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Sensex down 80 points over polls, oil caution



Sensex Nifty Equity
Mumbai, April 23: Investors on Tuesday traded with caution anticipating a further rise in the international oil prices, and conclusion of the third and largest phase of the general elections. Sensex ended 80 points lower after a range-bound movement throughout the day’s trade.

Analysts said investors were cautious ahead of the largest phase of the elections, post which participants will get a better sense as to which party could form the next government.

Besides, experts said that the market has also mostly factored in the rising oil prices and maintaining caution amid the general elections.

The Sensex finished 80.30 points or 0.21 per cent lower at 38,564.88 after trading in a range. Nifty also closed down 18.50 points or 0.16 per cent to 11,575.95.

“Markets traded in a range-bound manner today after witnessing two days’ losses on account of a sharp surge in crude prices. Investors are likely to remain cautious with the crude prices charting uptrends,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Sideways movement is likely to continue during this election period while quarterly results will influence investors to accumulate quality stocks.”

The grounded Jet Airways finished nearly 10 per cent higher. Jet scrips rose as the government authorities assured protecting its aviation slots rights and some high-risk investors took a bet on an early revival, said Deepak Jasani of HDFC Securities.

Besides, Yes Bank fell 2.33 per cent after witnessing a lot of activity post reports that an inspection of its books revealed a large exposure to real estate companies even as one more inspection was underway, he added.

Among the top losers on the Sensex were Maruti Suzuki, Yes Bank, IndusInd Bank, Tata Steel and HeroMoto Corp, declining in 1 to 4 per cent range.

ONGC and Sun Pharma advanced over 3 per cent, and Bajaj Finance, Coal India and Reliance Industries jumped 1 to 2 per cent on the Sensex.

Additionally, Foreign Institutional Investors (FIIs) on Monday bought Rs 73.08 crore worth of stocks, bucking the stronger trend seen over the past two months.



Hyundai bets on diesel models, launches Tucson SUV




Chennai, July 14 : The second largest car maker in India Hyundai Motor India Ltd while continuing to bet on diesel powered vehicles is also looking at faster demand recovery from tier 2/3 cities, said a senior official on Tuesday.

Hyundai Motor also launched its new premium sports utility vehicle (SUV) Tucson for the Indian market.

Speaking to reporters, Tarun Garg, Director (Sales, Marketing and Service) said the timing of Tucson’s launch is right as there are over five lakh Creta buyers in the country who are looking for an upgrade to a premium SUV.

The new Tucson’s starting price is about Rs 22 lakh.

“With over 6.5 million customers worldwide, Tucson is one of the best-selling SUV’s across the world,” S.S. Kim, Managing Director and CEO told reporters.

He said the model was unveiled at the Auto Expo 2020.

Garg said the booking for diesel engine models are growing and the demand is across the country and more so from tier 2/3 cities.

He said when the fuel prices go up, buyers will look at fuel economy and diesel engines are fuel efficient.

According to Garg, Hyundai Motor has got over 45,000 bookings for its SUV Creta model and 56 per cent of that are for diesel engine variant.

Similarly, one third of the booking for Venue and Verna are for diesel models, Garg said.

“SUV lovers want much more than the fuel economy which diesel vehicles offer. It appears demand will stablilise at this level. There is also good demand for petrol models,” Garg added.

Queried about the pay cuts implemented by various companies and its impact on buyers scaling down their model preference Garg said he is not seeing any such trend.

According to him, buyers prefer to come to the showroom to take delivery of new cars even though Hyundai Motor offers to deliver the car at their door step.

Garg said it is not possible to predict the likely sales for 2020 as some states have Covid-19 lockdown restrictions.

He said the company is watching the market behaviour on a monthly basis.

Garg said during June 2020, the company has reached 75 per cent of June 2019 demand figures, In July 2020 the car maker plans to touch 90 per cent of July 2019 levels.

On the availability of components as the company is planning to start third shift in its plant Garg said the localisation levels are very high and the dependence on components from China is very low.

According to Garg the company’s supply chain is ready to meet the demand for increased components as third shift production is soon to start.

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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.




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.


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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.




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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