Mumbai: India's stocks rose, driving the benchmark index to its highest level in a month, as investors bought shares in companies that are most likely to benefit from econ-omic expansion.
Reliance Industries added 1.6 per cent to Rs1,063.5, its highest close since May 13. The company agreed to pay Rs48 billion (Dh3.678 billion) for control of Infotel. Reliance may spend about $5 billion on the venture, including leasing infrastructure such as base stations and optic fibre lines for the broadband service, said Alok Deshpande, an analyst with Elara Capital. Reliance, which briefed analysts June 12, will also pay Rs128.5 billion for internet services licences earmarked for Infotel.
HCL Technologies, an information technology company, rose 3 per cent to Rs380.55 after signing a five-year $78.6-million outsourcing agreement with Singapore Exchange.
Infosys Technologies, the nation's second-biggest software exporter, gained 4.4 per cent to Rs2,746.4, while larger rival Tata Consultancy Services, climbed 2.9 per cent to Rs781. Infosys paid Rs2.75 billion in advance tax for the first quarter compared with Rs2.3 billion, Bloomberg-UTV reported yesterday. Wipro, the third-largest, added 4.1 per cent to Rs674.2.
The Bombay Stock Exchange's Sensitive Index, or Sensex, gained 273.22, or 1.6 per cent, to 17,338.17, its highest close since May 3 after rallying 4.3 per cent in four trading sessions. The S&P CNX Nifty Index on the National Stock Exchange rose 1.5 per cent to 5,197.70. The BSE 200 Index increased 1.3 per cent to 2,195.43.
