Videocon Industries, MIRC Electronics in demand

Videocon Industries and MIRC Electronics rose by 1.58% to 4.95% at 10:06 IST on BSE after the government banned duty-free import of flat screen television by air travellers in its latest effort to narrow the country's current-account deficit.

MIRC Electronics (up 4.95%) and Videocon Industries (up 1.58%), edged higher.

The BSE Sensex was down 213.39 points, or 1.17% at 18,094.13.

MIRC Electronics had underperformed the market over the past one month till 19 August 2013, sliding 28.57% compared with the Sensex's 9.14% decline. The scrip had also underperformed the market in past one quarter, falling 28.99% as against Sensex's 9.75% fall.

Videocon Industries had underperformed the market over the past one month till 19 August 2013, falling 11.89% compared with the Sensex's 9.14% decline. The scrip had also underperformed the market in past one quarter, sliding 19.91% as against Sensex's 9.75% fall.

The government on Monday, 19 August 2013, decided to disallow the import of flat panel (LCD/LED/Plasma) televisions as part of free baggage allowance with effect from 26 August 2013.

Currently, air travellers can bring a flat screen television for personal use without paying any duty.

In effect, come 26 August 2013, travellers bringing in LCD/LED/Plasma TV as part of baggage will have to pay customs duty at 35% plus an education cess of 3% to take the total import duty to 36.05%.

At 10:09 IST, the partially convertible rupee was trading at 63.79 per dollar, after hitting a record low of 64.11 per dollar earlier today.

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