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The Nifty IT index closed 0.33 per cent up at 28596.35.

The global brokerage added that for Airtel to defend its market share it would have to increase its capex and match Reliance Jio’s in order to not fall behind the market leader on 5G rollouts. “This will drive lower free cash flows and declining ROICs for Bharti.”

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In October, the capital market regulator sharply reduced the face value of debt securities, including non-convertible debentures, issued on a private placement basis to Rs 1,00,000 from Rs 10,00,000, following representations from various market participants.

Hindalco Industries Ltd. is looking to sell a bond for as much as 7 billion rupees ($86 million), according to an exchange filing on Wednesday. If the transaction goes ahead, it would the firm’s first bond sale since 2012, Bloomberg-compiled data show.

“There is a margin improvement for most companies quarter on quarter but the YoY pressure for most companies is still there. My sense is that in Q4, further margin recovery will happen because of the current crude oil prices and other deflation. There is always a lag of two to three months. So, in Q4, further build up in margins will happen.”

Spot gold was up 0.3% at $1,883.48 per ounce, as of 0727 GMT, its highest level since early-May. US gold futures rose 0.5% to $1,885.90

The Nifty Realty index was trading 0.08 per cent down at 424.8.

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The brokerage has recently raised FY23E earnings by 8% for BoB, however, with asset quality risks abating and steady credit growth outlook, there is likelihood of further earnings upgrade.