In what seemed to be a good day for the stock market, the Bombay Stock Exchange’s benchmark index Sensex gained 300 points on Monday when trading started. It reached the coveted benchmark of 35,000. The gains were primarily possible due to the buying witnessed across banking and auto shares.
The NSE Nifty also gained 74 points to reach 10,770 in early deals. Furthermore, 36 stocks listed in the 50-scrip index were trading with advances. The companies that gained the most due to this positive climate were Dr. Reddy’s Laboratories, HPCL, Tata Motors, HDFC Bank and IndusInd Bank. They all traded at 1.6% to 2.4 % higher values.
According to Finance Secretary Hasmukh Adhia, the total amount collected in May 2018 was Rs 94,016 crore. This amount is higher than the monthly average collection of Rs 89,885 crore in 2017-18. According to him, this increase in revenue is in part due to the introduction of the e-Way Bill that has ensured greater tax compliance. He also divulged that there has been an increase in the number of returns filed for the month of April up to the 31st of May.
The E Way Bill is an electronically generated document that is required for the transportation of goods worth more than Rs 50,000. It is mandatory for both intra-state and inter-state ferrying of goods.
VK Sharma, the head of the private client group and capital market strategy at HDFC Securities, acknowledge the Electronic Way Bill’s role.
“Analysts think that these numbers are good considering the disruption seen due to the introduction of the E-Way bill.”