Markets skyrocketed to the biggest gains in a decade on Friday after finance minister Nirmala Sitharaman said the government proposed to cut corporate tax rates to 22 percent for domestic companies from 30 percent previously. Sitharaman also said companies who announced buyback before July 15 will be exempt from buyback tax. She further added, “The enhanced surcharge shall also not apply to capital gains arising on sale of any security including derivatives in the hands of foreign portfolio investors (FPIs).” Intraday, the Sensex jumped 5.41 percent or 1,955.46 points to 38,048.93, while Nifty50 surged 5.30 percent or 568 points to 11,272.80. Here’s the list of 10 biggest gainers in BSE and NSE today:
Eicher Motors share price jumped 23.71 percent intraday to Rs 19,488 per share on the NSE. (Image: Company)Ashok Leyland’s shares rallied 15.92 percent to Rs 67.70 per share on the NSE. (Company Image)RBL Bank’s stock price surged 13.99 percent intraday to Rs 378.45 per share on the NSE. (Stock: Reuters)TVS Motor’s share price escalated by 12.52 percent intraday to Rs 420.45 per share on the NSE. (Image: Reuters)Page Industries shares surged 12.76 percent intraday to Rs 22,074.95 per share on the NSE. (Company Image)YES Bank’s share price rose 10.92 percent intraday to Rs 59.90 per share on the NSE. (Image: Reuters)Shares of IndusInd Bank gained 12.14 percent intraday to Rs 1,438 per share on the NSE. (stock image)Ambuja Cements share price rose 11.28 percent intraday to Rs 213.45 per share on the NSE. (Image: Reuters)The share price of Bharat Forge surged 13.67 percent intraday to Rs 448.05 per share on the NSE. (Company Image)
Industry experts, business leaders and stock market investors cheered the government’s proposal to cut corporate tax rates on existing domestic companies and new manufacturing companies to one of the lowest in Asia. “Early Diwali” and “Bigger than the budget” are among the phrases investors used to describe the move taken by the government to boost the growth engines of the Indian economy. Benchmark indices BSE Sensex and NSE’s Nifty 50 also surged over 5 percent following the announcement. Here are the key quoted from industry leaders on the proposed tax cuts.
S Subramaniam, CFO, TitanShaktikanta Das, RBI governorSamir Arora, Helios CapitalDeepak Parekh, Chairman, HDFCAjay Piramal, Piramal EnterprisesPronab Sen, former chief statisticianDinesh Kanabar, Dhruva AdvisorsVallabh Bhanshali, Enam SecuritiesManish ChokhaniNilesh Shah, Envision CapVikas KhemaniSamir Arora, Helios CapitalHighlight of finance minister Nirmala Sitharaman’s press briefing
Will ‘Howdy, Modi’ event be turned into ‘Kemcho Trump’ extravaganza?
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Usually it is the West which appropriates Indian terms so it is interesting to see how an American greeting is being absorbed into the Hindi lexicon with ‘Howdy Modi’. Will Howdy become the new kemcho or Namaskar?
Usually it is the West which appropriates Indian terms so it is interesting to see how an American greeting is being absorbed into the Hindi lexicon with ‘Howdy Modi’. Will Howdy become the new kemcho or Namaskar?
‘Howdy, Modi – Shared Dreams, Bright Futures’, – a community summit in honour of Prime Minister Narendra Modi is being organised at NRG Stadium in Houston, Texas on September 22, 2019. Indeed, no less than 50-60,000 desis are descending on Houston, Texas and the Lone Star State is very much on the minds of Indian-Americans and Indians as Prime Minister Modi rides into Houston, Texas.
By car and by train, by bus and by plane, diasporic Indians from 48 US States are converging on the city. Over 50,000 attendees have registered for the sold-out event through online registration, and there is a waitlist for free passes.
