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Benchmark Indian indices closed at record highs boosted by gains in telecom, auto, energy and IT stocks after the Union Cabinet approved Production Linked Incentives (PLI) for auto sector and announced relief measures for telecom sector. The Sensex closed 0.82% higher at 58723.20 and Nifty ended at 17519.45, up 0.80%.
Indian rupee gained 20 paise to close at 73.49 against the US dollar.
Nifty IT jumped 1.82%, Auto was up 0.86% and S&P BSE Telecom climbed 3.45%. Nifty Energy climbed 1.50%.
Stock in News Today
Airtel and Vodafone Idea: Shares of Airtel and Vodafone Idea rose more than 4% after the Union Cabinet approved a moratorium of four years for telecom companies to clear their adjusted gross revenue-related dues, sources said. The government could also allow the companies to surrender their unused spectrums.
Tata Steel: The corporate family rating of Tata Steel has been upgraded to Ba1 from Ba2, by rating agency Moody’s Investors Service and the outlook remains stable for the company. The upgrade reflects the company’s conservative financial policies, which combined with Moody’s expectations of strong operating performance throughout fiscal 2022, will lead to further deleveraging and strengthening of its balance sheet.
RBL Bank: The lender has started to issue credit cards on Visa’s payment network after two months as the RBI banned issuing credit cards on Mastercard payment network in July. RBL said the technology integration was achieved in record time to issue credit cards again.
SpiceJet: The airlines announced that it has launched 38 new domestic and international flights starting from September 15 in a phased manner. The routes will be connecting Visakhapatnam with Mumbai, Udaipur with Chennai and Delhi with Male. It will also connect Surat with Delhi, Varanasi with Bengaluru, Jaipur and Jharsuguda with Mumbai, and Chennai with Pune, Jaipur and Varanasi. The budget carrier will also enhance the frequencies between Bengaluru and Delhi, Bengaluru and Mangalore, Kishangarh (Ajmer) and Mumbai, Chennai and Goa.
Lupin: The drugmaker has launched the generic version of Duexis (Ibuprofen and Famotidine) tablets in the United States after getting the necessary authorization. Ibuprofen and Famotidine tablets has estimated annual sales of $765 million in the U.S.