(Bloomberg) -- The S&P BSE Sensex surged 3.4%, set for biggest gain since May 20, after Finance Minister Nirmala Sitharaman said India will cut taxes for local companies to an effective 25.2% from 30%.
The new effective tax rate of 25.2% will include all surcharges and applicable on those companies that aren't availing any incentives, the Finance Minister said Friday. All 19 sector sub-indexes compiled by BSE Ltd. advance, led by auto companies.
To contact the reporter on this story: Lianting Tu in Singapore at ltu4@bloomberg.net
To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, Teo Chian Wei
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
