Sensex closes highest since Feb 2008

A benchmark index for Indian equities Wednesday rose sharply in late trade to close 108 points up at 18,222.98 — the highest since February 2008.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,222.98 points (provisional), 108.15 points or 0.6 percent up from its previous close at 18,114.83 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut 0.56 percent up at 5,469.9 points.

Broader markets indices, however, closed slighly subdued. The BSE midcap index closed flat, while the BSE smallcap index ended 0.48 percent higher.

IT, telecom and capital goods scrips led the gainers pack.

Allahabad Bank to open branches in China and Bangladesh

Public sector Allahabad Bank is planning to open branches in Hong Kong, Shanghai and Dhaka investing around $35 million, a top bank official said Tuesday.

“We have decided to expand our overseas presence in Hong Kong by opening our second branch there and new branches in Shanghai, China, and Dhaka, Bangladesh. The Shanghai branch will involve an outlay of $30 million and the balance $5 million is for Dhaka branch,” J.P. Dua, chairman and managing director, told reporters here.

Motorola launches two Android based smartphones

Handsets maker Motorola launched two new Android powered smartphones, Milestone XT720 and Backflip, featuring high definition video experience and Internet capabilities in the Indian market Tuesday.

Priced at Rs.34,990, Milestone comes equipped with 8 megapixel camera with xenon flash and targets tech-savvy people looking for phenomenal multimedia experience on-the-go.

Backflip, which has a reverse-flip design handset, comes with a price tag of Rs.22,990.

Fresh regulations for air safety on cards: Praful Patel

Denying any shortcomings in safety regulations at Mangalore airport where an air crash killed 159 people May 22, the government Tuesday said it was in the process of framing fresh regulations to ensure better air safety.

Replying to a calling attention motion in the Rajya Sabha, Civil Aviation Minister Praful Patel said that no airport in the country can be called unsafe.

Wipro says price pressure has started easing

Information Technology major Wipro has started experiencing easing of pricing pressure and is currently “holding on to its price levels”, a top official said here Tuesday.

“Discussions (with clients) are now moving away from further price discounts,” Sambuddha Deb, executive vice president and chief global delivery officer of the company, told reporters on the sidelines of a seminar here.

He said markets are “becoming better” but big new deals are yet to come.

Deb said most of the businesses that the company is now getting are coming from existing clientele.

“People who had deferred their spending, are now with improvement in general surroundings, releasing budgets,” Deb said. He further said Wipro’s share of businesses that come from existing clients, which was about 90 percent, have gone up in recent times.

The momentum has been strong over the past two quarters, said Deb.