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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Market spirals higher after FM announces tax measures
(11:22, 20 Sep 2019)

Key benchmark indices soared after Finance Minister Nirmala Sitharaman announced fiscal measures today. The Nifty crossed 11,000 mark. At 11:20 IST, the barometer index, the S&P BSE Sensex, surged 1228.65 points or 3.4% at 37,322.12. The Nifty 50 index spurted 269.35 points or 2.52% at 10,974.15.

FM proposed to slash corporate tax for domestic companies and new domestic manufacturing companies. Corporate tax to be 22% without exemptions. Effective corporate tax after surcharge to be 25.17%.

To attract investments in manufacturing companies, local companies incorporated after October 2019 to pay tax at 15%. Effective corporate tax for new companies after cess and surcharge to be 17.01%.

Companies enjoying tax holidays can avail concessional rates after exemption period.

FM gave Minimum Alternate Tax (MAT) relief for those opting to continue paying surcharge and cess. MAT reduced to 15% from 18.5% for companies to continue to avail exception and incentives.

Enhanced surcharge to not apply to capital gains by foreign portfolio investors (FPIs).

Buyback tax for listed companies announcing buyback before 5th July is exempted.

Total revenue forgone for reduction on corporate tax and other measures announced is Rs 1.45 lakh crore per year.

Expect to widen tax basket with lower tax rate. Economic buoyancy will itself generate revenue, said Sitharaman. New corporate tax to be lowest in Southeast Asia. Want to have more investment in Make in India, FM added.

RBI Governor Shaktikanta Das said tax rate cut announced today takes India closer to Asian peers.

The rally was broad based. The S&P BSE Mid-Cap index was up 2.03%. The S&P BSE Small-Cap index was up 1.16%.

The market breadth favoured the bulls. On the BSE, 1311 shares rose and 623 shares fell. A total of 90 shares were unchanged.

Larsen & Toubro (up 5.40%), Vedanta (up 5.12%), Bajaj Finance (up 4.70%) and Hindustan Unilever (up 4.32%) and Reliance Industries (up 3.86%), advanced.

Auto and banking stocks witnessed heavy buying. The S&P BSE Auto was up 5.79% while the S&P BSE Bankex was up 4.35%.

Among auto shares, Eicher Motors (up 10.28%), Maruti Suzuki India (up 8.4%), Ashok Leyland (up 7.46%), Mahindra & Mahindra (up 6.59%), Escorts (up 6.24%), TVS Motor Company (up 6.06%), Hero Motocorp (up 5.38%), Tata Motors (up 5.27%) and Bajaj Auto (up 4.89%) surged.

Among private sector banks, RBL Bank (up 7.60%), HDFC Bank (up 7.37%), Yes Bank (up 5.36%), ICICI Bank (up 5.32%), IndusInd Bank (up 5.23%), Federal Bank (up 3.05%), Kotak Mahindra Bank (up 2.60%), Axis Bank (up 2.46%) and City Union Bank (up 1.34%) spurted.

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