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Sensex Ends Lower; Power & PSU Stocks Top Losers

Fri, 1 Jun Closing

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Indian share markets edged lower as losses in financials offset gains in auto stocks, with market participants' focus shifting to the monsoons. At the closing bell, the BSE Sensex finished lower by 95 points. While, the NSE Nifty finished lower by 40 points. Meanwhile, the S&P BSE Midcap Index ended down by 1% while S&P BSE Small Cap Index ended up by 1.6%.

Barring automobile stocks, all sectoral indices ended the day in red with power stocks and PSU stocks leading the losers.

Overseas, Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.1%, while the Shanghai Composite led the Nikkei 225 lower. They fell 0.7% and 0.1% respectively. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.3% while Germany's DAX is up 1% and London's FTSE 100 is up 0.7%.

The rupee was trading at Rs 67.18 against the US$ in the afternoon session.

Bajaj Auto share price surged 5.1% as company has recorded strong sales numbers for the month of May. The company sold 4.07 lakh units in May 2018, registering a 30% growth compared to 3.1 lakh units sold in corresponding month last year.

In the news from the chemicals sector. Tata Chemicals has completed the sale and disposal of its Phosphatic Fertilisers business and the Trading business comprising bulk and non-bulk fertilisers ('Divestment Business').

The sale was done by way of a slump sale on a going concern basis, to IRC Agrochemicals (IRC) after the receipt of requisite regulatory approvals and fulfilment of Conditions Precedent as contemplated in the Business Transfer Agreement (BTA).

The company has received a consideration of Rs 8.7 billion (subject to usual post completion adjustments) from IRC on 1 June 2018. The consideration includes Rs 5.7 billion in cash and the balance by way of letters of credit / bank guarantees. Subsidy receivables were not included in the transaction.

Thus, on completion of the transaction, the Divestment Business of the company pursuant to the BTA stands transferred to IRC effective 1 June 2018, the reports noted.

Tata Chemicals share price closed the day down by 0.6% on the BSE today.

To know more about the company, you can access to Tata Chemicals latest result analysis and Tata Chemicals stock analysis on our website.

And to get more updates on share market, click here.

In the news from the economy. As per Moody's Investors Service's latest report, India's tax reforms are likely to expand revenue base in fast growing economies like India. However, it recommended that tax reforms must be accompanied by lowering of fiscal deficit and effective management of expenditure.

It also said that tax administration and compliance is likely to be most effective in the Philippines, India, Indonesia and Thailand.

According to the report, most sovereigns including India have embarked on tax administration and compliance reforms, especially through the centralization of multiple agencies and increased usage of technology.

It also pointed out that for many sovereigns, measures to broaden the tax base are unlikely to boost fiscal strength unless accompanied by enhanced tax administration and measures that effectively manage expenditure growth.

Further, as per the report, credit profiles of fast growing economies that are undertaking fiscal consolidation and which have relatively strong or strengthening institutions - such as the Philippines, India and Indonesia - are likely to garner the most support from ongoing tax reforms in the medium term.

On indirect revenue mobilization, the report stated that India and Sri Lanka have both recently streamlined and levied their value-added tax (VAT) or goods and services tax (GST) regimes.

India's Tax Revenues to Get a GST Boost

For India, it said that this was the result of replacing a system of taxation at multiple points of production with taxation at a sole point. Overall, it noted that indirect revenue mobilization is likely to be most effective in the Philippines, India and Sri Lanka, as these economies benefit from ongoing reforms.

After studying the finer aspects of GST, our colleague Vivek Kaul, has penned his views on what could go right and wrong. Get a balanced perspective on the entire GST saga from Vivek. The report is titled The Good, the Sad and the Terrible (GST). Claim your own copy of his special report now.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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