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Shares of Tata Consumer Products have been in the focus of late after the stock got admitted to the flagship Nifty50 index on March 31 as part of the index rejig. On a year-to-date (YTD) basis, the stock has managed to beat both the Nifty50 and Nifty FMCG index in terms of returns. The Tata group stock has gained 8 per cent as against Nifty s 5 per cent and 2 per cent up move in the Nifty FMCG index during this perios, ACE Equity data show. In the FCMG pack, the stock is among the select few that have offered high single-digit or double-digit returns during the same period, performing better than 70 per cent of its peers.
With the 15th Finance Commission recommending the merging of the 12 per cent and 18 per cent tax rates, the Good and Services Tax (GST) Council is set to take up the proposal in its next meeting in March. The rate rejig, analysts say, will alter the tax burden on companies, which they expect to get passed on to the consumers. However, those at Nomura caution that the pass-on effect may be limited as the overall demand scenario remains challenging. “In general, the companies will pass on / reduce the burden of higher / lower taxes. However, the falling or rising of taxes impacts demand and pricing power of companies. It is possible that a part of the tax reduction / rise may not be passed on due to the demand scenario,” wrote Mihir P. Shah and Abhishek Mathur of Nomura in a February 22 co-authored note.
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