Union Budget 2011: 'Positive' with Budget’s intention of reducing deficits, says Apruva Shah, Prabhudas Lilladher

MUMBAI: Apurva Shah, Vice President & Head-institutional equities, Prabhudas Lilladher is positive on the budget’s intention of reducing deficits, not increasing taxes and curbing expenses.

“Overall we come away somewhat ‘Positive’ with this Budget’s intention of reducing deficits, not increasing taxes and curbing expenses. We are also ‘Hopeful’ about the government’s ambitious legislative roadmap for the session and the year. The government hopes to pass the GST Bill, New Companies Bill, FRBM Amendment Bill, Direct Tax Code Bill, Public Debt Management Office Bill, etc. this session and year.

Key sectors expected to benefit are: Banking & Financial Services (due to low borrowing programme), Real Estate (due to hike in interest subvention), Cigarettes (due to no increase in taxes) and Automobiles (no increase in Excise).

Key losers are Technology (MAT applicable on SEZ), Ports (MAT applicable on SEZ), Iron Ore exporters (hikes in duties),” Shah said.