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It is considered auspicious for any company to be included in the National Stock Exchange's Nifty index. However, it was anything but that for DLF and Jindal Steel and Power (JSPL), which were excluded from the 50-share bluechip index last week. During their stay in the index between March 2008 and March 2015, shares of DLF fell by 75 per cent, while JSPL lost 65 per cent between June 2009 and March 2015.
Samie Modak
Not every foreign investor might get a notice asking to pay minimum alternative tax or MAT. Tax authorities are more likely to test the waters first with a few notices and gauge the reaction to the controversial application of a 20 per cent tax on foreign investors before sending more out, according to a source. An email to the tax department did not receive a response. With the March-end deadline for tax demands nigh, both flow of notices and market gyrations are likely to be closely watched.
Sachin P Mampatta
Tough week for buyers/sellers
With the financial year coming to an end and three bank holidays from April 1 to 3, potential stock buyers or sellers would find it difficult to trade. "Even if you buy or sell on Monday, the settlement will only happen on April 6. So, brokers will demand immediate payment to cover the margin payment required and other mark-to-market risks," says a broker. There will also be tax issues, as the payment will be made in FY15 and delivery on FY16. Buyers and sellers will have to show they made advance payments for future delivery. "The tax officer might also seek a letter from the broker to establish the deal, thus, making it very difficult to trade," adds the broker.
Joydeep Ghosh
