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Key Indian equity market indices open higher

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Mumbai, Aug 24: Taking cue from global markets, the key Indian equity market indices on Thursday opened higher.

The Sensitive Index (Sensex) of the BSE, which had closed at 31,568.01 points on Wednesday, opened higher at 31,673.44 points.

Minutes into trading, it was quoting at 31,624.64 points, up by 56.63 points, or 0.18 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 9,852.50 points, was quoting at 9,872.95 points, up by 20.45 points or 0.21 per cent.

Positive global cues, along with the announcement on consolidation of public sector banks, lifted the indices on Wednesday.

According to market observers, broadly positive global indices and healthy buying in banking, metal and automobile sector stocks supported equity indices’ upward trajectory.

The Sensex was up by 276.16 points or 0.88 per cent at the Wednesday’s closing. 

In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 31,593.39 points and a low of 31,379.25 points. The Nifty too, was up by 86.95 points or 0.89 per cent.

On Thursday, Asian indices were mostly showing a positive trend barring Japan’s Nikkei 225 which was trading in red, down by 0.19 per cent.

Hang Seng was up by 0.51 per cent while South Korea’s Kospi was also up by 0.42 per cent.

China’s Shanghai Composite index was quoting in green, up marginally by 0.02 per cent.

Nasdaq closed in red, down by 0.30 per cent while FTSE 100 was up marginally by 0.01 per cent at the closing on Wednesday.

IANS

Business

‘Nature-positive’ solutions can create 395 mn jobs: World Economic Forum

Smart farming utilizing sensors and satellite imagery in Indonesia improved crop yields on average by 60 per cent.

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Geneva, Jul 15 : The global COVID-19 pandemic has caused unprecedented job losses and economic uncertainty. As governments and businesses look to stimulate growth, a new study from the World Economic Forum on Wednesday found ‘nature-positive’ solutions can create 395 million jobs by 2030.

The Future of Nature and Business Report provides blueprints for businesses to tap into a $10.1 trillion business opportunity, focusing on industry actions that are nature-positive, meaning that they add value to nature.

The report is built on real world examples where business outcomes have been improved by nature-positive outcomes.

Smart farming utilizing sensors and satellite imagery in Indonesia improved crop yields on average by 60 per cent.

Suzhou Industrial Park’s green development in China has seen its GDP increase 260-fold partially through green development.

In Vietnam, people living in coastal communities saw their incomes more than double following the restoration of critical mangroves.

“We can address the looming biodiversity crisis and reset the economy in a way that creates and protects millions of jobs,” said Akanksha Khatri, Head of the Nature Action Agenda, World Economic Forum.

“Public calls are getting louder for businesses and government to do better. We can protect our food supplies, make better use of our infrastructure and tap into new energy sources by transitioning to nature-positive solutions.”

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Hyundai bets on diesel models, launches Tucson SUV

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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.

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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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