Capital goods stocks rise after excise duty cut announcement

Shares of capital goods firms gained as much as 4 per cent after Finance Minister P Chidambaram announced in the interim Budget that excise duty would be cut to 10 per cent for the sector.
Shares of VA Tech Wabag shot up by 4 per cent and Thermax surged 3.11 per cent on the BSE.
Among others, Jindal Saw was up 2.21 per cent and Larsen & Toubro rose 1.17 per cent.
Chidambaram in the interim budget speech today announced a cut in excise duty from 12 per cent to 10 per cent for capital goods to stimulate the sector's growth.

Meanwhile, the broader market benchmark Sensex was trading with a gain of 52.08 points at 20,418.90 at 13:17 hours.