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Sensex ends in green amid weak global cues

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Sensex equity Nifty

Mumbai, Aug 16 (IANS) Buzz of a possible stimulus package by the Union government aided the Sensex and Nifty to finish in the green on Friday.

The Sensex closed at 37,350.33, higher by 38.80 points over its previous close of 37,311.53, while the Nifty closed 18.40 points higher at 11,047.80.

“Prospects of the government considering steps to revive the economy with stimulus measures and recovery in crude prices due to easing recession helped the market, ” said Vinod Nair, Head of Research, Geojit Financial Services.

“Until prompt and effective actions are announced by the government, the market will react to upcoming economic data which is weak, he added.

However a Kotak report has said that the government has limited scope to provide a fiscal stimulus given the fiscal constraints.

Besides, the just concluded corporate earning declarations easing failed to cheer investors.

“The just concluded earnings season was not encouraging either and brokerage houses will soon scale down their full year Nifty earnings. This will restrict upside for the Nifty in the near term,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Global markets have witnessed a sell-off after the inversion in the bond yield curve stoked fears of a recession.

The top gainers among the 30 Sensex stocks were Yes Bank, Power Grid, Maruti Suzuki, IndusInd Bank and Axis Bank, advancing in the range of 1 to 4 per cent.

The top losers were TCS, Tata Motors, Vedanta, HCL Tech and HDFC. They declined up to 2 per cent.

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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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