PM meets business, political leaders at Gujarat Summit
Prime Minister Narendra Modi yesterday met several visiting foreign dignitaries including President of Rwanda and Prime Minister of Serbia to promote bilateral relations and investment opportunities. Modi met several delegates from different nations as well as Fortune 500 CEOs including John Chambers of Cisco on the sidelines of the Vibrant Gujarat Global Summit here. With President of Rwanda Paul Kagame, he discussed "various aspects of India-Rwanda ties", the Prime Minister's Office tweeted.
Abolish long-term capital gains tax on real estate, gold: Pai
Tech investor T V Mohandas Pai yesterday pitched for abolishing capital gains tax on sale of land and property, and gold if held for more than three years, amidst reports that real estate and the yellow metal generate the largest quantum of black money. Stating that time has now come to tackle the sources of black money after demonetisation, the former Chief Financial Officer of IT major Infosys Ltd said registration charges on land and property across India annually are estimated at around Rs 1 lakh crore.
2016 sees lowest sales in 6 years: Knight Frank
Demonetisation has taken the sheen off the real estate sector as 2016 ended with the lowest launches and sales of residential projects since 2010, a report said. Sales volume and new launches fell by 23% and 46% each in the second half of 2016, a report by real estate consultancy Knight Frank said. The fourth quarter of 2016 saw a significant drop by 44% year on year and new launches fell by 61%, it added. "Political stability, regulatory environment, enhanced infrastructure, strong investments, approval to the GST bill amendments to REITs led us to the feeling that the year would end on a high note. However, the demonetisation move pulled down the last quarter sales across all cities," Shishir Baijal RPT Baijal, chairman and MD Knight Frank India said in a statement.
8K Miles net soars 115% to Rs 32.6 cr
Leading cloud computing player 8K Miles Software Services yesterday reported a 115% jump in net profit at Rs 32.60 crore for the three months to December on a healthy growth in revenue and margins. Its revenue jumped to Rs 142 crore, registering an increase of 91% year-on-year during the reporting quarter, as its recent acquisitions have reported healthy numbers. Net profit after minority interest grew to Rs 27 crore, a growth of 138% from the year ago period.
IndusInd Bank Q3 Net rise 29% to Rs 581 cr
Private sector lender IndusInd Bank yesterday posted 29.1% increase in net profit to Rs 750.6 crore for the third quarter of 2016-17 financial year. The bank had recorded a net profit of Rs 581.02 crore in the October-December quarter of last fiscal, IndusInd Bank said in a statement. Total income of the lender also increased to Rs 4,716.1 crore during the quarter under review, as against Rs 3,766.7 crore over the corresponding period of the previous fiscal.
Cash deals worth Rs 25,000 cr move to digital mode
Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15% of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report.
NCDEX launches soyabean meal futures
Agri-commodity bourse NCDEX yesterday launched futures trading in soyabean meal, used as animal feed, so as to provide complete hedging to investors. The exchange already offers futures trade in soyabean and refined soya oil. NCDEX unveiled futures trade contracts in soyabean meal for delivery in March and April. The future price of soyabean for March delivery opened at Rs 22,490 per tonne on the first day of trading, rose to the high of Rs 22,800 a tonne and then fell down to the level of Rs 22,740 per tonne at 1300 hours, as per the exchange data.
70% businesses in Mumbai, Pune say note ban hit them hard
The demonetisation drive has impacted nearly 70% of businessmen in the country's financial capital of Mumbai and the manufacturing hub of Pune along with nearby areas, says a report. Sectors such as construction and the informal roadside vendors are the worst hit by note-ban, an SBI research said in a report yesterday. The findings are based on a survey conducted in Mumbai and Pune among different formal and informal business groups to ascertain the effects of demonetisation on their daily business and whether the move has resulted in increase in digital mode of payments.
RBI to go for 25 bps rate cut in 2017: Citigroup
The Reserve Bank of India is expected to go for only a 25 bps rate cut this year and the likelihood of an easing in April is more than in February, says a Citigroup report. According to the global financial services major, the monetary easing support to rates is waning as the mantle is passed on to the fiscal policy. "On balance, and given our baseline assumption of a deviation in fiscal deficit roadmap (from 3% of GDP to 3.4% of GDP in 2017-18), we expect MPC to cut policy rate by only 25 bps in 2017," the report said.
CPSE ETF on Jan 17; to raise Rs 6,000 cr in second tranche
After nearly three years of launching CPSE ETF, the government will on January 17 initiate the second tranche of fund raising to garner up to Rs 6,000 crore. The issue size of follow on fund offer, which will open on January 17 and close on January 20, is Rs 4,500 crore with a greenshoe option of Rs 1,500 crore. As much as 5% discount will be given to anchor investors, for whom the issue will open on January 17, a top official said.