Business News Highlights: Stock Market Closes, Nifty Settles Above 22,000, Sensex Jumps 376 Points
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Shares of Paytm surged by 5 per cent on Friday, recovering after three consecutive days of decline. This rebound comes as the company faces regulatory scrutiny for multiple violations linked to its payments bank operations. Additionally, shares of One97 Communications, the parent company of Paytm, also reached their upper circuit limit on both the BSE and the NSE.
Ajay Singh, the head of SpiceJet, in collaboration with Busy Bee Airways, has submitted a bid for bankrupt Go First. The move aims to bolster the budget carrier's operations by acquiring additional slots and international flying rights from Go First.
The revenue of the domestic technology industry is expected to increase by 3.8 per cent to $ 254 billion for this fiscal year, said the industry body Nasscom on Friday. Excluding hardware, the revenue is forecasted to reach $ 199 billion, marking a growth of 3.3 per cent over FY23.
Indian benchmark indices closed higher for the fourth consecutive session on Friday, with the Nifty surpassing 22,000 points. The Sensex ended the day by 376.26 points or 0.52 per cent, reaching 72,426.64, while the Nifty rose by 129.90 points or 0.59 per cent, closing at 22,040.70.
After the cancellation of the proposed merger of its Indian arm with Zee, Sony will reportedly explore alternative options. This includes seeking out new opportunities to replace the original plan and pursuing organic growth opportunities in India, which is seen as holding significant long-term potential.
India has secured the third position among G20 nations in terms of digitalisation, following the United States and China, according to the 'State of India's Digital Economy 2024' report by the Indian Council for Research on International Economic Relations (ICRIER) and the global consumer internet group Prosus. However, the report emphasises that India's global ranking substantially rises when considering the comprehensive spectrum and scale of digitalisation.
Union Minister of State for Agriculture and Farmers Welfare, Shobha Karandlaje, announced on Friday that the Centre has disbursed Rs 235.14 crore to the Karnataka government as the third instalment under the Rashtriya Krishi Vikas Yojana for the fiscal year 2023-24.
OpenAI, the creator of ChatGPT, has introduced 'Sora', a text-to-video model capable of producing videos up to one minute in duration while preserving visual fidelity and adhering to the user's input. Sora operates as a diffusion model, initiating the video generation process with an initial frame resembling static noise and iteratively refining it by gradually eliminating the noise across numerous steps.
CM Siddaramaiah said that a State Skill Policy is set to be developed to optimise the use of the State's human resources, providing essential skills to young individuals for gainful employment and fostering entrepreneurial endeavours. In addition, to meet the demand for skilled workers in both industrial and emerging sectors, a Skill Academy will be established in Sanduru, Ballari, at an estimated cost of Rs. 300 crore.
CM Siddaramaiah said on Friday, “While introducing Goods and Services Tax, Union Government had assured that there would be growth of 14 per cent and States would be compensated in case of shortage in revenue growth. At a projected growth rate of 14 per cent, it was estimated that the GST tax collection would be Rs. 4,92,296 crore from 2017 to 2023-24.”
“However, only Rs 3,26,764 crore GST revenue was collected, and against the GST shortfall of Rs. 1,65,532 crore, the Central Government had released Rs 1,06,258 crore as compensation to the state. Hence, a loss of Rs 59,274 crore was incurred by the State due to unscientific implementation of GST in last 7 years,” He added.
Chief Minister Siddaramaiah announced that Karnataka has become the second-highest source of GST collection in the country, experiencing an 18 per cent increase this fiscal year compared to 2022-23.
Despite an economic slowdown, high interest rates in developed nations, and reduced foreign direct investment (FDI) inflows to the country, the inflow of FDI stood at $2.8 billion as of September 2023, says CM Siddaramaiah.
Karnataka Chief Minister Siddaramaiah said on Friday, while presenting the state Budget, that the total Budget size amounts to Rs 3.71 lakh crore for FY2024-25. Additionally, he projected the state economy to expand by 6.6 per cent in the upcoming financial year.
In early trading on Friday, the rupee strengthened by 4 paise to reach 83.01 against the US dollar, supported by positive trends in domestic equities. Forex analysts noted that despite a firm US dollar and higher crude oil prices, the local currency showed resilience.
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.
At 10 am on Friday, the two primary equity benchmarks, Sensex and Nifty, were trading higher. The Sensex rose by 281.03 points or 0.39 per cent to reach 72,331.41, while the Nifty increased by 97.40 points or 0.44 per cent to reach 22,008.20. Among the stocks traded, 2139 recorded gains, 890 declined, and 67 remained unchanged.
On Thursday, both Sensex and Nifty concluded the trading session with gains. The Sensex rose by 227.55 points to reach 72,050.61, while the Nifty increased by 70.70 points to reach 21,910. The Nifty's closing value approached its all-time high, nearing the 22,000 milestone.
In addition, amid regulatory actions concerning Paytm Payments Bank, the Reserve Bank of India (RBI) has initiated further measures to oversee business payment transactions made through commercial cards. On Thursday (February 15), the RBI unveiled steps to limit a card network's facilitation of transactions to recipients not equipped to accept cards unless authorised by the regulator.
"Under this arrangement, the intermediary accepts card payments from corporates for their commercial payments and then remits the funds via IMPS/RTGS/NEFT to non-card accepting recipients. On closer scrutiny, it was observed that this arrangement qualified as a payment system. Under the provisions of the Payment and Settlement Systems (PSS) Act, 2007, such payment system requires authorisation under Section 4 of the PSS Act, which has not been obtained in the instant case. The activity was, therefore, without legal sanction,” the RBI said in a public release on its website on Thursday.
At the end of 2023, Germany surpassed Japan to become the world's third-largest economy as Japan entered a recession, relinquishing its position. A Reuters report highlighted that this shift has prompted concerns about the timetable for the Bank of Japan's departure from its prolonged ultra-loose monetary policy.
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