Outlook Of Nifty/bank nifty today
The GST council on Friday fixed rates for a host of services, placing them under four slabs—5,12,18 and 28 percent—as India’s plans for a country-wide goods and services tax (GST) entered the final leg. Under GST, supply of food and drinks in outdoor catering attract a tax rate of 18 percent, while entry into IPL matches and race courses will attract a 28 percent GST. Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes where room tariff of Rs 2500 and above, but less than Rs 5000 per room per day, will also attract a GST rate of 18 percent. Bundled service by way of supply of food or any other article of human consumption or any drink, in a premises (including hotel, convention center, club, pandal, shamiana or any other place, specially arranged for organizing a function) together with renting of such premises will be under the 18 percent GST slab.
Bank Nifty Outlook:
The healthy growth in net interest income (the difference between interest income and expenses) by over 17 percent was aided by over 7 percent growth in advances and only a marginal decline in net interest margin. Margin, nevertheless, witnessed a small uptick sequentially. Other income was somewhat stagnant on a year-on-year basis, but the control on costs as reflected in the lower cost-to-income ratio drove the greater-than-12 percent growth in operating profit. Finally, the lower provision compared to the year-ago quarter resulted in significant jump in the headline profitability number.