Fri, Nov 8, 2024 9:13 AM
MGL ventures in battery cell manufacturing, plans giga factory in Bengaluru
A Flip by Shubhangi Gupta
Wipro shares surged 3% to Rs 578.8 on reports of two block deals, with promoters likely selling 8.5 crore equity shares. The IT major reported a 21% jump in net profit to Rs 3,209 crore in Q2 FY25, accompanied by a bonus share issue and strong deal bookings. Wipro's IT services operating margin stood at 16.8%.
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The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that angered Americans and helped drive Donald Trump's presidential election victory this week. The rate cut follows a larger half-point reduction in September, and it reflects the Fed's renewed focus on supporting the job market as well as fighting inflation.
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Shares of Nvidia rallied to a record high on Thursday, making the chipmaker the first company in history to surpass a stock market value of $3.6 trillion as Wall Street extended a rally sparked by Donald Trump's return to the White House. The dominant AI chipmaker's shares rose 2.2%, lifted by broad investor optimism about tax cuts and lower regulations after trump's victory.
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