Economy
Government convenes all-party meeting on FDI on Monday

Parliamentary Affairs Minister Kamal Nath has convened a meeting of all party leaders of both Houses of Parliament on Monday to discuss FDI in retail

 
New Delhi: With major Opposition parties like Bharatiya Janata Party (BJP) and the Left demanding discussion on foreign direct investment (FDI) in retail under rules that entail voting, Parliamentary Affairs Minister Kamal Nath has convened a meeting of all party leaders of both Houses of Parliament on Monday to discuss the issue, reports PTI.
 
"The Parliamentary Affairs Minister informed us in the Rajya Sabha Business Advisory Committee (BAC) that he will convene an all-party meeting on Monday. He also said he will talk to all party leaders in Lok Sabha and meet them separately on that day. Then a final call will be taken on the issue," CPI(M) leader Sitaram Yechury told reporters here.
 
CPI leader D Raja also said Nath had assured BAC that he would meet leaders of all parties on Monday.
 
However, Yechury made it clear that the Left parties would not budge from their position of seeking a debate on government's decision to open up multi-brand retail to foreign investment under rules entailing voting.
 
Left parties have already moved notices under Rule 184 in Lok Sabha and Rule 168 in Rajya Sabha seeking disapproval of the government's decision on the issue. Under both rules, a debate is followed by voting on an issue.
 
Yechury accused the government of "violating" its assurance given in Lok Sabha and Rajya Sabha respectively by then Finance Minister Pranab Mukherjee and Commerce Minister Anand Sharma in December last year that "FDI in retail would be implemented after consultations with all stakeholders, including political parties and state governments." 
 
In this context, he said CPI (M) MPs today submitted a notice of breach of privilege against Sharma for "contravention" of his assurance that the government had suspended allowing 51 per cent FDI in multi-brand retail trade "till a consensus is developed through consultations among various stakeholders".
 

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Government detects cases of tax evasion by Cadbury India

The Directorate General of Central Excise Investigation has detected two cases of tax evasion of Rs213 crore by Cadbury India 

 
New Delhi: The Union government on Thursday said that Directorate General of Central Excise Investigation (DGCEI) has detected two cases of tax evasion amounting to Rs213 crore by the different units of the confectionery major Cadbury India Ltd, reports PTI.
 
"Two cases of tax evasion by Cadbury India has been detected by DGCEI during the years 2009-10 to 2012-13 (up to 31 October 2012)", Minister of State for Finance SS Palanimanickam said in a written reply in the Rajya Sabha.
 
The Minister said central excise duty evasion by Cadbury India, Baadi (Himachal Pradesh) involved an amount of about Rs200 crore and was under investigation.
 
On service tax evasion case against Cadbury India, the Minister said it involved an amount of Rs13.43 crore and that the case had been adjudicated and a demand of Rs11.75 crore was confirmed along with a penalty of equal amount.
 
The Minister said a sum of Rs12.08 crore tax with Rs0.53 crore interest was realised.
 
When contacted Cadbury India spokesperson said, "We are fully cooperating with the authorities on this enquiry. Since the investigation currently is under way, it will be inappropriate on our part to discuss the details at this time".
 

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BSE Sensex, Nifty still fighting the downtrend: Thursday Closing Report

Previous day’s low on the Nifty continues to be the crucial level to watch


The market, which was in the green for a major part of today’s session, pared part of its gains in late trade on profit booking. Yesterday we mentioned that a close above 5,640 on the Nifty may add strength to this weak upmove. Today although the index managed to cross this level it ended a bit lower. A strong close above 5,655 may bring more momentum to the uptrend, however, a previous day low on the Nifty continues to be the crucial level to watch. The National Stock Exchange (NSE) saw a volume 53.12 crore shares and an advance decline ratio of 749:677.

 
The Indian market opened on a positive note tracking the global markets which were in the green on hopes that European leaders are likely to reach a deal to release emergency funds to Greece. A report indicating a growth in China’s factory output in November also boosted investor sentiments across Asia.
 
Back home, the Nifty started off at 5,629, up 14 points over its previous close, and the Sensex resumed trade 51 points higher at 18,460. Buying interest in capital goods, banking, technology and PSU sectors pushed the indices higher in early trade.
 
However, the benchmarks were unable to sustain their early gains and began a gradual descent. Opposition to the government’s reforms on the first day of the Winter Session of Parliament saw the indices touching the day’s lows in noon trade. At the lows, the Nifty fell to 5,608 and the Sensex went back to 18,456.
 
