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Stock impact report

Nifty, Sensex soar 5% as government cuts taxes to prop up growth [Reuters]

HDFC Bank Limited (HDB) 
Company Research Source: Reuters
Nifty, Sensex soar 5% as government cuts taxes to prop up growth - Reuters 2 Min Read (Reuters) - Indian shares surged over 5% on Friday and were set for their best day in more than a decade after the government announced deep cuts in corporate taxes to revive flagging growth in Asia’s third largest economy. Finance Minister Nirmala Sitharaman said the effective corporate tax rate would be lowered to 25.75% from 30% and scrapped the minimum alternative tax for domestic companies. “The reduction in corporate tax rate will “augur well for our economy,” Reserve Bank of India chief Shaktikanta Das said, speaking at a conference in Mumbai. The broader NSE Nifty jumped as much as 5.2% to 11,256.15, while the benchmark BSE Sensex jumped 5.3% to 37,990.47. The rupee rose as much as 0.9% to 70.68 against the dollar, its strongest level since Aug 9, while the yield on benchmark 10-year bond rose to 6.71% versus 6.57% in early trading. Shares of top private-sector lender HDFC Bank Ltd, soared ne Show less Read more
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