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Indian shares hit record highs as Tata Motors climbs on EV plans

By Ruchi Upadhyay 
Updated Date
Indian shares hit record highs as Tata Motors climbs on EV plans

BENGALURU: Indian shares hit record highs on Wednesday as Tata Motors pushed for plans to reduce domestic inflation and boost electric-vehicle investments with an emergency approval for a COVID-19 vaccine for children.

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The NSE Nifty 50 index was up 0.56 per cent at 18,080.31, while the S&P BSE Sensex rose 0.38 per cent to 60,501.22 by 0345 GMT.

Tata Motors jumped 10 per cent and was the top boost to the Nifty 50 index. The Jaguar Land Rover parent said on Tuesday it would invest over $2 billion in its EV business over the next five years, after the automaker announced it had raised funds from private equity firm TPG.

Airline stocks also surged, as Interglobe Aviation rose nearly 3% and SpiceJet jumped over 4 per cent after India’s civil aviation ministry said domestic flights would fly at full capacity from next week.

India’s drug regulator on Tuesday recommended emergency use of Bharat Biotech’s Covaxin for the two to 18 age group, expanding the country’s vaccination drive to include children.

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Meanwhile, India’s retail inflation eased to a five-month low in September, data on Tuesday showed, but concerns about soaring global energy prices on inflation remained.

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