Sensex recovers, Nifty inches towards 8200; banks rebound : 3 Jan 2017

 

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10:40 am Citi on BEL: Citi believes Bharat Electronics (BEL) can deliver 15 percent EPS CAGR over FY16-19, given the expected order inflows and guidance announced by management.

The state-run aerospace and defence company received orders of Rs 4,130 crore during October-December quarter and Rs 5,130 crore in the first half of FY17. Recently media report indicated the company is likely to get three more orders totalling Rs 2,190 crore in Q3FY17 which takes the tally Rs 7,320 crore so far in FY17.

Key orders expected in the near term are Akash Missile System (7 squadrons), mobile cellular communication system, commander TI sights, Samyukta upgrade, long-range surface-to-air missile and L-band Tropo upgrade, Citi says.

10:20 am Market Expert: Speaking to CNBC-TV18 Sridhar Sivaram, Investment Director at Enam Holdings, said that the CBDT circular regarding tax norms for FIIs is absurd. “I don’t think the government understands the CBDT’s circular.” While the FIIs were never against paying taxes, the clarity around procedures and the amount involved are a big concerns, he said.

Certain tax changes could hamper foreign portfolio investors (FPIs) as the Central Board of Direct Taxes (CBDT) has issued clarification on applicability of indirect transfer provisions. Under the indirect transfer provisions contained in Section 9 (1Xi) of the Income Tax Act, all income arising from any asset or source of income in India or through the transfer of a capital asset situated in India, shall be deemed to accrue or arise in India.

FIIs have been net sellers in India. In dollar terms India hasn’t given much higher returns thatn other EMs. The ten year returns in MSCI are about 1 percent, Sivaram said.

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