Over 1,000 volunteers
This event is hosted by the Texas India Forum (TIF), a not-for-profit organisation that promotes cooperation between the United States and India. According to the organisers, “the live audience will be the largest gathering for an invited foreign leader visiting the United States other than the Pope. The ‘Howdy Modi’ summit has been organised with the support of more than 1,000 volunteers and 650 Texas-based Welcome Partner organisations.
The organisations include just about every region of India, and reflect varied professions and community interests. The over 600 organisations include AAHOA, AAPI, American Telegu Association and the American Telangana Association, The computer Society of India, and East Indian Senior Citizens Club.
So why Houston? There are more than 130,000 individuals of Indian origin in the Houston area, according to the American Community Survey in 2017. The event emphasises the growing relations between India and Houston as reflected in its trade figures. In 2019, India is Houston’s fourth-largest trading partner, just behind Brazil, China, and Mexico. From 2009 to 2018, trade between Houston and India averaged $4.8 billion annually and was valued at $7.2 billion in 2018.
Sandeep Chakravorty, Consul General of New York, points out that PM Modi has previously met the Indian community in New York, Washington and San Jose, and wanted to convene in a new place. Houston has a huge Indian-American and Indian population and there are big concentrations of the community in Dallas, in Arizona and Georgia so Houston was a convenient location.
“The purpose was to meet our Diaspora which is an important part of the Indo-US relationship, and as the relationship is growing, the importance of the Diaspora is growing,” says Chakravorty. “So we know that there is a need for this interaction.”
Texas India Forum
The big news which is causing a buzz is the fact that President Donald Trump will be attending the Modi event. Asked about the significance of this, Chakravorty noted that it brings the event to a whole new dimension where the leaders of the biggest democracy and the oldest democracy will both be attending: “They will be in a public forum in front of 50-60,000 people, and it sends a great message of the closeness of our ties. This is a meeting organised by the people, and I don’t think anywhere in the world this kind of thing has ever happened before.”
PM Modi with Tulsi Gabbard in India.
Texas India Forum, as the host of the event, is a community organisation, and it has invited the president and the prime minister as well as several American leaders. Says Chakravorty, “So it’s an endorsement of the power of the Indian-American community, of the Diaspora, that they have been able to mainstream it by the attendance of President Trump and over 40 senators and congressmen are also attending. It means that it’s not only a community event but an American event, a national event.”
There is indeed a lot of interest from public figures and this tends to underline the importance of India as a world power.
‘Howdy, Modi’ will be no less than the biggest Broadway show with “Woven: The Indian-American Story”, a 90-minute cultural programme that highlights Indian-Americans and their contributions to America. The programme will start at 10:00 am before PM Modi’s address to the stadium. According to Heena Patel, CEO of MELA Arts Connect and co-producer of the programme, Woven is a 90-minute music, dance, and multimedia show featuring about 400 artists and community members, with 27 groups performing and showcasing the talents of the Indian-American community.
Multiplicity of Indian-American experience
“A challenge that many second and third generation Indian-Americans go through is navigating the complexity of having a hyphenated identity as an Indian and an American,” says Heena Patel. “Woven showcases the multiplicity of Indian-American experience. Our hope is that each person sees themselves in at least one form of expression and recognises that whatever mix of Indian and American they are, it is just right.”
‘Woven’ will celebrate the cultural underpinnings of Indian music and dance but will also highlight the innovation and creativity of the interaction of East and West.
The celebration is inter-generational and as spokesperson Gitesh Desai observes, “We really look forward to presenting this unique and interesting cultural show at the event, which will tell the story of our community in a way that’s never really been done before.”
While most people will have to make a pilgrimage to Houston to catch a darshan of PM Modi, since he has mostly official visits in New York, they will be able to catch him at a few events in the city, one being the celebration of the 150th centenary of Mahatma Gandhi; the other is the Bill and Melinda Gates Goalkeepers Awards on September 24th.Huge billboards have appeared in Houston, welcoming PM Modi to Houston. Greg Abbot, Governor of Texas, who visited India last year is looking to welcome Modi to Houston “to build upon their economic and cultural partnership.”
