RIYADH: India’s blue-chip stock indexes hit a three-month closing high on Thursday, led by a surge in Bajaj Finance and Bajaj Finserv, in the backdrop of the US Federal Reserve raising interest rates as expected.
The NSE Nifty 50 index was up 1.73 percent at 16,929.6, while the S&P BSE Sensex rose 1.87 percent to 56,857.79, both hitting their best closing levels since May 2. The indexes are set for their best month in nearly a year with gains of over 7 percent.
Bajaj Finance soared 10.6 percent on stronger than expected first quarter results, while Bajaj Finserv jumped 10 percent after the company announced a stock split, bonus share issue and a surge in profit.
Egypt and India to build green hydrogen factory worth $8 billion
Egypt has signed a memorandum of understanding with an Indian company to build a green hydrogen factory in the Suez Canal Economic Zone, a cabinet statement said on Wednesday.
According to the MoU, Indian ReNew Power Private Limited will build a factory to produce 20,000 tons of green hydrogen a year, with investments worth $8 billion.
Reliance joins India’s Olympic body as principal partner
India’s most valuable company, Reliance, said it would support the country’s athletes in major multi-sport events as part of a long-term partnership with the Indian Olympic Association.
As part of the deal, the conglomerate, led by billionaire Mukesh Ambani, will become the IOA’s principal partner.
It will help the country’s sports federations and athletes prepare for such events as the Olympics, Asian Games and Commonwealth Games.
The partnership has “an aspiration to host the Olympic Games in the future,” the company said in a statement.
(With input from Reuters)
