Indian Indices Slip in the Red

Tue, 31 May 11:30 am

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After opening the day on a positive note, the Indian indices registered losses and went on to trade in the red. Sectoral indices are trading on a negative note with stocks from the pharma, IT and telecom sectors witnessing maximum selling pressure.

The BSE Sensex is trading down 72 points (down 0.3%) and the NSE Nifty is trading down 15 points (down 0.2%). The BSE Mid Cap index is trading down by 0.3%, while BSE Small Cap index is trading down by 0.4%. The rupee is trading at 67.23 to the US$.

As per a leading financial daily, Commerce and Industry Minister Nirmala Sitharaman said that the Finance Ministry should consider raising tax holiday for startups to 7 years from the current 3 years to encourage budding entrepreneurs. She added that Startups want the tax holiday to be extended to up to seven years because no company breaks even in three years. They say a longer-duration tax concession would benefit the startup industry, which is in dire need of every positive step. It will not only encourage entrepreneurship but also enable companies to expand their operations, generate employment and hire quality talent.

In its 'star-up India Action Plan', the government has envisaged establishing a fund of funds. The fund intends to raise Rs 25 billion annually for four years to finance startups and promote the startup ecosystem in the country. The plan had, however, stated that with cash constraints and limited avenues of finances available to startups, a tax holiday in the initial years can be very helpful. Besides tax exemption to startups for three years, tax exemption on capital gains and tax exemption on investments above fair market value were the other two announcements made during the Startup Action Plan.

Presently, the startup sector in India is in a slowdown phase. This we say as the number of deals as well as the deal sizes, seed capital flowing in to India's startups (known as series A funding), is clearly slowing down. In one of our editions of The 5 Minute WrapUp we have stated our views on the startup megatrend.

Automobile stocks are trading on a mixed note with Tata Motors DVR leading the gains and TVS Motors leading the losses. In another news update it was reported that Mahindra & Mahindra (M&M) has entered into a Brand License Agreement with Pininfarina. The agreement is entered for use of trademarks owned by the Pininfarina group including licensing of brand 'Pininfarina' for automotive products of the company.

The company has taken this step pursuant to acquisition of 76.06% stake in Pininfarina through a Special Purpose Vehicle (SPV). Last year in December, M&M announced acquisition of 76.06% stake in Pininfarina through SPV. Tech Mahindra would hold 60% in the said SPV while M&M will hold the remaining 40% stake in SPV.

M&M is one of the leading auto companies of India.presently its stock is trading down by 0.2%.

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