Domestic shares surged on Friday after the government slashed the corporate tax rate to boost economic growth. The rally was led by banks, auto and metal stocks. The Nifty closed above 11,200 level for the first time since 26 July 2019. The the Finance Minister Nirmala Sitharaman announced that the new corporate tax rate will be 22% without exemptions. The effective corporate tax rate after will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%.
Walmart Inc will stop selling e-cigarettes and electronic nicotine delivery products at its U.S. stores, amid a growing crackdown on surging teenage use of such products. U.S. stocks were lower after the close on Friday, as losses in the Consumer Services, Technology and Industrials sectors led shares lower. Dow Jones Industrial Average declined 0.59%.
Lupin received approval for its sANDA for Levothyroxine Sodium Tablets USP from the United States Food and Drug Administration to market a generic equivalent of UNITHROID, manufactured by Jerome Stevens Pharmaceuticals Inc.
Shares of HDFC Bank surged 10 percent marking their highest intraday gain in over 30 months, after the government announced corporate tax rate cut.
Dilip Buildcon – The provisional completion certificate has been issued by the NHAI on September 19, 2019 for Shahkot-Moga section project and has declared the project fit for entry into operation as on August 14, 2019.
Share price of Zee Entertainment Enterprises fell further on September 20, hitting 52-week low following reports that the promoter had been restricted from selling stake in the media company.
NMDC Ltd. shares shed another 4% on Friday after losing 4% in the previous session after the company slashed iron ore prices.
Germany stocks were mixed after the close on Friday, as gains in the Utilities, Telecoms and Software sectors led shares higher while losses in the Technology, Construction and Retail sectors led shares lower. The DAX added 0.08%, while the MDAX index fell 0.75%, and the TecDAX index declined 0.88%.
Denmark stocks were higher after the close on Friday, as gains in the Real Estate, Financials and Healthcare sectors led shares higher. The OMX Copenhagen 20 rose 0.83%.
France stocks were higher after the close on Friday, as gains in the Foods & Drugs, Gas & Water and General Financial sectors led shares higher. The CAC 40 added 0.56% to hit a new 5-year high, while the SBF 120 index climbed 0.47%
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