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Private sector banks rally after FM cuts corporate tax
(14:10, 20 Sep 2019)
Private banks, which are at the top end of the tax bracket, are expected to be the immediate beneficiaries of the corporate tax cut.

RBL Bank (up 17.62%), Federal Bank (up 13.11%), IndusInd Bank (up 11.39%), ICICI Bank (up 9.11%), HDFC Bank (up 8.20%), Axis Bank (up 6.99%), Yes Bank (up 6.93%), Kotak Mahindra Bank (up 6.78%) and City Union Bank (up 5.87%) surged.

The Nifty Private Bank index was up 8.81% at 16,130.55.

The S&P BSE Bankex was up 8.69% at 32,769.47.

The S&P BSE Sensex was up 2,072.14 points, or 5.74% at 38,165.61.

In a press conference held in Goa today, the Finance Minister Nirmala Sitharaman announced slashing of corporate tax rate for domestic companies and new domestic manufacturing companies. The FM added that the ordinance for cutting tax rate has been passed.

The FM said that the new corporate tax rate will be 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%.

The said measures have been announced with expectation to widen the tax basked with lower tax rate. Economic buoyancy will itself generate revenue, the FM said.

In her closing remarks, the FM said that the new corporate are to be among lowest in SouthEast Asia.

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