The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
The stock of the country's largest plastic pipe maker Supreme Industries has shed 22 per cent since its highs in October. The September quarter results were below expectations as the volatility in polyvinyl chloride (PVC) resin prices led to a major destocking across the trade channel.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
Notwithstanding expectations of a pick-up in construction activity during a seasonally strong January-March quarter (fourth quarter) of 2022-23 (FY23), analysts are cautiously optimistic about the building material sector - encompassing paints, pipes, wood panels, tiles, metals, and cement - as volatile input costs, coupled with fears of a global slowdown, are making demand projections uncertain. Against this backdrop, analysts suggest investors stay selective and pick stocks of companies with stronger brand recall, expanding distribution network, diversified product profile, healthier balance sheet, and sustainable cash flow. "The government's various proposals under Budget 2023-24 (FY24) may lead to the building material segment growing between 8 per cent and 12 per cent for the next five years.
The boards of Supreme Industries Ltd and Siltap Chemicals Ltd approved merger of the two companies. One equity share of Supreme Industries Ltd will be swapped for every two equity shares of Siltap Chemicals Ltd.
The saga of buying out high-end office space in Mumbai continues. In a latest development, Mumbai-based education company, Core Projects and Technologies, is in talks with the leading plastic goods maker Supreme Industries to buy out the office property developed by the latter in the Andheri area of Mumbai. The deal could be worth Rs 350 crore (Rs 3.5 billion) in value, said sources close to the development.
Siltap Chemicals Ltd plans a merger with Supreme Industries Ltd.
Supreme Industries Ltd plans a merger of Siltap Chemicals Ltd with the company.
Check out the companies which surpassed economic slowdown and the demonetisation-induced slowdown
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
Excise duty cut to boost Polymers sector.
Analysts mostly prefer domestic plays beside select films with foreign exposure.
The duty reduction in feedstock would strengthen the domestic manufacturing in India making it more competitive leading to surge in exports of finished goods.
The S&P BSE Sensex has rallied about 28 per cent in 2014, after formation of a stable government at the Centre.
Import duty on PVC, at 7.5%, is far lower than that prevailing in comparable economies.
The analysis covers BSE 200 Index's 171 companies for which data on the compensation to the boards of directors for FY14 and FY13 are available.
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