ABG Union Budget 2015-2016- 280215
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Transcript of ABG Union Budget 2015-2016- 280215
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28th February 2015
A growth oriented budget with realistic assumptions!
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Budget Highlights
Budget fittingly tackles balancing of conflicting objectives - higher share of government revenues going to the states, maintaining a tight fiscal balance,
allocating higher public investments to spur growth as private investments are still lagging. In the process it deliberately compromised on the deficit
target which is projected at a tad higher at 3.9% vs 3.6% for the year with the 3% target being pushed back by a year to 2018 from 2017. But
importantly the additional spending Rs. 70000cr additional Gross Budgetary Support - targeted on infrastructure will be released immediately to kick
start growth (including 40000cr of GBS to Railways). Shovel ready projects will support immediate kick off of infra capex to push prime the economic
growth creating multiplier effect.
Phased cut in the corporate income tax starting FY17 from 30 to 25% is significantly positive along with simplification of the tax structure
(Rationalisation and removal of various tax exemptions). Support for Make in India was demonstrated through a 15% cut in royalty and fees for
technical services; lower corporate tax and commitment to implement GST by April 2016. Deferment of GAAR by 2 (prospective basis ONLY) years will
add to the confidence of foreign investors. Bringing NBFCs having asset size in excess of Rs. 5 bn under SARFAESI Act, Comprehensive Bankruptcy
Code, an independent debt management unit and a monetary policy committee for the RBI to deal with a formally mandated inflation target were some
of the major structural reforms announced which will lead to ease in doing business and propel the GDP growth to 8%+.
On its revenue front, the gross tax collections have been budgeted to grow at 15.8% to Rs.14.49 lakh crores. On spending side, slump in crude price is
a god sent opportunity supporting subsidy reduction in Oil. Budget targets to check subsidy leakages with further expansion of Direct Transfer of
Benefit. The FM has also spelt out provisions relating to the proposed bill (To be introduced in the current session) to curb both domestic and foreign
black money. In keeping with this theme, there is increasing thrust on financial inclusion and social security including Housing for all, employment
generation and poverty reduction. FM has budgeted for higher divestment proceeds (~70k crore). Pick up in taxes will be gradual and linked to revival of
the economy and therefore targeted disinvestments will be the key to boosting governments non-tax revenue kitty.
In conclusion, Budget gives clarity of long term vision and stability of fiscal policies in a potentially high growth environment. It carries forward the
governments thrust on taking our economy towards global standards of governance by making it more investment-friendly, fairer and transparent. It will
help create a business friendly tax environment and infrastructure spending boost while slightly relaxing the deficit reduction plan. FM has clearly set up
an ambitious reform agenda. Now he needs to ensure that the key initiatives are implemented flawlessly and we see tangible difference. Given the
deferment of GAAR by two years, the budget would be received favorably in most quarters of the global investor community. Budget is not very
expansionary which will assuage the concerns of the RBI, leading to a likely reducation in the interest rates. Rating upgrade for India in sometime in
future and paucity of investment opportunities in other EM spaces will keep the $ inflow robust.
Top Picks : Yes Bank, Axis Bank, L&T, Tata Motor DVR and Maruti
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Hits and Misses from the Budget
Hits from the Budget
GAAR deferred by 2 years; to apply to investments made on or after 1st April 2017. It will not be implemented RETROSPECTIVELY Will remove
uncertainty for FIIs and will give further boost to inflow
Corporate tax rate to decline from current 30% to 25% over next 4 yrs, starting from next fiscal Earnings will get upgraded marginally; Will give
boost capex cycle
Rate of Income-tax on royalty and fees for technical services reduced from 25% to 10% to facilitate technology inflow Will encourage MNCs to
bring technology in India from abroad and boost MAKE IN INDIA initiative
Black Money Curb - Aim to move to cashless economy by encouraging shift to card based transaction; Benami Transactions (Prohibition) Bill to
curb domestic black money to be introduced in the current session of Parliament; PAN being made mandatory for any purchase or sale exceeding
Rs 1 lakh.
Stronger bankruptcy code enforcing better borrower discipline
Higher tax share for states, as per the 14th Finance Commission report, give leeway to spend as per need, rather than one size & style fits all
approach.
