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INFY - Infosys News Story

$17.84 -0.4  -1.9%

Last Trade - 12/05/21

Sector
Technology
Size
Large Cap
Market Cap £54.15bn
Enterprise Value £52.15bn
Revenue £9.68bn
Position in Universe 163rd / 6853

Indian shares rise on gains in IT, banking stocks

Mon 5th October, 2020 6:58am
(Adds quote, updates share movements)
    BENGALURU, Oct 5 (Reuters) - Indian shares jumped on Monday,
as banking stocks rose after the government said it would waive
certain interest levies on some loans under a moratorium, while
IT stocks gained after Tata Consultancy Services said it would
consider buying back shares.
    The NSE Nifty 50 index  .NSEI  rose 1.13% to 11,545.25 and
the S&P BSE Sensex  .BSESN  gained 1.19% to 39,154.23 by 0515
GMT.
    The Indian government has told the country's top court it
would waive the compounding interest component on loans up to 20
million rupees, a legal filing showed.  urn:newsml:reuters.com:*:nL4N2GU03G
    The top court is set to hear petitions on waiving compound
interest on loans under a moratorium later in the day.
    The government's clarification on the moratorium case has
offered some reprieve to banking stocks, according to Rusmik
Oza, head of fundamental research at Kotak Securities.
    "On Friday, there was a bit of negative sentiment towards
the U.S. President getting hospitalised and now over the weekend
things are a little better," Oza added.
    The Nifty Bank index  .NSEBANK  rose 1.6%, led by IndusInd
Bank  INBK.NS , up 1.7%.
    Shares of India's largest IT services exporter Tata
Consultancy Services  TCS.NS  rose as much as 5.01% to a record
high of 2,650 rupees after saying it would consider buying back
shares later this week.
    The Nifty IT  .NIFTYIT  index rose 2.7%, with Wipro Ltd
 WIPR.NS  gaining as much as 5.6% to 330.55 rupees, its highest
level in over two decades. TCS, Wipro and Infosys were among the
top gainers on the Nifty 50.
    Mukesh Ambani-led Reliance Industries  RELI.NS  rose as much
as 1.1% after securing 135.98 billion rupees in investments for
its retail unit from sovereign wealth funds GIC, Mubadala and
U.S. investment firm TPG Capital over the past few days.
 urn:newsml:reuters.com:*:nL4N2GT2OF 
    

    
($1 = 73.2930 Indian rupees)

 (Reporting by Philip George in Bengaluru; editing by
Uttaresh.V)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))
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