Bajaj Auto is confident of going back to 20% margins by

 Q4-end Bajaj Auto reported 4.7 percent fall in profit in the third quarter to Rs 924.6 crore as against Rs 970.6 crore in the same period last year. Revenue for the quarter decline 4.1 percent to Rs 59,500 per unit. S Ravikumar (more) President, Bajaj Auto |   Bajaj Auto   reported a 4.7 percent fall in net profit in the third quarter to Rs 924.6 crore as against Rs 970.6 crore in the same period last year. Revenue for the quarter decline 4.1 percent to Rs 59,500 per unit. Speaking to  S Ravikumar, President – Business Development at Bajaj Auto said that the demonetisation impact is visible in shrinkage of numbers in last quarter. The company is now focusing on its products for growth. 

Product mix has helped improve realisations by 160-170 basis points year-on-year. Ravikumar is confident that the company will go back to its 20 percent plus margin growth by end of this fiscal. Below is the verbatim transcript of S Ravikumar's interview to Sonia Shenoy & Sumaira Abidi on  Sumaira: Can you take us through where the big bump up for you has actually come through? A: One, we were operating in external environment in November and December on the back of demonetisation impact. The numbers, for example, in the first half year when the domestic motorcycle industry grew by 13 percent, we grew by 18 percent. In October both industry and Bajaj grew by 7 percent. In November and December when the industry fell by minus 16 percent, Bajaj had a 10 percent fall. So taken together October, November and December the industry fell by 7 percent and we fell by 3 percent. So relatively we were doing much better on the back of good product portfolio but still the demonetisation impact has been there and it was very much there in November and December. Therefore, the shrinkage in numbers and relatively the three-wheelers domestically were very much affected because of demonetisation. However, what we concentrated on was we couldn\\'t do internally.

 We focused on the right products, V12 has come out, Dominar has come out and BS4 is behind us in terms of ramp up and technical. So, all has done very well. The forex realisations have been good at almost 67.7 as an average for Q3. On the back of all that we have returned solid EBITDA of 22 percent. So that\\'s the strength of Bajaj Auto. We focus on what we can do strongly; cost control, EBITDA and of course market share improvement. The market share in the wholesale has improved to 18.5 but in November and December the retail market share has been upwards of 20 percent. Sonia: I want to check on realisations because those have improved sequentially to almost Rs 59,500 per unit. What lead to that improvement? Is it only because there are more amount of premium motorcycles selling and do you think that there could be a continued improvement in realisations over the next couple of quarters as the Dominar starts to sell some more? A: Of course. If I look at Q3 of last year versus Q3 of this year, there has been improvement of almost about 160-170 bps in realisations - that has augur well for the company, the mix is certainly a story there and the export realisation has been good and going forward the Pulsar range and the Dominar and Avenger, all are going to add. So it's a healthy mix as far as average revenue per unit (ARPU) is concerned

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Opposition unimpressed as President refers to demonetisation 

The Opposition members looked unimpressed and did not thump the desks as Mukherjee referred to the government's efforts to check black money or spoke of 'garib kalyan yojna' under which unaccounted money could be declared under a new taxation law. | The reference to demonetisation and surgical strikes by President Pranab Mukherjee in his address to the joint sitting of Parliament today was welcomed with loud thumping of desks by NDA members led by Prime Minister Narendra Modi. The Opposition members looked unimpressed and did not thump the desks as Mukherjee referred to the government's efforts to check black money or spoke of 'garib kalyan yojna' under which unaccounted money could be declared under a new taxation law. However, Opposition members joined the ruling coalition members in the applause when the President referred to 'nari shakti' and mentioned the performance of women atheletes at the Rio Olympics and induction of women fighter pilots by the Indian Air Force. Unlike on previous occasions, several benches in the Central Hall were empty.

 During the earlier Presidential addresses to the joint sitting of the two Houses, extra chairs used to be placed on the peripheries of the historic hall to accommodate the MPs, many of whom used to stand and listen to the speech. But this time the attendance was quite low. Among those missing were Trinamool Congress MPs who had announced they would attend the proceedings only from February two. During the nearly hour-long speech, several members were seen clicking pictures from their mobile phones while Anand Sharma (Cong), Ram Gopal Yadav (SP), Sitaram Yechury (CPI-M) were seen busy in an animated discussion for some time. The Prime Minister was seated next to Finance Minister Arun Jaitley and Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad. Former Prime Ministers Manmohan Singh and H D Deve Gowda were seated with BJP veteran L K Advani and Congress President Sonia Gandhi in the front row. As soon as the President's address ended, Tiruchi Siva (DMK) was seen shouting about the suicides by farmers in Tamil Nadu. When Vice President Hamid Ansari was reading out the first and last paragraphs of the President's address in Hindi, SP leader Mulayam Singh Yadav was seen leaving the hall. He continued to walk when the National Anthem started playing to mark the end of the programme. When members were leaving the Central Hall after the departure of the President, Congress Vice President Rahul Gandhi was seen talking to party leader Mallikarjun Kharge and Minister of State for Parliamentary Affairs S S Ahluwalia

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India Economic Survey 2017:

As people return to cash, no major effect on digital payments The initiative invoked mixed reactions from different sectors. While companies in the fin-tech segment posted record transactions, segments such as e-commerce witnessed major blip in transactions volumes.  Digital transactions among new users increased sharply even as the transactions made by existing users grew in line with historical trend, post the government announced the demonetisation drive, said the Economic Survey 2016-17 tabled in the Parliament on Tuesday.

 It highlighted that once the cash was back in supply, some people returned to using cash as their primary mode of transaction. However, it stressed that the same did not have a major effect on the digital drive, which is expected to continue. Prime Minister Narendra Modi on November 8 announced the demonisation of Rs 500 and Rs 1,000 currency notes in a drive to fight corruption, black money and make India a cashless economy. The initiative invoked mixed reactions from different sectors. While companies in the fin-tech segment posted record transactions, segments such as e-commerce witnessed major blip in transactions volumes. "Demonetisation has short term cost, long term benefits. However poor don't have much digital access. Thus faster remonetisation of the economy is needed," admitted India's CEA Arvind Subramanian in his speech on Tuesday

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Donald Trump clears way for controversial oil pipelines

  Oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to US Gulf Coast refiners. But going ahead with the pipelines would mark a bitter defeat for Native American tribes and climate activists, who successfully blocked the projects earlier and vowed to fight the decisions through legal action. US President Donald Trump signed orders on Tuesday smoothing the path for the controversial Keystone XL and Dakota Access oil pipelines in a move to expand energy infrastructure and roll back key Obama administration environmental actions. 

Oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to US Gulf Coast refiners. But going ahead with the pipelines would mark a bitter defeat for Native American tribes and climate activists, who successfully blocked the projects earlier and vowed to fight the decisions through legal action. Trump campaigned on promises to increase domestic energy production. Before taking office he said the Dakota pipeline should be completed and that he would revive the CUSD 8 billion (USD 6.1 billion) Keystone XL project, which was rejected in 2015 by then-President Barack Obama. US crude imports have fallen dramatically in recent years as domestic production has boomed, but the world's largest oil consumer still relies heavily on imports. Even though Canada is already the biggest source of US crude imports, boosting the flow from a close ally is seen in Washington as a way to improve US energy security

"It goes to show we as a nation build infrastructure that is part of a comprehensive energy plan to make our energy secure," Republican Senator John Hoeven of North Dakota told Reuters. Trans Canada Corp said it would resubmit an application for a permit for Keystone XL after Trump signed an order saying the company could re-apply. The application will be reviewed by the US State Department, which has 60 days to reach a decision. The orders look set to undo victories won by protesters in North Dakota against Energy Transfer Partners , which has nearly completed construction of the Dakota line. Despite the advanced phase of the project, the Obama administration in December denied the company a permit to tunnel under the Missouri River. Protesters rallied for months against plans to route the USD 3.8 billion pipeline beneath a lake near the Standing Rock Sioux reservation, saying it threatened water resources and sacred Native American sites. At one point, nearly 10,000 people had flocked to federal land in North Dakota, including 4,000 veterans after protests turned violent at times. The main protest camp has dwindled to several hundred after the Standing Rock tribe 

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Reuters Oil prices stable as US output gains offset 

OPEC-led cuts SINGAPORE (Reuters) - Oil prices were stable  with rising crude output from the United States offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. Oil prices were stable on Friday, with rising crude output from the United States offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. Brent crude futures, the international benchmark for oil prices, were trading at USD 56.21 per barrel at 0231 GMT, virtually unchanged from their last close. US West Texas Intermediate (WTI) crude futures were at USD 53.84 a barrel, up 6 cents.

 Traders said growth in US output was counteracting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to reduce a global fuel overhang, resulting in range-bound prices. "US producer hedging via futures and increasing shale production offset the progress OPEC has made with its production cut implementation," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. "Market participants are hyper-focused on two issues: shale's response to higher prices and OPEC compliance," Barclays bank said.

 "Producers and OPEC countries are all talking their books, yet the jury is still out," it added, referring to widespread scepticism over compliance with announced cuts. The British bank said it expected Brent and WTI prices to average USD 55 and USD 53 per barrel respectively for the first quarter. OPEC and other producers have agreed to cut production by almost 1.8 million barrels per day (bpd) for the first half of 2017 to fight a supply overhang that has seen between 1 million and 2 million bpd of crude being produced in excess of consumption over the past two years. US oil production, however, has risen by around half a million barrels per day since mid-2016 to 8.96 million bpd.

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Nifty nears 8450, Sensex climbs over 100 pts;

Infosys, ITC fall BHEL, Adani Ports, Coal India, L&T and HDFC are top gainers while HUL, Bharti Airtel, Infosys, Wipro and ITC are losers in the Sensex. 1 Shares of Ajanta Pharma fell as much as 12.35 percent intraday after the company got an import alert from USFDA for selling an unapproved drug in the US from its Aurangabad facility. USFDA notified the import alert on its website on January 20. The import alert falls in the category of 66-41 which relates to marketing or promotion of unapproved products. In this case, Ajanta was found marketing its erectile dysfunction drug Kamarga in United States without proper approvals.

Kamarga uses an active ingredient Sildenafil Citrate (aka viagra).  HCL Tech Q3 net up 2.3%; holds FY17 CC revenue growth at 12-14% The market is holding firm ahead of January Futures and Options (F&O) expiry tomorrow. The Sensex is up 132.57 points or 0.5 percent at 27249.91, and the Nifty up 46.15 points or 0.5 percent at 8437.65. About 1415 shares have advanced, 766 shares declined, and 252 shares are unchanged. BHEL, Adani Ports, Coal India, L&T and HDFC are top gainers while HUL, Bharti Airtel, Infosys, Wipro and ITC are losers in the Sensex. Gold prices drifted lower by 0.17 percent to Rs 28,754 per 10 grams in futures trade today as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators also weighed on gold prices. At Multi Commodity Exchange, gold prices for delivery in February month declined by Rs 49, or 0.17 percent to Rs 28,754 per ten grams in business turnover of 320 lots.

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India Inc needs animal spirit, govt nudge for growth: 

Uday Kotak Confident of India gaining its "rightful place" in coming years on the world stage alongside the US and China, ace banker Uday Kotak has said Indian corporates also need to combine some "animal spirit" with their judicious capital allocation for their own business growth and add to the economy's expansion. |  Confident of India gaining its "rightful place" in coming years on the world stage alongside the US and China, ace banker Uday Kotak has said Indian corporates also need to combine some "animal spirit" with their judicious capital allocation for their own business growth and add to the economy's expansion. 

