Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
The Bangladesh Assistant High Commission in Tripura's capital Agartala on Tuesday announced the suspension of all visa and consular services with immediate effect until further notice because of 'security reasons', a day after the mission's premises was breached by a group of people protesting against the arrest of Hindu monk Chinmoy Krishna Das in Dhaka.
From the 30 Sensex firms, Larsen & Toubro, Reliance Industries, Axis Bank, Asian Paints, Tata Motors, Bajaj Finance, Maruti, Bajaj Finserv, Kotak Mahindra Bank, Titan, Adani Ports and HDFC Bank were the major laggards. JSW Steel emerged as the only gainer.
Cash-strapped domestic carrier Spicejet plans to raise Rs 3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday. The funds will be utilised in taking back the grounded fleet in operations, liability settlement, new fleet induction and other general purposes, Spicejet in the presentations. "Spicejet plan to raise Rs 2,500 crore through QIP and Rs 736 crore through Previous Warrants and promoter infusion, the airline said in an investor presentation," it said in a corporate presentation to investors ahead of its proposed capital infusion.
Delhi's air quality deteriorated significantly on Monday, with areas like Dwarka, Mundka and Najafgarh recording an AQI of 500, the worst this season. The city's overall AQI reached 491, triggering the implementation of the Graded Response Action Plan (GRAP) Stage-IV restrictions in Delhi-NCR. Doctors warned of health risks, urging people to wear N95 masks and avoid outdoor activities. The Supreme Court questioned the Delhi government on its anti-pollution measures and warned against scaling down preventive measures without its permission. Delhi Chief Minister Atishi accused the BJP-led central government of political maneuvering while neglecting stubble burning in states it governs. Meanwhile, the city enforced stricter pollution control measures, including a ban on truck entry and suspension of construction activities. Air purifier sales surged, reflecting the public's concern over the severe air pollution.
After subdued earnings in the first half amid global headwinds, India Inc is taking a cautious approach on their capital expenditure (capex) for the second half of the financial year ending March 2025, according to management commentary. Minutes from the October monetary policy meeting show the Reserve Bank of India's (RBI's) optimism about private investments picking up.
Finance Minister Nirmala Sitharaman on Tuesday said the securities transaction tax (STT) will be increased on futures and options (F&O) trade from October 1 to discourage retail investors from investing in the risky instrument.
After a robust 2023, foreign investors significantly scaled back their investments in Indian equities in 2024, with net inflows amounting to over Rs 5,000 crore, as elevated domestic valuations, coupled with geopolitical uncertainties prompted investors to adopt a more cautious stance. Looking ahead to 2025, FPI flows into Indian equities could see a recovery, supported by a cyclical upswing in corporate earnings, particularly in domestic-oriented sectors like capital goods, manufacturing, and infrastructure, Vinit Bolinjkar, head of research, Ventura Securities, said.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Pressure is mounting for a resolution to be moved in the assembly when it meets next week for its maiden sitting to demand 'restoration of Article 370 and Article 35A' as committed in the National Conference's election manifesto, reveals Mohammad Sayeed Malik, the distinguished commentator on Kashmir affairs.
Retail investors have become a force to reckon with in the last 10 years with their ownership of Indian equities rising 800 basis points, or 8 per cent, to 23.4 per cent during this period, suggests a recent note from Morgan Stanley. This number, Morgan Stanley said, is set to rise in the next few years as Indian households are still underinvested in equities. India's demographics, policy framework, investor education and modest positive real rates, it said, will fuel the 'equity cult' in India.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers. In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
The upper market capitalisation (mcap) threshold for midcap and smallcap stocks in the mutual fund (MF) industry's revised list of stocks, to be announced this month, is set to see the second-highest yearly rise in the past five years. The list was first announced in 2018, and it has been revised every six months since then. According to estimates released by Nuvama Alternative & Quantitative Research, the upper threshold for the midcap and smallcap universes could come in at Rs 66,700 crore and Rs 21,900 crore in the next list.
ITC's move to demerge the hotel business into a new entity, ITC Hotels Ltd, is a step in the right direction and will allay investor's concerns on the company's capital allocation strategy in the medium-to-long term, said analysts at Morgan Stanley in a note. According to the company, the board of directors has approved in principle the demerger of the hotels business, wherein ITC will hold a 40 per cent stake in the new entity, and the remaining 60 per cent will be held directly by shareholders. The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on 14th August 2023.
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
Markets regulator Securities and Exchange Board of India (Sebi's) measures to curb speculative activity in the Rs 450-trillion-a-day futures and options (F&O) market is not a case of "throwing the baby out with the bathwater," whole-time member (WTM) Ananth Narayan said on Friday. "As a regulator, we are conscious that we must not throw the baby out with the bathwater. "When it comes to frenzied trading in options nearing expiry, however, it is difficult to see any baby in this bathwater," he said while delivering his address at the 21st FICCI Annual Capital Markets Conference.
The funding environment in India for startups is improving this year if one were to go by Bain & Company estimates. Five private equity (PE) investors that come on top on the criterion of deal size collectively put in $9 billion in the first half of 2024, surpassing their outlay for last calendar year, when it was $8 billion. At the top of the list is Swedish firm EQT, which acquired US-based and listed Perficient at an enterprise value of $3 billion, the deal being done by the Indian wing of the company. It has also added to its list by putting in $500 million in WSO2, a "software as a service" company, increasing its tally to $3.5 billion.
