EPFO puts on hold new PF withdrawal norms till Apr 30

Retirement fund body Employees Provident Fund (EPFO) on Friday deferred till April 30 the implementation of new norms that restrict 100 percent withdrawal of provident fund by members after unemployment of more than two months, among others. The EPFO subscribers who are out of job for more than two months can file for full and final settlement of provident fund till month end. In view of practical difficulties faced in implementation of the notifications, the new provisions will come into effect from May 1, 2016, a circular by the EPFO said.

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Weekahead: Central bank arsenals in focus as headwinds linger

At the end of a tough quarter, the fraught debate over how policymakers should tackle the world's economic woes gets another airing in the coming week as central banks on both sides of the Atlantic publish minutes. Solid growth in US employment and an unexpected manufacturing uptick in China in March will have provided some comfort on Friday, but headwinds -- Japan's factory sector disappointed last month and euro zone inflation was anaemic -- invariably lurk nearby. Cue more rumblings over bankers' ability to respond.

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Jaitley invites Aus businesses to invest in India

Showcasing significant investment opportunities in manufacturing and infrastructure sector, Finance Minister Arun Jaitley has invited Australian businesses to come and invest in India as he wraps up his four-day visit to the Asia Pacific country. During his visit, Jaitley met Prime Minister Malcolm Turnbull, Energy Minister Josh Frydenberg, Treasurer Scott Morrison, Finance Minister Mathias Cormann and several other top dignitaries and business leaders of Australia.

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Infibeam Incorporation to list shares on April 4

Infibeam Incorporation, which has raised Rs 450 crore through its initial public offer (IPO), will make stock market debut on April 4, the first e-commerce player in the country to get listed. The IPO, which opened from March 21-23, was subscribed 1.11 times at a price band of Rs 360-432 per share. Among other categories, the portion set aside for non-institutional investors received 2.23 times subscriptions while that of retail investors was subscribed 1.31 times. "...effective Monday, April 4, 2016, shares of Infibeam Incorporation shall be listed and admitted to dealings on the exchange in the list of 'B' Group of securities," BSE said in a circular.

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CLSA initiates sell on Aurobindo, stock enters Nifty today

CLSA has initiated coverage on Aurobindo Pharma   with sell rating and target price of Rs 630, citing likely slow growth in US business and muted earnings growth. The stock fell more than 3 percent intraday Friday. Aurobindo Pharma has entered the big league of Indian pharma companies through a strong US ramp-up and an acquisition in Europe. Its US sales have grown 4-fold to USD 950 million over the last five years driven by its strategy of launching high-volume, low-value products. However, the brokerage sees several challenges leading to a muted 11 percent adjusted earnings compound annual growth rate over FY16-18. It believes US growth could slow down to mid-teens despite a pipeline of 159 products awaiting approval. According to it, even if Aurobindo receives 40+ approvals annually, it will be difficult to match past growth. Also, a leveraged balance sheet is likely to restrict large inorganic growth options, it says.

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IT dept notifies new ITRs;taxman eyes those earning over Rs 50lk

People with an income of more than Rs 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the IT department notifying a new set of Income Tax Return (ITR) forms for assessment year 2016-17. Filing for the new forms begins with the onset of the new financial year today. The Finance Ministry published a gazette order in this regard on March 30 and taxpayers can file their ITRs till the stipulated deadline of July 31. The department has introduced a fresh reporting column in the new ITRs (ITR-2 and 2A) called 'Asset and Liability at the end of the year' which is applicable in cases where the total income exceeds Rs 50 lakhs. Individuals and entities coming under this income bracket will also have to mention the total cost of such assets.

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Indian Stock Market News and Analysis

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The market has started off April series and financial year 2016-17 on a negative note, tracking weak Asian cues. The Sensex fell 79.75 points to 25262.11 and the Nifty declined 30.05 points to 7708.35 on profit booking. Bharti Airtel, GAIL, Hindalco, Tata Steel, M&M, Aurobindo Pharma and BPCL were losers in early trade while BHEL, Wipro, Coal India, ITC, Cipla, Asian Paints, HCL Tech and Wipro gained. 

