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10 things you need to know before the opening bell on September 24

Updated : 2019-09-24 07:42:52

Indian shares are likely to extend gains made in the last two sessions on the government’s booster in the form of corporate tax rate cut, a reform which is likely to benefit several firms. Asian shares too were trading higher, adding to positives for the domestic market. At 7:00 am, the SGX Nifty futures traded 0.69 percent or 79.50 points higher at 11,680.50, indicating a strong start for Sensex and Nifty.

1. Asia: Overall, the MSCI Asia ex-Japan index added 0.06 percent. Japan's Nikkei advanced 0.34 percent while South Korea's KOSPI traded flat. ASX200 and Topix index gained 0.12 percent and 0.64 percent respectively. (Image: AP)
1. Asia: Overall, the MSCI Asia ex-Japan index added 0.06 percent. Japan's Nikkei advanced 0.34 percent while South Korea's KOSPI traded flat. ASX200 and Topix index gained 0.12 percent and 0.64 percent respectively. (Image: AP)
2. US: US stocks barely budged on Monday, with slight gains in shares of Apple offset by mixed economic data that added to caution over the prolonged US-China trade war, reported Reuters.  The Dow Jones Industrial Average rose 14.92 points, or 0.06 percent, to 26,949.99, the S&P 500 lost 0.29 points, or 0.01 percent, to 2,991.78 and the Nasdaq Composite dropped 5.21 points, or 0.06 percent, to 8,112.46. (Image: Reuters)
2. US: US stocks barely budged on Monday, with slight gains in shares of Apple offset by mixed economic data that added to caution over the prolonged US-China trade war, reported Reuters.  The Dow Jones Industrial Average rose 14.92 points, or 0.06 percent, to 26,949.99, the S&P 500 lost 0.29 points, or 0.01 percent, to 2,991.78 and the Nasdaq Composite dropped 5.21 points, or 0.06 percent, to 8,112.46. (Image: Reuters)
3. Markets at close on Monday: Indian shares extended gains on Monday to log their biggest two-day gain in a decade as investors expect the government’s surprise move to cut corporate taxes to revive flagging growth in Asia’s third-largest economy. The Sensex ended 1,075 points higher at 39,090, while the broader Nifty50 index added 326 points to end the day at 11,600. Meanwhile, foreign institutional investors (FIIs) bought Rs 2,684 crore in the cash market and domestic institutional investors (DIIs) bought Rs 292 crore. The rupee was trading flat at 70.92 against US dollar. (Image: Reuters)
3. Markets at close on Monday: Indian shares extended gains on Monday to log their biggest two-day gain in a decade as investors expect the government’s surprise move to cut corporate taxes to revive flagging growth in Asia’s third-largest economy. The Sensex ended 1,075 points higher at 39,090, while the broader Nifty50 index added 326 points to end the day at 11,600. Meanwhile, foreign institutional investors (FIIs) bought Rs 2,684 crore in the cash market and domestic institutional investors (DIIs) bought Rs 292 crore. The rupee was trading flat at 70.92 against US dollar. (Image: Reuters)
4. Crude Oil: Oil prices slipped in the morning of Asian trading hours, with the international benchmark Brent crude futures contract declining 0.45 percent to $64.48 per barrel and US crude futures shedding 0.39 percent to $58.41 per barrel. (Image: Reuters)
4. Crude Oil: Oil prices slipped in the morning of Asian trading hours, with the international benchmark Brent crude futures contract declining 0.45 percent to $64.48 per barrel and US crude futures shedding 0.39 percent to $58.41 per barrel. (Image: Reuters)
5. Government On Tax Collection: As finance minister Nirmala Sitharaman on Friday announced corporate tax rate cuts, she estimated that it could mean a revenue forego of about Rs 1.45 lakh crore. Multiple sources however have told CNBC-TV18, that it should not be such a big revenue hit for the government and at best the actual revenue forgone could be around Rs 80,000 crore. However, sources shared that since not all corporate taxpayers are expected to do the transition from the earlier regime to the new regime in this fiscal itself, the government could lose only about Rs 80,000 crore of the estimated Rs 1.45 lakh crore. (Image: Reuters)
5. Government On Tax Collection: As finance minister Nirmala Sitharaman on Friday announced corporate tax rate cuts, she estimated that it could mean a revenue forego of about Rs 1.45 lakh crore. Multiple sources however have told CNBC-TV18, that it should not be such a big revenue hit for the government and at best the actual revenue forgone could be around Rs 80,000 crore. However, sources shared that since not all corporate taxpayers are expected to do the transition from the earlier regime to the new regime in this fiscal itself, the government could lose only about Rs 80,000 crore of the estimated Rs 1.45 lakh crore. (Image: Reuters)
6. RBI Recommendations On Housing Finance: The implementation of recent recommendations submitted by the RBI's housing finance committee will be credit positive for the country's residential mortgage-backed securities (RMBS), says a report. After reviewing the existing state of mortgage-backed securitisation, it gave a host of recommendations on the legal, tax structures of mortgage-backed securitisation transactions and standardisation of such practices. The report also recommended specific measures for facilitating secondary market trading in mortgage securitisation instruments. (Image: Reuters)
