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BLACK MONEY:GOVT DENIES LINK BETWEEN TERROR OUTFITS & STOCK MARKET
Government today ruled out any surreptitious entry of terrorist outfits into the stock market and said sufficient caution have been administered to the stock exchanges to look out for any suspicious entry into their activity.
"The Government, at present, does not have any reliable, credible information of any surreptitious entry of terrorist outfit into the stock market," the Department of Revenue said in a fresh affidavit to the Supreme Court which is hearing the issue relating to stashing away of black money by Indians in foreign banks.
"However, the Board (Security and Exchange Board of India) as well as stock exchanges have been administered sufficient caution to look out for any suspicious and irregular entrant into the stock market activity," said the affidavit filed in response to the PIL accusing the government of not taking action in bringing back black money stashed in foreign banks.
The PIL filed by eminent lawyer Ram Jethmalani and others had referred to the media reports alleging a link between money belonging to Indian citizens lying deposited in foreign banks and terrorist fundings.
"Upon enquiry, it has been confirmed by the Bombay and Chennai Stock Exchanges that no fictitious or notional companies can be stated to be involved in stock market operations," the second affidavit filed in response to the PIL said.
The government elaborated on the mechanism for regulating the flow of money coming into the stock market through Foreign Institutional Investors (FIIs) by SEBI and ruled out the possibility of banning participatory notes.
"In view of the fact that participatory notes are market instruments and when they are created and traded abroad it is not possible to ban the issue of the said instrument," it said adding they are subjected to regulations and effectively being regulated by SEBI.
The Centre said all FIIs are mandated to report at the end of every month all the informations relating to participatory notes issued by them including the names of the subscriber to the said participatory notes.
However, the Centre agreed that there is a possibility of misuse of double taxation treaty between India and Mauritius.
"The Centre is alive and conscious of the potentiality of misuse of double taxation treaty between India and Mauritius. In fact, further amendments to the treaty are being negotiated," the affidavit said.
The Department of Revenue brushed aside the allegation of inaction relating to stashing of black money in foreign banks by Pune-based businessman Hasan Ali Khan against whom Enforcement Directorate has lodged a complaint for violating Foreign Exchange Management Act (FEMA.)
It termed as baseless the allegation that the Centre was interested in protecting powerful individuals who may have been using Khan and his wife as their nominee/benamidar.
Tuesday, March 10, 2009
MARKET AHEAD(01/09/2009):-Stocks on Dalal Street are likely trade in a narrow band after giving up some recent gains on the first trading day of the week. Expect the benchmark index or the Sensex to trade in a band of 150 points or 1 percent as investors turned cautious following a huge run up in the stocks markets so far this year.
Stocks fell on Wall Street in light trading on Monday, after a 6.7 percent plunge in China's main stock market sent a wave of selling around the world and added to concerns that stocks have rocketed too high, too fast.The Dow fell 47.92, or 0.5 percent, to 9,496.38. The S&P 500 index slid 8.31, or 0.8 percent, to 1,020.62, while the Nasdaq dropped 19.71, or 1 percent, to 2,009.06.
The good news on the economy front is that,the Indian economy has grown by 6.1 per cent during the first quarter of the current fiscal.This is a a tad higher than the 5.8-per cent growth rate recorded during the past two quarters.Mining and Insurance sectors registered growth YOY even in a tough economic environment.
Coming to the stock specific activity, looking at the recent developments at Maytas Infra, we believe that the stock has an upside of more than 50 percent from current levels. The Union Government has decided to hand over the reins of management and promoter status of Maytas Infra Ltd to IL&FS, which already holds 14.5 percent in the company. Expect the stock to reach Rs 150 level in no time.
Godrej Ind is another stock that is looking explosive at the current level of Rs 190 and we advise investors with risk apetite to try their hand for a target of Rs 250. The company's plans to exit non-core businesses and also the upcoming Godrej Properties IPO might bolster the stock in the coming days.
We are of the opinion that largecaps will under perform the rest of the markets, especially midcaps as this space is likely to be on fire in the coming days.Watch out for midcaps like Indo Tech Transformers, KS Oils, Jindal Photofilms and last but on the least, the stock of Satyam Computers looks explosive at current levels after surpassing the Rs 120 mark and one should expect the stock gain another Rs 20 in the next 2 trading sessions.