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Large gains
(900-1000bps lower tax rate)
Avenue, Colgate, Nestle, Page, Asian Paints, Crompton, Jubilant, Britannia, UNSP, HUL paid 33-35% effective tax
Low gains
(300-500bps lower tax rate)
Marico, Titan, Dabur, Emami, GCPL benefit lower as they had exemptions
Source : CS
(900-1000bps lower tax rate)
Avenue, Colgate, Nestle, Page, Asian Paints, Crompton, Jubilant, Britannia, UNSP, HUL paid 33-35% effective tax
Low gains
(300-500bps lower tax rate)
Marico, Titan, Dabur, Emami, GCPL benefit lower as they had exemptions
Source : CS
No impact on IT Services
No material impact on tax rates on the IT services companies from these tax cuts.
The current blended effective tax rates of 22-27% are a combination of higher tax rates paid
outside India and much lower tax rates paid in India.
No material impact on tax rates on the IT services companies from these tax cuts.
The current blended effective tax rates of 22-27% are a combination of higher tax rates paid
outside India and much lower tax rates paid in India.
15% tax on new manufacturing investments
Aimed at attracting cos and business opportunities shifting away from China
Indian manufacturing exports and FDI have stagnated and needed a booster dose
Would benefit short cycle industrial cos like ABB/Siemens/Cummins in the near-term
Aimed at attracting cos and business opportunities shifting away from China
Indian manufacturing exports and FDI have stagnated and needed a booster dose
Would benefit short cycle industrial cos like ABB/Siemens/Cummins in the near-term
Pvt Banks -
With the reduction in corporate tax rate, from 30% to 22%, banks would be see 10-12% earnings impact. Current year earnings impact wud be lower given impact of deferred tax assets
There is a 100-200bp improvement in RoEs, coz of which sustainable growth would pick up
With the reduction in corporate tax rate, from 30% to 22%, banks would be see 10-12% earnings impact. Current year earnings impact wud be lower given impact of deferred tax assets
There is a 100-200bp improvement in RoEs, coz of which sustainable growth would pick up
Most OEMs and Auto ancillaries are at a marginal tax rate of 30-35% for their business income.
Companies with large overseas business such as Motherson, Varroc and Tata Motors could benefit relatively lesser
Companies with large overseas business such as Motherson, Varroc and Tata Motors could benefit relatively lesser