Misses from the Budget
Clarity on PSU banks reforms and lower allocation towards PSU Bank recpaitalisation (~8000crore)
Clarity on Retrospective taxation
Plan expenditure lower than expected
Corporate surcharge increased by 2% to 12%
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Agenda
Sector specific measures and impact
Budget at a glance
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Budget at a glance
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Budget at a glance
FY14 FY15 FY15 FY16
Particulars (In ` crore) Actuals Budget Estimates Revised Estimates Budget Estimates
1. Revenue Receipts (2+3) 1,014,724 1,189,763 1,126,294 1,141,575
2. Tax Revenue (net to Centre) 815,854 977,258 908,463 919,842
3. Non-tax Revenue 198,870 212,505 217,831 221,733
4. Capital Receipts (5+6+7) 544,723 605,129 554,864 635,902
5. Recoveries of Loans 12,497 10,527 10,886 10,753
6. Other Receipts 29,368 63,425 31,350 69,500
7. Borrowings and other Liabilities* 502,858 531,177 512,628 555,649
8. Total Receipts (1+4) 1,559,447 1,794,892 1,681,158 1,777,477
9. Non-plan Expenditure 1,106,120 1,219,892 1,213,224 1,312,200
10. On Revenue Account of which, 1,019,040 1,114,609 1,121,897 1,206,027
11. Interest Payments 374,254 427,011 411,354 456,145
12. On Capital Account 87,080 105,283 91,327 106,173
13. Plan Expenditure 453,327 575,000 467,934 465,277
14. On Revenue Account 352,732 453,503 366,883 330,020
15. On Capital Account 100,595 121,497 101,051 135,257
16. Total Expenditure (9+13) 1,559,447 1,794,892 1,681,158 1,777,477
17. Revenue Expenditure (10+14) 1,371,772 1,568,111 1,488,780 1,536,047
18. Of which, grants for creation of capital assets 129,418 168,104 131,898 110,551
19. Capital Expenditure (12+15) 187,675 226,781 192,378 241,430
20. Revenue Deficit (17-1) 357,048 378,348 362,486 394,472
% of GDP (3.1) (2.9) (2.9) (2.8)
21. Effective Revenue deficit (20-18) 227,630 210,244 230,588 283,921
% of GDP (2.0) (1.6) (1.8) (2.0)
22. Fiscal Deficit {16-(1+5+6)} 502,858 531,177 512,628 555,649
% of GDP (4.4) (4.1) (4.1) (3.9)
23. Primary Deficit (20-11) 128,604 104,166 101,274 99,504
% of GDP (1.1) (0.8) (0.8) (0.7)
Source: Indiabudget.nic.in, ABML Research
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Budget at a glance (Contd)
Source: Indiabudget.nic.in, ABML Research
Revenue Receipts
64.2%
Capital Receipts
35.8%
Receipts Break-up FY16 BE
Rs 10563 bn
Rs 6090 bn
Non-Plan Expenditure
72.2%
Plan Expenditure
27.8%
Expenditure Break-up FY15 RE
Rs 10016 bn
Rs 4292 bn
Non-Plan Expenditure
73.8%
Plan Expenditure
26.2%
Expenditure Break-up FY16 BE
Rs 11100 bn
Rs 5553 bn
Revenue Receipts67.0%
Capital Receipts33.0%
Receipts Break-up FY15 RE
Rs 5590 bnRs 8718 bn
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Budget at a glance (Contd)
Source: Indiabudget.nic.in, ABML Research
Corporation Tax34.0%
Taxes on Income
22.3%
Union Excise Duties
14.8%
Customs15.1%
Service Tax13.4%
Taxes on U.T.0.3%
Wealth Tax0.1%
Tax Revenue Break-up FY15 RE
Corporation Tax32.5%
Taxes on Income
22.6%
Union Excise Duties
15.9%
Customs14.4%
Service Tax14.5%
Taxes on U.T.0.2%
Wealth Tax0.0%
Tax Revenue Break-up FY16 BE
Interest Payments etc.
34.1%
Subsidies22.1%
Defence Services (RE+CE)
18.4%
Grants to State & UT
6.7%
Pensions6.8%
Police4.0%
Economic Services
2.2%Others5.6%
Non-Planned Expenditure FY15 RE
Interest Payments etc.
