2nd November 2K20
Ø GST collection crosses Rs 1 lakh crore mark for first time since February
Ø Exports clocked by STPI units in H1 FY21 estimated at Rs 2.49 lakh crore: DG
Ø Power consumption grows 13.38% in October
Ø Offshore funds rush to avail real estate loan book resolution financing opportunities
Ø Future Retail rejects Amazon's contention over shareholder agreements
Ø Mahindra tractor sales up 2 per cent to 46,558 units in October
Ø Indian economy set to bounce back, emerge stronger from Covid crisis: Ficci
Ø RIL to go for more acquisitions to boost JioMart, take on Amazon, Flipkart
Ø Bharti Airtel rings louder than Reliance Jio in net subscriber additions
Ø Titan eyewear to exit large format stores in three months as sales stagnate
Ø Brexit talks go into another week as EU, UK push to salvage trade deal
Ø Govt provides Rs 670-crore support to RRBs to meet regulatory capital
Ø Ignore arbitrator’s stay: Future tells BSE/NSE on row with Amazon
Ø Centre may cap RoDTEP benefits for exporters due to resource constraint
Ø CIL records 19% jump in coal production in October
Ø Bharat Biotech to launch Covaxin in Q2 2021
Ø JSW Holdings Sept quarter profit drops to Rs 39 cr
Ø SME exchanges gain traction as more firms raise funds
Ø London transport system secures £1.8 bn govt bailout
Ø In bid for clean air, ‘hydrogen wars’ pit Europe vs China for $700-bn business
Ø Non-life insurers see nearly 6% fall in premium income at ₹22,775 cr in Sept
Ø Hero MotoCorp registers highest ever monthly sales in Oct 2020
Ø Lloyd brightens Havells’ Q2 as core business remains dull
Ø DLF’s REIT to give a leg-up to the commercial office sector
Ø UPI crosses 2 billion transactions milestone in October, up 80% from year-ago; value nears Rs 4 lakh cr
Ø SKF India expects to corner higher share in auto-components market
Ø Vedanta, Adani among others in race for coal blocks to be auctioned for commercial mining from Monday
Ø USFDA issues warning to Shilpa Medicare for CGMP violations at Telangana plant
Ø India's economy worst-hit among emerging markets
Ø Gold demand in India plunges to 25-year low
Ø Hospitality industry sees signs of revival in September
Ø Gold loans double as Covid-hit people pledge family jewellery
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⚫GST collections in October stood at over Rs 1.05 trillion, crossing for the first time Rs 1 trillion mark since February this year. The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh.
⚫The generation of e-way bills, which is mandatory for transporting goods worth over Rs 50000, has gone up 21% in October, while the number of e-invoice generation has touched 2.9 million IRNs a day.
⚫The gross direct tax collection in April-Oct period of the current fiscal stood at Rs 4.95 trillion, down 22% over the same period last fiscal.While corporate tax collection fell 26% to Rs 2.65 trillion, personal income tax collection was 16% lower at Rs 2.34 trillion.
⚫India's power consumption grew 13.38% to 110.94 billion units in October this year, mainly driven by buoyancy in industrial and commercial activities.
⚫In a bid to strengthen capital base, the union Govt has provided Rs 670 crore to Regional Rural Banks considering their importance in agriculture finance during these difficult times.
⚫India has reported a daily jump of 46441 Covid-19 cases, even as the tally has soared to 8,222,231. With 5,664 new Covid cases, Delhi's tally now stands at 392,000.
⚫The suspension of freight trains in Punjab has caused acute shortage of urea for wheat and vegetable crops in Punjab, with the state authorities saying rabi crop sowing is likely to be hit because of it.
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OCT:31, 2020: Tower TALK
Indian Bank is getting stronger and may grow 12%+ this year. Its Q2FY21 profit was 15% higher at Rs. 412 cr. Add.
Hindalco has succeeded in converting its waste red mud into a high-grade construction material. Hold for long term.
SBI Life Insurance’s Q2 profit jumped 131% to Rs 299.73 cr. on 44.82% rise in income to Rs. 18428 cr. A safe bet in this bear market.
Cosmo Films has proposed a buy back at a maximum rate of Rs. 576 per share. Buy around Rs. 472 as it continues to report better earnings.
