The shares of Tata Motors gained over 3% to Rs 1044 on the NSE after Moody’s Investors Service affirmed Tata Motors’ corporate family rating at “Ba3” and maintained a “positive” outlook. This decision follows the automaker’s strategic move to demerge its commercial and passenger vehicle businesses, intending to list them separately on exchanges.
The demerger, subject to shareholders’ and regulatory approvals, is expected to be completed within the next 12-15 months. Moody’s acknowledges that while the demerger will result in Tata Motors’ remaining operations comprising only commercial vehicles (CVs), the company’s robust presence.
Holding about 40% share in India’s growing CV industry, and its demonstrated ability to generate significant free cash flow through industry cycles, will support its credit profile.
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GIFT Nifty traded up 48 points or 0.25% at 19,005.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 tanked 264.90 points or 1.39% to settle at 18,857.25, while the BSE Sensex shed as much as 900.91 points or 1.41% to 63,148.15.
“In the backdrop of weak global cues, investors shunned local equities at will on the monthly F&O expiry day with benchmark Nifty closing below the crucial 19k mark amid sell-off in frontline banking, automobile and IT stocks. Investors are worried about the simmering West Asia conflict, economic uncertainty and rate hike woes, and hence maintained their bearish stance for the sixth straight session,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
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With JPMorgan including India in its emerging market bond index from June 2024 without any tax policy change, the government has made it clear that it has no plans to offer any tax incentive for the bond inclusion in other index providers FTSE Russell and Bloomberg as well.
“The bond inclusion in the JP Morgan index is an interesting development and we will watch it,” a government source said, adding that the settlement of the Indian sovereign bonds would flow through the normal FPI route and would have to be settled onshore in rupee.
In fact, the JP Morgan bond inclusion announcement came years after delays as the government of India was opposed to providing any capital gains tax waivers to overseas debt investors and wanted global bond index operators to settle Indian government securities locally if they were included in their indexes.
Currently, appreciation in bond prices is considered capital gains and subject to tax. Short-term (less th…