Union Budget 2013 - 14: FM's math worked, will the economy follow suit?

Mar 01, 2013, 07.08 PM IST

Union Budget 2013-14 could be termed prudent but not outright populist! The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.

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Union Budget 2013 - 14: FM's math worked, will the economy follow suit?

Union Budget 2013-14 could be termed prudent but not outright populist! The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.

Like this story, share it with millions of investors on M3

Union Budget 2013 - 14: FM's math worked, will the economy follow suit?

Union Budget 2013-14 could be termed prudent but not outright populist! The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.

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By Amar Ambani

Head of Research, India Infoline 
 
Union Budget 2013-14 could be termed prudent but not outright populist. The FM did some things right and while many expectations were met, the Budget has missed out on several counts. For one, it failed to address the problem of the Current Account Deficit, which admittedly was a bigger worry than fiscal deficit.
 
The FM's steps to encourage financial savings faltered. With falling savings rate, the need was a substantial increase to Section 80C to make gold relatively unattractive. Instead, he's only offered an additional interest deduction up to Rs1 lac for those first-time home loan takers up to Rs 25 lacs, besides Rs 2,000 tax credit to income brackets up to Rs 5 lacs.

Not much was done for equity investments including simplifying the Rajiv Gandhi Equity Savings Scheme (RGESS) for retail investors. Securities Transaction Tax was reduced but Commodity Transaction Tax was introduced.
 
By turning a blind eye to expenditure cuts, FM's only risked a slippage in the said fiscal deficit target. Despite the imminent implementation of the food security bill, FM budgeted for just Rs100 bn increase in food subsidy. Assumption on flat fertiliser subsidy looks unrealistic and prone to slippage in case of good monsoons.
 
We could witness big slippage in non-tax revenues projected to grow at 32.8%. Disinvestment target hinges on sentiment, the Rs 400bn expectation from Communication Services could be way off-target.

Income tax and Wealth tax estimates appear reasonable but corporate taxation growth pegged at 16.9% appears high. Excise and customs duty figures look achievable, but service tax projections seem overstated at 35.8% yoy growth.
 
The stock market fall can be partly blamed on irrational expectation. The proposal to treat Tax Residency Certificate (TRC) as necessary but not enough proof to benefit from Double Tax Avoidance Agreement (DTAA) impacted sentiment. The market fears adverse impact on the FDI as also the FII inflows that are routed through tax haven routes offering lucrative tax treaty benefits.
 
Our calculation of Government finances places a realistic fiscal deficit target for the coming year closer to 5.2% to 5.3% mark. Given limited resources, the Budget promises to kick-start the investment cycle but the key lies in execution. The FM has made his arithmetic work in the Budget. Whether the economy responds or not, remains to be seen.
 

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Modified provisions under GAAR effective April 1, 2016
• No change in standard rate of excise duty, service tax

more »

flashes

• FM speaks to CNBC TV18
• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Salaried Person

REACTIONS

reaction on: Markets

Mukesh Kumar

Head - Strategic Planning | HDFC ERGO General Insurance

reaction on: SME

Snehdeep Aggarwal

Founder & Chairman | Bhartiya International

reaction on: Policy

Sanjay Sanghvi

Partner | Khaitan & Co

reaction on: Business

Govind Shrikhande

MD | Shoppers Stop

reaction on: Business

Gaurav Gupta

Sr Director | Deloitte

What got Cheaper / costlier?

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Honda Cars domestic sales fall 26% in February

Mar 01, 2013, 07.16 PM IST

Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

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Honda Cars domestic sales fall 26% in February

Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

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Honda Cars domestic sales fall 26% in February

Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

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Honda Cars India Ltd (HCIL) today reported 26.49 per cent decline in its domestic sales for February 2013 at 6,510 units. The company had sold 8,856 units in the same month last year, HCIL said in a statement.

During the month, the company sold 3,271 units of its flagship sedan City and 2,916 units of its small car Brio. It also sold 185 units of the premium hatchback Jazz and 21 units of sedan Civic. Besides, HCIL sold 62 units of the premium sedan Accord in February 2013. In addition to these sales, the company also exported a total of 510 units during February 2013.

