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Stock Market: The impact of TCS’s strong quarterly results Sensex crosses 49 thousand mark for the first time

TCS’s strong quarterly results in the market are record high. Today the Sensex opened beyond 49 thousand for the first time. The Sensex is currently trading up 400 points at 49,183.35.

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SVB Crisis Triggers Loss in Global Financial Equities Worth $465 Bn in Two Days

TCS’s strong quarterly results in the market are record high. Today the Sensex opened beyond 49 thousand for the first time. The Sensex is currently trading up 400 points at 49,183.35. The index also touched 49,260 in early trade. IT shares are at the forefront of record boom. Infosys and HCL Tech have 3-3% lead in this.

The shares of 2,516 companies are traded on the BSE. Of this, 1,625 shares are trading with gains. Shares of 347 companies are trading at a one-year high in the business. In this, shares of 276 companies were involved in the upper circuit. Due to the all-round rise, the total market cap of the companies listed in the BSE has crossed Rs 196.88 lakh crore.

Also Check: Toyota launches the smallest electric car C+Pod, special features are given to reduce accidents

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Nifty also reached a record level

Similarly, the Nifty index is trading up 106 points at 14,454.05. IT sector shares are the top gainers. This includes shares of Infosys, HCL Tech, and Wipro. The Nifty IT index is also trading up 2%. On the other hand, Tata Steel shares have fallen by more than 2% due to the rise in metal stocks.

TCS strong quarterly results

TCS produced impressive results in the December quarter due to the festive season. Consolidated revenue of the company increased 4.7% over the September quarter. This is the fastest growth in nine years. Earlier, in October-December 2011, 13.5% growth was recorded. Annual growth was 5.4% in revenue and 7.2% in profit. The company reported a business of Rs 42,015 crore in the quarter. It has a profit of Rs 8,701 crore. It had a profit of Rs 8,118 crore in the December 2019 quarter.

Heavy foreign investment

Also Check: Apple Stores Temporarily Closed in California Seeing Increased Case of Covid

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So far in January, foreign investors have made a net investment of Rs 4,819 crore. However, it is Rs 9,264 crore in provisional figures. On Friday alone, had invested more than 6 thousand crores. A total investment of 62 thousand crore was made in December last year. Of this, Rs 41,898 crore was invested between December 1 and 15, and Rs 20,118 crore was invested between December 16 and 31. FII’s total investment in equity in 2020 has been Rs 1.60 lakh crore.

The boom in global markets

The stock market worldwide had gained momentum on Friday after the news of the announcement of a new relief package in the US. South Korea’s Copsy closed up 3.97%. Hong Kong’s Hang Seng closed up 1.20% and Japan’s Nikkei index up 2.36%. On the other hand, China’s Shanghai Composite was down. At the same time, the US markets Nasdaq index closed up 1.03% and the S&P 500 index was up 0.55%. Apart from this, there was also an increase in the stock markets of Europe.

Also Check: How to Find a Reliable Forex Broker?

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The market closed at a record high on Friday.

The Nifty closed at 14,347.25 at 48,782.51 on Friday in the previous week. On the Bombay Stock Exchange (BSE), an increase of 54% in total shares was recorded. Maruti and Tech Mahindra were at the forefront of the Sensex rally. Their shares had gained more than 5-5%. The total market cap of BSE has also increased by Rs 2.40 lakh crore to Rs 195.63 lakh crore due to an all-around rise.

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Ontario Sunshine List 2024 Reveals Why People Can’t Afford To Buy A Home

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Ontario’s Sunshine List Reveals Why People Can’t Afford To Buy A Home

Ontario Sunshine List is released every year and it reveals the salaries of public sector workers who take home a salary in excess of $100,000. This year the list features 300,570 names which is 30,000 higher than last year of public sector employees with salaries over $100,000. The Ontario Sunshine list also features five employees working at the Ontario Power Generation who are among the top 10 earners with the province’s highest salary nearing $2 million.

Ontario had passed the Public Sector Salary Disclosure Act in 1996 under the Mike Harris government and the stated aim of the act was to make the government more transparent and accountable. The $100,000 limit was a big deal then.

However the $100,000 in 1996 in relative terms in 2024 will be equivalent to $180,564.97. If you remove 300,570 people on this year’s Ontario Sunshine List for that salary threshold there you drop 279,781 names. In other words there will be many people who will not be able to own a house without help from family or an inheritance.

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In a nutshell it means that employees who take home a six figure salary package will still feel the pinch of Canada’s affordability crisis. The soaring inflation and rising cost of living a $100,000 salary doesn’t guarantee financial security in many parts of the country.

