Shares of consumer durables and FMCG firms zoomed up to 8% after FM Nirmala Sitharaman said that no income tax will be payable on income up to Rs 12 lakh under the new tax regime, giving a big relief to taxpayers in her Union Budget 2025 speech today. This will lead to a consumption boost in the Indian economy. Blue Star, Whirlpool of India, Swiggy, Kalyan Jewellers, Zomato and Crompton Greaves shares rose up to 8% on BSE. The BSE consumer durables index zoomed 1054 pts to 58,906 after the Budget speech. Nifty consumer durables index too rose 1,100 pts intra day to 38,693 against the previous close of 37,591.
The FM also said the new income tax regime will be simpler, with a special focus on benefiting the middle class.
Zomato shares rose over 4% to Rs 233 against the previous close of Rs 220.35 on BSE. Market cap of the firm climbed to Rs 2.21 lakh crore. Zomato stock has risen 65% in a year and gained 382% in two years. The stock clocked a turnover of Rs 68.46 crore as 30.47 lakh shares changed hands on BSE in today’s session.
Shares of Blue Star rose 8.13% to Rs 1966.30 against the previous close of Rs 1818 on BSE. Market cap of the firm climbed to Rs 40,157 crore. Blue Star stock has climbed 64.28% in a year and gained 207% in two years. The stock clocked a turnover of Rs 5.78 crore as 0.31 lakh shares changed hands on BSE in today’s session.
Akhil Mittal, Senior Fund Manager-Fixed Income, Tata Asset Management said, "The Budget continued focus on sustainable growth, supporting key sectors, reducing tax burden on middle class while maintaining fiscal discipline. Follows the rhythm of economic progress and direction of this government. No surprises on fiscal maths shall ensure financial health and open space for private credit and bankable growth. Helping middle class through tax savings will help consumption, boost investments and encourage sentiment."
Whirlpool of India shares rose 6.32% to Rs 1212 against the previous close of Rs 1139.95 on BSE. Market cap of the firm climbed to Rs 15,150 crore. Whirlpool stock has fallen 10.88% in a year and lost 34.05% in two years. The stock clocked a turnover of Rs 4 crore as 0.34 lakh shares changed hands on BSE in today’s session.
Swiggy shares too gained 5.36% to Rs 438.85 against the previous close of Rs 416.50 on BSE. Market cap of Swiggy climbed to Rs 96,286 crore.
Kalyan Jewellers shares gained 4.16% to Rs 523.45 on BSE. Market cap of Kalyan Jewellers climbed to Rs 52,845 crore. Similarly, shares of household appliances firm Crompton Greaves zoomed 5.31% to Rs 361.55 against the previous close of Rs 342.95.