Business News Highlights: Stock Market Closes On High Note, Sensex Up 535 Pts, Nifty Above 22,200
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At 10 am on Thursday, the Sensex declined by 338.65 points or 0.47 per cent and stood at 72,284.44, while the Nifty dropped by 122.80 points or 0.56 per cent at 21,932.20. Among the stocks traded, 1165 advanced, 1871 declined, and 93 remained unchanged.
On Wednesday, domestic benchmark indices ended their six-day winning streak as traders opted to book profits. The Sensex concluded 434.31 points, or 0.59 per cent, lower at 72,623.09, while the Nifty fell 141.90 points, or 0.64 per cent, settling at 22,055.05. On the 30-share Sensex platform, NTPC, PowerGrid, Wipro, HCLTech, L&T, and TechM experienced losses. Conversely, Tata Steel, SBI, JSW Steel, IndusInd Bank, Sun Pharma, and Maruti were among the gainers. Notably, Zee Entertainment shares plunged by 14.77 per cent to Rs 164.50 apiece on the BSE on Wednesday.
In addition, amidst ongoing farmer protests advocating for a legal guarantee for Minimum Support Price (MSP), the Union Cabinet approved an increase in the fair remunerative price of sugarcane to Rs 340 per quintal on Wednesday.
"The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi approved the Fair and Remunerative Price (FRP) of sugarcane for Sugar Season 2024-25 at Rs 340/quintal at sugar recovery rate of 10.25 per cent. This is historic price of sugarcane which is about 8 per cent higher than FRP of sugarcane for current season 2023-24. The revised FRP will be applicable w.e.f. 01 Oct 2024," stated a government release.
While addressing the media, Union Minister Anurag Thakur said, "It has been decided to fix the price for the upcoming sugarcane season, in the period from October 1, 2024, to September 30, 2025, to ensure the fair and reasonable price of sugarcane to the farmers by the sugar mills. It has been decided to fix the price at Rs 340 per quintal for the year 2024-25 as compared to the previous year which was Rs 315, which has increased to Rs 340 per quintal this year."
IRTC Collaborates With Swiggy For Food Delivery On Trains
The Indian Railway Catering and Tourism Corporation (IRCTC) said on Thursday its collaboration with Swiggy Foods to provide and deliver pre-ordered meals to train passengers via IRCTC's e-catering portal. The service will debut soon at railway stations in Bengaluru, Bhubaneswar, Vijayawada, and Visakhapatnam during the initial phase.
Vodafone Idea Board To Weigh Funding Options On Feb 27
Vodafone Idea has announced that its board of directors will convene on February 27 to review and authorise a fundraising proposal. On Thursday, shares of Vodafone Idea surged by over 6 per cent. The stock settled at Rs 16.28, up 6.27 per cent. This upcoming board meeting will assess various proposals for raising funds through a rights issue, possibly in multiple tranches.
Shares Of Sugar Firms Settle 3% Lower
Shares of sugar companies ended Thursday's trading session 3 per cent lower after the government announced a hike in the minimum price that mills are required to pay to sugarcane growers for the upcoming 2024-25 season starting in October.
Sensex Settles Above 535 Pts, Nifty At 22,217
Indian benchmark indices rebounded significantly from their intraday lows and surged to the day's high by the close of Thursday's trading session. The Sensex, which hovered near the intraday low of 72,081.36 for much of the day, rallied 535.15 points, or 0.74 per cent, to finish the day at 73,158.24. Nifty closed at 22,217.45, recording a gain of 162.40 points, or 0.74 per cent, from the day's opening level.
India's Mineral Production Jumps 5.1% In Dec
The government announced on Thursday that India's mineral output rose by 5.1 per cent in December compared to last year. According to the mines ministry, the index of mineral production for the mining and quarrying sector in December 2023 stood at 139.4, marking a 5.1 per cent increase from the level recorded in December 2022.
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