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Consumer durable stocks, including Voltas Ltd., Blue Star Ltd., PG Electroplast Ltd., and Amber Enterprises Ltd., surged as much as 10 per cent on Monday, August 18, driven by expectations of a potential reduction in GST rates on consumer durables. Other consumer durable stocks like Dixon Technologies, Metro Brands also gained nearly 5 per cent in early morning session on Monday.
Voltas, PG Electroplast to Whirlpool — Consumer durable stocks rally up to 10% on GST rate reduction hopes
Consumer durable stocks, including Voltas Ltd., Blue Star Ltd., PG Electroplast Ltd., and Amber Enterprises Ltd., surged as much as 10 per cent on Monday, August 18, driven by expectations of a potential reduction in GST rates on consumer durables.
Other consumer durable stocks like Dixon Technologies, Metro Brands also gained nearly 5 per cent in early morning session on Monday.
What's behind the rally?
Prime Minister Narendra Modi, in his Independence Day speech, announced that next-generation GST reforms would be introduced before Diwali, aimed at reducing the tax burden on the public and MSMEs.At present, air conditioners and large-screen televisions (above 32 inches) attract a 28 per cent GST rate, while items such as smartphones, refrigerators, smaller TVs, washing machines, and microwaves are taxed at 18 per cent.
According to market experts, Centre's proposal to lower GST rates to boost demand for products like air conditioners and televisions.
“The Prime Minister recent announcement of potential GST reforms is a significant positive. These measures are expected to reduce the cost of essential goods, which should boost consumer spending and corporate profitability. This will likely improve market sentiment and attract fresh investment,” said Sugandha Sachdeva, Founder of SS WealthStreet.
For the consumer durables sector, the move is expected to impact both demand growth and profitability.
According to Kotak Institutional Equities, the rationalisation of GST rates could bring about a ₹2.4 lakh crore stimulus, with the biggest beneficiaries likely to be auto stocks and consumer durables.
Separately, Haier Appliances noted that any such rationalisation would significantly spur demand, particularly at a time when air conditioner prices are set to rise next year due to revised energy ratings, Mint reported.
Blue Star also remarked that although air conditioners face competition from several other categories, the change would still be highly positive for sales.
"The upcoming GST meeting on September 9 is expected to bring significant reforms that could benefit various sectors. The government proposes eliminating the 12% and 28% tax brackets, retaining only the 5% and 18% slabs, and introducing a new 40% "sin tax" for select items like tobacco and gutka. This restructuring could lead to rate reductions for consumer goods, making items like air conditioners, white goods, toothpaste, soap, and shampoo more affordable," said Seema Srivastava, Senior Analyst at SMC Global Securities.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Source: LiveMint
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