Key indices witnessed a bout of volatility and traded with marginal losses in morning trade. Traders booked profit after a recent run up in shares. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 71.97 points or 0.17% at 41,468.19. The Nifty 50 index was down 26.80 points or 0.22% at 12,194.85.
The S&P BSE Mid-Cap index was up 0.01%. The S&P BSE Small-Cap index was up 0.15%.
The market breadth was positive. On the BSE, 863 shares rose and 753 shares fell. A total of 109 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.
Economy:
The 38th meeting of the Goods and Services Tax (GST) Council under the Chairmanship of the Union Minister for Finance & Corporate Affairs Nirmala Sitharaman took place on Wednesday (18 December 2019).
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The council decided to tax woven and non-woven bags at 18%, compared with 12% at present. It exempted from tax the upfront amount payable for long-term lease of industrial and financial infrastructure plots by any entity that is owned 20% or more by the Centre or state governments. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1 January 2020.
On lotteries, the new unified rate of 28% will be applicable from 1 March 2020. The tax is levied on the face value of the lottery tickets, inclusive of the prize money to be distributed to the winners, margin of agents, retailers and distributors.
Buzzing Index:
Tata Group stocks were mixed after the National Company Law Appellate Tribunal (NCLAT) on Wednesday ruled in favour of Cyrus Mistry on a petition challenging his removal as Chairman of Tata Sons. The tribunal restored Mistry as the Executive Chairman of Tata Group, holding the appointment of N Chandrasekaran as executive chairman illegal. The NCLAT also set aside Tata Sons' decision to convert itself into a private company and accepted Mistry's argument that Tata Sons as well as its directors and shareholders acted in a prejudicial and oppressive manner towards minority shareholders.
The group is likely to challenge the order before the Supreme Court. Chandrasekaran reportedly wrote to employees, assuring them that the conglomerate will "pursue the appropriate legal recourse". He concluded by asking all employees to "stay focussed on their businesses".
Tata Motors (up 1.66%), Tata Chemicals (up 0.58%), Tata Global Beverages (up 0.48%), Tata Communications (up 0.24%), Tata Metaliks (up 0.22%) and Tata Investment Corporation (up 0.12%) gained.
Tinplate Company of India (down 1.43%), Tata TeleServices Maharashtra (down 0.83%), Tata Power (down 0.81%), Tata Coffee (down 0.60%), Tata Steel (down 0.56%), Tata Steel Long Products (down 0.39%), Trent (down 0.24%), Rallis India (down 0.20%), Titan Company (down 0.08%), Indian Hotels Co. (down 0.07%) and Voltas (down 0.02%) declined.
Stocks in Spotlight:
Granules India was down 0.12%. The company in an exchange filing during market hours today, 19 December 2019, said that a detailed analysis of its Metformin Hydrochloride for N-Nitrosodimethylamine (NDMA) was conducted. The test concluded showed that NDMA is absent in Metformin Hydrochloride batches produced by Granules. EU authorities informed the result.
Goa Carbon gained 4.06% to Rs 211.50 after it said normal production is likely to resume from 20 December 2019 in its Paradeep Unit, in Odisha. The company further added that the maintenance work at the company's Paradeep Unit located at, Paradeepgarh, Dist. Jagatsinghpur, Odisha has been completed and the Kiln has been lit up. After preliminary heat up, feeding of raw material will commence and normal production is likely to resume.
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