FM cuts excise duty on footwear; Bata, Relaxo rally over 5%

NEW DELHI: Arun Jaitley in his maiden Budget 2014 plans to reduce excise duty on footwear which costs less than Rs 1000.

Reacting to the development, Bata India rallied as much as 5.7 per cent to touch its intraday high of Rs 1305, while Relaxo Footware surged as much as 6.2 per cent to touch its intraday high of Rs 395.

At 01:20 p.m.; Relaxo Footwear was trading 5.9 per cent higher at Rs 394 and Bata India was up 4.4 per cent to Rs 1288.