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Stock Market News - Nifty above 10,900 after FM cuts Corporate Tax

Finance Minister Nirmala Sitharaman proposed to slash corporate tax for domestic companies and new domestic manufacturing companies

Ordinance for cutting tax rate has been passed and corporate tax rate will be 22 percent without exemptions, Finance Minister said, adding effective corporate tax rate after surcharge will be 25.17 percent.

To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent, FM said, adding effective tax for new companies shall be 17.01 percent, including cess & surcharge.

Astral Poly Technik crashes over 16% on block deal --  2.54% equity of Astral Poly exchanges hands-on NSE & BSE. Shares of Astral Poly Technik tanked around 17 percent to Rs 960 apiece on the BSE -- its biggest fall in the past four years -- in the early morning deals on Friday after nearly 3 percent equity of the company changed hands via block deals.


Morepen Labs rallies 9% -- The company approved the issue and allotment up to 3.7 crore warrants for an aggregate amount of up to Rs 74 crore, convertible into 3.7 crore equity shares to promoter group entity(ies) on a preferential basis.

IIFL Securities Gains 5% After Listing IIFL Securities—the broking arm of IIFL Holdings Ltd., which the financial services group spun off to unlock value, listed at Rs 22 per share. The stock rose as much as 5 percent thereafter. Shares of IIFL Securities, the demerged entity from IIFL Finance (erstwhile IIFL Holdings), started off trade at Rs 22 on the National Stock Exchange, against the previous close of Rs 417.45.

Yes, Bank Top Performer On Sensex, Nifty; Shares Jump 7% Shares of Yes Bank rose as much as 6.8 percent to Rs 556.65. The stock had declined 16 percent yesterday. The lender’s promoter Rana Kapoor sold a 2.3 percent stake in the bank for Rs 337.3 crore, bringing down his family’s stake in the bank to 7.4 percent. The Yes Bank shares sold today were held by Morgan Credits Pvt. Ltd., a promoter entity that does venture funding, according to a statement issued by the company.

Zee Entertainment Extends Decline; Shares Fall 11% Shares of Zee Entertainment extended declines for the fifth consecutive trading session, their longest losing streak since Aug. 6. The stock fell as much as 11 percent, the most since May 8, to Rs 275, their lowest in over five years. 

TOP GAINERS & LOSERS - 

Tata Steel, Maruti Suzuki, HDFC Bank, Indiabulls Housing, Eicher Motors, RIL, and Bajaj Finance are among major gainers on the Indices, while losers are Zee Ent, Axis Bank, Coal India, Power Grid and GAIL. Among sectors, except auto, all other indices are trading with marginal loss. Midcap and smallcap indices are also flat.

Gold Update: Gold prices edged higher on Friday and were set for their first weekly gain in one month, supported by a softer dollar and caution about developments in Sino-US trade talks.

Nomura Model Portfolio Changes - Japanese brokerage firm Nomura added AIA Engineering to its portfolio and raised the weight in L&T, the engineering and construction major.

Oil Marketers Decline In Rising Crude Prices Shares of the oil marketing companies declined after Asia’s crude benchmark—Brent crude rose as much as 1 percent to $65.05 a barrel. It had surged 3.1 percent intraday during yesterday’s trade.



Market News | Sensex | Nifty | Corporate Tax | Finance Minister | Gold | Crude



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