Samsung Group dismantles corporate strategy office

 Samsung, in a statement, said top group executives including Vice Chairman Choi Gee-sung and President Chang Choong-ki had resigned and that its affiliates would manage themselves independently through cooperation between individual firms' chief executives and the boards of directors.Samsung Group dismantles corporate strategy office South Korea's Samsung Group on Tuesday said it has dismantled its corporate strategy office, the nerve centre of operations for the sprawling conglomerate, following its chief's arrest amid a graft scandal that could bring down President Park Geun-hye. Samsung, in a statement, said top group executives including Vice Chairman Choi Gee-sung and President Chang Choong-ki had resigned and that its affiliates would manage themselves independently through cooperation between individual firms' chief executives and the boards of directors.

FPIs net inflow at Rs 14,600 cr in February 

Overseas investors have pumped in over Rs 14,600 crore into the Indian capital markets this month so far, enthused by clarity on FPI taxation. Overseas investors have pumped in over Rs 14,600 crore into the Indian capital markets this month so far, enthused by clarity on FPI taxation. The latest inflow followed a net pullout of Rs 80,310 crore from equity and debt together in the past four months (October-January). Prior to that, FPIs had invested over Rs 20,000 crore in the capital market in September 2016. According to depository data, foreign portfolio investors (FPIs) infused a net sum of Rs 9,359 crore in equities during February 1-23 and another Rs 5,279 crore in the debt segment, translating into a total inflow of Rs 14,638 crore. The net inflow may increase further as two trading sessions are still left in this month, experts believe. "After being net sellers in January 2017, FPIs pumped in funds post-Budget, especially after they received clarity on capital gains taxation as well as tax on indirect transfers," Vidya Bala Head Mutual Fund Research at Fundsindia.com said. "Also, the demonetisation fears did not reflect much in the earnings numbers which could also be one more reason for FPIs to repose faith in the Indian markets.

China FX regulator says strengthening supervision of forex mkt 

Chinese authorities have taken a raft of steps in recent months to curb capital flight from the country to support the weakening yuan currency, while trying to attract more foreign investment. China's FX regulator said on Monday that it will strengthen supervision of the foreign exchange market in 2017, while improving policy transparency and promoting the further opening of financial markets. Chinese authorities have taken a raft of steps in recent months to curb capital flight from the country to support the weakening yuan currency, while trying to attract more foreign investment. Pan Gonsheng, head of the State Administration of Foreign Exchange (SAFE) said that China's foreign exchange market is relatively stable and cross-border capital flows are becoming more balanced, according to a statement posted on its website. The SAFE recently uncovered a underground bank in the southern Chinese city of Shenzhen involving 50 billion yuan (USD 7.27 billion), and cases of firms' using fake documents and fake trade deals to transfer foreign exchange overseas. 

SoftBank set to invest more than $3 billion in WeWork

 The investment being discussed is a USD 2 billion primary tranche of funding, followed by a secondary round worth more than USD 1 billion. SoftBank may increase the size of the secondary investment to nearly USD 2 billion, the source said, for a total investment of nearly USD 4 billion in the shared space real estate startup. SoftBank is close to finalizing an investment in WeWork, a source close to the transaction tells CNBC. The deal is expected to be worth over USD 3 billion. The investment being discussed is a USD 2 billion primary tranche of funding, followed by a secondary round worth more than USD 1 billion. SoftBank may increase the size of the secondary investment to nearly USD 2 billion, the source said, for a total investment of nearly USD 4 billion in the shared space real estate startup. For WeWork insiders, there is a tender offer on the table at around USD 44.10 per internal share. If the deal closes, WeWork would be valued at more than USD 20 billion. 

Budget 2017: 7 new rail line projects sanctioned for 

Maharashtra Seven new lines, covering 3,123 kilometres and several other projects, have been sanctioned by the government for Maharashtra, in the Union Budget 2017-18 presented by finance minister Arun Jaitley. This year, the Railway Budget R Seven new lines, covering 3,123 kilometres and several other projects, have been sanctioned by the government for Maharashtra, in the Union Budget 2017-18 presented by finance minister Arun Jaitley. This year, the Railway Budget was incorporated in the general budget after a gap of over 90 years. According to officials, Maharashtra has got budgetary allocations to the tune of Rs 5,958 crores for upcoming fiscal years, which is 408% higher than the average allocation of last five years. Railway officials welcomed the budget, saying the allocations made for new projects were ‘unprecedented’ and ‘more than expected’. The Pink Book of the Railway Budget put up on the Ministry of Railways’ website, provides the detailed list of projects. 

Onion farmers get another train to transport bumper crop

 The new rake will further enhance the carrying capacity of onions by 30 percent and will be in addition to the existing three freight trains operated by Central Railways to carry the bulbs from Nashik. |  Railways have stepped in to quickly transport the bumper harvest of the famed red Nashik onions by operating an additional freight train from today. The new rake will further enhance the carrying capacity of onions by 30 percent and will be in addition to the existing three freight trains operated by Central Railways to carry the bulbs from Nashik. Onion farmers of Nashik, which produces almost 30 percent of the total onions produced in the country, have been staring at a loss as they have failed to recover cost of farming due to falling prices of the kitchen staple.

