Business News Highlights: Sensex Zooms 1,245 Points, Nifty Settles Near 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
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.
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 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.
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.
Maruti Suzuki India announced a 15 per cent year-on-year surge in total wholesales on Friday, reaching 197,471 units in February. This marks an increase from the 172,321 units dispatched during the same period last year, according to a statement by Maruti Suzuki India Ltd (MSIL).
Indian benchmark indices continued their upward trajectory on Friday, marking a second consecutive session of gains and reaching new record highs, with the Nifty surpassing the 22,300 mark. At the close of trading, the Sensex surged by 1,245.05 points or 1.72 per cent to reach 73,745.35, while the Nifty rose by 356.00 points or 1.62 per cent to stand at 22,338.80.
NBCC announced on Friday that the firm has sold 2.05 lakh square feet of commercial space at the World Trade Centre in Nauroji Nagar, New Delhi, for Rs 828 crore on behalf of the government.
In a regulatory filing, NBCC stated that it facilitated the 24th auction for the sale of commercial space in the World Trade Centre project on February 29, acting as a project management consultant (PMC) and marketing consultant on behalf of the Ministry of Housing and Urban Affairs.
Union Finance Minister Nirmala Sitharaman announced on Friday that the Public Financial Management System (PFMS) has enabled Direct Benefit Transfers totaling Rs 34 lakh crore. She urged accounts officers to continue improving the efficiency and transparency of the system.
Royal Enfield, the motorcycle manufacturer, announced a 6 per cent year-on-year surge in wholesales on Friday, reaching 75,935 units in February. The company, a division of Eicher Motors, had shipped 71,544 units during the corresponding period last year. Royal Enfield disclosed that domestic sales stood at 67,922 units last month, marking a 5 per cent increase from 64,436 units in the same month of the previous year, according to a statement.
Gopal Snacks Ltd announced on Friday a price range of Rs 381 to Rs 401 per share for its Rs 650-crore initial public offering (IPO). The company disclosed in a statement that its inaugural public offering will be available for subscription from March 6 to March 11, with bidding for anchor investors commencing on March 5.
MG Motor India announced an 8 per cent rise in retail sales on Friday, reaching 4,532 units in February compared to the same period last year, when the automaker sold 4,193 units in February 2023. According to a statement from the automaker, electric vehicles continue to comprise a significant portion of the company's overall vehicle sales, making up approximately 33 per cent of the total units sold in February 2024.
The company also stated its preparations to address potential logistics challenges arising from disruptions in global shipping due to various international events.
Sensex and Nifty scaled fresh highs on Friday following strong Q3 GDP data and positive global cues. The BSE Sensex surges over 1,000 points to a new lifetime high of 73,574, while the NSE Nifty 50 reached 22,300, up 300 points.
Union Minister Arjun Munda said on Friday, "In 2013-14, budget allocation in the agriculture sector was Rs. 21,933 crore. Today, in 2023-24, it is Rs.1,15,531 crores... Agriculture produce in 2013-14 was 265 million tonnes, and it was 329 million tonnes in 2022-23..," reported the news agency ANI.
Mahindra & Mahindra announced a 24 per cent increase in total sales, reaching 72,923 units in February on Friday. In February 2023, the company dispatched a total of 58,801 units to its dealers. According to a statement from the Mumbai-based auto major, domestic passenger vehicle sales surged by 40 per cent to 42,401 units last month, compared to 30,358 units in February of the previous year.
In early trading on Friday, the rupee jumped 4 paise to reach 82.85 against the US dollar, buoyed by strong GDP figures and substantial inflows of foreign funds into the domestic capital markets. Forex traders noted that a favourable sentiment in the equity markets further bolstered the local currency, although the elevated level of the dollar index introduced a negative bias.
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.
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.
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