Shares of footwear retailers like Bata India and Liberty Shoes jumped as the government proposed to reduce excise duty on leather footwear.
Bata India rallied as much as 6 per cent to hit intraday high of Rs 1,295. Liberty Shoes also surged over 10 per cent to Rs 309.60.
The government proposed to reduce excise duty on leather footwear for shoes which have leather on the upper side. The retail price of the shoe should more than Rs 1000 per pair.
Shares in Bata India closed 5 per cent higher at Rs 1,286 apiece, while Liberty Shoes ended 6 per cent higher at Rs 297.80 against 0.65 per cent gain in the Nifty.
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