Markets have been increasingly comfortable
with European risks over the past few months. A fall in overnight U.S. equities
on discouraging U.S. factory orders and euro zone jitters spurred more
profit-taking after rally so far this year. Indian government is gearing up to
unveil this month its budget for the fiscal year starting in April, which
analysts see as a key test of commitment to shoring up finances.
With the buzz on imposition of Commodity
Transaction Tax (CTT) in the forthcoming Budget getting louder, Forward Markets
Commission (FMC) feels the market should be given more time to absorb such a
levy. All the five national exchanges have made representation to FMC listing
out the drawbacks on levy of CTT. The views of exchanges have been forwarded to
the Ministry along with the FMC opinion.
Tyre manufacturer Dunlop India Ltd got a
breather on 4th February with the court directing the official
liquidator not to take any further step till 6th February. A division bench of
justices G C Gupta and T K Das on Monday passed the directive with the
condition that if the company pays up `.10 crore on
Wednesday, the court will consider the prayer for a stay on the winding-up
order passed on 31st January, directing the liquidator to take possession of
the assets, books and documents of the company immediately.
On the Tokyo Commodity Exchange, February futures
series may touch ¥311.5 per kg and July ¥335 per kg mark on Tuesday. Domestic
market may see an upward move.
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