), global equity markets have recouped some of the losses in March. Jigar Shah, chief executive officer, Maybank Kim Eng Securities, believes the next triggers for the rally will come from a soft landing in China and no recession situation in the US.
Mallya showed his net worth at Rs 615 crore, mainly in shares and bonds.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
A total of 183 stocks rallied 10 per cent, of which 32 stocks saw price appreciation of 20 per cent each.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
This amendment is proposed to be made retrospectively effective from FY16 onwards.
The change in the latest Budget will impact the sale and rent of SEZ units of companies like Adani Port, which has large SEZs in Mundra.
Core sector companies have seen volumes drop to single digit in the first nine months of FY16.
The deal comes at a huge cost to minority shareholders who have till date lost close to Rs 5,500 crore that were written off United Spirits' books
Percy Mistry says things at market regulator Sebi are also in bad shape.
Congestion on Mumbai roads has become chronic.
Dhawal Dalal, executive vice-president & head, fixed income, DSP BlackRock Investment Managers, expects the central bank to hold rates for the rest of calendar year 2016.
Analysts expect the indices to dip further if the global macros do not stabilise
India remains an attractive destination and the recent sell-off has made valuations attractive in the large-cap space.
Given the developments, analysts do not foresee a quick recovery.
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
However, the IT firms will get some benefits, as software exports from their Chinese campuses will yield more in local currency
Yuan depreciation will make imports in China more expensive, depressing demand, especially for commodities.
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