FMCG index touched new high
Updated on 19 May 2017
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Shares of fast moving consumer goods (FMCG) companies were in focus in morning deals, with the S&P BSE FMCG index rallied more than 3%, hitting a record high on BSE after the Goods and Services Tax (GST) Council, at its meeting in Srinagar on Thursday, approved rates for about 1,200 items.
At 09:21 am; the S&P BSE FMCG index, the largest gainer among sectoral indices, had rallied 3.4% at 9,774 as compared to 0.72% rise in the benchmark S&P BSE Sensex. The FMCG index hit a record high 9,804, surpassed its previous high of 9,646 touched on May 17, 2017 in intra-day deals.
ITC, Colgate-Palmolive (India), Jay Shree Tea, Tata Coffee and Marico were up more than 4%, while, Goodricke Group, Tata Global Beverages and Godfrey Phillips India were up 4% each on the BSE. ITC, Hindustan Unilever, Avanti Feeds and Manpasand Beverages from the FMCG index hitting their respective record highs in intra-day deal.
According to reports, hair oil and toothpaste will be taxed at 18% under the GST, lower than the current tax incidence of about 23-24%, while sugar, tea, coffee and edible oil will be taxed at 5%.
The fact that several daily use items such as milk, fruits, vegetables and cereals & food grains will be exempted from all tax makes us believe that in fact inflation may not be an issue post implementation of GST, added note.