34.7%
Subsidies18.5%
Defence Services (RE+CE)
18.7%
Grants to State & UT
8.2%
Pensions6.7%
Police3.9%
Economic Services
2.2%
Others7.0%
Non-Planned Expenditure FY16 BE
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Changes in FY16BE over FY15RE
Particulars (` Cr.) FY15 RE FY16 BE
FY16BE / FY15RE
REVENUE RECEIPTS
1. Tax Revenue
Corporation Tax 426,079 470,628 10%
Taxes on Income 278,599 327,367 18%
Customs 188,713 208,336 10%
Union Excise Duties 185,480 229,809 24%
Service Tax 168,132 209,774 25%
2. Non-Tax Revenue 217,831 198,133 -9%
Interest receipts 22,166 23,599 6%
Dividend and Profits 88,781 100,651 13%
Other Non Tax Revenue 103,555 94,413 -9%
3. Capital Receipts
Miscellaneous Capital Receipts (on a/c of Disinvestment) 31,350 69,500 122%
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Agenda
Sector specific measures and impact
Budget at a glance
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Sector specific measures and impact
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Agriculture
Budgetary Measures Impact Stocks to Watch
Incremental agriculture credit target of Rs 500 bn in FY16 to Rs 8500 bn.
These measures are expected to lead to increased demand for fertilisers, agro chemicals, hybrid seeds, farm equipment, irrigation projects. Beneficial in medium to long term for agri-equipment sectors, seeds, agrochemicals, tractor segment etc.
BASF, Monsanto, Kaveri Seeds, PI Industries, Insecticides, Advanta, Coromandel, M&M, VST Tillers (+ve)
Rs 53 bn allocated to support micro-irrigation, watershed development and the Pradhan Mantri Krishi Sinchai Yojana.
State govt can allocate further funds
These measures are expected to give further push for various irrigation projects and is positive for overall supply chain of irrigation industry.
Jain Irrigation, EPC Industries (+ve)
Top Picks: M&M, PI Industries
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Automobiles & Aviation/Tourism
Budgetary Measures Impact Stocks to Watch
Excise duty on chassis for ambulance is being reduced from 24% to 12.5%
Auto companies are likely to pass-on the
benefits to end consumers Force Motors (+ve)
Validity period of concessional excise duty of 6% granted to specified goods used in
the manufacture of electrically operated
vehicles and hybrid vehicles is being
extended by one more year up to 31st
March, 2016.
Will enable electric/hybrid vehicles to remain
competitive in the market. M&M, Electrotherm (+ve)
Custom duty on import of commercial vehicles has been increased from 10% to
40%.
10% custom duty has been applied on imports of CKD kits of CV.
CV imported in any other forms has been levied with import duty of 20%.
This measures has been taken to protect
domestic industry and give push to Make in India project.
Tata Motors, Ashok Leyland, Eicher Motors
(+ve)
Visa on arrival to be to be increased to 150 countries from 43 currently in phased
manner. Will give boost to domestic tourism
Indian Hotel, Cox & Kings, Thomas Cook,
Mahindra Holidays (+ve)
Rate of Income-tax on royalty and fees for technical services reduced from 25% to
10% to facilitate technology inflow.
Will be beneficial for MNC automobile
companies Maruti (+ve)
Source: Indiabudget.nic.in, ABML Research
Top Picks: Maruti, Tata Motors, Cox & Kings
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Banking & Financials
Budgetary Measures Impact Stocks to Watch
FPI, FDI shareholding to be merged and to be considered as composite cap.
Distinction between different foreign
investment to be abolished
Currently, the foreign shareholding in private
banks is capped at 74% of equity capital with
FII limit capped at 49%. With composite cap,
the banks in which FII limit is near trigger point
of 49% will be able to increase FII limit upto
74%. This will increase the headroom for FII
to buy the shares. With more FII headroom,
the weight in indices of these banks is also
likely to increase.
Axis Bank, Yes Bank, Indusind Bank (+ve)
Market borrowing of the Government is pegged at Rs 5556.5 bn for FY16E (3.9%
of GDP) which is higher than the street
expectation of 3.6%
Negative for banks as higher borrowing target
will translate into higher bond yields and
consequently higher MTM losses
Mainly PSU banks including PNB, Union Bank,
OBC (-ve)
Government allocated Rs 79.4 bn for PSU bank re-capitalisation which is lower than
estimate of Rs 150-180bn
PSU banks are struggling for capital as they
bore the brunt of asset quality pain. With lower
capital allocated by government, the banks
with low tier 1 ratio will not have healthy
business, NII and profit growth going ahead
PSU banks including Union Bank, IDBI Bank,
IOB, OBC (-ve)
Source: Indiabudget.nic.in, ABML Research
Top Picks: Yes Bank, Indusind Bank, ICICI Bank, Bajaj Finance
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Banking & Financials (Contd)
Budgetary Measures Impact Stocks to Watch
Agriculture credit target for banking industry increased from Rs 8000 bn in
FY15 to Rs 8500 bn in FY16E
Agricultural loans are usually provided to
financially weaker section of the society and
are highly prone to NPA risk. Largely negative
for PSU banks as they mainly extend credit to
direct agriculture and are starved of capital to
further bear NPA risk
Mainly PSU banks including Union Bank, OBC,
IDBI, IOB (-ve)
Strong bankruptcy code to enforce better borrower discipline
Strong bankruptcy code will lower slippages
and improve the recovery of dues which shall
lower the stressed assets of PSU banks.
