Budget 2024 gives boost to Titan, CE Info Systems, Genesys, shares rally up to 8%

Shares of CE Info Systems and Genesys International Corporation advanced in the afternoon trade after the Finance Minister on July 23 announced improvements in the agriculture industry by digitising public infrastructure for their lands within three years for 6 crore farmers in partnership with states.

Brokerage SAMCO Securities believes the announcement is positive for companies such as CDSL, CE Info Systems and Genesys. CE Info Systems traded 7.48% higher at Rs 2,431 at around 12.30 pm (IST). Genesys International Corporation was up 2.44% at Rs 651. However, CDSL traded 3.44% down at Rs 2,212. The benchmark BSE Sensex traded 1,120 points, or 1.40% down, at 79,378.

In another development, shares of real estate companies jumped after Sitharaman announced a Rs 2.2 lakh crore push to make housing more affordable. Sobha was up nearly 2.50% at Rs 1,830. On the other hand, Oberoi Realty was up 0.70%.

Meanwhile, the government hiked long-term capital gain tax to 12.5% from 10% earlier.

The finance minister also announced a reduction in the customs duty on gold and silver to 6%, aimed at enhancing domestic value addition. “This policy change is expected to significantly benefit companies like Titan and Kalyan Jewellers, enabling them to optimise their supply chains. This will increase their profit margins and pass on cost savings to consumers,” Samco Securities said. Titan was up 2.64% higher at Rs 3338 at around 12.40 pm (IST).