Kotak Bank’s Q2 profit jumped 26.7% to Rs 2,184.48 cr. on 3.78% rise in revenue to Rs. 8288 cr. The share is slowly and steadily rising. Add
Indo Borax Chemicals, leading manufacturer of boric acid powder and allied chemicals, is available much below its recent highs. Accumulate.
An Ahmedabad analyst recommends to buy Decipher Labs, Gujarat Themis Bio, GSCL Cement, Goldium International, IOL Chemicals, India Gelatine, Kopran, Kakatiya Cement, Kabra Extrusion,Mbl Infra, Mangalam Drugs, NCL Ind, Pix Transmission, Salzer Ele, Themis Bio & Tarmat.
UCO Bank has turned around sharply with Q2 profit at Rs. 30 cr. against a loss of Rs. 892 cr. in Q2FY20. Buy this bank at this rock bottom price of around Rs. 12.
M&M Finance’s Q2 profit jumped 34% to Rs. 353 cr. on 5% rise in revenue. Business was good all-around in the car, tractor and the CV segments. Add.
L&T may declare a special dividend speculated at Rs. 35 per share. Its Rs. 25,000 cr. Mumbai-Ahmedabad Bullet train project is a game changer. Buy for the long term.
DHFL creditors are seeking revised takeover offers from the 4 bidders. Risk bearing investors may enter with a time horizon of 3 years.
Persistent Systems’ Q2 profit grew 14% to Rs. 192 cr. It hopes to better margins in Q3. Add for the long term.
ITC is confident of its food business growing in double digit pace in FY21. This FMGC stock is attractively priced at a low PE. Add.
Ceat’s Q2 sales of Rs. 1978 cr. and NP of Rs. 182 cr. leading to an EPS of Rs. 44.96 v/s Rs. 10.87 in Q2FY20 and FY20 EPS of Rs. 57.17 is an obvious buy around Rs. 1147.
Marico posted Q2 net profit of Rs. 264 cr. (up by 7%). The management had earlier indicated 10% growth in the next two years on robust rural growth. A good FMGC share in a defensive market
Wipro is about to acquire Encore Theme Technologies, a Chennai based specialist providing SaaS and Cloud solutions in financial services. A big positive for Wipro. Buy.
Axis Bank’s Q2 NP of Rs. 1,683 cr. from net loss of Rs. 112 cr. in Q2FY20 has stunned all. Its NIM has also improved on the back of rising revenue and fall in provisions. Add.
Cummins India posted 20.6% fall in NP to Rs. 145.55 cr. on 11% decline in sales. The share quotes at a PE of around 16.5 and deserves to be sold. Stay away for the time being.
Havells India Q2 PAT jumped 82% to Rs. 326 cr. on 10% spurt in income. Profit margin has also risen from 8% to 13%. A good long term buy.
The Q2 results of Tyche, a small cap pharma company, on 10th Nov are likely to be good. In Q1 it doubled its y-o-y profit.
Manufacturing soda ash and home textiles, GHCL posted Q2FY21 EPS of Rs 8 and is exploring a 5-lakh TPA green-field soda ash plant. Despite a difficult period, it may post an EPS of Rs. 30+. The share can fetch a decent gain of 30% in the medium term.
Kaveri Seeds commands 8-10% share of the Rs 15, 000 cr. organised hybrid seed market and is expected to notch an EPS of Rs 60 in FY21. A reasonable P/E of 14x can take its share price to Rs 840. Buy-back of the share is also likely. Accumulate.
Faze Three Autofab provider of automotive fabric and seating systems to automotive giants like General Motors, Ford, Hyundai, M & M, Volvo and Maruti,. etc is expected to notch a FY21 EPS of Rs 12 as against Rs 8.4 in FY20. The share is likely to double from the current level.
Expleo Solutions, earlier known as Thinksoft Global, has deep relationships with leaders in Banking, Financial Services &Insurance (BFSI) space is expected to post a FY21 EPS of Rs 60+. A reasonable P/E of 12.5x can take its share price to Rs 750. Buy.