American governors, mayors and presidential contenders are all Houston-bound, and that does show India’s increased clout in the world. With the 2020 elections coming up, most presidential hopefuls have seen the value and potential of the Indian-American voters and their check books.
Ultimate networking event
Rep. Tulsi Gabbard (HI-02) extended her welcome to Prime Minister Narendra Modi of India, and due to her presidential race commitments will not be able to attend ‘Howdy, Modi’ event. She, however, made a video especially for the occasion, highlighting the importance of India in the American scheme of things. She said, “So as we build a strong and lasting partnership between our two nations, focusing on areas of economic growth, wealth and opportunity inequality, science, health, the environment, security, and counter-terrorism, we can bring about the ideal of Vasudhaiva Kutumbakam—recognising that everyone on our planet, we are all one family. There is no place for hate, or bigotry, ignorance and prejudice.”
As Indians and Americans convene in Houston, it is the ultimate networking event, a love fest. The hope is that dialogue is nurtured and strengthened between the two countries and ties that bind are created – the world is watching.
Lavina Melwani is a New York-based journalist who blogs at Lassi with Lavina.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
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Domestic investor wealth soared by Rs 2.11 lakh crore in intra-day deals on Friday as markets surged 5 percent after Finance Minister Nirmala Sitharaman said the government proposed to cut corporate tax rates to 22 percent for domestic companies and 15 percent for new domestic manufacturing enterprises.
Domestic investors’ wealth soared by Rs 2.11 lakh crore intraday on Friday following a 5 percent jump in benchmark stock indices after finance minister Nirmala Sitharaman said the government proposed to cut corporate tax rates to 22 percent (base rate) for domestic companies and 15 percent for new domestic manufacturing enterprises.
The Sensex ended 1,921 points higher at 38,015, while the broader Nifty50 index added 569 points to end the day at 11,274. Intraday, the BSE Sensex rose 2,284.55 points to hit the day’s high of 38,378.02, while the Nifty50 index rallied 677 points to 11,381.90.
Led by the spike in equities, the market capitalisation of BSE-listed companies climbed Rs 2,11,086.42 crore to Rs 1,40,79,839.48 crore.
Eicher Motors, Hero MotoCorp, IndusInd Bank, Bajaj Finance and Maruti Suzuki were the top gainers on the Nifty50, while Zee, PowerGris, Infosys, TCS and NTPC led the losses. The Nifty Bank index on NSE recorded its best single-day gain ever after Sitharaman announced measures to improve the economy. Auto stocks joined the celebratory mood on Dalal Street post the FM’s announcement led by Ashok Leyland, TVS Motor Company, Eicher Motors.
The rupee also rallied 66 paise to 70.68 against the US dollar on announcements made by the finance minister.
As part of a raft of measures to boost economic growth, the government on Friday slashed effective corporate tax to 25.17 percent inclusive of all cess and surcharges for domestic companies. Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1.
Companies not availing exemption will not be required to pay minimum alternative tax (MAT),” Sitharaman told reporters in Goa ahead of a meet on goods and services tax (GST).
The government has also decided to not levy enhanced surcharge introduced in the Budget on capital gain arising from the sale of equity shares in a company liable for the securities transaction tax. Also, the super-rich tax will not apply on capital gains arising from sale of any security including derivatives in hands of foreign portfolio investors.
In another relief, the minister said listed companies which have announced a buyback of shares prior to July 5, will not be charged with super-rich tax.
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Australian Olympic champ Stephanie Rice to open her first swimming academy in Bengaluru
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
It isn’t every day that you get swimming lessons from the winner of three gold medals at the 2008 Olympics in Beijing and a five-time World Record holder, Stephanie Rice. Rice, who offers an 8-week swimming programme back home, says Indians are changing as far as their attitude to sports is concerned.
