Stocks of companies invested in excise-free zones in Himachal Pradesh, Uttarakhand and the North-East were trading flat following news report that a proposal to refund the central goods and services tax (GST) to those firms has been presented to the Cabinet.
Many auto, FMCG and pharma companies will benefit if the proposal gets approval from the government.
At 10:30 am, Cipla, Dr Reddy's, Dabur, TVS Motor and Wockhardt etc were trading flat.
Big pharmaceutical companies such as Cipla, Dabur, Dr Reddy’s, Johnson & Johnson and Wockhardt have plants in excise-free zones in Himachal Pradesh, while TVS Motor, Lloyd Electric, TAFE and other automobile component makers also have units in the state, said a report in Economic Times.
A few companies in the cement sector also have plants in such zones in the North-East, the report added.
Department of Industrial Policy and Promotion will move the proposal for cabinet consideration, the report said.
The move comes after the government earlier in July moved a proposal to make a budgetary provision for refunding its share of area-based exemptions on indirect taxes given to certain states in the past.
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