The company, however, is planning to launch two new products every year till 2022. It expects the launches to help perk up the sales graph.
The S&P BSE Sensex has risen about 12% from a low in September, with three members - Reliance Industries, ICICI Bank and HDFC Bank - accounting for 61% of all the gains
The highlight in the market on Thursday was Reliance Industries that became the first Indian company to hit the Rs 10-trillion market valuation mark following a spike in its share price
Expectations of income tax cuts and tax relief for equity investors have further fuelled the market rally
Index rises as much as 340 pts only to give up most gains
If the Nifty Bank index stays below 2,600 level for another week, then a major breakdown may lead to a long term bearishness, tech charts suggest.
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India has attracted more money than any other Asian market in the past month. Offshore mutual funds' allocations had been at multi-year lows before the rebound.