Indian shares rise slightly on hopes of share buyback

Published: June 13, 2018 16:09:42 | Updated: June 14, 2018 12:42:56

Indian shares rose slightly or Wednesday, set for their third straight winning session, as top software services exporter Tata Consultancy Services Ltd gained on hopes that it would buy back stock.

Industrial output grew 4.9 per cent in April from a year earlier, driven by a pick up in manufacturing, while annual retail inflation accelerated to a four-month high in May, data showed on Tuesday.

The broader NSE Nifty was up 0.29 per cent at 10,874.20 as of 0611 GMT, while the benchmark BSE Sensex was 0.34 per cent higher at 35,813.55, reports Reuters.

Tata Consultancy Services rose as much as 2.3 per cent after the company said it would consider a share buyback proposal on Friday.

Shares of Sun Pharmaceutical Industries gained as much as 3.8 per cent. The Nifty pharma index continued its gaining run, rising as much as 2.4 per cent and was set to post its sixth session of gains.

KEC International Ltd climbed as much as 3.9 per cent after brokerage Macquarie Research initiated coverage on the stock with “outperform” rating.

Meanwhile, Bharti Airtel Ltd dropped as much as 1.9 per cent and Idea Cellular Ltd fell over 5.0 per cent after rival Reliance Jio responded to Airtel’s latest plan by offering more data to users.

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