Brexit deal done! UK-linked Indian stocks rally up to 10%
Indian companies that earn significant revenues from the UK market hogged limelight on Thursday's trade after Britain and the European Union said they have struck an outline Brexit deal after days of intense see-saw negotiations.
Shares Tata Motors, which earns around 16.30 per cent revenue from UK, settled 9.82 per cent higher at Rs 138.15 on BSE. Likewise, eClerx closed 5.77 per cent higher at Rs 412.65. The smallcap IT firm earns nearly 5.30 per cent of its revenue from Britain.
Shares of Majesco, which earns 7.50 per cent of revenue from the UK, closed 1.59 per cent higher at Rs 421.15. Crisil settled 1.25 per cent higher at Rs 1,322. The rating agency earns 25.80 per cent of its revenue from the United Kingdom.
Mastek, which receives nearly 74 per cent of its revenue from the UK, closed 4 per cent higher at Rs 329.90.
However, shares of Tata Communications and Solara Active settled in the red. They have up to 12 per cent revenue share from the UK.
European markets traded firm in the afternoon trade. UK's FTSE was up 0.50 per cent, while Dax traded 0.70 per cent higher. The pound surged against most currencies.
US stock futures erased early losses after the report. Dow futures gained over 190 points from the day's low. Back home, BSE Sensex closed 453 points, or 1.17 per cent, higher at 39,052.
Hours before a summit of all 28 EU national leaders, European Commission President Jean-Claude Juncker tweeted: "We have one! It's a fair and balanced agreement for the EU and the UK, and it is testament to our commitment to find solutions."
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UK researchers have warned that a no-deal Brexit would damage the country's chance to take advantage of the opportunities presented by leaving the common fisheries policy (CFP), reports Sci-Tech Daily. A new study, led by
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