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#874 Daily Money Show | Stock Market News
Original: #874 Daily Money Show | Money Purse Stock Market News
Takeaway
IT dept chasing HNI offshore property; CNG overtook diesel at Maruti; SC mining royalty ruling is negative for steel/mining stocks.
Summary
- Market: Sensex +149 to 79,105; Nifty +4 to 24,143; midcap -0.43%, smallcap -0.66%, Bank Nifty -0.21%
- Income Tax Department scanning HNIs for foreign real estate holdings (Switzerland, Portugal) and tax evasion
- FM Nirmala Sitharaman commented she wants to reduce taxes but can't immediately given India's challenges; LTCG/STCG hikes in budget criticized
- Maruti Suzuki: for first time CNG vehicles crossed diesel sales; CNG was 18.49% vs diesel 18.41% of 13L Q1 PVs sold — 1 in 3 vehicles will be CNG
- Sun Pharma acquired 5% stake in US-based Pharmas IC for $15M with exclusive distribution rights to two drugs in select markets
- Supreme Court ruled mining companies must pay royalty to state govts retrospectively from April 2005 (12-year installments) — negative for Tata Steel, Hindustan Zinc, NMDC, Coal India
- Panacea Biotech starts Phase 3 trials of indigenous dengue vaccine with ICMR
market newsMaruti CNGmining royalty
Original description
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