MUMBAI: A bout of late selling in automakers and banks knocked India’s blue-chip stock indexes off four-week highs and into negative territory on Friday, although strength in information technology shares and Reliance Industries helped limit the decline.
The NSE Nifty 50 index closed 0.26 percent lower at 16,584.3, while the S&P BSE Sensex slipped 0.09 percent to 55,769.23. The indexes still clocked their third straight week of advances with gains of around 1.5 percent each.
Shares of Reliance Industries, India’s most valuable company, climbed 2 percent and were among the biggest boosts to the indexes.
Shares of UltraTech Cement slid 5.5 percent after the company said it would spend $1.66 billion to boost capacity as it looks to stave off competition from the sector’s newest entrant Adani Group.
Xiaomi India names new GM
The Indian unit of Chinese smartphone maker Xiaomi Corp. said on Friday it has appointed founding member Alvin Tse as its general manager, a change of guard as the company faces government scrutiny over its business practices.
Tse, a British national who was also the former general manager of Xiaomi Indonesia, has helped the company expand into many global markets, Xiaomi India said.
The organizational rejig will also have Anuj Sharma rejoin the company as the chief marketing officer.
The development comes nearly two months after India’s federal financial-crime fighting agency summoned former Xiaomi India head Manu Kumar Jain in an investigation on...
Read Full Story: https://www.arabnews.com/node/2097071/business-economy
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.