Rajratan Global Wires among Asia’s largest bead wire and high-carbon steel wire manufacturers has posted the best ever Q2FY21 EPS of Rs 13.3. Based on the current going, it is expected to notch a FY21 EPS of Rs. 45. The share may cross the Rs 450 mark. Buy.
eClerx Ltd., which provides critical business operations services to over 50 global Fortune 500 clients, has notched 30% higher net in Q1FY21 and is expected to post a FY21 EPS of Rs. 75 on its reduced equity resulting from the buyback. The share is poised to touch the Rs. 900 mark.
Great Eastern Shipping took delivery of a second hand very large gas carrier ‘Jag Vishnu’. With a fleet of 46 ships aggregating 3.70 million DWT, it posted a H1FY21 EPS of Rs. 47 and may post FY21 EPS of Rs 65. At a forward P/E of just 7x, the share may cross the Rs. 450 mark.
With a likely FY21 EPS of Rs. 100, the share of Larsen &Toubro, the highly diversified engineering conglomerate with over Rs,1,31,000 market capitalization, is being recommended by some analysts with a price target of Rs. 1250. Buy.
Ester Industries has broken its all-time high of Rs.108 touching Rs.120 on the back of its excellent Q2FY21 EPS of Rs. 5+. Buy at every decline for a target of Rs.200. (We have been recommending this stock from Rs. 50 level)
Menon Pistons, a microcap stock, is a potential multibagger in the making. It trades cheap at a market cap. of lesss than Rs.100 cr. and can easily double from the current level of Rs,13.
Rising e-commerce sales augur well for the stock of Blue Dart Ltd, A dark horse in the making.
Orient Cement looks cheap when compared to other small cap cement players. The stock can easily appreciate 50% from the current level.
Surya Roshni is reportedly faring quite well and the stock has the potential to go back to its glorious days around Rs.400 level.
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👉 Exposure Draft of Interest Rate Benchmark Reform - Phase 2 (Amendments to Ind AS 109, Ind AS 107 and Ind AS 116) - (29-10-2020)
https://www.icai.org/post/exposure-draft-interest-rate-benchmark-reform-phase2
👉 Further extension in the last date for Waiving-off Condonation fees due to late filing of various application Forms related to Students, Articled Assistants, Members & Firms amidst COVID-19 Pandemic - (31-10-2020)
https://www.icai.org/post/further-extension-in-the-last-date-for-waiving-off-condonation-fees
👉 Important Announcement November-2020 CA Examinations - Admit card - (01-11-2020)
https://resource.cdn.icai.org/61647exam50175.pdf
👉 RBI announces Open Market Operations (OMO) Purchase of State Government Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50590
👉 Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020
Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount.
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Due date Income Tax Compliance Calendar November-2020
7 November 2020
Due date for deposit of Tax deducted/collected for the month of October, 2020. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
14 November 2020
1.Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of September, 2020
2.Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of September, 2020
3.Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of September, 2020
15 November 2020
1.Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2020
2.Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of October, 2020 has been paid without the production of a challan
3.Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of October, 2020
30 November 2020
1.Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of October, 2020
2.Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of October, 2020
3.Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of October, 2020
4.Annual return of income for the assessment year 2020-21 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s)
5.Report in Form No. 3CEAA by a constituent entity of an international group for the accounting year 2019-20
5.Statement of income distribution by Venture Capital Company or venture capital fund in respect of income distributed during previous Year 2019-20 (Form No. 64)
6.Statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT in respect of income distributed (during previous year 2019-20) to units holders
7.Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA
8.Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB
9.Due date for filing of statement of income distributed by business trust to unit holders during the financial year 2019-20. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A
10.Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2020)
11.Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(1) (if the assessee is required to submit return of income on November 30, 2020)
12.Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified domestic transaction]
13.Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is November 30, 2020)
14.Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2019-20 and of foreign tax deducted or paid on such income in Form no. 67. (if due date of submission of return of income is November 30, 2020).
15.Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm's length price of the remuneration paid to the fund manager. (if the assessee is required to submit return of income on November 30, 2020)
16.Annual return of income for the assessment year 2020-21 for all assessee
The due date for filing of return has been extended from July 31, 2020, October 31, 2020 to November 30, 2020 vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.
17.Annual return of income for the assessment year 2019-20 for all assessee
The due date for filing of return of income under section 139 for the assessment year 2019-20 has been extended to November 30, 2020 vide Order under section 119(2)(a), dated 30-09-2020.
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