Reliance Securities Limited is a broking arm of Reliance Capital. It is one of India’s largest retail broking houses with over 7 lakh customers and a pan-India presence at more than 1700 locations.
The Union Budget for 2020-21 has levied a national calamity contingent duty (NCCD) on cigarettes and tobacco products which is negative for companies like ITC and Godfrey Phillips, according to Reliance Securities.
A sharp drop in demand across consumption segments pulled down corporate revenue, excluding that of banking, financial services, insurance and oil companies, by 3 per cent in the second quarter of FY20, according to a Crisil Research estimate.
With GDP growth touching a five-year low, the RBI may go for a 35 basis points cut in benchmark policy rates at its bi-monthly Monetary Policy Committee's rate review meeting starting from Wednesday.