However, the positive results to be showcased
in medium to long term
SBI, BOI, BOB, Canara Bank (+ve)
FM stated that several measures may soon be introduced to incentivise credit or
debit card transaction in order to curb the
flow of black money by discouraging cash
transaction
As more business is done through card usage,
the deposit growth of banks shall improve.
With Jan dhan scheme, over 11 crore Rupay
cards have already been issued which shall be
supportive.
SBI, BOI, BOB, Canara Bank (+ve)
Government to soon clarify the tax structure for REITs
Clarity in tax structure will make it attractive for
the real estate players to raise funds instead of
taking loans from financial institutions
HDFC, Indiabulls Housing Finance (-ve)
Source: Indiabudget.nic.in, ABML Research
Top Picks: Yes Bank, Indusind Bank, ICICI Bank, Bajaj Finance
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Banking & Financials (Contd)
Budgetary Measures Impact Stocks to Watch
NBFCs with assets more than Rs 5 bn will be allowed to use SARFESI
This will benefit NBFCs to recover the NPAs
faster. SARFESI will allow NBFC to auction
properties when borrowers fail to repay their
loans. NBFCs having property as collateral will
be major beneficiaries
Bajaj Finance, Capital First, HDFC (+ve)
Tax exemption limit for health insurance increased from Rs 15000 to Rs 25000. For
the senior citizens the limit is hiked to Rs
30000
Increase in tax exemption limit will encourage
people to take health insurance in which Max
India is a major player
Max India (+ve)
FMC and SEBI to be merged Forward Market Commission (FMC) is the watchdog for commodity futures market in
India while SEBI is the regulator for capital
markets. The merger of these two regulators
will strengthen the regulation of commodity
markets
MCX (+ve)
Reduce corporate tax from 30% to 25% over next 4 years
Majority of the banks and financial institutions
pay tax of ~30% and would be steadily
benefitting by lower tax rate over next 4 years
which would add to their bottom-line
HDFC Bank, Indusind Bank, Yes Bank, Axis
Bank, ICICI Bank, etc (+ve)
Source: Indiabudget.nic.in, ABML Research
Top Picks: Yes Bank, Indusind Bank, ICICI Bank, Bajaj Finance
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Cement
Budgetary Measures Impact Stocks to Watch
Clean energy cess increased from Rs 100 to Rs 200 per tonne of coal, etc. to finance
clean environment initiatives.
Focus on reviving investment cycle.
Marginal increase in coal cost for all cement
players.
Revival in investment cycle will drive cement
demand in medium to long term.
We believe the budget is mixed bag for cement
industry and hence the impact is marginally
positive indirectly from short to medium term
perspective.
Additional investment allowance (@ 15%) and additional depreciation (@35%) to new
manufacturing units set up during the
period 01-04-2015 to 31-03-2020 in
notified backward areas of Andhra Pradesh
and Telangana.
Will create cement demand from housing and
industries in the region of Andhra and
Telangana.
Sagar Cement, Orient Cement, NCL industries,
Deccan Cement, Kesoram, Ramco etc
Rate of Income-tax on royalty and fees for technical services reduced from 25% to
10% to facilitate technology inflow. Will be beneficial for MNC cement companies ACC, Ambuja, Heidelberg (+ve)
Top Picks: Orient Cement and OCL India
Source: Indiabudget.nic.in, ABML Research
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Consumption (FMCG/Retail/Jewellery)
Budgetary Measures Impact Stocks to Watch
Marginal decrease in tax burden for all taxpayers due to incremental benefits
under various heads of tax exemptions.
Roadmap for reduction in corporate tax from current 30% to 25% in next 4 yrs.
