July 1st to be celebrated as ‘GST Day'

The first year of GST has been an example to the world of the readiness of the taxpayers to be a partner in the unprecedented reform in Indian taxation, the finance ministry said today. The government will celebrate July 1, 2018, as 'GST Day' to mark the first anniversary of the new indirect tax regime.

Goods and Services Tax (GST) was rolled out in the intervening night of June 30 and July 1, last year, in a ceremony held in the Central Hall of Parliament.

"Union Minister for Railways, Coal, Finance & Corporate Affairs Piyush Goyal will preside over as the Chief Guest of the event and Minister of State for Finance, Shri Shiv Pratap Shukla will be the Guest of Honour,” the finance ministry said in a statement.


GST subsumed over a dozen local levies and transformed India into "one nation, one Tax" and binds the country into an Economic Union, it added.

"The first year of GST has been an example to the world of the readiness of the Indian taxpayer to be a partner in this unprecedented reform of Indian taxation," the ministry said.

It said the introduction of e-way (electronic way) bill is a "monumental shift" from the earlier ‘Departmental Policing Model' to a ‘Self-Declaration Model'.

"It envisages one e-way bill for movement of the goods throughout the country, thereby ensuring a hassle free movement of goods throughout the country," the ministry said.

Transporter of goods worth over Rs 50,000 have to generate an e-way bill and show it to GST inspector, if asked. The inter-state e-way bill system was introduced on April 1. As regards intra-state e-way bill, it was rolled out in phases from April 15.

"GST will have a multiplier effect on the economy with benefits accruing to various sectors such as exporters, small traders and entrepreneurs, agriculture and industry, common consumers," the ministry said.

Any new change is accompanied by difficulties and problems at the outset, it said.

"A change as comprehensive as GST is bound to pose certain challenges not only for the government but also for business community, tax administration and even common citizens of the country," the ministry added.

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Source: https://www.moneycontrol.com/news/trends/current-affairs-trends/july-1st-to-be-celebrated-as-gst-day-2655011.html

Closing Bell (29 June 2018)

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IDBI Bank stock gains 12% on reports that IRDAI may clear LIC deal today

The IRDAI board is likely to grant exemption to LIC for taking over 15 percent stake in the bank and then LIC may be allowed to buy additional 30 percent stake, taking its shareholding in the bank to over 40 percent.

In his Budget speech for 2016-17, then Finance Minister Arun Jaitley had said the process of transformation of IDBI Bank has already started. "Government will take it forward and also consider the option of reducing its stake to below 50 percent," he had said.

As of March 2018, LIC held 10.82 percent in IDBI Bank. The approval from IRDA is mandatory for insurers to invest over 15 percent in listed companies.At 10:08 hours IST, the stock price was quoting at Rs 55.35, up Rs 5.45, or 10.92 percent on the BSE.

share price rallied 12 percent intraday on Friday after media report indicated that the insurance regulator may clear the bank's deal with LIC today. This upside was after the losses seen in previous four consecutive sessions.

The board members of Insurance Regulatory and Development Authority of India (IRDAI) are likely to meet today later in the day, wherein they may clear the deal between IDBI Bank and Life Insurance Corporation of India, reports CNBC-TV18 quoting unnamed sources.

The board is likely to grant exemption to LIC for taking over 15 percent stake in the bank and then LIC may be allowed to buy additional 30 percent stake, taking its shareholding in the bank to over 40 percent.

CNBC-TV18 is learnt that IDBI Bank-LIC transaction may be executed via preferential issuance of fresh equity. "LIC may get 3 board seats as a part of IDBI Bank-LIC transaction but may not be given management control," sources said.

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Source:https://www.moneycontrol.com/news/business/markets/idbi-bank-stock-gains-12-on-reports-that-irdai-may-clear-lic-deal-today-2650401.html

June series analysis: Traders beware as most positions haven't been rolled over

Fresh open interest build-up from current level will dictate the further move in the index, says Jay Purohit of Centrum Broking

The June series started with lighter open positions and rallied in the first fortnight along with fresh long build-up. The Nifty failed to sustain above its crucial hurdle of 10,850–10,900 and started correcting.

