LIVE: Debt-GDP ratio level coming in way of rating upgrade, says Urjit Patel

Domestic markets closes up by 1%. Sensex ended at 27,140.41, up 240.85 points or 0.90%, while, Nifty at 8,380.65, up 92.05 points, or 1.11%.

While speaking at Vibrant Gujarat Global Summit on Wednesday, the Reserve Bank of India Governor Urjit Patel said that government's proactive food policies helped contain inflation. 

With the rating agencies downgrading India's economy outlook, Patel said that Debt-GDP ratio level coming in way of rating upgrade. He also said that borrowing should not a short-cut for higher growth. 

Refering to International Financial Service Centre, Patel said that it should have a single regulator. 

Shares of Lupin surged nearly 2% after the company announced that it had received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from USFDA to market generic equivalent of Topicort LP Emollient Cream, 0.05% and Topicort Cream, 0.25%.

At 1434 hours the shares of the company were trading at Rs 1515.75 per piece, up 1.90%, or Rs 28.20 on BSE.

Shares of South Indian Bank surged nearly 3% after the bank reported its third quarter results for quarter ended December 31,2016 (Q3FY17). It said that its net profit stood at Rs 111.38 crore, rising 9.59% from Rs 101.63 crore in the corresponding period of the previous year.

At 1353 hours the shares of the bank were trading at Rs 21.55 per piece, up 2.86%, or Rs 0.60 on BSE. 

At 1328 hours Sensex was trading at 27,105.34, up 205.78 points or 0.76%. While, Nifty was at 8,366.20, up 77.60 points or 0.94% during afternoon trade. 

Welspun India on Wednesday said that it will invest about Rs 4000 crore for three large projects in Gujarat. Memorandum of understanding (MoU) for these three project was signed by Welspun Group during the ongoing Vibrant Gujarat Summit 2017.

At 1311 hours the shares of Welspun India were trading at Rs 69.40 per piece, up 1.46%, or Rs 1 on BSE. 

Shares of Adani Enterprices inched marginally on Wenesday after the company informed exchange that it has incorporated a wholly owned subsidiary namely, "Adani Agri Logistics (Panipat) Limited (AALPL)".

At 1245 hours the shares of the company were trading at Rs 80.75 per piece, up 0.31%, or Rs 0.25 on BSE.

Shares of Royal Orchid Hotels jumped 11% after the company on Wednesday informed exchange that it has acquired 24.9% shares in Amartara Hospitality Private Limited, a subsidiary of Royal Orchid Hotels. Upon acquisition of shares, Amartara Hospitality Private Limited has become 100% subsidiary of Royal Orchid Hotels Limited.

At 1145 hours the shares of Royal Orchid were trading at Rs 84.55 per piece, up 11.25%, or Rs 8.60 on BSE. 

Shares of South Indian Bank rallied by 2% ahead of its financial results for the quarter ended on December 31. At 1111 hours the shares of the bank were trading at Rs 21.35 per piece, up 1.91%, or Rs 0.40 on BSE. 

Shares of Tata Consultancy Services dropped marginally ahead of Q3 results. At 0955 hours, the shares of the company were trading at Rs 2,304 per piece, down 0.49%, pr Rs 9.47 on BSE. 

The company will be announcing its financial results on Thursday, January 12. 

Sector-wise, Banking and Metal shares were top gainers with 235.27 points and 303.76 points, respectively. 

Among banking sector, IndusInd Bank (3.89%), Yes Bank (1.97%), Punjab National Bank (1.30%), ICICI Bank (1.31%) and Bank of Baroda (1.18%) were top gainers. 

In Metal sector, JSW Steel (5.30%), National Aluminium (3.53%), Tata Steel (3.42%), SAIL (3.41%) and Coal India (2.20%) were trading high. 

Shares of IndusInd Bank jumped after the bank reported 29.19% year-on-year (yoy) rise in net profit in the third quarter result for December 31,2016.

The bank reported net profit of Rs 750.64 crore against Rs 581.02 crore in the corresponding period of the previous year. Also it registered growth of 6.58% from Rs 704.26 crore of the preceding quarter.

At 0945 hours the shares of the bank were trading at Rs 1193 per piece, up 2.68%, or Rs 31.15 on BSE.

The rupee was trading lower by 7 paise at 68.25 against the American currency in early trade today after the dollar gained strength overseas. 

Yesterday, the rupee had ended 3 paise higher at 68.18 against the American currency in a range bound trade amid weak dollar overseas.

Shares of Tata Steel surged 4% after the company on Monday reported 13% rise in sales during April-December to 7.7 million tonne as against 6.8 mt during the same period in 2015.

At 0936 hours the shares of the company were trading at Rs 447.85 per piece, up 3.93%, or Rs 16.95 on BSE. 

On 30-share benchmark, among top gainers were Tata Steel (2.68%), Adani Ports (1.50%), Larsen & Toubro (1.42%), Tata Motors (1.22%) and Bharti Airtel (1%). Among losers were Bajaj Auto (-0.39%), ITC (-0.14%), Tata Consultancy Services (-0.09%) and Hero MotoCorp (-0.06%).