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Gross Direct Tax Collection During April-January of the Financial Year(FY) 2014-15 is up by 11.38 per cent at Rs. 5,78,715 crore as against Rs. 5,19,588 crore during the same period last year

Gross direct tax collection during April-January of the FY 2014-15 is up by 11.38 per cent at Rs. 5,78,715 crore as against Rs. 5,19,588 crore collected during the same period last year. Gross collection of Corporate tax has shown an increase of 11.04 per cent and stood at Rs. 3, 64,665 crore as against Rs. 328413 crore collected during the same period last year. Gross collection of Personal income tax is up by 11.32 per cent and stood at Rs.207613 crore as against Rs.186,502 crore collected during the same period last year. Securities Transaction Tax (STT) stands at Rs. 5556 crore at a growth of 44.12 per cent. Net direct tax collections are up by 6.21 per cent and stand at Rs. 4,74,488 crore, as compared to Rs. 4,46,756 crore in the same period in the last fiscal.

Shares Gain after companies bagged Coal Blocks in e-Auction

Shares of the firms upped between 5-20 per cent on BSE after these firms won coal blocks in the ongoing e-Auction for Schedule II coal mines on 16 February and 17 February 2015.

OCL Iron and Steel was locked at 20 per cent upper circuit at Rs 25.80 after the company won the Ardhagram coal block in West Bengal for Rs 2,302 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal on 17 February 2015.

The government decided to auction the blocks, after the Supreme Court cancelled allocation of 204 mines in September and has kept 19 blocks on sale in the first tranche. The last day for the auction of first lot of mines was on 22nd February 2015.

Finance minister Arun Jaitley on 17th February 2015, said “The ongoing auction of coal mines would help ensure cheaper electricity in a sustained manner as against the practice of states subsidising power.”

Suzlon shares jumps after Sun Pharma buys 23 per cent stake

Founder of Sun Pharmaceutical Industries, Dilip Sanghvi agreed to buy 23 per cent stake in the Indian wind turbine maker Suzlon energy for around USD 290 million. Suzlon shares upped by 18.75 per cent as market reacted to the deal.  Dilip Sanghvi’s investment firm will also be forming a wind farm joint venture for the development of 450 megawatt of wind farms. This deal will be providing the much need liquidity to Suzlon, and it will also use the cash to grab opportunities in India and other growth markets like United States, China etc. Shareholders in Suzlon now have a ray of hope.

Saint Gobain to increase exports from India

French multinational and global leader in glass production Saint Gobain, is planning towards increasing exports from India. The  company aims towards doubling its turnover in India to Rs 10,000 crore by 2019. Reportedly, the company’s focus in Indian market will be on local manufacturing, innovation and sustainable habitat.

BSE Star MF Platform Launches Non-Demat Transactions

To help expand reach of mutual funds, regulator SEBI has allowed their distributors to use the stock exchange platform for non-demat transactions as well for sale or redemption of these financial products. Based on this approval BSE StAR MF platform has launched non demat transactions in mutual mund units from Thursday, February 12, 2015 and commence operations with the following AMCs that are Reliance MF, ICICI Prudential MF, Tata MF, PPFAS MF and IIFL MF.

Infosys buys Israeli firm for USD 200 million

The Indian IT major Infosys announced a tech deal which is being seen as the biggest deal between India and Israel. Infosys on 16th February announced that it is buying Panaya, which is an Israeli firm a provider of automation technology for large scale enterprise software management. With this deal, Infosys is aiming towards offering upgraded services to customers using databases like SAP and Oracle. The deal is worth USD 200 million and it is seen as the first major one under the new CEO Vishal Sikka.

Indian oil to bring in ICICI bank and IDFC as partners for Ennore LNG terminal

Oil marketing company Indian Oil is going to rope in ICICI bank and IDFC as strategic partners for its proposed Rs. 5,151 crore Liquified Natural Gas (LNG) terminal situated at Ennore in Tamil Nadu. The exact stake of partners is expected to be finalised in the coming few days. The company is in talks with many other players in the industry to tie up long term LNG supply.