Indian equity benchmark indices, Sensex and Nifty50, snapped a four-day losing streak as global equities rose and emerging-market currencies strengthened against the greenback amid subsiding fears about a rate hike in the US.
At the closing bell, the BSE Sensex closed 362 points higher (up 0.4%)
Meanwhile, the NSE Nifty closed 24 points higher (up 0.1%)
Tata Steel, Trent, and Bajaj Finance are the top gainers today.
Bhart Airtel, HCL Tech, TCS, on the other hand, were among the top losers today.
The GIFT Nifty was trading at 24,013, 80 points higher at the time of writing.
The BSE 150 Midcap index is trading 0.01% lower, and the BSE 250 SmallCap index is trading 0.2% higher.
Sectoral indices were trading mixed today, with the metal sector and telecommunication sector witnessing buying. Meanwhile, stocks in the IT sector and realty sector witnessed selling pressure.
The rupee is trading at Rs 94.5 against the US$.
Gold prices for the latest contract on MCX are trading 0.4% lower at Rs 1,55,050 per 10 grams.
Meanwhile, silver prices were trading 0.5% lower at 2,41,000 per 1 kg.
Ultravolt Enters Wires and Cables Market
UltraTech Cement shares came into focus after the company launched its new wires and cables business, Ultravolt. This marks the Aditya Birla Group company's fourth new business entry in the last three years.
UltraTech is investing Rs 18 billion in Ultravolt, which is expected to become the second-largest player in the wires segment by production capacity. The company aims to build a strong national brand and become one of the top two players in the segment within five years.
The entry into the wires and cables market is likely to increase competition in the sector. One domestic brokerage expects UltraTech to capture around 5%-7% of the market by FY31. However, another brokerage said the company's aggressive expansion could put pressure on the sector in the near term.
Ultravolt's operations will be supported by a new manufacturing plant in Jhagadia, Bharuch district, Gujarat. Its location is expected to help the company manage distribution and logistics efficiently and reach customers across India.
With this new business, UltraTech is expanding beyond cement and other building products. The move is part of its broader Building Solutions strategy and will allow the company to benefit from growing demand for home construction, infrastructure and electrification.
Bharat Forge Expands Local Defence Manufacturing
Kalyani Strategic Systems Ltd. (KSSL), a wholly owned subsidiary of Bharat Forge, has signed a Memorandum of Understanding (MoU) with FN Herstal to explore local manufacturing and industrial cooperation for India's defence needs.
Under the agreement, both companies will study the possibility of setting up a dedicated manufacturing facility in India. They will also explore forming a strategic alliance or joint venture to produce various defence products, including small arms, integrated weapon systems and counter-drone solutions.
The partnership supports the Indian government's Make in India initiative and aims to increase local manufacturing, technology sharing and value creation in the defence sector.
The two companies will jointly assess potential projects mainly focused on meeting the requirements of the Indian market. The partnership could also help strengthen India's domestic defence manufacturing capabilities and support the armed forces over the long term.
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