Sensex Zooms Ahead of GST Introduction in Lok Sabha

Fri, 24 Mar 11:30 am

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After opening the day marginally higher, Indian share markets continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks in the banking sector and realty sector leading the gains.

The BSE Sensex is trading up 130 points (up 0.4%) and the NSE Nifty is trading up 32 points (up 0.4%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.7%. The rupee is trading at 65.47 to the US$.

Market participants in the domestic stock markets are looking forward to GST Bill that is going to be tabled in the Lok Sabha today. So far, the Bill has received nod from the Union Cabinet for four legislations namely the Central, State, Union Territory and Integrated GST, along with the Compensation Bill. All these legislations are said to be taken up for discussion in the Parliament this week.

All the above developments have set the stage for implementing the landmark tax reform by 1 July 2017.

We believe that  Goods and Service Tax (GST) is one of the key reforms that has the potential to bring about a structural change in the Indian economy. The implementation of the same is bound to bring more companies under the new tax regime, thus providing a level playing field to organized players that face huge competition from the unorganized segment, especially in the small cap space.

Players from the footwear, plywood, textiles and sanitary-ware sectors are likely to be strong beneficiaries of the above tax legislation. Battery as well as paint and adhesive manufacturers are likely to gain from this move as well.

Sectors that may benefit the most from GST

To get a detailed view on the Goods and Services Tax (GST), you can read Vivek Kaul's report, GST & You: What the Media DID NOT TELL YOU about the GST.

In the news from IPO space, the initial public offering (IPO) of Shankara Building Products garnered subscription of 2.5 times by the end of second day of the bidding process.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 75%, while non-institutional investors segment witnessed subscription of 49%. On the other hand, retail investors' category was oversubscribed 4.35 times.

Speaking of IPOs, a half-a-dozen companies are set to raise Rs 60 billion in March and early April through IPOs. This makes it the second-best month for IPOs in six-and-a-half years. Some in the list, such as Music Broadcast and Avenue Supermarts, are already out with their IPOs.

But the euphoria around these IPOs begs the question: What should our approach to IPOs be?

At Equitymaster, we have always recommended IPOs cautiously. Here's Equitymaster Co-Head of Research Rahul Shah on the rationale behind our approach:

• We know what a dirty game the IPO business is. We've seen it over and over again: It's a game where the odds are stacked against investors. So, for us, the equation is simple. We'd rather face criticism in the short run than see our subscribers lose money over the longer term. We weren't afraid to do this during the hot IPO days of 2007, and we're not afraid to do it today.

We believe that each IPO should be evaluated on its merits, fundamentals, and most importantly, valuations. And this approach is most apt when the hype surrounding IPOs is at its peak.

IPOs can be a good wealth creators if - and only if - they tick the above boxes. If you wish to filter IPOs through our handy, comprehensive checklist, you can download our Handbook of IPOs.

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

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