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BUSINESS 13
THE HINDU DELHI
SATURDAY, MARCH 2, 2019
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SEBI slashes regulatory fee for brokers
market watch GST collection drops to
01-03-2019 % CHANGE
Sensex dddddddddddddddddddddd 36,064 ddddddddddddddd0.55
US Dollardddddddddddddddddddd 70.92 ddddddddddddd-0.28 ₹97,247 crore in February
Gold ddddddddddddddddddddddddddd 34,080 ddddddddddddd-0.35 A 33.33% reduction in charges on intermediaries may bring down overall trading costs for investors
Brent oil dddddddddddddddddddddddddddd 65 ddddddddddddd-1.51
January figures totalled ₹1.02 lakh cr.
SPECIAL CORRESPONDENT provided by such agencies quire shares from the public
MUMBAI subject to certain checks and shareholders. Such an ex Special Correspondent “While the monthly col
NIFTY 50 NEW DELHI
The Securities and Exchange balances. This is important emption from making an lection is a tad lower than
PRICE CHANGE
Adani Ports. . ................... ..... 333.20. ........ 7.35 Board of India (SEBI) has lo considering that ratings open offer would, however, Gross Goods and Services last month, it is more or less
Asian Paints. . ................. ... 1392.35. .....-12.85 wered the regulatory fee that agencies typically stop valu be available for banks and Tax (GST) revenue collec same as average monthly
Axis Bank. . ....................... ..... 702.40. ....... -7.15 it charges market intermedi ing securities once the rating other financial institutions. tion in February stood at collection of 201819,” Pratik
Bajaj Auto . . ...................... ... 2863.50. .....-37.10 aries, a move that is expect falls below investment Meanwhile, the regulator ₹97,247 crore, down from Jain, partner and leader, in
Bajaj Finserv. . ............... ... 6440.60. .....-21.85
Bajaj Finance. . .............. ... 2660.75. ...... 11.75 ed to bring down the overall grade, thereby leading to has given its nod for the par the ₹1.02 lakh crore collect direct tax, PwC India, said.
Bharti Airtel . . ............... ..... 307.65. .....-10.40 trading costs for investors. lack of uniformity in pricing ticipation of MFs and portfo ed in January. “We have seen that col
BPCL. . .................................... . ..... 346.05. ........ 8.50 The fee that brokers have of such securities across lio managers in the exchange The February 2019 figure lection of over ₹1 lakh crore
Cipla. . .................................... . ..... 551.55. ....... -3.00 to pay to SEBI has been re fund houses. traded commodity deriva is, however, 13% higher than in a month has typically
Coal India . . ...................... ..... 232.65. ........ 4.35
Dr Reddys Lab . . .......... ... 2646.00. ...... 14.35 duced by 33.33%, while the Incidentally, the IL&FS tives segment. what it was in February come in the last month of
Eicher Motors. . ............ 19948.65. ...... 79.55 the fees levied on agricom episode saw many fund Further, Category III Alter 2018. the quarter only, so a slight
GAIL (India). . ................. ..... 343.85. ........ 1.85 modity brokers has been cut Sky high: India has featured among the mostexpensive houses taking a hit in diffe native Investment Funds, “Total gross GST revenue reduction doesn’t seem to
Grasim Ind . . .................... ..... 791.75. ...... 14.70 countries in market trading costs.
HCL Tech. . ......................... ... 1052.60. ....... -1.30 by 93.33%. * PAUL NORONHA rent proportions after the which are already permitted collected in the month of be a cause for worry,” he
HDFC . . .................................. . ... 1859.45. ...... 18.25 The regulatory fee paid by company defaulted on its to participate in commodity February, 2019 is ₹97,247 added.
