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India In-Focus — Shares rise on boost from Reliance; Small amount of wheat moves out after ban
MUMBAI: Indian shares ended higher on Thursday on the back of gains in Reliance Industries and technology stocks, with investor sentiment getting a boost from a pullback in crude oil prices.
After struggling for direction for most of the session, the NSE Nifty 50 index settled up 0.64 percent at 16,628 and the S&P BSE Sensex closed 0.79 percent higher at 55,818.11.
Reliance Industries, India’s most valuable company, led gains in Mumbai trading to add 3.5 percent. The conglomerate said on Wednesday that Reliance Brands and Italy’s Plastic Legno SPA have formed a venture to buy a 40 percent stake in Plastic Legno SPA’s toy manufacturing business in India.
India allows small amount of wheat to move out after ban
India has allowed wheat shipments of 469,202 tons since banning most exports last month, but at least 1.7 million tons are lying at ports and could be damaged by looming monsoon rains, government and industry officials told Reuters.
Shipments that have been allowed moved mainly to Bangladesh, the Philippines, Tanzania and Malaysia, said a senior government official, who also stated the total quantity.
The ban pulled Indian wheat exports down to 1.13 million tons in May from a record 1.46 million tons in April, the official said, declining to be named.
India, the world’s second-biggest wheat producer, imposed a general ban on exports on May 14 as a scorching heat wave curtailed output and pushed domestic prices to record highs.
Exceptions were allowed, for shipments backed by letters of credit that had already been issued, and those to countries that requested supplies to meet their food security needs.
But even after the departure of some wheat, at least 1.7 million tons remained piled up at various ports, three dealers with global trading firms told Reuters.
(With input from Reuters)
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