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Sensex tanks 572 points over oil output cut fears, weak rupee

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Mumbai, Dec 6: Fears over possible crude oil production cut by the OPEC group as well as broadly negative Asians stock markets pulled the barometer S&P BSE Sensex index lower by over 570 points on Thursday.

In addition, outflows of foreign funds, weak rupee and uncertainty over the outcome of Assembly elections subdued investor sentiments.

All the sectors ended lower, led by energy sector, which shed 2.52 per cent, the most BSE, followed by realty and auto stocks.

The Sensex settled lower 1.59 per cent, or 572.28 points, at 35,312.13, from its previous close of 35,884.41. It touched an intra-day high of 35,707.23 and a low of 35,266.76.

The Nifty50 lost 181.75 points or 1.69 per cent to close the session at 10,601.15.

The market breadth was negative as a number of declining stocks was thrice the advancing ones. A total of 656 stocks advanced while 1,814 declined.

The crude oil prices remained volatile amid expectations of supply cuts by OPEC, the group of 15 of the world’s top oil producers which is to meet on December 7.

However, Brent crude oil price slipped to $60.46 per barrel after the US President Donald Trump said: “Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!”

The rupee continued to depreciate and traded at Rs 70.88 to a US dollar from its close of Rs 70.46. It had slipped below the 71-mark during the afternoon session of the trade.

Selling by foreign institutional investors (FII’s) and domestic institutional investors (DII)on Wendnesday also weighed on investor sentiments as provisional figures from BSE showed that FII sold stocks worth Rs 357.82 crore and DII off-loaded Rs 791.59 crore of shares.

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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