Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 9 points at the opening bell. Asian stocks edged higher today, 24 February 2015 before the US Federal Reserve Chair Janet Yellen speaks to lawmakers and as Greece's creditors review a list of debt-reduction policies.
ITC after market hours yesterday, 23 February 2015 said it has been declared as the successful bidder for Park Hyatt Hotel located at Cansaulim in Goa along with land and built up area of the hotel together with all buildings and structures and plant & machineries. The aforesaid assets of Blue Coast Hotels were put up on sale by IFCI through public auction under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, ITC said in a statement
State Bank of India (SBI) will be in focus after the Ministry of Defence after trading hours yesterday, 23 February 2015, said a Memorandum of Understanding (MoU) was signed between the Indian Army and State Bank of India (SBI) on the Defence Salary Package. The basic features of the MoU include a number of free/concessional services like free drafts, free cheque books, free funds transfers to any bank in India through RTGS/NEFT, free ATM cards etc. The provision also includes the Nepal Express Remittance Scheme which enables instant fund transfers to Nepal for the benefit of the Nepali Domicile Gorkha Soldiers serving in the Indian Army. Additional improved features are linking of the Personal Accident Insurance (PAI) to the savings account instead of the debit card, enhancement of the PAI amounts, enhancement of the exemption percentage of margin money for house and car loans and waiving off of the processing charges on the loans. The revised MoU will benefit almost 19.5 lakh pensioners and 10 lakh serving personnel who hold Pay or Pension accounts with SBI and also provide them an opportunity to access modern banking facilities, the Ministry of Defence said in a statement.
Container Corporation of India turns ex-dividend today, 24 February 2015, for an interim dividend of Rs 8 per share for the year ending March 2015.
The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month February 2015 series to March 2015 series. The near month February 2015 derivatives contracts expire on Thursday, 26 February 2015.
Metal shares led decline as key indices edged lower on the first trading session of the week yesterday, 23 February 2015. The S&P BSE Sensex fell 256.30 points or 0.88% to settle at 28,975.11, its lowest closing level since 12 February 2015.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 601.91 crore yesterday, 23 February 2015, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 163.79 crore yesterday, 23 February 2015, as per provisional data.
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Meanwhile, the stock exchanges have decided to keep the stock market open on Saturday, 28 February 2015, just like any other normal trading session when the Finance Minister Arun Jaitley presents the first full-fledged Budget of the Narendra Modi government. Trading will start at 9:15 IST and conclude at 15:30 IST. Jaitley will begin his speech at 11:00 IST in Lok Sabha on 28 February 2015 as he tables the Union Budget 2015-16 in the parliament.
The Railway Budget 2015-16 will be tabled in the parliament by rail minister Suresh Prabhu on Thursday, 26 February 2015. The Economic Survey will be tabled on Friday, 27 February 2015.
The next major event for the financial markets is Union Budget for 2015-16. Finance Minister Arun Jaitley will present Union Budget 2015-16 in Parliament on Saturday, 28 February 2015. Analysts will scrutinize measures in the Budget for financing infrastructure projects as well as the government's own capital expenditure on infrastructure for the year ahead. This is the first full fledged Budget of the Narendra Modi government and analysts will look for a roadmap for economic growth for the next few years.
Changes in rates of dividend distribution tax, capital gains tax on sale of shares, Securities Transaction Tax (STT) and Minimum Alternate Tax (MAT), if any, will be closely watched. The dividend distribution tax is currently at 15%. The minimum alternate tax is currently at 18.5% of book profits. Short term capital gains tax on sale of shares is currently at 15% while there is zero long capital gains tax on sale of shares held for a period of more than one year.
The Budget session of Parliament will be held in two phases. The first phase will be from 23 February till 20 March and the second phase from 20 April till 8 May. There will be 20 working days during the first phase and 13 in the second phase.
The Budget session of the parliament assumes utmost importance as the government intends to replace the ordinances it had promulgated after the conclusion of the winter session of the parliament with Bills and get them cleared by both Houses of Parliament during the budget session. The Narendra Modi government promulgated a slew of ordinances after the last session of Parliament. Some of the key ordinances include raising the FDI in the insurance sector from 26% to 49%, e-auctioning of coal mines and amendment to the Land Acquisition Act.
