Iran’s Economy; Tax to beat Oil on
– According to the Central Bank of Iran’s (CBI) statistics, the government’s tax income has surpassed its oil revenue of Iran’s Economy by IRR 76,000 in the first 10 months of the current year. In this regard, the Minister of Economic Affairs and Finance released a plan to revive the country’s current tax system in 2018/19 which contains 3 new tax bases as well as organizing tax exemption schemes mostly through lowering its ceiling in free trade zones and agriculture sector among other things.
– A task force made up representatives from the Securities and Exchange Organization of Iran, the Central Bank of Iran, the Audit Organization plus the Iranian National Tax Administration is planned to be formed to pave grounds for banks to standardize their financial statements tackling the current issues and problems they are dealing with.
– Following President Rouhani’s recent trip to India, Bank Pasargad has now received the green light to open a branch there in Mumbai and is also planning to expand its activities by setting up other branches in Delhi in the near future as well.
In the Market
Stocks advanced on Monday, climbing steadily over the course of the session, as investors finally cheered the recent downfalls of the market and realized the opportunities on these price levels. TEDPIX gained some of its previous losses, advanced for +0.17% and stood at 96,194.19 level. IFEX ended the day in green as well growing +0.15%. and stayed above 1,800 level.
The upcoming IPO of tomorrow dragged most Computer companies into the green early in the session. Iran Arqam faced a buy queue and Iran Data Processing nearly finished in the +4% zone.
Today, the Iron Ore space saw better trades compared to the recent sessions. After its +30% EPS adjustment, Bama Company ticker returned to the market at IRR 9,350 shedding 3.2%; the company stepped down from participating in Iran Zinc Mines Development share block offering.
A similar sentiment was seen among the Oil Products group.
Mellat Financial Group is planning to offer 1.73%, equal to 537,784,000 shares, of & Metals Development on behalf of Bank Mellat Brokerage on March 17th at IRR 2200 as the base price. Mellat Investment ticker in the Investment industry was halted. Despite reopening 10% higher in today’s affair, Iranian Investment Development went through sales pressure and faced a sell queue.
The Transportation sector was highly demanded with Tuka Transportation and Tuka Rail facing buy queues.
Finally, spare part mfg. tickers in the Automotive space saw positive movements with some like Tolid Mehvar Khodro, Mehvarsazan Iran Khodro and Irka Part San’at went up by 4% and 3%.
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