Infra firm Montecarlo plans to go public 

Its restructuring will involve a plan to create a separate entity for its real estate business while merging all its engineering, procurement and construction (EPC) operations into the parent company to simplify the company's structure. Infrastructure company, Montecarlo, is planning to restructure its business to get listed on BSE next year, reports Mint . Its restructuring will involve a plan to create a separate entity for its real estate business while merging all its engineering, procurement and construction (EPC) operations into the parent company to simplify the company's structure. 

EU asks India to extend by 6 months trade pact with EU nations 

A high-level European Parliament delegation, here to gauge India's views about the Trump administration and discuss various key issues concerning India-EU ties, also expressed concern over situation in Jammu and Kashmir and called for improvement in ties between India and Pakistan. |  The European Union today pressed India to extend by six months its bilateral investment pacts with several EU-member countries which are expiring soon, saying absence of the treaties could adversely impact trade ties and FTA talks. A high-level European Parliament delegation, here to gauge India's views about the Trump administration and discuss various key issues concerning India-EU ties, also expressed concern over situation in Jammu and Kashmir and called for improvement in ties between India and Pakistan. Chair of the EU delegation for relations with India Geoffrey Van Orden said EU wants New Delhi to renew the investment deals first to take forward the stalled FTA talks.

India to produce additional 20-mn tn coking coal in 3-4 years To reduce imports

 India will wash certain grades of coal to make available 20 million tonnes of coking coal in the next 3-4 years mainly for domestic steel industry's, Power Minister Piyush Goyal said today. India to produce additional 20-mn tn coking coal in 3-4 years To reduce imports, India will wash certain grades of coal to make available 20 million tonnes of coking coal in the next 3-4 years mainly for domestic steel industry's, Power Minister Piyush Goyal said today. "I am given to understand that there are certain grades of coal which, if washed, can be upgraded to coking coal. We are trying to get additional 20 million tonnes (of coking coal) within the next 3-4 years by processing this coal for domestic steel industry," Goyal, who is also Coal Minister, told reporters here. Criticising the earlier governments for doing precious little, he said, "It was Congress' lethargy to increase production in India and they did not have the confidence in the ability of our own people. They depended on foreign coal. Therefore, they permitted power plants to import coal.

Bharat Road Networks files IPO papers with Sebi 

The company is a road Build-operate-transfer company in India, focused on development, implementation, operation and maintenance of roads, highways projects. Bharat Road Networks files IPO papers with Sebi Bharat Road Network Ltd, a Srei initiative, today said it has filed draft papers with capital markets regulator Sebi to float a public issue. The initial public offer (IPO) consists of up to 29.30 lakh equity shares of face value of Rs 10 each, the Kolkata- based company said in a statement. 

It is important to grow a thick skin, says RBI Governor Patel 

 Reserve Bank of India Governor Urjit Patel said he was open to valid criticism. It is important to develop a thick skin and focus on the work at hand by shrugging off criticism, Reserve Bank of India (RBI) governor 

 “I think that it is important that one grows a thick skin fast in this business  RBI had to face the brunt of the criticism around the sudden demonetisation in November that set in motion the world’s largest currency recall exercise. “We have gone about our work, we had undertaken major challenges during these past few months and valid criticism is something that we are open for and we take it in the spirit in which it is given and try to improve ourselves," Patel said. "But, everyone also agrees that not only the RBI, but the wider banking system has done a Herculean job over the last few months and over this period when there were many challenges. That is also important to keep in mind given the scope of the challenge, how far people worked to get over them,” he said.

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GST Council to finalise draft model GST law tomorrow

 The GST Council, which is meeting tomorrow, is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers. GST Council to finalise draft model GST law tomorrow The GST Council, which is meeting tomorrow, is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers. The Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, is also likely to finalise the definition of 'agriculture' and 'agriculturist' as well as constitution of a 'National Goods and Services Tax Appellate Tribunal' to adjudicate disputes. The Law Ministry has sent the approved language and draft of the model GST Law, which outlines how the new national sales tax will be levied on goods and services. The law ministry-approved draft and the language have been discussed today by the Council's sub-committee comprising central and state officials

Govt to act against cos creating artificial shortage of stents 

 Government today said it is keeping a close watch on some companies trying to create an artificial shortage of life-saving coronary stents and stringent action will taken against those engaging in unethical practices. Govt to act against cos creating artificial shortage of stents Government today said it is keeping a close watch on some companies trying to create an artificial shortage of life-saving coronary stents and stringent action will taken against those engaging in unethical practices. There are reports of shortages of stents in hospitals after the government reduced their prices by up to 85 percent by capping rates of bare metal stents at Rs 7,260 and drug- eluting ones at Rs 29,600  National Pharmaceutical Pricing Authority (NPPA), Drug Controller General India (DCGI) as well as Health Ministry have been asked to ensure compliance of price capping and adequate availability of coronary stents in the market at the earliest. "We are keeping an eye on all those who are engaging in unethical practices such as creating artificial shortage of stents, not abiding by the fixed ceiling price etc, against whom strict action will be taken,"

No major impact on Indian banks in UK post-Brexit:

SBI UK chief There will be no major impact on Indian banking operations in the UK post-Brexit and the British capital will continue to be the global "financial hub", according to the UK chief of State Bank of India. No major impact on Indian banks in UK post-Brexit:SBI UK chief There will be no major impact on Indian banking operations in the UK post-Brexit and the British capital will continue to be the global "financial hub", according to the UK chief of State Bank of India . Sanjiv Chadha, the SBI's Regional Head for the UK and chair of the Association of Indian Banks in the country, said that Indian banks in the UK are set for a new phase of growth as they prepare to expand operations into subsidiaries. In reference to Brexit, the banking chief said he did not foresee a major impact on Indian banking operations in the UK and believed that London would continue to be the global "financial hub". "Indian banks have always followed the diaspora and just as the diaspora has transformed and grown, the Indian banks are also being asked to subsidiarise as we have also grown," Chadha said yesterday while addressing a special event here organised to celebrate the contribution of Indian banks by the Asian Business Publications Limited (ABPL) media house. 

