Invest only if you wish to go overweight on the sector.
IndusInd Bank was the top gainer in the Sensex pack, jumping nearly 5 per cent, followed by Bharti Airtel, HCL Tech, Reliance Industries, Titan and Asian Paints.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
'The government will take proactive steps to see that their participation in the equity market, especially in PSU stocks, is rewarding.'
The BSE Sensex slumped 456 points on Wednesday, tracking losses in index majors Reliance Industries, Infosys and ICICI Bank as market participants continued to book profits at high levels.
BMS, BKS and SJM are trying to forge common cause with outfits on the other side of the ideological divide over the government's policies they are not in agreement with.
The Tamil Nadu government on Thursday enhanced the retirement age of its employees, including teachers and PSU staff, to 60 years.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Despite unprecedented levels of uncertainty in Samvat 2077, investors have little to complain about on the returns front. The BSE Sensex delivered returns of 38 per cent in this period, while the Nifty registered a return of over 40 per cent. As is the case in bull markets, companies in the small- and mid-capitalisation basket outperformed the benchmarks, with returns almost twice those of frontliners.
Equity benchmark Sensex climbed 154 points to end at a fresh all-time high on Monday, tracking gains in ICICI Bank, L&T and Kotak Bank amid persistent foreign fund inflows and a largely positive trend in global markets.
One crucial revenue source that can help the government achieve its fiscal-deficit target is the proceeds from the sale of its stakes in public sector companies.
This comes even after the Indian ambassador there had said this would affect the interests of other Indian companies.
PowerGrid was the top gainer in the Sensex pack, rising around 4 per cent, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv. On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti fell up to 2.59 per cent.
ITC was the top loser in the Sensex pack, tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank. NSE Nifty sinks 354 points to 17,857.25.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Employees of public sector banks have called off the strike planned on February 25 and 26
In eight cases, the banks would violate the minimum public shareholding norms if their promoter, the Government of India, infused capital as announced.
He alleged that the public enterprises department headed by Heavy Industries and Public Enterprises Minister Sontosh Mohan Dev has been "pursuing a much narrower agenda, in which governance reform of PSUs does not figure
A section of analysts feel now may not be a bad time to buy select PSBs.
Domestic institutional shareholders, who together hold around 39 per cent stake in the National Stock Exchange, are unhappy with the exchange's strategy of not charging transaction fees in the currency derivative segment.
Jaitley said the government had earmarked Rs 25,000 crore (Rs 250 billion) for recapitalisation.
Bank of Baroda has relatively better position on impaired assets.
PowerGrid was the top gainer in the Sensex pack, rallying over 6 per cent, followed by Tech Mahindra, HCL Tech, Titan, L&T, NTPC and ICICI Bank.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
Among top losers, Reliance Industries (RIL) sank over 4 per cent, after the company shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for $15 billion. Other laggards included Bajaj Finance, Bajaj Finserv, NTPC, SBI and Titan.
NTPC was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finserv, SBI, Bajaj Finance, Tech Mahindra, Dr Reddy's and Tata Steel.
SBI remains a favourite of most brokerages in the PSB segment.
HDFC was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by Kotak Bank, Asian Paints, UltraTech Cement, HDFC Bank, HUL and Tech Mahindra.
There is the larger issue of whether PSUs should be going through such elaborate tendering procedures when no private company follows the same procedures. In today's ultra-competitive world, it does seem an invitation to disaster.
Employees of public sector banks on Wednesday withdrew their proposed strike on Friday, called to protest the cases filed by the management of Central Bank of India against its employees for going on strike last month.
Tata Steel was the top loser in the Sensex pack, plunging over 8 per cent, followed by SBI, Dr Reddy's, Kotak Bank, Sun Pharma, Bajaj Auto and L&T. NSE Nifty declined 118.35 points or 0.71 per cent to 16,450.50.
Titan was the top gainer in the Sensex pack, rallying over 5 per cent, followed by Bajaj Auto, Bajaj Finserv, SBI, Nestle India, ITC, Axis Bank and Tata Steel. Nifty rose 46 points to its fresh closing peak of 17,991.95.
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
India's economy will do well once vaccination reaches a critical mass as pent up demand, global recovery and easy financial conditions will boost activities, RBI's Monetary Policy Committee (MPC) member Ashima Goyal said on Tuesday.
In a series of tweets reacting to banks led by State Bank of India taking over management control of troubled Jet Airways, Mallya said, "...Only wish the same was done for Kingfisher".
The government will launch the mega public offer of LIC by March and file draft papers with market regulator Sebi by the end of this month, an official said. Finance Minister Nirmala Sitharaman had last week reviewed the progress of the initial public offering (IPO) of Life Insurance Corporation (LIC) in a meeting with top officials of the ministry. The official said the September 2021 quarter financials of LIC are getting finalised as well as fund bifurcation is in progress.
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
After the fiasco in March this year over the share sale in Oil and Natural Gas Corporation ( ONGC ), the government has softened its stand over the pricing.
This comes after the arrest of Syndicate Bank Chairman S K jain.
