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Markets will remain closed on 21st October 2019, due to Assembly Elections in Maharashtra.

Indian Indices Trade Rangebound; Sun Pharma & Tata Steel Top Gainers
Fri, 12 Jul 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a flat note ahead of June CPI inflation and factory data due later today.

Sectoral indices are trading mixed with stocks in the metal sector and realty sector witnessing buying interest while telecom stocks and capital goods stocks are witnessing selling pressure.

The BSE Sensex is trading down by 15 points, while the NSE Nifty is trading down by 2 points. The BSE Mid Cap index is trading up by 0.5% and the BSE Small Cap index is trading up by 0.4%.

The rupee is trading at Rs 68.56 against the US$.

Market participants are tracking Infosys share price, IndusInd Bank share price, and TRF share price as these companies are set to announce their Q1FY20 results later today.

In news from the textiles sector, KPR Mill share price is witnessing selling pressure today after the company withdrew its buyback proposal due to the tax proposed on buyback obligations in Budget 2019.

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Shares of the company dipped around 6% in early trade today on back of the above news.

On April 18, 2019, the company had proposed and approved buyback of 3.8 million equity shares, representing 5.2% of the total share capital, at a price of Rs 702 per share for a consideration not exceeding Rs 2633.1 million.

In a press release, the company said, "we have today filed with markets regulator our communication conveying that the increase in the amount of buyback obligation due to the tax proposal in the Finance Bill 2019 was neither contemplated nor prevailing at the time of the consideration and the approvals of the board and shareholders".

Ankit Shah, in his premium newsletter Insider, has explained how Union Budget 2019 spells bad news for buyback traders. You can read it here.

Last week, Finance Minister Nirmala Sitharaman proposed an additional tax of 20% in case of buyback with a view to discourage the practice of avoiding dividend distribution tax (DDT).

Note that the post-budget reaction saw a negative reaction from the market.

There was also debate around the tax for the super-rich which was increased. Also, for the market, buybacks will now be taxable which was also a surprise.

Before any for or against argument against the tax, it is important to understand how government earns its revenue.

Is this Budget A Step Towards India's March to the Rs 5 Trillion Mark?

Is this Budget A Step Towards India's March to the Rs 5 Trillion Mark

As can be seen in the chart above, corporate taxes contribute the major chunk to India's revenues. This is followed by borrowings and GST.

Non-tax revenues currently contribute to 9% of overall revenues. Non-tax revenues include dividends that the government receives from PSUs or any other divestment that it does.

Girish Shetty shares some of his thoughts on this topic in the recent edition of The 5 Minute WrapUp. Here's an excerpt from what he wrote...

  • Focus on economic growth will mean revenue from corporate taxes will be an automatic by-product.

    The modi government has reduced corporate tax rates to 25% for firms with turnover up to Rs 4 billion.

    We believe many such measures are needed for India to become a Rs 5 trillion economy in the next 5 years.

Moving on to news from the IT sector, Tech Mahindra has entered into a strategic partnership with Rackspace, which will enable cross-selling to company's customer base, joint product and services offerings, and improvements to Rackspace's internal business applications and processes.

With this partnership, Rackspace will execute a new go-to-market commercial model and benefit from improvements and efficiencies to the management of business applications and processes.

To know more about the company, you can read Tech Mahindra's 2018-19 Annual report analysis on our website.

Meanwhile, Quess Corp has received an approval to issue 7,54,437 equity shares of the company having a face value of Rs 10 per equity share to Amazon NV Investment Holdings LLC, a category III Foreign Portfolio Investor, for an aggregate amount of Rs 510 million at an issue price of Rs 676 by way of a preferential allotment.

The Board of the company in its meeting held today has approved the same.

In relation to the proposed investment in the company, the Board has also approved the execution by the company of the Share Subscription Agreement (SSA) for the proposed issue of equity shares on a preferential basis and the investment agreement with Amazon and Qdigi Services, a wholly owned subsidiary of the company.

Tech Mahindra share price and Quess Corp share price are presently trading up by 0.3% and 9.7%, respectively.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

Sensex Ends 246 Points Higher; Capital Goods and Power Stocks Witness Buying (Today's Market)

Oct 18, 2019 Closing

Indian share markets end on a positive note with the Sensex up by 246 points, while the Nifty closed up by 76 points.

SIEMENS at All Time High; BSE CAPITAL GOODS Index Up 2.2% (Today's Market)

Oct 18, 2019 03:34 PM

SIEMENS share price has hit an all time high at Rs 1,656 (up 1.6%). The BSE CAPITAL GOODS Index is up by 2.2%. Among the top gainers in the BSE CAPITAL GOODS Index today are SIEMENS (up 1.6%) and HONEYWELL AUTOMATION (up 0.8%). The top losers include LAKSHMI MACHINE (down 0.6%).

BLISS GVS PHARMA Surges by 13%; BSE 500 Index Up 0.9% (Today's Market)

Oct 18, 2019 03:32 PM

BLISS GVS PHARMA share price has surged by 13% and its current market price is Rs 136. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are BLISS GVS PHARMA (up 13.1%) and PNB HOUSING FINANCE LTD (up 18.6%). The top losers are SHOPPERS STOP (down 0.1%) and NAVNEET EDUCATION (down 0.1%).

TVS MOTORS Surges by 5%; BSE AUTO Index Up 1.0% (Today's Market)

Oct 18, 2019 03:30 PM

TVS MOTORS share price has surged by 5% and its current market price is Rs 460. The BSE AUTO is up by 1.0%. The top gainers in the BSE AUTO Index are TVS MOTORS (up 5.1%) and BALKRISHNA INDUSTRIES (up 5.5%). The top losers are M&M (down 0.2%) and BAJAJ AUTO (down 0.4%).

PRESTIGE ESTATES Surges by 5%; BSE REALTY Index Up 2.0% (Today's Market)

Oct 18, 2019 03:27 PM

PRESTIGE ESTATES share price has surged by 5% and its current market price is Rs 302. The BSE REALTY is up by 2.0%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 5.4%) and OBEROI REALTY (up 5.7%). The top losers are MAHINDRA LIFESPACE (down 1.2%) and SOBHA LIMITED (down 1.2%).

SHIPPING CORP. Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Oct 18, 2019 03:26 PM

SHIPPING CORP. share price has surged by 10% and its current market price is Rs 47. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are SHIPPING CORP. (up 10.1%) and PNB HOUSING FINANCE LTD (up 17.2%). The top losers are SUN PHARMA and SHOPPERS STOP (down 0.1%).

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