Information technology sector stocks have remained mere witnesses to the greatest bull run in the history of the Indian equity market. The 178-year-old UK travel giant, Thomas Cook has declared for bankruptcy after its last attempt to resuscitate its business fell flat. Prime Minister Narendra Modi said that the country's average GDP growth is unprecedented at the Howdy, Modi! event in Houston, Texas. Read for more top stories from the world of business and economy:
Infosys was the top Sensex loser today falling 5% to Rs 765.30. It slid up to 7.83% to Rs 742.1 on BSE. Similarly, Tech Mahindra and TCS lost 2.52% and 2.44% on Sensex, respectively.
Sensex soared over 1,426 points intraday before closing higher by 1,075.41 points or 2.8 per cent at 39,090.03, a level not seen since July 17. In the two-day rally, Sensex gained 2,996.56 points or 8.30 per cent, while the 50-share Nifty soared 895.40 points or 8.36 per cent.
PM Modi further added that the economy is growing at a high rate causing low inflation and low fiscal deficit.
The company said that its board has concluded that there's no other option but to proceed towards compulsory liquidation with immediate effect.
Singapore with 17 per cent tax rate, and Vietnam, Thailand, Cambodia and Taiwan with 20 per cent base tax rates are the only countries offering lower rates than India