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“The operating cost of most banks, including smaller ones, are rising 25-30% or 25-28%. Fresh slippages have been rising for large banks and will be the same for smaller banks as well. Business growth for the banking sector is a challenge. Credit growth has gone up to 13-14% largely because of rising commodity prices.”

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The 30-share pack Sensex rose 54.13 points but managed to end the session above the 59,000 mark. Its broader peer, Nifty50, advanced 27.45 points to top 17,600 level.

The Nifty Pharma index closed 0.31 per cent down at 12644.0.

"DriveX has a vision to bring a change in this segment by building trust, assurance, and transparency through end-to-end, high-quality products and customer experience through innovative solutions. We are confident of DriveX ability to deliver on this vision," TVS Motor Company Managing Director Sudarshan Venu said in a statement.

The dollar fetched 136.66 yen, barely changed from 136.77 in New York late Tuesday.Japanese stocks started in positive territory after a four-day losing streak, but the upward drive was short-lived, with all eyes on the upcoming symposium of central bankers in Jackson Hole, Wyoming.

The stock quoted a 52-week high price of Rs 50600.0 and a 52-week low of Rs 30295.6.

“There are always raw materials and other components which have been procured yearly and those are going to run through the next couple of months. One expects that in Q3 and Q4, the margins could be better than what we delivered in Q1 or what we will deliver in Q2.”

The company is planning to expand its capacity and is likely to gain incremental market share. Furthermore, the company’s likely expansion into Borosilicate glass provides a further avenue of growth.

A total of 28,605 shares changed hands on the counter till 02:00PM (IST)