In an interview to CNBC-TV18's Shereen Bhan, Adi Godrej, Kiran Mazumdar Shaw, Ajay Shriram, Naina Lal Kidwai, Jayant Sinha and Madhu Kela discuss their take on Arun Jaitely's maiden Union Budget and their outlook on the road ahead for the Modi government.
Though Finance Minister Arun Jaitely's maiden Budget lacked big bang announcements , yet it brought clarity on the government's intent, feels India Inc.
In a post-Budget discussion on CNBC-TV18, Kiran Mazumdar Shaw, CMD, Biocon said that it was a well intentioned, well directed and aspirational Budget, but the responsibility of execution now lies with ministries.
Shaw welcomed the government's emphasis on infra and healthcare business but thinks the FM missed opportunity to lift sentiment in the export sector.
Ajay S Shriram, President, CII, feels the investment sentiment has changed dramatically on actions prior to Budget. He said the Budget is a positive and inclusive that looks at all aspects of society. "The FM wants to simplify the tax regime and is focusing on GST," Shriram said.
Retrospective tax is not the way the government wants to go forward, feels Naina Lal Kidwai, Country Head, HSBC India and former President, FICCI. She thinks there's a need to bring back balance in the way tax is administered.
Kidwai said that she had always been critical of fiscal deficit being used to fund public sector banks, where the government holds up to 70 percent in certain PSBs.
Jayant Sinha, MP, BJP, said the Budget is competent, forward looking and is intended to be directional. "We have inherited a terrible economic mess. The Finance Minister has got it right in balancing the fiscal consolidation roadmap," he said.
Sinha said the FM had to deal with retrospective taxation in a judicious manner. He believes taking FDI cap in insurance to 49 percent is an indicator of intent.
Adi Godrej, Chairman, Godrej Group, feels GST could be implemented in 2015. He however thinks that there's a need to correct imbalances to boost consumer demand. Gorej expects GST to add 2 percentage points to GDP growth. He feels the government should resolve issue of sales taxes with states.
Madhu Kela, Chief Investment Strategist at Reliance Capital, believes the bull market remains intact. He said he wasn't expecting a roadmap on GST in this Budget.
Biocon stock price
On May 16, 2014, Biocon closed at Rs 425.85, down Rs 15.65, or 3.54 percent. The 52-week high of the share was Rs 513.65 and the 52-week low was Rs 264.45.
The company's trailing 12-month (TTM) EPS was at Rs 16.43 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 25.92. The latest book value of the company is Rs 120.89 per share. At current value, the price-to-book value of the company is 3.52.
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