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The Nifty IT index was trading 0.97 per cent up at 31355.7.

A total of 1,789 shares changed hands on the counter till 10:10AM (IST).

“Tax should not be aiding investment. Tax can only follow business. And if the business is about investment, tax can only follow it. It cannot run before the investment. That should be the idea here. It would take maybe a couple of years. The government is looking at easing the compliance burden for employers.”

Stock has come out of its consolidative range andsurpassed resistance zones with surge in volume.

From the Sensex pack, Wipro, Nestle and Bajaj Finance were among the top losers. Meanwhile, Eicher Motors, Hindustan Unilever, Power Grid, Bharti Airtel and UltraTech Cement were trading higher.

The Adani Group has also engaged American law firm Wachtell, Lipton, Rosen & Katz to fight back against the short seller’s claims, the Financial Times reported citing unnamed sources. Wachtell is one of the most expensive US law firms and has experience in defending clients facing attacks by shareholder activists.

Given the fact Fortune Park Hotels is a "hardcore Indian company", Samir said it understands the Indian consumers, their expectations and the behaviours very well, besides the cultural elements across different parts of the country.

In its last monetary policy, RBI projected the GDP growth at 7% for FY23 and 6.4% for FY23. The central bank expected inflation to be at 6.5% for FY23, higher than its upper tolerance band of 6%. The International Monetary Fund projected global growth at 2.9% in 2023 and 3.1% in 2024.

Indicative bids from Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal Power and the Adani Group are much lower and these bidders are no longer considered strong contenders to take over the plant, people familiar with the matter said.

In terms of Retail-Agriculture-MSME (RAM) loans, BoM has recorded the highest growth of 19.18 per cent, followed by Punjab & Sind Bank with 19.07 per cent and Bank of Baroda with 18.85 per cent on an annual basis.