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MOSL: Morning India (20/August/19): 1. AGIC 2019: CEO Track Takeaways (1. Nielsen; 2. NTPC; 3. GSK Pharma; 4. Marico; 5. Bandhan Bank); 2. AGIC 2019: Management Says

MOrning India (20/August/19):

Today’s top research theme
AGIC 2019 - CEO Track: Nielsen – Evident slowdown, growth better than other markets
** Slowdown is apparent in FMCG, though the sector witnessed double-digit growth in the quarter ended - Jun'19. Growth has declined from ~16% in Sep'18 to ~10% in Jun'19.

** Rural/urban growth nearly similar at 10.3%/9.8% for the quarter ended Jun'19.

** Post GST, there has been a more marked slowdown for small players. While smaller players are still growing faster than the mid-and large companies, there has been a substantial decline in the rate of growth (27% to 13% compared to 13%-14% to 7-8% for mid-sized and large-sized players).

** New product innovations are slowing down in a relatively weak demand environment.

** By far, India is still the fastest growing emerging or developed market in terms of FMCG category growth.

** Share of e-Commerce has nearly tripled in the last 24 months to around 2% of sales. While India is still in the emerging category (markets with 1-2% e-Commerce sales), it is increasingly showing signs of being a 'growing' market like the USA, given the categories in which e-Commerce's share of the pie is the highest. The highest share of e-Commerce to FMCG sales is with China/Korea with mid-teens share.

Piping hot news
NBFCs, HFCs, listed firms no longer need debenture reserve to raise funds
Direct Tax Code 2.0: Task Force For Big Relief To Individual Taxpayers The Direct Tax Code (DTC) task force, set up to overhaul the 58-year-old Income Tax Act, has recommended a significant increase in the highestincome tax slabs, besides slashing the corporate taxrate to an even rate of 25 per cent for both domestic and foreign companies, sources in the know said. Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief if recommendations to change the tax bracket and rebates are accepted, according to sources. The eight-member task force, led by Central Board ofDirect Taxes member Akhilesh Ranjan, submitted the report to Finance Minister Nirmala Sitharaman on Monday.