Top stock movers — Future Enterprises, HAL, Suntek, Oberoi Realty, M&M, ICICI Bank, Maruti Suzuki, Bajaj Auto and more

• Indian stock market indices opened in green on Thursday.
• The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%.
• These are the top stocks that are buzzing on D-street today.
• Check out the latest news and updates on Business Insider.

Indian benchmark stock index, Sensex advanced over 175 points in early trade on Thursday, led by financial stocks and fuelled by foreign funds ahead of the expiry of monthly derivative contracts. The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%.

*as of August 27 10:40 am

These are the top stocks that are buzzing in trade today:

ICICI Bank gained over a percent

ICICI Bank gained over a percent after the bank said it would sell up to 6.4 million shares (about 2% of the company) of its broking subsidiary ICICI Securities. The market value of 2% stake would be about ₹300 crore.

With overall credit demand languishing under the weight of the pandemic, ICICI Bank has been cashing out of its investments. In June 2020, the country's second largest private bank sold stake in ICICI Prudential Life Insurance and ICICI Lombard to raise around ₹3,090 crore.


Mahindra & Mahindra Limited shares up over 1%

Mahindra & Mahindra share price gained over a percent after the company said it has entered into a memorandum of understanding (MoU) with Israel-based e-mobility technology company REE Automotive to explore development and manufacturing of commercial electric vehicles for global markets.

Reports suggest that the joint venture will produce up to 250,000 vehicles in the first few years. More importantly, the partnership will enhance Mahindra Group's capabilities in producing electric vehicles.


Sunteck, Godrej Properties and Oberoi Realty and other real estate stocks zoom

Sunteck zooms 8%, Godrej Properties gains 5% and Oberoi Realty up over 6% after the Maharashtra government decided to slash stamp duty on sale deed documents by 3% from September 1 to December 31, 2020, and by 2% from January 1, 2021, to March 31 2021.


Future Enterprises hit upper circuit

Future Enterprises shares hit a 5% upper circuit set by the stock-exchanges after the company said it is considering raising funds through the issuance of bonds.

The cash-strapped Future Group reportedly may merge three of its group companies before selling 50% stake in the combined entity to Reliance Industries.

This has led to a rally in other group stocks as well, like Future Retail (up 7%), Future Consumer (up 4.3%), and Future Lifestyle (up 5%).

HAL tanks 11%

HAL shares tanked 11% after news surfaced that the Union Government is selling 15% of its equity stake in the state-owned Hindustan Aeronautics Ltd (HAL) at ₹1,001 per share to raise about ₹5,000 crore through an offer for sale (OFS).

This government owned defence equipment maker has been a bad investment for shareholders since its listing over 2 years ago.

While the government raised a little over ₹4,000 crore from the IPO, the shares have remained below the issue price for nearly the entire time. It did cross the threshold earlier this month, for the first time since the listing, but the exuberance lasted barely a week.

Auto stocks tanked despite the expected GST rate revision


According to a statement issued by Confederation of Indian Industry, Finance Minister Nirmala Sitharaman hinted at a cut in goods and services tax (GST) rate from 28% to 18%. The proposal is expected to be discussed at the 41st GST Council meeting at 11 am today via video conferencing.

Allcargo Logistics gains about a percent

Allcargo Logistics shares gained nearly a percent during the early trade hours on August 27. The board of directors of Allcargo Logistics is slated to meet today to consider and approve the voluntary delisting of shares.

SEE ALSO: Top stocks to watch in trade— ICICI Bank, Oberoi Realty, Godrej Properties, HAL, Infosys, M&M, ITC, Rossari Biotech, Allcargo and more

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