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Sensex up on easing trade tension, monsoon forecast

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Sensex Nifty Equity
Mumbai, April 15: Signs of easing US-China trade tension and expectation of cooling inflation following Met department’s forecast of near-normal monsoon aided the benchmark Sensex to close 138 points higher on Monday.

The Nifty IT and metal index led the gains on the bourses. While metal stocks rose on cooling US-China trade tension and encouraging China’s trade data released over the weekend, the export-oriented IT stocks gained owing to the weakening rupee.

TCS led the gains on the Sensex as the investors reacted positively to its fourth quarter earning outcome of Friday. It finished nearly 5 per cent higher. Infosys on the contrary fell steeply after it missed Dalal Street’s earning expectation.

The S&P BSE Sensex advanced 138.73 points or 0.36 per cent to 38,905.84. The broadbased Nifty gained 46.90 points or 0.40 per cent to end at 11,690.35.

“Market traded on a positive note as expectation of US-China trade agreement and a likely turnaround in domestic earnings steered the sentiment. IT index outperformed due to weak rupee and optimism in earnings growth,” said Vinod Nair, Head of Research, Geojit Financial Services.

“WPI inflation inched to 3.18 per cent in March due to rise in food prices, while India Meteorological Department (IMD)’s forecast of near-normal monsoon may ease the concerns over inflation.”

IT heavyweights reacted on line expected lines, with Infosys falling due to guidance cut, while TCS rose after posting strong numbers. SpiceJet continued its upward move seemingly benefiting from the woes at rival Jet Airways, said Deepak Jasani of HDFC securities.

“Rail Vikas Nigam seemed to have attracted institutional buying after its debut last week. The stock rose almost 20 per cent.”

IANS

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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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