Indian Shares Modestly Higher As India-EU Trade Deal Concludes
(RTTNews) - Indian shares were modestly higher in early trade on Tuesday after India and the EU concluded negotiations on the much-awaited Free Trade Agreement (FTA), which will bring a qualitative change in deepening the overall bilateral ties in a range of sectors.
The signing of the deal will take place in about six months after the legal scrubbing. The two sides are also set to unveil a defense framework pact and a strategic agenda.
The benchmark BSE Sensex was up 160 points, or 0.1 percent, at 81,697 as traders returned to their desks after a long holiday weekend. The broader NSE Nifty index edged up by 86 points, or 0.3 percent, to 25,133.
Axis Bank jumped 4.3 percent on reporting a surprise rise in quarterly profit. UltraTech Cement rallied 2.3 percent after delivering better-than-expected quarterly results on strong cement sales.
DLF climbed 2.2 percent on reporting a 61 percent rise in quarterly profit. PTC India soared 7 percent after announcing a major change in its ownership structure.
Kotak Mahindra Bank slumped 4.2 percent as quarterly profit missed Street estimates. IDFC First Bank fell about 1 percent after quarterly net profit declined 52.6 percent from last year.
Maruti Suzuki India dropped 1.8 percent on receiving a tax demand of Rs 1,182.5 crore for financial Year 2021-22.
JK Cement declined 1.7 percent after quarterly profit fell 33 percent yar-on-year. JSW Energy plummeted 7 percent after saying it expects reduced renewable energy bidding activity due to 40 GW of pending agreements and anticipated connectivity issues from FY27.
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