Tag: Sensex

High GST may taper leasing industry growth

High GST may taper leasing industry growth

16/08/2017 11:11

The estimated Rs 5500 crore capital good leasing sector growing at 15-20 per cent may get tapered due to high Goods and Services Tax (GST) along with few other issues, reported PTI.

“The GST rate of 28 per cent is high for the leasing industry when compared to the earlier five to 15 per cent tax burden. Higher GST rates lead to requirement of higher working capital at any point of time. This results in increasing the cost of leasing an equipment,” Finance Industry Development Council director general Mahesh Thakkar told PTI.

“The government should actively consider not bracketing the capital goods in the same GST bracket as luxury goods and sin goods. A lower GST rate will help increasing share of leasing in gross capital formation,” he said.

The share of leasing in gross domestic capital formation in India is less than two per cent whereas the global average is 10 per cent, he said.

The same could also create hurdles for the foreign companies in India since they believe that leasing is the most preferred method of owing assets for operation, an NBFC official said.

Apart from GST rates, there are other issues like input tax credit, penal interest/charges for delayed remittance of EMI and sale of repossessed assets which needs to be corrected.

“Till now there is no response from the government on our representation,” he said.

Both pointed out that the issue will have a severe impact on capital-starved SME players who will face major hardship due to this.

Construction equipment, wagons, heavy machinery, car leasing among others are expected to face hurdles in new regime.

Leasing in India is just three per cent of global volumes and if taxation issues are not addressed, this will effectively be a death blow to leasing even before it makes a comeback in India, a equipment company official said.

Gold up on safe-haven demand

Gold up on safe-haven demand

10/08/2017 17:34

Gold futures were trading in the green in the domestic market on Thursday due to the safe haven demand triggered by the rising tension in the Korean peninsula.

At the MCX, gold futures for October 2017 contract is trading at Rs 29079 per 10 grams, up by 0.81 per cent, after opening at Rs 28900, against a previous close of Rs 28844. It touched the intra-day high of Rs 29084 (at 17:32 hours).

Tata Motors plunges over 8% on disappointing Q1

Tata Motors plunges over 8% on disappointing Q1

10/08/2017 13:23

Shares of Tata Motors tumbled over 8 per cent on the Bombay stock Exchange after the auto major reported lower-than-expected earnings for the first quarter ended June 30, 2017.

The company has reported a 41.6 per cent growth in profit at Rs 3,200 crore in Q1 FY18, against Rs 2,260 crore in the same quarter last financial year, thanks to a one-time gain of Rs 3,609 crore.

Reacting to Q1, shares of the company declined as much as 8.23 per cent to hit intra-day low of Rs 382.45 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 385.30 against previous close price of Rs 416.75.

In a similar fashion, shares of the company were trading 6.65 per cent lower at Rs 388.40 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 31,638.61, down 159.23 points, or 0.50 per cent, at 13:30 hours.

Copper futures down 0.16% on subdued demand

Copper futures down 0.16% on subdued demand

28/07/2017 16:35

Copper futures were trading lower during the evening trade in the domestic market on Friday as speculators booked profits at prevailing high levels amid low demand at spot markets.

Analysts attributed the fall to offloading of positions by speculators at prevailing higher levels coupled with subdued spot demand.

At the MCX, copper futures for August 2017 contract is trading at Rs 407.35 per kg, down by 0.16 per cent, after opening at Rs 407.05, against a previous close of Rs 408.00. It touched the intra-day low of Rs 403.50 (at 16:40 hours).

Copper futures rise on pickup in spot demand

Copper futures rise on pickup in spot demand

11/07/2017 14:08

Copper futures were trading higher during the afternoon trade in the domestic market on Tuesday amid pick-up in demand at domestic spot market.

Analysts said pick-up in demand from consuming industries in the spot market mainly supported the upside in copper futures here but weak trend in overseas markets capped the gains.

At the MCX, copper futures for August 2017 contract is trading at Rs 380.40 per kg, up by 0.30 per cent, after opening at Rs 378.80, against a previous close of Rs 379.25. It touched the intra-day high of Rs 381.25 (at 14:15 hours).

Crude oil dips 2.78% on rise in US output

Crude oil dips 2.78% on rise in US output

Crude oil futures plunged over 2 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as news of a rise in US production added to earlier reports that OPEC output was also on the rise.

The news of surge in production outweighed positive sentiment from falling crude and gasoline inventories in the US.

At the MCX, crude oil futures for July 2017 contract is trading at Rs 2865 per barrel, down by 2.78 per cent, after opening at Rs 2933, against a previous close of Rs 2947. It touched the intra-day low of Rs 2863 (at 14:14 hours).


07/07/2017 14:17

Markets trade flat; metal, healthcare stocks up

05/07/2017 13:27

Indian equity benchmarks were trading in a narrow range with positive bias during the afternoon session on Wednesday led by buying activity mainly in the metal and healthcare sector stocks.

At 1:03 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 31,214.86 up by 5.07 points or 0.02 per cent while the NSE Nifty was at 9,624.05 up by 10.75 points or 0.11 per cent.

Besides, investors keenly eyed the June quarter corporate earnings that will begin next week.

The top gainers of the BSE Sensex pack were Lupin Ltd. (Rs. 1076.55,+3.10%), Mahindra & Mahindra Ltd. (Rs. 1385.65,+2.28%), Reliance Industries Ltd. (Rs. 1441.45,+1.32%), Asian Paints Ltd. (Rs. 1120.60,+1.07%), Dr. Reddy’s Laboratories Ltd. (Rs. 2657.00,+1.01%), among others.

