Sensex Trades Marginally Higher; Tata Steel and ICICI Bank Top Gainers

Tue, 25 Feb 12:30 pm

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Share markets in India are presently trading on a positive note. The BSE Sensex is trading up by 104 points, while the NSE Nifty is trading up by 27 points.

The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading down by 0.1%.

Sectoral indices are trading mixed with stocks in the metal sector and telecom sector witnessing buying interest, while healthcare stocks are witnessing selling pressure.

The rupee is trading at Rs 71.82 against the US$.

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In news from the FMCG sector, shares of Hindustan Unilever (HUL) rose over 2% today after the company's board approved the formation of a new wholly-owned subsidiary with an authorised share capital of Rs 20 billion.

In a filing to exchanges, the company said that "this new subsidiary has been formed to leverage the growth opportunities in a fast-changing business environment and will help HUL in becoming more agile and customer-focused."

Reportedly, the subsidiary is being set up for manufacturing purposes, with an aim at capitalizing on the 15% corporation tax available to new manufacturing firms.

Finance Minister Nirmala Sitharaman had reduced the corporate tax for existing companies to 22% from 30%, and to 15% from 25% for new manufacturing firms incorporated after October 1, 2019, and starting operations before March 31, 2023.

The company is also setting aside Rs 5-8 billion for investment in new plants under the subsidiary.

HUL share price is presently trading up by 1.3%.

To know more, you can read HUL's Q3FY20 result analysis on our website.

Moving on to news from the realty sector, real estate major DLF and software firm TCS have sought government's nod to set up special economic zones (SEZ) for IT sector in Haryana and Uttar Pradesh.

These proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, in its meeting on February 26.

According to the agenda paper of the board meeting, TCS has proposed to set up an IT/ITeS SEZ at Noida in Uttar Pradesh in an area of 19.9 hectares. The total proposed investment for the project is Rs 24.3 billion.

Meanwhile, DLF has proposed to set up two SEZs in Haryana. The proposed investments for these projects are Rs 7.9 billion and 7.6 billion, respectively.

In other news, the Reserve Bank of India on Monday said credit flow to the real estate sector needed to improve, as slowing credit offtake was one of the challenges facing Indian banks.

RBI Governor Shaktikanta Das said, "RBI proposes to take thematic studies across financial institutions, and top 50 Non-Banking Financial Companies (NBFCs) are also being monitored very closely."

He also asked banks to be prudent in lending and highlighted that the quality of appraisal is important.

He mentioned that the issue of governance in public and private sector banks is of utmost importance and the management of banks have a critical role to play in improving the governance.

Speaking of the real estate sector, note that real estate developers are struggling to raise funds to construct or complete their projects.

Amid a liquidity crunch following the crisis that came to light at Infrastructure Leasing and Financial Services (IL&FS) in 2018, it has become difficult for developers to raise construction finance.

While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

The BSE Realty Index also reflects the same. It was down 31% in 2018. But is the scenario about to change?

Real Estate - The Sector to Bet on After the Budget?

Here's what Tanushree Banerjee wrote about this in one of the editions of The 5 Minute WrapUp...

• Demonetisation, RERA, and the IL&FS crisis have hit the sector hard.
  
  The BSE Realty Index has had a tough time in the last few years.
  
  But there are signs of a turnaround. The government's Rs 250 billion package was a much need boost for the sector and homebuyers.
  
  A real estate revival is important for the steel, cement, and many other sectors. It is also an important job creator for India's young population.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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