Capex Emphasis and Thrust continues on scale  

We continue to be fundamentally cautious and bottom up very selective in Stock Selection

Our Finance Minister Mrs Nirmala Sitharaman made her shortest speech at 1 hour and 31 minutes  rising to present the Union Budget at  11 am .Her longest was a marathon 2 hours and 42 minutes in 2020 which eclipsed her 2019 time of 2 hours and  17 min.Last year the length was 1 hour 40 min

TOP THREE Announcements in our first quick take after hearing her .The Fine Print is awaited

CAPEX  ~ CAPEX Outlay scaled up by 35.4 % to Rs 7.5 lakh crores and 2.9% of GDP  in 2022-23.Effective CAPEX will be Rs 10.68 lakh crores or 4.1% of GDP 

Our View ~ Huge infrastructure growth impetus across core sectors and expect Credit Offtake to take off again.Yet funding such CAPEX from increased government borrowings raises its own concerns .Ideally Tax Revenues need to fund this but these appear to be muted growth despite record January 2022 GST Collection of Rs 1.41 lakh crores. Such CAPEX Spend does support higher employment opportunities and Export Promotion and the Atma Nirbhar Thrust that will take India to a US $ 5 Trillion Economy by 2025 especially if the 9.2% GDP Growth rate estimated for 2022-23 is not only achieved but sustained for the coming three years .We will have to live with high Fiscal Deficits for now. Revised Estimate for 2021-22 is marginally higher at  6.9% of GDP while estimated for 2022-23 is 6.4% of GDP            

DIRECT TAX ~ An Assessee can now file an updated return within two years at the end of the Assessment Year to include any undisclosed income in earlier return and pay the Tax on it 

Our View ~ A step towards better voluntary compliance and lesser litigation ~ can be misused though  

VIRTUAL DIGITAL ASSETS ~ Our Central Bank ,the Reserve Bank of India will launch a Digital Rupee in 2022-23 based on blockchain and other technologies .Virtual Digital Assets (read as Cryptos) will be taxed at 30% on transfer  with a 1% TDS over a minimum threshold .Any Loss cannot be set off against gains or income from any other Assets. If gifted ,the recipient will be taxed  

Our View ~ Some Clarity now on Taxation of Cryptos and a hint that they will not be banned totally  

Some other announcements ~ The much awaited LIC IPO is to be done shortly to be followed by a few more PSU Disinvestment exercises in 2022-23 ~ 25000 kms are to be added to National Highways in 2022-23

Expect the Pre-Budget and ongoing rally during the speech that took the Sensex up 1000 points past 59000 at one point to now shed off some of the gains for now.

We continue to be fundamentally cautious and bottom up very selective in Stock Selection


Gaurav Parikh, Managing Director

[email protected] +9820162597


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Daily Bulletin (31st January, 2022)

Daily Bulletin (31st January, 2022)



Scrip code : 532921

Name : Adani Ports and Special Economic Zone Ltd

Subject : Announcement under Regulation 30 (LODR)-Acquisition

Signing of Share Purchase Agreement by Adani Krishnapatnam Port Limited, wholly owned subsidiary for acquisition of 100% stake of Seabird Distriparks (Krishnapatnam) Private Limited.


Scrip code : 539265

Name : Amrapali Fincap Limited

Subject : Open Offer

Interactive Financial Services Ltd. (“Manager to the Offer”) has submitted to BSE a copy of Public Announcement (“PA”) under Regulation 3(1), 4 read with Regulations 13(2A), 14 and 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereof for the attention of the Public Shareholders of Amrapali Fincap Ltd (“Target Company”).


Scrip code : 540135

Name : ARC Finance Limited

Subject : Corporate Action-Intimation of Sub division / Stock Split

Dear Sir, Pursuant to Regulation 29 of the Security Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation 2015 (‘Listing Regulation ‘ ), We would like to inform you that the meeting of Board of Director of ARC Finance Limited scheduled to be held on 11th February, 2022 Friday at 1.00 P.M at Registered Office of the Company to Inter-alia transact the following Matters: 1. To consider the proposal for sub- division of Company”s equity shares of face value of Rs. 10/- each to Rs. 1/- each. 2. Any other matter with the permission of the Chairperson. Please take the same on your record and acknowledge the receipt of the same.


Scrip code : 532454

Name : Bharti Airtel Ltd.

Subject : Announcement under Regulation 30 (LODR)-Acquisition

In terms of Regulation 30 of SEBI Listing Regulations, we wish to inform you that the Company has entered into an Investment Agreement with Lavelle Networks Private Limited (Lavelle Networks) for acquisition of ~ 25% stake in Lavelle. The Press Release being issued by the Company in this regard is enclosed. The details as required to be disclosed under aforesaid Regulation 30 read with SEBI Circular dated September 9, 2015, are also enclosed as Annexure A. Kindly take the same on record.


Scrip code : 532640

Name : Cyber Media (India) Ltd.

Subject : Intimation Of One Time Settlement (OTS)

Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 We wish to inform you that the Company in discharge of its past debt obligations, has offered One Time Settlement (OTS) to Pridhvi Asset Reconstruction and Securitisation Company Limited (‘PARAS’), Hyderabad for Rs. 14.25 Crore on 18.01.2022. The OTS offer has been accepted by the Board of PARAS on 29.01.2022 communicated to us on 31.01.2022.


Scrip code : 506414


Subject : Announcement under Regulation 30 (LODR)-Scheme of Arrangement

Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 at the meeting of the Board of Directors held on January 31, 2022 This is in continuation to our letter dated October 11, 2021 intimating the approval of the Board of Directors of the Company to the Composite Scheme of Amalgamation and Arrangement amongst DVK Investments Private Limited (‘DVK’ or the ‘Transferor Company 1’) and Aegean Properties Limited (‘APL’ or the ‘Transferor Company 2’) and Fermenta Biotech Limited (‘FBL’ or the ‘Transferee Company’ or ‘the Company’) and their respective shareholders (hereinafter referred to as “Scheme”).


Scrip code : 539807


Subject : Board recommeds Bonus Issue

Infibeam Avenues Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 31, 2022, inter alia, has considered, approved/ recommended and taken on record the following: – Issue of 1 Bonus Share for every 1 Equity Share held (in the ratio of 1:1) by the Equity Shareholders of the Company as on “Record Date”. The Bonus Issue of Equity Shares is subject to the approval of the sharehoiders and other applicable statutory and regulatory approvals, as may be required.