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Sensex rises 373 points, Nifty settles above 10,600

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Sensex Nifty Equity

Mumbai, Nov 26: India’s benchmark stock indices advanced about 1 per cent on Monday, as investors stepped up equity purchases after a string of declines last week.

Firm Asian cues, and a persistent decline in global crude oil prices also buoyed investor sentiment, sending the Sensex over 370 points higher, while the broader Nifty topped the 10,600-mark.

Buying was witnessed in the FMCG and consumer durables stocks. The index pivotals — finance and banking — were 1.32 per cent and 1 per cent higher, respectively.

Export-oriented stocks like IT gained while the healthcare traded lower.

The Sensex settled up 373.06 points or 1.07 per cent at 35,354.08, from its previous close of 34,981.02. It touched an intra-day high of 35,397.24 and a low of 34,896.07.

The Nifty50 lost 101.85 points or 0.97 per cent to finish at 10,628.60.

The overall market breadth was negative, with 1,067 stocks advancing and 1,536 declining on account of a 0.15 per cent fall in the small-caps.

Hero MotoCorp closed with over 4 per cent gains, emerging as the top gainer on the Sensex, while Hindustan Unilever and Wipro advanced over 3 per cent each. Yes Bank settled as the top loser, closing 5 per cent lower. It was followed by ONGC.

Crude oil prices traded at $59.74 per barrel while the domestic currency stood at Rs 70.55 per dollar from its previous close of 70.67.

Global crude oil price has guided the markets for the past few weeks after it touched $86-a-barrel mark in early October. The Brent crude oil slipped below $60 in just a month following the US move to let 8 countries, including India and China, continue buying oil for six months from Iran despite its sanctions.

According to India Ratings and Research (Ind-Ra), a change of $1 per barrel in global crude price will impact the country’s import bill by Rs 61.6 billion.

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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