India announced seven-phase national elections to be held in April and May

India announced seven-phase national elections to be held in April and May

The number of registered voters stood at around 900 million, Sunil Arora said. This is around 84.3 million more than in the 2014 elections, he said, adding that there are around 15 million new voters in the 18-19 years age group this time.

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Sunil Arora announces dates for the general elections, in New Delhi on March 10.Photographer: T. Narayan/Bloomberg

The election commission of India (ECI) on March 10th declared dates for a seven-phase national elections.

The polls to form the 17th Lok Sabha, the lower house of parliament, will be held on April 11, 18, 23, and 29, and May 06, 12, and 19, the ECI has said. The results of the elections will be declared on May 23, Sunil Arora, the chief election commissioner, said at a media briefing in New Delhi, the national capital.

Phase Date

Constituencies

I April 11 91 constituencies across 20 states (Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Telangana, Tripura, UP, Uttarakhand, West Bengal, Andaman & Nicobar, Lakshadweep)
II April 18 97 constituencies across 13 states (Assam, Bihar, Chhattisgarh, Jammu & Kashmir, Karnataka, Maharashtra, Manipur, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, West Bengal, Puducherry)
III April 23 115 constituencies across 14 states (Assam, Bihar, Chhattisgarh, Gujarat, Goa, Jammu & Kashmir, Karnataka, Kerala, Maharashtra, Odisha, Uttar Pradesh, West Bengal, Dadra & Nagar Haveli, Daman & Diu)
IV April 29 71 constituencies across 9 states (Bihar, Jammu & Kashmir, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Uttar Pradesh, West Bengal)
V May 06 51 constituencies across 7 states (Bihar, Jammu & Kashmir, Jharkhand, Madhya Pradesh, Rajasthan, Uttar Pradesh, West Bengal)
VI May 12 59 constituencies across 7 states (Bihar, Haryana, Jharkhand, Madhya Pradesh, Uttar Pradesh, West Bengal, National Capital Territory of Delhi)
VII May 19 59 constituencies across 8 states (Bihar, Jharkhand, Madhya Pradesh, Punjab, West Bengal, Chandigarh, Uttar Pradesh, Himachal Pradesh)

Of the 545 seats in all, two are reserved for the Anglo-Indian community, to which the president of the country nominates members.

The number of registered voters stood at around 900 million, Arora said. This is around 84.3 million more than in the 2014 elections, he said, adding that there are around 15 million new voters in the 18-19 years age group this time.

There will be approximately one million voting booths during these elections and around 11 million personnel who will be part of the electoral machinery.

“VVPATs (voter verifiable paper audit trail) will accompany EVMs (electoral voting machines) in all polling booths this election,” Arora said, referring to the EC’s chosen method of providing feedback to voters.

The announcement of the election dates also immediately brings into effect the ECI’s model code of conduct. essentially rendering the Modi government lame duck. This code is a set of guidelines and rules to ensure free and fair conduct of elections and the campaigning preceding it. The code will remain effective till the day the results are announced. These guidelines includes a bar on the use of religious and caste sentiments to seek votes and announcement of fresh projects and schemes by the government.

“Any violation will be dealt with in the strictest manner,” Arora said.

There will be approximately one million voting booths during these elections and around 11 million personnel who will be part of the electoral machinery.

“VVPATs (voter verifiable paper audit trail) will accompany EVMs (electoral voting machines) in all polling booths this election,” Arora said, referring to the EC’s chosen method of providing feedback to voters.

The announcement of the election dates also immediately brings into effect the ECI’s model code of conduct. essentially rendering the Modi government lame duck. This code is a set of guidelines and rules to ensure free and fair conduct of elections and the campaigning preceding it. The code will remain effective till the day the results are announced. These guidelines includes a bar on the use of religious and caste sentiments to seek votes and announcement of fresh projects and schemes by the government.

“Any violation will be dealt with in the strictest manner,” Arora Said.

Source: Quartz India

– TFM Watch

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DAILY MARKET INSIGHTS – 6th Feb 2019

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Indian Indexes

The benchmark indices closed over a four-month high on February 06. The Sensex hit 37000 for the first time since September 21, 2018 in intra-day trade. Markets maintained their uptrend throughout the day and ended on a strong note. Majority of the sectors were under the buyers’ radar except consumer durables and power. The major heavyweight gainers were Reliance Industries, ICICI Bank, Tata Consultancy Services, Infosys, HDFC, ITC and Bajaj Finance. The Sensex jumped by 0.98% or 358.42 points to 36975.23. The Nifty surged by 1.17% or 128.10 points to 11,062.45.

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Stocks in the news

1. Venky’s Q3 net profit slipped by 2.5% y-o-y to Rs. 67.7 crore

2. Vardhman Textiles Q3 net profit rose by 44.4% y-o-y to Rs. 196 crore

3. Siemens Q1 net profit rose by 19.4% y-o-y to Rs. 228 crore

Buzzing stocks on BSE

1. Tech Mahindra surged by 8.11% to Rs. 810.80, after net profit rose by 14.3% to Rs. 1,207 crore in Q3FY2019.

3. Shares of Blue Star fell by 2.11% to Rs. 584.25, as company posted a net loss of Rs. 0.94 crore in Q3FY2019.

Buzzing stocks on BSE

Asian stock markets rose on February 06, as investors digested US President Donald Trump’s State of the Union address.