The fall seen in the last two weeks was supported by a large number of short positions. Low rollover (64.05 percent), both in term of open interest (-2.16 percent month-on-month) as well as in percentage term s(quarterly average is 67.89 percent), indicates that most positions formed in June series didn’t get carried over to the July series.

Fresh open interest build-up from current levels will dictate a further move in the index. In the month gone by, foreign institutional investors added a large amount of fresh short positions in index futures. As a result, the long-short ratio reached 35 percent from 44.20 percent at the start of the series.

FIIs sold equities worth Rs 10,092 crore in the June series, which doesn’t bode well for the markets. On the options front, 11,000 call and 10,600 put followed by 10,500 put is seeing investor attention in the July series.

The Bank Nifty started the June expiry with a large amount of long positions. But the bulls failed to capitalise on that. As a result, the banking index remained sideways for major part of the June series.

We didn’t witness any meaningful open interest addition in the entire series. Rollover in the Bank Nifty (71.79 percent) was below its quarterly average of 77.62 percent. It is also lower in term of open interest, as we witnessed unwinding of 31.88 percent positions in the June series as compared to the May series.

The rollover data clearly indicates that most long positions, which got carried forward from the May series, are now out of the system. However, some of the long positions formed at lower levels in April are still intact in the system.

Among stocks, Dr Reddy’s Laboratories, Bajaj Finance, Bata India and Reliance Industries were among the few counters which added a large amount of long positions and the same got rolled to the July series.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

While a good amount of shorts got rolled in the stocks like NCC, NBCC, SREI Infra, Dalmia Bharat, Ashok Leyland, Bank of Baroda, MRPL, REC, Sun TV etc. among others.

Disclaimer: The author is Technical & Derivatives Analyst at Centrum Broking Limited. The views and investment tips expressed by the investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.


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INTERNATIONAL MARKET UPDATE

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NCDEX SUPPORT & RESISTANCE LEVEL

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Oil prices slip on trade frictions, but crude market remains tight

U.S. West Texas Intermediate (WTI) crude futures were at $73.19 a barrel at 0337 GMT, down 26 cents, or 0.4 percent from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.

Oil prices dipped on Friday amid concerns about trade frictions between the United States and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand.

U.S. West Texas Intermediate (WTI) crude futures were at $73.19 a barrel at 0337 GMT, down 26 cents, or 0.4 percent from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.

Brent crude futures were at $77.73 per barrel, down 12 cents, or 0.2 percent from their last close.

Friday's falls came as Asian stock markets were near nine-month lows amid an escalation of trade disputes between the United States on one side and economies including China, India and the European Union on the other.

China's yuan slipped to a new low against the U.S.-dollar on Friday and was on course for its worst month on record, as the increasingly bitter trade row with the United States threatened to rattle the world's second-biggest economy.

Unless the disputes get resolved, traders worry that tariffs on imported goods will start feeding into other markets, including oil.

Eventually, world economic growth will be choked off, analysts said.

Commodities brokerage Marex Spectron said this week that the macroeconomic outlook was "overwhelmingly bearish."

Traders said Friday's dip was also a result of profit-taking. Greg McKenna, chief market strategist at futures brokerage AxiTrader said this week's crude price rises had "exhausted the bulls."

Despite the gloomy outlook for global trade, oil markets for now remain tight.

North America's oil markets have tightened significantly as an outage of Canada's Syncrude has locked in over 300,000 bpd of production. The outage is expected to last at least through July, according to operator Suncot.

Outside North America, oil prices have been rallying for most of 2018 due to record demand and voluntary supply cuts led by the Middle East dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC).

Oil demand has been chasing records for most of the year, and OPEC has said it will raise output in order to meet demand and replace crude from unplanned disruptions.

Looming U.S. sanctions against OPEC-exporter Iran are also fuelling Brent prices.

Unplanned supply disruptions from Libya to Venezuela have helped to further tighten the market.

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Source: https://www.moneycontrol.com/news/business/markets/oil-prices-slip-on-trade-frictions-but-crude-market-remains-tight-2650171.html