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SMIN - Why HDFC Bank Limited Stock Jumped 9% on Friday
iShares MSCI India Small-Cap ETF
Shares of HDFC Bank Limited(NYSE: HDB) climbed 9.4% on Sept. 20 after the Indian government surprised investors with a large corporate tax cut.
India is reducing its corporate tax rate from 30% to 22%. The move is intended to help spur the country's economy, which has slowed in recent quarters.
Investors cheered the news. The iShares MSCI India ETF(NYSEMKT: INDA), which tracks 80 Indian businesses that collectively account for about 85% of the Indian stock market's value, popped 5.7%. Meanwhile, the iShares MSCI India Small Cap ETF(NYSEMKT: SMIN), which tracks 267 small-cap Indian businesses, jumped 5.9%.