A rally in IT stocks overpowered weak global cues and relieved investors as domestic equity indices opened in the green. The thirty-share BSE Sensex opened for the week at 59,033.77 points and the fifty-share NSE Nifty 50 at ₹ 17,421.90 points. 

Realty and metal sectors were star performers in Friday’s session. The indices closed in the green. The Sensex settled at 57,989.90 points, up 0.62% and the Nifty closed for the week at 17,100.05 points, up 0.67% 

Top Gainers and Losers 

Some of the top gainers this week were Adani Green (up 13.87%), MedPlus Health Services (up 11.31%), GMR Airports Infrastructure (up 8.23%), Adani Transmission (up 7.66%) and Varroc Engineering (up 6.88%). 

On the other hand, some of the top losers were Swan Energy (down 22.76%), PNB Housing Finance (down 17.49%), Samvardhana Motherson International (down 17.29%), Brightcom Group (down 13.49%), and Triveni Turbine (down 9.77%). 

The Recap 

Infosys’ President Joins Tech Mahindra As MD and CEO Designate

The shares of Tech Mahindra appreciated to the tune of 10% on Monday’s early trades after the company appointed Mohit Joshi as MD and CEO designate. Joshi is currently the President at Infosys. His resignation will be effective March 11, 2023, and his last day with the company will be on June 09. Meanwhile, he will take charge of Tech Mahindra from December 20, 2023, for a period of five years. 

Biden says US banking system is ‘safe’ after Silicon Valley Bank collapse

President Joe Biden sought to reassure jittery Americans that they can have confidence that the US banking system is “safe” and vowed stricter bank regulation after a string of bank failures raised concerns about the nation’s financial stability. This came after US bank regulators spent the weekend working on a plan to shore up the public’s confidence in the soundness of the financial system and limit spillover effects following the closing of the Silicon Valley Bank last week. 

Hero Electric set to roll out over 10 lakh vehicles annually in the next two-three years

Hero Electric said that it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India. The company launched new versions of its three electric scooter models priced between ₹ 85,000 and ₹ 1.3 lakhs. It plans to set up a greenfield plant in Rajasthan with an annual production capacity of 20 lakh units with an investment of around ₹ 1,200 crores. The company also said that it could touch the 0 lakh units per annum mark in the next two-three years.

GAIL signs pact with Shell to explore ethane sourcing 

GAIL (India) said that it has signed an agreement with Shell Energy to explore ethane sourcing and related opportunities along the energy value chain. GAIL is the largest gas utility in India and it is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants. It had floated a tender to hire a very large ethane carrier (VLEC) for 20 years starting mid-2026 for importing ethane from the US last month. 

TCS CEO Rajesh Gopinath quits 

TCS CEO Rajesh Gopinathan has put in his papers, nearly four years ahead of the completion of his tenure, and will be replaced by company veteran K Krithivasan who has been nominated as CEO designate with immediate effect. Gopinathan held the office for six years and will continue till September 15 to provide for a smooth transition and support to his successor. He had a stellar career of over 22 years at TCS. 

Written by Simran Bafna 

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