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Post-Budget
Sensex touches 17,000 mark
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Investors richer by Rs 2.41 lakh crore
Praful favours service tax rollback on air travel
30 firms to take part in PTU job fest
Audi, Merc sales rev up
Economy still needs stimulus:
FM Nissan recalls nearly 5.4 lakh vehicles
Sanjay Kapoor is Airtel CEO
LIC branch for Singapore
Bhushan Steel premises raided
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FIIs back in action
Invest Rs 3,588 crore in just three days
New Delhi, March 3 In last two trading sessions, foreign fund houses have bought shares worth Rs 2,629.10 crore, the latest data with the Securities and Exchange Board of India shows. With today's shopping, net inflow from foreign fund firms in the Indian stock market so far in 2010 is Rs 4,304.67 crore. Last month, foreign funds invested Rs 1,216 crore in the Indian equities, reversing the pull out trend of the first month of the year. In January, the FIIs had pulled out a net of Rs 500.3 crore from domestic stock markets, turning net seller for the first time since February, 2008. Till mid-February this year, the FIIs were throughout selling Indian stocks. Today's the FII buying also helped the BSE benchmark Sensex to close above the psychological 17,000-mark, a level not seen since January 21, netting a gain of 227.45 points or 1.36 per cent at 17,000.01 points. "The rally triggered by the Budget has continued today as well. The market is depicting strength and rally is expected to continue on the back buying by the FIIs," Bonanza Portfolio AVP Research Equity Avinash Gupta said.
— PTI |
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Sensex touches 17,000 mark
Mumbai: Extending post-budget gains for the third-day today, the Sensex breached the 17,000 mark led by heavyweights like Reliance Industries, Tata Power and JP Associates showing smart gains. The benchmark index closed 227.45 points higher at 17,000. In the broader markets the Nifty closed 71 points higher at 5,088.
After lagging behind for the past several sessions, RIL caught up amidst reports that the company had failed in its bid to acquire Lyondell Bassel. The country’s biggest company gained nearly four per cent to close at 1021.95. Other gainers included Jaiprakash Associates which closed 6.14 per cent higher, Tata Power Company - up 5.08 per cent, NTPC — up 2.27 per cent, Mahindra & Mahindra — up 2.11 per cent and DLF - up 2.05 per cent. However, major losers included ONGC — down 1.15 per cent, Maruti Suzuki India — down 0.83 per cent, L&T — down 0.39 per cent.
— TNS |
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Investors richer by Rs 2.41 lakh crore
Mumbai, March 3 The total wealth, measured in terms of cumulative market capitalisation of all listed companies on the Bombay Stock Exchange, has surged to a high of Rs 60,74,290.48 crore, the latest data available with the bourse shows. The investors' kitty has expanded by over Rs 2.41 lakh crore in the past three trading sessions as the Budget sent the markets on an upward tizzy. At the end of trade on Thursday last--one day before the Budget--the m-cap of all companies listed on the BSE was Rs 58,32,806.65 crore. The benchmark Sensex today gained 227 points to close at 17,000. "The positve effects of the Budget is overweighing the currrent negative global cues. This is pushing the market upwards," Angel Broking chairman Dinesh Thakkar said. The combined market cap of 30-Sensex stocks rose to Rs 25,47,669 crore at the end of today's trade, from Rs 24,47,453 crore on February 25. The m-cap of the country's most valued firm Reliance stood at Rs 3.34 lakh crore crore, followed by ONGC with a market cap of Rs 2.35 lakh crore, NMDC (Rs 1.71 lakh crore), NTPC (Rs 1.70 lakh crore) and MMTC (Rs 1.69 lakh crore). — PTI
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Praful favours service tax rollback on air travel
Hyderabad, March 3 “The Ministry of Civil Aviation will request the Finance Minister for a complete rollback of service tax,” Patel said at the India Aviation Week, 2010, organised by the Ministry of Civil Aviation and
Ficci. The five-day exhibition and conference of international aviation was completely overshadowed by the tragic incident of a naval aircraft crashing, shifting the focus to the unfortunate incident. A visibly somber Patel insisted that the decision to ask for the rollback on the Budget decision on sales tax on economy class was nowhere linked to politics but plain market economics.
