Profit Top 10: Nifty below 5000; Finance Bill passed in Lok Sabha

• Nifty ends below 5,000 for the first time since January 18
• Not deferring GAAR because of fear, declares Pranab
• TRAI recommendations will lead to eight-fold tariff hike: telecom chiefs
• Maruti hikes DZire price by up to Rs 12,000
• 'No direction to taxmen to reopen Vodafone case'
• Govt cracks down on striking Air India pilots, union: 10 latest developments
• Nissan banks on Datsun to drive growth in India
• Earnings Central: HSBC, Kotak Mahindra, Telenor, SKS Microfinance
• Shareholder activism: Will Infosys shareholders take lead?
• Warren Buffett speaks on Eurozone, health, social networks

Nifty ends below 5,000 for the first time since January 18

A sharp selloff in the last hour of trade sent the Sensex 412 points lower in intra-day trade on Tuesday. It ended 366.53 points, or 2.17 per cent, lower at 16,546.18. The broader Nifty index closed at 4,999.95, falling 114 points or 2.23 per cent. (Read More)

The Nifty closed below the psychological 5,000 mark for the first time since January 18. It had breached the 5,000 mark in intraday trade yesterday; but had recovered after Finance Minister Pranab Mukherjee's announced the deferment of the proposed General Anti Avoidance Rule or GAAR by one year. (Read More)

Also Read: Why share prices of Moser Baer, Suzlon, Sterling Biotech tanked

Not deferring GAAR because of fear, declares Pranab

Finance Minister Pranab Mukerjee on Tuesday stood his ground on deferring implementation of the General Anti-Avoidance Rules, which are aimed at preventing tax evasion and have led to fears that it would target foreign institutional investors, was not out of any “apprehension”.

“GAAR I have agreed to defer but not because of fear or apprehension. I am not afraid of any consequences,” he said while presenting the Finance Bill for 2012-13. The Bill has been passed by the Lok Sabha. (Read More)

Also Read: BJP, govt defeat Left motion on General Anti-Avoidance Rule in Lok Sabha

TRAI recommendations will lead to eight-fold tariff hike: telecom chiefs

Telecom chiefs, in a meeting with telecom minister Kapil Sibal, have said that accepting the Telecom Regulatory Authority of India's recommendations on 2G spectrum auction will raise tariff by as much as eight times. The heads of telecom companies had met Sibal on the issue of the high base price fixed for the auction of 2G spectrum and other TRAI recommendations, in the second such meeting in a week.

The chiefs also pointed out that the regulator has ignored the government levies the telcos will have to pay, adding that this may increase costs by as much as 23 per cent. (Read More)

Maruti hikes DZire price by up to Rs 12,000

Maruti Suzuki, the country's largest car maker, has raised the prices of the new diesel variants of its sedan DZire by up to Rs 12,000 from this month, citing input costs pressure. “The company is feeling the pressure of input costs. To mitigate the impact, we have hiked the prices of only the diesel variants of the new DZire with effect from May 1,” a senior Maruti Suzuki official said.

The company has increased the rates of the model between Rs 8,000 and Rs 12,000, he added. (Read More)

'No direction to taxmen to reopen Vodafone case'

The government has not given any direction to tax authorities to reopen the tax case against Vodafone or other similar cases, S.S. Palanimanickam, the minister of state for finance, said on Tuesday.

India has proposed to amend laws retrospectively to tax some already-completed mergers of foreign companies with Indian assets, potentially putting Vodafone back under the taxman's spotlight for more than $2 billion in taxes even after the Supreme Court ruled the tax office did not have jurisdiction over cross-border deals. (Read More)

Govt cracks down on striking Air India pilots, union: 10 latest developments

The Indian government on Tuesday took punitive action against Air India pilots and the union they belonged to after over 100 pilots called in sick. The work stoppage led to five international flights being cancelled, and severe disruptions for passengers. Earlier in the day, the government had warned of strict action by the management if they do not report to work by 6 p.m. on Tuesday and called it ‘illegal’. Here are the 10 latest developments.

Also Read: Air India seeks proposals to raise up to Rs 4250 cr in debt

Nissan banks on Datsun to drive growth in India

Nissan Motors, which plans to launch the Datsun in India in early 2014, expects the heritage brand to be a game-changer for the company in India and contribute significantly to the company’s profits. Nissan had discontinued the Datsun in 1981, and the 2014 launch in India, Indonesia and Russia will mark the re-introduction of the brand.

Nissan board member Mitsuhiko Yamashita on Tuesday said the car maker was ramping up investments for the Datsun brand in the country, where the vehicle is expected to be a major player in the low-cost segment. (Read More)

Earnings Central: HSBC, Kotak Mahindra, Telenor, SKS Microfinance

Norwegian telecoms firm Telenor swung to a net loss in the first quarter as it booked a massive impairment charge on its Indian operations, and said its outlook was clouded by the legal troubles of its Indian unit. It distanced itself further from the Indian market on Tuesday, excluding the country from its 2012 forecasts for the first time after licensing problems there led to massive writedowns. (Read More)

HSBC, SKS Microfinance, Kotak Mahindra Bank were few of the other companies that reported earnings figures for the January-March quarter. While HSBC beat estimates, Kotak marginally fell below expectations. SKS, meanwhile, reported a fifth straight quarterly loss on Monday, hurt by higher bad debt provisions and loan write-offs.

Shareholder activism: Will Infosys shareholders take lead?

Shareholder activism is common in developed markets. It is a push for shareholder friendly actions like higher dividend pay or buybacks by institutional investors like pension funds, provident funds, mutual funds, hedge funds or private equity funds. These institutional investors often own minority stakes in companies. They can collectively take a stand on (for or against) decisions taken by the management or the board of directors of a company.

A section of Infosys shareholders have called for a leadership change at the top to stimulate revenue and profit growth in the company. Here are pointers to help you comprehend the trend.

Warren Buffett speaks on Eurozone, health, social networks

Billionaire Warren Buffett said that Europe will have a hard time resolving its fiscal problems. He said he wouldn't hesitate to buy a European business if he found an attractive one to add to Berkshire's portfolio of more than 80 companies. He said investors should be looking for good businesses to buy and trying to determine how those companies will fare in 10 years. (Read More)

Also Read: Warren Buffett says investors shouldn't act on headlines