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Stock exchanges, persons dealing in securities market to pay 18 per cent GST on Sebi’s fee

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Market infrastructure institutions, including stock exchanges, and persons dealing in the securities market will need to pay a GST of 18 per cent on the fees charged by the regulator Sebi. The new tax rate will be effective from Monday, the Securities and Exchange Board of India (Sebi) said in a circular. This comes after the GST Council last month recommended to withdraw the exemption granted to services by Sebi and the same was notified on July 13. Stock exchanges, clearing corporations and depositories come under market infrastructure institutions.

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Paddy acreage down 17 per cent so far in kharif season: Official data

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The area under coverage for paddy is down 17.4 per cent so far in the ongoing kharif sowing season while acreage of pulses, coarse cereals and oilseeds are higher by 7-9 per cent. As per the Ministry of Agriculture data till July 15, the paddy sowing has reached 128.50 Lakh Hectares (LH) so far this kharif season as against 155.53 LH in the corresponding period of the previous year. However, the area under coverage for pulses has increased by 9 per cent to 72.66 LH from 66.69 LH during the period under review. The sowing area of coarse cereals is …

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Mindtree rating: Neutral | Margins bucked sectoral trend

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MTCL’s Q1FY23 performance beat consensus estimates at both revenue and margin levels. Revenue at $399 mn was up 5.5% q-o-q in cc terms (vs. consensus expectation of 4.8% q-o-q growth) and EBIT margin at 19.2% was up 30bps (vs. consensus expectation of 18.8%). EPS at Rs 28.57 was up 37% y-o-y. Revenue performance was strong considering weakness in the retail verticalMTCL’s growth was across all verticals except for retail which recorded -8.9% q-o-q decline (in USD terms) due to two client-specific issues. The total contract value (TCV) of deal wins at $570 mn was up 13% y-o-y in Q1FY23 with …

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Surat’s weavers battle soaring import bills

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By Nayan Dave With prices of premium quality man-made fibre sky-rocketing to Rs 200 per kg in a span of just six months inflating import bills by Rs 8 crore a day, thousands of weaving units in India’s man-made fabric capital, Surat, are facing a working capital crisis “Prices of premium quality viscose denier yarn were range bound between 350 to 380 per kg six months ago but at present are hovering around 580 to 600 per kg which has increased the requirement of extra working capital for most of the MSME weaving units in Surat,” says Vikas Koradia, owner …

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‘Too premature to comment’ – NCERT on name change of India to Bharat in all school textbooks

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NCERT Panel Recommends Replacing ‘India’ with ‘Bharat’: The National Council of Educational Research and Training (NCERT) has reportedly accepted the recommendation of adopting the name ‘Bharat’ instead of ‘India’, according to PTI. This means if the panel’s recommendations are accepted then the new books published under NCERT will have ‘Bharat’ as the new name of India in all school textbooks. Reacting to the development, the NCERT has issued a statement saying that it is ‘too premature to comment’ on the name change. It also added that the development of new syllabus and textbooks is under the process. The committee who …

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Adani Enterprises, Bharat Electronics among 80 stocks to hit 52-week high on BSE, 18 scrips at fresh lows

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Domestic stock markets were trading with strong gains on Monday tracking strength in Asian and US equities. The BSE Sensex rose over 500 points to 54,295, and the NSE Nifty 50 advanced 162 points to 16,212. The broader markets also opened in green with the BSE MidCap and SmallCap indices inching up 0.8%. All sectors opened in green with Nifty IT and metals leading gains, rising up to 1.7 per cent. PSBs, realty and pharma indices were the next top winners. Among stocks, BEL soared over 4% after the company posted a net profit of Rs.431.49 crores in Q1 FY23 …

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Nifty may top 19000, make new all-time high in a year as crude, monsoon, rural incomes turn favourable

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NSE Nifty 50 may make a new all-time high of 19,066 points by June 2023, as global headwinds subside and commodities prices turn benign, brokerage firm Prabhudas Lilladher said, raising their base case target. The worst might be over for equities markets as global headwinds subside and prices of Crude, Metals, Palm Oil, and Agri commodities fall. “We believe softening prices of crude, bountiful monsoons, sharp increase in rural incomes from firm crop prices and improving labour employment will be key demand drivers in coming quarters,” Prabhudas Lillladher said in a report. The firm’s analysts earlier had a target of …

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Govt allows insurers to invest in GIFT IFSC

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By Ashley Coutinho Life Insurance Corporation of India’s (LIC) bid to buy a 15% stake in India International Exchange (India INX), an international exchange, and a similar stake in India International Clearing Corporation (India ICC) — both promoted by BSE and located at GIFT IFSC — may come to fruition after the government tweaked provisions of the Insurance Act last week to allow Indian insurers to invest in the International Financial Services Centre (IFSC) at GIFT city, Gujarat. LIC had approached insurance regulator IRDAI for purchasing a stake in India INX earlier this year under the overseas direct investment route. …

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Barring dollar, rupee has risen against key currencies: Surge mirrors strong macro fundamentals, says FinMin official

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Even as the rupee tests the psychological 80-per-dollar mark, it has not just held up against other major global currencies but appreciated considerably against them this year, in a “testament to the resilience of the Indian economy”, a senior finance ministry official told FE. Since January, the rupee has appreciated 4.97% against the euro, 6.25% against the British pound and 12.25% against the Japanese yen. This is in sharp contrast with its 6.9% fall against the dollar in the wake of a rate tightening by the US Federal Reserve and consequent capital flight, and the adverse impact of the Ukraine …

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Bharat Electronics share price jumps 6% to new 52-week high, Q1 profit rises 15-fold; buy, sell, or hold?

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Bharat Electronics (BEL) share price soared more than 6 per cent to a fresh 52-week high of Rs 260.75 apiece on Monday, on a 15-fold rise in Q1 profit. Bharat Electronics net profit in first quarter of current fiscal rose 1401.64% to Rs 365.65 crore as against Rs 24.35 crore during the previous quarter ended June 2021. On Monday, BEL stock witnessed a sudden surge in its volumes, supporting the price move. In volume terms, a total of 20 lakh shares exchanged hands on BSE, while 2.96 crore scrips were traded on NSE, so far in the day. Ravi Singh, …

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