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Modified provisions under GAAR effective April 1, 2016
• No change in standard rate of excise duty, service tax

more »

flashes

• FM speaks to CNBC TV18
• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Salaried Person

REACTIONS

reaction on: Markets

Mukesh Kumar

Head - Strategic Planning | HDFC ERGO General Insurance

reaction on: SME

Snehdeep Aggarwal

Founder & Chairman | Bhartiya International

reaction on: Policy

Sanjay Sanghvi

Partner | Khaitan & Co

reaction on: Business

Govind Shrikhande

MD | Shoppers Stop

reaction on: Business

Gaurav Gupta

Sr Director | Deloitte

What got Cheaper / costlier?

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Everything you want to know about BUDGET 2013

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REL appoints AC Mahajan as independent non-exec Director

Financial services group, Religare Enterprises Limited ( REL ) has appointed former Canara Bank Chairman Avinash Chander Mahajan as an independent non-executive director on its board.

Mahajan's experience in the banking industry spans over three decades. Mahajan was Chairman and Managing Director of Allahabad Bank between 2006 and 2008. He later became CMD of Canara Bank for two years in 2008. He also held the position of Executive Director in India's second largest public sector bank Bank of Baroda.

Mahajan is currently Chairman of the Governing Council of Banking Codes and Standards Board of India. He also serves as an Independent Director on the boards of Hindustan Petroleum Corporation Limited, Management Development Institute, Himvati Power Company Limited, LancoBabanth Power Limited and IDBI MF Trustee Company Limited.

Commenting on Mahajan's appointment, Sunil Godhwani, Chairman and Managing Director, Religare Enterprises Limited said, "We welcome Mr Mahajan to the Religare family. As a group we look forward to his guidance on the integrated financial services portfolio of Religare given his deep and incisive understanding of the banking industry in India." 

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JLR studying full production in India: Sources

Jaguar Land Rover (JLR) is investigating the potential of manufacturing cars in India, company sources said, as the British luxury carmaker looks to build on its growth in emerging markets with the help of Indian parent Tata Motors.

JLR, which has ridden a wave of surging demand in China and other emerging markets to post record profits over the past year, is "actively exploring the possibility" of building cars from scratch in India, said one company source.

Also Read: Audi celebrates 5-million vehicles fitted with Quattro

"The idea is being looked into, with the (Jaguar) XF and (Land Rover) Freelander the obvious candidates," said another source with knowledge of the matter.

The British brands, which already assemble two models in India using parts and engines shipped from factories in the UK, will also begin assembling its popular Range Rover Evoque in the country soon, the first source said without providing details.

Building cars in India, which has developed into an emerging market export hub for many global carmakers, would allow JLR to skirt high import taxes on luxury cars, which the country's finance minister proposed raising to 100 percent from 75 percent in his budget speech last week.

"Jaguar Land Rover has ambitious plans to expand its manufacturing footprint and increase production in markets outside Britain," Del Sehmar, a Mumbai-based spokesman for the company, told Reuters. "We continue to examine options to expand our range of locally assembled products," he said, referring to India.

JLR will exhibit a new 9-speed automatic Evoque and an electric-powered version of its Land Rover Defender at the Geneva Motor Show next week.

INVESTMENT DRIVE

Bought by Tata for USD 2.3 billion from Ford in 2008, JLR has defied those sceptical of its future under Indian ownership to roar back into profit over the past three years as the main growth driver for its now-struggling parent.

Continued growth in emerging markets such as India and China, which accounted for 22.3 percent of its sales in the December quarter, is key for JLR as it embarks on an expensive overhaul of its production and product clout. The carmaker is investing USD 1.7 billion with local partner Chery Automobile Co in a factory in China.

JLR lags rivals BMW AG , Volkswagen AG's Audi and Daimler AG's Mercedes-Benz in assembling cars in India, where the luxury market is expected to swell by around six times by 2020 to 300,000 cars a year, according to business consultancy Frost & Sullivan.

JLR, with sleek saloons favoured by British prime ministers and luxury SUVs born of desert and jungle combat, has factories working around the clock in England to meet demand, bucking the trend of sluggish demand for European automakers.

The company has repeatedly stressed that its overseas ambitions will not lead to job losses in Britain. JLR employed close to 24,000 people at the end of March last year.

Earlier this year JLR started the assembly of the 2.2-litre diesel version of the Jaguar XF saloon at a plant in Pune, west India, tucked away in a corner of a sprawling production site where Tata builds its heavy duty trucks and hatchbacks.

Screwed together using engines and components shipped from JLR's Castle Bromwich plant in Birmingham, central England, the company has also been assembling its Land Rover Freelander 2 in Pune since May 2011.

The XF and the Freelander 2 are JLR's best-selling models in India, where it sold 2,288 cars in the year to March 2012, up 157 percent from the previous year.

