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Market Update : 
Tax Reform Talks Bolster Stocks in India
Author: Mayank Mehta
123jump.com
Last Update: 9:53 AM ET August 13 2009


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Stocks in India surged after the government proposed to lower individual and corporate taxes to the lowest on record. The simplified and lowered tax regime with vigorous enforcement is expected to widen the taxpayer base from the current 2.5% of population.

 
Reliance Industries added 1.7% to Rs 2,024.30.

Sun TV Network Limited the engaged in producing and broadcasting satellite television added 3.3% or Rs.9.15 to Rs.280.15.

Rallis India Limited surged 4.2% or Rs.31.10 to Rs.768.05 after the board approved buying up to 35.80% equity shares from other Tata group founders for not more than 850 rupees per share.

Usher Agro Limited jumped 8.8% or Rs.3.00 to Rs.36.75 after the food processor commenced commercial production for second line of its rice mill with a capacity of 94,400 mtpa at Chhata, Mathura.

Unitech Limited advanced 5.1% or Rs.4.55 to Rs.92.90 after the real estate developer plans to invest Rs. 600 crore into affordable housing.

Three aviation stocks surged after Civil Aviation Minister Praful Patel said the government will look into the issue of jet fuel pricing and the demands of airline industry.

Jet Airways rose 5.6%, Kingfisher Airlines rose 5.9%, and SpiceJet surged 9.3%.

Bank of Baroda rose 3.6% or Rs.15.50 to Rs.440.60. Bank of India rose 3.5% or Rs.11.15 to Rs.322.65. Canara Bank gained 1.3% or Rs.3.70 to Rs.271.80. HDFC Bank rose 1.6% or Rs.22.15 to Rs.1,424.95.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 82.19 or 0.79% to 10,517.19, Hang Seng index in Hong Kong increased 426.06 or 2.08% to 20,861.30 and CSI 300 index in China higher 43.42 or 1.28% to 3,440.82. ASX 200 index in Australia increased 92.80 or 2.14% to 4,435.90. The FTSE Bursa KL Composite index in Malaysia closed higher 5.65 or 0.48% to 1,186.19.

The Kospi Index in South Korea decreased 0.71 or 0.05% to close at 1,564.64. SET index in Thailand closed higher 12.66 or 1.97% to 655.68 and JSE Index in Indonesia increased 49.13 or 2.09% to 2,396.49. The Sensex index in India increased 498.33 or 3.32% to 15,518.49.


$59.12
-1.42%
$22.97
0.39%
$5.27
-2.77%
$3.21
-0.93%
$26.23
1.08%
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