Major show spoilers were ITC Ltd. (Rs. 332.20,-1.45%), Infosys Ltd. (Rs. 949.55,-1.14%), Bharti Airtel Ltd. (Rs. 375.70,-0.95%), Housing Development Finance Corporation Ltd. (Rs. 1628.05,-0.75%), Wipro Ltd. (Rs. 258.00,-0.73%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2725 shares traded, 1628 advanced while 954 shares declined and 143 remained unchanged.

On the global front, Asian markets were green, however, caution prevailed as Independence Day celebrations in the US kept trading activity muted and geopolitical tensions continue to heat up.

Nickel futures keep head above water

Nickel futures keep head above water

03/07/2017 17:11

Nickel futures were trading higher during evening trade in the domestic market on Monday as investors and speculators extended their bets in the industrial metal on surging demand from alloy-makers at domestic markets.

The prices of metal also rose on global cues as the market fretted about shortages, dwindling stocks and expectations of strong demand from top consumer China.

At the MCX, nickel futures for July 2017 contract is trading at Rs 611.50 per kg, up by 0.74 per cent, after opening at Rs 608.30, against a previous close of Rs 607. It touched the intra-day high of Rs 612.60 (at 17:07 hours).

Markets remain under pressure; L&T, Tata Motors shares dip

The key domestic benchmark indices were trading in a negative terrain in the morning trading session amid weakness in Asian stocks as markets remained under pressure.

On the corporate front, Central Depository Services (CDSL) shares debuted with 68 percent gains on the National Stock Exchange. The share price opened at Rs 250 against the issue price of Rs 149.The bumper listing was on expected lines as the issue had overwhelming response, oversubscribing 170 times. HDFC also remained in focus on the news that HDFC Life, one of the country’s leading private sector life insurance companies, will decide on the initial public offering (IPO) in its Board meeting in July.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 30750.94 down by 106.58 points or by 0.35 per cent, while the NSE Nifty was at 9466.2 points, trading lower by 37.9 points or by 0.4 per cent.

The BSE Sensex touched an intraday high of 30824.97 and an intraday low of 30680.66 while the NSE Nifty touched an intraday high of 9478.9 and an intraday low of 9448.75

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 550.00,+2.14 per cent), ITC Ltd. (Rs. 315.40,+1.28 per cent), Power Grid Corporation of India Ltd. (Rs. 210.00,+1.03 per cent), Dr. Reddy’s Laboratories Ltd. (Rs. 2670.00,+0.89 per cent), Cipla Ltd. (Rs. 549.15,+0.81 per cent), among others.

Meanwhile, Larsen & Toubro Ltd. (Rs. 1670.20,-1.89 per cent), Tata Motors Ltd. (Rs. 265.50,-1.28 per cent), Bharti Airtel Ltd. (Rs. 377.80,-1.25 per cent), Housing Development Finance Corporation Ltd. (Rs. 1612.00,-1.23 per cent), ICICI Bank Ltd. (Rs. 290.35,-1.14 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2048 shares traded, 858 shares advanced, 1081 shares declined while 109 were unchanged.

On the global front, Asian stocks were trading lower today despite China manufacturing activity beating expectations as select tech shares around the region sold off, while the Wall Street closed lower in the previous trading session as S&P 500 and the Dow industrials suffered losses largely weighed down by technology stocks.


30/06/2017 10:22

Post Session: Sensex slips 180 pts to close below 31K; rate sensitive stocks drag

Weighed down by sharp losses in rate sensitive realty and bank stocks, the Indian equities ended lower for the second straight session on Tuesday, tracking mixed cues from Asian market. On the sectoral front, banking stocks emerged as top losers after rating agency raised concerns over mounting loan-loss provisioning and said that banks will have to sacrifice nearly 60 per cent of the value of the loans extended to the 12 indebted companies recognized by the RBI. Reacting to the news, index heavyweights, PNB, Bank of Baroda, SBI, Axis Bank and Federal Bank, fell between 4.5 per cent to 2 per cent.

The 30-share barometer SENSEX closed at 30958.25, down by 179.96 points or by 0.58 per cent, and then NSE Nifty ended at 9511.4, down by 63.55 points or by 0.66 per cent.

In line with benchmark indices, the broader markets witnessed sharp selling with BSE MIDCAP falling 114.93 points, or by 0.79 per cent to settle at 14468.88, while the BSE SMLCAP ended at 15141.08, down by 240.82 points or by 1.57 per cent.

During the day’s trade, Sensex touched an intraday high of 31294.96 and intraday low of 30847.08, while the NSE Nifty touched intraday high of 9615.4 and intraday low of 9473.45.

The top losers of the BSE Sensex pack were State Bank of India (Rs. 279.40,-3.27%), Axis Bank Ltd. (Rs. 492.80,-2.34%), Infosys Ltd. (Rs. 926.35,-1.80%), Asian Paints Ltd. (Rs. 1134.00,-1.73%), Bajaj Auto Ltd. (Rs. 2779.20,-1.61%), among others.

On the flip side, Bharti Airtel Ltd. (Rs. 371.80,+1.61%), Oil And Natural Gas Corporation Ltd. (Rs. 159.95,+1.23%), Hero MotoCorp Ltd. (Rs. 3695.95,+0.97%), Tata Steel Ltd. (Rs. 510.45,+0.60%), Adani Ports & Special Economic Zone Ltd. (Rs. 367.25,+0.56%), were among the top gainers on the BSE.

On the sectoral front, all the indices ended bleeding in red, barring consumer durables, while rate sensitive bank and realty stocks emerged as top losers, falling as much as 1.45 per cent and 1.4 per cent respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2967, shares advanced were 808 while 1979 shares declined and 180 were unchanged.


27/06/2017 16:07