Business News Highlights: Market Closes In Green, Sensex Above 74,200, Nifty Up Nearly 100 Points
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The stock market on Tuesday closed nearly flat amidst great volatility. The S&P BSE Sensex ended the session below the 74K mark at 73,953, slipping 53 points, while the NSE Nifty50 settled the day about 27 points higher above the 22,500 mark at 22,529.
The Reserve Bank of India released its latest bulletin on Tuesday and said that the country remained on the precipice of a long-awaited economic boom. The ‘State of the Economy’ article released by the banking regulator found that this economic surge will be driven by rising aggregate demand and an increase in non-food spending in the rural regions in India.
The report also cautioned of a delicate global economic outlook as inflation remains stagnant, in turn, threatening the global fiscal stability.
The article, put together by a team led by RBI Deputy Governor, Michael Debabrata Patra, noted that retained earnings remained the major funding source for private manufacturing firms in the latter half of the 2023-24 fiscal year (FY24). “A modest easing of headline inflation in April 2024 confirmed our expectation that the alignment with the target is progressing unevenly,” the study said.
The central bank pointed out that the article expressed the authors’ opinions and not that of the bank.
The European Union also hiked the Schengen visa fees for applicants, effective June 11, 2024. The European Commission confirmed the raise and the Slovenian government said that the revised visa fee for adult applicants is now €90, while the fees for children aged 6-12 years now stand at €45.
“For countries not cooperating with the EU on the readmission of their irregularly staying citizens, visa fees could surge to €135 or even €180,” the Ministry of Foreign And European Affairs in Slovenia cautioned.
APM Terminals Pipavav Q4: Net Profit Slumps 32.35 Per Cent YoY
APM Terminals Pipavav (Gujarat Pipavav Port Ltd) on Wednesday reported a 32.35 per cent fall in consolidated net profit to Rs 65.83 crore in the January-March quarter in the 2023-24 fiscal year (FY24), against the profit of Rs 97.32 crore in the same quarter a year earlier. The revenue of the company stood at Rs 270.76 crore in Q4FY24, up from Rs 250.07 crore in Q4FY23.
Karur Vysya Bank Aims To Open 100 New Branches In FY25
Private lender, Karur Vysya Bank, aims to open 100 new branches in the current fiscal year all over the country, B Ramesh Babu, MD and CEO said on Wednesday. The official informed that the lender opened 39 branches in the current fiscal so far.
Rupee Appreciates 3 Paise To Settle At 83.28 (Provisional) Against US Dollar
The Indian rupee appreciated by 3 paise to close at 83.28 (provisional) against the American dollar on Wednesday. In the last trading session on Tuesday, the domestic currency settled at 83.31 against the greenback.
Stock Market Closing Bell: Sensex Rallies Over 250 Points, Nifty Settles 93 Points Up
The stock market ended trading on Wednesday on a positive note after oscillating a bit during the day. The S&P BSE Sensex closed trading at 74,221.06, climbing more than 250 points, while the NSE Nifty50 settled the day above the 22,600 mark at 22,622.25, logging gains of almost 100 points.
Wildcraft India Partners Up With Apparel Group
Wildcraft India on Wednesday announced that it has partnered up with Apparel Group to expand in the Gulf Cooperation Council (GCC) region. Gaurav Dublish, Co-Founder, Wildcraft India, said, "The tie-up will endeavour to establish an exclusive store network across all the six countries in the Middle East -- Saudi Arabia, UAE, Oman, Qatar, Bahrain, and Kuwait. This partnership signifies a pivotal move to position Wildcraft at the forefront of outdoor & adventure gear retail in the GCC region."
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