April 25, 2019 / 6:11 AM / 7 months ago

Indian shares rise; UltraTech, Reliance hit record highs

* NSE index up 0.6 pct, BSE rises 0.5 pct

* UltraTech Cement up 5.3 pct after strong Q4

* Bharti Infratel top loser on NSE

By Chris Thomas

April 25 (Reuters) - Indian shares rose to a one-week high on Thursday, ahead of the expiry of April derivative contracts, with index heavyweights UltraTech Cement Ltd and Reliance Industries hitting record highs.

The broader NSE index was up 0.59 percent at 11,795.4 as of 0559 GMT, while the benchmark BSE index was 0.52 percent higher at 39,259.22.

The Indian rupee, meanwhile, was under pressure due to a recent rise in crude prices. The currency fell 0.34 percent to 70.11 against the dollar on Thursday, its weakest level in nearly seven weeks.

In the Asian markets, shares slipped as a surprise deterioration in German and South Korean economic data rekindled fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.

Shares of UltraTech Cement rose as much as 5.3 percent and was the top gainer on the NSE index. The stock was up 4.7 percent in the previous session. The cement maker on Wednesday said profit for the March quarter more than doubled to 10.17 billion rupees ($145.25 million), beating expectations.

UltraTech’s parent Grasim Industries Ltd jumped 5 percent to its highest since October 9, 2018.

Reliance Industries Ltd climbed 1.6 percent to a record high, and was on track for a third straight session of gain.

“Overall, markets will be volatile as crude prices are at elevated levels and as the domestic elections line up,” said Siddharth Sedani, equity advisory head at brokerage Anand Rathi.

Shares of Yes Bank Ltd rose 4.3 percent in their best day in over two weeks. A Mint report, citing sources, said CEO Ravneet Gill was looking to replace the bank’s entire top management. Yes Bank’s spokesman told Reuters the bank strongly denies the report.

Bharti Infratel Ltd fell as much as 4.7 percent — its worst intraday drop since January 24 — after the telecom tower operator missed expectations for quarterly profit.

$1 = 70.0150 Indian rupees Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below