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Sensex ends flat over caution ahead of interim budget, F&O expiry

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Mumbai, Jan 30: Mixed corporate earning results and caution ahead of the upcoming interim budget as well as the F&O expiry kept the indices from advancing on Wednesday as the Sensex and Nifty ended on a flat note.

Banking, capital goods and metal stocks gained over 1 per cent while the energy and telecom stocks ended in the red.

The BSE Sensex close 1.25 points lower at 35,591.25, after it shuttled over 350 points, while the broader Nifty finished at 10,651.80, down 0.40 points.

“Risk for further downside in FY19 earnings due to mixed third quarter results and upcoming interim budget refrained investors” from taking fresh positions, said Vinod Nair, Head of Research, Geojit Financial Services.

DHFL stock price continued to fall a day after a news website alleged that its promoters have siphoned off Rs 31,000 cr from the company.

“This was despite the company denying the allegations and stating that it has appointed an external agency to examine the complaint and ensure transparency,” said Deepak Jasani of HDFC Securities.

Its stocks ended Wednesday’s trading session declining close to 5 per cent.

The top gainers on BSE were ICICI Bank and Tata Steel — gaining over 5 per cent — while Axis Bank, Bajaj Finance and HCL Tech gained in the range of 2 to 4.5 per cent.

Among the top laggards were Bajaj Auto, Kotak Mahindra Bank, HDFC, Yes Bank and ITC, which declined in a range of 1 to 3 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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