Stocks
Nifty, Sensex uptrend may pause – Monday closing report
While bulls remain in control, Nifty is likely to turn sluggish at the current levels
 
 
We had mentioned in Friday’s closing report that NSE’s CNX Nifty, and S&P BSE Sensex are headed higher and that as long as Nifty is above 8,090, bulls will be in control. The Indian stock markets were bullish in Monday’s trading and major indices were able to close with small gains. Bank Nifty however, closed with a marginal loss. 
 
 
 
Despite weak global cues, notably in the Asian bourses, key Indian indices opened the week on a positive note, expecting some good second quarter results and easing concerns over a rate hike possibility in the US this month. 
 
The top gainers and top losers of the indices are given in the table below:
 
 
 
 
Chinese shares closed Monday on a mixed note, with the benchmark Shanghai Composite Index down 0.14% to end at 3,386.7 points. The smaller Shenzhen index advanced 0.14% to close at 11,391.01 points, Xinhua news agency reported. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.63% to close at 2,433.6 points.
 
The closing values of the major Asian indices are given below:

 
European indices were trading higher but US premarket futures were weak.
 

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Swraj Paul's Caparo likely to file for administration: Report
Caparo Industries, led by Indian-origin British peer Swraj Paul, was on Monday reported to be on the brink of going into administration as a fallout of the UK steel crisis.
 
Quoting sources, the daily Telegraph here reported that the steel and engineering products major founded by Lord Paul, which was considering funding options over the weekend, could go into administration on Monday as parts of its business have been under enormous pressure.
 
The report said legal advisers and potential administrators are on standby and that the firm of Pricewaterhouse Coopers (PwC) would be given the lead mandate for administration work.
 
Caparo reported an annual operating loss of 700,000 pounds for 2014 as compared with the previous year's profit of 3.1 million pounds. Its UK operations posted much higher losses at 2.5 million pounds, compared with the 1.7 million pounds profit made the year before.
 
Britain's steel industry has fallen into deep crisis due to cheap Chinese imports, higher energy costs and the current strength of the pound sterling.
 
Losses at UK's largest steelmaker, Tata Steel, have forced it to announce 700 job cuts in Yorkshire and several hundred layoffs at its South Wales plant. The company's losses doubled last year to 768 million pounds.
 
In early October, Sahaviriya Steel Industries UK went into liquidation after it announced closure of its plant in Redcar, resulting in 1,700 job losses.
 
A combination of international price of steel plummeting within a year from about $500 a tonne to around $280 and the flood of Chinese steel had a damaging impact on UK's steel industry.
 
Caparo, which had an auto ancillary unit in Singur in India's West Bengal state, still has 18 acres of land in the area.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Transparent tax system must: Raghuram Rajan
In order to attract higher investments, the Indian taxation system should be more transparent, Reserve Bank of India (RBI) governor Raghuram Rajan said on Monday.
 
Speaking at a seminar here, Rajan stressed that the Indian tax system should be transparent and predictable to attract foreign investments.
 
According to him, to make products in India, a framework has to be created making it easy to do business in the country.
 
He also said the supply side issues have to be addressed so that prices were under control and the demand side was taken care of.
 
Stating that nine percent growth in economy was an aspiration, Rajan said the supply side constraints had to be removed while ruling out growth sans inflation.
 
He said the human capital in the country needed to be upgraded so that businesses get the kind of people it requires.
 
Rajan also called for greater coordination between leading central banks so that the monetary policies can be used in a more effective manner.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Ganesh Kamat

2 years ago

Tax Reform Simplified,
Only 1% Tax on Receipt to get
more Taxpayers, Tax collections & more VOTES.

1) For Big Tax collections,
take 1% Tax from 20 Taxpayers,
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale
/Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs. 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1% Tax, the Taxpayers will work to improve Business / Goods Services/ R.&D./
Social work.So more Employment, make in India, less Farmer Suicide & Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1? Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc.
For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10% each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development.
Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1? & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR
/ Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must.
For getting Votes.

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter
& roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.

[email protected]
09820867755

Ganesh Kamat

2 years ago

Tax Reform Simplified,
Only 1% Tax on Receipt to get
more Taxpayers, Tax collections & more VOTES.

1) For Big Tax collections,
take 1% Tax from 20 Taxpayers,
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale
/Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs. 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1% Tax, the Taxpayers will work to improve Business / Goods Services/ R.&D./
Social work.So more Employment, make in India, less Farmer Suicide & Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1? Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc.
For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10% each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development.
Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1? & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR
/ Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must.
For getting Votes.

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter
& roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.

[email protected]
09820867755

MG Warrier

2 years ago

It is comforting to know that a healthy debate is on, about the Indian tax system. The ‘Take as it comes’ approach to revenue(read taxes) and ‘Pay as you go’ approach to expenditure which is a legacy of the pre-independence governments need a quick re-visit. Though government finances cannot be compared to accounts of banks or companies, if the arrogance of ownership settles down in the mind as a ‘right to do anything, come what may’, we may not need an astrologer to predict doom.
Escape routes are many to compensate for the dwindling savings rates. If trust is restored, the accumulated wealth in the form of gold and jewellery as also hidden savings in the form of unaccounted money and ‘undervalued’ assets will surface which will be available for investment. The short-term measures like dipping into the reserves of central bank and selling ‘family jewels’ for meeting fancy targets of modern economic planning(showing a lower fiscal deficit) without ensuring corresponding reduction in debt or increase in productive assets can be suicidal, in the long term.
The earlier example was when GOI discontinued pension facilities for future employees in 2004, to avoid funding of pension liabilities which were being met (and are even now being met) on a “Pay As You Go” basis. Such camouflaging may not work always.
Sooner the government looks at its financial planning with a prudent ALM approach, it would be better for the country.
M G Warrier, Mumbai

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