Business

Japan's Nikkei was firmer by 0.09 per cent Shanghai blue chips rose 0.7 per cent. The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods. 

Asian indices opened in the green following a rally overnight in US markets where US President Donald Trump delayed the September 1 deadline for 10 per cent tariffs on some Chinese imports. 

But pharma stocks were on slippery ground with Dr Reddy down by 5.8 per cent, Sun Pharma by 5.7 per cent and Cipla by 1.3 per cent. Wipro, Coal India, Power Grid and ONGC also shed gains by over 1 per cent. 

Among stocks, Yes Bank topped the chart of losers. It closed 10.9 per cent lower at Rs 73.20 per share. Bajaj Finance was down by 6 per cent, Mahindra & Mahindra by 5.8 per cent, Bajaj Finserv by 5.5 per cent and Eicher Motors by 5.3 per cent.

Reliance Jio has also entered into a long-term alliance with Microsoft to accelerate digital transformation with the launch of new cloud data centres. Jio will set up a network of large world-class data centres across India powered by Microsoft's Azure cloud platform.

Indiabulls Housing Finance gained by over 11 per cent to trade at Rs 561.70 per share. Bharat Petroleum Corporation was up by 2.3 per cent, Sun Pharma and Tata Motors by 2 per cent each.

Ambani also took the occasion to inform that the RIL has assumed the responsibility of the families of CRPF personnel killed in Pulwama terror attack in February this year.

Another big announcement at the 42nd annual general meeting (AGM) was Reliance's partnership with Microsoft under which Jio will set up data centres across India and Microsoft will bring the cloud platform.

As India is getting transformed into New India, Reliance will also transform itself into New Reliance, Ambani said.