Sensex, Nifty volatile.EPF tax: Under pressure, Modi govt withdraws contentious proposal

Sensex, Nifty volatile; govt withdraws proposal to tax EPF

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© Moneycontrol.com Sensex, Nifty volatile; govt withdraws proposal to tax EPF

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12:25 pm Inox Wind bags order: Energy solutions provider Inox Wind has bagged two projects of 26 mega watt (mw) each from Indian Oil Corporation (IOC) and Gujarat Industries Power.

The project awarded by electrical power generation firm Gujarat Industries Power will be set up in Rojmal, Gujarat.

The company added that it will supply and install 26 units of wind turbine generators for both the orders and will be responsible for the entire project life cycle, including long-term operations and maintenance services.

12:00 pm Market Check: The market continued to be in positive terrain amid volatility. Oil, metals and infra stocks saw buying interest while banks stocks caught in bear grip.

The Sensex rose 25.60 points to 24672.08 and the Nifty advanced 8.25 points to 7493.60. The broader markets outperform benchmarks. The BSE Midcap and Smallcap indices gained 0.3 percent and 0.6 percent, respectively. About 1385 shares advanced against 926 declining shares on the BSE.

Cairn India topped buying list on Nifty, up more than 7 percent following rally in crude oil prices. Brent crude climbed over USD 40 a barrel.

Metals stocks remained strong with Vedanta and Hindalco gaining nearly 5 percent followed by Tata Steel with 2 percent upside.

Finance Minister Arun Jaitley says the government has withdrawn proposal to tax Employee Provident Fund but retained tax proposal for NPS.

Indian Express reports:

Union Budget 2016

EPF tax: Under pressure, Modi govt withdraws contentious proposal

We propose to withdraw the tax, Jaitley said in Lok Sabha today. His 29 February budget proposed taxing 60 per cent of withdrawals from the Employee Provident Fund (EPF) on contributions to be made after April 1, unless the sum is reinvested in pension product such as an annuity.