Sensex, Nifty open at record high; ONGC, Bharti Infratel, SBI gainers
The rupee was higher by 14 paise at 64.90 against the dollar after the European Central Bank (ECB) said it would soon taper off its monetary stimulus.
It got more lift from fresh selling of the US currency by exporters and banks amid stronger domestic equities.
The dollar's weakness against the euro and other currencies overseas following the ECB move triggered the rise in the local unit, traders said.
Shares of Ramkrishna Forgings touched 52-week high of Rs 824.95, surging as much as 17 percent in morning as it has turned profitable in the quarter ended September 2017 (Q2FY18).
The company has reported net profit of Rs 23.5 crore in Q2FY18 against loss of Rs 5 crore in the same quarter last fiscal. Its revenue increased 114 percent at Rs 333 crore.
The operating profit (EBIDTA) was up 130 percent at Rs 65 crore and margins was up 150 bps at 19.5 percent.
The Group of Ministers set up to make GST composition scheme more attractive suggested lowering tax rates for manufacturers and restaurants under the plan to 1 percent.
At present, while manufacturers pay GST at 2 percent, the rate for restaurants is 5 percent. Traders currently pay 1 percent.
The GoM headed by Assam Finance Minister Himanta Biswa Sarma has also suggested doing away with the tax rate distinction between AC and non-AC restaurants, those which are not covered under composition scheme, and tax them at 12 percent.
It also suggested that hotels which has room tariff of more than Rs 7,500 should attract 18 percent tax rate.
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