Wednesday, 16 March 2016

Crompton Sheds 74% as Consumer pdts Biz Demerger Takes Effect

Crompton Greaves shares crashed nearly 74 percent intraday Tuesday to hit fresh 52-week low of Rs 40.50 after demerger of its consumer products business. The stock was closed at Rs 155 on the Bombay Stock Exchange.
Now Crompton shares will include only power and industrial systems businesses.

The Mumbai-based electrical energy company had decided, in February 2015, to demerge its consumer products business into separate entity called Crompton Greaves Consumer Electrical as it believes that nature and risk involved in each power business and industrial systems business is distinct, necessitating different management approaches and focus.
As per its scheme of demerger, shareholder holding one equity share of crompton Greaves on record date will get one share of Crompton Greaves Consumer Electricals. It has fixed March 16 as record date for the same. Crompton Greaves Consumer Electricals is likely to be listed on exchanges in April. According to Dhirendra Tiwari of Antique Stock Broking, consumer products business is valued at Rs 125 per share. At 12:44 hours IST, the scrip of Crompton Greaves was quoting at Rs 44.80, down Rs 110.20, or 71.10 percent on the BSE.

Read more at: http://www.moneycontrol.com/news/buzzingstocks/crompton-greaves-tanks-74demergerconsumer-products-biz_5879721.html?utm_source=ref_article
As per its scheme of demerger, shareholder holding one equity share of crompton Greaves on record date will get one share of Crompton Greaves Consumer Electrical. It has fixed March 16 as record date for the same.

Crompton Greaves Consumer Electrical is likely to be listed on exchanges in April.
Consumer products business is valued at Rs 125 per share.

At 12:44 hours IST, the script of Crompton Greaves was quoting at Rs 44.80, down Rs 110.20, or 71.10 percent on the BSE.

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Wednesday, 9 March 2016

Govt Buries EPF Tax Under Pressure From The Salaried Middle Class

✍After a week the announcement of Budget 2016, Finance Minister Arun Jaitley on Tuesday came back his controversial Budget proposal to tax Employees' Provident Fund (EPF) withdrawal. Finance Minister had announced that 40 per cent of the total corpus withdrawn from the EPF would be tax-exempt and the balance 60 per cent would be taxable unless the amount is used to buy an annuity product. Mr. Jaitley also took back his earlier proposal to tax contribution made by an employer beyond Rs 1.5 Lakh a year to EPF. Both the proposals had drawn strong protest from the Opposition, trade unions and the salaried class.

✍ In his statement, Finance Minister stated that a number of representations had been received from various sections of the society, including MPs, suggesting that this would force people to invest in annuity product even if they were not willing to do so.

✍The Employee Provident Fund Organization (EPFO) has around 37 million members across India. As many as 30 million of them earn less than Rs 15,000 a month, who would not have been impacted by the Budget proposals.




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