Sensex, Nifty end higher on IT, Reliance boost
The blue-chip NSE Nifty 50 index closed 0.85% up at 14,644.70, while the benchmark S&P BSE Sensex added 0.8% to end at 49,792.12. The Nifty and Sensex ended the previous session more than 1% higher.
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UPDATED: January 20, 2021 16:46 IST
The Nifty IT index added 2.2%, the top boost to the Nifty index, with Infosys Ltd and Tata Consultancy Ltd rising 1.7% and 1.5%, respectively. (Photo: Reuters/Representational image)
Indian shares ended higher on Wednesday, led by gains in information technology and Reliance Industries, while U.S. Treasury Secretary nominee Janet Yellen s push for a big pandemic relief package also aided investor sentiment.
Firms brace for cost inflation as commodity prices catch up
Odisha Slurry Pipeline Infrastructure is a crucial raw material supplier to Essar Steel’s plant in Odisha.Premium
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India Inc. needs to gear up for a gradual increase in raw material costs due to the recent rise in some global commodity prices. In the past three months, prices of crude oil and steel have risen sharply by around 30% and 15%, respectively. Analysts attribute this increase to the lag in supply-chain restoration and robust demand from China.
Hard hit by the pandemic, corporates opted for massive cost rationalization measures to shield their earnings performance. In the past two quarters, companies cut back on employee and advertisement costs, and other operating expenses. However, with businesses resuming normalcy, most of these savings will reverse. This, coupled with the ongoing increase in raw material costs, may push companies to initiate price hikes to curb ma
Commenting on the November 2020 data, Mr Rajesh Menon, Director General, SIAM in a statement said, âWe have witnessed an increase in wholesale numbers in the month of November, where Passenger Vehicles grew by 4.65% and Two-Wheelers by 13.43% over the corresponding month of last year, primarily on account of the festive season. While the festive season brought back some fervor in specific segments, the overall economic scenario would determine the industryâs performance going forward,â he adds.
Utility vehicle sales grew by 17.2% from a year earlier in November to 103,525 units driven largely by companies such as Maruti Suzuki India Ltd, Hyundai Motor India Ltd and Kia Motors India Ltd.