Tata Steel up over 2% on plans to sell stake in Tata Motors

 

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Shares of Tata Steel advanced over 2 per cent on the Bombay stock Exchange after the company said it plans to sell 8.36 crore equity shares of face value of Rs 2 each of Tata Motors to Tata Sons. Boosted by the development, shares of the company gained as much as 2.07 per cent to hit an intra-day high of Rs 512.50 apiece on the Bombay Stock Exchange.

 

The scrip was currently trading at Rs 510.65 against previous close price of Rs 502.10. In a similar fashion, stocks of company were trading 1.77 per cent higher at Rs 510.85 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 31,207.44, up 151.04 points or 0.49 per cent, at 11:55 hours.

GST to bring down tax on several goods >> Commodity Tips- Ncdex Tips and more Call on 9644405056

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The Union Minister of State for Development of North Eastern Region (DoNER), Jitendra Singh has said that GST will bring down tax on several goods and contrary to a perception held in certain quarters.

 

“The rollout of GST from 1st of July will bring a huge relief to the poor and lower middle class by resulting in a tax rate lower than the present tax rate,” said Jitendra Singh while addressing a meeting to discuss the various aspects of GST rollout with Delhi-based Resident Commissioners of eight North-Eastern States.

 

The minister said that a wide range of items including milk powder, curd, lassi, buttermilk, cheese, spices, tea, wheat, rice, flower, soybean oil, mustard oil, palmyra jaggery, mineral water, ice, coal, domestic LPG, tooth paste, soap as well as medical items like Insulin, X-ray films and spectacle lenses will actually have a lower tax rate after July 1st, following the GST roll-out as compared to the tax which is being currently imposed on these items.

 

CBDT notifies rule for secondary adjustments in transfer pricing

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The Central Board of Direct Taxes (CBDT) on Monday said it has operationalised the provisions of secondary adjustment in transfer pricing.

 

The Finance Act, 2017 with effect from April 1, 2018 provided for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise, in order to make the actual allocation of funds consistent with that of the primary transfer pricing adjustment.

 

The provision will apply to primary adjustments exceeding Rs 1 crore made in respect of assessment year 2017-18 onwards ..

 

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Passengers in domestic airlines grow 17.63% in January

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Passengers carried by domestic airlines grew by close 18 per cent to 465.87 lakhs during January-May 2017 as against 396.04 lakhs in the corresponding period of previous year, according to the performance report of the domestic airlines released on Monday.

Passengers carried by domestic airlines during Jan-May 2017 were 465.87 lakhs as against 396.04 lakhs during the corresponding period of previous year thereby registering a growth of 17.63 per cent.

According to it, the passenger load factor in May 2017 showed increasing trend compared to previous month primarily due to beginning of tourist season.

The private airline Spicejet with a 94.3 load factor for the last month topped among domestic airlines.

 

 

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Continuing previous day’s gains, the Indian equity markets on Tuesday traded on a flat-to-positive note marginally in the green during the morning session.

 

The wider Nifty of the National Stock Exchange (NSE) traded at 9,666.20 points up 8.65 points or 0.09 per cent.

 

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,392.53 points, traded at 31,349.71 points up 38.14 points or 0.12 per cent, from its previous close at 31,311.57 points.

 

The Sensex has so far touched a high of 31,392.53 points and a low of 31,318.87 points.

 

The BSE market breadth was bullish — with 1,143 advances and 1,069 declines.

Tata Sons to buy Tata Steel stake in Tata Motors on or after June 23

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Tata Sons Ltd, the holding company of India’s salt-to-software Tata conglomerate, plans to buy out Tata Steel Ltd’s stake in Tata Motors Ltd on or after June 23, it said in a regulatory filing on Saturday.

Tata Sons will buy about 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition, it said in the filing.

It cited “restructuring of investment portfolio” as the reason for the planned deal.

Tata Motors shares closed at 455.75 rupees in Mumbai trading on Friday.