Increased focus rural areas, lower personal tax
outgo to increase disposable income of
consumers. Majority of the FMCG companies
are full tax paying companies and they will
benefit marginally in form of lower tax outgo.
HUL, Dabur, Marico, Godrej Consumer
Products Limited. Emami, Pidilite, Asian Paints
etc. (+ve)
Increase in excise duty in the range of 15-30% for various size of cigarettes.
Increase in excise duty has been more than
street expectation of 8-10%. Subdued industry
cigarette volumes are likely to come under
further pressure, as cigarette companies will
pass-on the increased tax burden to
consumers.
For ITC, majority volume contribution is from
65mm+ category and the company has to take
~15-16% price hike to maintain current
profitability. (-ve)
Godfrey Phillips & VST Industries (-ve)
Roadmap for implementation of GST mentioned.
Increased effective service tax burden from 12.36% to 14%.
GST is likely to get implemented from 1st April
2016. Beneficial for all retail store network
owners.
Increased burden on service tax on rent and
other services will hit profitability marginally
Shoppers Stop, Trent, Titan etc (-ve in FY16E,
+ve from FY17E onwards, net net neutral)
Excise Duty on leather footwear of Retail Sale Price exceeding Rs.1000 per pair has
been reduced from 12% to 6%. (abatement
as a percentage of Retail Sale Price is
being reduced from 35% to 25% for all
footwear)
Footwear companies are likely to pass-on the
benefits of effective lower taxes to consumers
so as to boost volume.
Bata India (+ve)
Top Picks: HUL, Dabur, Emami, Pidilite, Marico, Bata India
Source: Indiabudget.nic.in, ABML Research
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Construction/Infrastructure/Engineering
Budgetary Measures Impact Stocks to Watch
Rs.12bn allocated for DMIC and , as the pace of expenditure picks up additional
funds will be provided
Ahmedabad-Dhaulera Investment Region in
Gujarat, and the ShendraBidkin Industrial Park, in Maharashtra, are now in a position to
start work on basic infrastructure. Additional
allocation will further boost the DMIC project.
L&T, Simplex Infrastructure, (+ve)
National Investment and Infrastructure Fund (NIIF), to be established with an
annual flow of `200bn to it. Positive The investment will be in the form of equity and will create room for huge leverage
All Infrastructure companies (+ve)
Tax free infrastructure bonds can be issued for the projects in the rail, road and
irrigation sectors
Positive - The move is likely to boost the rural
infrastructure and help the smaller regional
players in the infra space.
Players operating in Railways, Roads, Ports,
and irrigation segment. (+ve)
Ports in public sector will be encouraged, to corporatize, and become companies
under the Companies Act
Negative for private ports - Public sector ports
will be able to attract investment and leverage
the huge land resources
GPPL, Adani ports, Essar ports (-ve)
2lakh kms of road to be built.(This includes one lakh km already under construction
and sanctioning another one lakh km of
roads)
A very ambitious target has been set and the
ministry is working on various means to
achieve the same.
IRB, ITNL,Sadbhav, Ashoka, MBL
Infrastructure (+ve)
Top Picks: L&T, IDFC
Source: Indiabudget.nic.in, ABML Research
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Construction/Infrastructure/Engineering (Contd)
Budgetary Measures Impact Stocks to Watch
Gross Budgetary Support (GBS) for the Railways has been pegged at Rs. 400bn.
GBS for current year is higher by Rs. 100bn
over the last fiscal year and 41.6% of the total
plan outlay ~Rs. 1000bn in 2015-16 financial
year.
Bhel, Siemens (+ve)
Excise duty reduced from 12% to 6% for Inputs used in the manufacture of LED
drivers and MCPCB for LED lights, fixtures
and LED lamps.
The move will lead to higher use of LEDs which are more efficient then CFLs.
Havells, Crompton Greaves, Bajaj Electricals
(+ve)
Top Picks: L&T, IDFC
Source: Indiabudget.nic.in, ABML Research
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Metals & Mining
Budgetary Measures Impact Stocks to Watch
Customs duty hiked from 10% to 15% on iron & steel and articles of iron or steel,
falling under Chapters 72 and 73 of the
Customs.
