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http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19032012.pdf
Consumer products
India
Cost push. The central budget had many (correctly so) proposals to maximize revenue
collection from the jewelry industry (some of it likely creates a not-so-level playing field
for organised players like Titan). The increase in excise duty is likely to impact Asian
Paints, HUL and GSK the most, whereas the introduction of a negative list for service
tax is likely to have modest impact as most of the services consumed by consumer
companies (adspends being a large component) are already covered under service tax.
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