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Indian equity market opens higher in early session

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Mumbai, Jan 12, 2017: Taking cues from global markets the key Indian equity market indices opened higher on Thursday.

The Sensitive Index (Sensex) of the BSE, which had closed at 27,140.41 points on Wednesday, opened higher at 27,171.66 points.

Minutes into trading, it was quoting at 27,206.76 points, up by 66.35 points, or 0.24 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 8,380.65 points, was quoting at 8,389.95 points, up by 9.30 points or 0.11 per cent.

Positive global cues, coupled with healthy third quarter (Q3) results pushed the Indian equities markets higher on Wednesday.

Besides, higher global crude oil prices and anticipation of sops to be announced during the Union Budget enhanced investors’ risk-taking appetite.

The Sensex was up by 240.85 points or 0.90 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 27,174.87 points and a low of 26,978.44 points.

The Nifty was up by 92.05 points or 1.11 per cent.

On Thursday, Asian indices were showing a mixed trend after US President-elect Donald Trump held a press conference without giving economic policy details.

Japan’s Nikkei 225 was trading in red, down 1.13 per cent, Hang Seng down by 0.19 per cent while South Korea’s Kospi was also up by 0.12 per cent. China’s Shanghai Composite index was quoting in green, up by 0.19 per cent.

On a positive note, Nasdaq closed in green, up by 0.21 per cent and FTSE 100 was also up by 0.21 per cent at the closing on Wednesday.

IANS

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GST Council nod for mandatory e-Way Bill for inter-state goods movement

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GST Bhavan. (File Photo: IANS)
GST Bhawan (File Photo)

New Delhi, Dec 16: The Goods and Services Tax (GST) Council on Saturday approved mandatory compliance of e-Way Bill for inter-state movement of goods from February 1, sources said here.

Some states might roll out both inter-state and intra-state e-Way Bill from February 1 on a voluntary basis. The system for e-Way Bill will be available from January 15.

E-way bill for intra-state will be compulsory from June 1, the source added. However, implementation of e-Way Bill for intra-state movement will done in a staggered manner from February.

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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