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Footwear Industry to get a Boost Post GST ; Indian Markets Likely to Remain Flat
Wed, 5 Jul Pre-Open

Japan and the European Union are expected to commit to signing a free trade deal on Thursday, the EU said. This seems to be a reaction under against the US protectionist policies laid down by President Trump.

Oil prices were volatile hovering around US $50 a barrel signaling that a persistent rise in US crude production may be slowing.

Nifty is expected to open flat today due to any major indicators from global markets. The US stock markets remained shut due to public holiday.

Infosys is likely to be in the news as it has rolled out the annual salary hike for financial year 2018.Hikes are expected in the range of 5-11% effective 1st July. Infosys along with the majority of the IT sector has endured a difficult year dealing with policy changes in the US leading to muted growth across the sector.

In other news, Mahindra and Mahindra announced a reduction in prices of its SUVs and utility vehicles by around 7% to pass its GST benefit to customers.

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Prices for higher end vehicles have been reduced by 7% while those under the small car segment have been reduced by around 1.4%.

Meanwhile, footwear stocks rallied during the closing hours on Tuesday post-Goods and services tax (GST) implementation. Organised players in the footwear industry are expected to gain market share as a result of formalization.

A large number of footwear players (more than 50%) belong to the informal sector and used to compete based on lower prices as they hardly paid any tax. With the implementation of GST, large number of players will come under the tax ambit and will find it difficult to compete based on existing price points. Majority of the footwear players are expected to increase their prices by up to 5% post GST.

Footwear has been categorized into two slabs post GST. Those priced below will be taxed at Rs. 500 while the ones above will be taxed at 18%.

Shares of Bata India, Mirza International, Relaxo were up by 4-7% on Tuesday.

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