Sluggish End to the Day

Wed, 21 Sep Closing

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The <>Indian markets concluded the day on a flat note, with metal and consumer durables being the key gainers, while FMCG & PSU stocks led the losses. At the closing bell, the BSE Sensex closed marginally lower by 15 points, whereas the NSE Nifty finished flat. The <>S&P BSE Midcap finished the day down by 0.1% and the S&P BSE Small Cap finished up by 0.2%.

Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 was up 1.91%, while Hong Kong's Hang Seng was up 0.59% and China's Shanghai Composite was up 0.1%. European markets are broadly trading higher today with shares in France leading the region. The CAC 40 is up 1.03%, while Germany's DAX is up 0.96% and London's FTSE 100 is up 0.36%.

The rupee was trading at Rs 67.01 against the US$ in the afternoon session. Oil prices were trading at US$ 45.02 at the time of writing.

Fertilizers stocks traded mixed with Godavari Fertilizers and Gujarat State Fertilizers witnessing maximum buying interest. As per an article in a leading financial daily, Tata Chemicals' UK-based subsidiary has opened a new 5.5 m pound turbine at its plant in Northwich, allowing the facility to provide energy for 200,000 households.

Reportedly, the turbine will generate 12MW of electricity on an ongoing basis, equivalent to more than 100,000MW in a typical year. Moreover, the turbine takes high pressure steam from heat recovery boilers and reduces its pressure and temperature for use in Tata's chemical plants. In doing so produces electricity. The company said generating this electricity means this volume of electricity doesn't have to be generated elsewhere on the grid. Thus saving 71,000 tonnes of CO2 in the UK.

Further, the steam used to generate electricity is a by-product of industrial procedures at the Tata Chemical plant. This will effectively recapture spent energy (Subscription Required) and reducing overall energy demands.

One shall note that, the project has been backed by a 45% grant from the government and goes a long way in helping the government meet decarbonisation requirements of a 75% reduction by 2030. Additionally, the project will improve Tata Chemicals' combined heat and power quality assurance.

In view of Tata Chemicals' financials, Radhika Pandit, Managing Editor of ValuePro has spoken about Tata Chemicals' performance recently (Subscription Required).

Tata chemicals ended the day down by 0.5%.

Moving on to the news from the IT sector. Wipro and Witbe entered into a global partnership to offer end-to-end test automation and services monitoring deployment solution. Witbe is an expert in the field of Test Automation and Services Quality of Experience (QoE) Monitoring Robots for Broadband, Voice and TV Triple-Play monitoring.

Strategically, this partnership will enable Wipro to provide integrated automation technologies to broadcasters and operators worldwide by leveraging Witbe products. The alliance will offer integrated test automation and video services monitoring solutions for customer deployments across set top box, mobile platforms and other handheld devices.

Further, there is an increasing demand for device automation, video QoE and Video services monitoring in the media industry. These solutions will benefit the customers including semi-conductor players, original equipment manufacturers (OEMs), Original Design Manufacturers (ODMs).

India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

Meanwhile, Wipro has also joined hands with Oracle Cloud Managed Service Provider Program. Wipro has integrated with Oracle's twin cloud offerings, Infrastructure as a Service and Platform as a Service. In collaboration with Oracle, Wipro will build standard reference architectures, workload blueprints and continuous deployment solutions for accelerated cloud transformation.

Notably, the cloud computing technology enables companies to access servers and software through automated code writing. This helps them in saving costs of maintaining local networks and personal computers. Therefore, instead of employing large technology firms to run their back-end systems, companies are increasingly opting for pay as per service on the cloud.

Wipro finished the day up by 0.7%.

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