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☆ Indian shares seen opening lower amid sustained foreign selling
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 26 (Reuters) - Indian shares are set to open lower on Tuesday, with higher-for-longer global interest rate expectations driving continuous foreign outflows from the domestic market amid subdued global sentiment. On Monday, the Nifty 50 (.NSEI) and the S&P BSE Sensex (.BSESN) closed mostly unchanged at 19,674.55 points, and 65,958 points, respectively. Foreign investors have been net sellers so far this month, offloading shares worth $1.36 billion, as of Sept. 22 after pouring in over $15 billion into Indian equities this year. On Monday, foreign institutional investors sold 23.33 billion rupees worth of shares, while domestic investors bought 15.79 billion rupees worth of shares, as per provisional exchange data.

Persons: Francis Mascarenhas, Ajith, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, BSE, U.S, Federal, Of India, Realty, Hotel, & Realty, Sethuraman, Thomson Locations: Mumbai, India, Delhi, Bengaluru

☆ Indian shares set for muted opening; Delta Corp in focus after tax notice
▼ + stars: | 2023-09-25 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. India's GIFT Nifty (.GIFc1) was up 0.25% to 19,692 points at 7:53 a.m. IST on the NSE International Exchange. Meanwhile, the Nifty 50 index recorded its worst week since February. Domestic markets have come under pressure in September with foreign investors offloading over $1 billion worth of shares as of Sept. 21. Foreign institutional investors (FII) sold shares worth 13.27 billion rupees on a net basis on Friday, while domestic investors bought 8.01 billion rupees, as per provisional stock exchange data.

Persons: Francis Mascarenhas, Abbott, Ajith, Sohini Goswami Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, Delta Corp, Bajaj Finance, Abbott India, Sethuraman, Thomson Locations: Mumbai, India, India's Goa, Bengaluru

☆ Indian shares set for subdued open as Fed angst weighs
▼ + stars: | 2023-09-22 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. Already, foreign investors have been net sellers so far this month, offloading shares worth $996.2 million as of Sept. 20. Foreign institutional investors (FII) sold shares worth 31.11 billion rupees ($375.2 million), on a net basis, on Wednesday and 30.07 billion rupees worth on Thursday, according to stock exchange data. Domestic investors, meanwhile sold shares worth 5.73 billion rupees on Wednesday but bought shares worth 11.58 billion rupees on Thursday, the data showed. Meanwhile, Indian government bonds will be included in JPMorgan's widely tracked emerging market debt index from June 2024, the Wall Street bank said on Friday.

Persons: Francis Mascarenhas, Dalal, Aparna Iyer, Raja, Tesla, Archishma Iyer, Anisha Ajith, Savio D'Souza Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, Federal Reserve, Wipro, LG Energy, Exide Industries, Power Systems, Glenmark Pharmaceuticals, Sciences, Glenmark Pharma, Teck Resources, Sethuraman NR, Thomson Locations: Mumbai, India, U.S, Asia, Pacific, Japan, Teck

☆ India shares close at two-week low as hawkish Fed spooks investors
▼ + stars: | 2023-09-21 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. Both the indexes fell for a third straight session on Thursday, losing as much as 1%. The Fed on Wednesday held key interest rates unchanged as widely expected, but warned that the battle against inflation was far from over. Higher interest rates dry up liquidity from the markets, increasing the cost of capital. The small-cap and mid-cap stocks fell 1.3% and 0.9% on Thursday, respectively.

Persons: Francis Mascarenhas, Siddhartha Khemka, Janane Organizations: Bombay Stock Exchange, REUTERS, Rights, U.S . Federal Reserve, BSE, Motilal Oswal Financial Services, Fed, . Banking, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru

☆ Opinion: It’s not just about its colonial past. Here’s what India’s possible name change is all about
▼ + stars: | 2023-09-20 | by ( Opinion Akanksha Singh | ) edition.cnn.com time to read: +8 min

The idea, we Indians were told each time, was to allow the nation to make a clean break once and for all with its colonial past. The question on the minds of many people who follow events in India, is why any name change would be needed. It’s an opportunity to double down on India’s Hindu identity, even in the name by which it is called. The debate is a live one, however: Some disagree, saying that no amendment to the constitution would be needed to change India’s name. Do the country’s Indian Institutes of Technology become BITs?

