Indian benchmark equity indices rebounded from early lows to settle higher by 173 points on Wednesday following buying in index heavyweights such as Reliance Industries, Larsen & Toubro, and ITC, along with positive trends in Asian European markets.
The 30-share BSE Sensex jumped 173.22 points or 0.26 per cent to settle at 66,118.69. The NSE Nifty gained 51.75 points or 0.26 per cent to end at 19,716.45.
"The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors, such as promising economic growth prospects and the potential for strong earnings, which validate the premium valuation. The FMCG and Pharma sectors outperformed, with investors adopting a defensive approach to navigate global challenges. However, persistent outflows of foreign funds and rising US bond yields are expected to keep the broader indices in bleak terrain, in the near-term," said Vinod Nair, Head of Research at Geojit Financial Services.
The telecom major lost over 1.3 million in July this year according to latest data released by the Telecom regulatory authority of India (TRAI). VI lost around three million subscribers each in April and May also. The company’s subscriber growth rate was also down by 0.58 per cent as compared to the previous month.
Its subsidiary Auro Vaccines has entered into a license agreement with Hilleman Laboratories Singapore Pte Ltd to develop, manufacture and commercialise a pentavalent vaccine candidate used in children vaccination. Auro Vaccines will make payments to Hilleman on reaching certain development stage and clinical study outcomes. Hilleman will also get royalties upon commercialization of the vaccine candidate.
Trade unions have decided to postpone a three-day strike to October 12-14 in the company and its subsidiaries, the company said on 27 September. The strike was originally planned for 5-7 October. The decision comes after negotiations with the Coal India management, where the trade unions expressed their concerns and demands.
Tata Power Renewables Energy Ltd on Wednesday announced to construct a 41-MW captive solar power plant in Thoothukudi, Tamil Nadu The venture is in support of TP Solar Ltd, which is developing a massive 4.3 GW solar cell and module manufacturing facility in Tirunelveli, Tamil Nadu.
Its subsidiary Padget Electronics has signed an agreement with Xiaomi Technology India for manufacturing of smart phones and other products for Xiaomi. The manufacturing will take place at Padget’s manufacturing unit at Noida, Uttar Pradesh.