Sensex Opens Flat; Consumer Durable Stocks Gain

Thu, 30 Mar 09:30 am

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Asian equity markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.25% while the Hang Seng is down 0.50%. The Shanghai Composite is trading lower by 1.13%. US & European equities closed higher in their previous trading session.

Meanwhile, share markets in India have opened the day flat with a positive bias. The BSE Sensex is trading up by 41 points while the NSE Nifty is trading up by 4 points. The BSE Mid Cap index and BSE Small Cap index have opened up by 0.2% & 0.4% respectively.

Barring automobile stocks, all sectoral indices have opened the day in green with consumer durables sector and capital goods sector leading the pack of gainers. The rupee is trading at 64.96 to the US$.

In the latest development, approving the last set of legislative measures for ringing in the country's biggest tax reforms, the Lok Sabha on Wednesday passed a set of four supplementary Bills for the implementation of the historic Goods and Services Tax (GST) regime from July 1. The GST rollout will usher in a uniform indirect tax regime in the country.

Reportedly, the Central GST Bill, 2017; the Integrated GST Bill, 2017; the GST (Compensation to States) Bill, 2017; and the Union Territory GST Bill, 2017 were passed after negation of a host of amendments moved by the Opposition parties.

This brings India under a single integrated tax net for the very first time, and the tax reform will be rolled out by 1 July 2017. GST will subsume a number of indirect taxes levied by the Union and state governments, such as excise duty, VAT, service tax, luxury and entertainment levies, etc.

According to finance minister Arun Jaitley, by doing away with the concept of tax on tax, the GST would help curb inflation. He also added that, GST is likely to make commodities slightly cheaper.

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.

Moving on to the news from stocks in pharma sector. As per an article in a leading financial daily, Lupin has launched generic Abacavir and Lamivudine tablets used for the treatment of human immunodeficiency infection in the American market.

Reportedly, the company had earlier received approval from the United States Food and Drug Administration (USFDA) for tablets in the strengths of 600 mg/300 mg. Lupin's tablets are generic versions of ViiV Healthcare Company's Epzicom tablets, in the same strength.

The product is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection. As per IMS MAT December 2016 data, Epzicom tablets had US sales of US$388.1 million.

With this, the company's cumulative filings with the USFDA now stand at 349, with 213 products already approved. The US continues to be the principal growth engine for the company. Lupin's US business has grown at CAGR of 24% (Subscription Required) over the last five years.

Speaking of pharma space in India, according to a report by The Hindu Business Line, in spite of the prevailing challenges, the Indian pharma sector is expected to grow up to 45% by 2025 and 58,000 additional employment opportunities are likely to be created in the industry amid the job crisis in India.

Despite the capping of prices, notebandi and GST implementation, all of which are perceived to impact the pharma sector adversely, the industry will continue to grow. In fact, by 2020, the pharma market will be touching US$ 55 billion, with a CAGR of about 15.9%.

Lupin share price began trading down by 0.1%.

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