Business

Vodafone Idea Ltd shares advanced over 19% after UK-based Vodafone Group denied rumours of plans to exit India.

Cognizant will ask as many as 7,000 of its core employees to exit the company by mid-2020, while another 6,000 roles will be impacted as the company exits its content moderation business.

The industry association has also rued that the adverse consequence of this could also be India ending up with a 'possible monopoly in the telecom sector'.

Under the agreement between Adani Enterprises and Digital Realty, the two parties will 'jointly evaluate developing and operating data centres, data centre parks and cultivating undersea cable provider communities of interest across India.'

On Friday, the rupee had appreciated by 12 paise to settle at 70.90 against the US dollar. A higher opening in the domestic equities supported the local unit.

Saying that India has conducted a remarkable reform effort, the World Bank noted that India has joined the list of top 10 improvers for the third year in a row, which it said was commendable given the size of the economy.

Axis Bank Ltd shares gained 2.4% after the lender reported net loss at Rs 112.1 crore in the September quarter compared with a profit of Rs 789.6 crore a year ago.

The stock of gross non-performing assets grew to 2.32 percent due to a Rs 1,000-crore fresh slippages, from 2.19 percent in the preceding quarter, while net NPAs stood at 0.85 percent.

Its revenue from operations rose 4.01 per cent to Rs 9,620.47 crore during the quarter under review as against Rs 9,249.26 crore in the corresponding quarter of previous fiscal.

Reliance Industries Ltd (RIL) shares inched up 1% ahead of the announcement of the September quarter earnings later in the day.

After opening on a flat note, the rupee lost some ground as the morning trade progressed. However, easing crude oil prices and lower US currency against its key rivals rendered some support to the Indian currency, forex dealers said.

Sitharaman said she is 'certainly not risking a comparison' with China, even though the two countries' growth rates have been projected at 6.1 per cent in the latest IMF report.

Shares of Eicher Motors were trading at Rs 20,000, up 4%, after hitting an intra-day high of Rs 20,070. Notably, the stock has risen over 10% in the last one week and over 22% in the last one month.

Forex traders said rupee was trading in a narrow range as market participants remained cautious ahead of the Brexit summit scheduled later this week and on the domestic front, the RBI meeting minutes that will be released on Friday.

GAIL is India's biggest natural gas marketing and trading firm and owns more than two-thirds of the country's 16,234-km pipeline network, giving it a stranglehold on the market.

The scrip dropped 3.68 per cent to close at Rs 785.65 on the BSE. During the day, it sank 4.25 per cent to Rs 781.