The Kotak group chief, who has steered one of the most successful banking and financial services sector stories in recent years in India, also favoured nudge from the government and policymakers to the corporates to get that "animal spirit" and said the country should also incentivise delta jobs created in any country. Kotak, who was here to attend the World Economic Forum annual meeting that saw China positioning itself as a new champion of globalisation, told PTI in an interview that India has to take its rightful place over the next 5-10 years and the institutions like his will have to contribute to that journey. On Indian corporates in the past having started to look overseas for expansion through acquisitions, but the process stopping thereafter, Kotak said, 

That also probably because of the reason that they did not necessarily take the best capital decisions and probably our timing was wrong." Asked whether India Inc has learnt its lessons, he said, "I think, it has. The private sector has become more careful and more sort of thoughtful and therefore, we are seeing a slowdown in investments -- both in terms of external investments as well as within India. "To a certain extent, we need to get the balance right between judicious capital allocation with a little bit of animal spirit. At this stage, what I would like to see in India is that a little bit of animal spirit in business and entrepreneurs came back. "A nudge from the government and policymakers that we would love to see growth in businesses and entrepreneurship would certainly be helpful and welcome." He agreed this would also help many from the start-up ecosystem move to the mainstream business arena. Kotak further said this balance between judicious capital allocation and 'animal spirit' would need to be a high focus area as the jobs would finally happen only through successful business growth

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Gold steady as unease with Trump policy weighs on dollar 

Spot gold was mostly unchanged at USD 1,217.42 per ounce by 0337 GMT, after hitting their strongest since November 22 at USD 1,219.59 earlier in the session. Gold prices were steady on Tuesday as the dollar remained under pressure on signs that United States President Donald Trump would adopt a protectionist stance on trade. Spot gold was mostly unchanged at USD 1,217.42 per ounce by 0337 GMT, after hitting their strongest since November 22 at USD 1,219.59 earlier in the session. US gold futures inched up 0.2 percent, to USD 1,218. Trump formally withdrew the US from the Trans-Pacific Partnership trade deal on Monday and told US manufacturing executives he would impose a hefty border tax on firms that import products after moving American factories overseas. "We are looking at gold hitting USD 1,250 within weeks. The rationale is very simple. 

The market  with Trump. With him in power now, the reality starts to bite," said Dominic Schnider of UBS Wealth Management in Hong Kong. "The market starts to realise the euphoria on how he starts to accelerate the growth and is disappointed. Maybe his policies are inflationary rather than growth supportive." Trump's nominee for Treasury Secretary Steven said that an excessively strong dollar was negative in the short term, according to a report by Bloomberg on Monday. That put additional pressure on the dollar. The dollar index, which measures the greenback against a basket of currencies, fell for a third day by 0.2 percent to 99.930. 

Trump's campaign calls for tax cuts and more infrastructure spending have boosted US shares and the dollar, as well as driving a selloff in US Treasury bills, but his protectionist statements and a flurry of off-the-cuff Tweets have kept many investors from adding to risky positions. "Regardless of Trump, the main story for gold is negative interest rates in the US We are not expecting the Fed to raise rates in March and it's just going to be two hikes and that's roughly priced in to the market," Schnider said. Spot gold looks exhausted and may again fail to break a strong resistance at USD 1,219 per ounce before retracing towards a support at USD 1,196, according to Reuters technical analyst Wang Tao. Among other precious metals, silver was flat at USD 17.19 per ounce while platinum gained 0.5 percent, to USD 983.35. Palladium dropped by 0.6 percent to USD 771.80 an ounce, after hitting USD 795.60, its highest since May 2015, in the previous session.

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Will economic compulsions allow for a realty-friendly budget?

The state of the Indian economy, suggests that the government will have to walk a tight rope with the Union Budget 2017-18, amidst forecasts of a slowing economy. Although banks are now flush with R The state of the Indian economy, suggests that the government will have to walk a tight rope with the Union Budget 2017-18, amidst forecasts of a slowing economy. Although banks are now flush with funds, due to the government’s demonetisation drive and limit on the extent of cash withdrawal, the overall effect of the measure has not gone down well, with the health of the economy. The Indian Central Statistics Office, has estimated that economic growth will slow to 7.1% in the current fiscal year ending March 31, 2017. This is slower than the government’s prior estimates and the 7.6% growth, last year. The estimates have been reduced in all the sectors, except agriculture, which has improved due to the positive monsoon season. Analysts, however, warn that these forecasts are toned down, since the real impact will be seen in the upcoming fiscal year.

Moreover, the impact on agriculture will also be visible, as the demonetisation immediately prior to the crop season will take its toll. Similarities with global markets, brings hope to Indian realty The real estate fraternity, nevertheless, remains upbeat and believes that the state of the economy, definitely allows the government to provide relief to the real estate sector and home buyers. They cite the Morgan Stanley report dated December 6, 2016, which suggests that annual Indian property sales is expected to grow, from USD 105 billion in 2015 to USD 462 billion in 2025. Research estimates a 14% compound annual growth rate (CAGR) for property sector demand during 2015-20 (8% volume, 6% pricing) and an 18% CAGR in the five years after that, versus the 12% CAGR (5% volume, 7% price) over the past six years. India in 2015, is also similar to China in 2000-03 on key macro parameters. In the past 15 years, China’s economy and per capita income have quadrupled, urbanisation has doubled and the property segment has grown 10x, to USD 1.3 trillion in annual sales

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Anti-avoidance tax rule to kick in from April 2017 

Tax anti-avoidance rule GAAR will kick in from April 1, 2017, the tax department said today. | Anti-avoidance tax rule to kick in from April 2017 Tax anti-avoidance rule GAAR will kick in from April 1, 2017, the tax department said today. In its 2016 year-end review, the Central Board of Direct Taxes, which is the apex policy making body of the I-T department, listed its major achievements. "Major achievements of CBDT in the current financial year 2016-17 so far include, among others, Enactment of The Benami Transactions (Prohibition) Amendment Act, 2016, Implementation of The Direct Tax Dispute Resolution Scheme, 2016 and of GAAR from Assessment Year 2018-19," an official statement said. In May last year, CBDT had started consultation with stakeholders asking them to give their views where they require clarity before GAAR is implemented. 