HDFC Bank. . .................... ... 2083.35. ........ 5.80 stock exchanges has also stitutional investors like uation across fund houses. payment obligations. derivatives, have now been crore of which CGST is
Hero MotoCorp . . ....... ... 2675.60. ...... 47.50 been lowered by 80%. The mutual funds and portfolio “The valuation agencies The regulator has also said permitted to deal with goods ₹17,626 crore, SGST is Plan for next year
Hindalco . . ......................... ..... 196.15. ........ 0.40
HPCL . . .................................. . ..... 232.70. ........ 9.35 move assumes significance management services in the appointed by Association of that entities that acquire a received in delivery against ₹24,192 crore, IGST is That said, Mr. Jain did point
Hind Unilever . . ............ ... 1734.65. ........ 2.00 as India has always featured commodity derivatives Mutual Funds in India (AM significant stake in a listed physical settlement of such ₹46,953 crore and cess is out that the real question
Indiabulls HFL . . .......... ..... 671.90. ...... 16.65 among the mostexpensive segment. FI) may provide valuation of entity as part of a debt res contracts, if any. ₹8,476 crore,” the govern should be how the govern
ICICI Bank . . ...................... ..... 354.25. ........ 4.10 countries globally in terms of The watchdog has said money market and debt se tructuring will not be eligible “SEBI’s decision to allow ment said in a statement on ment plans to achieve next
IndusInd Bank . . .......... ... 1514.10. ...... 40.25
Bharti Infratel . . .......... ..... 293.25. ....... -0.40 trading costs in the capital that credit rating agencies curities rated below invest for exemption from open off entry of MFs and portfolio Friday. year’s revenue target, which
Infosys . . ............................. . ..... 741.90. ........ 7.60 market. The board of the reg may provide valuation of ment grade,” SEBI said in a er obligations. management services (PMS) The total number of is 20% higher than the tar
Indian OilCorp. . .......... ..... 148.05. ........ 3.45 ulator, which met in Delhi on money market and debt se release, adding that fund This effectively implies for commodity trading is a GSTR 3B returns filed for the get for the current year, es
ITC. . ......................................... . ..... 278.20. ........ 2.15
JSW Steel. . ........................ ..... 282.10. ........ 1.00 Friday, also tweaked the val curities that are rated below houses would be responsible that if Etihad acquires a stake very investor friendly move,” month of January up to Fe pecially since the GST Coun
Kotak Bank . . ................... ... 1225.95. ...... 12.85 uation norms for debt mu investment grade, thereby for fair valuation and may in Jet Airways, it will have to said Sanjit Prasad, CEO, In bruary 28, 2019 is 73.48 cil doesn’t have the room to
L&T. . ....................................... . ... 1308.55. ...... 15.60 tual funds, while allowing in providing uniformity in val deviate from the valuation make an open offer to ac dia Commodity Exchange. lakh. increase tax rates.
M&M . . .................................. . ..... 649.70. ........ 3.80
Maurti Suzuki. . ............ ... 6935.15. .... 105.45
NTPC . . .................................. . ..... 143.00. ........ 1.75
Reliance Ind . . ............... ... 1226.05. ....... -5.00 Manufacturing PMI at a Automakers drive on slow lane in Feb.
ONGC . . ................................. . ..... 149.10. ........ 0.45
PowerGrid Corp . ..... ..... 183.20. . ........... 0.35
State Bank . . .................... ..... 272.95. ........ 3.90
Tata Steel . . ...................... ..... 507.60. ........ 7.15 14month high of 54.3 in Feb. Maruti posts nearflat growth while Tata Motors clocks low singledigit rise in sales
Sun Pharma . . ................. ..... 447.35. ........ 2.20
Tata Motors . . ................. ..... 180.30. ........ 2.85
TCS . . ....................................... . ... 1995.40. ...... 11.95
Tech Mahindra . ....... ..... 831.80. . ........... 1.65 Special Correspondent we hope the market will re
Titan . . .................................. . ... 1021.35. ....... -3.85 Index expands on sharp, accelerated rise in sales: survey NEW DELHI vive soon.”
UltraTech Cement. .. ... 3878.35. . ....... 51.85 Major players like Maruti Su For Mahindra and Mahin
UPL. . ....................................... . ..... 869.75. ....... -7.85 zuki and Tata Motors posted dra, domestic passenger veh
Vedanta . . .......................... . ..... 173.45. ........ 4.05
Wipro . . ................................. . ..... 375.70. ........ 6.80 Special Correspondent the 14year survey history,” a low singledigit growth in icles sales rose 17% to 26,109
YES Bank. . ......................... ..... 237.60. ........ 6.45 NEW DELHI the report added. domestic passenger vehicle units. The company’s presi
Zee Entertainment . ..... 486.35. . ....... 19.65 Manufacturing activity ex sales in February 2019 while dent, automotive sector, Ra
panded to a 14month high New work orders players such as Honda and jan Wadhera, said February
of 54.3 in February, driven The report said that suppor Mahindra and Mahindra re had augured well for Mahin
EXCHANGE RATES by increases in sales, output, tive government policies and gistered double digit growth. dra with a strong double digit
Indicative direct rates in rupees a unit and employment, according strengthening demand con Maruti Suzuki posted an sales growth of 16% in its util
except yen at 4 p.m. on March 01
to a private sector survey. ditions resulted in an expan almost flat growth in sales of ity vehicles portfolio.