Tata Sons owned 28.71 percent of Tata Motors at the end of March, while Tata Steel owned 2.9 percent in the vehicle maker.

Tata Sons owned 29.75 percent of Tata Steel at the end of March, while Tata Motors owned a 0.46 percent stake in the steelmaker, according to stock exchange data.

Indian media have reported that Tata Sons planned to reduce crossholdings among group companies.

Asian currencies climb as soft economic data hurts Dollar- Get Free Stock Cash Tips Call on 9644405056

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 Most emerging Asian currencies edged up on Monday, with the Korean won leading gains as the dollar was subdued by questions over the strength of the U.S. economy after weak economic data.

 The Dollar’s rally on the back of rising interest rates was tempered by a fall in U.S. housing starts in May to the lowest in eight months and after a barometer of U.S. consumer sentiment unexpectedly fell in early June.

 “Whether forex markets are clueless on the way forward or dollar bulls are getting cold-feet with post-FOMC knee-jerk rallies fading, is debatable.

 Political risks in the United States involving Trump, the FBI and Russia have stymied hawkish cues from the Federal Reserve to some extent with softer economic data also hampering the dollar bulls for now.

 The won led the gains among emerging Asian currencies, climbing as much as 0.5 percent, after posting sharp losses on Friday.

GST to roll out from 1 July, firms get extra time to file returns

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The GST Council on Sunday paved the way for the implementation of the goods and services tax (GST) starting 1 July, but gave companies more time to file detailed returns for the first two months of July and August.

“We don’t have the luxury of time to defer implementation of GST. The council decided categorically that it will be implemented from 1 July,” finance minister Arun Jaitley told.

The official launch of the GST will be on midnight of 30 June at a function likely to be attended by Prime Minister Narendra Modi and state chief ministers in Delhi. The GST Council will meet on 30 June to take up any remaining issues, including that of e-waybills.

The GST Council also cleared anti-profiteering rules that are meant to compel firms to reduce prices of products that benefit from lower GST rates. A standing committee will be set up to screen individual complaints and refer them to the directorate general of safeguards which will investigate the matter. DG-Safeguards will further refer genuine cases to an anti-profiteering authority headed by a retired secretary that will ask the firm to either reimburse the money to consumers or deposit it in a consumer welfare fund, apart from reducing product prices.

Ola, Uber cab supply fell nearly 25% in March quarter

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Ride-hailing services Ola (ANI Technologies Pvt. Ltd) and Uber Technologies Inc are facing a crunch in supply of cars, with the number of vehicles affiliated to their platforms dropping by almost 25% in the March quarter from the preceding three months.

 

According, to the Ripples Financial Advisory cab supply peaked in the December quarter since January last year to approximately 500,000 vehicles, before plummeting to about 380,000 vehicles in the March quarter, largely because of a fall in incentives for drivers, prompting them to either explore other driving jobs or quit entirely.

 

“This trend was precipitated largely by continuously dropping incentives and driver incomes. Drivers who left the online platforms either shifted into other (offline) driving jobs or changed professions entirely.

 

Infosys faces ample real risks, it needn’t worry about fake ones

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Early last week, Infosys Ltd made a laughable addition to the list of risk factors for its shareholders: it said that actions of activist shareholders could impact the trading value of its securities. Infosys’s decision to categorize this as a risk factor is ludicrous, especially at a time when peer Cognizant Technology Solutions Corp. has embraced nearly all suggestions given by activist shareholder Elliott Management Corp. Bloomberg Gadly columnist Andy Mukherjee has articulated well why Infosys’s move is plain silly.

As luck would have it, later in the week, a far more credible risk factor emerged at the company. Infosys announced that one of its top executives, Sandeep Dadlani, global head of the manufacturing, retail, consumer packaging and goods and logistics units, had resigned. Dadlani oversaw over a third of the company’s business, and his exit is the latest in a series of jolts the company has faced in recent months.