It isn’t every day that you get swimming lessons from the winner of three gold medals at the 2008 Olympics in Beijing and a five-time World Record holder, Stephanie Rice. The kids at JW Marriott Hotel Aerocity, New Delhi, who registered for the ‘Family by JW’ programme clearly got lucky that the lady was in town to offer them easy-to-follow tips on how to get over their swimming blues and get those strokes right in the pool, which she ruled for a couple of years as a world champion.
Rice, who is familiar with India, having returned back to the country on several programmes and projects in both sports and holistic wellness, has news for us: she is setting up her first, and only swimming academy anywhere in the world, not back home in Australia, but in Bengaluru, at the Padukone-Dravid Centre for Sports Excellence, set up by badminton champion Prakash Padukone and cricketer Rahul Dravid. “This has been a dream for several years. I believe India has some excellent swimming potential but the training doesn’t match global standards. If put through the right paces, I am sure Indians will do very well on the global platforms, such as the Olympics.”
India connection
Though she has never competed in any form in India, “the only time I came close to it was at the Commonwealth Games in Delhi in 2010, but had to pull out because of an injury”, Rice felt compelled to come back, again and again, over the years, sometimes for leisure but most times on work. Her first India visit was to Mumbai a few years ago, to check out the swimming scene in the city. “I was also part of the Star Sports commentary team and covered India’s performance during the Rio Olympics and then the Pro-Kabaddi League. The sincerity of the Indian athletes and swimmers and the hard work they put in left me impressed.”
If Indians haven’t made any breakthrough on the global scene, the problem lies in the lack of the right infrastructure, the right kind of programmes to train swimming champs and the lack of quality coaching, says the Aussie swimming champ. “No Indian has even made it to the top 16 in the world or the semi-finals at Olympics. That is because there just isn’t any kind of infrastructure to train them right.” Except a few who can afford to go to the US or Australia to train, most Indian swimmers just trundle along.
Nurturing talent
Rice will nurture Indian swimming talent for the 2028 Olympics. “The pool is excellent at the centre in Bengaluru; it is of global standards. I am investing not just my time but even my reputation; this is the only academy I have anywhere in the world that will train potential champions for professional swimming competitions. We are looking at even sponsoring some swimmers to compete at several levels internationally, which is what they need to handle stress at a competitive level.”
She offers some details of the academy: only kids competing at district and state levels will be picked for the programme and then put through a tough training regime. The idea is to create a junior swimming squad. Rice hopes to fly down the Australian Olympic swimming coach to train the coaches in India on how to produce champs, to fill in the training gap in India.
Rice, who offers an 8-week swimming programme back home and is also part of JW Marriott’s ‘Family with JW’ programme across the Asia Pacific, tells me that Indians are changing as far as their attitude to sports is concerned. “You need to keep the emerging champions within India, train them here and build a strong pool of swimmers.”
Among the masterclasses that she curates across the world is the ‘Family with JW’ experience that involves not just swimming but holistic wellness. Rice, who is a vegan and a practitioner of yoga and meditation, believes the best way to inculcate a sporting culture is to ensure that more and more people take to the outdoors – from swimming to tennis, from badminton to cricket or kabaddi. “Masterclasses like these help us introduce young kids and families to sports in an easy, fun way, which goes a long way in creating the social acceptability of bonding together over say, swimming or a tennis session.”
Bleisure travel
For a luxury hospitality hotel such as JW Marriott Aerocity, creating the right infrastructure for BLeisure (Business-cum-leisure) clients has become important. “As much as a solo business traveller, business travellers often travel with families, making it imperative to offer facilities that work for the entire family,” General Manager Nitesh Gandhi tells me. “Across our luxury portfolio of 43 properties in the Asia Pacific, we have seen an increased interest in family-oriented travel, and JW Marriott hotels are responding to this trend with a series of curated experiences unique to each destination, from Rice’s swimming and holistic healing classes to, say, a picnic on the lawn in the right season.”
