MOSL: MOrning India (03/June/19): 1. India Politics (MODI 2.0 reign begins; New births at top four berths); 2. Automobiles; 3. EcoScope (4QFY19 GDP growth); 4. ONGC; 5. Bharti Airtel; 6. SAIL
MOrning India (03/June/19): 1. India Politics (MODI 2.0 reign begins; New births at top four berths); 2. Automobiles; 3. EcoScope (4QFY19 GDP growth); 4. ONGC; 5. Bharti Airtel; 6. SAIL
Today’s top research theme
India Politics: MODI 2.0 reign begins; New births at top four berths
- India’s Prime Minister Mr Narendra Modi took his oath of office for the second successive term on 30th May’19. Ms. Nirmala Sitharaman is the new Finance Minister. She will be presenting her first budget on July 5, 2019. In this note, we present our thoughts on macros, markets and also highlight the priorities that various ministries should focus on.
- Cabinet announced big decisions for Farmers and Traders in its first meeting –PM Kisan has been extended to all farmers and pension scheme has been announced for farmers and traders.
- Meanwhile, the growth slowdown in the economy was highlighted by the 4QFY19 GDP print of 5.8% growth, a 20-quarter low. Other macro indicators also point towards the slowdown.
- Market’s focus should now shift to fundamentals and the economy. The government’s first 100 days agenda, the new finance minister’s focus/priorities and her first budget are near-term important macro events along with the RBI policy in the first week of Jun’19. We believe, the large=cap vs. mid-cap divergence should get corrected as liquidity environment gets better, domestic flows into equities pick up and earnings trend look up.
Piping hot news
GST collection crosses ₹ 1 lakh crore-mark for third consecutive month in May
- Even after slowdown in industrial activity, the Government managed to collect more than ₹1 lakh crore plus in May. This is third consecutive month of ₹1 lakh crore plus mobilization. However, collection in May was lower than all-time high of April. According to Finance Ministry data, total gross GST revenue collected in the month of May, 2019 is ₹ 1,00,289 crore of which CGST (Central Goods & Services Tax) is ₹17,811 crore, SGST (State Goods & Services Tax) is ₹24,462 crore, IGST (Integrated Goods & Services Tax) is ₹49,891 crore (including ₹ 24,875 crore collected on imports).
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