Normalcy in currency operations restored:

 Jaitley Finance Minister Arun Jaitley today said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation and there is no shortage of notes in market. Normalcy in currency operations restored: Jaitley Finance Minister Arun Jaitley today said normalcy has been restored within few weeks of the unprecedented decision to recall 86 percent of the currency in circulation and there is no shortage of notes in market. Currency note printing presses of Reserve Bank of India as well as Security Printing and Minting Corporation of India Ltd (SPMCIL) have worked without a break to remonetise by issuing new bank notes, he said. Speaking at the 11th Foundation Day function of SPMCIL here, he said the easiest task during demonetisation was to pass comments and make snide remarks. "But the toughest work is to implement it. This is perhaps the biggest demonetisation drive in the world that was aimed at striking at the very root of corruption, black money and counterfeit currency," he said. Stating that people often commented that it may take up to one year or at least seven months to restore normalcy, he said the task has been achieved within few weeks. "Normalcy has been restored within few weeks and there is no shortage (of bank notes) in market for even a day," he said. 

US, Indian govts talking on making F-16 in India:

 Lockheed "The conversation has progressed to the point that we are deferring at this point to the government-to-government conversation. And that conversation is ongoing," a top company official told reporters at Aero India 2017 air show here. US, Indian govts talking on making F-16 in India: Lockheed American defence major Lockheed Martin today said discussions are currently taking place between the US and Indian governments on the company's plans to set up manufacturing base for F-16 fighter jets in India. "The conversation has progressed to the point that we are deferring at this point to the government-to-government conversation. And that conversation is ongoing," a top company official told reporters at Aero India 2017 

Gold futures up by Rs 91 on firm global cues 

 At the Multi Commodity Exchange, gold for delivery in April rose by Rs 91, or 0.31 percent, to Rs 29,234 per 10 grams, in a business turnover of 266 lots. Gold futures up by Rs 91 on firm global cues Gold prices rose by Rs 91 to Rs 29,234 per 10 grams in futures trading today as speculators enlarged their positions amid a firming trend overseas. At the Multi Commodity Exchange, gold for delivery in April rose by Rs 91, or 0.31 percent, to Rs 29,234 per 10 grams, in a business turnover of 266 lots. Similarly, the yellow metal for delivery in far-month June was trading higher by Rs 86, or 0.29 percent, to Rs 29,300 per 10 grams in two lots. Analysts said widening of bets by speculators in sync with a firming trend in the global markets as weakness in the dollar raised appeal of the precious metals, influenced gold futures. Globally, gold rose as much as 0.11 percent to USD 1,234.50 an ounce in Singapore.

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Thailand keen to work with India on FTA Thailand Deputy 

Prime Minister Somkid Jatusripitak said, "We really want to work with Indian government to have free trade agreement (FTA) together even though we had some obstacles in the past but I think we can keep that off." Thailand keen to work with India on FTA Thailand wants to work with India for conclusion of negotiations for the comprehensive free trade agreement which aims to promote economic cooperation between the two nations. Thailand Deputy Prime Minister Somkid Jatusripitak said, "We really want to work with Indian government to have free trade agreement (FTA) together even though we had some obstacles in the past but I think we can keep that off." The two countries have already abolished duties on 82 items under an 'Early Harvest Scheme' launched in 2004, which include products like fruits, processed food, gems and jewellery, iron and steel, auto parts and electronic goods. It was the initial phase of the proposed comprehensive FTA, which is to be upgraded to a full fledged arrangement for reduction and elimination of duties on about 90 per cent of goods traded between the countries.

Govt sees record foodgrain output at 271.98 mt for 2016-17 

 India's foodgrain output is likely to hit a record 271.98 million tonnes in the 2016-17 crop year ending June, buoyed by good monsoon after two years of drought. Govt sees record foodgrain output at 271.98 mt for 2016-17 India's foodgrain output is likely to hit a record 271.98 million tonnes in the 2016-17 crop year ending June, buoyed by good monsoon after two years of drought. Wheat, rice, pulses, coarse cereals and oil seed production are all set to surpass previous record, as per the agriculture ministry's second estimate. Foodgrain production had declined to 251.57 million tonnes (mt) last year because of drought while the previous record was 265.04 million tonnes in 2013-14. "As a result of very good rainfall during monsoon 2016 and various policy initiatives taken by the government, the country has witnessed record foodgrain production in the current year," the ministry said in a statement. As per the second estimate, rice output is pegged at 108.86 mt for 2016-17 crop year (July-June) as against 104.41 mt last year. The previous record was 106.65 mt in 2013-14.

Saudi warns of economic fallout if Congress passes 9/11 bill

 The Obama administration has lobbied Congress to block the bill's passage, according to administration officials and congressional aides from both parties, and the Saudi threats have been the subject of intense discussions in recent weeks between lawmakers and officials from the State Department and the Pentagon. Saudi warns of economic fallout if Congress passes 9/11 bill Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars' worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the september 11, 2001, attacks.

