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Lot of quality papers going to come to market, says Raamdeo

While Dalal Street did not look too impressed with Finance M..

While Dalal Street did not look too impressed with Finance Minister Nirmala Sitharaman's mainden Union Budget, market veteran Raamdeo Agrawal rated the Budget to be 'very good'. "She has tried to address all the issues. The NBFC resuce package is a good gesture, at least it is a good mechanism to start with," he said.

"There is much more in it than what I has thought," Agrawa said. He said the move to make the PAN card redundant was another good move.

Agrawal, however, said the move to raise personal income-tax rates in the higher bracket was very steep at 3-7 per cent, which is going to hurt, as was the move to raise petrol and diesel prices by Re 1 per litre.

He said nothing changes from the market's point of view. "Day after, the economic reality and earnings of individual companies will catch up with the market."

Agrawal said it remains to be seen how fast the government would want to implement the plan to raise minimum public floats from 25 per cent to 35 per cent. "It will lead to the supply of papers of soRead More – Source
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