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Indian Shares Set For Positive Start

(RTTNews) - Indian shares may open higher on Wednesday amid optimism the worst of the fallout from the coronavirus pandemic is over and new cases in India are unlikely to rise to the level last seen in mid-September.

Hindustan Unilever, the maker of popular brands such as Rin, Dove, Lux, Lifebuoy and a proxy for India's household consumption, on Tuesday reported an 8.7 percent increase in quarterly profit while revenue for the quarter increased 16 percent.

Rural markets have emerged stronger but demand in urban markets could take a while to recover, the company said in a statement.

Meanwhile, foreign direct investment (FDI) inflows into India, a major driver of economic growth, increased by 16 percent year-on-year in the first five months of 2020-21, the Commerce and Industry Ministry said.

Benchmark indexes Sensex and the Nifty rose modestly on Tuesday to extend gains for the third day running while the rupee settled 12 paise lower at 73.49 against the U.S. dollar.
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