The Hindu Business Line : Saturday, March 01, 2003

Dividend tax, capital gains tax to go — Capital markets get a lift
IN a move that is designed to boost the capital markets, the Finance Minister, Mr Jaswant Singh, today announced the withdrawal of dividend tax at the hands of shareholders and abolishment of long-term capital gains tax. From April 1, 2003, ... More

`Boost to equity investments'
THE Finance Minister's exemptions on dividened tax, as well as long term capital gains on equity is expected to stipulate enhanced appetite for equity investment going forward, market participants said. Mr Motilal Oswal of Motilal Oswal ... More

MUTUAL FUNDS

Dividend, tax gains for MF investors
While returns earned on the growth option will be subject to a 10 per cent (long-term capital gains) tax, the returns earned by way of dividends will be subject to a higher 12.5 per cent tax. More

Funds welcome pension reforms
THE Union Budget is a major booster for asset management companies that are willing to venture into pension funds. Mutual funds today welcomed the Finance Minister's announcements on furthering pension reforms, which are expected to bolster ... More

MF industry upbeat on proposals
THE mutual fund industry was unanimous in its opinion that announcements made in the Union Budget would make mutual funds relatively more attractive to investors. "The capital markets would look positively at measures like removal of dividend ... More

STOCK MARKETS

Volatile stocks, unaffected Sensex
STOCK prices witnessed see-saw movements today even as stockbrokers and analysts said that the Jaswant Singh Budget is growth-oriented and market friendly. Brokers said the proposals mooted by Mr Singh would attract more funds to the capital ... More

Fundamentals still hold the key
BUDGET 2003-04 may, as the contents are digested in the coming days, not do much damage to stock valuations. Nor is it likely to kick in a broad-based rally, which may happen only if fundamentals continue to be the way they have been in the last ... More

Huge block deals on HDFC Bank
HDFC Bank today witnessed huge volumes on the BSE. The traded quantity in the counter shot up to 1,02,10,783 shares from yesterday's volumes of just 14,437 shares on the BSE. The price did not move up sharply; the stock closed at Rs 249.85 (Rs ... More

How stocks reacted to the talk
A look at the narrow movement of the Bombay Stock Exchange's Sensex (a market breadth of just 46.94 points between the Sensex's high of 3316.74 and the low of 3269.80), suggests that the market was indifferent to the Budget. However, a close look ... More

DERIVATIVES MARKETS

Reliance: Outlook positive, buy March 300 calls
THE following strategies are based on Friday's trading in the derivatives segment on the NSE: Equity option: The outlook on Reliance Industries appears positive. The upside price target is Rs 315. The risk is that the stock may decline ... More

FOREIGN INSTITUTIONAL INVESTORS

Will Mauritius lose its sheen?
WILL the Mauritius route used by companies for bringing in investments into India lose its sheen? Budget 2003 has proposed that investors who buy stocks of listed companies from March 1, 2003 will be exempt from paying tax on the gains they make ... More

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