General Anti-Avoidance Rule (GAAR) was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance. However, its implementation was repeatedly postponed because of the apprehensions expressed by foreign investors. GAAR, which was originally to be implemented from April 1, 2014, will now come into effect from April 1, 2017 (Assessment Year 2018-19). It contains provision allowing the government to prospectively tax overseas deals involving local assets. There have been fears that the government may use it to target P-Notes. Through the use of GAAR, government may try to tax P-Notes as indirect investments, which could attract a tax rate of up to 15 per cent, experts say. To avoid tax altogether under GAAR, an investor may have to prove that P-Notes were not set up specifically to avoid paying taxes. Finance Minister Arun Jaitley had in his Budget speech in 2015, deferred GAAR implementation by two years and also said that the investments made up to March 31, 2017 shall not be subjected to GAAR, which was to be applied on those claiming tax benefit of over Rs 3 crore

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FM: Apr-Dec direct tax collections up 12%; indirect tax up 25%

 Personal income tax collection up 24.6%; direct tax collected is 65.3 percent of the total budget estimate; refunds during April-December grew 30.5 percent Arun Jaitley, Finance Minister,  Aided by robust personal and corporate income tax, direct tax collection during the first nine months of the current financial year 2016-17 grew 12.01 percent on year to Rs 5.53 lakh crore. Indirect tax, which includes central excise, service tax and customs, collected during April-December indicate net revenue were Rs 6.30 lakh crore, up 25 percent on year, finance minister Arun Jaitley said on Monday. “…growth rate under Corporate Income Tax (CIT) is 10.7 percent while that under Personal Income Tax (PIT) (including STT) is 21.7 percent 

 However, after adjusting for refunds, the net growth in CIT collections is 4.4% while that in PIT collections is 24.6 percent,” finance ministry said separately in a release. The direct tax collected is 65.3 percent of the total budget estimates of direct taxes for financial year 2016-17. Refunds during April-December grew 30.5 percent on year to Rs 1,26,371 crore and have already been issued, the release said. Central excise net tax collections were Rs. 2.79 lakh crore during April-December, up 43% on year, while service tax during grew nearly 24 percent on year to Rs 1.83 lakh crore, he said, adding that net tax collections on account of customs during the first three quarters of 2016-17 stood at Rs 1.67 lakh crore, up 4.1 percent on year. The finance minister also said that overall indirect tax collection in December shot up of 14.2 percent on year, with central excise and service tax rising 31.6 percent and 12.4 percent, respectively.

 Custom duty, however, declined 6.3 percent owing to lower gold imports, Jaitley said, adding that most states reported a hike in value added tax (VAT) in November mostly because of tax collection in scrapped high-denomination Rs 500 and Rs 1000 banned currency, Jaitley said. Last week finance minister Arun Jaitley had said that direct and indirect tax mop-up for 2016-17 would be higher than the budgeted estimate. He had also said that the larger integration of informal economy with formal on the back of scrapping Rs 500 and Rs 1000 notes from November 8 would lead to higher revenue to the Centre, as well as the states

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Govt may issue advisory to I-T dept on cash deposit scrutiny 

The government is looking to issue an advisory to tax officials directing them to exempt investigating cash deposits below a threshold, in an attempt to curb harassment by officials probing deposits made | The government is looking to issue an advisory to tax officials directing them to exempt investigating cash deposits below a threshold, in an attempt to curb harassment by officials probing deposits made since November 10 — according to a report in The Times of India on Monday. The taxmen are busy estimating deposits of the demonetised Rs 500 and Rs 1000 notes deposited in bank accounts between November 10 and December 30, the report said. The government had earlier assured that cash deposits of about Rs 2.0-2.5 lakh made by housewives, and smaller traders would not be scrutinised. 

The renewed scrutiny comes amid deposits of Rs 30,000 and above made into Jan Dhan accounts which had been lying dormant before November 10, the report stated. Almost the entire 15 lakh crore worth demonetised currency has reportedly made its way back to the bank accounts. Of this amount, tax authorities suspect that nearly Rs 4 lakh crore worth cash deposits may be unnaccounted wealth. MoS for Finance Arjun Ram Meghwal on December 2 informed the Rajya Sabha that on November 8 there were 17,165 million notes of Rs 500 denomination and 6,858 million notes of Rs1,000 denomination. The demonetisation exercise prompted the government to routinely revise the cash deposit and withdrawal limits. The Reserve Bank of India had, in fact, asked banks to keep a record of the deposits made by account holders along with identity details.

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Source: PTI Tax dept keeps in abeyance circular on indirect transfer

 In a relief to FPIs who were fearing multiple taxation, the tax department today kept in abeyance its recent circular on indirect transfer of shares by foreign investors. | Tax dept keeps in abeyance circular on indirect transfer In a relief to FPIs who were fearing multiple taxation, the tax department today kept in abeyance its recent circular on indirect transfer of shares by foreign investors. The Central Board of Direct Taxes (CBDT) on December 21, 2016, came out with a notification giving 19 illustrations with regard to how the indirect transfer regulations would kick in and the tax impact.

 The illustration, particularly in the context of offshore PE/VC funds and FPIs, according to experts ignored the practical issues arising from indirect transfers. representations from various FPIs, FIIs, Venture Capital Funds and other stakeholders who said that the circular does not address the issue of possible multiple taxation of the same income. "The representations made by the stakeholders are currently under consideration and examination. Pending a decision in the matter the operation of the above mentioned circular is kept in abeyance for the time being," CBDT said. Nangia & Co Partner Amit Agarwal said FII/FPIs are highly sensitive breed of investments and the circular had brought in more apprehensions than clarity

"The withdrawal of the circular is indeed welcome. The consultative process adopted by the government too deserves appreciation," Agarwal said. The December 21 circular contained responses to questions raised by various stakeholders in the context of the applicability of the indirect transfer provisions under the Indian I-T Act. While the circular was intended to provide clarity on the circumstances in which the indirect transfer provisions are to be applied, it fails to address the concerns of various stakeholders, chiefly FPIs, with regard to issues like potential double and triple taxation, onerous compliance requirements, and lack of tax neutral foreign corporate restructuring. Section 9(1) of the I-T Act was amended by Finance Act 2012 with retrospective effect to provide for taxing the gains arising out of transfer of an asset, even if registered or incorporated outside India, which derives its value, directly or indirectly, substantially from an asset situated in India

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Budget 2017: Scheme offering 8% assured interest to senior citizen a must 

 Demonetisation is behind and Digital is ahead; Budget is an event to reward the honest tax payer. Kamal Poddar (more) MD, Choice International | Capital Expertise: Tax Kamal Poddar Choice Group Government’s decision to demonetize high denomination currency notes pushed us one more step closer to the dual objective of creation of cashless economy and curbing black money. It made many upbeat about our nation’s future. As Union Budget follows this gigantic exercise, the average honest tax payer expects things to change for better. The expectations are high; not only in terms of increase in disposable income but also in terms of better opportunities to participate in the larger mission of nation building. Lower taxes is the first thing that comes to one's mind. And it is not just a demand without any logical explaination.

