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Last Updated : Sep 20, 2019 12:09 PM IST | Source: Moneycontrol.com

HDFC Bank shares surge most in 30 months after govt slashes corporate tax rate

HDFC Bank had an effective tax rate of 33.4 percent in the quarter ended March and experts say it will reap hefty benefit from the tax cut.

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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.

HDFC Bank had an effective tax rate of 33.4 percent in the quarter ended March and experts say it will reap hefty benefit from the tax cut.

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Rajat Rajgarhia, Managing Director & CEO at Motilal Oswal Financial Services told CNBC-TV18 that most private banks would be immediate beneficiaries of the tax cuts announced today.

Shares of HDFC Bank traded 7.96 percent higher at Rs 1,187.95 on BSE around 1200 hours.

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First Published on Sep 20, 2019 12:08 pm
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