BUSINESS
Sensex ends above 51,000, IT stocks up
Healthy buying was witnessed in IT stocks. However, selloff in the metal stocks capped the gains. Sensex closed at 51,017.52, higher by 379.99 points, or 0.75 per cent, from its previous close of 50,637.53. It had opened at 50,899.58 and touched an intra-day high of 51,072.61 and a low of 50,620.45 points.
ICICI Bank links UPI ID facility to its 'Pockets' digital wallet
New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to 'Pockets'. Further, customers who already have a UPI ID, will get a new ID when they log on to the 'Pockets' app.
India's ageing office spaces present huge investment opportunity: JLL
Out of the existing 642 million square feet of Grade-A office space in the top seven real estate markets in India, the top three -- Mumbai, Delhi-NCR and Bengaluru -- comprise nearly 64 per cent of the total stock, as per the reported titled 'Unlocking Value in Real Estate'. Around 28 per cent of these buildings are more than a decade old and do not have the latest facilities that newer buildings offer.
Y Combinator-backed Betterhalf.ai raises $3M to boost engagement
Y Combinator is an American seed money startup accelerator. Betterhalf.ai was a participant in the Y Combinator W21 batch and the funding saw the participation of venture capital firms including S2 Capital, Quiet Capital and angel investors like Kunal Shah and Samvit Ramadurgam.
Credit Suisse cuts metals, underweight on IT
"We book profits on metals, reversing positions added in December-20 and earlier, as P/B relative to market is near a 10-year high. It can go higher and stay elevated in a super-cycle, but we believe the current surge in apparent demand is due to an extreme inventory cycle and not a structural increase.
Covid 2.0 interrupted auto sales momentum: Ind-Ra
Accordingly, many original equipment manufacturers (OEMs) have advanced maintenance shutdowns to April and May on account of dampening consumer sentiments, closure of automotive dealerships, as well as supply-side constraints. The domestic automobile industry's sales volume (excluding CVs) declined 30 per cent month-on-month in April 2021
L&T offers financial, insurance support to Covid affected employees
The company has gone all out in offering its employees an additional insurance cover exclusive for COVID-19. This Optional Insurance Cover is a communicable disease cover for Covid-19 with an insured sum of Rs 35 lakh per employee for a policy period of 12 months.
Hydraulic cylinders not essential items during pandemic: Wipro Union
The ULF has demanded the closure of the hydraulics plant so that the Covid-19 spread could be broken. The Union has also approached the Madras High Court against the Tamil Nadu government's order that allows certain units to function during the Covid-19 lockdown.
BMW Group India pledges Rs 8 cr to strengthen fight against Covid
The group will contribute an additional Rs 5 crore on top of the company's earlier commitment of Rs 3 crore. "BMW Group India's efforts are dedicated to augmenting healthcare infrastructure and medical services in Gurugram (Delhi NCR) and Chengalpattu (Tamil Nadu)," the group said in a statement.
Profit booking subdues equities, banking stocks down
Both indices - S&P BSE Sensex and NSE Nifty50 - opened higher, but started to fall soon thereafter. After an intra-day bottom, a small recovery was seen. In Asia, stock markets followed Wall Street trends and closed on a high note as inflation fears eased and investors regained an appetite for risk.
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