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Sensex ends 180 points up led by gains in financials

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Mymbai, Jan 4: Indian stocks ended higher on Friday despite negative global cues as financials stocks led the gains on major equity indices.

In addition, the sentiments were lifted as the Indian currency strengthened by over 30 paise on Friday to trade at 69.85 per dollar, against the previous close of 70.19 per dollar.

The gains by the domestic currency impacted export-oriented sectors as IT stocks declined by 1.15 per cent and the Teck sectors lost 0.58 per cent.

Index pivotals finance and banking stocks held firm.

“Asian stocks including India have sold off a bit in the last month and hence the incremental effect of fresh negative news is limited. Despite global peers falling, Indian markets have risen today as we are awaiting fresh local cues and FII fund flow behavior,” Deepak Jasani of HDFC Securities said.

The S&P BSE Sensex settled 181.39 points or 0.51 per cent higher at 35,695.10 after touching an intra-day high of 35,744.20 and a low of 35,382.08.

The NSE Nifty50 closed at 55.10 points or 0.52 per cent down at 10,727.35.

Earlier, Chinese factory data, along with India’s, suggested a global growth slowdown, which was further magnified after a weak US factory data outcome on Thursday.

The latest addition to the worries was tech major Apple’s announcement of cutting its financial forecast, partly blaming US trade tensions with China along with a slowdown in the Chinese economy.

Apple is one of the world’s largest companies by market value and it was the first time years that it sharply cut its growth forecast.

Stock-wise, Bharti Airtel and Yes Bank gained over 3 per cent, the most on the Sensex. Other top gainers were Vedanta, Tata Motors, Tata Motors (DVR) and inched up in the range fo 2 to 3 per cent.

In contrast, HCL lost the most, 1.55 per cent, followed by TCS declining 1.19 per cent while Infosys lost over 1 per cent. IndusInd Bank and Hero MotoCorp shed up to 1 per cent.

IANS

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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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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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