Sensex Settles Above 34,000 For First Time Led By RIL, Bharti Airtel
Indian equity benchmarks rose to record highs led by gains in index heavyweight Reliance Industries, Bharti AIrtel, Yes Bank and ICICI Bank.
The S&P BSE Sensex rose 0.21 percent or 70 points to 34,010.61 and the NSE Nifty 50 Index 0.37 percent or 38 points to 10,531.50.
All sector gauges compiled by BSE ended higher led by the S&P BSE Telecom Index's 2.28 percent gain.
Reliance Group Shares Extend Gains
Reliance Group shares extended gains after the group's telecom company Reliance Communications exited strategic debt restructuring plan.
- Reliance Communications up 35 percent
- Reliance Capital up 4.37 percent
- Reliance Infrastructure gains 2.34 percent
- Reliance Naval and Engineering advances 4 percent
- Reliance Nippon Life AMC advances 1 percent
- Reliance Power up 4 percent
Anil Ambani Addresses Media
Shares of the Anil Ambani-led telecom company were trading 34 percent higher at Rs 21.90 after the company exited strategic debt restructuring plan.
- Reliance Communications to cut debt to Rs 6,000 crore from Rs 45,000 crore
- Ran asset monetisation process under the supervision of lenders
- As a part of this we announced strategic transformation of RCom to a robust business-to-business company
- RCom debt to be reduced by Rs 25,000 crore through prepayment and transfer of DOT
- Expect full and final closure between Jan.-March 2018
- Entire monetisation proceeds to be only used to prepay lenders
- Pleased and happy to announce today that we have achieved full resolution for Reliance Communications
- Resolution involves existing form strategic debt restructuring (SDR) framework
- Resolution involves no conversion of any equity to lenders fully protecting all shareholders and zero write off to all lenders
- Major stress in telecom business was the wireless segment
- We completed long standing merger with SSTL
Dr Reddy's Labs Gains On Launching Cancer Injection In U.S.
Shares of the Hyderabad-based drug maker rose as much as 1.65 percent to Rs 2,371.60 after it launched Melphalan Hydrochloride for injection, a therapeutic equivalent generic version of Alkeran for injection in the U.S. approved by U.S. Food and Drug Administration (U.S. FDA), the company said in a stock exchange filing.