Persons: Akanksha Singh, Singh, Droupadi Murmu, Bharat, Narendra Modi’s, Bharat ”, Modi, It’s, Akbar, Deen Dayal, Modi’s, Rahul Gandhi, Reserve Bank of India –, I’ve, ” Encouragingly Organizations: BBC, Independent, South China Morning Post, CNN, Mumbai CNN, Modi’s Bharatiya Janata Party, BJP, Bharat, Reserve Bank of India, Institutes of Technology, India, United Nations Locations: Mumbai, South China, India, Calcutta, Kolkata, Bombay, Madras, Chennai, Allahabad, Manipur

☆ Indian shares set to open lower with HDFC, Fed decision in focus
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

India's GIFT Nifty (.GIFc1) on the NSE International Exchange was down about 0.1% at 20,080.5 points, as of 8.20 a.m IST. HDFC Bank (HDBK.NS) on Monday said its gross non-performing assets will likely increase as of July 1, after its merger with HDFC. CPP had increased its investment in Indian markets to about $15 billion, as of the fiscal year ending March. Foreign investors sold 12.37 billion rupees ($148.64 million) worth of shares on a net basis on Monday, while their domestic counterparts bought 5.53 billion rupees worth of equity, according to stock exchange data. ($1 = 83.2230 Indian rupees)Reporting by Archishma Iyer in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Niharika Kulkarni, Archishma Iyer, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, HDFC Bank, U.S . Federal, NSE, BSE, HDFC, Investors, Bharat Dynamics, IAF, Thyrocare, Tata Motors, Thomson Locations: Mumbai, India, Canada, Bengaluru

☆ Indian shares hit fresh record highs on strong China data, U.S. rate pause hopes
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 15 (Reuters) - India's benchmarks hit new record highs for the second consecutive session on Friday, tracking Asian peers, as stronger-than-expected macroeconomic data from China and easing U.S. rate concerns aided sentiment. The Nifty 50 (.NSEI) was up 0.35% to 20,173.15 by 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) gained 0.38% to 67,774.46. ($1 = 83.0300 Indian rupees)Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Archishma Iyer, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, China, Bengaluru

☆ India's Nifty 50, Sensex hit record highs on rising hopes of a Fed rate pause
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: 1 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 14 (Reuters) - India's blue-chips Nifty 50 and Sensex opened higher and hit fresh all-time highs on Thursday, as sentiment improved after U.S. inflation data cemented the likelihood of a pause in the rate hike cycle by the Federal Reserve. The Nifty 50 (.NSEI) was up 0.29% to a new all-time high of 20,127.95 by 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) gained 0.24% to 67,627.03. The Nifty had scaled new peaks on Monday and Tuesday, while the Sensex hit a record high for the first time since July 20. ($1 = 82.9000 Indian rupees)Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Sensex, Bharath Rajeswaran, Archishma Iyer, Janane Organizations: Bombay Stock Exchange, REUTERS, Rights, Federal Reserve, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ India's Nifty scales new peak; Sensex inches towards record high
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Sept 12 (Reuters) - Indian shares opened higher on Tuesday, with the benchmark Nifty 50 hitting a record high for the second consecutive session, ahead of retail inflation data for August. The Nifty 50 (.NSEI) index was up 0.45% at 20,079.50 by 9:16 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.44% to 67,443.08. While the Nifty hit fresh all-time high on Tuesday, the Sensex is about 0.5% shy of the record high hit on July 20. Reporting by Bharath Rajeswaran and Archishma Iyer in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Archishma Iyer, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ Indian shares open higher on hopes of US rate pause
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 4 (Reuters) - Indian shares opened higher on Monday, after U.S. jobs data raised hopes of a U.S. Federal Reserve rate pause later this month and strong domestic macroeconomic data. The Nifty 50 (.NSEI) index was up 0.34% at 19,504.60 at 9:17 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.30% to 65,573.50. Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, U.S, Federal, BSE, Thomson Locations: Mumbai, India, Bengaluru

The Nifty 50 (.NSEI) index was up 0.4% at 19,333.85 at 11:47 a.m. IST, while the S&P BSE Sensex (.BSESN) increased 0.33% to 65,043. Foreign inflows moderated to a four-month low of 122.52 billion rupees ($1.48 billion) in August. Hindalco (HALC.NS), Tata Steel (TISC.NS) and JSW Steel (JSTL.NS) were among the top Nifty 50 gainers. The Nifty 50 and Sensex have risen marginally this week so far, including today's gains. Among individual stocks, ITD Cementation (ITCM.NS) surged 11.5% on winning a contract worth 32.90 billion rupees ($397.9 million).

