Sensex logs heaviest fall in 7 months as Budget fails to deliver | WeForNews | Latest News, Blogs Sensex logs heaviest fall in 7 months as Budget fails to deliver – WeForNews | Latest News, Blogs
Connect with us

Business

Sensex logs heaviest fall in 7 months as Budget fails to deliver

Published

on

Sensex equity Nifty

Mumbai, July 8 (IANS) Disappointment over the Budget proposals and muted global markets led the Sensex to log the heaviest fall in seven months on Monday. Both the key equity indices — Sensex and Nifty — fell over 2 per cent.

Global markets traded lower after US reported strong job data, which faded hopes of an aggressive rate cut by the Federal Reserve.

“Equity markets were expecting some kind of fiscal stimulus from the budget but there has been a big disappointment,” said Rusmik Oza, Head of Research, Kotak Securities.

Oza added that housing was the only segment to get some kind of a stimulus and that the budget had been taken positively by the bond market due to curtailment of the Fiscal Deficit.

The 30-scrip Sensex closed 792.82 points or 2.01 per cent lower at 38,720.57 and the broader Nifty50 declined by 252.55 points or 2.14 per cent to 11,558.60.

Investor sentiment also took a beating as the second-largest state bank, Punjab National Bank’s (PNB) on Saturday admitted that it had been defrauded of Rs 3,805.15 crore by Bhushan Power and Steel Ltd (BPSL).

This is the second time in 12 months that the state-run bank has been duped. Last year, jeweller Nirav Modi and his uncle Mehul Choksi had defrauded it of Rs 14,000 crore in one of the biggest bank scams in the country.

PNB declined by 11.25 per cent to Rs 76.30 apiece dragging the PSU Bank index, which closed 5.90 per cent lower.

Heavy selling was seen in PSU banks such as Bank of India, Union Bank of India and Canara Bank, which were trading over 8 to 10 per cent lower.

Canara Bank, Syndicate Bank, Indian Bank and Bank of Baroda declined in the range of 5 to 8 per cent.

Auto companies were also major contributors to the fall. Hero MotoCorp Limited and Maruti Suzuki India declined over 4 per cent, the most among the 15 constituent companies on the NSE Auto index.

Business

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.

Published

on

By

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

Continue Reading

Business

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.

Published

on

By

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.

Continue Reading

Business

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.

Published

on

By

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.

Continue Reading
Advertisement

Most Popular