Siti Cable Network Q3 net loss at Rs 26 crore

 The company had posted a net profit of Rs 14.65 crore in October-December quarter of the previous fiscal. Siti Cable Network Q3 net loss at Rs 26 crore Essel group firm Siti Cable Network today reported a consolidated net loss of Rs 26.33 crore for the third quarter ended December 31. The company had posted a net profit of Rs 14.65 crore in October-December quarter of the previous fiscal. The company's total income from operations during the quarter under review declined by 13.23 per cent to Rs 298.46 crore, as against Rs 344 crore in the year-ago period, Siti Cable said in a BSE filing.

Q3: When Jhunjhunwala grilled Tata Motors on its hedging policy

Tata Motors’ declared a dismal set of quarterly numbers yesterday, with consolidated profit falling 96 percent year-on-year to Rs 112 crore. Rakesh Jhunjhunwala (more) Partner, Rare Enterprises | Capital Expertise: Equity - Fundamental Tata Motors’ declared a dismal set of quarterly numbers yesterday, with consolidated profit falling 96 percent year-on-year to Rs 112 crore. While performance dipped because of operational weakness in both the domestic and the key JLR business, one key aspect that caught analysts’ eyes was the Rs 369 crore forex loss arising out of JLR. Further, in a conference call last evening, the management said hedging losses may continue for two to four quarters. This was despite the fact the pound has depreciated in recent times, something that should be favourable for a company that has operations in the UK.

WPI inflation to rise in next 3 months:

 Nomura WPI inflation is expected to rise in the next three months and is likely to average around 4.4 per cent in 2017, much higher than 2 per cent in 2016, says a Nomura report. WPI inflation is expected to rise in the next three months and is likely to average around 4.4 percent in 2017, much higher than 2 percent in 2016, says a Nomura report. India's WPI inflation rose to a 30-month high of 5.2 percent in January from 3.4 percent in December. WPI inflation, which reflects the annual rate of price rise, has risen for the second straight month, notwithstanding the cash crunch following demonetisation. "The (WPI) acceleration was entirely supply-push led by higher commodity prices rather than demand-pull; but it also suggests rising pressure on profit margins,"

Gold loses sheen in 2016; India gold demand falls 21% : 

WGC The India head anticipates that 2017 will see a gold demand in the range of 650-750 tonnes due to introduction of Goods and Service Tax or GST coupled with the gradual adaptation to the previous year's policy changes. In India, gold demand fell 21% year on year to 675.5 tonnes because of demand that was affected with industry facing a slew of challenges in transitioning to the transparent system, reveals a World Gold Council report. "The industry faced a number of challenges in transitioning to the emerging, structurally transparent system-be it the PAN card requirement, the excise on jewellery, demonetisation or the publicity around income disclosure schemes," Director, India, World Gold Council.

WTO head says turning to protectionism won't solve problem

 The existing wave of protectionism across the world will not render any solution for any nation, Director General of World Trade Organisation (WTO) Roberto Azevedo said on Wednesday, choosing not to comment on the United States' proposed H-1B visa policy. Shreya Nandi The existing wave of protectionism across the world will not render any solution for any nation, Director General of World Trade Organisation (WTO) Roberto Azevedo said on Wednesday, choosing not on the United States' proposed H-1B visa policy. Last month, the Donald Trump-led US government proposed to make changes to the H-1B visa programme — mainly used by technology firms — which has contained highly specified jobs for American citizens. On being asked if India has the option to drag the US at WTO regarding its protectionist visa policy, Azevedo said that countries have the option to either hold consultations amongst themselves or go to WTO’s dispute resolution body.

Trump's National Security Adviser Michael Flynn has resigned

 The White House confirmed the resignation, announcing that Trump had named Lt. General Joseph Keith Kellogg, Jr. as acting national security adviser. President Donald Trump's National Security Adviser Michael Flynn resigned  The White House confirmed the resignation, announcing that Trump had named Lt. General Joseph Keith Kellogg, Jr. as acting national security adviser. Flynn's resignation comes after days of speculation about his status within the administration and intense scrutiny into his discussions prior to Trump's inauguration. "In the course of my duties as the incoming National Security Advisor, I held numerous phone calls with foreign counterparts, ministers, and ambassadors. These calls were to facilitate a smooth transition and begin to build the necessary relationships between the President, his advisors and foreign leaders. Such calls are standard practice in any transition of this magnitude,"

Disappointed with Infy's explanation on issues: 

Balakrishnan Infosys former CFO V Balakrishnan today said he was disappointed that the company did not offer "concrete answers" on matters like CEO compensation and severance pay to former executives, and insisted that the board need to take the "first step" to address the concerns raised. Disappointed with Infyos explanation on issues: Balakrishnan Infosys former CFO V Balakrishnan today said he was disappointed that the company did not offer "concrete answers" on matters like CEO compensation and severance pay to former executives, and insisted that the board need to take the "first step" to address the concerns raised. Infosys Chairman R Seshasayee, along with CEO Vishal Sikka and other board members, today presented a united front to defend some of the company's decisions that have come under founders' scrutiny. Speaking to PTI, Balakrishnan said the clarifications offered by Infosys were "very disappointing". "I don't think the issues have been addressed adequately.

