Archive for February 28th, 2007
The markets continued to go deeper into red with not much relief coming from the Indian Budget. With this, analysts say that this market weakness is more to do with global cues rather than within country factors.
FMCG is the one area that is not much touched by the budget directly. However, experts say the cost of money would influence their businesses. ITC is one FMCG stock is gaining strength and is making more inroads in the positive space gradually. Dabur however is weak.
IT stocks take more heavy selling. Satyam with -7% leads the pack of large IT cos which also includes Infosys, TCS, Wipro all of which are in red.
Amongst the banking stocks, ICICI Bank and HDFC Bank are hardly hit.
February 28th, 2007
Asset Management Services brought under service tax purview. Service Tax limits also believed to have been hiked. Service Tax percentage is not changed.
Excise duty on Cement sector seems to be hitting cement and real estate developer stocks.
As usual cigars are hit again with excise duty increased.
Sensex down by 408 pts; Nifty down 111 pts
February 28th, 2007
The markets lost few more points as it enters into the final hours of trade. Sensex is down by 395 pts and even entering into the -400 pts territory. Nifty 50 is down 115 points
February 28th, 2007
Capital Gains tax extended to art works.
Personal income tax exemption levels increased to 1.1 Lakh
Educational Cess increased from 2% to 3%
STT and Capital gains tax not changed
Cement stocks hit more in todays trades. ACC hit hard
Nifty down by 98pts; Sensex down by 360pts
February 28th, 2007
Infosys says that the budget could get a small impact on IT and BPO companies considering the MAT
More allotments made to Tourism companies. Hotel industry too, in general, will benefit.
No increase on CENVAT and Service Tax.
Real Estate companies seen to have a hit; Unitech (-7 pts); Mahindra Gesco (-45 pts)
No impact on petrol, diesel and oil.
Markets took a small recovery post budget. BSE Sensex is currently at 13180.40 (down 298.43) while S&P CNX Nifty is at 3817.30 (Down 76.60); BSE Midcap is at 5603.28 (Down 103.12)
February 28th, 2007
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