The Bleisure numbers tell an interesting story. According to the American Expedia Group Media Solutions’ 2018 report ‘Unpacking Bleisure Traveller Trends’, which sampled 2,500 Bleisure travellers from China, Germany, India, the UK, and the US, 60 per cent of business trips turned into one combining leisure. This is consistent with US numbers where Bleisure travel has grown by 40 per cent since 2016 when 43 per cent of US business trips were extended to Bleisure. A Booking.com 2018 survey put the number of Indian travellers extending their business trips to include leisure with family at a high 72 per cent. Indians, in fact, were ranked second among Bleisure travellers across 31 countries, right after Thai travellers (80 per cent) and more than the global average (51 per cent).
Beyond the numbers is the story of how luxury hotels are evolving to create an entirely new paradigm of hospitality for business travellers, who don’t care much for travelling alone, or at least not always, instead bringing with them their families and indulging in short breaks to explore the destinations and hotels they are in.
Deepali Nandwani is a journalist who keeps a close watch on the world of luxury.
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Nifty Bank index jumps 8%, biggest single-day gain ever
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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The Nifty Bank index on NSE recorded its best single-day gain ever on Friday after finance minister Nirmala Sitharaman announced that the government has proposed to cut tax rates on domestic companies.
The Nifty Bank index on NSE recorded its best single-day gain ever on Friday after finance minister Nirmala Sitharaman announced that the government has proposed to cut tax rates on domestic companies. The move will lower the highest tax rate on companies to 25.17 percent from 34 percent previously, including the surcharge and cess.
Following the announcement, the Nifty Bank surged as much as 8 percent to a level of 26,757.65. The benchmark Nifty 50 advanced over 5 percent.
The front runners in the Nifty Bank index were the private banks. RBL Bank rallied the most followed by IndusInd Bank and Federal Bank. Shares of RBL Bank surged 13.75 percent intraday to Rs 377.65 per share on the NSE, while IndusInd Bank and Federal Bank jumped 12.16 percent and 9.94 percent respectively.
Shares of HDFC Bank jumped 9.6 percent to Rs 1,207.70 per share on the NSE intraday. Meanwhile, the stock prices’ of RBL Bank, ICICI Bank and YES Bank rallied by 7.5 percent, 6 percent and 7 percent respectively.
Making the announcement, Finance Minister Nirmala Sitharaman said the new tax rate will be applicable from the current fiscal which began on April 1. Sitharaman also added that the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.
Post announcement, investors’ wealth soared by Rs 2.11 lakh crore on Friday in the morning trade.
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A week in review: Here are the top stories from this week
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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A look back at some of our biggest and best stories from this week. From RBI governor Shaktikanta Das’s exclusive interview on economy slowing down to the corporate tax rate cut, we bring you our top stories from this week. Here’s a quick recap, in case you missed them.
A look back at some of our biggest and best stories from this week. In case you missed them, here’s a recap:
The measures announced by the finance minister will be positive for fast-moving consumer goods (FMCG) companies like GSK Consumer, Nestle, ITC and Hindustan Unilever as their current corporate tax rates stand at 35 percent, 34 percent, 32 percent and 29 percent, respectively.
Four-time winner Mumbai Indians, Chennai Super Kings continue their climb up brand value ladder while poor on-field performance sees Kolkata Knight Riders, Royal Challengers Bangalore shed brand value.
Lower economic growth is likely to hit tax buoyancy in FY20, thus creating a stiff challenge for the government to achieve its tax estimates. Sources say the tax targets, particularly FY20 direct taxes, are looking difficult to achieve and also looking at the lower growth impulse.
You might have seen forwards on WhatsApp and other social media in the form of an analysis, where the comparative cost of hiring a cab versus buying a car is shown, with the conclusion that renting a cab makes more sense. Personal finance strategist Rishabh Parakh helps us understand the calculations.