The carmaker, which warned in January of negative free cash flow next year as it invests in production facilities, is also exploring the feasibility of a factory in Saudi Arabia. After the signing of a deal with JLR in December, the Saudi commerce and industry ministry said the $1.2 billion plant would start making vehicles by 2017.

"At the moment, we've signed a letter of intent to do a study," Kenneth Gregor, JLR chief financial officer, said last month. "That is and remains a study."

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Hyundai Motor India total sales up 5% in February

The country's second-largest car maker Hyundai Motor India Ltd (HMIL) today reported 5.42 per cent rise in its total sales at 54,665 units in February 2013.

The company had sold 51,855 units in the corresponding month previous year, HMIL said in a statement. In the domestic market, the company recorded a decline of 7.62 per cent in sales at 34,002 units compared to 36,805 units in the year-ago period, it added.

Also read: TVS Motor's total sales dip marginally in Feb

Exports of the company went up by 37.30 per cent to 20,663 units during the month under review from 15,050 units in the same period previous year, the statement said.

"The market was suppressed as there was drop in enquiries with lower rates of conversions to purchase. The increase in fuel prices negatively impacted the already low market sentiments," HMIL Vice President (Sales and Marketing) Rakesh Srivastava said.

The company expects the challenge to continue in the next quarter until there is a significant change in macro-economic conditions, he added.

In the A2 segment (Eon, Santro, i10 and i20), the company sold 46,387 units, while sales in the A3 segment (Accent and Verna) stood at 7,722 units in February 2013.

The company sold 66 units of the sports utility vehicle Santa Fe during the month. Sales of luxury sedan Sonata stood at 20 units, while Elantra witnessed 470 purchases.

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MM rises post price hike of utility vehicles

Moneycontrol Bureau

Mahindra & Mahindra shares reversed early losses and rose over 1.5 percent on Friday, boosted by the price hike it took to offset the hike in excise duty announced in the Budget.

Finance Minister P Chidambaram surprised automakers when he announced a hike in excise on non-taxi sports utility vehicles to 30 percent from 27 percent in the Union Budget for 2013-14.

M&M, India's largest utility vehicle maker, late on Thursday announced it would raise prices by 2.4 percent across its vehicles, except the compact UV Quanto.

Utility vehicles have seen strong this financial year, even as the overall passenger vehicle industry saw sluggish growth. Analysts say the price hike won't affect growth much going ahead.

"The immediate increase in prices by the company is on the expected lines and has been undertaken to protect margins. We don't see a material impact of the recent price hike on the company's volumes and expect them to grow at a healthy rate of 12 percent in FY14," Angel Broking said.

The brokerage has a "buy" rating on the stock.

JP Morgan, meanwhile, feels the hike in duty would impact demand for companies like M&M and Tata Motors. On the other hand, the increased allocation for rural development schemes in the Budget would boost demand for companies like M&M, who have a sizeable rural exposure, it feels.

M&M shares were up 1.4 percent at Rs 885.80 on NSE in noon trade. The stock had hit a 52-week low of Rs 862.25 earlier in the day.

Nachiket Kelkar
nachiket.kelkar@network18online.com

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Budget Analysis: New regulator, award of 3k km road projs positive, says GVK

The appointment of new road regulator is a welcome move, Isaac George, Dir-Fin & CEO-Transportation, GVK Power told CNBC-TV18 cheering Budget 2013 .

There has been a sharp drop in award of highway projects, so the new regulator must be accountable and should dispose cases in timely manner, he added.

Chidambaram also announced that 3000 km of road projects will be awarded in the first six months of 2013-14, tough this figure is much lower than the usual yearly target of 7,000-8,000 km announced in budgets in the last two years; George sees this as a positive step.

Also read: Where have all the men gone? Women, a bank and the FM

However, issues relating to environmental clearance and land acquisition have to be solved without which awarding projects doesn't make much sense, he added.

Below is the edited transcript of Isaac George's interview with CNBC-TV18.

Q: FM said that they will be awarding about 3,000 kilometers of road projects in the coming year. These tall announcements have been made in many Budgets. How optimistic are you about things improving for the road sector in the coming year? Do you think setting up of the road regulator will be a major relief and could be the game changer?

A: There has been demand for a road regulator for quite sometime now. It is a welcome step and is a step in the right direction. There are issues that come up during construction and operation phase which is handled by National Highways Authority of India (NHAI) directly.

