Business News

Managed workspace platform Smartworks has picked up an entire tower with 14 floors of office space spread over 6 lakh sq ft in Pune’s Balewadi through a long-term lease to set up a coworking center and expand its presence in the city. The company has leased the space for a total of 15 years in an upcoming commercial tower 43 EQ close to Balewadi High Street, taking its portfolio of managed workspaces in Pune to over 3 million sq ft.“Our growth in Pune has been outstanding and this expansion aligns with our aim to empower businesses by offering them tailored office solutions to boost productivity and foster growth in a professional, fully equipped and managed setting,” said Neetish Sarda, founder of Smartworks.The company is aiming to start operations at this new co-working hub in October and once live, the hub is expected to accommodate over 8,000 desks.With a presence in 13 cities and a portfolio comprising more than 39 centres spanning over 8 million sq ft, Smartworks caters to sector-agnostic large organizations, including large enterprises, as well as unicorns and soonicorns, serving over 550 clients.The upcoming office space is being tailormade and aimed at offering a conducive environment for enhanced productivity and opportunities for collaboration and networking, the company said. Owing to the increased need for adaptable workspace solutions from large corporations and dynamic startups globally, the Indian market has emerged as one of the fastest-growing hubs for flexible office spaces, particularly in the aftermath of the Covid-19 pandemic.Several factors, including the expansion of startup ventures, evolving work environments, and the requirement for economical and versatile solutions, have been contributing to the escalating demand for flexible office spaces.Additionally, the shift towards remote and hybrid working models has accelerated the adoption of flexible workspaces as businesses seek to optimize costs while providing employees with safe, efficient, and collaborative environments.This trend is expected to continue as more companies recognize the benefits of flexible office solutions in an ever-changing business landscape.

Nifty ended Saturday’s small and special trading session 36 points higher to close above 22,500 for the first time in several days. However, a small bodied candle on the daily chart suggests very little about the future direction of the price, analysts say.On the weekly chart, a Piercing Line-type pattern was seen, which hinted at more upside for the market ahead.Larger range bound pattern of around 22800-21750 has come into play this week. Having moved up from near the lower range of 21750 levels in this week, Nifty is expected to move towards the upper range of 22800 levels in the next 1-2 weeks. Immediate support is placed at 22200 levels, said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesHeavy writing was visible in both call and put at 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move. Support is visible at 22,400. On the higher end, a sustained move can take the index towards 22,600 and higher in the short term.Pravesh Gour, Swastika InvestmartThis positive momentum could push the index towards 22,525 and even 22,750 levels. On the downside, 22,300 will act as the immediate support level, followed by a 100-DMA of 22,050. It's important to note that the market may experience volatility in both directions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)