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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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Adani Ports & Special Economic Zone Ltd     341.15   Up   1.95 (0.57%)   Asian Paints Ltd     1,638.55   Up   4.80 (0.29%)   Axis Bank Ltd     405.30   Up   10.95 (2.78%)   Bajaj Auto Ltd     2,776.30   Down   -40.95 (-1.45%)   Bajaj Finance Ltd     2,390.35   Up   77.30 (3.34%)   Bajaj Finserv Ltd     5,236.40   Up   99.60 (1.94%)   Bharat Petroleum Corporation Ltd     369.60   Up   12.35 (3.46%)   Bharti Airtel Ltd     584.35   Up   11.90 (2.08%)   Bharti Infratel Ltd     236.25   Up   17.35 (7.93%)   Britannia Industries Ltd     3,466.70   Up   16.35 (0.47%)   Cipla Ltd     650.90   Down   -9.65 (-1.46%)   Coal India Ltd     144.85   Up   4.60 (3.28%)   Dr Reddys Laboratories Ltd     4,024.90   Up   26.00 (0.65%)   Eicher Motors Ltd     17,495.35   Up   222.40 (1.29%)   GAIL (India) Ltd     97.85   Up   0.60 (0.62%)   Grasim Industries Ltd     627.15   Up   22.05 (3.64%)   HCL Technologies Ltd     575.95   Down   -3.00 (-0.52%)   HDFC Bank Ltd     1,033.35   Up   31.65 (3.16%)   Hero Honda Motors Ltd     2,340.65   Up   11.40 (0.49%)   Hindalco Industries Ltd     149.25   Up   6.60 (4.63%)   Hindustan Unilever Ltd     2,087.60   Down   -33.00 (-1.56%)   Housing Development Finance Corporation Ltd     1,766.60   Up   2.30 (0.13%)   ICICI Bank Ltd     357.20   Up   9.35 (2.69%)   Indian Oil Corporation Ltd     89.40   Up   3.50 (4.07%)   IndusInd Bank Ltd     422.35   Up   7.30 (1.76%)   Infosys Technologies Ltd     703.55   Down   -4.20 (-0.59%)   ITC Ltd     200.00   Down   -0.15 (-0.07%)   JSW Steel Ltd     197.05   Up   5.05 (2.63%)   Kotak Mahindra Bank Ltd     1,337.80   Up   3.40 (0.25%)   Larsen & Toubro Ltd     955.25   Up   24.55 (2.64%)   Mahindra & Mahindra Ltd     484.20   Up   5.75 (1.20%)   Maruti Suzuki India Ltd     5,746.20   Up   56.00 (0.98%)   Nestle India Ltd     17,096.85   Down   -99.75 (-0.58%)   NIFTY (S&P CNX)     10,168.20   Up   139.10 (1.39%)   NTPC Ltd     97.95   Up   2.80 (2.94%)   Oil & Natural Gas Corpn Ltd     86.95   Up   2.05 (2.41%)   Power Grid Corporation of India Ltd     171.45   Up   2.20 (1.30%)   Reliance Industries Ltd     1,581.70   Up   1.90 (0.12%)   Shree Cement Ltd     22,089.60   Up   692.95 (3.24%)   State Bank of India     187.80   Up   13.75 (7.90%)   Sun Pharmaceuticals Industries Ltd     494.25   Down   -0.60 (-0.12%)   Tata Consultancy Services Ltd     2,048.25   Down   -43.30 (-2.07%)   Tata Motors Ltd     110.75   Up   12.25 (12.44%)   Tata Steel Ltd     338.95   Up   19.00 (5.94%)   Tech Mahindra Ltd     580.00   Down   -2.10 (-0.36%)   Titan Company Ltd     990.95   Up   19.70 (2.03%)   UltraTech Cement Ltd     3,869.55   Up   65.65 (1.73%)   UPL Ltd     439.40   Up   17.35 (4.11%)   Vedanta Ltd     105.30   Up   0.90 (0.86%)   Wipro Ltd     218.75   Up   2.50 (1.16%)   Zee Entertainment Enterprises Ltd     206.20   Up   0.60 (0.29%)      NSE Data  -  www.nseindia.com (5 minutes delayed) syndicated by www.cmots.com

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