Bean-to-bar chocolate makers work with raw cacao beans sourced from farms. These beans are roasted, winnowed and ground into chocolate. They eschew the use of emulsifiers and synthetic flavours, among others, and are focused on transparency and sustainability.
Vaping, promoted as a technology less harmful than traditional smoking, has now been banned in India following finance minister Nirmala Sitharaman’s announcement. The government ban covers the production, manufacturing, import, export, transport, sale, distribution, and storage of e-cigarettes as well as advertisements promoting them.
Rohit Prasad, who breathed life into Alexa, on Wednesday said interpreting commands was a big challenge while developing Amazon’s voice assistant. Jharkhand-born Prasad, who is the vice president and head scientist of Alexa Artificial Intelligence at Amazon, said, “We wanted to invent technology where customers could interact just with voice. The fact that you do not need to hold a device to interact with computers that unleash many more possibilities. While you are cooking you can talk to Alex and get your favourite tune, so that is the simplification we have talked about.”
The airline grounded operations for a temporary but indefinite period on April 17 and vacated 346 slots at airports run by the Airports Authority of India (AAI) and over 400 at private-run airports, as per the documents reviewed by CNBC-TV18.
Being a working woman means juggling responsibilities with the other roles you are expected to fulfil — as a mother, daughter-in-law, wife, not to mention sister and daughter. But in the office, you have to keep all these aside and perform to the best of your abilities. Is that even possible? Can you park personal worries in some drawer and not stress about it at work? What do you even get professionally for doing this? You would think the top job, once in a while. Or equal pay all of the time.
Remember the capacity crunch in Mumbai after the grounding of Jet Airways? Turns out that the Mumbai airport now has more seats on offer on domestic routes than it had when Jet operated its complete schedule. This is despite the fact that the airport has not given away all the slots of Jet Airways – be it domestic or international.
RBI Governor Shaktikanta Das sat down with CNBC-TV18’s Latha Venkatesh and took questions on several topics, from the Indian economy slowing down with the GDP growth coming in at s percent for the first quarter of this fiscal to the impact of the drone attacks on Saudi Aramco’s facility.
You could now create your product/service, do an effective Search Engine Optimisation (SEO) to ensure people discovered it, whenever they searched for the category. With small budgets, you could also use Search Engine Marketing (SEM) and get across to users, a little more strongly. With social media platforms like Facebook, you could amplify your word-of-mouth and could generate better referrals by engaging with your customer base, even if they purchased your product through some intermediary or retail network.
Air India has reported a loss of Rs 8,640 crore for the 2018-19 financial year. This, despite a domestic market share of 12.9 percent and an international market share of 68 percent. The balance sheet continues to be extremely weak with Rs 29,000 crore of debt (the debt has been halved, from the previous 58,000 crores, thanks to the creation of a special purpose vehicle).
Kerala is often discussed as a graveyard for business. Few companies thrive because of a virulent culture of militant trade union activism in the state. But there is one enterprise whose business is booming. The revenues of the enterprise in question — Kerala State Beverages Corporation (KSBC) — are actually growing at a fast clip annually.
The Delhi-born haematologist is a cancer physician, researcher and assistant professor at Columbia University. Mukherjee is also the author of The Emperor of All Maladies: A Biography of Cancer, winner of the 2011 Pulitzer Prize in general nonfiction, and The Laws of Medicine. A Rhodes scholar, who graduated from Stanford University, University of Oxford and Harvard Medical School, Mukherjee has published articles in Nature, The New England Journal of Medicine, The New York Times, and Cell.
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Finance Minister Nirmala Sitharaman today proposed to slash corporate tax for domestic companies and new domestic manufacturing companies, corporate tax rate to be 22 percent without exemptions. Also minimum alternate tax (MAT) is reduced to 15 percent from 18.5 percent for companies continue to avail exemptions & incentives.
“This is early and timely Diwali. This is not bigger than budget, this is bigger than 20 budgets,” he said.
