Indian shares gain on GAAR delay, plan to reduce corporate tax rate

MUMBAI: Indian shares rose nearly 1 percent on Saturday, recovering from earlier falls after Finance Minister Arun Jaitley proposed to cut the corporate tax rate over the next four years and delayed the implementation of planned General Anti-Avoidance Rules (GAAR) by two years.

Shares had earlier turned slightly negative after Jaitley pushed back the government's medium-term goal of cutting the fiscal deficit to 3 percent of gross domestic product to 2017/18, one year later than previously expected.

The broader NSE index was up 0.9 percent at 1221 India time (0651 GMT) after earlier momentarily dipping 0.1 percent.