Of GST Relief; Axis Bank, M&M Result & Other Top Cues to Sway the Market Today

Mon, 13 Nov Pre-Open

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Indian share markets finished the previous trading week marginally higher amid mixed international indices and rising oil prices. At the closing bell, the BSE Sensex closed higher by 64 points and the NSE Nifty finished up by 13 points. The S&P BSE Mid Cap finished down by 0.1% while S&P BSE Small Cap finished up by 0.1%. Gains were largely seen in consumer durable stocks, capital good stocks and bank stocks.

Big GST Relief

Providing a big relief to India Inc and consumers alike, the GST Council decided on Friday to lower the tax rate on 178 items, leaving just 50 items in the top 28% rate slab under the Goods and Services Tax.

The feel-good package from the council, which comes into effect from 15 November, is likely to boost consumer demand, reduce disquiet over compliance costs and lend fresh momentum to the tax reform initiative.

Additionally, in a further relaxation to small and medium enterprises, which were facing a huge compliance burden under GST, the Council has decided to increase the threshold for the composition scheme to an annual turnover of Rs 15 million.

The GST Council also took a stern view of restaurants that have not passed the benefits of input tax credit to customers. It has now decided to do away with the distinction for AC and non-AC and levy a flat 5% tax with no input credit on all eateries.

Top Stocks to Watch Out

M&M share price will be in focus today as the company reported a 25% increase in stand-alone net profit for the quarter ended September, beating Street estimates, benefiting from a richer product mix and festive demand. Profit rose to Rs 13.31 billion from Rs 10.67 billion a year earlier. Net sales of the company increased 6.4% to Rs 121.82 billion from Rs 114.46 billion in the year-ago quarter.

Axis Bank share price will be in action today after the company's board had approved raising up to Rs 116.25 billion (US$1.78 billion) through a private placement of shares from a clutch of investors led by private equity fund Bain Capital. The fund-raising will provide Axis Bank capital to shore up its balance sheet at a time when the lender's non-performing assets (NPA) have surged.

In news from metal sector, as per an article in The Economic Times, JSW group and Vedanta are among the 18 companies that have shown interest in buying Jaypee Infratech in full or in part. The National Company Law Tribunal (NCLT) Allahabad bench admitted Jaypee Infratech on August 10 after IDBI Bank referred the company for defaulting on debt of Rs 5.26 billion.

US Markets Cool Off

U.S. stock benchmarks closed mostly lower on Friday, putting an end to multiweek winning streaks by the major indexes as investors expressed nagging anxiety about a possible delay in much-anticipated corporate tax cuts. European markets closed in red as a slowdown in corporate earnings spurred profit-taking among investors.

Rising Oil prices

Oil prices closed lower on Friday, but still hovered around their highest level since the summer of 2015. The weakness came after data showed U.S. drillers added rigs. The number of rigs operating in U.S. oil fields rose by 9 to a total of 738 rigs this week. Meanwhile, traders still focused on the anticorruption drive in Saudi Arabia and geopolitical tensions in the Middle East.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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Indian Share Market Update: Top Gainers and Losers