By Stephen Nakrosis
The American depository receipts of Tata Motors Ltd. (TTM) have gained over 10% on the New York Stock Exchange on Friday, after the government of India cut its corporate tax rate and set other measures to boost growth.
At 12:25 p.m. ET, Tata Motors ADRs had gained 10.24% to trade at $9.69. Volume was heavy, with over 2.2 million ADRs trading, above the 65-day average volume of some 1.6 million.
Local companies in India will now pay a 22% corporate tax, a reduction of 8 percentage points, and new companies who begin manufacturing operations in the next four years will have a tax rate of 15%.
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(END) Dow Jones Newswires
September 20, 2019 12:48 ET (16:48 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.