India Stocks: UltraTech Cement, Reliance power Indian shares to record highs

India Cements

27/06/2024 06:04

(Updates at 10:25 a.m. IST)
    By Bharath Rajeswaran and Hritam Mukherjee
       BENGALURU, June 26 (Reuters) - Indian shares reversed
early losses to hit record highs on Thursday, as UltraTech
Cement  ULTC.NS  jumped after announcing a stake purchase in
rival India Cements  ICMN.NS  and as index heavyweight Reliance
Industries  RELI.NS  continued its recent rally.
    The NSE Nifty 50  .NSEI  was up 0.32% to 23,945 points as of
10:25 a.m. IST, while the S&P BSE Sensex added 0.35% to
78,948.25 points, both hitting record highs.
    The indexes had declined 0.2% in the opening minutes of the
session.
    Indian equity benchmarks scaled record closing highs in the
last two sessions, boosted by financials.
    India's top cement manufacturer by capacity Ultratech Cement
jumped 4.3% after the company said it would buy a 23% stake in
India Cements for 18.85 billion rupees ($226 million). Ultratech
was the top Nifty 50 gainer. India Cements surged 12%.        
    The second-heaviest Nifty 50 stock, Reliance Industries,
which rose 4% in the previous session, was up 1.25%.    
    "The momentum for Nifty looks positive, largely due to
increasing interest in large-caps and banks," said Siddhartha
Khemka, head of research of broking & distribution at Motilal
Oswal Financial Services.    
    With financials and banks seeing investor interest, the
rally to record highs will continue due to their higher
weightage, Khemka said.    
    Financial services  .NIFTYFIN  and private sector banks
 .NIFPVTBNK  rose 0.5%. The second-largest private lender by
market capitalisation, ICICI Bank  ICBK.NS , gained 1% and was
on course to log gains for the eighth session in a row.   
    Drug maker Dr. Reddy's Laboratories  REDY.NS  rose 2% after
announcing the acquisition of Nicotine replacement brands from
global consumer healthcare company Haleon.
    Agricultural chemicals maker PI Industries  PIIL.NS  rose
2.6% after announcing an offer to acquire UK-based firm Plant
Health Care in a deal for about 32.8 million pounds ($41.44
million).

($1 = 83.5050 Indian rupees)

 (Reporting by Hritam Mukherjee and Bharath Rajeswaran in
Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala
)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))