6. RBI Recommendations On Housing Finance: The implementation of recent recommendations submitted by the RBI's housing finance committee will be credit positive for the country's residential mortgage-backed securities (RMBS), says a report. After reviewing the existing state of mortgage-backed securitisation, it gave a host of recommendations on the legal, tax structures of mortgage-backed securitisation transactions and standardisation of such practices. The report also recommended specific measures for facilitating secondary market trading in mortgage securitisation instruments. (Image: Reuters)
7. Mining Industry Highest Taxed In World: Mining industry in India is still the highest taxed in the world despite the government's decision to slash corporate tax rate, mining body FIMI said on Monday.  While addressing the media here, FIMI Vice President Rajib Lochan Mohanty said there was a need for rationalising the taxation structure in the mining sector for sustainable development and deriving long-term benefits in terms of sustained raw material security for industries.
7. Mining Industry Highest Taxed In World: Mining industry in India is still the highest taxed in the world despite the government's decision to slash corporate tax rate, mining body FIMI said on Monday.  While addressing the media here, FIMI Vice President Rajib Lochan Mohanty said there was a need for rationalising the taxation structure in the mining sector for sustainable development and deriving long-term benefits in terms of sustained raw material security for industries. "The government needs to realise that the taxation regime for mining in India affects all downstream industries and employment opportunities in the economy while fuelling the already skewed balance of payment through the additional import of minerals," Mohanty said. (Image: Reuters)
8. Nitin Gadkari On Electric Vehicles: Allaying fears of the automobile industry, Union Road Transport Minister Nitin Gadkari on Monday said there is no need to ban petrol and diesel vehicles as electric mobility has picked up momentum on its own and all buses would be electric in two years. A panel headed by Niti Aayog Chief Executive Officer Amitabh Kant had earlier suggested that only EVs (three-wheelers and two-wheelers) with an engine capacity of up to 150cc should be sold from 2025 onwards.
8. Nitin Gadkari On Electric Vehicles: Allaying fears of the automobile industry, Union Road Transport Minister Nitin Gadkari on Monday said there is no need to ban petrol and diesel vehicles as electric mobility has picked up momentum on its own and all buses would be electric in two years. A panel headed by Niti Aayog Chief Executive Officer Amitabh Kant had earlier suggested that only EVs (three-wheelers and two-wheelers) with an engine capacity of up to 150cc should be sold from 2025 onwards. "I always talk about EVs such as cars, bikes, and buses. Now, it has started naturally. There is no need to make it mandatory. There is no need to ban petrol and diesel vehicles. In the next two years, all buses would be electric and run on bio-ethanol and CNG (compressed natural gas)," said Gadkari. (Getty Images)
9. Corporate Tax Cuts On Auto Sales: Massive reduction in corporate tax rates will have minimal impact to revive the steeply falling auto demand as the 10-12 percentage points reduction in the levy on companies can at best lead to a 1-2 percent discounts only, says a report. As against this, had the government offered a GST reduction, demand could have been propped up well, helping automakers offer a 7-8 percent discounts, the report adds.
9. Corporate Tax Cuts On Auto Sales: Massive reduction in corporate tax rates will have minimal impact to revive the steeply falling auto demand as the 10-12 percentage points reduction in the levy on companies can at best lead to a 1-2 percent discounts only, says a report. As against this, had the government offered a GST reduction, demand could have been propped up well, helping automakers offer a 7-8 percent discounts, the report adds. "Original equipment makers (OEMs) could choose to pass corporate tax cut benefit to customers, but this would imply only a 1-2 percent additional discount as against 7-8 percent if they were offered a 10 percent GST cut (which did not happen)," foreign brokerage Jefferies said in the report Monday. (Image: Reuters)
10. Telecom War Erupts Ahead Of TRAI Review: After months of lull, old and new telcos on Monday locked horns with Airtel accusing Reliance Jio of
10. Telecom War Erupts Ahead Of TRAI Review: After months of lull, old and new telcos on Monday locked horns with Airtel accusing Reliance Jio of "gaming" the system of paying for calls to rival network, a charge that Mukesh Ambani-led firm countered saying incumbents were charging high voice tariffs and manipulating the system to detriment of their users. Without naming Reliance Jio, a senior Airtel official alleged that "one large 4G-only operator" has arbitrarily slashed ring time for outgoing calls to other networks, thereby converting calls into missed calls and triggering a callback. Jio countered the allegation saying it allows ring time of 20 seconds in line with practices by most global operators, including Vodafone of UK. (Image: Reuters)
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