Business News Highlights: Stock Market Closes, Sensex Settles 655 Points Up; Nifty Above 22,300
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Indian stock indices commenced trading on a positive trajectory on Thursday, with the Nifty opening at 22,200. At 10 am, the Sensex surged by 573.17 points, equivalent to a gain of 0.79 per cent, reaching 73,569.48, while the Nifty climbed by 172.80 points or 0.78 per cent, settling at 22,296.50. Among the actively traded stocks, 2161 witnessed gains, 821 experienced declines, and 101 remained unchanged.
In the previous trading session on Wednesday, the stock market rebounded from the losses incurred in the last session, buoyed by heightened purchasing in heavyweight stocks and sectors such as automotive, real estate, power, and capital goods. By the closing bell, the Sensex surged significantly by 526.01 points, marking a rise of 0.73 per cent, to reach 72,996.31. Likewise, the Nifty followed a positive trajectory, climbing by 119 points or 0.54 per cent and settling at 22,123.70.
Furthermost, Arvind Panagariya, Chairman of the 16th Finance Commission, expressed that India possesses the capability to significantly boost its economic growth rate to around 9 per cent from the current level of approximately 7 per cent. He highlighted that the achievement of this growth target would necessitate the implementation of further reforms over the next five years. Panagariya underscored the diligent efforts of Prime Minister Narendra Modi over the past decade, which have notably enhanced India's business climate, thereby attracting heightened investment into the country.
"Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth. India is currently growing in real rupees at about 7 per cent or so per year. Certainly, with a few more reforms in the next five years, we can realistically push it to close to 9 per cent, certainly somewhere at 8-9 per cent, and that can be sustained easily for a couple of decades," Panagariya said while speaking at the Times Now Summit in Delhi on Wednesday.
"HDFC Life Faces GST Demand Orders Of Over Rs 27 Crore
HDFC Life Insurance Company revealed on Thursday that it has been issued GST demand orders totalling over Rs 27 crore for purportedly insufficient tax payments. Through two separate filings with regulatory authorities, the insurer disclosed receiving demand orders amounting to over Rs 16.5 crore and Rs 10.5 crore from tax authorities, citing alleged shortfalls in GST payments and discrepancies in input tax credit claims.
These orders encompass interest and penalties as well. HDFC Life stated its intention to challenge the GST demand orders by filing appeals before the Appellate Authority. Despite these developments, HDFC Life's shares concluded the trading day 1.27 per cent higher at Rs 634.20 each on the BSE.
Schneider Electric Collaborates With NVIDIA To Enhance Data Center Infra
Schneider Electric announced a collaboration with NVIDIA aimed at optimising data centre infrastructure. Leveraging Schneider Electric's proficiency in data centre infrastructure alongside NVIDIA's advanced AI technologies, the partnership seeks to introduce the initial publicly accessible AI data centre reference designs, as stated in a press release on Thursday.
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