New Delhi, Sept. 4 -- Bata India, Metro Brands, Campus Activewear, and Mirza International were among the footwear stocks that surged up to 10.5% in intraday trade on Thursday, September 4, as investors cheered the GST rate cut on footwear, lifting hopes of improved demand and margins for these companies.

The GST Council, chaired by Finance Minister Nirmala Sitharaman, on Wednesday announced a cut in GST on footwear priced up to Rs.2,500, reducing the rate to 5%.

Previously, the 5% GST slab applied only to items priced up to Rs.1,000, but with this move, the benefit has now been extended to products priced up to Rs.2,500 apiece.

Following the announcement, footwear stocks opened the session with a gap-up and extended gains through the ...