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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 publicprivate 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 189.55 1.70
Mandhana Ind 231.35 1.25
Sutlej Textiles 229.05 8.45
Bannari A Spg 109.50 -5.50

Shipping

13:50 pm

Excise duty exempted on ships & vessels positive for shipping

GE Shipping 345.60 -4.00
Gujarat Pipavav 86.65 0.45
Pipavav Defence 44.35 0.35
Shipping Corp 43.40 -0.55

Textiles - Denim

13:50 pm

Exice Duty on readymade garments exempted +ve for textile sector

Arvind 191.75 11.00
Nandan Denim 36.10 -0.30
Aarvee Denim 37.00 -0.50
KG Denim 3.05 0.05

Personal Care

13:29 pm

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

HUL 609.45 1.90
Dabur India 179.05 0.15
Godrej Consumer 838.75 -2.55
Colgate 1408.80 23.90

Leather Products

13:16 pm

P&M for leather & footwear industry customs duty reduced

Bata India 1071.50 3.60
Relaxo Footwear 298.20 -2.45
Sreeleathers 271.95 33.30
Liberty Shoes 164.20 3.80
STOCK MARKET STATS
Company Price % Chg
Hindalco 141.30 4.40
Tata Motors 428.65 4.24
ICICI Bank 1,262.00 3.25
BHEL 181.05 3.10
SBI 2,017.80 2.96
Tata Power 83.70 2.64
Wipro 585.55 2.39
Axis Bank 1,464.65 2.31
Hero Motocorp 2,217.70 2.29
M&M 997.35 2.26
INDIAN INDICES
Index Price % Chg
BSE Auto 13494.62 2.25
BANKEX 14625.65 1.78
Bank Nifty 12787.25 1.78
Capital Goods 12074.50 1.59
Consumer Durables 6617.02 0.80
BSE FMCG 7009.34 1.29
BSE Healthcare 10504.49 0.71
BSE IT 8907.19 1.21
BSE Metals 10266.72 1.85
Oil and Gas 9713.70 1.79
BSE PSU 6469.69 1.58
BSE TECk 4950.65 1.01
BSE Small Cap 7524.01 1.43
BSE Mid-Cap 7339.29 1.47
CNX Midcap 8833.40 1.46
GLOBAL INDICES
Index Price % Chg
Nasdaq (Apr 17) 4095.52 0.23
Nikkei 225 (Apr 18) 14516.27 0.68
Straits Times (Apr 17) 3253.80 0.02
Hang Seng (Apr 17) 22760.24 0.28
Taiwan Index (Apr 18) 8966.66 0.25
KOSPI (Apr 18) 2004.28 0.61
FTSE (Apr 17) 6625.25 0.62
CAC (Apr 17) 4431.81 0.59
DAX (Apr 17) 9409.71 0.99
COMMODITY
Company Price % Chg
NATURALGAS-Apr 14 285.50 4.05
SILVER1000-Apr 14 43368.00 4.00
NATURALGAS-May 14 287.50 3.79
NATURALGAS-Jun 14 290.20 3.46
LEADMINI-Jul 14 131.35 1.00
LEADMINI-Jun 14 130.60 0.85
COPPERM-Apr 14 407.35 0.67
COPPER-Apr 14 407.40 0.67
COPPER-Jun 14 411.00 0.61
COPPERM-Jun 14 410.95 0.61

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