Sensex, Nifty Recover from Day's Low to End Flat; Adani Ports and Bajaj Auto Among Top Gainers
Closing

Indian share markets recouped early losses during closing hours and ended today's volatile session on a flat note.

Benchmark indices witnessed volatile trading activity and fluctuated between gains and losses amid indications that the US Federal Reserve may speed up the pace of policy reversal.

At the closing bell, the BSE Sensex stood higher by 21 points (up 0.1%).

Meanwhile, the NSE Nifty closed lower by 8 points (down 0.1%).

Adani Ports and Bajaj Auto were among the top gainers today.

ONGC and Coal India, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,731, up by 39 points, at the time of writing.

The BSE MidCap index and the BSE SmallCap index ended down by 0.7% and 0.9%, respectively.

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Sectoral indices ended on a mixed note with stocks in the telecom sector, consumer durables sector and FMCG sector witnessing most of the buying interest.

Power and metal stocks, on the other hand, witnessed selling pressure.

Shares of Marico and Somany Ceramics hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today after following a rally in US tech shares.

The Hang Seng ended up by 0.9%, while the Shanghai Composite ended the day on a flat note.

The Nikkei ended down by 0.2% in today's session.

US stock futures are trading on a flat note today with the Dow Futures trading up by 4 points.

The rupee is trading at 73.86 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 47,130 per 10 grams.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani explains why the words of the US Fed matter to global markets, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Natco Pharma's Profit Dips 43% in March 2021 Quarter

In news from the pharma sector, Natco Pharma was among the top buzzing stocks today.

Drug firm Natco Pharma on June 17 said its consolidated net profit declined by 43% to Rs 530 m for the fourth quarter ended 31 March 2021.

The Hyderabad-based company had posted a net profit of Rs 930 m for the January-March quarter of 2019-20 fiscal.

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Total income during the fourth quarter stood at Rs 3.6 bn, down from Rs 4.8 bn in the fourth quarter of the financial year 2019-20.

For the entire 2020-21 fiscal, the company posted a consolidated net profit of Rs 4.4 bn as compared with Rs 4.6 bn in 2019-20.

Total income increased to Rs 21.6 bn in the last fiscal from Rs 20.2 bn in the financial year 2019-20.

'In spite of the significant negative impact of the pandemic on the base business, the company was able to sustain its revenue during the year', the drug firm noted.

The company expects strong growth during the current financial year due to multiple high-value product launches in the US, rebound in domestic India business with new products, and contribution from the Crop Health division, it added.

Natco Pharma share price ended the day up by 1.7% on the BSE.

Moving on to news from the energy sector...

HPCL Becomes First Oil Firm to Start Ethanol-Blended Petrol Supply in J&K and Ladakh

Hindustan Petroleum Corporation (HPCL) has become the first oil firm to start supplies of ethanol-blended petrol in the Jammu & Kashmir and Ladakh region.

The fuel to the Ladakh region is supplied from its Leh depot, situated at an altitude of 11,500 feet, HPCL said in a statement.

"Conquering the fuel requirement at such high altitude / low temperature and duly backed by robust quality checks, HPCL has become the first oil marketing company in the country to launch ethanol-blended petrol in Ladakh region," it said.

The government has mandated oil companies to mix ethanol in petrol to help cut emissions and reduce the oil import bills.

A target of mixing 20% ethanol in petrol has been set for 2025.

HPCL's Leh depot, which was commissioned in 2018 with total tankage of 4,450 kilolitres, is a crucial oil depot in the northernmost part of the country as it caters to the local demand and requirements of the Indian Armed Forces deployed along the borders.

The depot has enough capacity to cater to the entire region during the harsh winter months when supply to the region is not possible due to road blockages.

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HPCL was also the first oil marketing company of the country to start selling ethanol-blended petrol from its retail outlets situated in the Jammu and Kashmir region.

Stating that ethanol has become one of the major priorities of 21st century India, HPCL said the focus on ethanol is helping the cause of a better environment and is also bringing in a positive impact on the lives of farmers.

HPCL share price ended the day down by 4% on the BSE.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.


The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.


Sensex Trades Over 200 Points Lower, Dow Futures Up by 16 Points
12:30 pm

Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 267 points, down 0.5% at 52,056 levels.

Meanwhile, the NSE Nifty is trading down by 90 points.

