RIYADH: Indian shares rose on Thursday, led by gains in financial stocks ahead of the expiry of monthly derivative contracts, while investors waited for clues on future rate hikes in the US from a key Federal Reserve event.
The NSE Nifty 50 index was 0.5 percent higher at 17,693.9, as of 0507 GMT, while the S&P BSE Sensex gained 0.5 percent at 59,390.6.
Nifty PSU Bank index was up 2.2 percent, with top lender State Bank of India climbing 1.1 percent.
SBI Life Insurance was the top gainer on Nifty 50, up 2.2 percent.
Mercedes set to lead India’s luxury EV market as Tesla stays out
German carmaker Mercedes-Benz plans to take pole position in India’s luxury electric vehicle market, its country head told Reuters, helping cement its title as the top-selling luxury car brand and keep ahead of rival Tesla.
In India, Mercedes-Benz will launch three new electric cars this year, be the first company to assemble a luxury EV, and will set up a fast-charging network nationwide, Martin Schwenk said in an interview. The company might also manufacture batteries domestically in the future, he said.
“Now, we are really starting our aggressive offensive into the EV market. In the next five years, 25 percent of our sales (in India) will be electric,” Schwenk said.
He added: “Our ambition is to lead the market in the electric side as well.”
Mercedes’ inroads come as EV rival Tesla recently put on hold plans to enter India due to high import taxes on EVs.
India’s NDTV jumps after Asia’s richest man moves to take stakes
Shares in India’s NDTV Ltd. jumped the maximum permitted 5 percent to a 14-year high on Wednesday after billionaire Gautam Adani’s conglomerate moved to take a near 30 percent stake in the media group that could eventually lead to it taking control.
New Delhi Television’s shares surged far beyond the price Adani Group said it would pay in a subsequent mandatory open offer that could take its stake over 55 percent.
NDTV’s rivals include Times Group’s Times Now and Network18’s CNN-News18, controlled by Indian billionaire Mukesh Ambani.
(With input from Reuters)
