Sensex 100 pts lower at 80,250; Nifty at 24,450; Financials drag, FMCG up
Benchmark Indian equity indices BSE Sensex and Nifty 50 declined were lower at opening bell on Wednesday, amid mixed global cues. At market open, the BSE Sensex was 153.59 points, or 0.19 per cent lower, at 80,215.44, while the Nifty 50 was at 24,396.20, down 70.65 points, or 0.29 per cent. Among the 30 constituent stocks in the BSE Sensex index, 20 stocks were trading in the red, with losses capped by Sun Pharma (down 2.96 per cent), followed by Bajaj Finserv, Titan, HCLTech, and Axis Bank. Gains, meanwhile, were led by Maruti Suzuki India (up 2.28 per cent), IndusInd Bank, Larsen & Toubro, Tata Motors, and NTPC. On the Nifty 50, 33 stocks were trading in the red, while 17 were trading with gains. Losses were capped by Cipla (down 4 per cent), followed by Dr Reddy's, Sun Pharma, Shriram Finance, and SBI Life, while gains were led by BEL (up 2.52 per cent), followed by Maruti Suzuki India, Bajaj Auto, Coal India, and Wipro.
AI will change nature of work, but won't lead to job losses: Axis Bank
Axis Bank Ltd says artificial intelligence will change the nature of work but won’t lead to net job losses at the Indian lender, which has boosted digital staffing more than 10-fold in recent years. There’s “no need to shrink our workforce,” said Sameer Shetty, head of digital business and transformation at India’s third-largest private bank by market value. The technology team at the Mumbai-based firm has increased to 800 employees across engineering, product design and marketing, up from about 60 people nearly five years ago. The bank plans to expand its team by 10 per cent a year, and employs about 70 people who work exclusively on AI, Shetty said.
Meesho generates positive operating cash flow of Rs 232 cr in FY24
Meesho said on Wednesday it has become the first “horizontal” Indian e-commerce company to achieve profitability and generate positive free cash flow – of Rs 232 crore – in FY24. A horizontal e-marketplace, according to one definition, sells a wide range of products or services of several industries in a digital one-stop shop. Meesho’s revenue from operations grew 33 per cent to Rs 7,615 crore in FY24, helped by a 36 per cent year-over-year growth in orders delivered. Growth was driven by an increase in the annual transacting users as well as higher order frequency of existing customers, said the company.