The S&P BSE Midcap index surged 3.3 percent and S&P BSE Largecap Index added 1.89 percent, while Smallcap Index was up 1.47 percent last week.
After the first four days of range bound trading, benchmark indices posted their biggest single-day gains in 10 years on September 20 after Finance Minister Nirmala Sitharaman announced a cut in corporate tax rates.
On Friday, the Sensex and Nifty added 5.32 percent, which was the biggest single session gains in the last 10 years.
Sitharaman slashed the effective corporate tax rate to 25.17 percent, down from 35 percent with exception and scrapped the minimum alternative tax for domestic companies and new domestic manufacturing companies.
Finance Minister also removed the additional surcharge on the capital gains by FPI and buyback tax on the listed firm, which was announced earlier.
The S&P BSE Midcap index surged 3.3 percent and S&P BSE Largecap Index added 1.89 percent, while the Smallcap Index was up 1.47 percent last week.
Here is a list of 10 stocks that moved the most last week:
Coffee Day Enterprises | Down 11 percent
Shares of the company remained under pressure amid reports that lenders to the company invoked pledged shares.
CNBC TV18 reported that lenders to Coffee Day invoked pledged shares worth a 4.95 percent stake in the company from September 9-11.
The debt-ridden firm on September 18 said that it had raised Rs 2,700 crore via investments in its Bangalore IT park.
The company has executed the definitive agreements with entities belonging to Blackstone Group and the Salarpuria Sattva Group for investment in GV Techparks Private Limited, a wholly-owned subsidiary of Tanglin Development (TDL).
The closing of the deal is subject to the conditions, including regulatory approvals.
This transaction will substantially bring down the debt of the group which disclosed to be Rs 4,970 crore on August 17, the company added.
Shares of State Trading Corporation of India (STC) and MMTC cracked 29 percent each in the last week after media reports indicated the government may shut down these firms.
The government has decided to shut down STC, while MMTC will be revamped, the reports added. The government owns a 90 percent stake in both firms.
For the June quarter of FY20, STC reported a consolidated loss of Rs 95 crore, while MMTC had reported doubling of its consolidated net profit to Rs 27.69 crore on the back of an increase in revenue from fertiliser and precious metals segments.
Zee Entertainment Enterprises | Down 14 percent
Share price of Zee Entertainment Enterprises touched a 52-week low of Rs 272 following reports that the promoter has been restricted from selling stake in the media company.
According to reports, the Delhi High Court-appointed arbitrator had restricted Essel Group Chairman Subhash Chandra from selling unpledged ZEEL shares till October 16.
Zee promoters met mutual fund (MF) lenders on September 18 for extending the September 30 deadline. No decision has been taken on the extension for which a response from SEBI would also be needed, CNBC-TV18 quoted sources as saying.
Essel Group told CNBC-TV18 that the group was in constant dialogue with the consortium of lenders. The overall asset divestment approach was in steady progress and it remained focussed on the repayment process.
Dewan Housing Finance Corporation | Down 14 percent
The company received proposals to act as development managers in certain large projects.
The board of directors, at meeting on September 19, took on record the proposals from some developers to act as managers in large projects, including those under the Slum Rehabilitation Scheme for which the company has extended loans in the past.
DHFL was working towards its resolution plan (RP) that was examined by the board and recommended to lenders, the company said in press release.
The company expected to gain acceptance of a larger fraternity of lenders to join inter-creditor agreements and give a definitive acceptance to the RP.
The company was making efforts to work out a resolution plan that would be in the best interest of all the stakeholders, it added.
Manpasand Beverages | Down 21 percent
The company informed exchanges that Shailika Soni, who was appointed as Company Secretary and Compliance Officer has tendered resignation from the said post with immediate effect due to personal reasons, according tot her resignation letter dated September 10.
Earlier in May, Bhavesh Jinger had also resigned as Company Secretary and Compliance Officer of the company.
Meanwhile, last month the board of directors of company appointed Batliboi & Purohit as statutory auditors to fill the casual vacancy.
OnMobile Global | Up 12 percent
Shares of OnMobile Global rose 12 percent in the last week after its promoter signed an agreement to sell stake in company to Jump Networks.
OnMobile Systems Inc (OMSI) is the promoter of OnMobile Global and currently holds 48.18 percent of the total issued and paid-up share capital of company.
The company said OMSI has entered into a share purchase agreement with Jump Networks for the sale of its 1.9 crore equity shares at a price ranging from Rs 75.50-78 per share.
This represents approximately 18 percent of OnMobile's share capital.
"The sale is expected to be conducted within 75 days from the Share Purchase Agreement (SPA) date and is subject to the conditions set out in the SPA," company said in its BSE filing.
YES Bank | Down 19 percent
CARE downgraded non-convertible debentures of Morgan Credits (MCPL) to ‘BBB-’ from ‘A-’. MCPL is one of the promoter entities of Yes Bank and holds a 3.03 percent stake in the bank, as on March 31, 2019.
The revision in ratings takes into account the fall in the stock price of the underlying shares of Yes Bank that are held by MCPL or promoters and their relatives. The revised rating considers the moderation in cover due to fall in the stock price of the underlying shares of YBL,” said CARE Ratings said.
The cover ratio, in case of listed shares, is the ratio of the market value of the pledged shares to the outstanding debt (including account interest at the end of every six months.
Morgan Credits and Yes Capital, the two promoter shareholders of Yes Bank owning 3.03 percent and 3.26 percent stake, respectively, had recently written to the surveillance departments of BSE and the National Stock Exchange (NSE) alleging that short sellers are hammering the stock by spreading negative messages about the bank.
Taj GVK Hotels | Up 20 percent
Hotel stocks have rallied after the GST Fitment Committee proposed to cut its tax from 28 percent to 18 percent on hotel tariffs of Rs 7,500 and above, or to hike threshold tariff to Rs 10,000 with 28 percent.
Earlier, the tax on hotels tariffs below Rs 7,500 was 18 percent and above that was taxed at 28 percent.
TRF | Down 13 percent
Shares of TRF slipped 13 percent after Canyon Point Investment Holdings Pte terminated a share purchase agreement.
The company had intimated the sale/ divestment of the entire shareholding in its step down subsidiary Dutch Lanka Trailer Manufacturers (DLT), including its subsidiary Dutch Lanka Engineering and 50 percent stake in Tata International DLT (TIDLT), a JV company between DLT and Tata International Limited to Canyon Point Investment Holdings Pte, as seen in the share purchase agreement (SPA).
Canyon expressed its inability to complete the transactions as per SPA dated May 17, 2019 citing occurrence of material adverse changes and has terminated the said SPA with immediate effect.The company has noted and is evaluating Canyon letter and reserves all its rights and remedies under the SPA/contract, law and equity against Canyon, including its right to respond and deal with Canyon's letter.The Great Diwali Discount!
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