 The rationalization of taxes needs to be seen in the back drop of rhetoric by US President Donald Trump to cut tax rates back in US that could lead to shift in global investment climate. In US, the prevailing highest tax rate is 39.6% and Trump plans to consolidate the prevailing seven tax brackets into three – 12%, 25% and 33%. Hence, it goes without saying that the developing countries and emerging markets will have to fine tune their tax levies to ensure that the investing environment does not take a back seat. Coming back to the budget in India and going by the finance minister’s discourse of less cash economy, it would not be far-fetched to expect provisions that would discourage cash withdrawals and payments. Needless to say, the budget may revise current limit of cash expenses and insert new provisions for income, expenditure and donations, etc undertaken in cash. 

On the other hand, Finance Minister is likely to revise the basic exemption limit for individual tax payers (below the age of 60) to Rs 4 lakh from the prevailing Rs 2.5 lakh and revise subsequent slabs further. Deduction under section 80C may be extended to Rs 2 lakh from the existing Rs 1.5 lakh in a bid to boost savings. As promised, the finance minister may also start cutting down corporate tax rate from 30% by 1%-2%, to reach at 25% in next few years. But the key thing to watch in the budget would be the rationalization of the Minimum Alternative Tax. With the phasing out of incentives and rationalization of corporate tax rates, the lumbering impact of MAT should also be steadily slashed from the prevailing level of 18.5% to a rate corresponding to the reduction of tax rates and phasing out of tax exemptions and incentives. The MAT credit is recommended to be allowed as carried forward and set-off without any time frame. From an investment and stock market perspective, there is widespread speculation that the budget may introduce new rules for taxing long term capital gains from stock investments.


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 Currently, there is no tax implication for gains made from stocks that have been held for a year, but this minimum holding period, may be raised to two or three years. There is also no limit on the tax-free gains, which might be capped at a high amount. Currently, there is a 15% tax on stocks sold within a year which may be raised to 20%. Overall, post demonetisation and cascading interest rates on deposits signaling a low-interest regime, that has an impact on retired and senior citizens, the budget may shield them by enacting a provision to provide them with assured rate of 7.5-8% per annum for those over 65 years age. The Indian Tax Laws are shifting to a more advanced tax system, putting more burden on taxpayers for various compliance including getting credit for tax paid in the form TDS etc.

 Having said that, the provisions of GAAR may be deferred for a couple of years, as there are ample anti-avoidance provisions, already exists in the Act. Among the indirect proposals that could emerge from the budget would include raising service tax to 16-18% at par with GST from the prevailing 15% as also raising basic exemption limit for levying service tax to Rs 20 lakh from the current level of Rs 10 lakh per annum. Value-added tax/CST for manufacturing too would be raised to 15-18% from current 13.5% in sync with GST provisions. Other sops expected would include reduction of service tax rate on real estate to enable affordable house as also fresh exemptions for new start-ups to promote make in India along with increase in exemption of service tax application on online transactions or cashless transactions

Sensex, Nifty end lower; banks & IT drag, metals gain

Hindalco, BHEL, GAIL, Cipla and Lupin are top gainers while ICICI Bank, Ports, Bharti Airtel and ITC are losers in the Sensex 43.90 points or 0.6 percent at 7805.90. About 1291 shares have advanced, 1313 shares declined, and 115 shares are unchanged. GAIL, Hindalco, BHEL, Maruti and Hero MotoCorp were gainers while ICICI Bank, Bharti Airtel, Adani Ports and SBI were losers in the Sensex.The pace of earnings downgrades in emerging markets has slowed down, say  Co-CEO and Head - Institutional Equities, IDFC Securities. 

 Damania said he expects inflows from both overseas and local retail investors to continue, something that he said would support stocks.

He also discussed many stock and sector strategies, saying his top picks were Infosys   Motor is likely to jump 18 percent to Rs 107 crore in January-March quarter from Rs 90.5 crore in corresponding quarter last fiscal. According to a poll, the two-wheeler manufacturer may see 12 percent revenue growth at Rs 2743.1 crore in Q4FY16 against Rs 2456.8 crore year-on-year.

During the period, EBITDA may rise 29 percent at Rs 193 crore compared to Rs 150 crore in year-ago period. Operating profit margin may also rise 7.1 percent from 6.1 percent year-on-year.Indian-origin  has confirmed that it will be submitting its bid for Tata Steel's loss-making

 UK businesses by tomorrow, according to a media report.The commodities trading firm, which emerged as an early front-runner for Wales-based Port Talbot steelworks, had said last week that its team was evaluating the bid."We can confirm that Liberty will submit a letter of intent to Tata Steel  and has put in place a strong internal transaction team and panel of leading external advisers to take the bid forward," a Liberty House spokesperson was quoted as saying by 'The Financial Times'.

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Sensex, Nifty maintain uptrend; BHEL, HUL, L&T up 1-4% 

  BHEL, HUL, Tata Steel, Adani Ports and L&T are top gainers while Bharti Airtel, NTPC, Dr Reddy's Labs, Bajaj Auto and GAIL are losers in the Sensex. India's economy lost momentum in the final three months of 2016 after Prime Minister Narendra Modi's ban on high-value notes hurt consumption and businesses but it is set to pick up this quarter, a Reuters poll found. Having posted growth of above 7 percent for six consecutive quarters, India's gross domestic product is expected to have expanded just 6.5 percent in the October-December quarter - the weakest in nearly three years. 