But with a regulator coming in, it will help because it would be an independent body that would evaluate and dispose of things in a prudent manner. The only concern that I have is that these regulators should be made accountable and they will have to dispose cases that come to them in a timely manner unlike other regulators. If that happens then it will greatly help developers.

Q: How optimistic are you about FY14 and the announcements made in the Budget?

A: The 3,000 kilometers of road projects that is likely to be awarded in the first six months of the financial year 2013-14 is a very positive thing. This year they were not in a position to meet their targets and if they are in a position to do these 3,000 kilometers it will be a very positive feature.

Issues like environmental issues, land acquisition, utility removal, forest clearances etc have to be solved. Without solving those issues awarding just 3,000 kilometers of road does not make much sense.

Q: You are stuck because of some seminal building blocks not being in place like land acquisition rules, environment rules. There is a certain uncertainty about what exactly is the government expecting on environment. If that is the situation how will the regulator help? These are fundamental political issues. The regulator may only keep delaying it. You will still be stuck for final answers?

A: That is why I said he will have to tackle the situation in a timely manner. Otherwise the presence of a regulator is not going to serve any purpose honestly speaking. So I presume that once the regulator is appointed, it will be in a position to help developers to resolve these issues.

Q: Do you see FY14 being better than FY13, do you see the government trying to address issues on the land acquisition or environment?

A: The government has at least woken up to the fact that there are issues that have got to be solved that is why you see the Cabinet Committee For Investments (CCI) have been set up. I hope it will be in a position to discharge whatever is required for them to do.

What they are trying to say is that projects which have not been able to progress because of certain critical approvals that they have not got, they would certainly try and speed up the entire process, so that the projects are not stalled.

So, the intention of the government is good, but whether they will be in a position to deliver is something that is to be seen. It is a wait and watch situation.

Q: They supposed rationalisation of duty between bituminous coal and other coal used for steam and power, is that rationalization going to make things expensive for you? Both of them have been made it at 2 percent customs duty and 2 percent countervailing duty (CVD), will the entire operations therefore make imported coal more expensive for you?

A: We are not importing any coal for that matter. We have only one thermal power plant and we have a captive coal mine associated with the thermal power plant. It is not going to make a difference for us, but as far as coal is concerned, the positive statement that I thought that the FM made was with respect to PPP in coal mining.

He has understood that the monopoly of Coal India is not going to help in the long run. He is now proposed a plan to introduce PPP with Coal India as one of the partners. That is by far one of the best decisions that he has taken to ensure that fuel supplies in future could be managed in a better manner.

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Maruti Suzuki soars 4% after Feb auto sales nos

Mar 01, 2013, 02.10 PM IST

Maruti Suzuki India, the largest car maker in India, jumped 4 percent on Friday after reporting February sales largely in-line with expectations.

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Maruti Suzuki soars 4% after Feb auto sales nos

Maruti Suzuki India, the largest car maker in India, jumped 4 percent on Friday after reporting February sales largely in-line with expectations.

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Maruti Suzuki soars 4% after Feb auto sales nos

Maruti Suzuki India, the largest car maker in India, jumped 4 percent on Friday after reporting February sales largely in-line with expectations.

Share  .  Email  .  Print  .  A+A-

To download current article in Word format, click here.

Maruti Suzuki India , the largest car maker in India, jumped 4 percent on Friday after reporting February sales largely in-line with expectations.

Company sold 1.09 lakh units in February as against 1.19 lakh units in a year ago period while exports rose by 2.8 percent year-on-year to 11,612 units.

Small car sales too dropped at 24,021 units from 27,899 units during the same period. Passenger car sales went down by 10.9 percent YoY to 83,865 units in February.

Meanwhile, the management clarified to analysts that the hike in withholding tax on royalty in Budget from 10 percent to 25 percent will not impact them as the India-Japan double taxation treaty provides that withholding tax does not exceed 10 percent.
 
At 13:24 hours IST, shares went up 3.93 percent to Rs 1,410 on Bombay Stock Exchange.

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs
• Super rich tax: 10% surcharge on income above Rs 1 cr
• Modified provisions under GAAR effective April 1, 2016
• No change in standard rate of excise duty, service tax

flashes

• Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
• Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
• Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
• Budget Reaction: Fitch Says Commitment To Fisc Cons, Despite Poll, Encouraging

more »

InterpretationS

• GAAR-Presumes tax benefit unless proved contrary
• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

18:52 pm

Exice Duty on readymade garments exempted +ve for textile sector

TAX AND YOU

Salaried Person

REACTIONS

reaction on: Markets

TR Ramachandran

CEO & MD | Aviva India

reaction on: Policy

Srichand P Hinduja

Chairman | Hinduja Group

reaction on: People

Hari S Bhartia

Co-Chmn & Founder | Jubilant Group

reaction on: Business

Tapan Ray

Director General | OPPI

reaction on: Business

Uttam Bose

MD | Hindustan Motors

What got Cheaper / costlier?

