Sensex Hits Record-High, Dow Futures Up By 49 Points

In March 2019, ONGC had invoked an 'event of default' clause and sought to buy IL&FS' stake at a deep discount. IL&FS contested the claim on grounds that MSEZ was its green bucket company which had no payment default or overdue.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, ONGC shares were trading up by 4.2% on the BSE.

Moving on to news from the software sector...

HCL Technologies Expands Partnership With Finastra

HCL Technologies and Finastra, the largest pure-play software vendor that serves the entire financial services industry, have expanded their partnership to drive digital transformation across South Korea and Taiwan.

As part of the engagement, HCL will use its next-generation digital transformation and service capabilities to bring two of Finastra's strategic products, Fusion Cash Management and Fusion Summit, to the financial services ecosystem in the region. 

Fusion Cash Management powers the digital corporate banking experience for financial institutions around the world while Fusion Summit offers a functionally rich core trading solution for capital markets.

Sanjay Gupta, Corporate Vice President, HCL Technologies said,

  • Finastra's strategic solutions coupled with HCL's deep industry experience will help institutions adapt and succeed in the changing ecosystem. This partnership will help HCL further accelerate its strategic presence in South Korea and Taiwan while strengthening its long-standing relationship with Finastra.

HCL Technologies is a leading global technology company. It offers its services and products through three business units - IT and Business Services (ITBS), Engineering and R&D Services (ERS), and Products & Platforms (P&P).

How this partnership pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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