Infosys logo

INFY - Infosys News Story

$18.17 0.0  0.1%

Last Trade - 17/05/21

Sector
Technology
Size
Large Cap
Market Cap £54.09bn
Enterprise Value £52.08bn
Revenue £9.73bn
Position in Universe 166th / 6846

Indian shares rally for eighth session as banking stocks shine

Mon 12th October, 2020 6:35am
By Philip  George
    BENGALURU, Oct 12 (Reuters) - Indian shares rose for an
eighth straight session on Monday, led by banks as the central
bank appealed to the country's top court to allow lenders
classify loans as non performing-assets, raising hopes of some
relief for the battered sector.
    The NSE Nifty 50 index  .NSEI  rose 0.45% to 11,967.85 by
0458 GMT, while the S&P BSE Sensex  .BSESN  was up 0.6% at
40,742.39.
    Late on Friday, the Reserve Bank of India appealed to the
Supreme Court to let banks classify loans as non-performing,
saying a ban imposed to help borrowers during the COVID-19
pandemic could greatly harm the financial system.  urn:newsml:reuters.com:*:nL4N2H104Y
    The Nifty banking sub-index  .NSEBANK  rose 0.6%, with State
Bank of India  SBI.NS  and Kotak Mahindra bank  KTKM.NS  among
the top gainers on the blue-chip Nifty 50, adding 2.2% and 1.8%
respectively.
    "Banks will be required to recognise NPAs if the Supreme
Court agrees... banks will also be willing to lend to borrowers
on the fringe once there is clarity," said Deepak Jasani, head
of research, HDFC Securities.
    IT major Infosys  INFY.NS  gained 1.8% ahead of its
quarterly results due later this week. The Nifty IT index
 .NIFTYIT  was up 1.1%, after Tata Consultancy announced a big
buyback and posted strong margins last week.
    Market participants are now awaiting consumer price
inflation data due at 1200 GMT and a finance ministry press
conference on economic issues at noon for further direction.
    Shares of UTI Asset Management Company  UTIA.NS  slid 9.8%
to 500 rupees on their debut and Mazagon Dock Shipbuilders
 MAZG.NS  jumped 48.2% on its first day of trading.

 (Reporting by Philip George in Bengaluru; Editing by Rashmi
Aich and Subhranshu Sahu)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.