RIYADH: Heavyweight Reliance Industries touched a record high and helped Indian shares rise on Thursday on Indian stock exchanges, with risk appetite being upbeat in the near term as investors bought stocks across the board amid concerns about sky-high inflation.
The NSE Nifty 50 index was up 0.66 percent at 17,249.60, as of 0440 GMT, while the S&P BSE Sensex added 0.69 percent to 57,435.77. Both the indexes rose sharply in the previous session as beaten-down technology stocks rebounded and Reliance Industries advanced.
Despite the recent jumps, the indexes are still down more than 1 percent in April so far, hurt by concerns around the Ukraine crisis, surging inflation, and a rout in technology stocks after weak earnings from Tata Consultancy Services and Infosys.
UAE-India economic pact to come into force on May 1
The Comprehensive Economic Partnership Agreement, also known as CEPA, signed between India and UAE will come into force on May 1, according to the UAE Minister for Foreign Trade Thani bin Ahmed Al Zeyoudi.
The pact is expected to boost bilateral trade between the two countries to $100 billion over five years as against $43.3 billion in FY21. It should be noted that the UAE is currently India's third-largest trading partner.
Radisson hotel plans expansion in India and China
Radisson Hotel Group plans to add 150 hotels in Asia-Pacific this year as it banks on travel, tourism, and economic recovery in the region, its CEO Federico González said on Thursday.
Radisson, one of the world’s largest hotel groups, is in the midst of a five-year plan to double its properties to 3,200 hotels in 120 countries by 2025.
Radisson sees its China and India portfolios increasing to 1,000 and 200 hotels, respectively, by 2025, González said, adding that around 150 deals will be signed this year. But China’s stringent lockdown measures could impact the completion of new hotels, he said.
(With inputs from Reuters)