Equity markets cheer GST launch, FMCG stocks soar

Equity markets cheer GST launch, FMCG stocks soar

The massive surge in the stock prices of ITC is due to the cigarettes business, as the taxation on cigarettes under the new Goods and Services Tax (GST) is around 5%-6% lower than the previous tax structure, Reuters quoted a Reliance Securities analyst as saying.

India embraced a new tax reform known as GST, which seeks to bring in transparency and efficiency and was welcomed as positive for India's sovereign credit profile by rating agency Moody's Investors Service.

"FMCG companies like ITC are going to benefit in the long run from the GST rollout", said Anupam Singhi, chief operating officer at independent research firm William O'Neil India.

Cigarette maker ITC was among the top gainers, rising as much as 9.62 percent to a record high of 354.80.

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At 1 p.m., the wider Nifty of the National Stock Exchange (NSE) traded at 9,604.60 points - up 83.70 points or 0.88 percent.

The 30-share index, after soaring 337 points to touch a high of 31,258.33 at the outset, let go of some gains and traded at 31,069.20, up 147.59 points, or 0.48 per cent. FMCG, metal, consumer durables, realty and auto stocks went higher by up to 3.42 per cent. It drove the Nifty index higher, contributing almost 45 net points to the index. Chambal Fertilisers and Chemicals Ltd was up as much as 4 percent while Nagarjuna Fertilizer and Chemicals and Madras Fertilizers gained more than 3 percent.

Carmaker Maruti Suzuki rose 1.3 percent after its passenger vehicles sales in June in the domestic market rose marginally 1 percent to 93,057 units over a year ago period.

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