Interest subvention extended to March 11 Textiles, Gems and Jewellery benefit from Int Sub Extension Recapitalization of banks positive for Syndicate Bank, Dena Bank NBFC could be considered for banking licenses: IDFC Banking sectors reforms to be introduced: Ernst & Young RBI considering addl licenses to private players: BMR Aims to make FDI policy userfriendly: BMR FDI policies to be consolidated - positive step: Ernst & Young Oil Ministry to take decision on Parikh Report Deferment of GST negative for corporates in FY10-11: Ernst & Young FM reaffirms commitment to GST; likely roll-out in April 2011: Ernst & Young Direct tax code to be implemented from April 1, 2011: Ernst & Young Budget has given indication that better targeting of subsidies will be the key objective Focus on development of infrastructure in rural and urban areas likely Budget realises the need to strengthen food security State of the economy better Extension of interest subvention to March: Parsvanath, Sobha Focus on slum redevelopment positive for real estate: Ernst & Young Interest subvention for low cost housing: HDIL, Parsvanath Increase allocation for urban development by more than 75% Higher outlay for educations; +ve for Educomp, Edserv, Core Proj Rs 61, 000 crore rural programmes positive for Hero Honda, PNB Rs 66,100cr for rural devpt this year: BMR Education outlay increased by Rs 3236: Educomp, Everonn 3675 cr grant on education to states : +ve for Educomp, Everonn Rs 200 cr for Tirupur, TN Textile facility: BMR National clean energy fund; +ve for Suzlon, JP Hydro 20000 MW solar power +ve for Monnet Ispat Setting up of Coal Regulatory Authority positive for cement, steel companies Increased refinancing by IIFCL;+ve for infra companies Solar energy impetus Moser Baer in focus Double allocation to power;+ve for NTPC, Rel Power, Adani Po Competitive bidding process for captive mining blocks: BMR Higher power allocation to benefit power & dist companies: Ernst & Young 13% higher road allocation;+ve for Punj, Gammon, Nagarjuna Intro of new legislations administrative reforms is key: Ernst & Young 13% higher road allocation;+ve for IVRCL, HCC, L&T Increased allocation for road Gammon, IRB, j kumar +ve To raise allocation for road transport by 13% Provided Rs 1,73,552 crore for infrastructure development Easy access for funds to marine and cold storage facili: Ernst & Young ECB's will be available for food processing sector Addtional banking license IDFC and IFCI in consideration Repayment Extension For FarmerTo June 2010: +ve Bob Pnb SEZ's recorded 127% YoY export growth in last 3 qtrs: BMR Rs 300cr for agriculture impetus Jain Irrigation, Advanta India Tax slabs increased will enhance spending: Ernst & Young Increase in take home for individuals enhance consumption: Ernst & Young No tax on annual income upto Rs 1.6 lacs: BMR Tax slabs rationalised for individuals: Ernst & Young Scope of Settlement Commission for excise & customs expanded: Ernst & Young New version of Saral ready for salaried employees: BMR Settlement Commission to cover raid cases: BMR Return filing procedure to be simplified: Ernst & Young Simplification of tax compliance: Ernst & Young Saral 2 form to be introduced in a simplified version: Ernst & Young Increased computerization of central and state tax administration: Ernst & Young Pilot projects for tax grievances extended to four cities: BMR Automation to reduce physical interface with department: Ernst & Young Technology driven tax administrative reforms: Ernst & Young FY11 borrowing lower than est +vs for PSU banks Subsidy delivery in cash to oil & fertiliser companies Extending govt fert subsidy in cash: + ve for fert cos Revised fiscal deficit for 2009-2010 at 6.9% All subsidy in cash Gross non- tax receipts at Rs 1,48,118cr: BMR Deficit 4.3% for FY12 Gross tax receipts at Rs 7,46, 651cr: BMR New technology platforms for new legislations positive for IT sector: Ernst & Young Rs 60000cr defense capex :BEL, M&M, L&T, Nelco UID scheme Budget Rs 1900 crore IT companies, Bartronics in fosus Higher defence allocation +ve for L&T: BMR Smart card extension positive for Glodyne Tech: Ernst & Young Banking license for NBFCs, private players positive for IFCI, Reliance Capital UID commitment to be met in 2010: + ve for Bartronics, TCS RBI licenses to private players +ve for Reliance Capital: BMR Excise duty on large cars increase -ve for Tata Motors, Ashok Ley: Ernst & Young Peak excise duty increased; -ve for Auto, Steel, Cement Co Stimulus package partially rolled back: Ernst & Young Reduction in Personal Tax rate saving of Rs50,000 upto Rs 8 lakh income Excise duty hiked to 10% expected rise Roll back in central excise from 8% to 10%: Factored in Peak excise duty rate increased from 8% to 10%: Ernst & Young Direct tax revenue proposals to lead to Rs 26000 cr loss: BMR