“I think that now you should not call bulls like us and Mr Piramal, you should call some bears and some opposition guys so that we can buy more,” he added.
“I am already buying, my net is one of my highest ever which is beyond 100 percent,” Arora further mentioned.
Finance Minister Nirmala Sitharaman today proposed to slash corporate tax for domestic companies and new domestic manufacturing companies, corporate tax rate to be 22 percent without exemptions. Also minimum alternate tax (MAT) is reduced to 15 percent from 18.5 percent for companies continue to avail exemptions & incentives.
Reacting to the news, Ajay Piramal, chairman, Piramal Enterprise said, “First of all, I want to congratulate the government and the FM for taking such a bold step. This is what we have been waiting for, I think it will kick-start the economy. I have no doubts in it,” he said, adding that as important as the benefits that we are seeing, the government is also foregoing Rs 1,45,000 crore in terms of tax.
Moreover, it is also the whole positive sentiment, it gives the impression now that the government is hearing what business has been saying, they are willing to embrace business as a partner in the progress of the country.
Corporate tax cut impact: Nifty Auto surges 8%, Eicher Motors posts biggest single-day gain in 20 years, jumps 24%
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Auto stocks cheered after the Finance Minister Nirmala Sitharaman said that the government has proposed to cut corporate tax rates to 22 percent for domestic companies and 15 percent for the new domestic manufacturing enterprise.
Auto stocks joined the celebratory mood on Dalal Street after Finance Minister Nirmala Sitharaman cut corporate tax rates to 22 percent for domestic companies and 15 percent for the new domestic manufacturing enterprises. The FM added that these tax cuts will be provided for companies not availing exemptions or incentives. The Nifty Auto index rose over 8 percent in intra-day deals on Friday with all index constituents trading in green.
Eicher Motors surged nearly 24 percent to Rs 19,488 per share, its biggest 1-day gain in 20 years, while Ashok Leyland advanced 16 percent to Rs 67.70. TVS Motor Company and Maruti Suzuki also rallied 11 percent each, whereas, Bharat Forge and Tata Motors gained 9 percent and 10 percent, respectively.
In comparison, the Nifty50 index rose 5.2 percent (558 points) to 11,263.
Reacting to the announcement, Pawan Goenka, managing director, Mahindra & Mahindra (M&M) said, “Looks like Diwali has come early.” The Mahindra stock rose as much as 9 percent in intra-day trade.
The government has also withdrawn enhanced surcharge on capital gains of foreign institutional investors and where the securities transaction tax has been paid.
She said, “If companies want to opt for the existing regime, they can continue with their current tax holiday, once the tax holiday expires, they can opt to the new regime announced today.”If they once opt for the new regime, companies can’t go back to the old regime,” Sitharaman said.
Sitharaman also said that companies not availing exemption will not be required to pay minimum alternate tax (MAT).
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Listen to the Article 
This event is hosted by the Texas India Forum (TIF), a not-for-profit organisation that promotes cooperation between the United States and India. According to the organisers, “the live audience will be the largest gathering for an invited foreign leader visiting the United States other than the Pope. The ‘Howdy Modi’ summit has been organised with the support of more than 1,000 volunteers and 650 Texas-based Welcome Partner organisations.
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If Indians haven’t made any breakthrough on the global scene, the problem lies in the lack of the right infrastructure, the right kind of programmes to train swimming champs and the lack of quality coaching, says the Aussie swimming champ. “No Indian has even made it to the top 16 in the world or the semi-finals at Olympics. That is because there just isn’t any kind of infrastructure to train them right.” Except a few who can afford to go to the US or Australia to train, most Indian swimmers just trundle along.
Rice, who offers an 8-week swimming programme back home and is also part of JW Marriott’s ‘Family with JW’ programme across the Asia Pacific, tells me that Indians are changing as far as their attitude to sports is concerned. “You need to keep the emerging champions within India, train them here and build a strong pool of swimmers.”
