Business News Highlights: Stock Market Closes On High Note, Sensex Up 535 Pts, Nifty Above 22,200
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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 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 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.
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.
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.
Online cab services company Uber announced on Thursday that it has signed an agreement with the government-backed Open Network for Digital Commerce (ONDC). The Memorandum of Understanding (MoU) was formalized during an event attended by Uber CEO Dara Khosrowshahi, who engaged in a discussion with Infosys Chairman Nandan Nilekani on the topic of 'Building Population Scale Technology.'
G20 Sherpa Amitabh Kant emphasised India's potential to become an exporter of green energy by 2047, stating that this move would attract capital while speaking at the 'Raisina Dialogue 2024' on Thursday. Kant highlighted climate change as today's paramount challenge and advocated for the transformation of the World Bank into a climate-centric institution.
The shares of sugar companies fell by up to 3 per cent in morning trading on Thursday, following the government's announcement of an increase in the minimum price that mills must pay to sugarcane growers for the 2024-25 season beginning in October.
Rana Sugars saw its stock plummet by 3.21 per cent to Rs 25.35 per share, while Mawana Sugars declined by 2.81 per cent to Rs 101.70, Rajshree Sugars and Chemicals dropped by 2.50 per cent to Rs 72.62 per share on the BSE.
The Enforcement Directorate (ED) has reportedly issued a lookout notice against the entrepreneur Byju Raveendran, according to a report by the news agency ANI quoting sources.
The Mines and Geology department of the Bihar government has expressed apprehension regarding revenue collections falling below the target. As per documents, officials have only attained Rs 1,896.43 crore out of the targeted revenue of Rs 3,662.39 crore for the mining sector in the fiscal year 2023-24 as of February 14, 2024.
Officials have been cautioned of stringent disciplinary measures if they do not enhance their performance before the end of the financial year.
The rupee remained steady and strengthened by 4 paise to reach 82.92 for the fourth consecutive session against the US dollar in early trade on Thursday, reflecting the weakness of the American currency against other major foreign counterparts.
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 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."
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