Tata Comm to invest $300 mn to expand network, platform in FY18 

 Tata Communications -- which last month announced that Tata Communications (Netherlands) has made an investment into Teleena Holding to become single largest shareholder with 35 percent stake -- said it continues to look for similar investments. Tata Comm to invest $300 mn to expand network, platform in FY18 Tata Communications Ltd will invest USD 300 million into expansion of network, platform and software during 2017-18, and is also looking at acquisitions in new service areas such as Internet of Things, mobility and cloud. "In telecom, networks need to to expand in terms of scale and reach to create infrastructure closer to customers. So, there is a natural amount of spend that is required..

We will be spending USD 150 million on network, and USD 150 million into platform, software and other capabilities," Vinod Kumar, MD and Group CEO, Tata Communications Ltd told PTI. He said that half of the overall capex would be channelised towards "augmenting network capacity" both the domestic and international leg. Tata Communications -- which last month announced that Tata Communications (Netherlands) has made an investment into Teleena Holding to become single largest shareholder with 35 percent stake -- said it continues to look for similar investments.Tata Communications (Netherlands) BV is a wholly-owned indirect subsidiary of Tata Communications Ltd.

'Note ban negative for auto asset backed loan in short term'

 "The Indian government's decision to remove a high proportion of currency notes from circulation in November 2016 has proved negative for the performance of Indian auto asset backed securities (ABS) in the short term, leading to a 1.3 percent decline in collections for November and December 2016," it said in a report. | Note ban negative for auto asset backed loan in short term Demonetisation has negatively impacted the performance of Indian auto asset backed loans in the short term and the effect will last until March, Moody's Investors Service today said. "The Indian government's decision to remove a high proportion of currency notes from circulation in November 2016 has proved negative for the performance of Indian auto asset backed securities (ABS) in the short term, leading to a 1.3 percent decline in collections for November and December 2016," it said in a report. Looking ahead, Moody's expects ABS delinquencies and collections to return during 2017 to levels prior to demonetisation, as the economic slowdown triggered by notes ban wanes, oil prices remain around current levels and positive policy initiatives in Budget take hold to support earnings of CV operators. Moody's notes that demonetisation has disrupted the recovery observed in the commercial vehicle (CV) loan segment for the past two years.

Credai expects GST rate to be neutral for housing sector

 The apex body of private real estate developers, Credai (Confederation of Real Estate Developers’ Associations of India), on February 7, 2017, said that it is expecting a revenue-neutral GST rate without any adverse impact R The apex body of private real estate developers, Credai (Confederation of Real Estate Developers’ Associations of India), on February 7, 2017, said that it is expecting a revenue-neutral GST rate without any adverse impact on realty prices, a relief for the sector. 

GST rollout will reduce disparity among states:
 
 CEA Under GST regime, no state can offer incentives to attract investments. GST will be placing some restriction on states in placing incentives to industries... So, GST would actually promote convergence and reduce divergence among states," Subramanian said in Q&A in Facebook on Economic Survey and Indian Economy. GST rollout will reduce disparity among states: CEA Chief Economic Advisor (CEA) Arvind Subramanian said implementation of the goods and services tax (GST) will reduce disparities among the states leading to more "convergence". "It is true that people have not fully understood GST. Under GST regime, no state can offer incentives to attract investments. GST will be placing some restriction on states in placing incentives to industries... So, GST would actually promote convergence and reduce divergence among states," 

Union Budget 2017-18: Woos foreign investors in VC, some uncertainties in the way

 To advance the ease of doing business in India, it was announced that there will be further liberalisation to the Foreign Direct Investment policy and abolishment of the FIPB. Ever since the Narendra Modi led government has assumed office, it has made its emphasis on attracting foreign capital very clear and the Union Budget 2017 has once again substantiated this resolve. While, the uncertainties resulting from the recent demonetisation process led to delays in investment decisions, some of the budget proposals should positively impact the investment climate. Inflows In his budget speech before the House, the finance minister presented that currently, more than 90% of foreign investment in the country is under the automatic route i.e. such foreign investment can be made without the permission of the Foreign Investment Promotion Board (FIPB). To advance the ease of doing business in India, it was announced that there will be further liberalisation to the Foreign Direct Investment policy and abolishment of the FIPB.

Union Budget 2017-18: Woos foreign investors in PE 

 VC, some uncertainties in the way To advance the ease of doing business in India, it was announced that there will be further liberalisation to the Foreign Direct Investment policy and abolishment of the FIPB. Ever since the Narendra Modi led government has assumed office, it has made its emphasis on attracting foreign capital very clear and the Union Budget 2017 has once again substantiated this resolve. While, the uncertainties resulting from the recent demonetisation process led to delays in investment decisions, some of the budget proposals should positively impact the investment climate. Inflows In his budget speech before the House, the finance minister presented that currently, more than 90% of foreign investment in the country is under the automatic route i.e. such foreign investment can be made without the permission of the Foreign Investment Promotion Board (FIPB). To advance the ease of doing business in India, it was announced that there will be further liberalisation to the Foreign Direct Investment policy and abolishment of the FIPB. These measures will make foreign investors look at India with added optimism as an investment destination. 

Budget 2017: Do you know these changes in income tax return filing process?

 Changes ensure that income tax reporting happens earlier than what it used to be. This government is focussing on early reporting of the income by the tax payers for facilitating the decision making. And with this aim in mind has been proposing changes in the income tax law with respect to various aspects of filing of the income tax return. In good old days one was allowed to file income tax returns for previous two years. The previous year’s budget has reduced this to one year. So beginning from 1st April 2017 you will be able to file your income tax return for one year. For the previous year ended 31st March, 2017 you should be filing your income tax return by 31st March 2018.

