Indian stocks rallied for a second day on Monday, i.e. 23 September, after the government slashed corporate tax for domestic companies. At 11:21 am, the S&P BSE Sensex jumped 1,122 points, or 3%, to 39,136.68, while the Nifty 50 index jumped 338 points, or 3%, to 11,612.10. Petronet LNG, Hero MotoCorp, Dr Reddy’s and Reliance Capital were among the key stocks in news today. Read on to know more:
Petronet LNG: Petronet LNG Ltd shares lost as much as 7.4% after India’s biggest liquefied natural gas importer signed a preliminary deal to buy a stake in Tellurian Inc.’s proposed Driftwood project in Louisiana and import 5 million tonnes a year of LNG for the next 40 years.
Dr Reddy’s: Dr Reddy’s Laboratories Ltd shares declined 4.8% after the company said it is suspending supply of its drug Ranitidine worldwide following the probe by the US FDA into the reported impurity N-nitrosodimethylamine in it at low levels.
Hero MotoCorp: Hero MotoCorp Ltd shares are down 1.5% on reports that the company might see a reduction in its earlier-projected capex of Rs 1,500 crore for the current financial year.
Reliance Capital: Reliance Capital Ltd shares plunged 9.5% after credit rating agency CARE issued “CARE D” rating for the company’s long-term debt program, market-linked debentures and subordinated debt of the company, due to the alleged “delay” in payment of interest by one day.
Lupin: Lupin Ltd shares fell 3.8% after the US FDA completed inspection of its Tarapur facility.
MCX: Multi Commodity Exchange of India Ltd shares rose over 4% after the company said it will consider raising total limit in foreign investment in the company by up to the prescribed sectoral cap of 49%.
Thomas Cook: Thomas Cook India Ltd shares cracked 9.4% despite the travel and leisure firm allaying fears that it is not related with UK-based Thomas Cook Plc which is struggling to stave off a financial collapse.
Torrent Pharmaceuticals: Torrent Pharmaceuticals Ltd shares fell 1.3% as the drug firm it said to be expanding its voluntary recall for tablets used to control hypertension in the US due to the detection of traces of N-Methylnitrosobutyric acid.