The government led by Prime Minister Narendra Modi has unveiled various measures to arrest the falling growth -- from rolling back of higher tax surcharge for foreign investors to mega reforms in the public sector banking space.
The other prominent winners were IndusInd Bank, Bajaj Finance, State Bank of India, UltraTech Cement and Titan. All of them saw gains ranging between 8.7 to 10.7 per cent each.
At 11:20 am, Sensex was up 1231.23 points to 37,324.70, while the National Stock Exchange (NSE) Nifty index was trading at 260.70 points higher at 10,965.50.
In a major fiscal booster, the government on Friday slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Meanwhile, Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth. MSCI's broadest index of Asia Pacific shares outside Japan rose by 0.15 per cent while Japan's Nikkei rose by 0.46 per cent.
GST Council also decided to reduce the rate on Electric Vehicle Chargers from 18 per cent to 5 per cent. The new rates will come into effect from the 1st of next month.
It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion
My own experience of two years while chairing the GST Council was that finance ministers of states, notwithstanding the political position their parties take, have displayed a high level of statesmanship and acted with maturity. The council worked on the principle of consensus. This has added to the credibility of the decision-making process. I am sure this trend will continue in future
New Delhi: In a bid to give impetus to small businesses, the GST Council on Thursday doubled the annual turnover...
New Delhi: The GST Council is likely to consider lowering GST on under-construction flats and houses to 5 per cent in...