Indian Finance Minister Arun Jaitley has announced in the Union Budget 2014-15 a cut in the excise duty on footwear from 12 percent to 6 percent, according to a media report. The announcement brought a 10 percent surge in footwear stocks listed on BSE.
Following the announcement, Bata India and Liberty Shoes stocks traded as much as six percent high. At 1.20 pm, Bata India saw rise of 4.47 percent, quoted at Rs 1,289.70 while Liberty Shoes was up by 5.64 percent on BSE standing at Rs 295.
The excise duty cut will be applicable on retail footwear priced up to Rs 1,000 per pair.
