HDFC Bank rose after the bank announced that it will sell its entire stake in Goods & Services Tax Network.
Shares of HDFC Bank rose 0.92% to Rs 2,248.10. The stock traded in the range of Rs 2,231.05 and Rs 2,249.45 so far during the day. On the BSE, 4414 shares were traded in the counter so far compared with average daily volumes of 1.60 lakh shares in the past two weeks.
Meanwhile, the S&P BSE Sensex was up 151.87 points or 0.41% to 37,220.80.
HDFC Bank has agreed to sell its entire stake of 10% in the equity share capital of Goods & Services Tax Network (GSTN) consisting of 10 lakh equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories. The sale would be completed by end of December 2019. The announcement was made after market hours yesterday, 29 August 2019.
GSTN is a non-profit organization for facilitating the collection of Goods & Services Tax (GST). Pursuant to the decision of the GST council in its 27th Meeting held on 4 May 2018, GSTN would be converted into a 100% Government-owned entity by transferring 51% equity shares held by non-government institutions to the Centre and States equally.
HDFC Bank is a leading private sector bank incorporated in August 1994. As of 30 June 2019, the bank had a nationwide distribution network of 5,130 branches and 13,395 ATM's in 2,764 cities/towns.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content