Also, to maintain the $100,000 threshold today, the province should have adjusted it to $55,381.73 in 1996. Ontario has fixed a threshold of $100,000, while the threshold varies in other provinces. Alberta, for example, has set a threshold of $125,888 for government employees and $150,219 for people in public sector bodies.

Not much information is available for the federal government, but a Canadian Taxpayers Federation access-to-information request revealed that 110,593 employees in the federal public service earned $100,000 or more in 2023.

There are a couple of options for Ontario and other governments with non-indexing disclosure requirements. Resetting the threshold to a number that makes more sense today and then continuing to index the threshold going forward seems feasible.

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We also don’t need to reveal the names of all individuals. The government could report aggregated salary ranges by job title rather than disclosing specific names below a second, lower threshold. This would maintain government accountability and transparency by still disclosing who the highest earners are.

As it stands, we have a list that publishes the names and salaries of potentially hundreds of thousands of people who could not afford to buy a house. This doesn’t seem aligned with the original intent of the disclosure act.

Some features of the Ontario Sunshine List 2024 are as follows:

  • The highest paid employee took a pay check of $1.9M
  • Public sector employees were paid salaries in excess of $100K
  • The Ontario Sunset list top position is held by Kenneth Hartwick, CEO of the electricity Crown Corporation with a salary of $1.93 million followed by chief strategy officer Dominique Miniere $1.2 million and chief projects officer Michael Martelli drawing $1 million as salary.
  • Public sector workers were paid counting in Bill 124 compensation
  • 2024 budget revealed that Ontario deficit will triple
  • CEOs of the Hospital for Sick Children and the University Health Network figured in the top 10 list and each drew a salary of $850,000 each while CEO of the provincial transit agency, Metrolinx drew a salary of $838,097.
  • 17 professors or associate professors at the University of Toronto drew a salary in excess of $500,000

Caroline Mulroney, president of the Treasury Board, stated in a release,

“The largest year-over-year increases were in the hospitals, municipalities, and services, and post-secondary sectors, which together represented approximately 80 percent of the growth of the list.”

Also Read: Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

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Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

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Hims & Hers CEO Andrew Dudum Says Wants Hire Student Protesters Backlash Underway

Andrew Dudum, CEO and founder of Telemedicine Company Hims & Hers is facing flak on the social media after his reported statement that he wants to hire students and protestors who are taking part in the protest in support of Palestinians in Universities across the US.

A number of tech sector founders has also condemned his statements.

Dudum had posted on X,

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“If you’re currently protesting against the genocide of the Palestinian people and for your university’s divestment from Israel, keep going. It’s working. There are plenty of companies and CEOs eager to hire you, regardless of university discipline.”

He also posted a link to a page showing open positions at Hims & Hers.

X users have expressed their disapproval and have even called for a boycott Hims & Hers, and others said they are selling their stock in the company.

Cofounder of Palantir Technologies as well as the managing partner of early stage venture capital firm 8VC Joe Lonsdale responded on X and said

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“Real moral courage doesn’t involve joining a mindless mob, chanting anti   U.S. and other woke pablum, following instructions not to debate or discuss your positions at all yet being indignantly righteous, while large numbers in the mob chant for violence and block Jewish students.”

While Hims & Hers spokesperson said Dudum were not available for comments, old posts by Dudum have been unearthed which puts in context his actions. Days before the horrific attack by Hamas’ terrorist against Israel on October 7, Dudum had posted –

 “In pursuit for peace: Our leaders need to embrace nuance.”

Dudum further explained that he is a Palestinian American and had roots in and family in the West Bank and Gaza and said Hims & Hers’ values are based on a respect for human dignity and life.

Dudum wrote

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“It is upon those values that I believe all leaders and CEOs should use their platform today to call for an immediate cease   fire. To actively recognize Israel’s right to defense and also recognize the means and manner in which they are responding violates international law. I ask us to find nuance, and share our voice today to help save innocent lives.”

Deadly protests have hit U.S. college campuses through last month and protest encampments have sprung across more than 40 colleges nationwide.

Police crackdown is on and there have been more than 1,900 arrests or detainments following a wave of activism at universities across the country.

Hims & Hers is a Telemedicine Company that links consumers with licensed healthcare professionals, enabling access to high-quality care for conditions related to sexual health, mental health, and more. It also offers its own range of products and is in a partnership with Los Angeles-based Hustle & Co. on media relations.

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

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The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

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The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

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The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

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