Indian stocks continued their upward journey on Tuesday, i.e. September 24, as positive Asian cues supported domestic optimism. At 10:24 am, the S&P BSE Sensex rose 96.50 points, or 0.25%, to 39,186.51, while the Nifty 50 index was trading higher by 20.45 points, or 0.18%, to 11,620.65. SBI, Reliance Capital, Zee Entertainment, Coal India, Petronet LNG, Axis Bank and Aurobindo Pharma were among the key stocks in news today. Read on to know more:
SBI: State bank of India (SBI) shares slipped 1.5% as the state-run bank has linked all floating rate loans to MSMEs to RBI’s benchmark repo rate effective 1 October.
Reliance Capital: Reliance Capital Ltd shares gained 7% on news that the deal to sell the company’s entire stake in its mutual fund arm to joint venture partner Nippon Life Insurance will be completed by the end of this month.
ZEE: Zee Entertainment Enterprises Ltd shares dropped 4.4% on news that mutual funds have started offloading pledged shares of the company. Reportedly, SBI Funds Management sold shares worth Rs 200 crore on Monday.
Coal India: Coal India Ltd shares inched up 1.5% even as production is likely to take a hit on Tuesday as workmen unions have decided to go on one-day strike to protest against the Centre’s decision to allow 100% foreign direct investment (FDI) in coal mining.
Petronet LNG: Petronet LNG Ltd shares bounced back 4.7% after Monday’s selloff as the company clarified that its proposed $2.5 billion US gas purchase deal signed in Houston was “non-binding” and would be pursued only if it made “commercial sense”.
Axis Bank: Axis Bank Ltd shares rise 1% after ratings agency ICRA assigned “ICRA MAAA” rating with ‘stable’ outlook to the fixed deposit programme of the bank.
Aurobindo Pharma: Aurobindo Pharma Ltd shares declined as much as 4.5% after market regulator Sebi imposed a total penalty of about Rs 22.6 crore on the company, its promoter P.V. Ramprasad Reddy, his wife P. Suneela Rani and other connected entities for violating insider trading rules.
Manappuram Finance: Manappuram Finance Ltd shares jump 2% after the board approved raising up to Rs 465 crore via non-convertible debentures (NCDs).
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