The government has already started auctioning coal blocks for captive mining. The Coal Mines (Special Provisions) Bill that was moved to replace an ordinance issued earlier was passed by the Lok Sabha in the winter session but it could not be taken up in the Rajya Sabha. The government promulgated the Coal Mines (Special Provisions) Ordinance, 2014, in October to facilitate coal block auctions after the Supreme Court cancelled 204 coal blocks in September.
Through another ordinance, the government has raised the ceiling on foreign investment in the insurance sector to 49% from 26%. The government was unable to get the Insurance Laws (Amendment) Bill, 2008, passed in parliament during the winter session.
Amendments to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 were brought in via an ordinance after the winter session of the parliament. On the eve of the beginning of the Budget session of parliament, the Minister of Parliamentary Affairs Venkaiah Naidu yesterday, 22 February 2015, said the government is willing to address concerns if any, on the Land Acquisition Ordinance. Several state governments cutting across party line have expressed difficulties in land acquisition for development projects under the Act of 2013 and sought modifications. Subsequently, the central government sought to facilitate land acquisition for notified purposes like infrastructure and affordable housing projects etc., in an easy manner without compromising on the remuneration to be paid to farmers and rehabilitation measures to be taken up for displaced persons, Naidu said. The government is ready to address apprehensions, if any in this regard, Naidu said.
Analysts are also awaiting further progress on the Goods and Services Tax (GST) in the Budget session after the Constitution Amendment Bill for the introduction of GST was tabled in the Lok Sabha during the winter session of parliament. GST, touted as the single biggest indirect taxation reforms since independence, will simplify and harmonise the indirect tax regime in the country. Central taxes like Central Excise Duty, Additional Excise Duties, Service Tax, Additional Customs Duty (CVD) and Special Additional Duty of Customs (SAD), etc. will be subsumed in GST. At the state level, taxes like VAT/Sales Tax, Central Sales Tax, Entertainment Tax, Octroi and Entry Tax, Purchase Tax and Luxury Tax, etc. would be subsumed in GST.
Asian stocks edged higher today, 24 February 2015 before the US Federal Reserve Chair Janet Yellen speaks to lawmakers and as Greece's creditors review a list of debt-reduction policies. Key benchmark indices in Taiwan, Japan, Indonesia and South Korea rose by 0.16% to 1.02%. Key benchmark indices in Hong Kong and Singapore fell by 0.07% to 0.5%. China's mainland markets remain closed today, 24 February 2015 for the Lunar New Year holiday.
Markit Economics will tomorrow, 25 February 2015, announce preliminary reading of China's HSBC PMI index for February 2015, indicating health of China's manufacturing activity for that month.
US stocks ended mixed yesterday, 23 February 2015 as lower oil prices dragged down energy shares.
Investors will receive further clues on the central bank's assessment of the economy and the timing of a rate increase when Federal Reserve Chair Janet Yellen gives two days of testimony to Congressional finance committees starting today, 24 February 2015.
In economic data, sales of previously owned US homes fell in January as a tight supply forced up prices, showing the residential real-estate market faces an uneven recovery. Purchases slowed 4.9% to a 4.82 million annualized rate, the least since April, according to figures from the National Association of Realtors yesterday, 23 February 2015.
Meanwhile, Greece today, 24 February 2015 unveiled an outline summary of reforms demanded by eurozone leaders in order to secure a bailout extension. The measures include plans to combat tax evasion and tackling fuel and tobacco smuggling. The list must be approved by international creditors today, 24 February 2015 to secure a four-month loan extension. Greece had previously delayed presenting the reforms by 24 hours after initially agreeing to deliver its proposals to creditors yesterday, 23 February 2015.
Greece's creditors - the European Central Bank, the European Commission and the International Monetary Fund - are expected to deliver their verdict on the proposals today, 24 February 2015 before the reforms are discussed in a conference call with eurozone finance ministers.
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