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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Indian Indices Open in Deep Red
Mon, 12 Sep 09:30 am

Major Asian stock markets have opened the day on a negative note with the stock market in Hong Kong and Chian are trading lower by 3.0% and 2.11% respectively. Benchmark indices in Europe and US ended their previous session in red. The rupee is trading at 66.68 per US$.

Indian stock markets have opened the day on a quite weak note. The BSE Sensex is trading lower by 435 points (down 1.5%) and the NSE Nifty is trading lower by 140 points (down 1.5%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 2% and 1.87% respectively.

Major sectoral indices have opened the day on a negative note. Stocks from automobile and consumer durable sector are witnessing maximum selling pressures.

In the budget speech finance minister Arun Jaitley had proposed a limited period Compliance Window for domestic taxpayers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions. However, the government's efforts to get people, voluntarily reveal their black money has received a lukewarm response. According to an article on Business Standard, the four-month window for disclosing black money will close by the end of this month. The informal target for the scheme was tax collection of Rs 400-500 bn. However, the government collected around 40 bn till mid-August. Reportedly, a firm warning by Prime Minister Narendra Modi against the black money holders earlier this month was also expected to trigger more people to avail of the one-time scheme.

As per the tax consultants, the tax rate of 45% and the concerns related to confidentiality of declarations are some of the key deterrents for the tepid response.

Vivek Kaul has written on the subject of Black Money on several occasions. Articles from Vivek Kaul's Diary like - Why Modi govt's latest spin on black money doesn't make much sense and Mr Jaitley, black money scheme is nothing but an amnesty scheme throws light on various aspects.

In another news update, SAIL declared the first quarter results of FY17. The revenue declined by 2.7% YoY. This is on the back of a decline in sales realisations which has declined by 7%. The saleable steel quantity increased by about 4% YoY and stood at 2.8 million tonnes. The operating profit increased by whopping 163.5% YoY. This is particularly due to decline in the cost of raw materials. Although its operating margin has improved, it is not enough to cover the increase seen in depreciation and interest costs. Due to an increase in depreciation and finance costs, and a decline in other income has contributed to a loss of Rs5.35 billion versus a loss of Rs2.48 billion in the year-ago period.

The scenario for steel companies had improved slightly with the imposition of anti-dumping duty and minimum import price on steel imports. However, according to data from the Joint Plant Committee, domestic demand remains a worry. In April-August, steel consumption rose by only 1.3% over a year ago. However, an increase in exports and a decline in imports is supporting an increase in domestic production. The share price is SAIL is down by 3.5%

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Oct 19, 2017 (Close)

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