Business News Highlights: Stock Market Closes, Nifty At 22,200, Sensex Up 305 Points
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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 Tuesday, the Sensex rose by 54.30 points or 0.07 per cent to reach 72,844.43, while the Nifty climbed by 17.50 points or 0.08 per cent to reach 22,139.50. Among the listed stocks, 1804 recorded gains, 1201 saw declines, and 110 remained unchanged.
On Monday, the stock markets sustained a downward trajectory. Although there was a slight recovery during the session, it wasn't sufficient to offset the day's losses. The BSE Sensex concluded the session below the 73K mark, settling at 72,790.13, a decline of 352.67 points, while the NSE Nifty50 finished nearly 100 points lower at 22,122.05.
Furthermost, the rupee strengthened by 2 paise to settle at 82.89 (provisional) against the US dollar on Monday, supported by volatility in the equity market. Forex traders observed that inflows from foreign investors and stable crude oil prices contributed to the currency's resilience. At the interbank foreign exchange market, the rupee commenced trading at 82.88 and concluded at 82.89 (provisional) against the dollar. In the previous trading session on Friday, the rupee had closed 6 paise lower at 82.91 against the greenback.
In addition, Vijay Shekhar Sharma formally stepped down from his role as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), resulting in a restructuring of the bank's board. The development follows the Reserve Bank of India's (RBI) directive barring PPBL from accepting customer deposits and credits after March 15 due to persistent non-compliance and ongoing supervisory concerns. This decision highlights the regulatory hurdles and compliance issues confronting PPBL, prompting substantial organisational changes to address these issues efficiently.
Paytm Payments Bank Limited (PPBL) disclosed the restructuring of its Board of Directors by appointing distinguished figures, as stated in a regulatory submission on Monday. Notable among the newly appointed Independent Directors are Srinivasan Sridhar, former Chairman of the Central Bank of India, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.
Piyush Goyal Seeks India Inc. Support To Spread Manufacturing Footprint
Commerce and Industry Minister Piyush Goyal, during his speech at the 'Viksit Bharat@ 2047 Conclave' organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), highlighted India's leading role in global growth over the past decade. Goyal emphasised India's strong macroeconomic fundamentals, significant infrastructure development efforts, and focus on social welfare initiatives as key drivers of this growth. Additionally, he outlined the government's various initiatives aimed at promoting manufacturing within the country.
Global TV Shipments dips 3% In 2023: Study
Global TV shipments experienced a 3 per cent decline in 2023, totalling 223 million units, according to a new report released on Tuesday by Counterpoint Research. The report attributed this decrease to the insufficient strength of the US market, which failed to compensate for weaknesses in China and Europe.
Platinum Industries IPO Booked 8 Times On Day 1
On the first day of its share sale on Tuesday, Platinum Industries' initial public offering (IPO) garnered a subscription of 8.04 times. According to NSE data, the Rs 235 crore IPO received bids for 7,74,20,952 shares against the 96,32,988 shares on offer.
The non-institutional investors' portion was subscribed 13.58 times, while Retail Individual Investors (RIIs) subscribed 10.21 times. However, the category for Qualified Institutional Buyers (QIBs) saw a subscription of 7 per cent.
Gold Remains Steady At Rs 62,950, Silver Dips Rs 400
Gold prices stayed unchanged at Rs 62,950 per 10 grams in Delhi, as per the HDFC Securities on Tuesday. Meanwhile, silver experienced a decline of Rs 400, reaching Rs 74,200 per kilogram, down from its previous rate of Rs 74,600 per kilogram. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that spot gold prices (24 carats) in the Delhi markets remained steady at Rs 62,950 per 10 grams, maintaining the same level as the previous close.
707 Million Indians Actively Used OTTs In 2023: Report
The 'Internet in India Report 2023', jointly presented by the Internet and Mobile Association of India (IAMAI) and KANTAR, reveals that an overwhelming majority of Internet users in India, totalling around 707 million individuals, are actively utilizing Over-the-Top (OTT) audio and video services.
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