The poll also suggested growth would remain below 7 percent in the first quarter of 2017, at 6.9 percent. India's GDP for the fiscal year to March 2017 is expected to grow 6.9 percent, according to the poll of over 20 economists. That is higher than the International Monetary Fund's estimate of 6.6 percent. The business environment in the realty sector will rebound in three to six months after being hit hard by demonetisation, according to Sameer Baisiwala, Executive Director of financial services firm said realty prices had remained more intact in Tier-1 cities as compared to Tier-2 and Tier-3 cities. He said it would be advisable to stick to established names in the sector such . On the pharmaceutical industry, Baisiwala said that he is constructive on the sector, with valuations down 15-20 percent largely due to weakness in the US business, where the generic sector had not fared well and drugs worth USD 70-80 billion were set to go off-patent soon. Don't miss: Buy, sell, hold: 2 midcaps, 1 large cap to watch out today The market continues to maintain uptrend with the Nifty hovering aroud 8450. The 50-share index is up 44.25 points or 0.5 percent at 8442.25 while the Sensex is up 125.15 points or 0.5 percent at 27360.81. 

 BHEL, HUL, Tata Steel, Adani Ports and L&T are top gainers while Bharti Airtel, NTPC, Auto and GAIL are losers in the Sensex. Gold prices hovered below eight-week highs hit in the previous session as uncertainty over US President-elect Donald Trump's economic plans and his  on strong greenback caused the dollar to decline. In an article in the Wall Street Journal late Monday, Trump said the strength of the US dollar against China's yuan "is killing us". Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said on  in a decisive speech that set a course for a clean break with the world's largest trading.

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Panacea Biotec up 13% on US FDA nod for migraine drug 

US FDA gave a clearance to the company's drug which is used to treat symptoms due to migraine. | Shares of Panacea Biotec zoomed over 13 percent intraday on Wednesday as the company received the US drug regulator’s nod for a drug. The company got the US Food and Drug Administration’s (FDA) approval for Rizatripan Bonzoate tablet, which is used to treat symptoms due to migraine. The stock has seen a good upside, with an upward movement of over 16% in the last month. Late in December, the scrip had seen a 10% intraday jump on the back of a vaccine roll out which is used in primary immunisation and as a booster dose against diphtheria, tetanus, among others. Panacea Biotec was quoting at Rs 141.00, up Rs 15.30, or 12.17 percent, on the BSE. It touched an intraday high of Rs 143.60 and an intraday low of Rs 134.20.


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GST may hike clean energy costs; power min pushes for exemption

Power ministry has sought `deemed export’ status for renewable energy projects to cushion GST’s inflationary impact on solar and wind power plant.Renewable energy tariffs could rise by up to 50 paise a unit under goods and services tax (GST), a concern that has prompted the power ministry to push for the sector to be kept out of the new tax system as an interim measure. In a presentation to the finance minister 

 GST Council on representatives from the power ministry said that the capital expenditure for the renewable energy sector could rise by 10-12 percent in the GST regime. Currently, there is no central excise duty on equipment used for solar and renewable power plants. States also charge a concessional value added tax (VAT) ranging from 0 to 5 percent. Besides, a central sales tax of two percent is levied on such equipment. GST will consolidate all these taxes into a single levy. The GST council has agreed on a four-slab structure –5, 12, 18 and 28 percent—along with a cess on luxury and `sin’ goods such as tobacco. A bureaucrats’ panel (of states and the Centre ) is working towards classifying the goods and services according to this slab structure. 

There is a possibility that renewable power equipment could attract a GST rate of 18 percent. “Any impact of taxes paid on procurements used in renewable energy sector would have a direct impact on cost of renewable energy,” the ministry of renewable energy said in a study “Implications of GST on delivered cost of renewable energy”. “Basis information available in the public domain on levy of GST, it appears that taxes on procurements for renewable energy sector would go up, which would lead to increase in cost of renewable energy (resulting in negative impact for the sector),” the study said. Experts said that the government should provide a tax “pass through” for solar power project bidders. A 'pass-through' status, in this context, would imply that the project developer is exempt from paying taxes. “For ongoing bids, government is saying that it will be a pass through for the bidder. Government also has to clarify what happens to projects that are awarded but under construction,” Debasish Mishra, partner a

The power ministry has pitched for a `deemed export’ status to offset a potential inflationary impact. A deemed export status would mean that goods and services supplies to renewable, energy plants would be exempt from GST. Alternatively, power ministry is pushing for `zero-rated’ status, implying that equipment and services for renewable energy plants should be kept outside GST as an interim measure. Both deemed status and zero-rating would also ensure input tax credit for such products and services. The ministry said that higher electricity tariffs due to GST could have a multiplier effect on the economy as it would be difficult for power producers to pass on the tariff hike to agriculture and domestic consumers. Apart from having an adverse impact on export competitiveness of products, the hike would negatively impact factory

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Volatile but Midcap, Smallcap outperform;

 IT stocks fall Benchmark indices remained rangebound in morning with the Nifty hovering around 8250 level as all eyes are on quarterly earnings that will kick start this week with Infosys, TCS and IndusInd Bank. Benchmark indices were flat with a negative bias. The 30-share BSE Sensex was down 25.47 points to 26733.76 and the 50-share NSE Nifty fell 6.35 points to 8237.45. About 1314 shares advanced against 905 declining shares on the BSE.Economic growth outlook: 

The decline in gross domestic product (GDP) for the second half of the year is likely to be more stark than government estimates, says Tanvee Gupta Jain, India Economist Research at Macquarie Capital Securities. Macquarie estimates 6 percent growth against the 6.7 percent estimate by the CSO for the second half of the current financial year. The advance estimate for GDP for the fiscal year 2017 released on Friday shows India's growth is set to slow down to 7.1 percent in this financial year but this does not include the impact of demonetisation. Keeping in mind the uncertainty due to the cash crunch, Macquarie's gross value added (GVA) estimate for the current year is 6.6 percent and for GDP is 6.8 percent at market price. Macquarie is optimistic for financial year 2018 and estimates GVA at 7.4 percent and GDP at 7.5 percent. 1

