Business News Highlights: Sensex Zooms 1,245 Points, Nifty Settles Near 22,300
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On Friday at 10 am, the Sensex surged by 649.55 points or 0.90 per cent to reach 73,149.85, while the Nifty rose by 201.40 points or 0.92 per cent to stand at 22,184.20. Among the stocks traded, 2,319 recorded gains, 705 faced declines, and 75 remained unchanged.
Despite a highly volatile session on Thursday, Indian benchmark indices ended on a positive note. The Sensex rose by 195.42 points or 0.27 per cent to close at 72,500.30, while the Nifty increased by 31.60 points or 0.14 per cent to settle at 21,982.80. Among the stocks traded, 1650 recorded gains, 1649 experienced declines, and 86 remained unchanged.
In addition, according to data released by the Ministry of Statistics and Programme Implementation on Thursday, India's Gross Domestic Product (GDP) growth rate for the quarter ended December 2023 (Q3FY24) stood at 8.4 per cent. This figure surpasses the Reserve Bank of India's (RBI's) estimate of 6.5 per cent. In the preceding quarter, the GDP growth rate was 7.6 per cent, and in the July quarter, it was 7.8 per cent.
The GDP growth rate for 2023-24 is projected at 7.6 per cent, compared to a growth rate of 7.0 per cent in 2022-23. The construction sector saw double-digit growth at 10.7 per cent, while the manufacturing sector exhibited strong growth at 8.5 per cent, contributing significantly to the GDP growth in FY23-24, as per the release.
Furthermost, the government's fiscal deficit reached Rs 11 lakh crore by the end of January, representing 63.6 per cent of the revised annual target, as per an official data released on Thursday. In comparison, during the same period last year, the fiscal deficit stood at 67.8 per cent of the Revised Estimates (RE) of the Union Budget 2022-23. For the fiscal year 2023-24, the government's estimated fiscal deficit is Rs 17.35 lakh crore, equivalent to 5.8 per cent of the GDP.
Mukka Proteins IPO Subscribed 6.96 Times On 2nd Day
On the second day of bidding, the initial public offering (IPO) of Mukka Proteins, a manufacturer of fish meal, fish oil, and fish soluble paste, garnered a subscription of 6.96 times. The Rs 224 crore IPO attracted bids for 38,99,15,490 shares against the offered 5,60,00,435 shares, according to NSE data.
Tripura FM Presents Rs 27,804.67 Crore Budget
Maharashtra's GSDP Is Likely To Grow By 10% In FY25: Ajit Pawar
In his address to the Legislative Assembly on Friday, Finance Minister Ajit Pawar stated that Maharashtra's gross state domestic product (GSDP) is projected to grow by 10 per cent in FY 2024-25. He reiterated the government's commitment to keeping the revenue deficit within the prescribed limit.
TVS Motor Records 33% Sales Growth In Feb
TVS Motor Company reported a significant surge in wholesales, with a 33 per cent year-on-year increase to 368,424 units in February. This marks a notable uptick from the 276,150 units dispatched in the same month last year. Two-wheeler sales also witnessed robust growth, climbing by 34 per cent to reach 357,810 units compared to 267,026 units in February of the previous year, according to a statement by the company.
Trade Between Tripura, Bangladesh Surges By 94.04% Over 5 Years: FM Pranajit Roy
Tripura Finance Minister Pranajit Singha Roy said on Friday that trade between bordering Tripura and Bangladesh has surged by over 94.04 per cent in the span of five years. Presenting the state budget for 2024-25 during the first day of the 3-day budget session of the Tripura assembly, the Finance Minister highlighted a substantial rise in trade volume between Tripura and Bangladesh, climbing from Rs 390.68 crore in 2017-18 to Rs 758.09 crore in 2022-23.
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