CURRENCY TT BUY TT SELL
The Nikkei India Manufac sion in the inflow of new domestic passenger vehicles Toyota Kirloskar Motor
US Dollar. . .
70.71. ......71.03 turing Purchasing Managers’ work orders. The increase, it during the month at more (TKM) sold 11,760 units in the
Euro. . . Index registered a strong said, was the sixteenth in as than 1.36 lakh units. domestic market, down from
80.48. ......80.84
reading of 53.9 in January as many months and the most Seeking the accelerator: Leading firms are experiencing a 11,864 units in February
British Pound. . .
93.55. ......93.98 well. A reading over 50 de port said. “At 54.3 in Febru pronounced since October New generation products tepid consumer sentiment. * ASHOKE CHAKRABARTY 2018. N. Raja, deputy manag
Japanese Yen (100) . .. . 63.23. . .......63.52 notes an expansion in activi ary, up from 53.9 in January, 2016. Tata Motors said its passen ing director, TKM, said, “We
Chinese Yuan . . . ty and one below 50 shows a the Nikkei India Manufactur “The Indian manufactur ger vehicle sales in the dom our growth trajectory at a dia posted 16% growth with have seen improvement in
10.54. ......10.59
contraction. ing Purchasing Managers’ In ing sector made further pro estic market rose 2% to 18,110 time when the market is un domestic sales of 13,527 units consumer sentiment as com
Swiss Franc . . .
70.83. ......71.15 “The health of the Indian dex reached a 14month gress midway through the fi units on the back of good de der stress. Despite the chal in February 2019. Rajesh pared to last month. Howev
Singapore Dollar . . . manufacturing sector high. nal quarter of FY18, building mand for its new generation lenging environment last Goel, senior vicepresident er, auto sales is witnessing a
52.28. ......52.52
strengthened further in Fe “The latest figure was on the accelerated upturn vehicles. Mayank Pareek, month, we witnessed a and director, sales and mar temporary slowdown in pre
Canadian Dollar. . .
53.84. ......54.09
BULLION RATES CHENNAI bruary, with a sharp and ac consistent with a robust im noted in January,” Pollyanna president, passenger vehi growth of 2%, fuelled by the keting, Honda Cars India election phase in addition to
March 01 rates in rupees with previous #398299
.
Malaysian Ringitt . .
rates in parentheses 17.35. ......17.43 celerated increase in sales, provement in business con De Lima, principal econo cles business unit, Tata Mo good performance of our said, “The overall market factors like tight liquidity
boosting growth of output ditions that was stronger mist at IHS Markit and auth tors Ltd. said, “In February new generation products.” sentiment is not overtly bu conditions impacting the
Retail Silver (1g)
Source:Indian Bank . . ................. 42.5. ...... (43.6)
22 ct gold (1 g) . .. . ................ 3137. ..... (3193) and employment,” the re than seen on average over or of the report, said. 2019, we strived to maintain Likewise, Honda Cars In oyant at this stage, however, buying behaviour.”
Jet’s Goyal writes to staff, Adhia posted Bajaj Auto’s bike sales
seeks ‘time’ till March 18 as BoB rise 10%, TVS’ grow 8%
non-executive
‘Confident things will ease up by then’ chairman Royal Enfield’s volume falls 14%
special correspondent N. Anand
Mumbai Special Correspondent CHENNAI
Jet Airways chairman Na Ahmedabad Twowheeler major Bajaj
resh Goyal on Friday wrote Former Finance Secretary Auto Ltd. posted a double
to his employees saying he Hasmukh Adhia was on Fri digit growth in sales for Fe
was prepared to make ‘any day appointed as nonexec bruary 2019 while compa
sacrifice to ensure their fu utive chairman of Staterun nies such as TVS Motor post
ture comfort, prosperity, Bank of Baroda for three ed moderate growth for the
airline’s viability and em years. Dr. Adhia superan month.
