Hectic fundraising through IPOs will continue next week, with three firms -- One97 Communications, owner of Paytm; Sapphire Foods India, which operates KFC and Pizza Hut outlets; and Latent View Analytics -- are set to launch their initial share-sales to collectively mop up about Rs 21,000 crore. This comes after five companies successfully concluded their public offerings (IPOs) this week. Those five firms are - FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa; Fino Payments Bank; Policybazaar parent entity PB Fintech; decorative aesthetics supplier SJS Enterprises; and microcrystalline cellulose maker Sigachi Industries.
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
While Indians don't buy property during May-September due to the holidays/rains/ religious reasons, buyers should scout for property now.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Fix India's real estate sector. Fix India's public sector banks, advises Tamal Bandyopadhyay.
IT exporters were the top gainers amid a weak rupee along with select index heavyweights.
Close to 20 regional stock exchanges, including the big exchanges of Delhi, Chennai, and Bengaluru, have voluntarily exited in the face of SEBI's stringent regulations. Namrata Acharya finds out what makes CSE continue to fight its lone battle.
Investors booked profits at higher levels despite the growth oriented Budget.
India's stock exchanges have decided to jointly introduce the T+1 settlement cycle in phases from February 25, beginning with the bottom 100 stocks by market capitalisation. From March 2022, on the last Friday (or the immediate next trading day) of every month, the next 500 stocks from the bottom will be subject to T+1 settlement. The phase-wise implementation is expected to give all market participants, including foreign portfolio investors (FPIs), ample time to shift to the shorter cycle. The settlement cycle represents the time period within which the stock exchanges have to settle security transactions.
Income from renting of properties is taxed at a flat rate of 10%.
Those looking to take advantage of current market conditions should buy only after conducting due-diligence.
Market regulator also announces measures for mutual funds sector.
The Securities and Exchange Board of India (Sebi) may allow non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) greater exposure to domestic equities if their investments are sent through foreign portfolio investors (FPIs) registered at the GIFT City International Financial Services Centre (IFSC). The proposal will be taken during Sebi's board meeting on Saturday along with other key agenda items such as easing of voluntary delisting mechanism and introduction of a regulatory framework for real estate fractional ownership platforms, said people in the know. At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent.
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
However, investors have turned cautious over the likelihood of Britain leaving the European Union.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Snapdeal chief executive officer Kunal Bahl said Piramal's investment was a significant endorsement for the firm and the transformation the company has undergone over the last couple of years.
Sensex ended up 190 points at 25,519 and Nifty climbed 57 points to end at 7,626.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Fund mobilisation by companies through equity and debt routes has dropped 20 per cent in 2022 to nearly Rs 11 lakh crore, as exuberance dwindled this year due to expensive credit avenues and volatile markets. The first half of 2023 could continue to remain challenging. The year 2021 was extraordinary for fundraising from the equity and debt routes, while 2022 has seen a slowdown in capital raising owing to elevated volatility provoked by unprecedented inflation globally and the Russia-Ukraine war.
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
In just three years the online real estate portal has managed to raise about Rs 270 crore.
During his first Union Budget in July 2014, former finance minister Arun Jaitley announced the setting up of an institution called 3P India, with an allocation of Rs 500 crore. The intention was to mainstream public-private partnerships (PPPs) in India. The plan was to bring together the capacities of the government and private sector to push PPP projects.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
'Everyone is still trying to understand the quantum of impact demonetisation will have on the economy.'
Patel, a resident of the Ghodasar area of the city, was arrested by the Jammu and Kashmir police earlier this month from a five-star hotel in Srinagar after the authorities grew suspicious about his activities.
Record equity divestment by the Reliance Group in its telecom and retail businesses garnering around $23 billion revved up the deal street in 2020, which otherwise would have gone down as one of the dullest on record, and dealmakers are seeing sunnier days in 2021 given the large scope for consolidation in a slew of sectors ravaged by the pandemic. With Jio Platforms alone garnering over $16 billion (Rs 1,18,318 crore) by selling 25.24 per cent stake and Reliance Retail notching up $6.4 billion (Rs 47,265 crore) by divesting around 9 per cent shareholding, the deal street signed off with $85 billion in the deal kitty across 1,270 transactions. This is higher by about 10 per cent over 2019. What is significant is that over a third of the total deal value came from Reliance transactions, say investment bankers.
The captains of Indian industry described Narendra Modi government's maiden budget as one with "the right intent and in the right direction".
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
Is looking to raise Rs 3,000 cr.
Provisions of RERA, subsidy under PMAY and relaxation in PF withdrawal to buy a house will aid affordable housing, points out Harsh Roongta.
For the June quarter, sales for DLF were down 25 per cent at Rs 1,725 crore (Rs 17.25 billion) over the same quarter a year earlier.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
The progress of the GST Bill in Parliament is also likely to remain in focus
Making it easier for companies to raise funds through genuine equity or debt offers, Sebi unveiled a slew of measures to bring to book those running illegal money-pooling schemes and indulging in other fraudulent activities.
The new norms also seek to ensure that sufficient safeguards are put in place to avoid any misuse of its new powers and the required privacy of individuals is granted while conducting search and seizure operations.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
Through the Uravugal Trust, Khaalid Ahamed has enabled the dignified burial of 150 plus unclaimed bodies in Chennai.
