State-owned Coal India (CIL) has become the third most valuable Indian company with a total market capitalisation (m-cap) of 2,09,671.6 crore and lags behind only RIL and Oil and ONGC. The coal behemoth added another feather to its cap last week when it replaced IT giant TCS to become the India's third most coveted firm. CIL added. 7,611.2 Crore to its valuation on Friday. According to market analysts, investors are optimistic about the stock and looking at the cash balance of the company it is likely that it may go for acquisitions either in the domestic space or overseas. Meanwhile, the cumulative market valuation of eight of the top-10 firms reduced by 57,044.1 crore in the past week. RIL, the country's most valued firm, witnessed a wealth erosion of 21,270.5 crore. Yet, with an m-cap of 3,26,207 crore this week-end, it still maintained its top rank in the top-10 companies as per their valuations.
DTC Proposes To Do Away With Special Provision That Allows NRIs Liberalised Duration Of Stay In Country THE new direct taxes code could bring a large number of global Indians under the tax net, as it does away with a provision that allowed individuals to escape tax in any country citing double tax avoidance. The new legislation, introduced in Parliament on Monday, says an individual shall be a resident of India in any financial year if he is in the country for more than 59 days in that year, and has been has been India for more 365 days in four preceding financial years. A number of Indian industrialists including Vedanta's Anil Agarwal and Essar's Ravi Ruia have acquired non-resident status over the years. The DTC has only attempted to clean up the provision in line with the laws globally. A phrase "being outside India" in the existing income tax law exempted individuals who stay outside the country for six months from paying taxes. This was prone ...
