Footwear stocks surge up to 6% on excise duty relief

Shares of footwear makers rose up to 6 per cent today following the reduction of excise duty announced in the Budget.

Liberty Shoes soared 5.84 per cent, Bata India surged 5 per cent, Relaxo Footwears was up 1.84 per cent and Mirza International climbed 1.78 per cent on the BSE.

Excise duty on footwear with leather uppers and having retail price of more than Rs 1,000 per pair has been reduced to 6 per cent, from 12 per cent earlier, Finance Minister Arun Jaitley said in the Budget speech.

Leather footwear priced above Rs 1,000 per pair will cost less as excise duty has come down to 6 per cent.
 

Meanwhile, the broader benchmark BSE Sensex ended 141.38 points up at 29,361.50.