BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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RIL (6.63% down)
The shares of Reliance Industries Ltd (RIL) declined 6.63% as no income-tax exemption on production of gas was announced in the Budget as expected by the market. Also, increase in MAT to 15% is likely to reduce the firm’s earnings per share by 5%.
ITC (3.13% up)
The ITC Ltd stock gained 3.13% as the excise duty on cigarettes was left unchanged. The market was expecting a 5-10% excise duty hike after Delhi and Maharashtra governments increased value-added tax on cigarettes from 12.5% to 20%.
ICICI Bank (9.97% down)
The shares of ICICI Bank fell 9.97% as foreign direct investment limit in the insurance sector was not raised in the Budget. The stock was also hurt due to bond yields crossing 7% and rupee depreciating by 1% against the dollar.
Unitech (9.43% down)
The Unitech stock declined 9.43% as the Budget did not increase the limit of housing loan deductions in income tax . The market was expecting an increase in housing loan deduction limit from Rs1.5 lakh to Rs2.5 lakh.
NIIT (16.48% down)
The shares of NIIT Ltd fell 16.48% as no specific announcement was addressed towardS the education sector in the Budget. Moreover, education stocks have rallied 20-30% in last 7-10 days on expectation of a major boost in the Budget.
Elder Pharma (5.48% up)
The Elder Pharmaceuticals Ltd stock gained 5.48% on reduction of customs duty on nine life-saving drugs in three therapeutic areas and one influenza vaccine. The stock ended at Rs252.95 on the National Stock Exchange on Monday.
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