Dear all,
Markets fall on Budget Day
Ø Benchmark Indices ended a volatile session notably lower on Monday, with investor disappointment over various tax proposals in the Union Budget and a weak trend in Chinese and European bourses weighing on markets.
Ø Fiscal deficit in FY16 and FY17 retained at 3.9% and 3.5% of GDP in Union Budget 2016-17.
Global Macro
Ø U.K. pending home sales slumped 2.5% to 106 in January from an upwardly revised 108.7 in December.
Ø The People's Bank of China reduced the renminbi deposit reserve requirement ratio by 50 basis points.
Ø Eurozone consumer prices declined by 0.2%YoY in February after a 0.3% rise in January of 2016.
Corporate Buzz
Ø Government increased Securities Transaction tax in case of 'Options' from .017% to .05% in Union Budget 2016-17.
Ø Cess on coal from INR 200 to INR 400 per tonne welcomed by solar power developers.
Ø Government to increase spending on power PSUs to INR 682.5bn led by NTPC, PGCIL.
Ø The Budget allocated INR 250bn towards their recapitalization of state-owned banks in the next fiscal.
Ø Corporate Tax for new manufacturing companies registered on/post March 1st, 2016 can opt to be taxed at 25% + cess.
Ø Dividend Distribution Tax to be levied at 10% if dividend earned exceeds INR 1mn p.a.
Ø Indian Oil Corp bought 1mn barrels of March-loading Urals crude via a tender, the country's first purchase of the Russian grade in a year.
Ø Airbus to start delivering new engine technology aircraft A320neos to low-cost carrier Indigo from next month.
Ø Indiabulls Real Estate Fund, part of the Indiabulls group raised INR 5bn for its property fund.
Ø Lupin wholly-owned Japanese subsidiary, Kyowa, plans to set up a manufacturing plant at Tottori, Japan as part of expansion plans in the country.
Ø Videocon is targeting 15% market share in the air conditioners segment by selling 6,00,000 units in 2016.
Ø Abbott India announced the resignation of its Managing Director RehanA Khan. The resignation will be effective close of business hours on April 30, 2016.
Markets are likely to open on a cautious note, tracking subdued trading in U.S stocks in overnight trade as economic concerns linger.
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Regards,
CSEC Research
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