Persons: Francis Mascarenhas, Ghanshyam, ITD, Bharath Rajeswaran, Manvi, Eileen Soreng, Janane Venkatraman, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, SAMCO Mutual Fund, Tata Steel, JSW, Investors, Federal Reserve, Thomson Locations: Mumbai, India, China, Manvi Pant, Bengaluru

☆ Indian shares open higher; small- and mid-caps outperform
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 31 (Reuters) - Indian shares opened marginally higher on Thursday, led by information technology (IT) stocks, ahead of the gross domestic product (GDP) data for the June quarter. The Nifty 50 (.NSEI) index was up 0.10% at 19,365.80 at 9:17 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.15% to 65,184.65. Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ A history of India's Dharavi slum and Adani's plans to redevelop it
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Aug 28 (Reuters) - Indian billionaire Gautam Adani aims to convert Mumbai's Dharavi slum into a modern city hub, while acknowledging that resettling its 1 million residents will be a challenging task. 2004-05: Maharashtra approves redevelopment of Dharavi and appoints Slum Rehabilitation Authority to plan the project. Dubai's SecLink consortium and India's Adani Group are among the bidders. Adani Group bids $614 million, India's DLF (DLF.NS) is among other bidders. 2023: State government awards the Dharavi project to Adani Group.

Persons: Gautam Adani, Dubai's, Adani, SecLink, SecLink doesn't, Dhwani Pandya, Aditya Kalra, David Crawshaw Organizations: Slum Rehabilitation Authority, Maharashtra Social Housing, Action League, India's, Adani, India's DLF, Dhwani, Thomson Locations: MUMBAI, Bombay, Mumbai, Maharashtra, Dharavi

Invesco, a minor shareholder in Swiggy, in May valued the Indian company at around $5.5 billion, it said in a filing. Swiggy had initially considered raising $800 million to $1 billion via the IPO, banking sources who worked on it in early 2022 have said. Swiggy, JP Morgan and Morgan Stanley did not respond to requests for comment, while Bank of America declined to comment. The three sources said Swiggy is aiming to list between July-September 2024 which would be after national elections in India due by May. Swiggy in May said its core food delivery business had turned profitable, nine years after starting operations, even as its newer grocery delivery service, Instamart, continues to make losses.

Persons: Niharika Kulkarni, Swiggy, Morgan Stanley, JP Morgan, Zomato's, Sriram, Aditya Kalra, Jane Merriman Organizations: Bombay Stock Exchange, REUTERS, Bank of America, Thomson Locations: Mumbai, India, MUMBAI, Swiggy

Men watch a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, February 1, 2023. REUTERS/Niharika Kulkarni/File Photo Acquire Licensing RightsSummary poll dataBENGALURU, Aug 23 (Reuters) - India stocks will trade only modestly higher at year-end, according to a Reuters poll of equity analysts who said a correction was likely before then, citing tightening global financial conditions as a risk. Driven by positive foreign and domestic investment inflows, the benchmark BSE Sensex Index (.BSESN) touched an all-time high of 67,619.2 on July 20, up around 18% from the year's low of 57,084.9 set only four months earlier. Over 70% of analysts who answered an additional question, 21 of 29, said a correction - a decline of 10% or more - in the Indian equity market was likely by year-end, including five who said it was highly likely. (Other stories from the Reuters global stock markets poll package:)Reporting by Devayani Sathyan and Sujith Pai; Polling by Milounee Purohit, Veronica Khongwir and Anant Chandak; Editing by Jonathan Cable and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Niharika Kulkarni, Rajat Agarwal, Devayani Sathyan, Sujith Pai, Milounee Purohit, Veronica Khongwir, Anant Chandak, Jonathan Cable, Bernadette Baum Organizations: Bombay Stock Exchange, REUTERS, Societe Generale, Thomson Locations: Mumbai, India, Monday's, Asia, U.S

