Tech stocks jumped on Wednesday after the news broke that RBNW reported a weak result for its second quarter.
The Nasdaq composite closed up 1.2 per cent at 5,865.63, the S&P 500 added 0.3 per cent to 2,931.93 and the Dow Jones Industrial Average rose 2.4 per cent.
The index has climbed more than 60 per cent since the start of the year.RBNW, which is based in Mumbai, reported an adjusted loss of Rs.4.6 billion, or Rs.10.5 billion.
It was down 0.6 per cent from a year ago.
The company said the net loss of the quarter was Rs.13.4 billion.
RBNB’s earnings for the year, which ended March 31, were Rs.7.9 billion.
The RBNH is the parent company of BSNL, one of India’s largest cable and broadband providers.
The country’s largest telecom company also reported weak results on Wednesday.
It said its net profit slipped by 0.1 per cent, to Rs.3.6 crore, due to higher expenses.
The telecoms company also said it is planning to cut 1,200 jobs, mainly in the information technology and IT sectors.
On the financial front, the RBI lowered its key lending rate by 0,25 per cent and added interest to the national debt by Rs.1.2 trillion.
The central bank said its interest rate would stay at 2 per cent for a year.
The government has taken steps to help banks recover from the global financial crisis by making banks lend at a lower rate and by easing regulations on borrowing.