MUMBAI: Indian shares rose for a third straight session on Wednesday, outperforming regional peers as investors continued to scoop up beaten-down financial and information technology stocks after a recent selloff.
The NSE Nifty 50 index was up 0.69 percent at 16,371.25 by 0509 GMT, while the S&P BSE Sensex rose 0.41 percent to 54,539.92.
The indexes have made strong gains this week after posting five straight weekly losses.
Stellantis sees India as profitable market amid challenges in China, Russia
Stellantis chief Carlos Tavares expects India to be a profitable market and a bigger growth opportunity than the carmaker previously expected, as it faces challenges in countries such as China and Russia.
India, where Stellantis sells its Jeep and Citroen brands, makes up a fraction of the carmaker’s global sales but Tavares said he expects revenues in the South Asian nation to more than double by 2030 and operating profit margins to be in double-digits within the next couple of years.
Western carmakers for years have struggled to make money in India, a market dominated by Asia’s Suzuki Motor and Hyundai Motor with their small, low-cost cars.
“Being profitable in India is possible if you do things the India way,” Tavares said at a virtual media roundtable late on Tuesday.
This, according to him, includes sourcing parts locally and vertically integrating the supply chain to keep costs low, and engineering cars locally with features Indian consumers want and are willing to pay for.
(With input from Reuters)