☆ Indian shares open higher ahead of RBI minutes, central bankers' meet
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: 1 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 23 (Reuters) - Indian shares opened marginally higher on Wednesday amid muted global market moves, with traders awaiting the Reserve Bank of India's policy meeting minutes and a key global central bankers' gathering. The Nifty 50 (.NSEI) index was up 0.10% at 19,414.20 at 9:15 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.09% to 65,278.01. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Varun Organizations: Bombay Stock Exchange, REUTERS, Rights, Reserve Bank of, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ Indian shares open marginally higher; Jio Financial listing eyed
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 21 (Reuters) - Indian shares opened marginally higher on Monday, aided by broad sectoral gains, in contrast to weakness in Asian equities on China's smaller-than-expected rate cut, ahead of Jio Financial Services' listing on stock exchanges. The Nifty 50 (.NSEI) index was up 0.18% at 19,346.50 while the S&P BSE Sensex (.BSESN) rose 0.18% to 65,066.25 at 9:19 a.m. IST. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Eileen Soreng, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, Jio Financial, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ Indian shares open lower amid risk aversion in global equities
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: 1 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Aug 17 (Reuters) - Indian shares opened marginally lower on Thursday, tracking weakness in Asian peers on worries over China's economy and Wall Street on interest rate concerns. The Nifty 50 (.NSEI) index was down 0.14% at 19,436.30 while the S&P BSE Sensex (.BSESN) fell 0.15% to 65,439.50 at 9:15 a.m. IST. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, Bharath Rajeswaran, Sohini Goswami, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, Thomson Locations: Mumbai, India, Bengaluru

☆ Paytm CEO Sharma to buy stake worth $628 mln in co from Antfin Holding
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Paytm founder and CEO Vijay Shekhar Sharma delivers a speech during his company's IPO listing ceremony at the Bombay Stock Exchange (BSE) in Mumbai, India, November 18, 2021. Sharma's stake purchase from Antfin (Netherlands) Holding B.V. is valued at $628 million, as per Paytm's last closing price of 796.6 rupees a share. Sharma's stake in the digital payments firm will increase to 19.42%, while Antfin's shareholding will reduce to 13.5%. The company added that there would be no change in the management or control of Paytm, with Sharma and the existing board continuing in their roles. Reporting by Varun Vyas in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Vijay Shekhar Sharma, Niharika Kulkarni, Sharma, Varun Vyas, Dhanya Ann Thoppil, Eileen Soreng Organizations: Bombay Stock Exchange, REUTERS, Thomson Locations: Mumbai, India, BENGALURU, Antfin, Netherlands, Bengaluru

☆ Asia’s best bars for 2023 announced
▼ + stars: | 2023-07-19 | by ( Lilit Marcus | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Asia comprises about 30% of the world’s land mass. In addition to ranking the top 50, the 50 Best organization – which also rates restaurants and, soon, hotels – acknowledged “best in destination” prizes for bars that were the highest rated from their country, city or region. It was his first-ever visit to Hong Kong. 50 Best/William ReedAsia’s 50 Best Bars 20231. COA (Hong Kong)2.

Persons: Jay Khan, Ernest Hemingway, Beckaly Franks, Hong Kong's, William Reed, Hong Konger, ”, Franks, “, Rohan Matmary, Trigona’s, Matmary, Singapore’s, Khan, Ajit Gurung, “ We’re, William Reed Asia’s, Aubrey Organizations: Hong Kong CNN —, Pontiac, Native American, CNN Travel, Bars Academy, BKK Social, Tropic, Sago, Cham, SG, Analogue Initiative, Chamber, Employees, Southside, Hope, Sesame, House Locations: Hong Kong, Hong Kong CNN — Asia, Asia, Hong, American, Singapore, Kuala Lumpur, Malaysia, Bangkok, Tokyo, Seoul, Tropic City, Taipei, Vesper, Republic, Delhi, Jakarta, Manhattan, Pantja, Manila, Mumbai, Copitas, Bengaluru, Guangzhou, Vender, Taichung, Kyoto

☆ Reliance - Jio Financial Services demerger: what you need to know
▼ + stars: | 2023-07-19 | by ( Chris Thomas | ) www.reuters.com time to read: +3 min

