Indian markets open in red

Tue, 24 Nov 09:30 am

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The major Asian Paints have opened the day on a weak note with stock markets in China (down 0.8%) and Hong Kong (down 0.7%) being the top losers. Major stock indices in Europe and US too ended their previous session in red. The rupee is trading at 66.34 per US dollar.

Indian stock markets too have opened the day on a negative note. BSE-Sensex is trading lower by 63 points (up 0.2%) and NSE-Nifty is trading lower by 16 points (up 0.2%). Both S&P BSE Midcap and S&P BSE Smallcap and are trading marginally higher by 0.1% and 0.2% respectively. Major sectoral indices have opened the day on a mixed note. Stocks from FMCG and oil and gas are witnessing buying interest. However stocks from metal and telecommunication sector are facing maximum brunt.

As per an article in leading financial daily, Nestle India has sold so far 45 million packs of 'Maggi' noodles after the company re-launched its brand.

Within a span of two weeks it managed to sell 45 million packs of the noodle brand. Another good news for the company is that the production of 'Maggi' at its Uttarakhand factory has also commenced.

Before the relaunch, Nestle resumed production of Maggi noodles at its Karnataka, Punjab and Goa factories. This makes 4 out of 5 factories operational to produce the 'Maggi' noodles. However, company is yet to get regulatory clearance to resume production at its Himachal plant. Further, company is engaging with necessary authorities to get its Himachal plant operational.

Nestle India recently declared its results for the quarter ended September 2015. The Maggi controversy continued to take a toll on Nestle's financial performance as it reported a revenue decline of 20% YoY. The poor performance was largely due to sharp fall in the the domestic business, while exports were down by 6% YoY. Here is our detailed analysis of the results. (Subscription required)

As reported in a leading financial daily, government indicated that it is considering some of the key demands in relation to Goods and Service Tax (GST) bill as stated by the Congress party. Mr Jayant Sinha, stated that the government was in discussion with the opposition parties to reach a consensus on GST.

The key demand which the Congress party is making is to do away with the 1% additional levy on supply of goods over and above GST. Further, they also want a rate not exceeding 18%. Recently, the government stated that it favours a moderate GST rate which is politically acceptable.

The NDA government has 63 seats in the Upper House. To get the bill passed, it will need an additional support of atleast 100 members. Having said that, apart from All India Anna Dravida Munnetra Kazhagam and Left parties, most of the other political parties are willing to support the bill.

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