India’s annual budget, which is known to be the most closely watched event in the country, was presented on Wednesday by the Union Finance Minister Arun Jaitley.
Here are the winners and losers.
In the budget presented by Arun Jaitley a record agricultural credit of Rs 10 trillion by the fiscal year through March 2018. While, Rs 48,000 crore alloted to MNREGA and 100% electrification of villages was also promised in the budget speech. Companies which may benefit include tractor makers such as Mahindra & Mahindra Ltd.
Affordable housing program extended to five years in the budget. In the budget, Jaitley has also planned to lower holding period for taxing capital gains on sale of immovable property to two years from three.
Shares of DLF Ltd, Godrej Properties Ltd and Oberoi Realty Ltd could be affected.
Consumer goods and automakers
Finance Minister Jaitley also proposed cutting the tax rate for people with income of between Rs2,50,000 and Rs5,00,000 to 5% from 10%.
Shares that may be affected are ITC Ltd, Hindustan Unilever Ltd, Marico Ltd, Maruti Suzuki Ltd and Hero MotoCorp Ltd.
A proposal to inject at least Rs10,000 crore of capital into state-owned lenders and provide additional capital was also presented in the Budget 2017.
Stocks involved include State Bank of India, Bank of India, Bank of Baroda.
Government proposes to amend rules governing pharmaceuticals to help lower prices, make healthcare affordable and encourage generics.
Stocks affected include Dr. Reddy’s Laboratories Ltd and Sun Pharmaceutical Industries Ltd. Bloomberg