Adani Ports and HUL are among the top gainers today. UPL and JSW Steel are among the top losers today.

The BSE Mid Cap index is trading down by 1.2%.

The BSE Small Cap index is trading down by 1.5%.

On the sectoral front, all sectors are trading in red with stocks from the metal sector, witnessing most of the selling pressure

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 35 points (up 0.3%) while Dow Futures are trading up by 16 points (up 0.1%).

The rupee is trading at 74.13 against the US$.

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Gold prices are trading up by 0.2% at Rs 47,051 per 10 grams.

In global markets, spot gold rates were up 0.6% at US$ 1,784.16 per ounce, after having fallen nearly 5% this week.

Tracking global prices, gold prices also edged higher in Indian markets today. Gold futures on MCX were up 0.3% at Rs 47,112 per 10 grams in early trade, following a Rs 1,500 plunge in the previous session.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Power Grid Corporation.

State-owned Power Grid Corporation of India (PGCIL) posted over 6% rise in its consolidated net profit at Rs 35.3 bn for the March 2021 quarter, mainly on the back of higher revenues. The company's consolidated net profit stood at Rs 33.1 bn in the March 2020 quarter.

Its total income during the quarter also increased to Rs 108.2 bn, from Rs 105.1 bn in the year-ago period.

The board of directors of the company recommended a final dividend of Rs 3 per share for the financial year 2020-21, subject to the approval of shareholders at its ensuing annual general meeting (AGM). The final dividend would be paid within 30 days from the date of its declaration at the AGM.

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This final dividend is in addition to the first interim dividend of Rs 5 per share paid on 8 January this year, and second interim dividend of Rs 4 per share paid on 30 March.

Thus, the total dividend, including interim dividend, for the financial year 2020-21 stands at Rs 12 per share (face value at Rs 10 each). The company's board also recommended the issue of bonus shares in the ratio of 1:3 - one equity bonus share for every three existing equity shares of Rs 10 each held by the shareholders.

The date on which such bonus shares shall be credited or dispatched will be informed to the stock exchanges in due course.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Power Grid Corporation shares were trading down by 0.9% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani explains why the words of the US Fed matter to global markets, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the mining sector...

Coal India Issues Letter of Award (LoA) For Coal Bed Methane Project In Jharkhand

Coal India (CIL) has issued a Letter of Acceptance to a coal bed methane (CBM) developer to extract CBM within its leasehold area.

CBM is the unconventional form of natural gas found in coal seams.

The bid for Jharia CBM Block-I of Bharat Coking Coal (BCCL), the Jharkhand-based subsidiary of CIL, was won by the CBM developer through a global bidding process.

BCCL will invest around 20% in the project, which is estimated to entail an estimated capital of Rs 18.8 bn as per the project feasibility report. The remaining would be put up by the CBM developer.

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Central Mine Planning and Design Institute, the consulting arm of CIL, will be the principal implementing agency for CIL's CBM development.

In a press statement issued by the company, a senior executive said -

    This is a big step for Coal India. It is the first time that the company has taken up CBM extraction on its own in its leasehold area.

    CBM extraction is a part of our diversification portfolio under clean coal initiatives.

    Useful exploitation of CBM would not only lead to its efficient use as energy fuel but would also prevent its release into atmosphere during coal mining.

Jharia CBM Block-I, spread over 27 square kilometres, has a CBM resource of over 26 BCM. Average production capacity is pegged at 1.3 m metric standard cubic metres per day once the commercial operation kick starts.

With the life span of this methane extraction project spread over 25 years, the development and production are expected to start from 2026.

CIL has also floated global bids looking for developers for two more projects having a combined resource potential of 2.7 BCM (Billion Cubic Metres).

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of the current stock market scenario, note that the BSE Smallcap index touched life-time high recently.

Despite the index being up more than 157% since the March 2020 lows, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As per Richa, the smallcap to Sensex ratio is a good metric to gauge while coming to some conclusions about relative valuations.

So, what is this indicator suggesting now?

As you can see from the chart below, the ratio currently stands at 0.46 times, as compared to long term average of 0.43 times.

Here's what she wrote about it in a recent edition of Profit Hunter:

    In the last one year, the smallcaps have done well to cover the gaps with the large peers.

    But it could be premature to call this a peak.

    In the previous two rounds, the average ratio has been 0.57, suggesting more upside from these levels.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.


