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INFY - Infosys News Story

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Last Trade - 14/05/21

Sector
Technology
Size
Large Cap
Market Cap £54.21bn
Enterprise Value £52.20bn
Revenue £9.73bn
Position in Universe 163rd / 6849

Indian shares rise on gains in Reliance, Titan; TCS buyback plan awaited

Wed 7th October, 2020 6:47am
By Philip  George
    BENGALURU, Oct 7 (Reuters) - Indian shares rose on Wednesday
as Reliance Industries gained after securing a $750 million
investment in its retail arm and Titan Company rose after
flagging a strong recovery at its jewellery division in the
second quarter.
    The NSE Nifty 50 index  .NSEI  rose 0.53% to 11,724.35 as of
0436 GMT, while the S&P BSE Sensex  .BSESN  was up 0.68% to
39,837.65.
    Shares of Reliance Industries  RELI.NS  rose as much as 4.5%
to 2,309 rupees after it said on Tuesday Abu Dhabi Investment
Authority would invest 55.13 billion Indian rupees in its retail
arm.
    Titan Company  TITN.NS  said its jewellery division saw a
quarterly recovery rate of 98% while it continued to sell excess
gold in its inventory, sending its shares up to their highest in
seven months and making it the top gainer on the Nifty 50.
 urn:newsml:reuters.com:*:nFWN2GX0XW 
    "Markets have been gaining on the back of quarterly
commentary coming from companies and then a big support to the
market has been Reliance," said Siddhartha Khemka, head of
retail research at Motilal Oswal. 
    Meanwhile, the Trump administration announced a rule that
may curb U.S. companies' use of skilled foreign workers by
narrowing the definition of "specialty occupations" eligible for
H-1B visas and require companies to pay higher wages to those
enrolled in the visa program.  urn:newsml:reuters.com:*:nL1N2GX1E0
    The Nifty IT index was trading 0.14% lower, with Infosys
 INFY.NS  down 0.8% and Wipro  WIPR.NS  0.6%. 
    Shares of Tata Consultancy Services  TCS.NS , however, rose
as much as 1.8% to a record high ahead of its quarterly results,
with the top IT services exporter expected to lay out a
highly-anticipated share buyback.
    Shares of gas producers Oil and Natural Gas Corp  ONGC.NS 
and Oil India  OILI.NS  rose 3.5% and 2.4%, respectively, after
TV channel CNBC Awaaz reported the government may consider a
proposal to end price controls over locally produced gas.
 urn:newsml:reuters.com:*:nL4N2GY113


 (Reporting by Philip George in Bengaluru; Editing by Rashmi
Aich and Arun Koyyur)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))
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