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Sensex up 250 points, oil, gas stocks surge

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Sensex Nifty Equity

Mumbai, March 11: Markets rallied on Monday following the announcement of Lok Sabha election schedule and a largely positive global markets. Sensex and Nifty surged over 1 per cent as buying interest was seen across all sectors.

Analysts said that the investor sentiment was upbeat after the declaration of election date and some opinion poll predicting that the Bharatiya Janata Party (BJP) will return to power after the conclusion of the upcoming general election.

The S&P BSE Sensex jumped 382.67 points or 1.04 per cent at 37,054.10 while the Nifty gained 140 points or 1.28 per cent at 11,176.30.

Except for the export-oriented IT stocks, all the sectoral stocks gained led by PSU Banks, metal and auto stocks.

PSU Banks stocks rose in anticipation of better times post the elections, said Deepak Jasani of HDFC Securities.

“Market rallied followed by the declaration of election date with opinion poll suggesting an edge to the ruling party. Since many stocks are available at cheap valuation, investors rushed to high quality mid and small caps to participate in the pre-election rally,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Having said that, market is awaiting CPI inflation data tomorrow (Tuesday) and upcoming policy announcements by central banks across the globe to get a clear direction.”

The top gainers on Sensex were Bharti Airtel, up 8.08 per cent followed by Power Grid, Coal India, Reliance Industries and Vedanta, which surged in the range of 2 to 4 per cent.

Among the laggards were TCS, HCL Tech, NTPC, IndusInd Bank and Infosys, which declined up to 0.50 per cent.

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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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