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Cement stocks harden after corporate tax cuts

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Shares of cement makers rallied after Finance Minister Nirmala Sitharaman announced a cut in the corporate taxes.

Ambuja Cements (up 11.36%), UltraTech Cement (up 11.33%), ACC (up 9.25%), Grasim Industries (up 8.68%), India Cements (up 6.05%), Shree Cement (up 5.78%) and Birla Corporation (up 5.21%) advanced.

The S&P BSE Sensex was up 2007.94 points, or 5.56% at 38,101.41.

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%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%, the FM added.

Investors are keenly awaiting outcome of the 37th meeting of the Goods and Services Tax (GST) Council, which is scheduled to take place later today in Goa.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 20 2019. 13:28 IST