October 25, 2019 / 4:36 AM / 23 days ago

Indian shares track broader Asia higher; ITC shines

* NSE index up 0.22%, BSE index 0.29% higher

* ITC rises after quarterly results

* Telecom stocks drop after apex court order

By Chandini Monnappa

Oct 25 (Reuters) - Indian shares followed their Asian peers higher on Friday, led by gains in bellwether stocks ITC Ltd and Infosys Ltd, as investors studied a raft of corporate earnings amid concerns over slowing global economic growth.

The broader NSE index was up 0.22% at 11,608.20 by 0408 GMT, while the benchmark BSE index was stronger by 0.29% at 39,142.23. Both the indexes were on track to finish the week over half a percent lower.

Gains in broader Asian shares were capped by fresh uncertainties around Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan edging up 0.13% as gains were.

In domestic markets, shares of cigarrete ITC Ltd were up as much as 3.27%, its best session in over four and a half weeks after the cigarrete-to-hotel conglomerate beat quarterly profit expectations on Thursday. The stock was among the top three percentage gainer on the NSE index.

The Nifty IT index inched up nearly 1% with shares of India’s second-biggest IT services firm by revenue, Infosys Ltd adding 2.7%. Shares fell earlier this week after a whistleblower complaint claimed the firm used ‘unethical practices’ to boost revenue and profit.

The Nifty PSU Bank index, which tracks the country’s state-owned lenders, rose as much as 1.2%, with shares of State Bank of India climbing 2.32% ahead of quarterly results later in the day.

Meanwhile, shares of India’s biggest airline IndiGo’s parent InterGlobe Aviation Ltd were down as much as 5.4%, after the company posted its biggest ever quarterly loss on Thursday.

Vodafone Idea Ltd continued its downward tumble early on Friday, slipping as much as 16.09%, while Bharti Airtel Ltd slipped as much as 1.92% after the Supreme Court on Thursday upheld a demand by the country’s telecoms department that wireless carriers pay 920 billion rupees ($12.97 billion) in overdue levies and interest. ($1 = 70.9600 Indian rupees) (Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich)

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