Sensex Corrects Over 600 Points; Tata Steel & JSW Steel Fall 4%
11:30 am

Share markets in India have erased early gains and are presently trading deep in the red.

Benchmark indices extended losses amid across-the-board sell-off, across metal sector, banking sector and energy sector.

The BSE Sensex fell over 600 points, or 1.2% to 51,770 levels. Meanwhile, the NSE Nifty fell to 15,450-mark.

Presently, the BSE Sensex is trading down by 452 points, down 0.9%. Meanwhile, the NSE Nifty is trading down by 151 points.

Stocks from the banking sector, metal sector and energy sector are the biggest laggards.

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Shares of UPL and JSW Steel fell over 4%, while Coal India and Tata Motors fell over 3%.

Broader markets also cooled down after the recent runup. Both, the BSE Midcap index and the BSE Smallcap index fell over 2.5%.

Market participants are tracking shares of Ashoka Buildcon, GMR Infrastructure and Hinduja Global as these companies are set to release their quarterly earnings today.

The rupee fell to its lowest level in nearly 2 months against the US dollar.

Gold and silver prices edged higher today after a steep fall in the previous session

In one of his videos for Fast Profits Daily, India's #1 trader, Vijay Bhambwani talks about why gold and silver prices have become volatile lately.

He also shared how the price volatility affects his long-term view on both metals.

You can watch the video here: Why is Bullion so Volatile Now?

More details to follow in the upcoming commentary.


Sensex Opens in Green; IT & FMCG Stocks Lead
09:30 am

Asian stock markets are trading on a mixed note today, following a rally in US tech shares.

In China, shares fluctuated after US regulators proposed a ban on products from Huawei Technologies Co. and four other Chinese electronics companies.

The Hang Seng and the Nikkei are up 0.5% and 0.3%, respectively. The Shanghai Composite is trading down by 0.3%.

In US stock markets, Wall Street was broadly under pressure on hawkish signals from the US Federal Reserve.

The US dollar hit a two-month high and long-dated Treasury yields whipsawed, tumbling after initially spiking on Wednesday's surprise move from the Federal Reserve to raise interest rates at a much faster pace than expected.

The Dow Jones Industrial Average fell 210 points or 0.6%. The Nasdaq Composite neared its lifetime peak hit on 29 April, closing up 0.9% or 122 points higher.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

The BSE Sensex is trading up by 167 points. Meanwhile, the NSE Nifty is trading higher by 37 points.

Bajaj Finserv is among the top gainers today. ONGC, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 0.3%. The BSE Small Cap index is trading higher by 0.2%.

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Sectoral indices are trading mixed with stocks in the IT sector and FMCG sector witnessing buying interest.

Metal stocks and power stocks, on the other hand, are trading in red.

Shares of Coforge and Mindtree hit their 52-week highs today.

The rupee is trading at 74.12 against the US$.

Gold prices are trading up by 0.3% at Rs 47,079 per 10 grams.

Meanwhile, silver prices are trading up by 1.2% at Rs 68,317 per kg.

Speaking of bullion, India's #1 trader, Vijay Bhambwani talks about why gold and silver prices have become volatile lately, in his latest video for Fast Profits Daily.

He also shares how the price volatility affects his long-term view on both metals.

Tune in to the video below to find out more:

In latest developments from the IPO space, the initial public offer (IPO) by Dodla Dairy was subscribed 3.30 times on the second day of subscription on Thursday.

Dodla Dairy is looking to raise Rs 5.2 bn, comprising of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders.

The public offer opened for three days on Wednesday, 16 June and will close today.

The IPO received bids for 2,80,50,960 shares against 85,07,569 shares on offer, data from the National Stock Exchange (NSE) showed.

The category meant for qualified institutional buyers (QIBs) was subscribed 28%, non-institutional investors 60% and retail individual investors (RIIs) 6.18 times.

Dodla Dairy, a leading dairy company in southern India, on Tuesday said it has raised a little over Rs 1.6 bn from anchor investors.

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Proceeds from the issue will be used for payment of certain borrowings, funding capital expenditure requirements of the company and for general corporate purposes.

The company's operations in India are primarily across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu and its international operations are based in Uganda and Kenya.

Meanwhile, the IPO of hospital chain Krishna Institute of Medical Sciences (KIMS) was subscribed 56% on Thursday, the second day of the issue.

