Indian Indices Trade Marginally Higher; Auto Sector Up 1.7%

Wed, 4 Apr 12:30 pm

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Stock markets in India are presently trading marginally higher. Sectoral indices are trading on a mixed note with stocks in the realty sector and auto sector witnessing maximum buying interest.

The BSE Sensex is trading up 49 points (up 0.1%) and the NSE Nifty is trading up 5 points (up 0.1%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 65.02 to the US$.

In the news from the pharma space, Akzo Nobel share price is witnessing buying interest today. Most of the gains are seen as the company has informed bourses that its board will meet on April 6 to consider a proposal to buyback its equity shares.

At the time of writing, Akzo Nobel share price was trading up by 7.7% on the BSE.

Speaking of share buybacks, the quantum of share buybacks far exceeded the amount of new equity capital raised from IPOs last financial year.

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in one of the editions of The 5 Minute Wrapup:

• The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

The topic also brings us to ask: Do buy-backs offer an arbitrage opportunity for retail investors? Ankit Shah has answered this question in one of the editions of Equitymaster Insider. You can access the issue here (requires subscription).

In the news from global financial markets, the Trump administration has announced 25% tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing's intellectual property practices.

The US Trade Representative's office unveiled a list of mainly non-consumer products representing about US$ 50 billion of estimated 2018 imports that would hit supply chains for many US manufacturers.

The above list ranges from chemicals to TV sets, motor vehicles and electronic components.

The above development follows China's imposition of tariffs on US$3 billion worth of US products.

The above measures by the US and China have raised fears of a potential trade war between the world's two largest economies.

How exactly this trade war will unfold is something to watch out for. We'll keep you updated on all the developments from this space.

Jubilant FoodWorks share price is in focus today as the Directorate General of Safeguards (DGS) slapped a profiteering notice on the company for allegedly not passing on GST rate cut benefit to consumers at its Dominos Pizza outlets.

As per the news, a standing committee had referred the matter to DGS which in turn issued notice to Jubilant FoodWorks seeking response on whether the benefit of tax rate reduction in November last was passed on to consumers.

At the time of writing Jubilant FoodWorks share price was trading down by 0.3%.

Speaking of Goods and Services Tax (GST), the GST collections in February declined marginally to Rs 851.7 billion.

The collections in January stood at Rs 863.1 billion, while in December it was Rs 889.2 billion. This implies two consecutive monthly declines, as can be seen from the chart below.

Marginal Decline in GST Collections

The low collections can be attributed to sluggish business performance over the past few months.

Nevertheless, it's expected that the introduction of GST e-way bills with effect from 1 April 2018, will provide a boost to GST collections. But it remains to be seen how much the collections will improve post this implementation.

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