Rupee gains, stocks cut losses on GAAR changes

MUMBAI Mon May 7, 2012 2:35pm IST

Finance Minister Pranab Mukherjee gestures during a news conference in New Delhi May 27, 2009. REUTERS/B Mathur/Files

Finance Minister Pranab Mukherjee gestures during a news conference in New Delhi May 27, 2009.

Credit: Reuters/B Mathur/Files

Related Topics

MUMBAI (Reuters) - The rupee strengthened against the dollar, while stocks cut losses after Finance Minister Pranab Mukherjee announced amendments to a series of controversial GAAR provisions on taxation for foreign investors, including deferring any implementation by a year.

The Sensex was down 0.5 percent, cutting losses of nearly 1 percent before the announcement.

The rupee was trading at 53.01 to the dollar, strengthening from 53.20 before the announcement.

(Reporting By Mumbai markets team)

FILED UNDER:

Surprise Rate Cut

Reuters Showcase

Insurance Bill

Insurance Bill

Opposition support bolsters prospects for insurance reforms  Full Article 

SBI Share Sale

SBI Share Sale

SBI's up to $2.4 billion share sale likely by end April - sources   Full Article 

Eicher Share Sale

Eicher Share Sale

Truck maker Volvo sells shares in Eicher Motors  Full Article 

Beef Ban

Beef Ban

After beef ban, Hindu groups force abattoirs to close   Full Article 

Monsoon Season

Monsoon Season

Exclusive - India expects better monsoon rains this year  Full Article 

Services Growth

Services Growth

Services growth at eight-month high in Feb - HSBC PMI  Full Article 

'India's Daughter'

'India's Daughter'

Documentary on 2012 Delhi gang rape banned in India  Full Article 

Capex Slashed

Capex Slashed

Cairn India slashes 2015-16 capex on falling crude   Full Article 

Coal Imports

Coal Imports

India coal imports in Feb jump from year ago, but drop m/m  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage