Business News Highlights: Sensex Settles In Red, Nifty below 22,250
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Jio Financial Services shares surged nearly 15 per cent on Friday, propelling its market valuation beyond the Rs 2.2 lakh crore threshold. By closing the trading session, Reliance Industries' market capitalisation stood at Rs 20,20,470.88 crore.
On the NSE, shares of Jio Financial Services climbed by 10.62 per cent to settle at Rs 335 each, while on the BSE, they rose by 10.18 per cent, closing at Rs 333.90 each.
The Reserve Bank of India (RBI) announced on Friday that the National Payments Corporation of India (NPCI) has been directed to explore the potential of becoming a third-party application provider for sustaining UPI operations on the Paytm app. This initiative aims to guarantee seamless services for Paytm app users.
Chief Minister Naveen Patnaik increased the remuneration of self-employed mechanics in Odisha by 62.5 per cent on Friday. According to an official release from the Chief Minister's Office (CMO), the remuneration for mechanics operating in gram panchayats has been raised from Rs 4,000 to Rs 6,500. This adjustment is anticipated to benefit approximately 13,000 individuals.
Commerce and Industry Minister Piyush Goyal emphasised on Friday that India does not hastily enter into any Free Trade Agreement (FTA) unless deemed equitable, balanced, and fair for the nation. He noted that the prevailing circumstances in India have evolved, and the terms presented by partner countries in these agreements do not align with what India is offering to the global community.
The stock price of automobile components manufacturer Sona BLW Precision Forgings Ltd (Sona Comstar) on Friday surged over 5 per cent, reaching a peak of Rs 648, up from its previous close of Rs 613.25 on Thursday at the BSE. This surge followed the company's announcement of being the first automotive component manufacturer to receive certification under the Auto Production Linked Incentive (PLI) scheme.
Telecom equipment firm Nokia has announced a partnership with the Indian Institute of Science (IISc) to collaborate on researching 6G technologies and use cases. This initiative aims to support Prime Minister Narendra Modi's vision for India to emerge as a leader in 6G technology and to develop solutions with a direct societal impact in the country.
Four investors of the edtech firm Byju's have lodged a case of oppression and mismanagement against the company's management with the Bengaluru bench of the NCLT. They are seeking to declare the founders, including CEO Byju Raveendran, unfit to lead the company and are requesting the appointment of a new board.
Bandhan Bank's board has appointed Rajeev Mantri as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) with immediate effect. According to a statement from the bank, Abhijit Ghosh will helm the finance and accounts division while also joining the senior management team.
With a banking and finance career spanning over 25 years across India, Singapore, and the UAE, Mantri brings extensive experience to his new role. Previously, he served as the CFO of the Citi India cluster for three years. Prior to that, he held the position of CFO at TransUnion Cibil Limited, as per the company's statement.
Haryana Chief Minister Manohar Lal Khattar on Friday presented his fifth consecutive budget in assembly, in which he proposed a budget of Rs 1.89 lakh crore for the fiscal year 2024-25. One of the noteworthy announcements by the Chief Minister was the waiver of interest and penalties on loans for farmers who settle their dues by May 2024.
Google Pay announced on Thursday its plans to expand the availability of soundpods for merchants across India in the coming months. Soundpods, introduced last year on a limited pilot basis, are an audio notification service provided through speaker devices. Similar to Paytm's soundbox, Google Pay's soundpod alerts merchants after QR code payments.
Salil Parekh, the CEO and Managing Director of Infosys has been appointed as a member of the board of directors at the US-India Strategic and Partnership Forum. With nearly three decades of experience in the IT services industry, Parekh is recognised for his expertise in business turnarounds and successful acquisitions.
"Every tech leader must be a business leader, and every business leader must be a tech leader," said Anish Shah.
Dr Anish Shah, Group CEO, MD of Mahindra Group, and President of FICCI, said during his session at ABP Network's 'Ideas Of India Summit' that he advocates for inclusive growth as his vision for India. He emphasises the importance of balancing economic progress with societal welfare and ensuring that growth benefits all sections of society.
"PM Modi's vision of Viksit Bharat is Bold. It involves a $ 30 trillion economy by 2047... Manufacturing must grow 16 times in 23 years; exports must grow 11 times," he added.
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.
India's stock indices, the BSE Sensex and NSE Nifty, kicked off positively on Friday, driven by a surge in IT majors. The Sensex rose by 99.44 points or 0.14 per cent to 73,257.68 points, while the broader Nifty gained 18.30 points or 0.08 per cent to 22,235.75 points. A
On Thursday, during the final trading session, both major equity benchmarks, Sensex and Nifty, staged a significant rebound, ending the day in positive territory due to widespread buying across sectors. The S&P BSE Sensex concluded at 73,158, marking a gain of 535 points, while the NSE Nifty50 closed above the 22,000 mark after hitting a low of 21,875, settling at 22,217 with a gain of 162 points.
Furthermost, following the government's announcement of an increase in the minimum price for sugarcane growers, shares of sugar companies declined by 3 per cent on Thursday. The adjustment in the minimum price, set to take effect for the 2024-25 season beginning in October, had a notable impact on companies within the sector.
Rana Sugars saw a decrease of 2.86 per cent, ending at Rs 25.44 per share on the BSE. Similarly, Mawana Sugars closed at Rs 102.07, Shree Renuka Sugars at Rs 48.96, Dalmia Bharat Sugar and Industries at Rs 402, and EID Parry (India) at Rs 630.60, all reflecting a downward trend on Friday.
On Wednesday, an official statement released by the government highlighted the broad impact of the decision, "This decision of the central government is going to benefit more than 5 crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector,” it states.
In addition, RBI Governor Shaktikanta Das emphasized the importance of continuing efforts to address inflation, warning against premature policy adjustments that could undermine the progress achieved in stabilising prices. In the detailed minutes of the February Monetary Policy Committee (MPC) meeting, revealed by the central bank on Thursday, Das highlighted the need for monetary policy to remain vigilant, stating that the challenge of controlling inflation is still ongoing.
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