BENGALURU (Reuters) – Indian shares were largely unchanged in choppy trading on Thursday, a day after the government revamped its cabinet amid fierce criticism of its handling of the COVID-19 pandemic, while investors also awaited earnings from Tata Consultancy Services.
As of 0353 GMT, the blue-chip NSE Nifty 50 index was up 0.01% at 15,881.50, while the benchmark S&P BSE Sensex rose 0.05% to 53.080.57.
Indian Prime Minister Narendra Modi on Wednesday appointed new federal ministers for health, IT and oil as part of a reshuffle.
Software services heavyweight Tata Consultancy Services is set to report its June-quarter earnings later in the day. Analysts anticipate a rise in its first-quarter profit as the COVID-19 crisis ramped up demand for digital services.
Macrotech Developers jumped 3.3% after the company reported a surge of 88% in its first quarter pre-sales. The real estate firm also expects to meet previously announced pre-sales forecast.
Shares of PNB Housing Finance hit 5% upper circuit. The company’s majority owner Punjab National Bank asked it to reconsider restructuring the proposed 40-billion rupees ($534.82 million) investment from Carlyle Group. The investment, which was put on hold by the markets regulator, will be tried before the Securities Appellate Tribunal on July 12.
Fourteen banks in the country, including top lender State Bank of India, were fined between 50 million and 200 million rupees on Wednesday by the Indian central bank. The Nifty Bank index shed 0.27%.
Shares of Zomato’s majority owner Info Edge (India) Ltd rose about 2.8%. The online food delivery startup is set to announce details of its forthcoming IPO at noon, with local media reports saying it may launch the IPO as early as next week. (bit.ly/36mNwuQ)
($1 = 74.7910 Indian rupees)
Source: Read Full Article