Month: July 2009

FIIs Exit India – Sell Rs 921 cr (prov) in the cash segment on Tuesday

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Foreign institutional investors (FIIs) were net sellers of Rs 921.39 crore (provisional) in the cash segment on Tuesday, as per information on the BSE website. While FIIs made gross purchases of Rs 2,258.29 crore, their gross sales stood at Rs 3,179.68 crore. Domestic institutional investors (DIIs) were net buyers of Rs 790.16 crore (provisional) on … Read more FIIs Exit India – Sell Rs 921 cr (prov) in the cash segment on Tuesday

Budget relief for sub-brokers, not to pay service tax

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After finding instances of service tax evasion by sub brokers, the Comptroller and Auditor General of India (CAG) had prompted tax authorities to issue orders to several south India-based sub-brokers to pay service tax. However, the recently announced Budget has brought cheers to the sub-brokers by excluding them from the purview of service tax and … Read more Budget relief for sub-brokers, not to pay service tax

Essar Steel eyeing controlling stake in Shree Precoated Steels

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Essar Steel, a Ruia owned company, is eyeing a majority stake in Ajmera Group owned company — Shree Precoated Steels (SPSL). This acquisition will help the company emerge as one of the largest players in the cold-rolled segment of steel market. Currently, Essar Steel is the third-largest steelmaker in India. If the stake acquisition goes … Read more Essar Steel eyeing controlling stake in Shree Precoated Steels

Fiscal Deficit at 6.8%, up from 5.5% given in interim budget

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There was some disappointment on the fiscal front as the government of India raised the budgeted deficit to 6.8% compared with 5.5% targeted in the interim budget. We believe that the fiscal deficit will be higher than the budget estimate of 6.8% and hence a strain on PSU banks. The finance minister did, however, say … Read more Fiscal Deficit at 6.8%, up from 5.5% given in interim budget