India's HUDCO and IREDA rise on tax exemption report

Indian Renewable Energy Development Agency

26/06/2024 09:18

** Shares of Housing and Urban Development Corp (HUDCO)
 HUDC.NS  are up 4%, while Indian Renewable Energy Development
Agency (IREDA)  INAR.NS  is up 6.8%
    ** The Union budget may include provisions to secure cheaper
funds for IREDA and HUDCO by including them under Section 54EC
of the Income Tax Act, exempting their bonds from capital gains
tax, news website Moneycontrol reported on Wednesday, citing a
government offical
    ** HUDCO and INAR did not immediately respond to Reuters'
request for comment
    ** Including IREDA and HUDCO under Section 54EC will allow
their bonds to offer lower interest rates (5.25% per annum)
compared to the bond market (about 8%), the report added
    ** HUDC on track to snap four straight session of losses, if
current trends hold 
    ** Including session's gain, HUDC is up 125.3% YTD, while
INAR is up 92.7% 

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))