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Indian equity market indices open on a volatile note

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Mumbai, Dec 29, 2016: Taking cues from global markets the key Indian equity market indices showed a mixed and volatile trend at the opening of trade on Thursday.

The Sensitive Index (Sensex) of the BSE, which had closed at 26,210.68 points on Wednesday, opened higher at 26,429.41. Minutes into trading, it was trading at 26,222.11 points, up by 11.43 points, or 0.04 percent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 8,034.85 points, was quoting at 8,029.05 points, down 5.80 points or 0.07 per cent.

On Wednesday, outflow of foreign funds, along with profit booking ahead of derivatives expiry and broadly negative global indices, pulled the Indian equity markets down.

The key indices lost their earlier gains and closed on a flat note, as heavy selling pressure was noticed in stocks of oil and gas, capital goods and energy.

The Sensex was down only by 2.76 points or 0.01 per cent at Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 26,415.05 points and a low of 26,191.72 points.

The Nifty was marginally up by two points or 0.02 per cent.

On Thursday, Asian shares were down following Wall Street suffering a hindrance after weeks of gains, while the dollar was in demand as US government debt offered premiums over euro zone bonds.

Japan’s Nikkei 225 was trading in red, down 0.99 per cent, Hang Seng up by 0.10 percent while South Korea’s Kospi was also down by 0.04 percent. China’s Shanghai Composite index was quoting in green, up by 0.03 percent.

On a negative note, Nasdaq closed in red, down by 0.90 per cent and FTSE 100 was up by 0.53 per cent at the closing on Wednesday.

IANS

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Cabinet nod to amend Specific Relief Act for ease of business

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Ravi Shankar Prasad( Law Minister)

New Delhi, Dec 15: In a move to further ease procedures for doing business in the country, the cabinet on Friday approved a bill proposing to amend the Specific Relief Act, 1963, Law Minister Ravi Shankar Prasad announced here.

Briefing reporters here after a cabinet meeting, the Minister said that with the concerned bill slated to be tabled in the winter session of Parliament, he was unable to elaborate any further on the proposed legislation apart that it was for “ease of doing business.”

“Among the significant decisions, the cabinet approved the proposal to introduce amendments to the Specific Relief Act, 1963, as part of ease of doing business,” Prasad said.

“The Specific Relief Act, 1963, is being changed substantially..being modernised for promoting growth and investment,” he added.

The government has been contemplating amendments to the Specific Relief Act to limit the compensation and relief that courts can give in cases involving execution of infrastructure and development projects.

According to official sources here, the proposed changes seek to introduce guidelines for reducing the discretion granted to courts and tribunals while granting performance and injunctive relief.

The government constituted a five-member expert committee last year, to review the Act and suggest changes needed to remove bottlenecks in execution of contract-based infrastructure development, public private partnerships and other public projects.

In its report, the committee recommended changes in the law to limit the powers of courts to award relief.
“Any publi” work must progress without interruption. This requires consideration whether a court’s intervent’on in public works should be minimal. The role of courts in this exercise is to interfere to the minimum extent so that public works projects will not be impeded or stalled,” the committee “aid in its report.

IANS

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CBEC hikes customs duty on mobile phones, TVs and other electronic items

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New Delhi, Dec 15: The Ministry of Finance on Friday increased customs duty on import of mobile phones and other electronic devices such as televisions, mobile projectors, microwave and water heaters.

In a notification issued by Central Board of Excise and Customs (CBEC), the customs duty on certain sections of mobile phones has been raised from 10% to 15%.

While customs duty on television sets has been scaled up to 15 per cent from the existing 10 per cent.

Similarly, the customs duty on monitors, microwave ovens, projectors has been doubled to 20 per cent, as per the notification.

The Custom duty on push button telephones or mobile phones has been raised to 15 per cent from nil.

The changes will impact tech and electronic titans such as Apple, Sony which have been planing to set up manufacturing units in India.

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Manish Dawar to become Vodafone India CFO

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New Delhi, Dec 15: Vodafone India on Friday announced that Manish Dawar will take over as its Chief Financial Officer (CFO) with effect from January 1, 2018.

Based in Mumbai, he will report to Sunil Sood, Managing Director & CEO, Vodafone India.

Dawar will take over from Thomas Reisten.

Manish joins Vodafone from Den Networks Limited where he was Group CFO.

IANS

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