The Indian stock market
continued to trade in the red due to huge selling pressure in heavy-weights over the last two hours of trade. All sectoral indices are trading in the red. Stocks from the sofware, realty
space are losing the most.
is trading down by 500 points while NSE-Nifty
is trading 155 points below yesterday's closing.BSE-Midcap
and BSE-Small cap
indices are down by 3.4% and 4.2% respectively. The rupee is trading at 44.79 to the US dollar.
Software stocks have been trading deep into the red with Mahindra Satyam, Mphasis, HCL Technologies and Tech Mahindra leading the pack of losers. As per a leading financial daily, Tata Consultancy Services (TCS) has earmarked capital expenditure of Rs 23 bn for 2011-12 financial year. As per the management, the company will go for investments and acquisition opportunities in some of the market areas as and when they arise. The firm intends to increasing its market share in Latin America, the Middle East and in Asia, apart from the US and Western Europe. It plans to add around 60,000 manpower during 2011-12. As of now, the company has no plans of listing its shares on any foreign exchange. However, the stock of the company is trading in the red.
As per a leading financial daily, the ministry of corporate affairs (MCA) is contemplating introducing an annual charge on all registered companies in the new Companies Bill. This is expected to help in boosting its revenue and creating a system to track companies. The charge will most likely be based on the capital size of the company. The rest of the details are yet to be finalised. The Companies Bill is still being debated. Afterwards, a final draft will be sent to the cabinet for approval.
Apart from increasing government's revenue, the annual fee is also expected to help the government keep a tab on companies - by providing an early warning for the ones that disappear. It is to be noted that despite various early exit schemes, there are many dormant companies that do not deregister themselves.