“Cellecor Gadgets Limited is committed to improving educational opportunities for disabled and underprivileged children as it believes that “Education is every child’s right”,” the company said in the filing.
Cellecor Gadgets, a homegrown electronics brand, recently revealed two key strategic collaborations to broaden its market presence and distribution network. The company announced a partnership with Hello Mobiles Pvt Ltd to strengthen its retail presence in Telangana and Andhra Pradesh, and with Comexcell Technologies to expand its distribution network across Uttar Pradesh.
Now, the electronic brand has informed exchanges that it has acquired complete ownership of Cellecor Foundation. “This acquisition marks a major advancement inexpanding our corporate social responsibility (CSR) initiatives,” the company said.
“Cellecor Gadgets Limited is committed to improving educational opportunities for disabled and underprivileged children as it believes that “Education is every child’s right”,” the company said in the filing.
Benchmark equity indices Sensex and Nifty surged to their fresh record high levels in early trade on Thursday after the US Federal Reserve cut its benchmark interest rate after more than four years.
The 30-share BSE Sensex jumped 735.95 points to scale a new all-time high of 83,684.18 in early trade. The NSE Nifty also surged 209.55 points to hit a fresh record peak of 25,587.10.
“The big Fed rate cut by 50 bps has the potential to take equity markets into a consolidation phase with an upward bias. The rate cuts by the Fed will pave the way for rate cuts in India, too,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
More rate cuts are expected from the Fed, going forward, Vijayakumar added.
From the 30 Sensex firms, NTPC, Axis Bank, Tata Motors, Tata Consultancy Services, Bharti Airtel, Tech Mahindra, Infosys and HDFC Bank were the biggest gainers.
Bajaj Finserv emerged as the only laggard from the pack. In Asian markets, Tokyo, Shanghai and Hong Kong rallied while Seoul quoted marginally lower.
The US markets ended lower on Wednesday. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,153.69 crore on Wednesday, according to exchange data.
“The 50 bps rate cut is a bold stance by the US Fed to revitalise their subdued economy, which will in turn open the door for other global central banks, including RBI to kick-start the softer interest rate regime,” Vijay Bharadia, Founder, Wallfort Financial Services Ltd, said.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)