The institutional portion was subscribed 32%, the retail portion by two times and the portion reserved for employees was subscribed 66%.

KIMS has priced its Rs 21.4 bn IPO between Rs 815 and Rs 825 per equity share.

The IPO consists of a fresh issue of Rs 2 bn and an OFS of 23 million shares.

KIMS is one of the largest corporate healthcare groups in AP and Telangana in terms of the number of patients treated and treatments offered. The company operates nine multi-speciality hospitals with an aggregate bed capacity of 3,064.

Today is the last day for subscription for both the IPOs.

Usually, IPOs see huge subscription on the last day. How the IPO subscription pans out today remains to be seen.

Moving on to news from the banking sector, HDFC Bank is among the top buzzing stocks today.

HDFC Bank is expecting IT spending to rise over the next two to three years as it revamps technology platforms and spruces up its digital offerings after facing regulatory ire over multiple glitches.

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The management is clear that we will spend whatever it takes. We are moving to global benchmarks on IT spends, Ramesh Lakshminarayanan, chief information officer and group head-information technology at HDFC Bank, said in a briefing on Thursday.

The lender is not looking at it as a cost but as investments for growth, he said, adding that as customer experience and business improve, the spends will normalize.

In December, the Reserve Bank of India (RBI) had stopped HDFC Bank from issuing fresh credit cards and announcing new digital initiatives following multiple technical glitches over the last few years. The regulator also called for a third-party audit of the bank's IT infrastructure.

India's largest private bank is focusing on improving the internal IT platform and providing better digital offerings to customers.

HDFC Bank share price has opened the day down by 0.2%.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.


SGX Nifty Up 63 Points; Indicates Firm Opening for Indian Stock Markets
SGX Nifty

The SGX Nifty opened on a positive note today.

At 8:05 am, it was trading up by 63 points, or 0.4% higher at 15,756 levels.

Trends on SGX Nifty indicate a firm opening for Indian stock markets.

Asian stock markets are trading on a mixed note today after a rally in US technology shares and Treasuries, as investors unwound some of this year's dominant reflation trades.

In China, shares fluctuated after US regulators proposed a ban on products from Huawei Technologies Co. and four other Chinese electronics companies.

The Hang Seng and the Nikkei is up 0.5% and 0.3%, respectively. The Shanghai Composite is trading down by 0.3%.

In US stock markets, Wall Street was broadly under pressure on hawkish signals from the US Federal Reserve, even as US technology stocks notched gains.

The US dollar hit a two-month high and long-dated Treasury yields whipsawed, tumbling after initially spiking on Wednesday's surprise move from the Federal Reserve to raise interest rates at a much faster pace than expected.

The Dow Jones Industrial Average fell 210 points or 0.6%.

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The tech-heavy Nasdaq Composite neared its lifetime peak hit on 29 April, before closing up 0.9% or 122 points higher as investors bet the economic recovery would boost demand.

US stock futures are trading on a flat note today with Dow Futures up by 31 points.

Gold prices edged higher today, but were on track for their worst week since March 2020 after the US Federal Reserve's hawkish message on monetary policy bolstered the dollar and bond yields, while denting bullion's appeal as an inflation hedge.

Crude oil prices fell nearly 2% from their highest level in years on Thursday as the dollar strengthened after the US central bank signalled it might raise interest rates as soon as 2023.

Back home, Federal Bank and Nazara Technologies will be among the top buzzing stocks today.

In his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about why gold and silver prices have become volatile lately.

He also shares how the price volatility affects his long-term view on both metals.

You can watch the video here: Why is Bullion so Volatile Now?

To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.


Federal Bank to Raise Funds, Nazara Technologies' Post-IPO Acquisition, and Buzzing Stocks Today
Pre-Open

Indian share markets ended on a negative note yesterday.

Benchmark indices edged lower, tracking losses across global peers, a day after the US Federal Reserve left rates unchanged but sped up their expected pace of policy tightening.

The US central bank projected at least two interest rate hikes in 2023, a year earlier than forecasted in the March meeting.

At the closing bell yesterday, the BSE Sensex stood lower by 179 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 76 points (down 0.5%).

UltraTech Cement and Asian Paints were among the top gainers.

Tata Steel and Adani Ports, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended down by 1.3% and 0.6%, respectively.

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Sectoral indices ended on a negative note with stocks in the metal sector and power sector witnessing most of the selling pressure.

