Financial Consultant

  With Twitter’s May 25 annual meeting rapidly approaching, it’s probably too late for this year if Musk is aiming to push for drastic changes.   Avaneesh Parasar When Elon Musk disclosed his stake in Twitter Inc., he had a choice. Shareholders who intend to remain “passive” — those who don’t seek to influence or change control of a company — file a shorter form with the U.S. Securities and Exchange Commission, called a 13G. Those angling for board seats or seismic shakeups typically file a longer and more in-depth form, a 13D, within 10 days of buying their stake. The rule applies to anyone acquiring 5% or more of a public company’s stock. Musk announced his 9.2% stake by filing the 13G. But the billionaire, 50, isn’t exactly one to stay passive. The chief executive officer of Tesla Inc. and SpaceX has called out Twitter for “failing to adhere to free speech principles” and the need to root out cryptocurrency scams that are prolific on the social media platform, which was co-...

  As part of the deal, shareholders of HDFC Ltd will receive 42 shares of HDFC bank for 25 shares held,   Avaneesh Parasar Shares of HDFC Ltd and HDFC Bank surged more than 15% to ₹2,818 and 14% to ₹1,715 apiece respectively on the BSE in Monday’s early deals, after the companies announced plans to merge with each other. Meanwhile, the Nifty Bank index rose over 4%, while the finance index gained over 3%. India’s largest private lender HDFC Bank will merge with the housing finance company HDFC Ltd to create a financial services conglomerate, sending their shares sharply higher. “This mega merger will correct the recent underperformance of the HDFC twins. The stock prices of HDFC twins are likely to remain firm even after this morning’s sharp spike. From the valuation perspective the HDFC twins are even now only attractively priced in a highly valued market. FPI’s strategy of sustained selling in HDFC twins have been proved to a short-sighted decision,” said VK Vijayakumar, Che...

  Sri Lanka is in the midst of its worst economic crisis in years with rolling blackouts for up to 13 hours a day as the government scrambles to secure foreign exchange to pay for fuel imports,   Avaneesh Parasar Sri Lankan President Gotabaya Rajapaksa declared a nationwide public emergency late on Friday following violent protests over the country’s worst economic crisis in decades. In a Sri Lankan government gazette notification, Rajapaksa said the decision was taken in the interests of public security, the protection of public order, and to ensure the maintenance of supplies and essential services. On Thursday hundreds of protesters clashed with police and military outside President Rajapaksa’s residence in a suburb of the capital, Colombo. Police arrested 53 people and imposed a curfew in and around Colombo on Friday to contain sporadic protests that have broken out over shortages of essential items including fuel and other goods. The island nation of 22 million people is ...

  According to tax experts, there are a few amendments that individuals should take note of, from an income tax point of view,   Avaneesh Parasar The Government tabled certain amendments to Budget 2022 in the Lok Sabha today. The budget was originally presented on 1st February 2022. Following public and expert feedback, the Government generally introduces amendments in its budget proposals and these were introduced in the Lok Sabha today. According to tax experts, there are a few amendments that individuals should take note of, from an income tax point of view. 1. Loss return can also be updated Updated return is a provision introduced in Budget 2022 which allows individuals who may have missed out on declaring some income, to file an updated return within 2 years of the end of an assessment year. For example, if you miss out on declaring some income for FY 2021–22, this translates to AY 2022–23. You can file an updated return till FY 2024–25. The amendments tabled today exten...

  Tata Consultancy Services’ (TCS) share buyback offer had opened on Wednesday, March 9, 2022 which closes today,  Avaneesh Parasar Tata Consultancy Services (TCS) board in January approved a proposal to buy back upto 4,00,00,000 Stocks for an amount not exceeding ₹18,000 crore at ₹4,500 per share. TCS’ share buyback offer opened on March 9 and closes today. The share buyback program of India’s second-most valuable firm, has attracted a large number of shareholders. March 23, 2022 is the last date to tender  TCS shares  for the buyback. The entitlement ratio is 1 share for 7 shares held for retail shareholders whereas for the non-retail category it is 1 for 108 held. “Based on the current overwhelming response towards buyback from the retail shareholder, approx. acceptance ratio will be between 14% and 15%. Short-term investors must grab this opportunity and tender their shares. Even the long-term shareholders should tender their shares as the buyback is tax-free. Lo...

  India, the world’s third-biggest oil importer and consumer, ships in more than 80% of its crude needs and relies heavily on the Middle East,  Avaneesh Parasar India’s crude imports rose in February to 4.86 million barrels per day (bpd), their highest since December 2020, preliminary data from trade sources showed, as refiners cranked up runs to meet increasing demand on better refining margins. Oil imports  by Asia’s third-largest economy rose 5% from January and were up 24% from a low base in February 2021, when a refinery at Bathinda in northern India was fully shut for maintenance, data showed. Indian refiners typically buy oil two months ahead of processing. Refiners are raising runs to cash in on high margins to offset some of the losses incurred for selling fuels in the local markets. Some Indian refiners have also deferred maintenance shutdowns of units to gain from exports, while meeting rising local  fuel demand . Local fuel sales in India, the world’s thi...