The Sensex and Nifty are likely to open in red in trades today tracking weak trading of Nifty futures on the Singapore Stock Exchange amid subdued global cues.The Singapore Nifty or SGX Nifty was down 0.51 per cent or 40 points at 7,747.

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The S&P BSE Sensex slipped nearly 100 points in morning trade on Friday tracking muted trend seen in other Asian markets, led by losses in HDFC, Bharti Airtel, Tata Motors, M&M, TCS, and SBI.The Nifty50 was trading above its crucial level of 7,700 supported by gains in power, consumer durable, IT, and realty stocks.

Jaiprakash Associates gains as much as 13 pct to a month-high of 8.75 rupees, UltraTech Cement up as much as 1 pct.UltraTech board approves deal to buy identified JAL cement plants at enterprise value of 159 bln rupees ($2.40 billion).The successful amendment to the Mines and Mineral (Development and Regulations) Amendment Bill, 2016 will facilitate timely integration of Jaiprakash's assets with that of UltraTech," Kotak Institutional Equities says

Maruti down 1% on CLSA downgrade, margin pressure likely in FY17

CLSA downgraded Maruti Suzuki   , the country's largest car manufacturer, to outperform from buy and slashed target price to Rs 4,150 (from Rs 4,220 earlier), citing likely pressure on operating profit margin in next financial year. The stock declined 1 percent intraday Thursday. The brokerage says outlook on Maruti’s volumes and margins has weakened, with softening passenger vehicle (PV) demand, hike in auto taxes, strengthening Yen and likely rise in auto steel contract prices. CLSA likes Maruti on a 2-3-year view given its strong franchise, product cycle and likelihood of a strong demand revival but expects modest stock returns on a 12-month view. PV demand momentum has softened in Q1CY16 and outlook for FY17 has also weakened post.

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RBI must experiment more with monetary policy: World Bank’s Basu

A week ahead of the monetary policy review by RBI, World Bank Chief Economist Kaushik Basu today called for an "experimental" approach to the interest rate setting process. "Monetary policy is a very cloudy area and I have felt that we should be more experimental," the former chief economic adviser to the government said here. RBI Governor Raghuram Rajan, a monetary economist who is considered an inflation hawk, will announce the first bi-monthly monetary policy review of the new fiscal on April 5. The policy comes amidst inflation remaining under control and the Budget sticking to the previously set fiscal roadmap. It also comes within weeks of government slashing small savings rates by up to 60 bps, which will help banks bring down deposit as well as lending rates.

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The market gained some strength after opening flat. The Sensex rose 74.30 points to 25412.88 and the Nifty reclaimed 7750 level, up 18 points to 7753.20. Hero Motocorp, Bajaj Auto, Lupin, Sun Pharma, Infosys, Vedanta, Tata Power and UltraTech Cement were early gainers while ONGC, Adani Ports, Coal India, HDFC, SBI, Idea Cellular and PNB were losers.

Selling pressure seen in select banking, metal, realty, capital goods, FMCG and PSU banking shares. On the other hand, pharma, IT, power and auto indices were quoting the green.

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The S&P BSE Sensex started on a cautious note with a mild positive bias in morning trade on Thursday ahead of March F&O expiry. The gains in the index was led by rally in Infosys, HDFC Bank, Sun Pharma, Lupin etc.The Nifty50 was trading comfortably above its crucial support level of 7700 supported by gains in power, IT, metal, and auto stocks. 

Indian stock markets jumped 1.8 percent on Wednesday and posted their biggest single-day percentage rise in about a month, tracking gains throughout Asia after U.S. Federal Reserve Chair Janet Yellen called for caution when raising interest rates.

100% FDI in e-commerce: Everything you need to know about it

The government on Tuesday announced rules for foreign direct investment in online retail firms to attract more foreign investments in the fast growing retail sector. Also, to ensure clarity, the Department of Industrial Policy and Promotion (DIPP) To bring clarity, the DIPP outlined the definition of 'e-commerce', 'inventory-based model' and 'market place model'. Moneycontrol.com decodes the rules and their implications. 

