Indian stock markets shot up sharply on Friday after finance minister slashed corporate tax rate to 22% for domestic companies, subject to condition that they will not avail any incentive or exemptions. At 11:17 am, the benchmark S&P BSE Sensex advanced 1,246.47, or 3.45%, to 37,340, while the Nifty 50 index jumped 354.50 points, or 3.3%, to 11,059.30. Tata Motors, Yes Bank, Axis Bank, Zee, IIFL Securities and Adani Transmission were among the key stocks in focus today. Read on to know more:
Tata Motors: Tata Motors Ltd shares jumped 3% after the company announced the development of an all-new modular powertrain platform called Ziptron that will power its electric cars for personal segment in the future. The new powertrain platform will be capable of providing long running range of up to 250 kms per charge along with the fast charging capability and will come with a warranty of 8 years on motor and battery.
Yes Bank: Yes Bank Ltd shares bounced back as much as 6.7% after one of the promoter firms Morgan Credits Pvt. Ltd (MCPL), owned by Rana Kapoor’s family, sold 2.3% stake in the bank.
Axis Bank: Axis Bank Ltd shares gained 1.6% after the lender set floor price for its proposed qualified institutional placement (QIP) offering at Rs 661.50 per share. It will consider and approve issue the price for QIP on September 25
IIFL Securities: Shares of IIFL Securities got listed today on exchanges and were trading 5% lower than the issue price at Rs 39.60.
Adani Transmission: Adani Transmission Ltd shares fell 2.6% after a media report said Qatar Investment Authority is in negotiations with the Adani Group to buy a minority stake in the latter’s flagship power transmission and distribution asset — Adani Electricity Mumbai Ltd.
Zee Entertainment: Shares of Zee Entertainment Enterprises Ltd, Essel group’s flagship firm, cracked 11.5% on reports that mutual funds (MFs) with a debt exposure to Essel Group companies are likely to give more time to their promoters to repay about Rs 3,000 crore of dues beyond the September 30 deadline.
PNB: Punjab National Bank shares rose 1.6% as the bank said it will consider fund raising up to Rs 3,000 crore through additional Tier-I Basel-III compliant perpetual bonds in one or more tranches on 26 September.
Bharat Forge: Bharat Forge Ltd shares gained 2% as the company acquired a 50% stake in German company Refu Electronik GmbH for 11.35 million euro.