Market

Khadim India, Liberty Shoes, Mirza soar on likely GST relief, easier import norms

Updated : September 13, 2019 11:36 AM IST

Shares of Khadim India, Liberty Shoes and Mirza International traded higher on Friday, rising between 5 and 15 percent in trade.

Mirza International shares touched an intra-day high of Rs 67.2, rising almost 9 percent in trade.

Khadim India shares opened with a loss of 13.25 percent, but recovered to hit the day's high of Rs 270, rising 15.4 percent in trade today.

Khadim India, Liberty Shoes, Mirza soar on likely GST relief, easier import norms

Shares of Khadim India, Liberty Shoes and Mirza International traded higher on Friday, rising between 5 and 15 percent in trade on reports that the Modi government may announce measures to provide relief to the sector, including reducing GST rate and a more favourable import regime.

The finance ministry and commerce & industry ministry have jointly worked out a proposal for the sector and shared it with the PMO, according to a CNBC-Awaaz report.

Under the proposal, the government may consider increasing the current 3 percent limit on duty-free imports to 5 percent, the report said.

Additionally, the government may also reduce GST on raw materials for footwear, while another proposal could push for reducing the existing 18 percent GST to 12 percent on footwear priced above Rs 1000, the report further added.

Mirza International shares touched an intra-day high of Rs 67.2, rising almost 9 percent in trade. The stock has been gaining for the last 6 days and has risen over 27 percent, trading higher than its 5 day, 20 day, 100 day and 200 day moving averages. At 9.51 am, the stock quoted at Rs 66, higher by 6.88 percent on the BSE.

Liberty Shoes jumped over 8 percent, touching an intra-day high of Rs 133.45, despite opening with a loss of almost 10 percent on Friday. The stock has risen over 60 percent in the last 6 days. At 9.53 am, Liberty Shoes shares quoted at Rs 129.75, higher by 5.23 percent on the BSE.

Khadim India shares opened with a loss of 13.25 percent, but recovered to hit the day's high of Rs 270, rising 15.4 percent in trade today. In the last 3 days, the stock has gained 45.5 percent.

The S&P BSE SmallCap index where all the three stocks are listed traded flat in the red. The frontline BSE index also traded lower by 0.13 percent at 10.18 am.

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