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India benchmark indices closed higher, helped by gains in auto, IT and private bank stocks. The Sensex closed 0.82% higher to 59677.83 and Nifty closed 0.82% up at 17790.35.
Broader market also rallied as Nifty Midcap 100 rose 1.88% and BSE SmallCap rose 1.38%.
Top gainer were Nifty Auto (4.39%) IT (1.79%) and Private Bank (1.07%). Meanwhile, Nifty Energy lost 0.39%.
Indian rupee rose 21 paise to close at 74.78 against the US dollar on Thursday.
Stock in News Today
NTPC: The company has signed an MoU with lectricit de France S.A. (EDF) for cooperation in international power sector. The two companies will explore possible power project development opportunities in Europe, Middle East, Africa and Asia. Both the companies will also work together in areas like knowledge sharing, research and development, technical services and consultancy assignments globally.
Reliance Retail: The company and the US-based 7-Eleven Inc has signed an agreement to launch convenience stores in India, after Future Retail ended its deal with the US company. The first 7-Eleven store will be opened on Saturday in Andheri, Mumbai. It will then roll out more stores in neighbourhoods and commercial areas in the Greater Mumbai.
Tata Motors: Shares of the company rallied about 12% in intraday trading after brokerage firm Morgan Stanley upgraded Tata Motors rating with overweight from equal-weight and also raised the target price to Rs 448 from Rs 298.
Zee Entertainment Enterprises: The National Company Law Appellate Tribunal (NCLAT) completed the hearing on a petition filed by the company requesting more time to reply to Invesco’s demand for convening a shareholders’ meeting. NCLAT said it will pass an order in the matter later in the day and the order will be uploaded on its website.
Piramal Enterprises: The company’s board has given the go ahead for the demerger of its pharma business and simplification of the corporate structure to create two listed entities in financial services and pharmaceuticals business. Piramal Enterprises said shareholders will be issued 4 shares in demerged entity for every 1 held in Piramal Enterprises.
Bharat Petroleum Corp (BPCL): Market regulator SEBI is unlikely to give exemption to the company acquiring BPCL from making mandatory open offers for Petronet LNG and Indraprastha Gas share purchases which will be countered by other promoters of the two firms such as GAIL to save from going private, officials said.
UPL Ltd: The company will be asked to pay for the establishment of a forum that will keep the public informed about developments relating to a spill of hazardous chemicals in the South African city of Durban, Bloomberg reported. The company has been accused by the country’s environment department of illegally storing hazardous chemicals that were released into a residential area and a river system after its warehouse in the South African city of Durban was looted and set ablaze in July in a spate of rioting.
Titan: The company shares soared after the company reported a 78% year on year revenue growth in July-Sep quarter. The rally in stock price helped the company to cross Rs 2 trillion market cap.
Paras Defence and Space Technologies: The company’s shares extended its rally and rose 5% again for the fourth session. Shares of the company closed at Rs 598.50 and the current market price is about 242% more than its issue price.