Indian equity markets started the day on a positive note as exit polls predict the main Opposition BJP winning four out of the five State Assemblies that went to polls, with the Congress retaining Mizoram. The markets continued their upward trend in the afternoon session and finally closed the day on firm note. Banking and Capital Goods stocks were the leading pack of gainers. While the BSE Sensex closed higher by 249 points, the NSE-Nifty closed higher by 80 points.BSE Mid Cap closed on a positive note while the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the red. European indices have opened in the green. The rupee was trading at Rs 61.8 to the dollar at the time of writing.
According to a leading financial news daily, Wipro is ramping down its hardware manufacturing business. It has already cut down production at its PC manufacturing and assembly factories in Uttarakhand and Puducherry. The company has also shifted some of the employees in the manufacturing division to other roles. But this move is expected to impact several hundred employees and the ones who are on contractual basis. Way back in 1982, Wipro had entered into hardware business. But later the company expanded into IT services. Wipro's hardware division which makes laptops, desktops and servers has witnessed fall in profitability over the past several quarters. The factory production slowed down and the company was compelled to scale down this facility. Moreover, Wipro failed to gain any competitive differentiation in manufacturing their own PCs. Also importing hardware has become cheaper than manufacturing it locally. Hence, responding to the changing market scenario and customer needs, the company decided to exit its manufacturing business.
NTPC has pre-closed its Rs 17.5 bn bond issue which received a thumping response from investors by getting over-subscribed 3.3 times. The company has already collected about Rs 33.1 bn, Rs 23.1 bn above the base size. This is the state-run company's first bond issue after a gap of over 20 years. Under the offer, the company issued tax-free secured redeemable non-convertible bonds. The funds raised through the issue would be utilised towards funding of capital expenditure and refinancing for meeting the debt requirement in ongoing projects.