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ADB cuts India's growth forecast to 7.4% for 2016-17

Global headwinds will pull down India's growth rate to 7.4 percent in the next fiscal from 7.6 percent this year but more reforms will help the country remain one of the fastest growing economies in the world, the Asian Development Bank said today. The Asian Development Bank's (ADB) growth forecast of 7.4 percent for 2016-17 is substantially lower than its earlier projection of 7.8 percent. ADB's flagship publication Asian Development Outlook (ADO) also projected rise in consumer inflation, mainly on account of the impact of salary hike of government employees and a likely mild pick up in global oil prices.

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Today's Indian Stock Market Trending Positions

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The market rebounded on Wednesday after a sell-off in previous two consecutive sessions, tracking positive global cues post Federal Reserve Chairperson Janet Yellen's comments. The 30-share BSE Sensex rose 208.93 points to 25109.39 and the 50-share NSE Nifty climbed 63.25 points to 7660.25. The market breadth was also strong as about 844 shares advanced against 138 declining shares on BSE. Lupin, Tata Motors, ICICI Bank, Sun Pharma, Hindalco Industries, Vedanta and UltraTech Cement topped buying list in early trade.

Tata Motors was the top Nifty gainer. The stock advanced 2.6 per cent to Rs.s. 382. Bajaj Auto, UltraTech Cement, Vedanta, ICICI Bank, Lupin, Hindalco, Adani Ports and Sun Pharma were also among the gainers, up 1.5-2.5 per cent each.

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The S&P BSE Sensex surged over 200 points in morning trade on Wednesday after the US Federal Reserve chairperson suggested that the central bank should move cautiously on raising interest rates. The rally in the index was led by gains in ICICI Bank, RIL, Sun Pharma, Tata Motors, and ITC. 

Indian shares edged down on Tuesday, posting their second consecutive session of falls, amid caution ahead of the expiry of monthly derivative contracts later this week and a speech from U.S. Federal Reserve Chair Janet Yellen later in the day.

Modi reels out credit growth, FDI inflows to slam doubters

In a strong rebuttal to those doubting India being the fastest growing major economy, Prime Minister Narendra Modi reeled out statistics on credit growth and record FDI inflows to underscore that the economic success was the hard-won result of prudence, sound policy and effective management. He said the government programmes are aimed at creating more employment as well as to carry out administrative and policy reforms for sustained growth.

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Lupin's Mandideep unit receives US FDA observations

Lupin's Mandideep unit has been flagged by United States Food and Drug Administration (US FDA). In particular, the active pharmaceutical ingredient (API) and formulations units of the plant in Madhya Pradesh have received two observations each, reports CNBC-TV18. The pharma company's Mandideep unit was inspected by US FDA between February 8-19.   IIFL says these are very serious observations, adding the company may take at least 18 months to complete remedial action. Estimates suggest the Mandideep unit could be contributing USD 200 million in revenues for Lupin. The unit is the second largest revenue contributor to the company's US business after its Goa plant. 

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The market has opened on a flat note again. The 30-share BSE Sensex rose 22.27 points to 24988.67 and the 50-share NSE Nifty climbed 11.50 points to 7626.60. Hindalco, Maruti Suzuki, Tata Steel, ITC, Tata Motors, BPCL and Bank of Baroda were early gainers while HDFC, Sun Pharma, Bharti Airtel, ICICI Bank, HUL and Cairn India declined.

Pharma stocks continue to witness selling pressure, the pharma sub-index of NSE is down 0.96 per cent. Sun Pharma, which has the maximum weight in Sensex among pharma shares, is down nearly 2 per cent. Other pharma stocks like Lupin, Cipla, Dr Reddy's Lab are also down between 0.1 to 1 per cent. 

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The S&P BSE Sensex started on a cautious note with a mild positive bias in morning trade on Tuesday, led by gains in ITC, RIL, Axis Bank, Maruti Suzuki, and L&T. The Nifty50 was trading above its crucial support level of 7600 supported by gains in oil & gas, power, realty, capital goods, and auto stocks. 

Indian stocks fell more than 1 percent on Monday, posting their biggest single-day fall in five weeks, as investors booked profit in recent outperformers ahead of a busy week of events, including the expiry of domestic derivative contracts.