Metals Bear the Brunt of Selling

Tue, 8 Dec 01:30 pm

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After opening the day on a negative note, Indian Indices have continued to trade in the negative territory. Sectoral indices are trading on a mixed note. Stocks from the metal and oil & gas sectors are bearing the maximum brunt. However, stocks from FMCG and information technology sector are witnessing buying interest.

The BSE-Sensex is trading lower by 100 points (down 0.4%) and the NSE-Nifty is trading down by 26 points (down 0.3%). Both, BSE Mid Cap index and BSE Small Cap index are trading lower by 0.4%. Gold, per 10 grams, is trading at Rs 25,479 level. Silver, per kilogram, is trading at Rs 34,636 level. Crude oil is trading at Rs 2,533 per barrel. The rupee is trading at 66.62 to the US$.

As per an article in a leading financial daily, under the new Goods and Service Tax (GST) regime, exemption list of around 300 items under the present 'Central Excise Act' will be reduced to just 90 items.

Certain items such as tea, biscuits, medicines which are exempt under the excise act will possibly be taxed under the GST regime. The finance ministry and empowered committee of state finance ministers are in discussion to draw up a common list of exempted items. The aim is to keep the exemption list to a minimum.

Presently, negative list in the 'Service Tax' includes 18 items. However under the GST regime, negative list of services will be reduced to include only essential services like 'Health and Education'. However, chief economic advisor Arvind Subramanian has recommended doing away with the exemptions on health and education also.

Recently, Ankit Shah (Research Analyst), Managing Editor, Equitymaster's Secrets, had written an article in relation to the implications of the Goods and Service Tax. Do read this interesting piece to get an insight into this subject.

As reported in a leading financial daily, domestic steel industry is set to get a layer of protection from the ministry of finance wherein a Minimum Import Price (MIP) will be set for the steel imports. MIP is defined as the weighted average global price of the product.

Owing to the cheap imports from Japan, China and Korea the demand for domestic steel has reduced significantly. This in-turn has affected the domestic steel industry which is encumbered by an accumulated debt of Rs 2,980 billion and an unfavourable debt to equity ratio of 1.27.

The commerce ministry will set a floor price below which the imports will not be allowed into the country. However, MIP will not be applicable when imported steel products are used as inputs or raw-materials for the purpose of exports.

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