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Equities surge on positive global cues, Nifty 50 at record high

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Mumbai, Sep 18: Positive global cues, along with healthy buying in automobile, capital goods and banking stocks, lifted the Indian equity markets, with the NSE Nifty50 touching record high levels during the mid-afternoon trade session on Monday.

The BSE market breadth was bullish — 1,586 advances and 827 declines.

Key Indian equity indices — the BSE Sensex and NSE Nifty50 — surged during the early-morning trade session on Monday on the back of positive Asian peers and healthy buying in automobile, capital goods and banking stocks.

Around 9.20 a.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) rose by 70.15 points, or 0.70 per cent, to trade at 10,155.55 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,361.37 points, traded at 32,449.33 points — up 176.72 points, or 0.55 per cent, from its Friday’s close at 32,272.61 points.

The Sensex has so far touched a high of 32,465.01 points and a low of 32,361.25 points during intra-day trade.

The BSE market breadth was bullish — with 1,087 advances and 210 declines.

Last Friday, the benchmark indices closed on a flat note as weak global cues on the back of recurring geo-political tensions, coupled with profit booking, subdued investors’ sentiments.

The Sensex closed with marginal gains at 32,272.61 points — up 30.68 points, or 0.10 per cent, while the Nifty50 inched down 1.20 points, or 0.01 per cent, to close at 10,085.40 points.

IANS

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No lay-offs by Wipro amid crorona crisis, no such plan

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

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Azim Premji Wipro

Bengaluru, July 13 : Global software major Wipro has not laid off any employee during the Covid-19 pandemic nor has any such plan at the moment, a top company official said on Monday.

“I just want to give comfort and say this categorically that we have not laid off a single employee as the pandemic unfolded,” Wipro Chairman Rishad Premji said at the company”s 74th annual general meeting (AGM) held virtually.

“At the moment, we have no plans to lay off anybody at the company,” he said, replying to a female shareholder.

“We are trying to drive cost deductions through various other means operationally and otherwise,” said Premji.

The Bengaluru-headquartered IT behemoth employs more than 1.75 lakh people in several countries across the globe.

–IANS

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Google to invest Rs 75,000 crore to boost digitisation in India

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

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Sundar Pichai

New Delhi, July 13 : Google CEO Sundar Pichai on Monday announced a Google for India digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital.

“We will do this through a mix of equity investment, partnerships and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy,” Pichai said during the Google for India virtual conference.

The investment will focus on four areas important to India’s digitisation– first enabling affordable access to information to every Indian in their own language.

“Second, building new products and services that are deeply relevant to India”s unique needs. Third, empowering businesses to continue or embark on digital transformation. And fourth, leveraging technology and Artificial Intelligence for social good in areas like health, agriculture and education,” the Google CEO said.

India’s Union IT Minister Ravi Shankar Prasad were also present during the conference.

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Business partner of Rajasthan CM’s son under ED scanner

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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Ashok Gehlot

New Delhi, July 13 : Amid political crisis in Rajasthan, the Enforcement Directorate (ED) on Monday conducted raids at Hotel Fairmont in Jaipur.

Investor Ratan Kant Sharma, close aide of Chief Minister Ashok Gehlot’s son, is under the agency’s scanner.

Sharma had allegedly received around Rs 96.7 crore from Mauritius and has stakes in Hotel Fairmont. Sharma and Vaibhav Gehlot, son of Chief Minister Ashok Gehlot, are business partners.

Sharma was summoned by the ED four days ago. The agency suspects that large scale overseas transactions have taken place.

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