Indian Markets Trade in the Green

Thu, 17 Mar 11:30 am

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After opening the day on a positive note, the Indian Markets have continued to trade above the dotted line. Most sectoral indices are trading on a positive note with stocks from the oil & gas and telecom sectors leading the gains.

The BSE Sensex is trading up 163 points (up 0.7%) and the NSE Nifty is trading up 60 points (up 0.8%). The BSE Mid Cap index is trading up by 0.9% while the BSE Small Cap index is trading up 0.6%. The rupee is trading at 66.89 to the US$.

As per a leading financial daily, the government in its effort to improve the ease of doing business in the country, has introduced a bill in the Lok Sabha to further amend the Companies Act.

The bill seeks to simplify private placement process and remove restrictions on layers of subsidiaries and investment companies. Further, the bill aims to amend CSR (corporate social responsibility) provisions to bring greater clarity and exempt certain class of foreign entities from the compliance regime under the Act. The bill also proposes to allow unrestricted object clause in the Memorandum of Association (MoA) dispensing with 'detailed listing of objects, self-declarations to replace affidavits from subscribers to memorandum and first directors' and is looking to omit provisions relating to forward dealing and insider trading from the Act.

Other recommendations proposed in the Bill are introduction of test of materiality for pecuniary interest for testing independence of independent directors, removal of requirement for annual ratification of appointment or continuance of auditor, align prescription for companies to have audit committee and nomination and remuneration committee with that of independent directors.

Earlier, a government-appointed panel chaired by Corporate Affairs Secretary had suggested nearly 100 amendments to the new Companies Act to make it easier to do business in India. This is the second time that the current government would be amending the Companies Act, 2013 which was passed during the previous UPA (united progressive alliance) regime.

One shall note that Arun Jaitley, while presenting the Union Budget for 2016-17, had said the proposed bill to amend the Companies Act 2013 will remove the difficulties and impediments to ease of doing business. He had added that the Bill would also improve the the enabling environment for start-ups and the registration of companies will also be done in one day.

With the above developments we believe that the government has definitely on the right direction to spur up the business activity in India.

Stocks in the telecom space are trading on a positive note with ITI and AGC Networks witnessing maximum buying interest. In another news update it was reported that Idea Cellular has unveiled its high-speed 4G services across 28 towns in its leadership market of Maharashtra & Goa. With this development the company has expanded its high-speed mobile broadband LTE (long term evolution) coverage to 10 circles.

With this launch, the company's 4G footprints encompass over 300 towns. It should be noted that the company is planning to target over 750 towns by June 2016. Idea Cellular is an Aditya Birla group company. The company provides Global System for Mobile communications (GSM)-based wireless service at the pan-India level and is present in all 22 telecom circles. Presently the stock of the company is trading up by 1.7%.

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