rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 

LIVE! Rupee sees biggest fall in nearly a month

Write a comment

July 10, 2014


17:46  The rupee saw its biggest single-day decline in nearly a month on Thursday as the euphoria over the budget was washed away by the sharp fall in European shares while key stop-losses were also triggered.

The partially convertible rupee closed at 60.19/20 per dollar.
17:38  Branded or premium petrol to cost Rs 5 less after Budget cuts central excise duty from Rs 7.5 per litre to Rs 2.35 a
litre.
16:26  

Terming the Union Budget as 'visionless, missionless and actionless', West Bengal Chief Minister Mamata Banerjee today dubbed the Narendra Modi regime as a 'government of the FDI, by the FDI and for the FDI'.

"The budget is visionless, missionless and actionless from the angle of the common people. It is not going to stimulate growth and development of the poor," Banerjee said in a Facebook post.

Stating that a call for a strong and vibrant India was made before the government came to power and that there would be good governance, Banerjee said sarcastically "Only one positive sign of the new government is established in two budgets that they have become a government of the FDI, by the FDI and for the FDI.

"Already, there is FDI in the retail. Now FDI is increased to 49 per cent in Defence, and Insurance Sectors. In addition, disinvestment in banking sector is up to 49 per cent. All these will adversely affect the people of the country," Banerjee said.

14:52  

Welcoming the Indian budget as "pragmatic and sensible", NRI industrialist Lord Swraj Paul said today that it would send a positive signal to foreign investors.

Paul, founder-Chairman of the Caparo Group, which has sizable investments in India in the steel and automotive sectors, said, "I congratulate Finance Minister Arun Jaitley and Prime Minister Narendra Modi for clearly laying out the roadmap for economic recovery of the country.

"Jaitley deserves all praise for presenting a budget that clearly lay the foundation for implementing the promises made by the BJP during the election campaign. He has inherited a tough economic situation but it is clear that he is not daunted by it. The budget will restore faith in Indian economy and give confidence to foreign investors," Paul said.

14:06  The party said Budget was only for the industrialists.
14:04  Congress says, SuperBudget is a disaster. 
14:03  Slamming the Budget 2014, Left parties said FDI won't solve all problems.
13:45  There is nothing for the social sector, they have copied most of our schemes, says Sonia Gandhi
13:24  At 1329 hour, the 30-share BSE Sensex is up 279 points at 25,724.09, while the NSE Nifty is up 84 points at 7,669.45.
13:21  

Clean Energy cess increased from Rs. 50/ tonne to Rs 100/tonne

13:16  FM proposes cut in basic customs duty on some petrochemical units

To expand horizon of service tax

Basic custom duty on LCD, LEDs below 19 inches reduced to nil from 10%

Excise duty on cigarettes doubled to 22%

To cut excise duty on packaging machinery to 6%

To cut excise duty on food processing to 6% from 10%

Interest cap on Self-occupied houses raised to Rs 2 lakh from Rs 1 lakh

Income tax exemption limit for senior citizens raised to Rs 3 lakh frm Rs 2.5 lakh 
13:11  Markets cheer Budget 2014:  At 1316 hour, the 30-share BSE Sensex is up 193 points at 25,638.26, while the NSE Nifty is up 53 oints at 7,637.95.
13:09  Announces increased excise duty on tobacco products, and aerated water products with added sugar

Announces reduction in excise duty for specified food package industry from 10% to 6%.

13:07  Income tax exemption limit hiked from Rs 2 lakh to Rs 2.5 lakh

New tax slabs:

Upto 2.5 lakh - NIL;

Above 2.5-5 lakh - 10%;

Rs 5-10 lakh - 20%;

Above Rs 10 lakh - 30% ;

SrCitizen: Above 60(Upto 3lakh)/Above 80(Upto Rs 5 lakh)-NIL
13:04  Basic customs duty on colour picture tubes scrapped

To hike tax rates to 20% for transfer of MF units

Impact: Duty reduced in petrochemcial products, likely to impact Reliance's margins from this business

Impact: Fatty acid and glycerine duty reduced -- to benefit soap manufacturers


Propose to introduce range concept in transfer pricing

Impact: Capital goods sector can benefit from investment allowance of 15% for 3 yrs to manufacturing company which invest more than Rs 25 crore in plant and machinery 
12:59  Basic customs duty on colour picture tubes scrapped

To hike tax rates to 20% for transfer of MF units

Impact: Duty reduced in petrochemcial products, likely to impact Reliance's margins from this business