Budget extends window for startups to avail tax benefits Besides

 Jaitley has proposed to reduce the income tax for smaller companies with annual turnover up to Rs 50 crore to 25 per cent, in order to make micro, small and medium enterprises (MSMEs) more viable and also to encourage firms to migrate to company format. Budget extends window for startups to avail tax benefits Finance Minister Arun Jaitley has proposed extending the window for startups to avail tax benefits to first seven years of existence, a move that will allow new ventures to extract full benefit of the permitted deductions. Earlier, startups were allowed to claim profit-linked deduction for three years out of the first five years of existence. "...the profit linked deduction available to the start-ups for three years out of five years is being changed to three years out of seven years," Jaitley said in his Budget Speech.

Demonetisation: Taxmen suspect income mismatch in 18 lakh people

 Labelled ‘Operation Clean Money’, the I-T department has uploaded the first set of data on its electronic filing portal. The Income Tax Department has identified 1.8 million people who have made cash deposits between November 10 and December 30 and suspects there is an income mismatch. Labelled 'Operation Clean Money', the I-T department has uploaded the first set of data on its electronic filing portal. “In its first phase, the Income Tax Department has identified 18 lakh (1.8 million) persons where cash deposited during demonetisation period is not in line with the taxpayers’ profile,” said a notice on the I-T department website. To find out whether one’s name is in the list, the department has asked individuals to log on to the I-T electronic filing website and look under 'cash transactions 2016’.

Nifty reclaims 8800, Sensex firm in opening on Asian cues Tata Steel,

 SBI, NTPC, Wipro, Bharti Airtel, Grasim and Power Grid Corp were early gainers while M&M, Tata Motors, ICICI Bank, Aurobindo Pharma and BPCL were under pressure. 09:15 Moneycontrol Bureau 9:42 am Goldman on Lupin: Goldman Sachs revised FY17-19 EBITDA by 4-6 percent to factor in margin development and raised target to Rs 1,612 from Rs 1,541. The brokerage house feels product launch rate is a key upside risk for the stock while price erosion and execution at Gavis are downside risks. 9:30 am Buzzing: Shares of GPT Infraprojects rose 4 percent intraday as it has received order from Rail Vikas Nigam. The company has bagged an order worth Rs 217 crore from Rail Vikas Nigam. The order includes construction of important and major steel girder bridges, along with foundation, substructure and related projection works in connection with Mathura-Jhansi third line in Agra and Jhansi division on North central railway in the state of Uttar Pradesh, Madhya Pradesh and Rajasthan. The completion period of the said project is 36 months.  Reliance Capital, Bharat Forge, TVS Moto opened moderately higher on last day of the week, with Sensex rising 88.56 points at 28418.26, tracking positive Asian cues and ahead of Q3 earnings. 

Rural areas to get 24x7 power supply after polls:

 UP CM "At present, power supply in urban area is 22 to 24 hours and in rural area, it is 14 to 16 hours. However, after the Assembly election, 22 to 24 hour supply would be ensured in rural areas as well," he said at an election rally in Kosi town of Chhata assembly constituency here. |  Rural areas to get 24x7 power supply after polls: UP CM Uttar Pradesh Chief Minister Akhilesh Yadav said rural areas of the state will get round the clock power supply after the Assembly polls. "At present, power supply in urban area is 22 to 24 hours and in rural area, it is 14 to 16 hours. However, after the Assembly election, 22 to 24 hour supply would be ensured in rural areas as well," he said at an election rally in Kosi town of Chhata assembly constituency here.

He said 108 ambulance type services would be introduced for cattle. The Samajwadi Party leader also promised opening up of more sugar mills and milk plants in the constituency. Akhilesh hit out at the Modi government over demonetisation and its "failure to rein in black money hoarders". "No compensation was announced by the Centre for those who lost their lives while standing in serpentine bank queues in the wake of demonetisation. Nevertheless, the SP government has given Rs 2 lakh each to the deceased's families," he said. The first phase of the crucial Assembly polls will begin on February 11. The ruling Samajwadi Party has entered into an alliance with Congress for the state polls

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RBI cuts FY17 growth forecast to 6.9%, pegs 7.4% for next yr

 The Reserve Bank today kept key interest rates unchanged saying it wants to assess how the transitory effects of demonetisation on inflation and the output gap play out. |  RBI cuts FY17 growth forecast to 6.9%, pegs 7.4% for next yr RBI Governor Urjit Patel today cut the economic growth forecast to 6.9 percent for the current fiscal from 7.1 percent estimated earlier, even as he said the economy will bounce back to 7.4 percent rate next fiscal. The Reserve Bank today kept key interest rates unchanged saying it wants to assess how the transitory effects of demonetisation on inflation and the output gap play out. "GVA (gross value added) growth for 2016-17 is projected at 6.9 percent with risks evenly balanced around it. Growth is expected to recover sharply in 2017-18 on account of several factors. GVA growth for 2017-18 is projected at 7.4 percent, with risks evenly balanced," the RBI said in its 6th bi-monthly monetary policy statement. In its last monetary policy on December 7, the central bank had cut growth forecast to 7.1 percent, from its earlier projection of 7.6 percent for this fiscal. The apex bank said that discretionary consumer demand held back by demonetisation is expected to bounce back in the closing months of 2016-17. Economic activity in cash-intensive sectors such as retail trade, hotels and restaurants, transportation as well as in the unorganised sector is expected to be rapidly restored, the RBI said