A positive opening of the European indices as policymakers resume talks on the EU budget supported the domestic market in subsequent trade. The inability of the Trinamool Congress to muster sufficient numbers for a no-confidence motion against the UPA government also supported sentiments. 
 
The gains helped the benchmarks touch their intraday highs in the post-noon session. At the highs, the Nifty climbed to 5,643 and the Sensex went up to 18,568. But profit booking at the highs resulted in the market paring part of its gains in the last hour, albeit closing in the green.
 
The Nifty rose 13 points to settle at 5,628 and the Sensex finished the session at 18,517, up 57 points.
 
Among the broader indices, the BSE Mid-cap index closed 0.32% higher and the BSE Small-cap index gained 0.39%.
 
The top sectoral gainers were BSE Capital Goods (up 1.07%); BSE IT (up 0.85%); BSE TECk (up 0.80%); BSE Fast Moving Consumer Goods (up 0.62%) and BSE PSU (up 0.55%). The losers were BSE Oil & Gas (down 0.49%); BSE Consumer Durables (down 0.36%) and BSE Auto (down 0.24%).
 
Sixteen out of the 30 Sensex stocks closed in the positive. The main gainers were State Bank of India (up 1.9%); Larsen & Toubro (up 1.7%); Infosys (up 1.6%); Mahindra & Mahindra (up 1.2%) and ITC (up 1.2%) while key losers were Tata Motors (down 2.5%); ICICI Bank (down 1.0%); Sun Pharma (down 0.6%); Reliance Industries (down 0.5%) and Cipla (down 0.5%).
 
On the A Group, top two gainers on the BSE were—Hindustan Copper (up 11.3%) and Strides Arcolab (up 5.5%) while top losers were—Pantaloon Retail India (down 5.6%) and Max India (down 3.4%).
 
The top two B Group gainers on the BSE were—Metroglobal (up 2449.27%) and Rama Newsprint (up 20%) while SEL Manufacturing Company (down 19.52%) and Bisil Plast (down 12.50%), ended as top two losers.
 
Out of the 50 stocks listed on the Nifty, 27 stocks settled in the positive. The major gainers were Grasim Industries (up 2.3%); Larsen & Toubro (up 1.9%); SBI (up 1.8%); HCL Technologies (up 1.7%) and NTPC (up 1.7%). Tata Motors (down 2.8%); Siemens (down 2.1%); UltraTech Cement (down 1.8%); ICICI Bank (down 1.3%) and IDFC (down 1.2%) were the major losers today.
 
Markets in Asia, with the exception of the Shanghai Composite and the KLSE Composite, settled higher on the expansion in Chinese manufacturing sector in November, as revealed by a preliminary report from HSBC PMI.
 
The Hang Seng surged 1.0%; the Jakarta Composite advanced 0.43%; the Nikkei 225 jumped 1.56%; the Straits Times climbed 0.9%; the Seoul Composite gained 0.8% and the Taiwan Weighted gained 0.2%. Bucking the trend, the Shanghai Composite dropped 0.7% and the KLSE Composite lost 0.3%.
 
At the time of writing, the key European indices were trading with gains in the range of 0.255 and 0.78% and the US stock futures were trading with gains. Markets in the US will be closed for the Thanksgiving Day holiday today.
 
Back home, foreign institutional investors were net buyers and bought shares worth Rs182.59 crore on Wednesday while domestic institutional investors sold shares worth Rs133.08 crore.
 
Ashapura International, a subsidiary of Ashapura Minechem is planning to set up a kaolin powder making plant at Bhuj in Gujarat, which would make the company one of the largest producer of kaolin in Asia. The project is likely to be stationed close to the mineral reserves in Kutch. However, the quantum of investments and capacity has not been disclosed. Ashapura Minechem rose 4.9% to close at Rs40.55 on the BSE
 
Blue Dart Express, which was in news after its promoters announced plans to sell 6.03%  of their stake through offer for sale route, today informed BSE that "floor price" for the sale shares shall be Rs. 1,720 per equity share. DHL Express (Singapore) Pte Ltd, submitted a notice of offer for sale of 1.43 million shares of Rs10 each of Blue Dart Express representing 6.03% of the equity share capital. Blue Dart Express rose 20% to close at Rs2,056 on the BSE
 

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