Indian shares edged higher on Tuesday, posting their first gain in five sessions after well-received corporate results, including from Tata Power, offset worries the U.S. Federal Reserve would increase rates as early as June.

 

The broader NSE index rose 0.23 percent to close at 7,748.85, after falling as much as 0.2 percent earlier in the session. The index has lost 2 percent over the previous four sessions.

 

The benchmark BSE index ended up 0.3 percent at 25,305.47.

 

Tata Power rose 1.5 percent after its fourth-quarter consolidated net profit doubled to 3.6 billion rupees ($53.24 million), beating analysts' estimates.

 

In scrip specific development, Novartis India gained over 15 per cent after the company stated that its board will meet on 26 May to consider share buyback. 

 

Monsanto India gained over 3 per cent after the government withdrew a notification capping royalty fee for new genetically-modified (GM) seed technology amid opposition from the crop biotech industry.

 

On the other hand, VRL Logistics locked at lower circuit limit following its promoters’ decision to start a regional airline in their personal capacity. The company’s promoters – Vijay Sankeshwar and Anand Sankeshwar – are planning to incorporate a separate company to start a regional airline for which they would sell a minority stake in VRL Logistics. Shares of the company settled 20 per cent down at Rs 315.10.