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India Focus – Stocks Close at Monthly High; Vivo pleads for the lifting of the freezing of bank accounts

RIYADH: Indian stocks gained for a third straight week to close at a one-month high on Friday as inflation concerns waned, while IT major Tata Consultancy Services slipped ahead of its quarterly earnings report .

The NSE Nifty 50 index ended up 0.54% at 16,220.6, while the S&P BSE Sensex gained 0.56% at 54,481.84, advancing in line with its Asian peers. The indices rose about 3 percent for the week.

China’s Vivo asks court to lift Indian bank account freeze

Chinese smartphone maker Vivo has asked an Indian court to overturn the country’s financial crime agency’s decision to freeze its bank accounts, saying the move was ‘wrong in law’ and would harm business operations .

In a filing at the Delhi High Court in the capital, Vivo India said it would not be able to pay statutory dues and wages, listing 10 affected bank accounts and saying it had to make payments monthly payments of 28.26 billion rupees ($357 million).

Friday’s brief hearing came after Vivo asked the agency, the Enforcement Branch, to allow it to use the accounts.

The court gave the agency until July 13 to rule on the request and set its next hearing for that date.

On Thursday, the agency said it blocked funds of 4.65 billion rupees in 119 bank accounts linked to the Indian operations of Vivo and its associates, as it investigated allegations of money laundering by the smartphone maker. smartphones.

News of the agency’s raids on Vivo had prompted the Chinese Embassy in India to call for a fair business environment for its companies, saying multiple investigations into the companies had damaged the trust of foreign entities.

Vivo said it was cooperating with authorities and pledged to fully comply with Indian laws.

India to investigate wiretapping of NSE employees

India’s Central Bureau of Investigation will investigate a case against former senior officials of the National Stock Exchange and others for alleged illegal tapping of the phones of stock exchange employees, the agency said on Friday.

The CBI carried out searches at 18 premises of the accused, it said in a statement.

(Contributed by Reuters)

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