Asian stock markets are tracking gains on Wall Street today after Fed Chair Jerome Powell signaled a liberal outlook for interest rate hikes.
The Hang Seng is up 0.4% while the Nikkei is up 0.8%. Shanghai Composite rose 0.2%.
In US stock markets, Wall Street indices ended sharply higher on Wednesday after Federal Reserve Chairman Jerome Powell indicated the central bank would raise interest rates lower than some investors feared.
The Dow Jones rose 1.8%, while the tech-heavy Nasdaq Composite gained 1.6%.
Back home, Indian stock markets opened on a positive note after the SGX Nifty trend.
Looking at the global cues, the benchmark indices opened with slight gains today. Rising crude oil prices have kept gains under control as they could put pressure on India’s import bill.
BSE Sensex is trading up 223 points. Meanwhile, NSE Nifty is trading with a gain of 56 points.
Tech Mahindra and Wipro are among the top gainers today.
On the other hand, Asian Paints is the biggest loser today.
BSE Mid Cap Index is up 0.5% while BSE Small Cap is trading up 1%.
Barring auto and banking, all sectoral indices are trading in the green with IT sector, power sector and oil and gas sector buying the most.
On the other hand, Power Stock and Metal Stock are trading in the red.
Shares of Adani Transmission and Vedanta hit a 52-week high today.
Rupee is trading at 75.73 against US Dollar.
Gold prices are trading up by 0.5% 51,573 per 10 grams.
Meanwhile, silver prices are trading higher by 0.4%. 67,229 per kg.
Crude oil prices extended their rally on Thursday, with Brent rising above US$116 a barrel as trade disruptions and shipping issues from Russian sanctions over the Ukraine crisis sparked supply concerns, while US crude stocks remained volatile. – Fell at year’s low. According to the survey findings, in the news of the fintech space, startups in the fintech space are expected to lead the way in increasing venture debt this year, as seen last year.
More than 45% of respondents said that fintech startups will be the most actively raising venture debt this year. Around 100 startup founders and venture capital firms participated in the survey taken as part of Stride Ventures’ ‘India Venture Debt Report 2022’.
Fintech is followed by consumer (14.3%), agri-tech (11.9%), software-as-a-service (SaaS) (9.5%), and electric vehicle (EVS) (7.1%) startups.
In 2021 too, fintech startups received the highest number of venture loan deals and the maximum amount. Last year, a total of 111 venture loan deals took place and US$538m was disbursed.
Tata Consumer is one of the most discussed stocks in the news of FMCG sector today.
Tata Consumer is looking to increase its workforce by 8-10% this year as it looks forward to hiring over the next several months.
The company, which has 3,300-odd employees on its rolls, will nurture talent in marketing, digital and technology, sourcing and business, among other functions, including commercial sectors.
The company’s CHRO Amit Chincholikar said that the company’s strategy is driven by understanding and influencing consumer preferences not only in terms of nutrition, sustainable sourcing and brand perception but also in terms of buying and consumption patterns including channels and digital platforms.
Tata Consumer is a focused consumer products company that brings together the core food and beverage interests of the Tata Group under one umbrella. Its annual turnover is around 116 billion with operations in India and international markets.
Tata Consumer share price is currently trading up 0.3%.
Talking about Tata Consumer, note that the company has become the most globalized company in the Tata group, with 70% of its revenue coming from international operations.
More people around the world drink Tata tea than use Tata vehicles, Tata Steel, or even TCS software!
Here’s a look at how the company has fared in the stock market over the years.
see full image
Moving to news from the IT sector, Tata Consultancy Services (TCS) is looking to split its operational structure into four groups: acquisitions, relationship incubation, enterprise development and business transformation, from the existing three.
Elaborating on the company’s new structural developments, TCS CEO and MD Rajesh Gopinathan said it will be a more balanced portfolio when the company achieves the US$50 billion revenue target.
He claimed that TCS’s focus has always been on growing the customer franchise and that the new structure will help in logical progression of the customer journey.
When asked about the purpose of the restructuring plan, he explained,
Again with our focus on the customer. The nature of customer relationships varies greatly if different scenarios are taken into account.
More importantly, when we look at a customer’s lifelong relationship with us, the customer goes through a journey. Initial projects have to be developed in time to develop trust and relationships.
It remains to be seen what impact the above move will have on the company.
This article is syndicated from Equitymaster.com
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