India's consumer goods index sees best day in at least 8 years after tax cuts

HLV

23/09/2019 07:30

** The Nifty FMCG index  .NIFTYFMCG  rises as much as 6.6%
after India on Friday moved to cut corporate taxes to help
revive sagging economic growth  urn:newsml:reuters.com:*:nL3N26B1FN
    ** The index, tracking manufacturers of fast-moving consumer
goods, sees its best one-day gain in at least eight years
    ** Index heavyweights Britannia Industries  BRIT.NS  and ITC
Ltd  ITC.NS  rise between 8% and 10%
    ** Britannia shares hit a record high of 3,583.75 rupees,
while ITC shares touch their highest since Aug. 6 at 260.50
rupees
    ** ITC, a sprawling conglomerate which also runs luxury
hotels, also benefits from a cut https://pib.gov.in/newsite/PrintRelease.aspx?relid=193318
 in the goods and services tax  on hotel rates
    ** Shares of Hotel Leelaventure Ltd  HTLE.NS  rise 3.9%,
while Lemon Tree Hotels Ltd  LEMO.NS  firms 9.7% to 59 rupees 
    
    

 (Sethuraman.NR@thomsonreuters.com; 91 8067496031)