Indian textile, footwear makers fall on govt tax hike

Dollar Industries

22/11/2021 08:23

** Shares of Indian apparel, textile and footwear makers
fall between 2%-9% after government raises goods and services
tax 
    ** India govt last week raised https://bit.ly/3oOa290 goods
and services tax (GST) on fabrics and garments of all types to
12% from 5%-6%, effective Jan. 1, 2022 
    ** Shares of textile companies Welspun India  WLSP.NS ,
Bombay Dyeing  BDYN.NS , Monte Carlo Fashions  MOCF.NS ,
Gokaldas Exports  GOKL.NS , Lux Industries  LUXI.NS , Dollar
Industries  DLLA.NS  and Vishal Fabrics  VIFA.NS  fall between
2% and 9%
    ** Footwear makers Bata India  BATA.NS , Relaxo Footwear
 RLXO.NS , Liberty Shoes  LIBS.NS , Khadim India  KHAD.NS  and
leather footwear supplier Mirza International  MIRZ.NS  fall
between 3.5% and 4%
    ** The GST hike comes at a time when several manufacturing
companies have flagged rising input costs in the recent
quarterly earnings

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))