Mumbai, July 23
The benchmark Sensex today rose 121 points to end at a new closing high of 26,147.33 extending its winning run to seventh session, its longest since September 2012, boosted by gains in IT and banking shares on upbeat earnings, robust capital inflows and positive global cues.

The NSE Nifty rose 27.90 points, or 0.36%, to end at yet another record close of 7,795.75, crossing its previous peak of 7,787.15 (July 7). It also hit new intra-day peak of 7,809.20, surpassing level of 7,808.85 hit on July 8.

IT stocks firmed up on positive economic data in the US, the biggest outsourcing market for the Indian IT firms. Good results by major IT firms also boosted the sentiment.

Country’s second largest software services exporter, Infosys, was the top Sensex gainer with a rise of 3.46% and contributed over 60 points to the surge. TCS attained its record market valuation of Rs 5 lakh crore helped by over 2% spike in stock value. Wipro shares also rose.

In banking, ICICI Bank and SBI witnessed good buying. Total market breadth, however, was negative following selling in second-line stocks by retail investors.

“Markets kissed new highs as firmness in Asian and European stocks after better-than-expected data in the US boosted sentiments. On domestic front, consistent FII inflows and healthy earnings also helped,” said Jayant Manglik, president-retail distribution, Religare Securities.

Traders said sustained capital inflows kept the market tempo strong as FIIs injected Rs 412.03 crore yesterday as per provisional data.

The BSE 30-share gauge resumed higher and moved in a range of almost 190 points before settling at new peak of 26,147.33, a rise of 121.53 points or 0.47%. Its highest level at close was 26,100.08 hit on July 7. — PTI

Mumbai, July 23
Tata Consultancy Services (TCS), the country’s largest software services exporter, today attained a market valuation of over Rs 5 lakh crore, becoming the first company in Indian markets to achieve this milestone.

At the end of today’s trade, the market capitalisation (mcap) of TCS soared to Rs 5,06,703.34 crore, the highest for the company since its listing in 2004.

Shares of the IT bellwether ended the day at Rs 2,586.90, up 2.21% on the BSE. In intra-day, it gained 2.52% to Rs 2,595 — its 52-week high.

In dollar terms, TCS’ market valuation rose to $84 billion. Interestingly, TCS’s current market capitalisation is higher than the combined valuation of other big IT players such as Infosys (Rs 1,92,196.84 crore), HCL Technologies (Rs 1,07,880.18 crore), Wipro (Rs 1,40,474.31 crore) and Tech Mahindra (Rs 50,374.76 crore).

TCS is also currently the country’s most-valued company in terms of market valuation.

The IT major is followed by state-run ONGC whose m-cap stood at Rs 3,46,582.90 crore, Reliance Industries Rs 3,34,054.95 crore, ITC (Rs 2,80,454.65 crore) and Coal India (Rs 2,42,579.97 crore). — PTI

New Delhi, July 23
Finance Minister Arun Jaitley has asked officers of the Income Tax Department to maximise the use of innovative and non-intrusive methods of investigation.

He impressed upon the need for skill development and upgrade to keep pace with newer and innovative methodologies adopted to evade taxes.

He said the Department should equip itself with the latest technological skills, including in the area of analysis of digital evidence. He observed that the quality of representation of cases of I-T Department before various courts of law needs to be improved.

New Delhi, July 23
Jet Airways, which suffered a loss of Rs 4,130 crore in 2013-14, today said it aims to turn profitable in the next three years and was planning a major overhaul of its fleet and products, months after Gulf carrier Etihad Airways picked up 24% stake in it.

“We plan to reduce losses in 2015, consolidate in 2016 and turn profitable in 2017.... We are already on track as our international business has turned profitable. We now have to take our business forward,” Jet’s CEO-designate Cramer Ball said. Ball is yet to get necessary clearances to formally take over his position.

The press conference was jointly addressed by Jet chairman Naresh Goyal and Etihad CEO James Hogan after the Abu Dhabi carrier bought 24% stake worth about Rs 2,060 crore in the Indian airline, marking the first FDI by a foreign carrier.

Both Hogan and Goyal focussed on Jet-Etihad partnership, saying it would mark Jet’s expansion to North and South Americas, Europe and Africa and lowering of operational costs due to combining of their fleet and routes of the two airlines. — PTI

BRIEFLY

World Bank commits $18bn loan to India
New Delhi: The World Bank Group on Wednesday committed $15-18 billion loan to India over the next three years as it supports the country’s potential 9% growth rate. “We did not discuss specific funding issues. Over the next three years on the public side of operations we can provide India with $15-18 billion and on the private side (IFC) of things a minimum of $3.5 billion,” World Bank Group president Jim Yong Kim said. — PTI

Sony unveils ultra-slim Xperia T3 at rs 27,990
New Delhi: Sony on Wednesday introduced its ultra-thin smartphone Xperia T3 for the India market priced at Rs 27,990. The handset, with a screen size of 5.3-inch, will be available in white, black and purple colours. It would be at retail outlets by the end of this month. — PTI

Videocon launches ‘Double Benefit, Single Price’ plan
Chandigarh: Videocon Mobile Phones, a part of $6 billion Videocon Group, on Wednesday launched a scheme “Double Benefit, Single Price” in which customers in Punjab will get talk time value in addition to other value added services equivalent to the purchase price of select Videocon handsets. The company offers 600 free (local/STD/ISD) minutes monthly along with 2 GB free internet data per month and 100 SMS by Videocon Telecom equivalent to Rs 1,000 per month. — PTI

No gas from RIL’s KG-D6 to Bangladesh: Govt
New Delhi: The government on Wednesday said no gas from Reliance Industries’ eastern offshore KG-D6 block was being supplied to Bangladesh. In the run up to the General Election, Aam Aadmi Party (AAP) had alleged that RIL’s partner Niko Resources was selling KG-D6 gas in Bangladesh for half the $4.2 per unit that India pays them. — PTI

BlackBerry cuts prices of QWERTY handsets
New Delhi: Canadian handset maker Blackberry on Wednesday slashed prices of its QWERTY devices — 9320, 9720 and Q5 — by as much as Rs 6,000 to sell them for Rs 9,900 onwards. The price of 9320 has been cut by 10% from Rs 11,000 to Rs 9,900, while 9720 will be available for Rs 11,990. The Q5 will now be available for Rs 13,990. — PTI