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Benchmark Indian indices closed higher as stocks in energy and IT sector as well as heavyweight like Reliance Industries gained. The Sensex closed 0.75% higher at 59744.88 and Nifty was up 0.74% at 17822.30.
Nifty Energy jumped 2.88% and IT was up 1.19%. Reliance rose more than 2%. The index losers were Nifty Realty (-1.36%), Pharma (-0.50%) and PSU Bank index (-0.44%)
Indian rupee fell 14 paise to close at 74.45 against the US dollar on Tuesday.
The broader markets also gained, supported by a rally of about 0.5% in mid-cap and small-cap stocks.
Stock in News Today
Tata Power and TVS Motor: The two companies signed an MoU to establish electric vehicle charging infrastructure. According to the MoU, Tata Power will deploy solar power technologies at certain locations of TVS Motor. The partnership also aims to create a large dedicated electric two-wheeler charging infrastructure across India to accelerate electric mobility in the country.
HDFC Bank: The lender’s advances grew 15.4% to about Rs 11,985 billion as of September 30, 2021, from Rs 10,383 billion as of September-end of last year. The bank’s deposits rose to Rs 14,060 billion as of September 30, 2021, up 14.4%, from Rs 12,293 billion as of September 2020.
Coal India: The Indian government has asked public-sector enterprise to diversify its business and explore opportunities in new areas like electric vehicles and charging pods. The business areas for diversification considered includes solar wafer manufacturing, solar power generation, surface coal gasification and coal bed methane, among others, it said.
ONGC: The company shares rose 8% and touched Rs 2-lakh crore market cap as crude oil price soared. The increase in domestic gas supply and improvement in oil and gas realisation is likely to push upstream companies’ earnings growth and valuations.
Bharti Airtel: The telecom operator and its equipment partner Ericsson has successfully conducted India’s first 5G network trial in a rural location, demonstrating the potential of 5G network. The trial took place in Bhaipur Bramanan village on the outskirts of Delhi-NCR using 5G trial spectrum allocated to Airtel by the telecom department.
Mahindra Logistics Ltd: The company has scaled up its operations, ramped up hiring and expanded capacity ahead of the festive season. Mahindra is planning to hire more than 14,000 employees on a seasonal basis adding to its third-party workforce.
SpiceJet: The company’s chairman Ajay Singh has plans to expand the company’s fleet of passenger jets and cargo haulers as the Indian airlines sector recovers from the pandemic, Bloomberg reported. Singh expects SpiceJet’s cargo business to reach $1 billion revenue in two to three years from about $350 million expected this year.