Share markets in India are presently trading marginally higher. Barring telecom sector and power sector, all sectoral indices are trading in green with stocks in the auto sector and healthcare sector witnessing maximum buying interest.
The BSE Sensex is trading up by 140 points (up 0.4%), while the NSE Nifty is trading up by 29 points (up 0.3%). The BSE Mid Cap index is trading up by 0.5% while the BSE Small Cap index is trading up by 0.7%.
The rupee is trading at Rs 71.02 against the US$.
In the news from the realty sector, shares of real estate developers gained in early trade today after the Goods and Services Tax (GST) council reduced the GST rate on under-construction houses.
Sunteck realty share price, Mahindra Lifespace share price, and Oberoi realty share price gained around 2-5% on back of the above news.
For flats priced more than Rs 4.5 million, the new GST rate applicable from April 1, 2019 stands at 5% against 12%.
The council also cut GST rates on affordable housing to 1% from the current 8%. In both cases, the builders will not be eligible to claim input tax credit in the new structure.
Currently, GST is levied at an effective rate of 12% (standard rate of 18% less a deduction of 6% as land value) on normal housing and effective rate of 8% (concessional rate of 12% less a deduction of 4% as land value) on affordable housing on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
According to reports, the committees will also look at issues such as transfer of development rights, joint development agreements, lease premium, sale and transfer of floor space index, among other issues.
The stamp duty and registration and other charges remain as they are. Flats, which have received completion certificates, are out of the purview of GST. The decision on GST rates on lottery, however, was not taken at the meeting.
Speaking of realty sector, note that The BSE Realty index has been volatile in the last five years.
Have a look at the chart below to see the performance:
Here's what Sarvajeet Bodas wrote about it in one of the recent editions of The 5 Minute WrapUp...
He believes, this could be the turning point for the real estate sector.
Moving on to the news from the banking sector, HDFC Bank share price is in focus today as the bank has partnered with Route Mobile to showcase Rich Communication Services (RCS) on Google's RCS Business Messaging platform at Mobile World Congress (MWC) 2019.
Route Mobile is among the leading cloud-communications platform service provider to enterprises, over-the-top (OTT) players and mobile network operators.
HDFC bank share price is presently trading up by 0.7%.
To know more about the company, you can read HDFC bank's latest result analysis on our website.
In another news, Bank of Baroda share price is also in focus today as the lender has tied up with Germany's KfW Development Bank to extend funding of $113 million to refinance solar projects, under the Solar Partnership II - Promotion of Solar PV in India.
This proposal constitutes part of the overarching Indo-German Solar Energy Partnership. Under an inter-governmental Memorandum of Understanding (MoU) in 2015, Germany has committed to providing financing support through KfW Development Bank for solar photo voltaic investments.
Bank of Baroda share price is presently trading up by 0.6%.
Speaking of interesting development in the banking sector, Tanushree Banerjee, Co-head of Research at Equitymaster believes that financial inclusion will be an important element in driving the growth for India.
Here's what she wrote in one of the editions of The 5 Minute WrapUp...
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