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GST on Two-Wheelers, India's GDP Growth and Reforms, and Top Buzzing Stocks Today

Thu, 27 Aug Pre-Open

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Indian share markets ended on a positive note yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 230 points.

Meanwhile, the NSE Nifty stood higher by 77 points. The top gainers in NSE were Tata Motors, Hero MotoCorp, and IndusInd Bank.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.7%.

Sectoral indices ended on a mixed note with stocks in the banking sector and auto sector witnessing maximum buying interest.

Telecom stocks, on the other hand, witnessed selling.

Gold prices were trading up by 0.1% at Rs 50,982 on MCX at the time of closing stock market hours yesterday.

If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing.

Speaking of the current stock market scenario, note that markets have moved up sharply since they bottomed out in March. But it seems that they are running out of steam.

In his latest video, Apurva Sheth draws a Plan B if the markets start moving southwards.

Tune in to find out more:

Top Stocks in Focus Today

Tata Motors will be among the top buzzing stocks today as the company said it proposed to reduce its debt to near-zero levels.

At the annual general meeting of the Tata Motors, N Chandrasekaran, Chairman of the Tata Group, said the company had a net automotive debt of Rs 480 billion and was targeting to reduce it to near-zero levels in three years.

Can Fin Homes share price will also be in focus as the housing finance company posted decent June quarter earnings. The company's net profit grew 15% to Rs 931.5 million for the quarter under review, as against Rs 809.8 million in the corresponding quarter previous fiscal.

Meanwhile, it's pre-tax profit was Rs 1,260.4 million, mildly higher from Rs 1,228.9 million reported in the corresponding quarter of the previous financial year. The Canara Bank-promoted company's net income came in at Rs 5,225 million in Q1FY21, up 8% from Rs 4,841.4 million in the similar quarter last year. The company also recommended dividend of Rs 2 per share.

Market participants will also track Allcargo Logistics share price as its promoters Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd proposed to voluntarily delist the company. Reportedly, members of the promoter group collectively hold 172 million shares aggregating to 70% of the paid-up equity share capital of the company, while public shareholders hold 30%. The company will hold a board meet today to consider the delisting proposal.

GST Council to Consider Tax Cuts on Two Wheelers

Finance Minister Nirmala Sitharaman said the Goods and Services Tax (GST) Council would look into the auto industry's demand for lowering the tax rate on two-wheelers, which are now taxed at the highest slab rate of 28%.

"Since two-wheelers are neither a luxury nor a sin product, they merit a rate revision. Consequently, this will be taken up with the GST Council," Sitharaman said during an interaction with members of the Confederation of Indian Industry (CII) yesterday.

The GST Council has the single-point agenda of compensation to states, but sources familiar with the developments said the meeting on September 17 might take up the two-wheeler rate issue to spur sales ahead of the festive season.

Note that the passenger vehicles industry has been requesting the government to consider a phase-wise reduction in GST on automobiles, cutting rates on two-wheelers in the first stage, and deferring the tax cut on four-wheelers to a later stage.

The industry said this would help the government contain potential revenue loss, and at the same time provide relief to around 20 million potential two-wheeler buyers across the country.

Among individual stocks, TVS Motor and Hero MotoCorp gained the most. Bajaj Auto, Tata Motors, Mahindra & Mahindra and Eicher Motors also witnessed buying interest.

Auto ancillary stocks also gained, with Balkrishna Industries, Exide Industries, Motherson Sumi, and Bosch witnessing buying interest.

McKinsey Warns India Risks Decade of Stagnation

According to a report by McKinsey Global Institute (MGI), India will have to undertake a slew of reform measures over the next 12-18 months with the aim of increasing productivity and creating jobs.

As per the report, the country's gross domestic product (GDP) needs to rise annually at 8-8.5% to create opportunities in the post COVID-19 era, and the country risks a decade of stagnating incomes and quality of life if urgent steps are not taken to spur growth.

Given the increasing urbanisation and population trends, there will be 90 million additional workers in search of non-farm jobs by 2030 and India will have to triple job creation to 12 million gainful non-farm jobs per year from the 4 million achieved between 2013 to 2018.

On the reforms front, MGI advocated attention to manufacturing, real estate, agriculture, healthcare, and retail sectors, unlocking land which can reduce prices by up to a fourth. It also suggested creating flexible labour markets, enabling efficient power distribution to reduce tariffs for consumers by over 20% and privatizing 30 top state-run enterprises.

From a financial sector perspective, it said reforms and streamlining fiscal resources can deliver US$ 2.4 trillion in investment. It also pushed for creation of a 'bad bank' to take care of the dud assets.

It would be interesting to track if there are any reforms carried out in the above areas in the coming time and how they help the economy.

We will keep you updated on all the news from this space. Stay tuned.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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