 Hyderabad-based healthcare company Granules India shares plunged 13 percent intraday after the company received inspection report with 11 observations from Portugal regulator for Gagillapur facility. INFARMED (Instituto Nacional da Farmacia E Do Medicamento) Portugal had conducted a renewal inspection on the company's facility that manufactures pharmaceutical formulation intermediates & finished dosages The company said it had initiated steps to address observations of the inspection agency and will submit its response with a corrective and preventive action plan within stipulated time. Granules will also be requesting the INFARMED for re-inspection of Gagillapur facility at the earliest.stocks that analysts are watching out today

 Benchmark indices remained rangebound in morning with the Nifty hovering around 8250 level as all eyes are on quarterly earnings that will kick start this week with Infosys, TCS and IndusInd Bank. The 30-share BSE Sensex was down 19.82 points at 26739.41 and the 50-share NSE Nifty fell 4.85 points to 8238.95 while the broader markets outperformed benchmarks. The BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth. About two shares advanced for every share falling on the BSE. Technology stocks decline further after losing 3 percent last week after the re-introduction of H1B Visa Reform Bill in the US Congress. Infosys, Wipro, HCL Technologies and TCS were down 0.4-1 percent. Dr Reddy's Labs was the biggest loser among Sensex 30 stocks, down 2.5 percent followed by Tata Motors, Asian Paints and Mahindra & Mahindra while ITC, HDFC Bank, Adani Ports, Reliance Industries, SBI and Hero Motocorp continued to support the market.

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Nifty struggles below 8250; ONGC, 

India losers BHEL, Tata Motors, ITC, Maruti and Bajaj Auto are top gainers while Dr Reddy's, ONGC, Coal India, NTPC and are losers in the Sensex  may be witnessing selling from foreign institutional investors, but domestic institutional investors will continue to remain strong, says Hemant Kanawala, Head of Equity at Kotak Mahindra Life Insurance. So he expects no downside to the markets. Due to lack of any major triggers other than the Budget in the near-future, he does not see an upside to the market as well. Nifty, he feels, may continue range bound around 8,000 level. 

Although the GDP numbers may come out in late February, the impact will become apparent sooner as companies come out with their earnings, says Kanawala.  Valuation in the information technology sector is favourable but challenges in terms of earnings and uncertainty on Trump’s policies make them good picks only on bad days, says Nischal Maheshwari, Head - Institutional Equities at Edelweiss Securities. Maheshwari, however, feels risks in the pharmaceuticals sector may not be fully priced in. Most large cap companies have significantly scaled up businesses and are now struggling on compliance issues with US Food and Drug Administration, which could be a long-drawn pain, he says. He expects decent corporate earnings growth this quarter. Topline growth of around 9 percent is likely to be driven by metals and PSU banks, largely due to base effect more than return in growth, he says. Don't miss: Buy, sell, hold: 11 stocks that analysts are watching out today The market is still in red with the Sensex down 16.35 points at 26742.88.

 The Nifty is down 3.80 points at 8240. About 1486 shares have advanced, 1074 shares declined, and 400 shares are unchanged. BHEL, Tata Motors, ITC,  Maruti and Bajaj Auto are top gainers while Dr Reddy's, ONGC, Coal India, NTPC and M&M are losers in the Sensex. Investors are looking beyond the demonetisation impact now. There may be a lot of volatility and a hightened level of sensitivity, but in the long-term, the foreign institutional investors continue to remain positve on India, says the Chief Executive Officer of Deutsche Bank India, Ravneet Gill. Developed markets may no longer continue to outperform the emerging markets, says Gill. The rupee too, continues to perform better than other emerging market currencies, he adds. Current fiscal may see a Gross Domestic Product less than the pre-demonetisation estimates of 7.1 percent, says Pratik Gupta, Head, Equities of Deutsche Bank India who is expecting a strong recovery. The GDP is expected to grow 7.5 percent in financial year 2018.

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Sensex, Nifty, Midcap higher; Reliance, Tata Motors, ICICI lead

 Equity benchmarks as well as broader markets continued to hold early gains with the Sensex rising over 100 points, led by oil, banks and auto stock.Benchmark indices remained higher with the Sensex rising 126.57 points to 26853.12 and the Nifty climbing 35.80 points to 8271.85. About two shares advanced for every share falling on the. Fitch on Jubilant Pharma: Fitch Ratings says it expects Jubilant Pharma's credit profile to benefit from new long-term contracts for its radio pharma business with leading US distributors. Jubilant Pharma is a wholly-owned subsidiary of Jubilant Life

The contracts, which were signed by its wholly owned subsidiary, Jubilant DraxImage Inc., are effective for 39 months from January 2017 and involve nuclear pharmaceutical products used for various diagnostic and therapeutic procedures for thyroid, myocardial perfusion, lung, kidney and bone scans. JPL's radio pharma business - a key constituent of its speciality pharma portfolio - has a good market position in the US with a niche product portfolio. The company has limited competition for many of its radio pharma products, which is reflected in the length of the supply contracts. Fitch believes the contracts' long tenure supports the company's earnings visibility and credit profile. Buzzing


Share price of Ajanta Pharma gained 2.5 percent intraday on USFDA approval for Duloxetine hydrochloride delayed release capsules. Duloxetine is an bioequivalet generic version of Cymbalta delayed release capsules and part of an ever growing portfolio of products that the company has developed for the US market. The company will launch the product shortly in 3 strengths, 20 mg, 30 mg and 60 mg strengths capsules. The company has 32 abbreviated new drug application (ANDA) of which it has 17 final ANDA approvals, 2 tentative approvals and 13 ANDAs under review with USFDA.  - 

Buy, sell, hold: 21 large & midcap stocks to boost portfolio  Equity benchmarks as well as broader markets continued to hold early gains with the Sensex rising over 100 points, led by oil, banks and auto stocks. The 30-share BSE Sensex was up 126.06 points at 26852.61 and the 50-share NSE Nifty rose 39.40 points to 8275.45 while the BSE Midcap and Smallcap indices gained half a percent each. The market breadth was positive as about two shares advanced for every share falling on the exchange. Surendra Goyal of Citi says the market is likely to be rangebound till some clarity emerges. He maintains September 2017 target of 30,000 on the Sensex. Reliance Industries, Tata Motors, ICICI Bank, ONGC, Adani Ports and Tata Steel gained more than 1 percent whereas Axis Bank, TCS, Sun Pharma and Bharti Airtel were moderately lower-family

