Banks lead Indian shares higher on credit guarantee scheme
Indian shares advanced on Wednesday, led by banking stocks after the government approved a credit guarantee scheme to support businesses hit by the Iran war. Positive reactions to major corporate earnings and a decline in oil prices, driven by hopes of a potential U.S.-Iran peace deal, further supported the gains. The Nifty 50 rose 0.4% at 24,127.90, as of 10:05 a.m. IST, while the BSE Sensex added 0.31% to 77,260.52. Thirteen of the 16 major sectors were trading in the green. The broader small-caps and mid-caps rose about 1% each. Heavyweight banks, private banks rose 1% each, while state-owned lenders gained 1.6%. The uptick comes after the Union Cabinet approved on Tuesday a new emergency credit guarantee programme worth $1.9 billion to support businesses, particularly small firms, facing short-term liquidity stress due to the Iran war. “The scheme is a net positive for banks, a modest loan growth tailwind and a more meaningful near-term asset quality buffer,” said analysts at Nomura.
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L&T wins largest domestic metals order from JSW Steel for major expansion
Larsen & Toubro's Minerals & Metals division secured its largest domestic metals order from JSW Steel, valued between Rs 10,000 crore and Rs 15,000 crore. This 'mega order' involves comprehensive engineering, procurement, and installation of critical process facilities for JSW Steel's expansion to over 50 MTPA by 2031, primarily at sites in Karnataka and Odisha.
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L&T Wins Record ‘Mega’ Metals Order from JSW Steel to Power Capacity Expansion
The latest update is out from Larsen & Toubro Limited ( ($IN:LT) ). L&T’s Minerals & Metals business has secured its largest-ever order in India’s ...
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India's L&T hits three-week low after Q4 profit dip, slower growth outlook
May 6 (Reuters) - India's Larsen & Toubro shares fell to a more than three-week low in early trade on Wednesday after the conglomerate posted a 3.1% fall in quarterly profit and forecast revenue to
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L&T Wins Large Coal Gasification Order To Boost India’s Energy Security Push
Larsen & Toubro’s Energy Hydrocarbon Onshore business has secured a large order from Bharat Coal Gasification and Chemicals Ltd (BCGCL) for a coal-to-ammonium nitrate project in Odisha. The project will include the development of a Nitric Acid and Ammonium Nitrate Plant. The order supports India’s broader coal gasification ambitions under the Aatmanirbhar Bharat initiative.
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