Indian Indices Trade Flat; Oil & Gas Stocks Witness Buying

Mon, 7 Aug 11:30 am

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Stock markets in India are presently trading near the dotted line with positive bias. Sectoral indices are trading on a mixed note with stocks in the realty sector and oil & gas sector witnessing maximum buying interest. IT stocks are trading in the red.

The BSE Sensex is trading up 13 points (up 0.1%) and the NSE Nifty is trading up 6 points (up 0.1%). The BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 63.69 to the US$.

As per an article in the Economic Times, the Goods and Services Tax (GST) Council is said to have decided to raise cess on luxury automobiles to 25% from 15% now.

The development arises as the overall view within the council was to have the cess on high-end luxury automobiles pegged higher so that it can be raised if the need arises.

The rates, however, may not go up immediately as any increase in the cess rates may require amendment to the GST compensation law.

High-end automobile manufacturers may face some hiccups if the GST Council does increases the cess rates. Meanwhile, we'll keep you posted on the recent developments from this space.

On the macro front, the above development would boost tax revenues for the government.

One shall note that GST is set to aid India's tax revenues in the coming future. This augurs well for the country that has one of the lowest tax revenue as a percentage of GDP compared with other countries.

India's Tax Revenues to Get a GST Boost

The higher tax revenue receipt will help bolster the country's financials and also provide further ammunition for the government to spend on social welfare and providing additional infrastructure to its citizens.

Apart from the above, the GST Council revised rates on 19 services on Saturday. It also reduced the job work rate in the textiles sector to 5% from 18%, which will reduce the rate of job work across the entire textile chain.

Speaking of GST, the Goods and Services Tax became the order of the day last month. And all these months we have been subjected to a relentless propaganda by the government and the supporters of the GST, on how it will change our world, only for good.

Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

Download his special report - The Good, the Sad and the Terrible (GST).

In other news, the government has announced a new exchange-traded fund (ETF), Bharat-22, that's expected to speed up a disinvestment programme budgeted to raise a record Rs 725 billion in the financial year to March 2018.

The ETF comprises of blue chip PSUs and a few private companies.

The new ETF will contribute strongly to the FY18 disinvestment target of Rs 725 billion. The new fund offer is likely to hit markets soon.

Bharat 22 will represent six sectors from finance to FMCG to energy and will have 22 stocks. The sector exposure limit will be 20% and no single stock will be more than 15% of the ETF's value. The expense ratio is likely to be much lower than mutual funds.

The above development is indeed a smart move by the government. It may fetch better valuations for some of the PSU stocks that otherwise have been dismal performers. It will also help the government get closer to its disinvestment target.

However, for the aam investor, we believe a bottom-up, stock-specific approach is the best way to get exposure to blue-chip stocks.

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

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