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Indian shares edge higher on Reliance boost

BENGALURU, Nov 6 (Reuters) - Indian shares inched higher on Friday, riding on gains by the country’s most valuable company Reliance Industries after it secured more funding for its retail business, and hopes of strong earnings from consumer heavyweight ITC Ltd.

As of 0345 GMT, the NSE Nifty 50 index and the S&P BSE Sensex were up 0.2% each at 12,144.7 and 41,433.92, respectively.

Reliance secured a $1.3-billion investment in its retail business from Saudi Arabia’s wealth fund on Thursday, sending its shares 1.8% higher in early trading on Friday.

Reliance’s retail business has secured more than $3 billion in funding from various investors, including KKR, Silver Lake Partners and Abu Dhabi’s state fund Mubadala, besides the Saudi investment.

Cigarettes-to-software company ITC Ltd rose about 1% ahead of its earnings announcement later in the day.

Kotak Mahindra Bank shed 0.9% and was the top loser. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)

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