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Sensex, Nifty maintain momentum;

 Bharti, Sun Pharma drag Tata Motors, Tata Steel, GAIL, Asian Paints and BHEL are top gainers while Axis Bank, Hero MotoCorp, Bahrti, Sun Pharma and Dr Reddy's are losers in the Sensex Direct tax compliance has been slowly rising in the country. With this gradual increase, the government is likely to provide income tax rebates, says S Naren, Chief Investment Officer of ICICI Prudential AMC. Market inflows in January 2017 has been much better compared to December 2016, says Nimesh Shah, Managing Directot and Chief Executive Officer at ICICI Prudential AMC.

 The market, although, has seen stable inflows since May 2014. He says flows will continue to remain stable in the domestic market. Naren likes the telecom space due to the current valuations for long-term. He also likes power industry, where he expects a 5-7 percent increase in power consumption in India every year. Earnings: Private sector lender IndusInd Bank 's third quarter (October-December) profit is seen rising 24 percent year-on-year to Rs 720.5 crore, according to average of estimates of analysts polled 

 Net interest income, the difference between interest earned and interest expended, is expected to increase 28.1 percent to Rs 1,502.6 crore in Q3FY17 compared with Rs 1,173 crore in same quarter last year. Key things to watch out for would be loan growth, net interest margin, non-performing assets and credit cost. Private sector lender IndusInd Bank 's third quarter (October-December) profit is seen rising 24 percent year-on-year to Rs 720.5 crore, according to average of estimates of analysts polled by Net interest income, the difference between interest earned and interest expended, is expected to increase 28.1 percent to Rs 1,502.6 crore in Q3FY17 compared with Rs 1,173 crore in same quarter last year. Key things to watch out for would be loan growth, net interest margin, non-performing assets and credit cost. 

The market is still gaining with the Sensex up 101.77 points or 0.4 percent at 26828.32. The Nifty is up 27.75 points or 0.3 percent at 8263.80. About 1471 shares have advanced, 818 shares declined, and 367 shares are unchanged. Tata Motors, Tata Steel, GAIL, Asian Paints and BHEL are top gainers while Axis Bank, Hero MotoCorp, Bahrti, Sun Pharma and Dr Reddy's are losers in the Sensex. Domestic passenger vehicle sales declined by 1.36 per cent to 2,27,824 units in December 2016, from 2,30,959 units in the same month a year ago. Domestic car sales were down 8.14 per cent at 1,58,617 units last month as against 1,72,671 units in December 2015, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Vehicle sales across categories registered a decline of 18.66 percent at 12,21,929 units, from 15,02,314 units in December 2015, it addedsun-pharma

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Nifty hovers around 8150.....!

 Sensex weak; ICICI, Bajaj Auto decline Equity benchmarks continued to reel under selling pressure in noon, dragged by banking & financials and FMCG stocks. Oil, telecom, infra and pharma stocks outperformed. Market Update: Benchmark indices remained under pressure in afternoon trade. The Sensex declined 97.15 points to 26529.31 and the Nifty fell 25.85 points to 8159.95. About 1572 shares advanced against 853 declining shares on the BSE. Auto sales: : Mahindra & 

Mahindra announced its auto sales performance for December 2016 which stood at 36,363 vehicles compared to 37,915 vehicles during December 2015. The passenger vehicles segment (which includes UVs, cars and vans) sold 16,698 vehicles in December 2016 as against 18,197 vehicles during December 2015. The company’s domestic sales stood at 34,310 vehicles during December 2016, as against 34,839 vehicles during December 2015. Exports for December 2016 stood at 2,053 vehicles. For the nine months period ending December 31, 2016, the company sold 3,68,577 vehicles, against 3,53,589 vehicles for the same period last year, representing a growth of 4%. Market Expert: 

The current year is looking tougher for the market, Atul Suri of Rare Enterprises said adding that 7900-8000 will be the most crucial levels for the market. If 7900 breaks, Nifty could test levels of 7500. Full recovery in market can happen only from 8600. “Make or break for this market will be banking index,” Suri said. However, the sector is not showing much buoyancy or leadership in current times. Market trends are determined by the foreign flows and not domestic flows. DIIs will continue to grow via the systematic investment plan (SIP) on back of structural changes.USFDA nod: Drug firm Lupin has received final approval from the US health regulator to market cevimeline hydrochloride capsules, used for treatment of symptoms of dry mouth in patients with Sjogren's syndrome, in the US market. The company has received final approval from the United States Food and Drug Administration (USFDA) to market its cevimeline hydrochloride capsules 30 mg, Lupin said in a filing to BSE today. 

The company's product is a generic version of Daiichi Sankyo Inc's Evoxac capsules, it added. The company further said that it will commence promoting the product immediately. Evoxac capsules had US sales of USD 40.8 million as per IMS MAT September 2016 data, it added. Also read - Buy, sell, hold: How to trade 5 auto & bank stocks?  Market Check Equity benchmarks continued to reel under selling pressure in noon, dragged by banking & 

Financials and FMCG  stocks. Oil, telecom, infra and pharma stocks outperformed. The 30-share BSE Sensex was down 128.24 points at 26498.22 and the 50-share NSE Nifty fell 35.60 points to 8150.20 while the broader markets continued to outperform benchmarks. The BSE Midcap index gained 0.2 percent and Smallcap was up 0.6 percent on positive breadth. About 1499 shares advanced against 809 declining shares on the exchange. HDFC was the biggest loser among Sensex 30 stocks, down 3.5 percent followed by SBI, ICICI Bank and Bajaj Auto with 2 percent loss. However, Reliance Industries, Lupin, Bharti Airtel, Sun Pharma, Dr Reddy's Labs and Maruti continued to support the market.

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