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Budget Positives

March 07 2013, 15:15

Budget Analysis: Policy steps, rate-cuts key to fund flows: Axis AMC

Chandresh Nigam, Axis AMC, is bullish that medium-term, money will definitely flow into the market, as long as fiscal stability can be maintained. He says the Budget will reinforce investor interest in India.

InterpretationS

  • ED on readymade garments exempted: positive textile sector
  • Reduced Countervailing duty on dehulled oat grains: positive for FMCG
  • Agri testing excluded from service tax net
  • Securities Transaction Tax (STT) reduced; positive for IIFL, Motilal Oswal, Religare
  • Power sector - tax holiday extended to 31 March 2015
  • Higher allocation to defence positive for BEML, M&M
  • SIDBI's re-financing facility to benefit micro small and medium enterprises (MSMEs)
  • Bank correspondents can sell micro finance products; positive for SKS Micro
  • Higher allocation for wind energy; positive for Suzlon Energy
  • To encourage public–private partnership (PPP) projects for coal
  • Foreign Trade Policy changes to benefit exporters
  • Additional interest deduction on Housing loan positive for real estate
  • Housing loan interest to save Rs 30900 for tax payer in 30% bracket
  • Changes in exploration and production (E&P) policy positive for upstream sector
  • RGESS investees can invest in MF's; positive for Asset Management Company
  • Additional housing loan interest deduction for new loans
  • Invest allowance of 15% for investment in plant & machinery
  • Regulatory authority for road sector; positive IRB infra
  • Investment allowance of 15% for capex; positive for Infra
  • Jawaharlal Nehru National Urban Renewal Mission (JnNURM) allocated Rs14873 crore positive Ashok Leyland, Tatat Motors
  • Higher allocation for water treatment; positive for Triveni Engineering
  • 17% hike in allocation for education positive for Educomp, Everonn
  • The short distance intercity trains are good freight or passenger fare earner for the railways: Titagarh Wagons
  • Completion of 1,200 kms of electrification and gauge conversion of 450 kms from narrow gauge to broad gauge beneficial: Hind Rectifiers

SECtOR IMPACT

Select Sector to see impact

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

Bombay Rayon 155.35 0.05
Mandhana Ind 238.60 -0.50
Sutlej Textiles 366.90 -12.45
Garware Wall 102.80 -3.10

Shipping

13:50 pm

Excise duty exempted on ships & vessels positive for shipping

Gujarat Pipavav 120.10 1.10
GE Shipping 366.70 -6.45
Pipavav Defence 63.35 -3.30
Shipping Corp 61.65 -0.25

Textiles - Denim

13:50 pm

Exice Duty on readymade garments exempted +ve for textile sector

Arvind 222.85 -6.65
Nandan Denim 45.00 -0.25
Aarvee Denim 46.35 -2.85
KG Denim 3.05 0.05

Personal Care

13:29 pm

Reduced Countervailing duty on dehulled Oat grains: +ve for FMCG

HUL 629.85 2.50
Dabur India 194.80 2.30
Godrej Consumer 804.05 -4.50
Colgate 1565.75 -35.90

Leather Products

13:16 pm

P&M for leather & footwear industry customs duty reduced

Bata India 1233.70 -37.95
Relaxo Footwear 374.10 2.35
Sreeleathers 257.40 -7.00
Liberty Shoes 277.70 1.05
STOCK MARKET STATS
Company Price % Chg
ONGC 404.65 1.77
ITC 341.40 1.67
GAIL 458.60 1.26
Hindalco 170.90 1.21
Tata Steel 517.30 0.78
Reliance 1,000.05 0.49
HUL 627.95 0.30
SBI 2,581.55 0.19
Bharti Airtel 340.05 0.12
BHEL 243.35 0.08
INDIAN INDICES
Index Price % Chg
Consumer Durables 8724.75 0.45
BSE FMCG 6858.37 0.81
Oil and Gas 10886.56 0.84
GLOBAL INDICES
Index Price % Chg
Dow Jones (Jul 09) 16916.90 0.06
CAC (Jul 9) 4349.36 0.16
DAX (Jul 9) 9788.06 0.16
COMMODITY
Company Price % Chg
POTATO-Aug 14 1489.20 2.99
POTATO-Jul 14 1404.20 1.58
CARDAMOM-Jul 14 1013.90 1.41
NATURALGAS-Sep 14 256.60 1.18
ALUMINI-Nov 14 119.60 1.18
ALUMINI-Sep 14 118.10 1.07
ZINC-Oct 14 139.20 0.80
NATURALGAS-Aug 14 254.20 0.55
NATURALGAS-Jul 14 252.90 0.52
ALUMINIUM-Sep 14 118.00 0.51

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