ployee welfare.’ nuated as Finance Secre The sales of Eicher Mo
“I commit to you perso tary in November 2017. tors’s Royal Enfield was
nally from my heart, that I His appointment in the down by 14% following a la
am prepared to make any Naresh Goyal Bank of Baroda comes in bour strike at its Oragadam nessed 8% jump from 1.13
sacrifice to ensure your fu midst of the bank’s merger factory near Chennai from lakh units to 1.23 lakh units
ture comfort and prosperi “for just a little while longer with two other state len February 13 to February 22. while scooter sales dipped
ty, viability of the airline so that we can cross the line ders —Vijaya Bank and De Bajaj Auto Ltd. posted a to 86,935 units from 93,573
and in fact welfare of all the together. I solemnly assure na Bank. 10% growth in its motorcy units. Threewheeler sales
employees of the company,” you to keep you updated The Department of Per cle sales for the month of Fe grew 41% from 9,731 units to
he wrote. when our CEO, Vinay Dube sonnel and Training bruary to 3.28 lakh units 13,742 units.
He added he was filled and his team will ensure a (DoPT) on Friday issued against 2.98 lakh units sold Truck major Ashok Ley
with nostalgia at the man fresh detailed update to be notification for Dr. Adhia’s in the yearearlier period. land Ltd. posted flat sales
ner in which employees sus provided to you by March appointment after the Ap TVS Motor Company re growth of 1% in the domes
tained the highest standards 18, by which time I am confi pointments Committee of gistered a 3% growth in its tic market for trucks and
of performance. dent of the situation gently the Cabinet (ACC) headed overall sales to 2.99 lakh un buses. The firm sold 17,352
In the letter, he appealed easing up in our favour,” Mr. by Prime Minister Naren its from 2.91 lakh units. units against 17,213 units for
to them for their support Goyal said. dra Modi cleared his name. Its motorcycle sales wit in the yearearlier period.
‘High GST rate hit housing sector’ Gill takes over
as MD & CEO
of Yes Bank
Uneven diligence by NBFCs added to cash crunch: economist Indira Rajaraman
Special Correspondent underconstruction proper in conjunction with uneven SPECIAL CORRESPONDENT
Chennai ty, the GST was 18% and with diligence by NBFCs and cre Mumbai
The high rate of Goods and onethird abatement of value dit rating failure were among Former India chief of
Services Tax (GST) on under of land, the effective rate was the many factors leading to Deutsche Bank Ravneet
construction properties 12%. “Clearly, the taxation of the serial defaults by Infras Gill took charge as the ma
(which was reduced recent preconstruction purchase tructure Leasing and Fi naging director and chief
ly) led to the fund crunch in at 18% with simultaneous ex nance Company (IL&FS) in executive officer of private
the housing sector and also emption of completed hous September 2018 and the con sector lender Yes Bank on
among nonbanking finance ing implied the intent to tagion impact on NBFCs the Friday. He will have a
companies (NBFCs), accord shatter that financing model, reafter. There is also present threeyear term.
ing to Indira Rajaraman, eco perhaps to squeeze out the ly a huge buildup of unsold Mr. Gill succeeds Rana
nomist and a former mem use of untaxed cash (black inventories of housing un Kapoor, the cofounder of
ber of the Reserve Bank of money) in the construction its,” Dr. Rajaraman said. the bank, whose term end
India’s board. sector,” Dr. Rajaraman said. The GST Council does not ed on January 31, 2019. Mr.
“In the earlier funding PostGST, the construc seem to have thought Ajai Kumar, one of the
model (prior to GST regime), tion sector turned for fund through the implication of board members, was ap
for construction of houses, liah Memorial Lecture on the ing to NBFCs which had al shattering that business fi pointed as the interim CEO
housing companies obtained topic ‘The Evolving GST’. ready received investible nance model of the sector after Mr. Kapoor’s term
working capital through sale funds after demonetisation (housing), which played a ended. Yes Bank decided
of apartments before the ‘Distortionary content’ flooded banks with cash in key role both in terms of job to search for a new chief
construction even began. Dr. Rajaraman was pointing November 2016. This was creation and fulfilling the executive after the RBI de
“This had the property of out to the construction sec followed subsequently by fi housing needs, she added. clined to extend Mr. Ka
getting consumer commit tor being one of the exam nancing from mutual funds, Dr. Rajaraman also said poor’s tenure beyond Janu
ment [even] before the start ples of distortionary content she added. she flagged this issue to RBI ary 31, 2019, though the
of the projects,” she said, de under the GST. “The impact of this ave Governor Shaktikanta Das board had endorsed a
livering the sixth Raja J. Chel She pointed out that for nue of funding replacement during a meeting in Delhi. threeyear extension.
CM
YK
