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Indian Shares Likely To Open Lower

Lower SGX Nifty futures and the overnight sharp fall on Wall Street point to a weak opening for Indian shares Friday morning.

India-China tensions have eased a bit on reports the foreign ministers of the two countries have agreed that troops must quickly disengage from a border standoff. The two foreign ministers have reportedly agreed that the current situation in the border areas is not in the interest of either side.

On the results front, over 100 companies, including IRCTC and BHEL, are scheduled to report their quarterly earnings today.

Hindustan Aeronautics Limited reported a profit of Rs 148.65 crore for the first quarter of this financial year compared with a profit of Rs 564.69 crore in the year-ago quarter. Revenue dropped to Rs 1,736.7 crore from Rs 3,289.5 crore a year ago.

Hindustan Copper Limited said it posted a net profit of Rs 29.8 crore in the first quarter as against a profit of Rs 21.2 crore in the corresponding quarter last year.

YES Bank announced on Thursday that it has fully repaid the Rs 50,000 crore provided by RBI as a special liquidity facility (SLF) amid the crisis faced by the lender earlier this year.

Reliance Industries hit a record high on reports the company is offering to sell a $20 billion stake in Reliance Retail to Amazon. Inc. A day earlier, Reliance had announced that US private equity firm Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures Limited.

The market closed on a high note on Thursday, led by gains in Reliance Industries. The benchmark BSE Sensex climbed 646.40 points or 1.69% to 38,840.32, while the broader Nifty index of the National Stock Exchange ended with a gain of 171.25 points or 1.52% at 11,449.25.

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