Business News Highlights: Stock Market Closes, Sensex Down 790 Points, Nifty Settles Below 22,000
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
RK Swamy Ltd, the Chennai-based marketing communications major, announced a price band of Rs 270-288 per share for its Rs 423-crore Initial Public Offering (IPO) on Wednesday, marking the first in its category to go public. The IPO is scheduled to open for public subscription on March 4 and will close on March 6.
Investors witnessed a staggering erosion of Rs 6 trillion in wealth in a single day on Wednesday, as the BSE benchmark Sensex plummeted over 790 points. The 30-share BSE Sensex declined by 790.34 points or 1.08 per cent to settle at 72,304.88. It experienced a sharp decline of 872.93 points or 1.19 per cent to 72,222.29 during the day. The mcap of BSE-listed companies also suffered, plummeting by Rs 6,02,338.56 crore to Rs 3,85,97,298.49 crore ($4.71 trillion).
Mark Zuckerberg, the Founder and CEO of Meta, reportedly held discussions with Samsung Chairman Lee Jae-Yong and LG CEO Cho Joo-Wan regarding potential collaborations in the fields of artificial intelligence (AI) and extended reality (XR) on Wednesday. The meeting, which took place in Seoul, involved a lunch attended by Zuckerberg, Cho, and other senior officials from LG Electronics, according to a report by news agency Yonhap.
The Jharkhand State Electricity Regulatory Commission (JSERC) announced a 7.66 per cent increase in power tariffs for the state on Wednesday. According to the new rates, rural domestic consumers will now be charged Rs 6.30 per unit, up from Rs 5.80, while urban consumers will see their rates rise to Rs 6.65 per unit from Rs 6.30. The revised tariffs are set to come into effect from March 1, as per a statement released by the JSERC.
The Indian equity benchmarks experienced a decline of more than one per cent On Wednesday, driven by selling pressure across various sectors, particularly affecting small and midcap stocks. The Sensex concluded the day at 72,304.88, marking a decrease of 790.34 points or 1.08 per cent, after reaching a low of 72,222.29. Similarly, the Nifty dipped to 21,918.85 during the session before settling at 21,951.20, down by 247.10 points or 1.11 per cent compared to the previous close.
Reliance Capital Limited (RCL) announced on Wednesday that the firm may delist its shares from the stock exchanges in accordance with the approved resolution plan. Trading in the stock has been suspended, with its latest recorded decline of 4.46 per cent, reaching Rs 11.79 on Friday.
The Securities and Exchange Board of India (SEBI) on Wednesday introduced a proposal to ease regulations for certain Foreign Portfolio Investors (FPIs), aiming to enhance the ease of conducting business. In its consultation paper, SEBI recommended exempting category I university funds and university-related endowments FPIs that fulfil specific criteria from heightened disclosure requirements.
Microsoft co-founder Bill Gates visited the Microsoft India Development Centre (IDC) in Hyderabad on Wednesday, a hub of innovation he envisioned in 1998. Celebrating its 25th anniversary, IDC has been instrumental in pioneering research, engineering, and development, contributing to the creation of world-class products like Azure, Windows, Office, Bing, Copilot, and various AI applications.
Shares of Vodafone Idea Ltd witnessed a sharp decline of 10 per cent on Wednesday as investors remained unimpressed by the company's fundraising announcement. The stock tumbled 9.95 per cent to Rs 14.29, hitting its lower circuit limit on the BSE. Similarly, it dropped by 9.77 per cent to Rs 14.30, reaching its lower circuit limit on the NSE.
One97 Communications Ltd, the company behind the Paytm brand, saw its shares drop 5 per cent to hit the lower circuit limit during late morning trading on Wednesday. The stock dipped 4.99 per cent to Rs 406.15 on the BSE, reaching its lower circuit limit, and similarly declined to Rs 406.20 on the NSE. This decline follows consecutive days of hitting upper circuit limits on Tuesday, Monday, and Friday.
Juniper Hotels Ltd, operating hotels under the Hyatt brand, had a subdued market debut on Wednesday, opening at Rs 361.20, a marginal increase from its issue price of Rs 360 on the BSE. However, the stock gained traction as the day progressed, surging by over 10% to reach Rs 397.30, hitting its upper circuit limit.
The rupee held steady at 82.89 against the US dollar in early trade on Wednesday, showing resilience against persistent foreign fund outflows and heightened month-end demand for the American currency. Forex analysts noted that despite crude oil prices staying above $ 83 per barrel, the rupee managed to withstand pressure, supported by favourable movements in equity markets, which helped limit any significant depreciation.
Background
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At 10 am on Wednesday, the Sensex slipped by 53.06 points or 0.07 per cent to 73,042.16, while the Nifty declined by 22.90 points or 0.10 per cent to 22,175.40. Among the listed stocks, 1495 advanced, 1512 declined, and 99 remained unchanged. Analysts anticipate ongoing volatility leading up to the monthly expiry but acknowledge the potential for the Nifty to reach a new peak.
On Tuesday, the Indian benchmark indices surged, with Nifty maintaining levels around 22,200, supported by increased buying activity in auto, capital goods, IT, and realty sectors. Although the market started off flat to negative, it steadily improved throughout the day, ultimately closing near its peak for the session. The Sensex climbed 305.09 points or 0.42 per cent to reach 73,095.22, while the Nifty advanced by 76.30 points or 0.34 per cent, closing at 22,198.30.
In addition, the Uttarakhand government unveiled its budget for the fiscal year 2024-25 in the state assembly on Tuesday, allocating over Rs 89,000 crore for diverse initiatives. The budget focuses on uplifting impoverished communities, disaster preparedness, infrastructure development, and improving air connectivity across all districts. State Finance Minister Premchand Agarwal presented the budget of Rs 89,230.07 crore in the assembly, emphasising its inclusive approach aimed at nurturing a developed, well-governed, and robust Uttarakhand.
Similarly, during Tuesday's Assembly session, the Jharkhand government introduced a budget of Rs 1.28 lakh crore for the fiscal year 2024-25. Finance Minister Rameshwar Oraon outlined key allocations and schemes designed to enhance agricultural welfare and social security.
The budget projections for the upcoming fiscal year reflect a significant increase of over 10 per cent compared to the previous fiscal year. Led by Chief Minister Champai Soren, the JMM-led coalition government intends to tackle various socio-economic challenges through meticulous financial planning.
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