Tale of the Tape 

Good evening boys and girls. Markets are back where they were at the beginning of the month! 

Nifty and Sensex closed down for a third straight day. PS - the Indian Rupee hit a new all-time low of 88.29 against the US Dollar. Concerns over reciprocal tariffs, persistent FII selling and weaker rupee drove heavyweight selling. Midcaps (-0.6%) and Smallcaps (-0.4%) also came under pressure. Over 2 stocks closed down for every gainer on the NSE500. FMCG (+1%) was the only positive sector on hopes of a consumption boost driven by GST cuts. Meanwhile, Real Estate (-1.3%), Auto (-0.9%) and IT (-0.9%) got smashed. 

In today’s edition of the Daily Rip we break down all the rumoured GST changes and its impact on sectors + individual stocks, a first Made In India semiconductor rollout, Samvardhan Motherson’s latest acquisition and weekly movers and shakers. 

Honorable Mentions: 

Reliance Industries (-2%) was in focus after the company announced plans to list Jio in the first 6 months of 2026. Stay tuned for our full analysis and deep dive of RIL’s 48th Annual General Meeting. Samman Capital (previously Indiabulls Housing Finance) jumped +7% intraday after being included in the F&O segment.

Check out the NSE 500 heatmap:

Market
GST 2.0: A Game Changer?

The details of GOI’s big GST bonanza are trickling out! ICYMI - the GST council will meet next week to decide on tax cuts. This has huge implications for sectors & stocks. Here’s all you need to know. 

1) FMCG goods: Household stuff like butter, ghee, condensed milk, nuts, jam and drinking water will drop to 5% vs 12% currently. Ditto for shampoo, soap, toothpaste, face oil too. Goods like cornflakes, ice cream, biscuits, pastries should also drop to 5% vs 18% currently. PS - all stationery stuff should fall to either 5% or 0%; positive for DOMS and Linc.

2) Textiles: Most goods are set to move to 5%vs 12% earlier. The big headline is that threshold for ready-made garments that attract 5% GST is set to increase from Rs 1,000 to Rs 2,500. This is GREAT for value-clothing retailers, which is why Trent was up +2%.

3) Everything else: GST on cement should drop to 18% (vs 28%). Same for tractors (5% vs 12%), medical devices & equipment (5% vs 12%), hotel rooms priced at Rs 7,500 or below (5% without ITC vs 12% with ITC currently) and fertiliser acid (5% vs 18% currently. 

That said, when the GOI gives with one hand, it usually takes with the other. To cushion the revenue loss, the GOI also is reportedly planning to HIKE GST rates on some products. GST rates on footwear & garments above Rs 2,500 will increase to 18% (vs 12% currently). Premium economy & business class air tickets will also go up to 18% (vs 12% currently). Sin goods could see an even higher blow. For example: rates on casinos could go up to 40% with Input Tax Credit (ITC) vs the current 28% with ITC. (more) Bad news for DeltaCorp!

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Vijay Kedia Portfolio Changes

Who doesn’t want to know which stocks legendary investor Vijay Kedia is currently holding? In this video, we cover his top holdings and latest portfolio updates along with fundamental views on the same.