#Economy:Inflation based on WPI spurted further in November to 3.9%, up from 3.6% in October. The pick-up was driven by higher food inflation, and a mild uptick in core inflation. With this, WPI inflation has climbed nearly 300 basis points from its lowest point 0.9% reached in June.
#Finance:All powerful GST Council will consider bringing electricity, petroleum products and some other items under the ambit of GST in future.
#The exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the BJP was set to retain Gujarat and wrest Himachal Pradesh from the Congress.While survey agencies differed in their seat projections, nearly all predicted almost 100 or more seats for the BJP, with the party set to extend its 22-year rule in the state.
#Putting various economic growth policies under a question mark, new research from the World Inequality Lab said Indian economic inequality has increased rapidly since the 1980s. The share of national income captured by India's top 1% of earners was 22%, while the share of the top 10% of earners was around 56%. The top 0.1% of earners has continued to capture more growth than all those in the bottom 50% combined.
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Electrosteel steels limited (ESL): For Decent Upside
ESL is a long product steel producer which is primarily used in infrastructure like construction and piping had suffered losses due to cost overrun and high debt. THIS is under NCLT And IBC proceedings. There are very keen buyers for the asset because of its strategic location and availability of coking coal mines. We believe, after haircut the debt will reduce by 60 % and new promoter will inject Rs1500 equity to make it viable and complete the project. The current mkt cap at CMP of Rs5.95 is Rs1400cr. After restructuring under new promoter, financial would look like..
EQUITY Rs4000cr....debt Rs3000cr....so we will get company at EV of Rs 7000cr. On full operational 2.5MMT steel company can easily generete ebitda of Rs1500cr....generally steel stock trades at 6x EV/ EBITDA.
Stock can go to Rs 23 in 15 months and Rs30 in 2yrs. *Reliable indications that Dalmia Bharat promoter and TATA group are in race to acquire ESL*
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RACE TO ACQUIRE RELIGARE ENTERPRISE HOTS UP:TP 150
*India Horizon Fund and Bay Capital acquire 93lac shares*
_This is in addition to 1.79 Cr shares acquired by Resilient Growth Fund_
*Identity of industrialist for whom these shares have been bought should be known in few days*
*Housing Finance in Religare Ent Ltd*
Among various verticals of business, Religare Enterprise Ltd is also in HOUSING FINANCE (RHFL).
India based PE Institution is willing to *buy Housing Finance arm of Religare for consideration of Rs 800 crores*( valuation of HFC alone close to total mktcap of REL). However, with induction of new Board members, Housing Finance biz not being disposed off. Rather, REL likely to get large funds infusion in near future. These funds will be deployed to *expand housing finance biz in a BIG WAY*
Housing finance biz can be BIG trigger for rerating of stock
*_Buying strongly recommended as stock can be Rs 150 in 9 months_*
*SET FOR MAKEOVER:REL*
Religare Enterprise Ltd can regain its old glory as Malvinder Singh (promoter) steps down and
1) S Lakshmi Narayan *( Chairman of Shriram Transport finance)* takes over as Executive Chairman of REL. As per new Chairman, _intrinsic value of Religare brand is still strong, will strengthen financial Performance_
*TO RAISE CAPITAL IN REL AND ITS SUBSIDIARIES, STRATEGIC PARTNERSHIPS WITH COMPLIMENTARY BUSINESS*
2) Ms Udeshi has become independent director *(first woman Deputy Governor of RBI)*
NEW BOARD MEMBERS TO BE INDUCTED
*ABOVE DEVELOPMENTS POINT TO REL BEING TAKEN OVER BY NEW PROMOTER*
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Amount Incurred towards Optic Fibre Cables is Revenue Expenditure since it was incurred on a recurring basis and there is no enduring Value Benefit: ITAT [Read Order]
Read more at: http://www.taxscan.in/amount-incurred-towards-optic-fibre-cables-revenue-expenditure-since-incurred-recurring-basis-no-enduring-value-benefit-itat/15088/
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*Service Tax:*
1. *Denial of CENVAT Credit* taken by the service receiver on the ground of failure to deposit tax by the service provider is neither equitable nor necessary under the law when there is not any express condition to that effect of CENVAT Credit Rules, 2004.
*2017-TIOL-4371-CESTAT-MUM*
2. *Input service-* Rule 2(l) of CENVAT Credit Rules, 2004 provides that any service used for providing output service is an input service. Any service of taking repossession of the vehicle from the borrower by recovery agent is a part of 'security' service which is specifically included in definition of input service.
*2017-TIOL-4355-CESTAT-MUM*
*Central Excise:*
3. *Job work-* When the principal manufacturer is not discharging excise duty on the boiler, & did not follow conditions of Notifn 214/86, the job-worker is liable to pay duty on the parts manufactured by them.
*2017-TIOL-4390-CESTAT-MUM-LB*
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Govt to Allow Re-open of GSTR 3B [Read FAQs]
Read more at: http://www.taxscan.in/govt-allow-re-open-gstr-3b/15078/
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Dear Members - Students
List of Banks Offering Educational Loans for CA Students:
ICAI has made tie-up with the following Banks under the “Join CA Educational Loan Scheme” to provide the Education loan to its aspiring students to meet out the Course fees etc.
1. IDBI
2. Bank of Maharashtra
3. Corporation Bank
4. OBC
Loan is also applicable on expenses relating to purchase of Laptops (For students who cleared IPCC).
Each of the above bank have different rules for sanctioning the loan.
If you are looking for more details, visit the following ICAI link:
https://www.icai.org/post.html?post_id=9876
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The Honble National Company Law Tribunal New Delhi Bench has ordered Restoration of Name of Company on 14th Dec 2017 in CP 301 (ND) 2017 filed under under Section 252 of the Companies Act 2013 perhaps fastest orders passed virtually in two months and seven days . The said petition was filed on 6.10.2017 and allowed on 14.12. 2017 involved consent of ROC and Income Tax Department.
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Sales Tax Subsidy is Capital Receipt, Not Taxable: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/sales-tax-subsidy-capital-receipt-not-taxable-delhi-hc/15036/
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Dividend Income can’t be disallowed If it was Earned While making Strategic Investment in Subsidiary Company to Control the Interest: ITAT [Read Order]
Read more at: http://www.taxscan.in/dividend-income-cant-disallowed-earned-making-strategic-investment-subsidiary-company-control-interest-itat/15069/
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RBI Reduces Debit Card Transaction Charges [Read Notification]
Read more at: http://www.taxscan.in/rbi-reduces-debit-card-transaction-charges-read-notification/15045/
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Don’t wish it were easier, wish you were better. Don’t wish for fewer problems, wish for more skills. Don’t wish for less challenges, wish for more wisdom.
If you feel down, always remember that for as long as your heart is still beating, you still have a purpose in this life.
15.12.2017 is last date for payment of third instalment of Advance Tax. Non/short payment will attract levy of penal interest.
Hotels, Restaurants can sell bottled water above MRP, Rules Supreme Court of India - http://www.news18.com/news/india/hotels-restaurants-can-sell-bottled-water-above-mrp-rules-sc-1602217.html
The government is expected to allow use of stickers to display revised maximum retail price (MRP) on unsold pre-GST stocks for three months until March 31.
Practising CA/CS apply for GST Practitioner at www.gst.gov.in to avail various benefits like filing & knowing status of returns of clients.
SEBI has formed a new department that will review company filings for debt raising and address issues that listed companies face in bankruptcy court. This follows greater government and regulatory focus on tackling stressed assets.