Red of Corp Tax Surcharge to Red Corp Tax Rate By 1%: Ernst & Young Rs 26000 cr revenue loss on account direct tax proposals Low tax, high purchasing power volume boost for FMCG cos Conversion of partnership to Llp encouraged: Ernst & Young Int on TDS not deposited increased to 18% pa: Ernst & Young Weighted Ded on R&d +ve for Tata Motors, Ashok Ley: Ernst & Young Tax audit limit increased to 60 lakhs for business: Ernst & Young Pharma cos impact neutral Mat vs Weighted Deduction: Ernst & Young MAT 18% on booked profits not assets should be positive Tax holiday for Hotel ind; +ve for Indian Hotels, EIH: Ernst & Young RIL, FMCG cos impacted by MAT increase Weighted deduction on R&D +ve for Pharma and Auto: Ernst & Young Surcharge cut; +ve for India Inc MAT increased to harm IT and infrastructure companies: Ernst & Young Surcharge reduced to 7.5% from 10%: BMR MAT increased to 18%; -ve for RIL, HUL, Bharti, Rcom Increase MAT from 15% to18% on book profits: BMR Infra bond tax deduction +ve for IDFC, PFC Corporate surcharge reduced to 7.5% but MAT increased: Ernst & Young Surcharge reduced from 10% to 7.5%: Ernst & Young 10% tax on annual income from Rs 1.6 lakh to 5 lakh: BMR AddTax deduction of Rs 20,000 on inv in infra bonds Duty exemption on hand set extended : +ve for Spice mobiles New corporate tax rate 33.21% against 33.99%: Ernst & Young Monorail projects notified for project import benefits: Ernst & Young Redn in duty for photovoltaic units +ve for Moserbaer: Ernst & Young Customs on crude restored for -ve RIL, all refiners Solar power rickshaws to enjoy duty concessions: Ernst & Young Indirect tax concessions for alternate energy projects: Ernst & Young Excise duty cut on wind farm units +ve for Suzlon Exempt inputs for making RotorBlades from excise: +ve for Suzlon Clarification on tax neutral transition to LLP's welcome: BMR Corp Tax outgo to reduce by 0.77%: BMR Clen energy cess on imported & dom coal; -ve for Tata Power, Adani MAT outgo to increase by 2.94%: BMR Full CENVAT credit on Cap Goods in 1st Year itself: Ernst & Young Testing of agricultural seeds exempt from service tax: BMR Agriculture seeds exempt from service tax: +ve for Advanta Peak rate of customs duty remains unchanged at 10%: Ernst & Young Customs duty exempted on input for refrigerated van mnfrs: Ernst & Young Setting up of cold storages exempted from service tax: Ernst & Young Simplified corp taxation for cos upto 60 lacs t/o: BMR Presumptive taxation increased on small cos: BMR Hike in CET for refined pdts negative for OMCs Ad-valorem excise duty on MUVs increased: Ernst & Young Increase in excise duty on non-tobacco products: BMR Redn in personal tax rate saving of Rs.50k upto 8l Incom: Ernst & Young Excise duty on Cig increased; quantum will impact ITC Excise duty on tobacco -ve for ITC: Ernst & Young No CG tax on conversion to LLP'S: BMR Basic customs duty on crude petroleum restored to 5%: Ernst & Young Customs duty of 5% on crude negative for OMCs Concessional 4% excise duty on inputs for electrical vehicles: Ernst & Young Excise duty exempted for specific agroprocessing units: Ernst & Young Clean Energy Cess introduced on coal, lignite & peat: Ernst & Young Excise duty exemptions on specific IT products withdrawn: Ernst & Young Excise duty on petrol & diesel increased by Re 1/ litre: Ernst & Young Excise duty on cement & cement clinker increased: Ernst & Young Customs duty on precious metals increased: Ernst & Young Effective peak excise duty rate increased from 8.24% to 10.30%: Ernst & Young Indirect tax proposals to yield 43500 Cr plus addl tax revenue: Ernst & Young Service tax exempted on transportation of food grains: BMR Concessional 5% customs duty on all medical appliances: Ernst & Young Excise Duty on CFLs cut to 4%: Ernst & Young Online News Agencies to attract service tax: Ernst & Young No extension of STPI -ve for Infy, Wipro: Ernst & Young 25% tax savings for individual earning Rs 1 lac per month: BMR Rs 20,500 cr net revenue gain Service tax refund simplified +ve for It/ites: Ernst & Young Indirect taxes gain Rs 46500 cr on account of proposals Service tax proposals to lead to Rs 3000 crs gain for year: BMR Refund for service tax exporters to be simplified: Ernst & Young Service tax net to be widened to cover new services: Ernst & Young New services under service tax preview Service tax retained at 10% +ve for ALL under service gambit Service tax rate remains unchanged at 10%: Ernst & Young Outright SACD exemption for certain prepackaged products: Ernst & Young Indexation of precious metals cutoms duty: +ve for Gitanjali,Titan Service tax unchanged +ve for FMCG Customs duty on rhodium reduced to 2%: BMR Tax reliefs for charitable orgs earning trade receipts: BMR Assistance for medical devices +ve for Opto Circuits
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