Impact: Fatty acid and glycerine duty reduced -- to benefit soap manufacturers

Propose to introduce range concept in transfer pricing

Impact: Capital goods sector can benefit from investment allowance of 15% for 3 yrs to manufacturing company which invest more than Rs 25 crore in plant and machinery 
12:56  Tax announcements by FM
  • No change in direct tax rates
  • To increase personal I-T limit to Rs 2.5 lk
  • Raises tax exemption limit to Rs 3lk vs Rs 2.5lk for senior citizens
  • No change in tax laws for Hindu Undivided Families
  • Education cess to continue at 3%
  • To raise Housing interest deduction limit to Rs 2 lk
  • Raises 80C investment cap to Rs 1.5 lk
  • To raise investment allowance for investments above Rs 25 cr in units
12:52  Impact: Capital goods sector can benefit from investment allowance of 15% for 3 yrs to manufacturing company which invest more than Rs 25 crore in plant and machinery
12:51  Budget assumes tax revenue growth of 19.7% vs 21% in vote on account

Provide investment allowance at 15% for 3 yrs to manufacturing company which invest more than Rs 25 cr in plant and machinery.

R
evenue Deficit seen at 2.9% for FY15

Gross Tax reciepts seen at 13.64 lakh crores
12:49  10 year tax holiday for power projects 
12:48  Education cess of 3% on personal income tax to stay

Impact: Individuals to benefit from higher tax exemption, increase in 80 C limit and increase in exemption for housing loans. Consumer companies and housing sector to marginally benefit

Income tax exemption limit for senior citizens raised to Rs 3 lakh frm Rs 2.5 lakh 
12:46  Impact: Rs 5000 per annum benefit for individuals from hike in tax limit
12:43  Govt committed to address issues in Andhra, Telangana

Rs 1000 cr provided for rail connectivity in NE region

Metro rail services to be launched in Lucknow and Ahmedabad; Rs 100 crore set aside for it: FM

Budget 2014: FM announces Rs 150 cr for communication needs of Andaman & Nicobar islands
12:39  Propose to revamp small savings schemes

To take up insurance regulator bill for consideration

'Govt to support world class convention centre through PPP'

Rs 2037 cr set aside for Ganga Conservation Mission

To work on revival of PSU Banks' stressed assets

Sports University to be set up in Manipur; Rs. 100 cr provided in current financial year

Budget 2014:Govt will set up national sports academy for different sports in different parts of India

Budget 2014: Biotech clusters to be set up in Bangaluru and Faridabad to take science and technology to new heights
12:34  Allot Rs. 2.29 lakh cr for defence

'Clean Ganga: Rs 2037 crore for integrated Ganga programme'

Framework for differential banks for small businesses, poor

To address low penetration of insurance

Will bridge regulatory gaps for chit funds
12:30  "PPF: Annual ceiling raised to 1.5 lakh'

Govt to consider consolidation of banks

Must strengthen, modernise financial sector regulatory system

To strengthen regulatory framework of commodity markets

D
efence budget raised by Rs. 5000cr over interim budget

To implement warehousing receipt plan with vigour

To introduce uniform KYC norms

To revamp IDRs and introduce Bharat Depository Receipts

Extend 5% withholding tax on all India co bonds to June 2017

T
o allow international settlement of India debt securities

'Time bound programme to have all households within banking system' 
12:26  National gas Grid needs 15000 km more gas pipeline

'Ultra mega solar projects to be set-up to promote renewable energy'

To review mining royalty for states

Permanent Establishment 'risk' to be addressed

To expedite resolution of iron ore mining impasse

To allow international settlement of India debt securities

Additional 15,000 km of gas pipeline required via PPP

Liberalise ADR, GDR regime

Corporate bond market & currency derivative market to be freed up

'Rs. 500 crore allotted for new and renewable energy'

NHAI to target 8,000 km of road development in FY'15

To revive old, closed oil, gas wells
12:23  Top gainers on BSE

Wipro (2.47%)
Infosys (1.51%)
TCS (0.81%)
Hindalco Ind (0.79%)
Coal India (0.67%)

Top Losers on BSE

Bharti Airtel (-2.47%)
SBI (-2.38%)
Sesa Sterlite (-2.29%)
BHEL (-2.14%)
Axis Bank (-1.98%)
12:16  Budget 2014: To set up Trade Facilitation Centres for Varanasi

To set-up 10,000 crore startup fund for new businesses

Total sanitation for every household by 2019, says Arun Jaitley

Announces development of Hastkala Academy in PPP mode

Budget 2014: Rs 50 crore set aside for Pashmina Production program in J&K.

