Monday, May 20, 2013

Market downtrends, Infosys tax issues!

Investors in India are well aware of the positive and negative surprises of the volatile market. After four days of consecutive rise, indices of both the Indian bourses fell from near two and half year high. While the sensex fell 62.14 points (0.31 percent) to end at 20,223.98, the Nifty fell 30.40 points (0.49 percent) to end at 6,156.90.

Among the major losers were banks led by ICICI Bank; profit booking of rate sensitive stocks led to the fall. Drug makers were equally hit with the government’s announcement of a new drug pricing policy, directed towards increasing the number of drugs (subject to price caps) considered essential.

On the other hand, Infosys Ltd is creating news related to tax issues. The country’s second largest software services provider is all geared up to challenge the Indian income tax authorities of their raising of a tax demand of 5.77 billion rupees earlier this month.

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