Tax cuts to boost cash flows, private capex

Friday’s tax cuts could boost corporate profitability and cash flows that is likely to be used by India Inc for debt reduction and capex growth.

Market looks forward to pro-growth steps

It is not expecting any additional measures on the taxation front such as cuts in corporate or personal income tax rates.

Large cap stocks, which saw selling by AMCs were Indiabulls Housing, Bharti Infratel, Vodafone Idea, Piramal Enterprises and NMDC.

According to an NSE filing, 366 members cast votes. While 259 voted in favour of Kochhar, 83 voted against and 24 abstained.

Sebi has already served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.

Presently, it has invested in UTI Mutual Fund, SBI Mutual Fund, CPSE ETF and Bharat 22, a senior official said.

A total of 67,593,245 equity shares have been allotted at an offer price price of Rs 520 apiece.

ICICI Bank shares traded 1.79 per cent down at Rs 310.50 on BSE.

FMCG companies have already started putting higher impetus on direct distribution with higher van operations.

Service tax on economy class air travel has been lowered from 6 per cent to 5 per cent under the GST regime.