Infosys may consider Rs 12,000 crore share buyback: 

 In a sign of the troubled times that the Indian IT sector has been going through, the management of Infosys may consider the option of a share buyback, according to people close to the IT major. The size of the share buyback could be a mammoth Rs 12,000 crore. Nisha Poddar (more) Correspondent, No playable sources found In a sign of the troubled times that the Indian IT sector has been going through, the management of Infosys may consider the option of a share buyback, according to people close to the IT major. The size of the share buyback could be a mammoth Rs 12,000 crore. Currently, Infosys has about Rs 38,000 crore cash on its books. While Infosys refrained to comment on the report terming it a “market speculation”, Deepak Shenoy of Capital Mind told that rewarding shareholders through a buyback is the best option to generate cash. IT companies are facing global headwinds from events such as US President Donald Trump’s policies and his stance on H-1B visas. Last week, a new bill, proposing to more than double the minimum wages to USD 130,000 for foreigners working in the US under the H-1B visa, was tabled in the House of Representatives. The proposed changes in the visa regime may result in higher operational costs and shortage of skilled workers for the USD 110 billion Indian outsourcing industry Infosys may consider Rs 12,000 crore share buyback: Sources 

Infosys founders raise governance concerns with board: 

Sources In an indicator of discontent brewing at Infosys, its founders including NR Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani have raised with its board concerns over the governance of the company, according to people privy to the developments at IT major. Error loading player: No playable sources found Chaitanya Gudipaty In an indicator of discontent brewing at Infosys , its founders including NR Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani have raised with its board concerns over the governance of the company, according to people privy to the developments at IT major. Governance concerns In a letter to Infosys board in January, the founders had raised fresh concerns over governance, had suggested bringing in value-based people into the firm. More importantly, they had questioned the compensation

Emami Infrastructure's board meeting on February 10, 2017 

Emami Infrastructure Ltd has informed BSE that a meeting of Board of Directors of the Company will be held on February 10, 2017, inter alia, to consider, approve and take on record the Un-audited Financial Results for the 3rd quarter and nine months ended December 31, 2016. |  Emami Infrastructure Ltd has informed BSE that a meeting of Board of Directors of the Company will be held on February 10, 2017, inter alia, to consider, approve and take on record the Un-audited Financial Results for the 3rd quarter and nine months ended December 31, 2016.Further, as per the Company's Code of Conduct to Regulate, Monitor and Report Trading by Insiders, the Trading Window of the Company for dealing in the securities of the Company shall remain closed from February 03, 2017 to February 12, 2017 (both days inclusive). 

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Only 54% of land title documents digitised so far in Maharashtra

 Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced R Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced that digitisation of all 7/12 receipts will be completed by March 31, 2017. However, going by the current pace, it is highly unlikely that the state will be able to do so. Maharashtra to have digitally signed 7/12 receipts from March 2017 “There have been a number of challenges, including poor internet connectivity, lack of skilled manpower and non-availability of infrastructure, to carry out the drive. There have been efforts to push the digitisation but other factors are affecting the progress of the project,” said an official, on the condition of anonymity

 The 7/12 receipt is a crucial piece of document for the establishment of ownership of a land. The receipt is extensively used by farmers, for loan agreements, crop survey and availing government facilities. Till some years ago, hand-written 7/12 receipts were prepared by the village-level revenue officers (Talathi). Only Talathis are entrusted with the powers to make changes in these receipts and this resulted in several instances, wherein officers misused their authority. To avoid this, the state government had come up with an idea of digitisation of entire revenue documents. The aim is also to boost transparency and avoid any tampering with documents. The state government has made several provisions, including setting up optical fibre networks, providing high-speed internet connection and asking Talathis to use laptops instead of pen and paper, for issuing 7/12 receipts to needy people. We may miss the deadline but we will achieve it for sure, the official assured. 

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Union Budget 2017-18: Jaitley tightens screws on money launderers using 

stock market From April 1, 2018, only those investments in equities will be eligible for long term capital gains, where securities transaction tax (STT) has been paid. In other words, only shares bought through the stock exchange platform will be eligible for long term capital gains tax. The Finance Ministry has tweaked the rules relating to long term capital gains tax to make it harder for high networth individuals who launder black money through fake long term capital gains. At present, gains on equity investments held for more than a year are not subject to capital gains tax. From April 1, 2018, only those investments in equities will be eligible for long term capital gains, where securities transaction tax (STT) has been paid. In other words, only shares bought through the stock exchange platform will be eligible for long term capital gains tax. However, shares acquired in initial public offerings, follow-on public offerings, bonus issue, rights issue and FDI route, where the shares are directly credited to the investors’ demat accounts will be exempt from this rule. “It has been noticed that exemption provided under section 10(38) is being misused by certain persons for declaring their unaccounted income as exempt long-term capital gains by entering into sham transactions,” the Budget memorandum says. 

