Nifty hovers around 8050; TCS, Infosys, Axis early gainers : 29-Dec-2016

bullish-bearish

Demonetisation is a radical reform that will change the way of life, believes Minister of State for Finance Arjun Ram Meghwal. The move will increase the tax base and improve gross domestic product (GDP) by 2 percent if completed.

Speaking to CNBC-TV18, Meghwal said that once the entire process of cash ban is completed, consumption and investments will pick-up rapidly. The cash collected at the end will be disclosed by the central bank at right time.

Any dividend from the Reserve Bank of India will come post demonetisation.

RBI’s obligation on old notes of Rs 500 and Rs 1000 will lapse on March 31, 2017. Possessing more than 10 notes in old currency will attract jail term, which is mentioned in the Ordinance of Demonetisation, Meghwal added.

The National Stock Exchange (NSE) filed draft papers with market regulator Sebi for its much-awaited IPO, expected to be one of the biggest in recent times, with an estimated size of over Rs 10,000 crore. The initial public offer will see existing shareholders offloading 20-25 per cent shares to the public through the OFS route. The offer may give the exchange a valuation of Rs 50,000-55,000 crore, sources said, adding that the IPO
itself could be worth about Rs 10,000 crore. The Draft Red Herring Prospectus (DRHP) has been filed with Sebi well ahead of the exchange’s own deadline of January 31, 2017. NSE’s IPO is being keenly awaited in the market as one of the biggest in recent times. Rival BSE is also in the process of launching its initial share sale of up to Rs 1,500 crore for which it filed draft prospectus with Sebi in September.

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