Shares Of HDFC Bank Surged 10 Percent On BSE On September 20

Shares of HDFC Bank surged 10 percent on BSE on September 20, marking their highest intraday gain in over 30 months, after the government announced corporate tax rate cut.

The corporate tax rate was cut by 800 basis points to 22 percent, without any exemption, from 30 percent.

The announcement made by FM, are expected to have maximum impact to improve market sentiment and address concerns of slowdown in the economy. Effective tax rate reducing to 25.17% will significantly improve profitability of full tax paying companies leading to change in roe leading to multiple re-rating.

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