 “With a view to prevent this abuse, it is proposed to amend section 10(38) to provide that exemption under this section for income arising ng on transfer of equity share acquired or on after 1st day of October, 2004 shall be available only if the acquisition of share is chargeable to Securities Transactions Tax,” the memorandum says. The modus operandi of tax evasion through fake long term capital gains works thus: Say investor X has undisclosed income on which he wants to avoid tax. He gets in touch with company Y which can help generate fake long-term capital gains. Company Y issues shares at Rs 10 each and makes a preferential allotment to X. The shares are directly credited to the demat account of X. The money which Y gets from X for the shares is routed back through a web of companies to X. A year later, entities associated with Y manipulate the stock price and double the price to Rs 20. X sells his shares to these entities, who play the role of exit providers, on the stock exchange and gets the payment for it in cheque. X then pays an equivalent amount to the exit providers in cash. Recently, capital and commodities markets regulator 


SEBI had written to the Directorate of Income Tax saying that it cannot impound or disgorge gains generated by entities trying to launder undisclosed income through stock market transactions. The I-T department had flagged off some 32,000 entities to SEBI, saying they were evading taxes by faking long term capital gains. SEBI said that tax evasion was outside the purview of its regulations. Another reason the regulator could not disgorge the profits is that no common investor was been adversely impacted by the bogus trades. SEBI can only take action where it can prove that the stock prices had been manipulated. Since the last leg of the fake capital gains transaction happens in cash, it is hard for the regulator to prove the fraudulent nature of the deal Union Budget 2017-18: Jaitley tightens screws on money launderers using stock market From April 1, 2018, only those investments in equities will be eligible for long term capital gains, where securities transaction tax (STT) has been paid. In other words, only shares bought through the stock exchange platform will be eligible for long term capital gains tax. | 


 The Finance Ministry has tweaked the rules relating to long term capital gains tax to make it harder for high networth individuals who launder black money through fake long term capital gains. At present, gains on equity investments held for more than a year are not subject to capital gains tax. From April 1, 2018, only those investments in equities will be eligible for long term capital gains, where securities transaction tax (STT) has been paid. In other words, only shares bought through the stock exchange platform will be eligible for long term capital gains tax. However, shares acquired in initial public offerings, follow-on public offerings, bonus issue, rights issue and FDI route, where the shares are directly credited to the investors’ demat accounts will be exempt from this rule. “It has been noticed that exemption provided under section 10(38) is being misused by certain persons for declaring their unaccounted income as exempt long-term capital gains by entering into sham transactions,” the Budget memorandum says. “With a view to prevent this abuse, it is proposed to amend section 10(38) to provide that exemption under this section for income arising ng on transfer of equity share acquired or on after 1st day of October, 2004 shall be available only if the acquisition of share is chargeable to Securities Transactions Tax,” the memorandum says. 


 The modus operandi of tax evasion through fake long term capital gains works thus: Say investor X has undisclosed income on which he wants to avoid tax. He gets in touch with company Y which can help generate fake long-term capital gains. Company Y issues shares at Rs 10 each and makes a preferential allotment to X. The shares are directly credited to the demat account of X. The money which Y gets from X for the shares is routed back through a web of companies to X. A year later, entities associated with Y manipulate the stock price and double the price to Rs 20. X sells his shares to these entities, who play the role of exit providers, on the stock exchange and gets the payment for it in cheque. X then pays an equivalent amount to the exit providers in cash. Recently, capital and commodities markets regulator SEBI had written to the Directorate of Income Tax saying that it cannot impound or disgorge gains generated by entities trying to launder undisclosed income through stock market transactions. The I-T department had flagged off some 32,000 entities to SEBI, saying they were evading taxes by faking long term capital gains. 

SEBI said that tax evasion was outside the purview of its regulations. Another reason the regulator could not disgorge the profits is that no common investor was been adversely impacted by the bogus trades. SEBI can only take action where it can prove that the stock prices had been manipulated. Since the last leg of the fake capital gains transaction happens in cash, it is hard for the regulator to prove the fraudulent nature of the deal

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Nifty to open flat led by mixed global cues:

 ICICIdirect According to ICICIdirect, Nifty is likely to open flat on the back of mixed global cues. |ICICIdirect.com | ICICIdirect's Derivative Report: Nifty The Nifty opened flat ahead of Union Budget 2017. However, a better-than-expected outcome from the Budget led to a one-sided rally. Towards the end, the index managed to end well above 8700 adding 155 points. Nifty futures settled at a premium of 22 points. India VIX fell 17 percent to 13.9. FIIs bought Rs 93 crore while DIIs bought Rs 1134 crore in the cash segment. FIIs bought Rs 119 crore in index futures and Rs 2210 crore in index options. In stock futures, they sold Rs 447 crore. The highest Put base is at the 8400 strike with 46 lakh shares while the highest Call base is at the 9000 strike with 61 lakh shares. The 8800 and 9000 Call strikes saw additions of 7.3 and 5.4 lakh shares, respectively, while 8700 and 8600 Put strikes saw additions of 7.0 and 6.9 lakh shares, respectively.

Nifty Bank Nifty Bank saw huge addition in open interest and ended well above 20100 clearly indicating long participation. As the index has closed above the sizeable Call base of 20000, the overall trend is likely to continue. It is well placed to test 20200. Nifty Future: The Nifty is likely to open flat on the back of mixed global cues. Buy Nifty in the range of 8665-8675 for targets of 8725-8745, stop loss: 8645. Nifty Bank Future: Nifty Bank saw huge addition in open interest and ended well above 20100 clearly indicating long participation. As the index has closed above the sizeable Call base of 20000, the overall trend is likely to continue. It is well placed to test 20200. Buy Nifty Bank in the range of 19950-20000, targets: 20100-20200, stop loss: 19870. Disclaimer: The views and investment tips expressed by investment experts  are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions

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