Indian Indices Trade in the Red

Thu, 2 Jun 11:30 am

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After opening the day on a flattish note, the Indian indices registered losses and went on to trade in the red. Sectoral indices are trading on a discouraging note with stocks from the consumer durables, healthcare and FMCG sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 53 points (down 0.2%) and the NSE Nifty is trading down by 16 points (down 0.2%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading down by 0.1%. The rupee is trading at 67.26 to the US$.

As per a leading financial daily, Finance Minister Arun Jaitley said that the Goods and Service Tax (GST) will convert India into one common market, prevent tax-on-tax, and make goods and services cheaper. He also stated that the Congress - the main opposition party to the bill - will come on board to help in the passage of India's biggest indirect tax reform bill since independence in the ensuing monsoon session of Parliament. Failing which, said Mr Jaitley, the government will have no option but to seek for a Parliamentary vote.

If passed, the GST Bill will create a single national sales tax and replace several state and central levies. The bill has already been approved by the Lok Sabha and is pending in the Rajya Sabha where the government doesn't have a majority.

Jaitley, who is on a six-day tour to Japan, said he was quite confident that GST had support of two-third members of the Rajya Sabha, as GST benefits all consuming states. While Mr. Jaitley seems reasonable confident, Vivek Kaul, editor of Vivek Kaul's Diary, has his doubts. Read this interesting article to know his views on why the success of the GST Bill in July 2016 doesn't seem plausible.

Moving on to the news from engineering space...Bharat Heavy Electricals (BHEL) has successfully commissioned 520 megawatt (MW) coal-based thermal generating unit in Andhra Pradesh. The unit has been commissioned at the 2x520 MW Vizag Thermal Power Project of Hinduja National Power Company (HNPCL), Visakhapatnam.

The project has been executed by the company on Engineering, Procurement and Construction (EPC) basis. This project is located on the coast of the Bay of Bengal.

On a separate note, BHEL has also secured orders for setting up two supercritical thermal power projects involving one unit each of the country's highest rating 800 MW sets, in Andhra Pradesh.

BHEL is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing company of its kind in India. It produces a wide variety of industrial goods. In its results for the quarter ended March 2016, the company reported a 60% YoY declined in its net profits. Revenue declined 21% YoY to Rs 97 billion. Further, EBITDA (earnings before interest, taxes, depreciation and amortization) margin came in at 3.6%. This was much lower than estimates of 7% and was impacted by provisions of Rs 9.5 billion, which includes Rs 3.5 billion towards doubtful debts. To know our view on the stock of BHEL, you can read our result analysis (subscription required).

Presently the stock of BHEL is trading marginally higher on the BSE.

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