Budget 2013 Analysis: Private companies in liquidation as directors liability increased.
Shipping stocks gained on Thursday after the Finance Minister P Chidambaram said the excise duty exempted on ships and vessels in his Budget 2013-14.
Budget 2013: Key takeaways from Chidambaram`s 8th Budget
Shares of Entertainment Network India (ENIL) gained more than 8 percent intraday on Thursday after the Finance Minister P Chidambaram said 839 FM radio channels would be auctioned in FY14.
P Chidambaram came out with slew of measures to boost economy in hits Union Budget Speech for 2013-14.
In its Union Budget 2013, the government proposed to borrow Rs 6.29 lakh crore (gross) from the market to meet its expenditure. The effective net borrowing would be at Rs 4.84 lakh crore in 2013-14. It is higher than the expected level of around Rs 6 lakh crore.
The Union finance minister today presented the Budget for the year 2013-14. Some of the key points that were highlighted by Chidambaram in the Budget are:
Finance Minister raised excise duty on utility vehicles to 30% from 27%, which will hit companies like Tata Motors, Mahindra & Mahindra.
India Infoline gained 3.6 percent to Rs 69.20 and Motilal Oswal Financial Services rose 0.8 percent to Rs 89 as the Finance Minister P Chidambaram reduced securities transaction tax from 0.17 percent to 0.1 percent.
The Budget announced no change in the standard rate of excise duty and service tax, include two services in the negative service-tax list and exempt vocational courses and testing services from service tax.
Adani Power gained 1 percent as the Finance Minister P Chidambaram said 80 IA benefit for power plants extended which is positive for power generators.
Against industry expectations of no retrospective taxation, the finance minister has announced that the modified provisions under GAAR will be effective on April 1, 2016.
The finance minister raised the DDT surcharge to 10 percent from 5 percent and a 10-percent surcharge on companies with income over Rs 10 crore. The Budget has extended 80IA by a year and has levied a TDS at 1 percent on land deals over Rs 50 lakh and the 15-percent tax on dividend from overseas arms will continue.
Moschip Semiconductor Technology and SPEL Semiconductor shot up 5 percent each on Thursday as the Finance Minister P Chidambaram said there will be zero customs duty on plant and machinery.
Shares of Multi Commodity Exchange of India (MCX) jumped 2.66 percent to Rs 1,148 on Thursday as the Finance Minister P Chidambaram said FII can participate in currency derivatives.
The Budget has announced that a surcharge of 10 percent on individuals with income above Rs 1 crore for only one year.
In his eighth Union Budget, the finance minister â€“ P Chidambaram increased the surcharge (or tax on tax) for the rich whose yearly income exceeds Rs 1 crore. There are 42,800 individuals in the country, who fall in this category.
Bank correspondents can sell micro fin products, SKS up 3%
The finance minister has announced the generation-based incentives for wind-energy projects. The Budget has provided low cost finance for viable renewable energy projects and has anounced a policy on shale gas-based revenue-sharing.
The finance minister has announced 3000 kms of new road projects in Gujarat, Madhya Pradesh, Uttar Pradesh and Maharashtra. This will boost cement sector in 2013-14. The sector has been grappling with sluggish demand and overcapacity for the past six months.
India's largest coal mining company Coal India shot up 3 percent to Rs 321.15 after the Finance Minister P Chidambaram said the government would encourage power purchase agreement projects.
Country's largest private sector lender ICICI Bank dropped 1.4 percent to Rs 1,066.80 after the Finance Minister P Chidambaram said the interest subvention on farm loans will be continued in financial year 2013-14.
The Finance Minister - P Chidambaram proposed to set up a state-owned bank exclusively for women. The proposed bank will mostly do business with women and also, it will be run by women. By October, 2013; the licence would be issued by October, 2013.
Real estate stocks gained quite smartly after P Chidambaram on slew of measures to boost real estate sector.