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4Th Aug 2016
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Major Indices (The Total Investment & Insurance
Solutions)
I had mentioned in Wednesday’s closing
report that Nifty, Sensex may move in a narrow range. The major indices of the
Indian stock markets were range-bound on Thursday and closed with namesake
small gains over Wednesday’s close. The trends of the major indices in the
course of Thursday’s trading are given in the table below: The Total Investment & Insurance
Solutions
Profit booking, along with negative
Asian indices and a weak rupee, subdued the Indian equity markets on Thursday.
However, a fresh bout of buying support and short covering during the last hour
of the day's trade saw the key indices closing on a flat-to-positive note. The
BSE market breadth was tilted in favour of the bulls during the second half of
the session, closing with 1,444 advances and 1,258 declines. On the NSE, on
Thursday, there were 764 advances, 677 declines and 59 unchanged. The Total Investment & Insurance
Solutions
Bata India has changed its strategy
of opening over 100 stores a year and would start concentrating on same store
growth, a said Chairman Uday Khanna on Thursday. It also plans to set up online
kiosks in some major retail stores across the country. The shoe maker added 26
new retail stores during the last financial year, Khanna told shareholders at
the company's 83rd annual general meeting. The company continues to penetrate
into tier 2 and tier 3 cities in India and other rural markets, he said. The
footwear maker has been investing to strengthen its digital multi-channel
business division along with logistics division with due importance for
delivery of footwear and accessories, its latest annual report said. In
2015-16, online sales reached Rs40 crore. The company reported standalone net
profit of Rs50.49 crore for the first quarter ended June 30 as compared to
Rs50.18 crore in the same period last year. The company’s shares closed at
Rs528.65, down 4.44% on the BSE. The
Total Investment & Insurance Solutions
The Central Board of Direct Taxes
(CBDT) has entered into an advance pricing agreement (APA) with an Indian
subsidiary of a Japanese trading company to foster a non-adversarial tax
regime. "Signing of this bilateral APA is an important step towards
ascertaining certainty in transfer pricing matters of multinational company
cases and dispute resolution," said a statement issued here by the Finance
Ministry under which the CBDT functions. The agreement was signed on August 2.
The scheme endeavours to provide certainty to taxpayers in the domain of
transfer pricing by specifying the methods of pricing and setting the prices of
international transactions in advance. "The progress of the APA Scheme
strengthens the government's mission of fostering a non-adversarial tax
regime," the statement said. Overall, it is fourth bilateral APA signed by
the CBDT. The APA scheme was introduced in the Income-tax Act in 2012. The CBDT
expects more APAs to be signed in the near future, it said. The agreement is
likely to be favourable for FDI (Foreign Direct Investment) in India.
As India took a big leap towards a
unified Goods and Services Tax (GST) regime across the country, with the upper
house of parliament passing the relevant Constitution amendment bill on
Wednesday, industry biggies and major think tanks said this transformational
change is a win-win situation and hoped it will be implemented soon. Marie
Diron, Senior Vice President, Sovereign Risk Group, Moody's Investors Service
said, “The short-term credit implications of GST for the sovereign will be
limited. In the medium term, GST is likely to have a positive impact on the
economy and government revenues. We assume that GST will have no significant
impact on inflation, in line with the revenue-neutral framework.” This
development is likely to be favourable for both FDI and FII (foreign
institutional investors) to invest in India. The Total Investment & Insurance Solutions
The central government has decided
to import another 30,000 tonnes of pulses for the buffer stock, official
sources said on Thursday. The Price Stabilization Fund chaired by Consumer
Affairs Secretary Hem Pande at a meeting here on Wednesday decided that fresh
imports will include 20,000 tonnes of Tur dal and 10,000 tonnes of Urad. The
government agencies have also procured about 1.19 million tonnes of pulses from
the domestic market, official sources said. "The department of Consumer
Affairs has requested state governments repeatedly to lift the pulses Tur and
Urad from the buffer stock for distribution at not more than Rs 120/kg. Tur is
being provided to the state at the rate of Rs67/kg and Urad at Rs 82/kg,"
a source said. Over 29,000 tonnes of pulses were allocated to the states as on
August 1, 2016 but only three states have lifted some quantities against their
allotments. Prices of pulses continue to be high despite a series of efforts
from the government to put things under check. With agricultural imports
drawing upon foreign exchange reserves of the country, inflation and stability
of the rupee are likely to come under government control and the stock markets
are likely to be subdued to that extent.
The top gainers and top losers of
the major indices are given in the table below:
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Top Gainer (The Total Investment & Insurance Solutions)
The closing values of the major
Asian indices are given in the table below: The Total Investment & Insurance Solutions
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Asian Indices (The Total Investment & Insurance
Solutions)
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