Positive Tata Steel, JSW Steel (+ve)
Customs duty hiked from 2.5% to 5% on metallurgical coke Marginally Negative Tata Steel, JSW Steel (-ve)
Higher thrust on railway and infrastructure capex . Higher investments in railways and capex will
create additional demand for steel. Tata Steel, JSW Steel (+ve)
Top Picks: Tata Steel
Source: Indiabudget.nic.in, ABML Research
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Power
Budgetary Measures Impact Stocks to Watch
5 new Ultra Mega Power Projects, each of 4000 MW, in the Plug-and-Play mode
In the plug and play mode government will put
in all the clearances in place and will also
partner in the project.
Power sector players (+ve)
Nil excise duty on goods for setting up of UMPP
This will encourage domestic production and
promote power players to purchase locally. Bhel (+ve)
Clean energy cess increased from `100 to `200 per metric tonne of coal, etc. to
finance clean environment initiatives Mildly Negative Adani Power, Tata Power, JSW Energy (-ve)
Target of renewable energy capacity revised to 175000 MW till 2022(100000
MW Solar, 60000 MW Wind, 10000 MW
Biomass and 5000 MW Small Hydro)
Government is focusing on promoting clean
energy especially solar power
NTPC, Tata Power ,Suzlon and other power
players (+ve)
Zero excise duty on round copper wire and tin alloys for use in the manufacture of
Solar PV ribbon for manufacture of solar
PV cells
Positive Bhel, Indosolar, Moser Baer (+ve)
Top Picks: BHEL,Tata Power
Source: Indiabudget.nic.in, ABML Research
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Retail/Gems and Jewellery
Budgetary Measures Impact Stocks to Watch
Marginal increase in consumer spending power due to adjustment in tax slab
Marginally positive for the organised retail
space as it would lead to more money in the
hands of consumers
Shoppers Stop & TITAN
GST network likely to be rolled-out by August 2012.
Excise duty on branded garments decreased from ~4.5% to ~3.6%.
Increase in service tax on rentals from 10% to 12%.
Will lead to marginal decrease in prices of
branded garments, which we believe will be
passed by the retailers to consumers and
thereby boost the volumes marginally. Overall
positive
Shoppers Stop
Levy of excise duty of 1% on branded precious metal jewellery to be extended to
include unbranded jewellery.
Custom duty on gold ores and concentrates for use in manufacture of
gold from 1% to 2%.
Will lead to increased cost for the unbranded
jewellery makers and thereby eliminate the
price difference between branded and
unbranded players. We believe this is
marginally positive for branded jewellery
makers.
The increase in custom duty on gold ores and
concentrates will increase the cost for gold
refiner and hence for jewellery makers. It will
have negligible adverse impact on jewellery
volume.
Titan and Gitanjali Gems
Top Picks: Titan
Source: Indiabudget.nic.in, ABML Research
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Real Estate
Budgetary Measures Impact Stocks to Watch
Rationalization of capital gains regime for the sponsors exiting at the time of listing of
the units of REITs and InvITs.
The rental income of REITs from their own
assets will have pass through facility
Positive - The move is likely to bring in higher
investments in these sectors.
L&T, DLF, Oberoi Realty and other
infrastructure and real estate players (+ve)
~Rs.224bn for housing and urban development Positive Ashiana Housing, Sobha Developers (+ve)
Top Picks: Sobha, Oberoi Realty
Source: Indiabudget.nic.in, ABML Research
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25
ABML research is also accessible in Bloomberg at ABMR
Research Team Vivek Mahajan Hemant Thukral
Head of Research Head Derivatives Desk
022-61802820 022-61802870
[email protected] [email protected]
Fundamental Team
Sunny Agrawal FMCG/Cement/Mid Caps 022-61802831 [email protected]
Shreyans Mehta Construction/Real Estate 022-61802829 [email protected]
Jaymin Trivedi Banking & Finance 022-61802833 [email protected]
Naveen Baid Oil & Gas/IT 022-61325226 [email protected]
Pradeep Parkar Database Analyst 022-61802839 [email protected]
Quantitative Team
Sudeep Shah Sr.Technical Analyst 022-61802837 [email protected]
Rahil Vora Technical Analyst 022-61802834 [email protected]
Soni Patnaik Derivative Analyst 022-61802832 [email protected]
Advisory Support
Avinash Nahata Advisory Desk 022-61802824 [email protected]
Suresh Gardas Advisory Desk 022-61207619 [email protected]
Salim Hajiani Advisory Desk 022-61207618 [email protected]
Mohan Jaiswal Executive Research Support 022-61802838 [email protected]
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