Mkts nosedive on budget disappointment; metals, banks crash.
Highlights:
Govt raises MAT to 15%, abolishes FBT.
Budget silent on edible oils tax, trade upset.
Borrowing up by nearly 2.5 times; expense on defence goes up.
Tech firms happy with tax benefits, FBT removal.
Allocation for NRHM hiked by 2,057 cr.
Rs 2,284 cr for fencing; Rs 430 cr for state police forces.
Govt proposes full interest subsidy scheme for poor students.
Govt announces extension of stimulus package for print media.
Rs 120 cr for Unique Identity Cards; first set in 18 months.
Duties on life-saving drugs reduced.
Achieving 7 pct growth target is feasible – PM.
Govt eyes Rs 1,120 cr via divestment; to hold min 51% in PSUs.
Focus on infra silver lining amid gloomy budget.
Govt scraps commodity transaction tax.
FM keeps corporate tax unchanged.
Personal tax exemption limits raised.
Govt to introduce Food Security Bill soon.
Satyam shareholders rebuff Tech Mahindra's open offer.
Tax break for natural gas production comes with rider.
Vijaya Bank to raise Rs 700 cr through PCNP.
Machino Polymers to set up two manufacturing units.
Hindustan Dorr bags order worth Rs 60 cr from CIDCO.
Wall Street ends mixed; Dow up 44 points
Asian markets trading mixed; Nikkei down, Hang Seng up
F&O cues: Futures Open Int down by Rs 2414 cr.
FIIs net sellers Rs 1,745cr in F&O on Monday.
Indian ADR's
Indian ADRs ended mostly down on Monday. In the banking space, HDFC Bank was down 2.2% at $ 102 and ICICI Bank was down 0.9% at $ 29.9. In the telecom space, MTNL was down 0.1% at $ 4.3 and Tata Communication was down 0.6% at $ 19.7. Also Read - How US markets closed
In the IT space, Infosys was down 1.1% at $ 36.2, Patni Computers was down 0.3% at $ 10.8, while Satyam Computers was up 0.1% at $ 3.3 and Wipro was up 0.1% at $ 11.8. In other sectors, Tata Motors was down 0.3% at $ 8.6, Dr Reddy’s Labs was down 0.1% at $ 16.9 while Sterlite Industries was up 0.1% at $ 12.7.
Singapore Nifty is trading at 4,166.5 up by 10.5 points.