To complete gas grid in the country, focus on piped gas

New airports to be developed through PPP mode

Rs 100 cr for national industrial corridor based in Pune

Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme

Rs 37500 cr investment in highways and roads

New Airport development -- GMR and L&T can benefit

Target of Rs 8,00,000 cr for farm credit in FY14-15
12:14  Top gainers on NSE

Infosys (1.32%)
Wipro (1.04%)
HCL Tech (0.71%)
UltraTech Cement Limited (0.44%)
DLF (0.34%)

Top losers on NSE

NMDC Limited (-3.75%)
Bharti Airtel Limited (-3.25%)
BPCL (-3.02)
Sesa Sterlite Limited (-3.01)
Bank of Baroda (-2.94)
12:11  New friendly bankruptcy framework for MSMEs

Plan to set up 6 more textile clusters

To award 16 new port projects in FY'15

'Promoting entrepreneurship: Rs. 10,000 cr fund for start-up companies'

MSME definition to be revised to allow higher capital cap

Rs 11,644 cr will be allocated for 16 new port projects

Plan 6 more textile clusters with Rs 200 cr allocation

P
ropose Rs 10,000 cr fund for start-up firms

Plan 6 more textile clusters with Rs 200 cr allocation

Proposes six more textile clusters in Surat, Lucknow and other centres, earmarks Rs 200 cr
12:05  Defence stocks plunge upto 10% despite Arun Jaitley raising FDI limit to 49%

Effective steps to be taken to revive SEZs

Apprentice Act to be suitably amended to strengthen the Apprentice Training Scheme

All govt departments and ministries to be integrated through E-platform by 31 Dec this year

Will launch broadband connectivity at village level, says Arun Jaitley

Additional Rs. 5000 cr set aside for RIDF

Rs 50 cr set aside for indigenous cattle breed and blue revolution for inland fisheries
11:58  Propose to provide finance to 5 lakh landless farmers through NABARD

Govt will initiate scheme to provide a soil health card; Rs. 100 cr set aside. Rs. 56 cr for soil testing labs across the country
11:56  Rs 500 crore allocated for 4 new AIIMS units

Committed to sustaining 4% growth in agriculture, extend credit to joint farming groups

Rs 500 crore allocated for stabilizing prices of agricultural commodities
11:54  Mixed reactions from India Inc on the Budget so far. Mr Jaitley resumes his speech
11:53  Agriculture University in AP and Rajasthan, and Horticulture University in Haryana, Telangana; Rs. 200 cr set aside

Proposes 50000 cr for urban infra projects. Proposes Metro projects in cities with 20 lk people
11:52  

Five minute break announced in presentation of Budget

11:51  At 1156 hour, the 30-share BSE Sensex is down 198 points at 25,246.67, while the NSE Nifty is down 61 oints at 7,524.40.
11:48  Parliament takes a break, to resume after 5 minutes.

R
s 3600 cr set aside for National Rural Drinking Water

Mission for low cost housing proposed to incentivise development of low cost housing; Rs. 400 cr announced

To spend 28635 cr for Sarva Siksha Abhyaan
11:42  FM announces schemes for disabled persons in the country

FM: EPFO will launch a unified account scheme for portability of Provident Fund accounts

Rs 7060 crore to spent for 100 smart citiesm, says Arun Jaitley

PMGSY has a massive impact on rural development; sets aside Rs. 14,389 cr for this

FM proposes National Housing Banking programme; sets aside Rs. 8000 cr for this prog
11:40  Proposes AIIMs in every state of the country
11:37  Proposes start-up village entrepreneurship scheme, earmarks Rs 100 crore

Rs 100 crore for Beti Bachao, Beti Padhao Yojana, for women empowerment

15 new presses and modernisation of existing presses for visually challenged; special currency to cater to these citizens

15 new presses and modernisation of existing presses for visually challenged; special currency to cater to these citizens 
11:35  FM announces Crisis Management Center for women at Delhi; money to be provided from Nirbhaya fund

FM laments apathy towards girl child; announces Beti padhao, beti badhao yojana; sets aside Rs. 100 cr for this

Rs 200 crore to Gujarat govt for Statue of Unity

5 new Brail presses to be established and revival of 10 existing announced by FM
11:32  At 1137 hour, the 30-share BSE Sensex is down 176 points at 25,268.34, while NSE Nifty is down 62 points at 7,524.35.
11:30  To provide Rs 500 cr to boost rural power infrastructure

We will overhaul subsidy regime: FM

A large number of money lying unused in postal schemes etc. Propose to set up a committee to examine how this can be utilised
11:27  Rs 7060 cr given to develop 100 smart cities