Stock indices in the Europe traded in the negative territory after slew of dismal quarterly earnings reports from companies.

 

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DAILY MARKET INSIGHTS – 5th Feb 2019

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Indian Indexes

Indian stock markets ended on a flat note on February 05, where both the indices closed with minor gains. Buying was seen in blue-chip companies such as Reliance Industries, Hindustan Unilever whereas stock such as ITC and ICICI Bank were under pressure. The Sensex was rose by 34.07 points or 0.09% to 36616.81. The Nifty increased by 22.10 points or 0.20% to 10934.35.

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Stocks in the news

1. January Nikkei services PMI reading fell to 52.2 from 53.2 m-o-m

2. Punjab National Bank Q3 net profit rose by 8% y-o-y to Rs. 247 crore

3. CESC Q3 net profit surged by 13.1% y-o-y to Rs. 173 crore

Buzzing stocks on BSE

1. Godrej Agrovet slipped by 3.21% to Rs. 475.80, after consolidated net profit fell by 17.45% to Rs. 40.92 crore in Q3FY2019

2. Jubilant Foodworks fell by 6.45% to Rs. 1,303.25, on reports that the company has been found guilty of not passing on GST rate cut benefits of Rs. 41.42 crore on sale of some pizza products and has been directed to deposit the illegal gains with the government.

 

Global Signals

Most Asian stock markets were shut on February 05, except the Nikkei on account of the Lunar New Year holidays.

European stocks surged to nine-week high as market participants monitored a slew of corporate results.

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Indian Indexes

Benchmark indices rallied in the last hour and extended their gains for the third day. Reliance Industries, ONGC, Bajaj Auto, TCS and Kotak Mahindra Bank were the top gainers on the Sensex, while Yes Bank, Power Grid, NTPC, Sun Pharma and M&M were the top losers. The Sensex rose by 0.31% or 113.31 points to 36582.74. The Nifty surged by 0.17% or 18.60 points at 10912.30.

Market breadth was in favour of declines with an advance-decline ratio of 1:3

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2. Reliance Communications tumbled by 34.31% to Rs. 7.62, after the company sought debt resolution plan through the National Company Law Tribunal (NCLT).

3. Divi’s Laboratories rose by 5.63% to Rs. 1618, after net profit rose by 67% to Rs. 379 crore in Q3FY2019.

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Asian stock markets traded mixed on February 04, amid speculation over next steps in the dispute between the US and China over technology development, and trade following meetings in Washington last week.

European stock markets were slightly lower, as market participants kept a close eye on a series of corporate results.

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Budget 2019 Key Benefits: Finance Minister presents Union Budget in Parliament

Hon’ble Finance Minister’s Presentation of Union Budget in the Parliament

Finance minister Piyush Goyal sir presented the much awaited Union Budget in Lok Sabha on Friday. Below is the key benefits presented,

  • All those earning less than Rs 5 lakh will get a full tax rebate.
  • Individuals with a gross income of Rs 6.5 lakh will have to pay no tax if they make an investment in provident funds and prescribed equities
  • Standard tax deduction for salaried persons raised from 40,000 rupees to 50000 rupees.
  • TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees.
  • Gratuity limit increased from 10 lakh to 30 lakh.
  • Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a tax payer having capital gains up to 2 crore rupees and exercised once in a life time.
  • Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020.
  • Business with less than Rs.5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
  • Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees, tax base up from Rs.3.79 crore to Rs.6.85 crore. 99.54% returns have been accepted without any scrutiny. In Jan 2019, GST collections has crossed 1 lakh crore rupees.
  • GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers, most items of daily use for poor and middle class are now in the 0%-5% tax bracket.
  • 2% interest subvention on loan of 1 crore for GST registered MSME units.
  • Within almost two years, all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax official.
  • Single window clearance for filmmaking to be made available to Indian filmmakers, anti-camcording provision to be introduced to Cinematography Act to combat film privacy.
  • Allocation for North Eastern region proposed to be increased to Rs.58,166 crore in this year a rise of over 21% from the previous year.
  • Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
  • 2% interest subvention to farmers pursuing animal husbandry and fisheries. 
  • Goyal sir also added “Urgent action needed to increase hydrocarbon production to decrease imports, change in bidding procedure and exploration procedure being implemented,”
  • Committee under NITI Aayog to be set up to identify and de-notify and nomadic and semi-nomadic communities. Welfare Development Board to be setup under Ministry of Social Justice and Empowerment for welfare of these hard to reach communities and for tailored strategic interventions.
  • Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age.
  • Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding.
  • This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
  • The 4R approach has been implemented to ensure clean banking –
    1. Recognition
    2. Resolution
    3. Recapitalisation
    4. Reforms
  • Fiscal deficit has been bought down to 3.4%. CAD (current account deficit) likely to be 2.5% of GDP this year.

Soon after presenting the Budget in Lok Sabha, the finance minister, in a press conference, elaborated on the incentives and initiatives announced by his government – “Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision,” he said on the cash incentive scheme launched for the country’s farmers.