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By Anshul Choudhary
Analysts said equities have priced in the goods and services tax cuts as most of it was known to market participants who had already bought consumption-related stocks in the run-up to the 56th GST Council meeting. Going forward, these stocks are unlikely to see major gains until the GST cuts translate into higher volumes during the festival season. Register to read more
By Anand JC
Prices of cars and two-wheelers--the two mass-market automobile segments in India--could fall up to 8.5% as a result of the rejig in goods and service tax rates announced late Wednesday, analysts said. Indian automobile companies hailed the move as a game-changer, especially for first-time buyers and middle-income families. Read more
By Gopika Balasubramanium
The benchmark equity indices closed almost flat Thursday, giving up most of the day's gains. Analysts said the indices did not rise as much Thursday as they had already risen 1-2% since Aug. 15, when the prime minister first proposed a reorganisation of the goods and services tax structure. Late Wednesday, the Goods & Services Tax Council accepted the proposal. The revision of rates will come into effect Sept. 22, the first day of the Navratri festival. Read more
By Avishek Rakshit
Increasing digitisation and rollout of new products, tailored each for urban and rural consumers, are expected to drive growth in the country's life insurance business in the next few years, Kamlesh Rao, chairperson of the Insurance Awareness Committee at the Life Insurance Council, told Informist in an exclusive interview. This growth, expected at 12-15% every year depending on market conditions, will also be aided by the introduction of standard products like Bima Vistar, which is designed by the Insurance Regulatory and Development Authority of India to provide integrated life, health, personal accident, and property coverage under a single policy. Read more
Wholesale sales of passenger vehicles fell over 2% on year in August as original equipment manufacturers held back supplies to dealers on worries of customers deferring purchases as they await a cut in goods and services tax. The cumulative shipment of passenger vehicles in August to dealers by Maruti Suzuki India Ltd., Mahindra & Mahindra Ltd., Hyundai Motor India Ltd., and Toyota Kirloskar Motor Pvt. Ltd. was at 307,113 units, compared with 314,328 units a year ago. Read more
The growth in despatches of commercial vehicles in August was below market expectations while tractors outperformed all other segments on the back of above-normal showers, analysts said. Commercial vehicle despatches in the domestic market rose nearly 9% on year last month and tractors grew a much faster 28%. Read more
Scooter and motorcycle makers outperformed most other automobile segments in August as dealerships stocked up on inventories ahead of the festival season even as other segments' performance was affected by the promise of goods and services tax cut by Diwali. Exports continued to outpace domestic despatches for two-wheeler companies, in line with the trend observed in recent years. Read more
By Anjana Therese Antony
Jane Street Wednesday said it has filed an appeal in the Securities Appellate Tribunal against the Securities and Exchange Board of India, saying the market regulator has not shared all relevant documents relating to the market manipulation allegations against the US-based proprietary trading firm. Read more
Maruti Suzuki India Ltd. Wednesday expanded its presence in the mid-sized sport utility vehicle space with the launch of Victoris. "Victoris is being introduced as the flagship model in our Arena channel," Managing Director and Chief Executive Officer Hisashi Takeuchi said at the launch event in Gurugram. Read more