Here is a collection of the most important stories this evening:
Sensex, Nifty close near record high after softer US inflation
Indian markets jumped 2 percent on November 11 to hit near all-time-high, tracking gains in global equities after US consumer price inflation came softer than expected. During the day, Sensex rose as much as 2 percent and hit a record high of 61,826.25 points while the Nifty gained 1.85 percent to touch 18,362.30 points. At closing, the Sensex settled at 61,795.04 points, up 1.95 percent while Nifty was at 18,349.70 points, up 1.78 percent.
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IIP rises to 3.1% in September, beats expectations
India's industrial growth, as per the Index of Industrial Production (IIP), rose to 3.1 percent in September, data released on November 11 by the Ministry of Statistics and Programme Implementation showed. At 3.1 percent, the latest IIP growth figure is above consensus estimates. A Moneycontrol poll of 14 economists had predicted IIP growth may rise to 2.3 percent in September.
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Billionaire Hinduja brothers call truce on bitter family feud: Report
The billionaire Hinduja brothers called a truce on a bitter power struggle that threatened the future of the business empire of the UK’s wealthiest family. The brothers agreed to halt reams of litigation across Europe, ending, for now, a feud that was tearing the once tightly knit British-Indian group apart.
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Merged HDFC entity could have double the weight in MSCI, says Macquarie
After the completion of HDFC and HDFC Bank's union, the weight of the merged entity could be double that of HDFC Limited in MSCI, according to a sales note by global financial services group Macquarie.
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Aircraft grounding factored-in, won’t impact Q3FY23 capacity addition, says IndiGo CEO
Airline major IndiGo plans to increase capacity by around 25 per cent in Q3FY23 on a year-over-year basis, the airline’s chief executive Pieter Elbers told Moneycontrol. Notably, the plan comes at a time when the airline has grounded 30 aircraft due to supply constraints. The sector faces shortages of spares, engines and aircraft, which have restricted capacity and pushed up fares.
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Challenges out of Russian invasion to firm up US-India ties: Treasury Secy Yellen
The challenges caused by Russia's "brutal, unjustified" invasion of Ukraine can help strengthen the partnerships between the US and India by "demonstrating the necessity of cooperation and clear and open communication", Treasury Secretary Janet Yellen has said. Speaking in the Capital on November 11, Yellen said the trade, investment, and people-to-people ties between the US and India make the bilateral economic and financial relationship a critical element of that partnership.
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UK economy contracts in third quarter
Britain's economy shrank in the third quarter, official data showed Friday, likely confirming it is already in a recession forecast to last some time. Output shrank 0.2 percent in the July-September period, following a modest rise in the second quarter, the Office for National Statistics (ONS) said in a statement.
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