Footwear stocks gain after GST rate revision

Footwear stocks jumped after the GST Council lowered GST rates on footwear below Rs1,000 to 5% from 18% earlier.

Jul 23, 2018 05:07 IST India Infoline News Service

Relaxo Footwears
Shares of footwear companies were trading higher in today’s trade with Relaxo Footwear and Bata India gaining over 3.5% each on the BSE.

Footwear stocks jumped after the GST Council lowered GST rates on footwear below Rs1,000 to 5% from 18% earlier (footwear having a retail sale price up to Rs500/pair is already covered under 5% rate). The changes in tax rate would come into effect from July 27, 2018, said a press release issued by the Ministry of Finance.

Bata India, Liberty Shoes, Superhouse and Khadim India were up 4% to 7% on the BSE.

Relaxo Footwears Ltd is currently trading at Rs794.50 up by Rs26.1 or 3.4% from its previous closing of Rs768.40 on the BSE. The scrip opened at Rs789 and has touched a high and low of Rs815 and Rs787.20 respectively.

Bata India Ltd is currently trading at Rs888.25 up by Rs46 or 5.46% from its previous closing of Rs842.25 on the BSE. The scrip opened at Rs877.70 and has touched a high and low of Rs889.90 and Rs856 respectively.

Liberty Shoes Ltd is currently trading at Rs182.25 up by Rs13.15 or 7.78% from its previous closing of Rs169.10 on the BSE. The scrip opened at Rs175.95 and has touched a high and low of Rs185.65 and Rs174.20 respectively.

Khadim India Ltd is currently trading at Rs805.05 up by Rs51.75 or 6.87% from its previous closing of Rs753.30 on the BSE. The scrip opened at Rs770 and has touched a high and low of Rs808 and Rs770 respectively.

Related Story