MUMBAI: Indian shares gave up early gains to hit a one-week low on Wednesday as banks fell ahead of US inflation data that will likely offer cues on the US Federal Reserve’s rate hike trajectory.
The NSE Nifty 50 index ended down 0.57 percent at 15,966.65, while the S&P BSE Sensex dropped 0.69 percent to 53,514.15. The benchmarks fell nearly 0.8 percent earlier in the session to hit their lowest levels since July 6.
The Nifty bank index fell 0.87 percent, offsetting a 0.9 percent rise in the fast-moving consumer index.
Indian court lifts ban on Vivo bank accounts in money laundering case
An Indian court on Wednesday lifted a freeze on smartphone maker Vivo’s bank accounts imposed by the country’s financial crime agency and ordering the Chinese company to provide a bank guarantee of $119 million, a lawyer for the company told Reuters.
In a filing to the Delhi High Court in the capital, Vivo India had said it would not be able to pay statutory dues and salaries, listing 10 affected bank accounts and saying it needed to make monthly payments of 28.26 billion Indian rupees ($355 million).
Iveco to supply engines for LNG-powered trucks to Blue Energy Motors
Truckmaker Iveco Group said on Tuesday that its engine unit FPT Industrial had signed an agreement with Blue Energy Motors, an Indian start-up developing clean energy trucks, to supply engines for liquefied natural gas-powered trucks.
FPT will supply 6.7-liter engines, Iveco said in a statement, adding Blue Energy Motors LNG trucks, which are expected to hit Indian roads by the end of this year, will be the first powered by such technology in the country.
It provided no financial details of the deal.
The Italian group will supply “several thousands of engines at start,” one person close to the matter said.
Iveco, one of market leaders in liquefied and compressed natural gas technologies for commercial vehicles, said the deal was the first step in a potential long-term partnership to leverage the specific characteristics of India’s commercial transport market, with about 3.5 million trucks on its roads and carbon emission standards becoming more stringent.
The engines will be initially produced at FPT Industrial’s plant in Turin, Italy, which specializes in this type of medium-displacement engines, Iveco added.
(With input from Reuters)
