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Tata Steel shares experienced a slight dip of 0.50% to Rs 167 on Thursday, following a strong 6% surge. This pullback occurs amidst ongoing optimism in the metal sector, fueled by anticipated firmer global steel prices due to China's planned production cuts and India's tariff protections.
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Moschip Technologies' shares saw a significant rise. This followed Prime Minister Narendra Modi's push for India's semiconductor industry. He highlighted India's potential in the global market at the Semicon India 2025 Summit. The government is working on the second phase of the India Semiconductor Mission. This aims to accelerate growth with new reforms. Investments have already reached Rs 1.
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ITC Limited shares experienced a surge following the government's GST revision. The GST Council is streamlining tax slabs, potentially benefiting ITC. Brokerages predict a possible reduction in ITC's tax burden. A new 40% tax slab is proposed for certain goods. Experts believe this shift could lower prices and boost competitiveness against illicit markets.
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Bajaj Finserv and Bajaj Finance shares jumped following the government's GST rate reduction on consumer durables like air conditioners and televisions. The GST cut, from 28% to 18%, is anticipated to stimulate retail demand, especially during the festive season. Bajaj Finance is expected to benefit from increased loan disbursals due to more affordable EMIs.
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Delta Corp and Nazara Technologies shares plunged following the GST Council's approval of a 40% tax on casinos, betting, and online gaming. Delta Corp faced a 7.2% drop, while Nazara Technologies also experienced a decline. This decision comes after Delta Corp shelved its Goa resort-cum-casino project due to GST uncertainty.
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