“The aviation industry is pulling out of the troubled times. Sales tax is a new component on domestic travel that should be done away with,” Patel said, addressing
mediapersons. He added that he would take up the issue with the Finance Minister and hopefully Pranab Mukherjee would respond favourably to the Civil Aviation Ministry’s representation. In the Budget presented on February 26, domestic travel was also brought under the service tax bracket. The memorandum explaining provisions of the 2010-11 Finance Bill stated: “The scope of air passenger transport service is being expanded to include domestic and international journeys in any class.” In other words, it meant that air travel in all classes, even the economy class, will now come under the service tax umbrella which could result in 10 per cent increase in airfare as currently the service tax is levied at 10 per cent. An additional three per cent is imposed on this 10 per cent as education
cess. However, it is a burden that the airline sector, grappling with high operational costs and economic downturn, can barely absorb at this point of time. Prior to Budget proposal, as far as air travel was concerned, service tax was imposed only on international travel on First and Business classes. Meanwhile, the Civil Aviation Minister said the last quarter of 2009 and the early 2010 had shown good projections for the industry, an indication that the worst was perhaps over for the industry that saw severe economic downturn in the past two years. “2010 is the year of cautious optimism. By the end of 2011, India would be on the strong way to recovery,” he said. Painting an extremely positive picture of the aviation industry in the times to come, Patel said India would need at least 400 airports and 3,000 aircrafts in next 10 years to keep pace with the growing demand. |
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30 firms to take part in PTU job fest
Jalandhar, March 3 The Punjab chapter of the CII had recently signed an MoU with PTU in this regard. “Obviously, this is our first attempt”, said Gunbir Singh, president of the Punjab chapter of the CII. “We are hopeful that it will be successful”, he said. After making an assessment, the CII had stated that there was a need of lakhs of skilled workers to the industry in this region. Besides it, the industry also need qualified professionals, including engineers and managers. With the implementation of the National Rural Employment Guarantee Scheme across the country, the flow of labour to Punjab from labour surplus states such as Uttar Pradesh, Bihar, Orissa has gone down drastically. The industry has now started preferring Punjab youth for employment. The CII has asked PTU to provide skilled manpower and qualified professionals to the industry in Punjab. “There is a huge shortage of skilled labour and professionals in the industry”, said Gunbir Singh, who has taken the initiative to get the survey conducted with regard to the industry’s requirement regarding manpower and later to get the MoU signed with the PTU in this regard.
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Audi, Merc sales rev up
New Delhi, March 3 Audi India reported an over two-fold jump in its February sales at 252 units over the same period last year. Similarly, Mercedes Benz said in the first two months of this year there was a cumulative growth of 157 per cent in its sales. The cumulative sales of Mercedes Benz in January-February period this year has shown a growth of 157 per cent, the company is hopeful of achieving double digit growth figures this year, Mercedes Benz director (sales and marketing) Debashis Mitra said. The combined sales of January-February this year is 842 units with 439 cars being sold during February, he added. During the period last year it was 328 units. In 2009 calendar year, Mercedes had sold 3,250 units against 3,650 in 2008. There was a fall in sales last year as the E-series was not available since it was undergoing a facelift. E-series, which has contributed to 40 per cent growth, is back in the portfolio. Audi India said it had sold 252 units in February against 113 units in the same period last year. The company's luxury sedans A4 and A6 performed well during February, a statement said.
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Economy still needs stimulus: FM New Delhi, March 3 “Recovery continues to be driven by government stimulus spending, and is not completely broad-based,” Mukherjee told a CII function. Budget 2011 raised excise duty by two per cent to 10 per cent, to partially rollback stimulus measures. The government had cut excise duty by 6 per cent, besides service tax by 2 per cent to provide stimulus to the economy hit by the global financial crisis. The Finance Minister said his objective was not to withdraw the stimulus measures fully until the fruits of economic growth is spread to all sectors of the economy and to all sections of society. “It is his intention to facilitate the spread of growth into all sectors of the economy and all sections of society...Therefore, I have placed growth at the centre of the Budget,” Mukherjee said, adding “the rollback of stimulus has only been partly carried out in the matter of excise duty by two per cent which is still lower than the pre-stimulus rate.” Economic growth has slipped to 6 per cent in the third-quarter of this fiscal from 7.9 per cent in the preceding three months. The Finance Minister exuded confidence that in the fourth quarter, economic growth will pick up again. He also expressed optimism that the economy will clock 8 to 8.5 per cent growth next fiscal. — PTI
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Nissan recalls nearly 5.4 lakh vehicles Tokyo, March 3 Nissan, Japan’s third-largest carmaker and partnered with France’s Renault, said it plans “to inspect and, if necessary, repair brake pedal pins and fuel-gauge components on certain trucks and minivans.” “No accidents or injuries have been reported with these issues,” it added. The recalls also affect Canada, Mexico, the Middle East, Ukraine, Russia and Taiwan, Nissan North America said in a statement. — AFP
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Sanjay Kapoor is Airtel CEO
New Delhi, March 3 Bharti had in January said Kapoor, Bharti's deputy chief executive, would take over in April from Manoj Kohli, who would move to head its international business unit. The company also announced other senior level management elevations from April 1. Dr. Jai Menon, who is currently Group CIO, Bharti Enterprises and director - Technology and Customer Service, Bharti Airtel, will move to the Bharti group corporate office as Group Director - IT. As group director - IT, Jai will provide IT leadership for all businesses of Bharti Enterprises. |
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LIC branch for Singapore
Bathinda, March 3 LIC, Senior Divisional Manager (DM), Ludhiana SK Aggarwal today said as per the plan the LIC would open its new branch in Singapore during this calendar year. When asked about opening of more branches in other countries, he said there was no immediate such plan as opening of a new branch in any foreign country as it was a costly affair. Aggarwal said this after he formally launched LIC’s Wealth Plus, a unit linked insurance plan, for the LIC’s Bathinda office. |
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Bhushan Steel premises raided
New Delhi, March 3 Company officials did not confirm the raids. Sources said commercial premises of the company as well as residences of promoters were "raided" to investigate suspected tax evasion by the company. Altogether, 12 premises were "raided", they said, adding that details are awaited. The leading secondary steel manufacturing firm is promoted by Brij Bhushan Singhal.
— PTI |
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NMDC FPO on March 10 Bajaj Corp plans IPO Gold shines on global cues REC shares for
QIBs Uco Bank FPO
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New Delhi, March 3
