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3-9 September, 2012 - CII

3-9 September, 2012 - CII

POLICY

POLICY DEVELOPMENTFinance Minister has urged the tax department to scrutiny low tax-paying sectors. As per theapplicable tax rate of 30% for companies, the average tax rate is estimated to be just 24% or evenlower for many sectors. In some sectors, average rate varies between 10-22%. According toestimates these sectors could bring an additional revenue of Rs. 30,000 crore to the exchequer.Power Ministry has proposed some changes in the Electricity Act. The suggestion is to reform thetariff determination mechanism under which rates would be fixed by competition and not byappropriate commissions. This is expected to provide relief to the crisis hit power companies.RBI has asked banks to lend priority sectors directly without any involvement of intermediaries.This is expected to facilitate better management of credit and help banks to understand the riskassociated with it.0.0-100.0-200.0-300.0-400.0Net Absorption through LAF(Rs. Billion)3-Sep 4-Sep 5-Sep 6-Sep 7-SepUSD56.256.055.855.655.455.255.0Exchange RateUSD (LH S) EUR O (R H S)3-Sep 4-Sep 5-Sep 6-Sep 7-Sep71.070.570.069.569.0EuroBANKING INDICATORSRs. BillionIndicatorsOutstanding as on24 August, 2012% Variation overFortnightYearTotal Bank Credit 47,217.9 0.0 16.7Food Credit 968.0 -3.0 31.6Non Food Credit 46,249.9 0.0 16.4Aggregate Deposit 62,917.0 0.1 14.1Broad Money (M3) 77,900.4 0.1 13.7Credit Deposit Ratio 75.0Source: RBI

EQUITY MARKETSGlobal share prices rallied a little last week owingto the speculations about the third round ofquantitative easing after China approved of nextround of fiscal stimulus and the ECB’s decision topurchase EU bonds of up to 3 years maturity.Indian stocks also gained last week. All BSEindices rallied. Highest increase was seen in BSEInfotech and BSE Tech indices of 4.2%.Total turnover during the week on BSE stood atRs. 6,913 crore and on NSE at Rs. 32,773 crore.Global StockIndicesClosing Valueas on 7September,2012WeeklyChange (%)NYSE: DJIA 13,292.0 2.2FTSE 100 5,794.8 1.5Nikkei 225 8,871.7 0.4Straits Times 3,011.7 -0.5KOSPI 1,929.6 1.3Source: Yahoo FinanceNet Institutional ActivityEquity DebtWeekly FII (US $ Million) -6.7 -112.8Year -to-date FII (US$ million) 12,315.9 4,404.6Weekly Mutual Funds# (Rs Crore) -458.5 14,074.1Source: SEBI #as on 6 September, 2012Indian EquityIndicesClosing Valueas on 7September,2012WeeklyChange (%)BSE SENSEX 17,749.7 1.8BSE 500 6,748.4 1.8S&P CNXNIFTY5,358.7 1.9S&P CNX 500 4,210.9 2.0Source: NSE, BSECOMMODITY MARKETSNYMEX West Texas Intermediate CrudeOil on 7 September 2012 was US$96.4 perbarrel, down by US$ 0.1 per barrel from theprevious week.New York spot price for Gold was US$1,740.5 per ounce as on 7 September 2012, upby US$52.9 per ounce from the previousweek.Commodity SpotIndicesClosing Value ason 7September, 2012WeeklyChange(%)MCX AGRI 3,868.1 0.4MCX METAL 5,208.6 3.4MCX ENERGY 3,562.4 -0.6MCX COMDEX 4,099.9 1.5Source: MCX, NCDEX

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