Sensex, Nifty Close Higher Led By IT Stocks; RIL Slips 2.4%
Watch Live| Mukesh Ambani Speaks At RIL AGM
The S&P BSE Sensex closed 0.7% higher at 52,699, after it touched an intraday record high of 53,5307 on Tuesday. The NSE Nifty 50 Index also gained nearly 0.7% to 15,790.45, near an all-time high reached last week.
The broader market underperformed their larger peers. The S&P BSE MidCap lost 0.51% and S&P BSE SmallCap fell 0.22% Eleven of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of information technology companies.
The S&P BSE Energy was the worst performing sectoral benchmark, down 2.15%.
The market breadth was slightly skewed in favour of the bears. About 1,459 stocks gained, 1,743 declined and 148 remained unchanged.
Google and Ambani Unveil Budget Phone for Booming India Market
Billionaire Mukesh Ambani of Reliance Industries Ltd. unveiled the much-awaited JioPhone Next co-developed with Alphabet Inc.’s Google, a handset priced and designed to target India’s hundreds of millions of first-time smartphone users.
“An ultra-affordable 4G smartphone is essential,” Ambani told shareholders at Reliance’s annual general meeting on Thursday, detailing the capabilities of the device that will run on Google’s re-engineered Android operating system. The phone will officially debut in the market on Sept. 10, ahead of the country’s peak shopping and gifting season, he said at the virtual gathering.
India Pesticides IPO Subscribed 2.10 Times So Far On Day 2
Retail investors lapped up shares of India Pesticides Ltd. on the second day of its initial public offering as well, while institutional investors continued to stay away.
The Lucknow-based fungicides and herbicide maker was subscribed 2.10 times as of 1 p.m. on June 24, according to exchange data.
Institutional subscription: 0.00 times.
Non-institutional investor subscription: 0.38 times.
Retail subscription: 4.03 times.
Employees: 0.00 times.
Saudi Aramco To Invest In Oil-To-Chemicals Unit In FY22, Get A Board Seat
India’s Reliance Industries Ltd. will appoint the chairman of Saudi Aramco to its board in what may be the precursor to a revived investment deal between the two energy giants.
Yasir Othman Al-Rumayyan, Aramco chairman and governor of the kingdom’s sovereign wealth fund, will join the Indian conglomerate as an independent director, Chairman Mukesh Ambani said at the Reliance annual general meeting.
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PNB Housing Shares Extend Losing Streak
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There are likely to be...
Menaka Doshi maps out the road ahead.