Indian shares rise on strong earnings, global cues

BENGALURU (Reuters) – Indian shares rose in early trade on Tuesday as strong quarterly earnings and overnight gains in U.S. stocks helped the domestic benchmark indexes consolidate.

A woman walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas/File Photo

By 0410 GMT, the blue-chip NSE Nifty 50 index was up 0.24% at 15,863.05 and the benchmark S&P BSE Sensex was 0.18% higher at 52,948.98.

Shares of Inox Leisure Ltd jumped 13% after a report bit.ly/3l0KvsE Amazon India was looking to buy a stake in the movie theatre chain.

Shares of Tata Motors rose 0.56% after the Indian auto major posted a 108% jump in its first-quarter revenue and narrowed its losses as the pandemic fuelled demand for personal vehicles.

Axis Bank’s shares fell 0.45%. The private-sector lender’s June-quarter consolidated net profit more than doubled, although its asset quality deteriorated.

Biocon Ltd’s shares gained as much as 1.4% after the company’s unit Biocon Biologics partnered with Adagio Therapeutics to advance a COVID-19 antibody.

Equitas Holdings surged 8% after its board of directors and shareholders approved the merger of unit Equitas Small Finance Bank with the company.

Active pharmaceutical ingredient manufacturer Glenmark Life Sciences’ 15.14 billion rupees ($203.65 million) initial public offering will open for subscription on Tuesday.

Investors are also eyeing quarterly results from Dr Reddy’s Laboratories, IndusInd Bank, InterGlobe Aviation and Canara Bank.

Asian equity markets rose cautiously, after touching year-to-date lows the day before, as traders watch major U.S. companies’ earnings and the Federal Reserve policy meeting this week.

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