Moneycontrol
Last Updated : Aug 03, 2016 02:01 PM IST | Source: Moneycontrol.com

Sensex drags over 250 pts, Nifty wobbles as GST countdown begins

Cipla, Asian Paints, Coal India, Sun Pharma and Hero MotoCorp are top gainers while ITC, BHEL, Tata Motors, Maruti and L&T are losers in the Sensex.


Moneycontrol Bureau

1:50 pm Results:
Kitchen appliances firm TTK Prestige reported a 10.20 percent increase in its standalone net profit at Rs 24.20 crore for the first quarter ended June 30, 2016.


The company had posted a net profit of Rs 21.96 crore during the April-June quarter of the previous year, TTK Prestige said in a BSE filing.


Its net sales during the quarter under review stood at Rs 346.10 crore, up 1.66 percent, as against Rs 340.44 crore in the corresponding period a year ago.


1:30 pm FM speaks on GST: Union Finance Minister Arun Jaitley on Wednesday said he hopes for a rollout of the Goods and Services Tax (GST) by April 2017.


Speaking exclusively to CNN-NEWS18 the union minister said, "The one-nation, one-tax regime will reduce taxation levels. We have already addressed the concerns of the state governments and I am hopeful of a rollout early next year."


He further added, "It's a non partisan tax. The states will be getting compensation for five years and also get service tax."

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The market is still struggling with the Nifty around 8550. The 50-share index is down 69.80 points or 0.8 percent at 8553.10 while the Sensex is down 266.25 points or 0.9 percent at 27715.46. About 785 shares have advanced, 1726 shares declined, and 126 shares are unchanged.


Cipla, Asian Paints, Coal India, Sun Pharma and Hero MotoCorp are top gainers while ITC, BHEL, Tata Motors, Maruti and L&T are losers in the Sensex.


With the much-awaited goods and service tax (GST) bill entering final lap today, the Parliament will discuss constitutional amendments that are necessary to facilitate the landmark GST.  At 2 pm, Rajya Sabha will begin a much-awaited debate on GST before voting on a bill that amends the constitution to implement a single national tax to replace the existing tax system.

Finance Minister Arun Jaitley has been meeting leaders of Congress and other parties, including SP, BJD, TMC and RJD, to build a consensus on the passage of the long pending indirect tax reform bill in the Rajya Sabha.

Meanwhile, S&P Global Ratings said supportive monetary and fiscal policies can help India achieve 8 per cent growth in the next three fiscals, but if reforms do not get further momentum then its economic "outperformance" could be short-lived.

It said India will have to address issues plaguing private investment, and banks will have to clean up their balance sheets, it said, adding the country lacks infrastructure.

First Published on Aug 3, 2016 01:00 pm
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