Hikes retail prime lending rate by 25 bps from Tuesday Hikes retail prime lending rate by 25 bps to 15.5%
CFO, Dr Reddy's Labs-MAT will impact our bottomline; -SEZs have come under MAT; -MAT is negative for pharma sector;
Advanta India CY10 -Sales at Rs 101 crore versus Rs 102 crore -Loss at Rs 29.7 crore versus loss of Rs 41.4 crore -Raw material at Rs 62 crore versus Rs 71 crore -Other income at Rs 29 crore versus Rs 5.2 crore
Other stocks and sectors that are in news today: -NIIT board approves Disinvestment of its entire holding in its non-operating wholly owned subsidiary company 'Neo Multimedia Limited' -Listing of equity shares of Texmaco Rail & Engineering Limited pursuant to scheme of arrangement on 3rd March , 2011 -Videocon in F&O ban -EIH rights issue of 17.8 crore shares at Rs 66/sh opens today (FE) -Agriculture & Allied sectors get Rs 14,744 crore, an increase of 2.6% over last year -Cement prices may go up Rs 10-12 a bag adding to the cost of construction (BL) -Educompboard meet today to consider issue of equity on preferential basis to shareholders of Gateforum Educational Services Pvt -SAL Steel board meet today to consider possibilities of preferential allotment of equity shares
Budget views FM says: -Diesel deregulation at appropriate time -Too premature to make any comment on oil -We are trying for April 1 2012 for GST -Have aligned cenvat list to move towards GST -Can't give a timetable on GST constitutional amendment -Have not finalized land acquisition bill in cabinet
Finance Secretary says - CNBC-TV18 Exclusive -Rollover For food, fert, fuel subsidy in FY12 will be lower -NREGA a demand driven scheme Large amounts lying with state governments CNBC-TV18 alert: NREGA allocation remains flat at Rs 40,000 crore -Fertiliser subsidy for all farmers; no differentiation -LPG cash subsidy will continue for non-BPL families -FM has aligned tax rates with GST
Divestment Secretary says -Rs 40,000 crore divestment target for FY12 very realistic -SAIL issue planned for March-end or April -ONGC follow-on offer likely in March -Proceeds from ONGC FPO may be included in FY12
Revenue Secretary says -Never contemplated an amnesty scheme in budget exercise -Globally, amnesty schemes are frowned upon -Section 10 A, B profit linked deductions done away with -Barring power projects, all sunset clauses to expire w.e.f March 31 -GST may not come into effect from April 1, 2012 -Considering June 2012 as broad timeline for GST -Unlikely GST will be rolled out along with DTC -11 states working with NSDL for GST IT Infra
Economic Affairs Secretary says -May not borrow Rs 10,000 crore more by March -May not borrow more as cash balance healthy -May have to add Rs 10-15,000 crore if food security bill passed -Do not see NREGA bill going up -Cannot speculate on crude prices in FY12 -Have budgeted realistically for fuel subsidies -Provisions for subsidies sufficient -Direct transfer of cash subsidies will reduce leakages
Banking Secretary Says -Will finalise microfinance bill shortly
Kaushik Basu Says -4.6% fiscal deficit a realistic target -Crude price cause for concern but can step in with measures -Have the option of duty rejig on petroleum products later -GDP Q3 growth numbers phenomenal -Direct transfers will eliminate distortions
PV Bhide Says -Excise duty at 10% important for GST alignment
Dhruv Sawhney Says -Food prices likely to go up next year -Have to think of incentives to hike agricultural productivity -Finance Minister must be concerned with implementation of budget
Vinayak Chatterjee -Infra intensity of budget has gone up over the years -FM has pressed the right buttons for infra investment
Mohandas Pai Says -Do not see measures to accelerate growth in budget -This budget will have far reaching impact
Salman Khurshid Says -Ground rules change,budget not a state of the nation speech -Budget is to do with finances, corruption with governance -IFRS standards have been notified -IFRS standards compliance date yet to be notified -Food security bill rollout will be gradual
Kirit Parikh Says -Subsidy should be given as entitlement
CBEC Chairman Says -Fiscal autonomy is what was holding back GST -Petroleum policy normally not part of budget process -Undertaking administrative reforms for customs
Montek Singh Ahluwalia says -FM has put out a balanced budget -There is significant reduction in fiscal deficit -Budget has set the stage for roll-out of GST -Changes in infra finance has tremendous long-term value -Planning committee was keen on infra debt funds notification -Notification of debt funds imp signal of supporting infra -To achieve rapid manufacturing growth need to improve infra -Enough money, policy initiative has been put towards infra -Individual ministries need to implement, spend money well -FM has been able to meet our hopes for key ministries
S&P says -FM has tried to get good mix of fiscal consolidation, growth -Size of the fuel subsidies too small -Growth may be slightly lower in the next fiscal year
Anand Sharma Says -Manufacturing policy to create greenfield zones -Expect to move manufacturing policy in next few weeks -Manufacturing policy will be attractive for investors -MAT on SEZs has come as a surprise -Will urge FM to review MAT on SEZs -Exporters will continue to get due consideration from govt -FDI in multibrand retail will require broad-based consensus -There is predictability & stability in our FDI regime -Back-end for retail has got major thrust in budget -Expect FDI to increase in cold storage chains, agri processing -Reaching out to investors globally to hike FDI inflows
