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MUMBAI: Indian shares rose on Thursday and looked set to snap their three-session losing streak as the Federal Reserve’s less hawkish tone lifted investor sentiment.
The benchmark indexes closed over 2 percent lower on Wednesday, having posted their biggest intraday percentage loss since March 7 earlier in the session, after India’s central bank hiked the benchmark rate in a surprise move.
The Indian rupee strengthened as much as 0.5 percent to 76 against the dollar, its highest level since April 12.
The NSE Nifty was up 1.36 percent at 16,904.05 as of 0511 GMT, with most of its major sub-indexes in positive territory, while the S&P BSE Sensex rose 1.43 percent to 56,465.56.
EDF aims to set up EPR nuclear reactors in India
French power group EDF hopes to seal a deal to equip six next-generation EPR nuclear reactors in India “in the coming months,” a group spokesperson said on Thursday.
The company confirmed a report by BFM television which emerged after French President Emmanuel Macron met with Indian Prime Minister Narendra Modi on Wednesday to discuss bilateral cooperation between the two countries.
The French state-controlled power group last year had made a binding offer to help build six third-generation EPR nuclear reactors at the Jaitapur site in India’s Maharashtra region.
If confirmed, it would be one of the biggest-ever export deals for the French energy giant which is also gearing up to ensure the planned construction of several new EPR reactors at home.
EDF last year said the project, which would cover the annual consumption of 70 million Indian households while avoiding the emission of 80 million tons of CO2 per year, would have an installed capacity of 9.6 gigawatts.
No plans to reduce wheat exports, official says
India is not moving to curb wheat exports, the top official at the food ministry said on Wednesday, following an earlier report that the world’s second-biggest producer of the grain was mulling restrictions after a heatwave damaged crops.
Food and farm ministry officials said on Wednesday that India can still easily export at least 8 million tons of wheat in the current fiscal year that began in April, and that the government would only consider export curbs after any sudden, unexpected surge in overseas shipments.
“There is no move to curb wheat exports, as the country has sufficient stocks of wheat,” Food Secretary Sudhanshu Pandey told Reuters.
Bloomberg reported earlier that India was considering the move after hot weather curbed its production prospects, feeding concern over world supplies sparked by Russia’s invasion of Ukraine, which has driven soaring food inflation.
(With input from Reuters)
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