IT stocks, on the other hand, witnessed buying interest.

At 8:05 am today, the SGX Nifty was trading up by 63 points, or 0.4% higher at 15,756 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 1.9% at Rs 47,570 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about why gold and silver prices have become volatile lately, in his latest video for Fast Profits Daily.

He also shares how the price volatility affects his long-term view on both metals.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Federal Bank.

Private sector Federal Bank said that its board has approved issuing equity shares to World Bank arm International Finance Corporation (IFC) and associates for over Rs 9.2 bn.

At its board meeting on 16 June 2021, the board cleared a proposal to issue 104.8 m shares (with face value of Rs 2 each) to IFC and affiliates at a price of Rs 87.4 per equity share.

IFC and its affiliates - IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund, will hold about 5% stake in the bank.

The transaction is subject to regulatory approvals. The Kochi-based bank also aims to raise up to Rs 40 bn in equity capital through routes such as rights issue, and Rs 80 bn through Tier I, Tier II, and long term bonds such as infrastructure and ESG bonds.

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It will place a proposal at the Annual General Meeting (AGM) scheduled on 2 July 2021.

IT stocks will also be in focus today.

With automation taking place at a much faster pace across industries especially in the tech space, domestic software firms that employee over 16 m are set to slash headcounts by a massive 3 m by 2022, which will help them save a whopping US$ 100 bn mostly in salaries annually, says a report.

The domestic IT sector employs around 16 m, of them around 9 m are employed in low-skilled services and business process outsourcing (BPO) roles, according to Nasscom.

Of these 9 m low-skilled services and BPO roles, 30% or around 3 m will be lost by 2022, principally driven by the impact of robot process automation or RPA.

Roughly 0.7 m roles are expected to be replaced by RPA alone and the rest due to other technological upgrades and upskilling by the domestic IT players, while the RPA will have the worst impact in the US with a loss of almost 1 m jobs.

TCS, Infosys, Wipro, HCL, Tech Mahindra and Cognizant and others appear to be planning for a 3 m reduction in low-skilled roles by 2022 because of RPA up-skilling.

RPA is application of software, not physical robots, to perform routine, high-volume tasks, allowing employees to focus on more differentiated work.

It differs from ordinary software applications as it mimics how the employee has worked instead of building a workflow into technology from ground up and thus minimising time to market and greatly reducing cost over the more traditional software-led approaches.

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Nazara Technologies Makes First Acquisition Post-IPO

Gaming and sports media platform, Nazara Technologies has made its first acquisition after it listed on exchanges in March this year.

The company has signed a binding term sheet to acquire West Asia and Turkey-based mobile gaming publishing agency, Publishme in a primary and secondary purchase worth US$ 2.7 m.

As part of the deal, Nazara will acquire 69.8% of the company, as it looks to strengthen its presence in the Middle East and North Africa (MENA) region.

In an exchange with media, Nazara Chief Executive Officer Manish Agarwal said -

  • With this acquisition, we will further expand our international footprint in the freemium segment. Nazara will aim to build local execution capabilities cutting across key growth segments - freemium, gamified learning and esports.

He added that the acquisition will help the company in establishing itself as a key player in the region.

Agarwal said the move will also help in taking investee companies of Nazara - The 'Friends of Nazara' network - to the MENA region.

The 'Friends of Nazara' network comprises established gaming companies in which Nazara holds majority stakes and works actively with existing founders and management teams to rapidly achieve scale.

Wipro Partners with Exaware to Streamline 5G Technology Upgrades

Wipro announced a partnership with Exaware, a leading provider of open network routing solutions.

The partnership will jointly develop advanced engineering solutions that foster innovation in the networking industry, streamline 5G technology upgrades, and open the door to future 6G compatibility.

Wipro and Exaware are developing engineering products and solutions that will decouple hardware from software, enabling communication service providers (CSPs) to select different hardware and software vendors.

This, in turn, will promote innovation by network equipment providers, advance disaggregated cell site gateways (DCSG), enable an end-to-end disaggregated open RAN infrastructure, and ultimately drive down network costs.

Leveraging the combined engineering expertise of Wipro and Exaware, operators will be able to build flexible, self-optimizing networks, and introduce services that equip them for future growth while reducing their total cost of ownership, said Thomas Muller, CTO - engineering and R&D Services, Wipro.

How this partnership pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.