Indian Shares Modestly Higher In Lackluster Trade

(RTTNews) - Indian shares were modestly higher in cautious trade on Thursday after Iran said it had reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, making a potential step toward reopening of the critical waterway for energy supplies.

The benchmark BSE Sensex was up 195 points, or 0.3 percent, at 78,775 while the NSE Nifty index edged up by 14 points 24,639.

Biocon advanced 1.5 percent on reporting a more than four-fold jump in Q1 consolidated net profit.

Berger Paints gained 1.2 percent on reporting a 28 percent rise in Q1 net profit.

Gland Pharma rose nearly 2 percent and Neuland Laboratories soared 9 percent after they announced a long-term strategic contract development and manufacturing partnership to expand sterile API production.

Cummins India fell about 1 percent on reporting mixed results for the June quarter, with revenue coming ahead of Street estimates while profit and margins undershoot expectations.

Trent and Britannia Industries were moving lower ahead of their quarterly results announcements.

Hindalco declined 1.6 percent despite its subsidiary Novelis reporting strong Q1 results.