Rs 1000 cr to be set aside for irrigation schemes

Govt committed to provide 24*7 power supply to all

Govt to constitute an Expenditure Management Commission

Aiming at total sanitation for all households by 2019

To allocate Rs 1000 cr for improving irrigation tracts

India needs boost for jobs creation
11:22  To provide incentive for REITS

Real Estate and Infra companies to benefit from revised REITs norms

e-Visas to be introduced in phased manner to encourage tourism in 9 airports

Will sell shares in banks to retail investors 
11:21  Equity infusion of Rs 2,40,000 cr in banks targeted: FM

Composite cap of FDI raised to 49% in insurance

Propose changes in transfer pricing regulations

Will not change rules on retrospective taxation

All retro tax cases will be scrutinised buy high level commission

Will overhaul subsidy regime, especially food and fuel
11:17  At 1123 hour, the 30-share BSE Sensex is up 76 points at 25,520.96, while NSE Nifty is up 17 points at 7,601.95.
11:14  Govt will not bring any change retrospectively

New urea policy to be formulated

FY17 target for fiscal deficit at 3%

Monsoon unpredictable this year

Need to introduce fiscal prudence that will reach to fiscal consolidation 
11:12  Continuing slowdown has posed threat to global recovery

Nation is in no mood to suffer job losses, apathetic govt

Two years of sub-5% growth has resulted in challenges

Anti-poverty programmes should be well targetted

Prevailing economic situations present great challenges

Budget aims to lay down broad policy indications
11:09  Fiscal deficit target of 4.1% is daunting, sais FM
11:08  Fiscal prudence is of prime importance: FM

Steps announced in budget to take Indian economy to 7-8% growth in coming years, said Jaitley.
11:06  Steps announced in budget to take Indian economy to 7-8% growth in coming years

Prevailing economic situation is a great challenge
11:04  The people of India have voted for change. India desires to grow: Jaitley

Slow decision making has resulted in loss of opportunity. Two years of sub-5% growth has resulted in challenging situation

There are green shoots of recovery being seen in global economy: Jaitley
11:01  Removing retro tax is an easy tax for Jaitley

Morgan Stanley: Believe subsidies will reduce only post State elections

Morgan Stanley: Expect reduction in subsidies by 0.3-2% of GDP for FY15
10:51  Sensex recovers 75 points ahead of Budget:  

Tracking a firming global trend, the benchmark BSE Sensex today rose by nearly 75 points in early trade ahead of the Union Budget 2014-15.

The 30-share barometer gained by 74.93 points, or 0.29 per cent, to 25,519.74. The index had lost 655.27 points in the previous two sessions.

Sectoral indices led by capital goods, power, metal auto and PSU were trading in positive zone with gains up to 0.44 per cent.

Similarly, the wide-based National Stock Exchange Nifty index moved up by 6.25 points, or 0.08 per cent, to 7,591.25.

Brokers said fresh positions built-up by cautious participants on expectations of some sops in the Union Budget 2014-15 to be announced later in the day buoyed the trading sentiment.
10:48  Rupee is up 12 paise against the dollar ahead of Union Budget.
10:43  Govt may cut gold import duty in Budget:  Gold imports into India are likely to rise 200 tonnes in the second half to December, a 14 per cent increase compared with the first half.
10:37  Lot can happen outside the Budget like the rail fare hike, says market expert Ridham Desai, adding Budget is not the only way to repair the economy.
10:31  Bonds firm up on hopes of prudent budget by Finance Minister Arun Jaitley

Ramesh Damani: FM likely to present a roadmap for GST's implementation

If market dips, it's a great opportunity, else enjoy the ride: Nilesh Shah

Ridham Desai: Must buy cyclicals, avoid defensives from 12-18 month view

Gold up on weaker dollar; India budget eyed for import duty cut
10:26  The deduction for interest on housing loans needs to be increased from the current limit of Rs 1,50,000 considering the rates for residential properties have shot up significantly over the past few years. To provide relief to the tax payer, this limit should be increased to at least Rs 3 lakh.
10:24  Here are some changes we expect in this year's Budget that would benefit you as a taxpayer:
  • Increase in the Section 80C limit
  • Higher deduction under Section 80TTA
  • Exemption for children under Section 10
  • Increase in the limit of medical reimbursements
  • Tax exemptions post retirement age
10:08  Finance Minister Arun Jaitley is due to address parliament at 11 a.m.

But some investors were disappointed by a railway budget delivered on Tuesday that was long on promises of opportunities for private investors but short on details of how to make the sector attractive for such capital.

Growth with employment is the top focus in Budget, says BJP.

Moneywiz Live!