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
Public-sector lenders Indian Overseas Bank (IOB) and Uco Bank are likely to raise funds through qualified institutional placement (QIP) next month. Punjab & Sind Bank is likely to follow suit later this financial year to meet the public shareholding norm of 25 per cent. When a public-sector unit raises funds through QIP, the money goes to the company because it involves issuing new shares whereas in the case of offer for sale (OFS), the money raised goes to the government because its shares are sold.
The government on Tuesday proposed a relief to taxpayers with respect to capital gain tax on real estate properties by giving them the option to choose between 20 per cent and 12.5 per cent tax rates.
'His hopes and dreams for India reach higher and higher and are unstoppable, and his execution has been exemplary.' 'It inspires all of us to do more.'
The outcome of Maharashtra state elections is unlikely to move markets much, said analysts. The markets, they believe, have bigger developments to worry about in the short-to-medium term.
'The move to remove indexation benefits on LTCGs presently available for property, gold, and other unlisted assets may have a negative impact as it directly impacts real estate investors.'
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
Mahindra & Mahindra on Wednesday posted a 20 per cent increase in its consolidated net profit at Rs 3,283 crore for the first quarter ended June 30, 2024. The Mumbai-based company had reported a profit after tax of Rs 2,745 crore in the year-ago period. Revenue rose 10 per cent year-on-year to Rs 37,218 crore as compared to Rs 33,892 crore in the June quarter of last fiscal, the company said.
From the 30 Sensex firms, Mahindra & Mahindra, Bajaj Finance, Asian Paints, Nestle, Bharti Airtel, UltraTech Cement, Hindustan Unilever, ITC, and HDFC Bank were the major laggards. In contrast, Infosys, Tech Mahindra, Tata Motors, Axis Bank, Tata Consultancy Services and State Bank of India were among the gainers.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Delhi Capitals join hands with Satya Nadella to own MLC team in US
Having observed variations in capital gains tax computation, the revenue department is working on a mechanism to analyse futures and options (F&O) trade data and pre-initial public offering (IPO) transactions. "The directorate of I-T systems is working on certain risk-assessment parameters to access the data, which could be on the basis of buying and selling prices of shares in F&Os, variations in margins, fair market value versus IPO prices, etc. "The idea is to segregate and process the voluminous data on equity derivatives for effective use," said a senior government official privy to the plan.
Partha Pratim Sengupta, who will be taking charge as the MD & CEO of Bandhan Bank in early November, has his task cut out. The Kolkata-based lender, which converted itself from a microfinance institution to a universal bank, is in its 10th year of operation. The bank was able to cut down the share of the micro loan book over these years.
The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around Rs 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added. Together, these firms are looking to raise Rs 60,000 crore through their IPOs.
Indian Olympic Association president PT Usha feels the axing of medal-yielding sports such as wrestling, hockey and badminton from the 2026 Glasgow Commonwealth Games programme is "disappointing" for the country but the approach to reduce cost would ensure that the event continues to find hosts in future.
The Rs 84,000 crore domestic fund of funds (FoFs) space, which was in the doldrums over the past 18 months, has now caught the attention of investors due to a change in the tax structure in Budget 2024. The broader category, which includes offerings across equity, debt and commodities, has seen a spike in the inflows over the past two months. FoFs typically deploy the pooled capital in one or multiple MF schemes rather than investing directly into equities, debt or commodities.
The value of private equity (PE)-backed mergers and acquisitions (M&As) in India reached a six-year low during the first seven months of the current calendar year, amid ongoing global uncertainties. The total value of these deals stood at $6.2 billion during the period, down from $9 billion in the same period last year, and lower than the $14 billion recorded during the corresponding period in 2019, according to data from LSEG Deals Intelligence. PE funds pool capital from investors, including high-net-worth individuals, to invest in high-return opportunities.
The government's move to tweak the long-term capital gains (LTCG) tax regime proposed in the Finance Bill 2024 and re-introduce the indexation benefit is likely to boost the investments and spur housing sales in the country, industry executives believe. "By enabling taxpayers to choose the lower tax burden between the new and old schemes, the amendment is poised to drive investment and enhance sales across housing segments," said Niranjan Hiranandani, chairman of the Hiranandani Group. In Budget 2024, Union Finance Minister Nirmala Sitharaman proposed an overhaul in the capital gains tax regime, including lowering the LTCG tax to 12.5 per cent from 20 per cent.
rediffGURU T S Khurana answers readers' personal income tax queries.
Despite the rally in equities over the last few years, India, according to Christopher Wood, global head of equity strategy at Jefferies, is still in early stages of an equity cult. Any changes to the capital gains tax for equities - both long-term and short-term - in Budget 2024 scheduled to be announced on July 23, he believes, can trigger a bigger correction that what the markets witnessed post the Lok Sabha election outcome on June 4 that saw the Bharatiya Janata Party (BJP) lose majority, though it was able to form the government with the help of coalition partners.
After climbing to a record high of Rs 523 on September 30, shares of commodity major Vedanta have come off over 15 per cent amid a fall in the overall markets. The Anil Agarwal-led firm's latest slump comes after its stock price doubled over the past one year. Is it a blip or a trend reversal?
The national real estate market presents an intriguing picture. Lower volumes and flat pricing serve as dampeners. Sales bookings across the top ten markets have seen 6 per cent growth year-on-year (Y-o-Y) between April and August 2024, but sales volume is down 8 per cent Y-o-Y. Unsold inventory is up.
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