Investors’ Wealth Surged By Rs 2.11 Lakh Cr After FM’s Announcements

On Friday, after the Indian equity markets jumped post the economy-boosting announcements made by Finance Minister Nirmala Sitharaman, domestic investor wealth soared by Rs 2.11 lakh crore, a PTI report said.

BSE's Sensex spiked by over 1,300 points to a high of 37,421.70. The surge increased the market capitalisation of BSE-listed companies from Rs 2,11,086.42 crore to Rs 1,40,79,839.48 crore.

All stocks in the Sensex basket were green.

The rupee also rose by 66 paise to 70.68 against the US dollar following the announcements.

In a major fiscal booster, the government slashed effective corporate tax to 25.17 percent, inclusive of all cess and surcharges, for domestic companies. The new tax rate will be effective from the current fiscal year and is intended to promote growth and investment.

The government has also decided to not levy enhanced surcharge that was introduced on capital gains arising from sale of equity shares in a company liable for a securities transaction tax.

Also, the super-rich tax will not to apply on capital gains arising from sale of any security including derivatives in hands of foreign portfolio investors.

Sitharaman also said that listed companies which have announced buyback of shares prior to July 5, will not be charged with buyback tax.