Download E-book free!

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Everything you want to know about BUDGET 2013

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Maruti gets removed from MSCI today; shares slip

Country's largest car maker Maruti Suzuki India moved down 1 percent on Thursday as index provider MSCI will remove the stock from its MSCI India index.

The changes will take place after the close of today's trade.

At 10:27 hours IST, shares went down 0.88 percent to Rs 1,396.90 on Bombay Stock Exchange.

The stock fell more than 13 percent in last one month whereas gained over 11 percent in one year.

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Gujarat Fluorochemicals to stop trading in FO, stock tanks

Thu, Feb 28, 2013 at 10:48

Gujarat Fluorochemicals dropped nearly 4 percent on Thursday as the stock will stop trading in derivatives segment after February expiry.

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Gujarat Fluorochemicals to stop trading in F&O, stock tanks

Gujarat Fluorochemicals dropped nearly 4 percent on Thursday as the stock will stop trading in derivatives segment after February expiry.

Like this story, share it with millions of investors on M3

Gujarat Fluorochemicals to stop trading in F&O, stock tanks

Gujarat Fluorochemicals dropped nearly 4 percent on Thursday as the stock will stop trading in derivatives segment after February expiry.

Share  .  Email  .  Print  .  A+A-

To download current article in Word format, click here.

Gujarat Fluorochemicals dropped nearly 4 percent on Thursday as the stock will stop trading in derivatives segment after February expiry.

At 10:39 hours IST, shares declined 2.6 percent to Rs 278.70 on Bombay Stock Exchange.

The stock slipped over 4 percent in last one month while plunged more than 42 percent in one year.

The trading in shares of Suzlon Energy , one of the world's largest wind turbine suppliers, will also be stopped in F&O segment after today's trade. But the stock gained over 1.4 percent after getting beaten down quite badly in last few sessions.

To download current article in Word format, click here.

highlights

• No case to revise direct tax rates, slabs: FM
• Super rich tax: 10% surcharge on income above Rs 1 cr: FM
• Increase excise duty on SUV's from 27% to 30%: FM
• No change in standard rate of excise duty, service tax: FM

more »

flashes

• Budget Reaction: Rana Kapoor Says Borrowings Pegged On Higher Side Negative For The Market
• Budget Reaction: Rana Kapoor Says Overall Borrowing Pegged By Govt On Higher Side
• Budget Reaction: Koushik Chatterjee Says FM Spoke Of Raising Investment Tempo In The Port Sector
• Budget Reaction: Koushik Chatterjee Says Focus To Increase Mining With Available Reserves

more »

InterpretationS

• MFs covered for deductions u/s 80CCG
• Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
• ED on readymade garments exempted: positive textile sector
• Excise duty exempted on ships & vessels: positive for shipping

more »

SECTOR IMPACT

Select Sector to see impact

• Auto - Cars & Jeeps
• Auto - LCVs/HCVs
• Banks - Private Sector
• Banks - Public Sector
• Cigarettes
• Computers - Hardware
• Computers - Software - Training
• Construction and Contracting - Real Estate
• Electricals
• Engineering - Heavy
• Finance - General
• Finance - Investments
• Infrastructure - General
• Leather Products
• Media & Entertainment
• Mining/Minerals
• Miscellaneous
• Personal Care
• Pesticides/Agro Chemicals
• Power - Generation/Distribution
• Refineries
• Shipping
• Sugar
• Textiles - Denim
• Textiles - General

Textiles - General

13:53 pm

Exice Duty on readymade garments exempted +ve for textile sector

EXPECTATIONS

expectation on: Business

Uday Kotak

Executive Vice-Chairman and Managing Director | Kotak Mahindra Bank

expectation on: Policy

Vetri Subramaniam

CIO | Religare Mutual Fund

expectation on: Markets

Raamdeo Agrawal

Joint MD | Motilal Oswal

expectation on: Markets

Atul Suri

NULL | Trader

expectation on: Policy

Pankaj Vaish

Head South Asia Markets | Citi

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