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Friday, February 26, 2010

Budget 2010 Outlook / Flashes

Interest subvention extended to March 11
Textiles, Gems and Jewellery benefit from Int Sub Extension
Recapitalization of banks positive for Syndicate Bank, Dena Bank
NBFC could be considered for banking licenses: IDFC
Banking sectors reforms to be introduced: Ernst & Young
RBI considering addl licenses to private players: BMR
Aims to make FDI policy userfriendly: BMR
FDI policies to be consolidated - positive step: Ernst & Young
Oil Ministry to take decision on Parikh Report
Deferment of GST negative for corporates in FY10-11: Ernst & Young
FM reaffirms commitment to GST; likely roll-out in April 2011: Ernst & Young
Direct tax code to be implemented from April 1, 2011: Ernst & Young
Budget has given indication that better targeting of subsidies will be the key objective
Focus on development of infrastructure in rural and urban areas likely
Budget realises the need to strengthen food security
State of the economy better
Extension of interest subvention to March: Parsvanath, Sobha
Focus on slum redevelopment positive for real estate: Ernst & Young
Interest subvention for low cost housing: HDIL, Parsvanath
Increase allocation for urban development by more than 75%
Higher outlay for educations; +ve for Educomp, Edserv, Core Proj
Rs 61, 000 crore rural programmes positive for Hero Honda, PNB
Rs 66,100cr for rural devpt this year: BMR
Education outlay increased by Rs 3236: Educomp, Everonn
3675 cr grant on education to states : +ve for Educomp, Everonn
Rs 200 cr for Tirupur, TN Textile facility: BMR
National clean energy fund; +ve for Suzlon, JP Hydro
20000 MW solar power +ve for Monnet Ispat
Setting up of Coal Regulatory Authority positive for cement, steel companies
Increased refinancing by IIFCL;+ve for infra companies
Solar energy impetus Moser Baer in focus
Double allocation to power;+ve for NTPC, Rel Power, Adani Po
Competitive bidding process for captive mining blocks: BMR
Higher power allocation to benefit power & dist companies: Ernst & Young
13% higher road allocation;+ve for Punj, Gammon, Nagarjuna
Intro of new legislations administrative reforms is key: Ernst & Young
13% higher road allocation;+ve for IVRCL, HCC, L&T
Increased allocation for road Gammon, IRB, j kumar +ve
To raise allocation for road transport by 13%
Provided Rs 1,73,552 crore for infrastructure development
Easy access for funds to marine and cold storage facili: Ernst & Young
ECB's will be available for food processing sector
Addtional banking license IDFC and IFCI in consideration
Repayment Extension For FarmerTo June 2010: +ve Bob Pnb
SEZ's recorded 127% YoY export growth in last 3 qtrs: BMR
Rs 300cr for agriculture impetus Jain Irrigation, Advanta India
Tax slabs increased will enhance spending: Ernst & Young
Increase in take home for individuals enhance consumption: Ernst & Young
No tax on annual income upto Rs 1.6 lacs: BMR
Tax slabs rationalised for individuals: Ernst & Young
Scope of Settlement Commission for excise & customs expanded: Ernst & Young
New version of Saral ready for salaried employees: BMR
Settlement Commission to cover raid cases: BMR
Return filing procedure to be simplified: Ernst & Young
Simplification of tax compliance: Ernst & Young
Saral 2 form to be introduced in a simplified version: Ernst & Young
Increased computerization of central and state tax administration: Ernst & Young
Pilot projects for tax grievances extended to four cities: BMR
Automation to reduce physical interface with department: Ernst & Young
Technology driven tax administrative reforms: Ernst & Young
FY11 borrowing lower than est +vs for PSU banks
Subsidy delivery in cash to oil & fertiliser companies
Extending govt fert subsidy in cash: + ve for fert cos
Revised fiscal deficit for 2009-2010 at 6.9%
All subsidy in cash
Gross non- tax receipts at Rs 1,48,118cr: BMR
Deficit 4.3% for FY12
Gross tax receipts at Rs 7,46, 651cr: BMR
New technology platforms for new legislations positive for IT sector: Ernst & Young
Rs 60000cr defense capex :BEL, M&M, L&T, Nelco
UID scheme Budget Rs 1900 crore IT companies, Bartronics in fosus
Higher defence allocation +ve for L&T: BMR
Smart card extension positive for Glodyne Tech: Ernst & Young
Banking license for NBFCs, private players positive for IFCI, Reliance Capital
UID commitment to be met in 2010: + ve for Bartronics, TCS
RBI licenses to private players +ve for Reliance Capital: BMR
Excise duty on large cars increase -ve for Tata Motors, Ashok Ley: Ernst & Young
Peak excise duty increased; -ve for Auto, Steel, Cement Co
Stimulus package partially rolled back: Ernst & Young
Reduction in Personal Tax rate saving of Rs50,000 upto Rs 8 lakh income
Excise duty hiked to 10% expected rise
Roll back in central excise from 8% to 10%: Factored in
Peak excise duty rate increased from 8% to 10%: Ernst & Young
