Business News Highlights: Stock Market Closes, Sensex Settles 655 Points Up; Nifty Above 22,300
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
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 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.
The Indian rupee weakened by 6 paise to settle at 83.39 (provisional) against the US dollar on Thursday, influenced by the US dollar's strengthening against other major currencies globally and escalating crude oil prices on international platforms. Despite these factors, the domestic currency received support from a positive trend in domestic equity markets and recent inflows of foreign funds, according to forex traders. At the interbank foreign exchange market, the rupee commenced trading at 83.32, fluctuating between the day's high of 83.30 and the low of 83.40 against the US dollar.
India witnessed a 16 per cent decline in smart TV shipments in 2023 compared to the previous year, according to a recent report released on Thursday. However, there was a significant increase of 110 per cent year-on-year (YoY) in QLED smart TV shipments. The decrease in overall smart TV shipments was attributed to a sluggish start in the first half of the year due to macroeconomic challenges, surplus inventory, rising panel prices, and decreased demand for smaller screen-size smart TVs. Consequently, certain lesser-known brands exited the market in 2023, as reported by Counterpoint Research.
The market continued its upward trajectory for the second consecutive day on March 28, edging closer to record highs. By the closing bell, the Sensex had surged by 655.04 points, or 0.90 per cent, reaching 73,651.35, while the Nifty climbed by 203.20 points, or 0.92 per cent, to 22,326.90. Advancers outnumbered decliners, with 1912 shares advancing, 1784 shares declining, and 103 shares remaining unchanged.
Jio Financial Services announced on Thursday that its subsidiary, Jio Leasing Services, and its representatives have initiated an investment of Rs 2.50 crore in the recently established Reliance International Leasing IFSC Ltd (RILIL). Founded on February 1, RILIL operates as a 50:50 joint venture between Jio Leasing and Reliance Strategic Business Ventures Ltd, a subsidiary of Reliance Industries.
According to a BSE filing by Jio Financial Services, Jio Leasing Services Ltd (JLSL) and its representatives contributed Rs 2.50 crore towards the initial subscription, equivalent to 25 lakh equity shares valued at Rs 10 each of RILIL, transacted at par value.
The Adani family, which promotes Ambuja Cements, revealed a significant investment of Rs 6,661 crore, resulting in a 3.6 per cent increase in their ownership stake, now reaching 66.7 per cent in the nation's second-largest cement company. According to a statement from Ambuja Cements on Thursday, owned by billionaire Gautam Adani, this infusion of funds will play a crucial role in advancing the cement business of the Adani Group, which aims to boost its capacity to 140 million tonnes per annum by 2028.
The Adani Group on Thursday announced the inauguration of its inaugural copper plant located in Mundra, Gujarat. Adani Enterprises is overseeing the establishment of this plant, which is designed to have a capacity of 1 million tonnes, to be completed in two phases. The company disclosed that it will invest close to $1.2 billion in the initial phase of the project, according to a statement. This development marks the Adani portfolio's entry into the metal industry.
Billionaire Elon Musk announced on Thursday that X users with 2,500 verified subscriber followers will be eligible for Premium features at no cost. Additionally, those with over 5,000 verified subscriber followers will have access to Premium+ for free. “Going forward, all X accounts with over 2,500 verified subscriber followers will get Premium features for free and accounts with over 5000 will get Premium+ for free,” the X owner posted.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
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.
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