India's consumption stocks gain on budget's income tax cut

Godrej Consumer Products

01/02/2025 07:03

** India's consumer stocks  .NIFTYFMCG  and auto stocks
 .NIFTYAUTO  reverses losses, now up 3% and 2.4%, respectively
    ** Finance Minister Nirmala Sitharaman says annual income up
to 1.2 million rupees ($13,867), will no longer attract any tax
    ** Previously, annual income of up to 1.5 million rupees
attracts a tax rate of between 5% and 20%, while income of more
than 1.5 million rupees is taxed at 30%
    ** Maruti Suzuki  MRTI.NS , up 6.3% and is the top pct
gainer in benchmark Nifty 50 index  .NSEI  and NIFTYAUTO
    ** Godrej Consumer Products  GOCP.NS , up 4.7% and is the
top gainer on NIFTYFMCG
 
 ($1 = 86.5360 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))