Positive Start to the Day

Wed, 15 Jun 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in China and Japan are trading higher by 1.5% and 0.6% respectively. Benchmark indices in Europe ended their previous session on a disappointing note. Stock markets in France and UK ended the day lower by 2.3% and 2% respectively. The rupee is trading at 67.15 per US$.

Indian stock markets have opened the day on an encouraging note. The BSE Sensex is trading higher by 84 points (up 0.3%) and the NSE Nifty is trading higher by 30 points (up 0.4%).Further, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.6% respectively.

Major sectoral indices have opened the day in the green with stocks from capital goods and telecom sectors are witnessing buying interest.

As per an article in Livemint, The National Democratic Alliance (NDA) government is making its most determined bid to ensure the fruition of the goods and service tax (GST) bill.

Recently, the government held a meeting of the state finance ministers in Kolkata for the roll out of GST in April 2017. The government accepted most of the demands as raised by the states. Further, the government has also released a draft law detailing the fine print of the indirect tax reform.

Barring Tamil Nadu, no state finance ministers including that of Congress have opposed the GST bill. Moreover, another meeting of the empowered group of state finance ministers is scheduled to be held in July to resolve the outstanding issues.

The government is likely to press for the passage of the legislation when Parliament reconvenes for the monsoon session.

Ever wondered how GST will affect the economy? Ankit Shah, Managing Editor, Equitymaster's Secrets, answers the above question in his recent article. You cannot miss to read this interesting piece. Click here to access it.

In another news update, renewable energy sector will attract record investments of US$ 7800 billion by 2040.

The cost of investment to set up a renewable energy power plant is gradually reducing. Reportedly, the cost of setting up a 1 Megawatt (MW) solar power plant has reduced to Rs 50 million for earlier Rs 150 million.

Hence, in-spite of the reducing prices of gas and coal, there has been an increase in the investments in the renewable sector. Recently, Tata Power acquired the renewables division of Welspun group at an enterprise valuations of Rs 92.5 billion. This was one of the biggest acquisition in the renewable space in India.

Talking about renewable energy, we have recently written an article indicating a major flaw in the US$ 100 billion solar sector. Exposure to increased raw material costs and foreign exchange fluctuations can turn out to be a death knell for these solar power projects.

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