Direct tax revenue proposals to lead to Rs 26000 cr loss: BMR
Red of Corp Tax Surcharge to Red Corp Tax Rate By 1%: Ernst & Young
Rs 26000 cr revenue loss on account direct tax proposals
Low tax, high purchasing power volume boost for FMCG cos
Conversion of partnership to Llp encouraged: Ernst & Young
Int on TDS not deposited increased to 18% pa: Ernst & Young
Weighted Ded on R&d +ve for Tata Motors, Ashok Ley: Ernst & Young
Tax audit limit increased to 60 lakhs for business: Ernst & Young
Pharma cos impact neutral Mat vs Weighted Deduction: Ernst & Young
MAT 18% on booked profits not assets should be positive
Tax holiday for Hotel ind; +ve for Indian Hotels, EIH: Ernst & Young
RIL, FMCG cos impacted by MAT increase
Weighted deduction on R&D +ve for Pharma and Auto: Ernst & Young
Surcharge cut; +ve for India Inc
MAT increased to harm IT and infrastructure companies: Ernst & Young
Surcharge reduced to 7.5% from 10%: BMR
MAT increased to 18%; -ve for RIL, HUL, Bharti, Rcom
Increase MAT from 15% to18% on book profits: BMR
Infra bond tax deduction +ve for IDFC, PFC
Corporate surcharge reduced to 7.5% but MAT increased: Ernst & Young
Surcharge reduced from 10% to 7.5%: Ernst & Young
10% tax on annual income from Rs 1.6 lakh to 5 lakh: BMR
AddTax deduction of Rs 20,000 on inv in infra bonds
Duty exemption on hand set extended : +ve for Spice mobiles
New corporate tax rate 33.21% against 33.99%: Ernst & Young
Monorail projects notified for project import benefits: Ernst & Young
Redn in duty for photovoltaic units +ve for Moserbaer: Ernst & Young
Customs on crude restored for -ve RIL, all refiners
Solar power rickshaws to enjoy duty concessions: Ernst & Young
Indirect tax concessions for alternate energy projects: Ernst & Young
Excise duty cut on wind farm units +ve for Suzlon
Exempt inputs for making RotorBlades from excise: +ve for Suzlon
Clarification on tax neutral transition to LLP's welcome: BMR
Corp Tax outgo to reduce by 0.77%: BMR
Clen energy cess on imported & dom coal; -ve for Tata Power, Adani
MAT outgo to increase by 2.94%: BMR
Full CENVAT credit on Cap Goods in 1st Year itself: Ernst & Young
Testing of agricultural seeds exempt from service tax: BMR
Agriculture seeds exempt from service tax: +ve for Advanta
Peak rate of customs duty remains unchanged at 10%: Ernst & Young
Customs duty exempted on input for refrigerated van mnfrs: Ernst & Young
Setting up of cold storages exempted from service tax: Ernst & Young
Simplified corp taxation for cos upto 60 lacs t/o: BMR
Presumptive taxation increased on small cos: BMR
Hike in CET for refined pdts negative for OMCs
Ad-valorem excise duty on MUVs increased: Ernst & Young
Increase in excise duty on non-tobacco products: BMR
Redn in personal tax rate saving of Rs.50k upto 8l Incom: Ernst & Young
Excise duty on Cig increased; quantum will impact ITC
Excise duty on tobacco -ve for ITC: Ernst & Young
No CG tax on conversion to LLP'S: BMR
Basic customs duty on crude petroleum restored to 5%: Ernst & Young
Customs duty of 5% on crude negative for OMCs
Concessional 4% excise duty on inputs for electrical vehicles: Ernst & Young
Excise duty exempted for specific agroprocessing units: Ernst & Young
Clean Energy Cess introduced on coal, lignite & peat: Ernst & Young
Excise duty exemptions on specific IT products withdrawn: Ernst & Young
Excise duty on petrol & diesel increased by Re 1/ litre: Ernst & Young
Excise duty on cement & cement clinker increased: Ernst & Young
Customs duty on precious metals increased: Ernst & Young
Effective peak excise duty rate increased from 8.24% to 10.30%: Ernst & Young
Indirect tax proposals to yield 43500 Cr plus addl tax revenue: Ernst & Young
Service tax exempted on transportation of food grains: BMR
Concessional 5% customs duty on all medical appliances: Ernst & Young
Excise Duty on CFLs cut to 4%: Ernst & Young
Online News Agencies to attract service tax: Ernst & Young
No extension of STPI -ve for Infy, Wipro: Ernst & Young
25% tax savings for individual earning Rs 1 lac per month: BMR
Rs 20,500 cr net revenue gain
Service tax refund simplified +ve for It/ites: Ernst & Young
Indirect taxes gain Rs 46500 cr on account of proposals
Service tax proposals to lead to Rs 3000 crs gain for year: BMR
Refund for service tax exporters to be simplified: Ernst & Young
Service tax net to be widened to cover new services: Ernst & Young
New services under service tax preview
Service tax retained at 10% +ve for ALL under service gambit
Service tax rate remains unchanged at 10%: Ernst & Young
Outright SACD exemption for certain prepackaged products: Ernst & Young
Indexation of precious metals cutoms duty: +ve for Gitanjali,Titan
Service tax unchanged +ve for FMCG
Customs duty on rhodium reduced to 2%: BMR
Tax reliefs for charitable orgs earning trade receipts: BMR
Assistance for medical devices +ve for Opto Circuits

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