Oil-to-telecom major Reliance Industries retained its tag of 'largest listed firm' in India as the company hit $127 billion in market cap on March 20 intraday. The stock in the current calendar year (January-February-March) has performed far better than last whole year. It has surged 24%, so far, in 2019 against 22% in 2018. The current market capitalisation of the company stands at Rs 8,74,739.75 crore, which is equal to $127 billion, higher than that of TCS (Rs 7.6 lakh crore) and HDFC Bank (Rs 6.2 lakh crore).
HDFC Bank become the third Indian company to cross the Rs 6 lakh crore market capitalization mark on Wednesday. The other two companies are Reliance Industries and TCS. HDFC Bank hit a lifetime high of Rs 2,233 during the day before settling at Rs 2,226 per share. HDFC Bank shares were among the top gainers on the Sensex, ending the day with a market capitalisation of Rs 6.06 lakh crore.
Purchase of high value cars and jewellery is likely to become cheaper after the Central Board of Indirect Taxes and Customs (CBIC) said that tax collected at source (TCS) by the seller would not form part of the taxable value for computing GST liability. Under the Income Tax Act, TCS is levied at 1% on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh.
Eight of the 10 most valued Indian companies together added Rs 90,844.8 crore in market valuation last week. RIL topped the list with an addition of Rs 25,291.28 crore to its market cap. TCS, HDFC Bank, ITC, HDFC, SBI, ICICI Bank and Kotak Mahindra Bank were other gainers while HUL and Infosys suffered losses.
In a relief for the automobile sector, the government has clarified that no GST shall be applicable on the tax collected at source (TCS) levied under the Income Tax Act. Dealers are required to collect TCS from customers at a rate of 1% on automobiles priced above Rs 10 lakh. An earlier directive from the CBIC had mandated collection of GST by dealers on the invoice value plus TCS.