Five analysts estimate that Reliance's Jio Financial Services will be valued at 160-190 rupees per share. However, Jio Financial Services' stock will be included in the indexes, including the blue-chip Nifty 50 (.NSEI), but will not trade until it is listed. Jio Financial Services' listing date is widely expected to be announced at Reliance's forthcoming annual general meeting. THE DEMERGERReliance announced last October that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS). Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Persons: Mukesh, Hitesh Sethia, Chris Thomas, Anil D'Silva Organizations: Reliance Industries, Jio Financial, Reliance, National Stock Exchange, Bombay, Exchange, Jio Financial Services, NSE, DEMERGER Reliance, Reliance Strategic Investments, Kamath, ICICI Bank, Macquarie Research, AAA, Thomson Locations: BENGALURU, Bengaluru

☆ Indian shares pare early gains as IT stocks reverse course
▼ + stars: | 2023-07-19 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Niharika Kulkarni/File photoBENGALURU, July 19 (Reuters) - Indian shares trimmed gains on Wednesday, as information technology stocks reversed early gains and offset the broad sectoral rise, ahead of the June-quarter earnings of top companies. The Nifty 50 (.NSEI) index rose 0.18% to 19,784.25, with the S&P BSE Sensex (.BSESN) in toe at 66,921.20, as of 12:56 p.m. IST. High-weightage IT stocks (.NIFTYIT) erased 0.5% gains and are on course to snap a four-day winning streak. Among individual stocks, NTPC (NTPC.NS) rose over 4%, topping the Nifty 50 after brokerage Goldman Sachs identified it as the top pick in the power sector. Several other Nifty 50 constituents, including Infosys (INFY.NS), Ultratech Cement (ULTC.NS), Reliance Industries (RELI.NS), and ICICI Bank (ICBK.NS) will report their quarterly earnings later this week.

Persons: Niharika Kulkarni, Narendra Solanki, Anand, Goldman Sachs, Bharath Rajeswaran, Sonia Cheema, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, BSE, TV18, U.S . Federal Reserve, Investment Services, IndusInd Bank, Hindustan Unilever, Infosys, Ultratech, Reliance Industries, ICICI Bank, Thomson Locations: Mumbai, BENGALURU, U.S, Europe, Bengaluru

☆ Factbox: India's Go First seeks revival after court grants bankruptcy protection
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

The airline is owned by the Wadia Group, which also runs bread and biscuits maker Britannia Industries (BRIT.NS) and textile firm Bombay Dyeing and Manufacturing Co (BDYN.NS). Nearly half of the fleet was grounded due to problems with their Pratt & Whitney (P&W) jet engines that are yet to be replaced. The low-cost carrier posted its biggest annual loss in fiscal 2022, local media have reported. The Wadia Group was in talks to sell a part of its stake or completely exit the airline, the Economic Times newspaper reported in April. The grounding and related issues also saw the airline delay plans to go public, local media reported.

☆ Factbox: India's Wadia Group whose Go First is in trouble
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, May 4 (Reuters) - India's Wadia Group has survived British colonial rule and fierce business rivalries to create an empire that spans industries, from aviation and real estate to retail, healthcare, engineering and chemicals. - Founded in 1736 by Loeji Nusserwanjee Wadia, the group began as a marine construction company that built ships for the British empire, according to its website. - Chairman Nusli N. Wadia is the grandson of Pakistan's founder, Muhammad Ali Jinnah. - Go First, India's third-largest airline filed for bankruptcy protection blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet. The Wadia Group said all its transactions had been conducted in compliance with the law.

☆ Go First bankruptcy isn’t the end of the Indian airline, says owner
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +2 min

His comments came a day after the cash-strapped Indian airline filed for bankruptcy, blaming “faulty” Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The airline owed financial creditors 65.21 billion Indian rupees ($797 million), its bankruptcy filing showed. Boon for rivalsGo First’s bankruptcy may boost airfares in India and give other domestic airlines a chance to grab a larger chunk of the market share, analysts said. Share prices of India’s largest airline, IndiGo, were up 5.1% on Wednesday, after rising as much as 8.2% earlier. Lenders to Go First, including Central Bank of India, Bank of Baroda, IDBI Bank and Axis Bank, fell on Wednesday.

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