Business News Highlights: Markets Gear Up For More Earnings Next Week, Elections To Impact Sentiments
Business News Live: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
WhatsApp, owned by Meta, is reportedly developing a feature for iOS users that will enable them to monitor the view count of channel updates. Initially developed for WhatsApp beta on Android, this feature aims to offer channel owners and followers insights into the content's reach and engagement, as reported by WABetaInfo. The report indicates that the view count for a particular channel update will be displayed within the message bubble.
Petregaz India, a subsidiary of the Petredec Group, announced on Saturday the commissioning of its cutting-edge LPG Import and Storage Terminal. The terminal, established at Rs 600 crore, is situated within the Adani Krishnapatnam Private Port in Krishnapatnam, Andhra Pradesh. This new facility is set to provide advantages to private marketers and residential, commercial, industrial, and automotive consumers.
The Ministry of Commerce and Industry has instructed e-commerce companies to reclassify all beverages, including Bournvita, from the 'health drinks' category on their portals and platforms. "National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under Section (3) of the Commission of Protection of Child Rights (CPCR) Act, 2005, after its inquiry under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," reads the notification from the ministry.
Hazoor Multi Projects Ltd (HMPL), an infrastructure company, announced on Saturday that its board has given the green light to a proposal to raise Rs 486 crore through the issuance of warrants. The decision was made during a board meeting held on Friday, as stated in a regulatory filing by HMPL. The board has endorsed a fundraising initiative of Rs 4,860 million, which involves issuing and allotting up to 1.62 crore fully convertible warrants to individuals falling under the 'non-promoter' and 'public' categories on a preferential basis.
These warrants will be offered at an issue price of Rs 300 per warrant, the company specified.
The government has asked Gas-based power generating stations to start operations from May 1 to June 30 to address the anticipated prolonged summer heat wave and subsequent rise in electricity demand. Despite significant potential, a considerable portion of Gas-Based Generating Stations (GBSs) remains underutilised, largely due to commercial considerations.
Domestic investors demonstrated resilience, contributing to 98 per cent of total institutional investments in the January - March quarter. While this share has risen from 36 per cent compared to the previous year, the increase in investment value was only 21 per cent, according to a report by Vestian. Domestic investors injected approximately $541 million across various deals during the same period.
Hindustan Zinc (HZL), a Vedanta group company and producer of Zinc-Lead Silver in India, has partnered with VEXL Environ Projects Pvt Ltd (VEXL) to launch a pilot plant aimed at a sustainable solution through waste utilisation and wealth creation. This Memorandum of Understanding (MoU) was signed by Arun Misra – CEO of Hindustan Zinc, and Bhaskar Bhattar – MD of VEXL Environ Projects Ltd.
Ashneer Grover is set to launch his new app, ZeroPe, and re-enter the fintech industry. The co-founder and former managing director of BharatPe is developing the app under his new venture, Third Unicorn, and has partnered up with Chandigarh-based entrepreneur, Aseem Ghavri. The new app will provide medical loans up to Rs 5 lakh.
Read More | BharatPe Co-Founder Ashneer Grover To Re-Enter Fintech Sector With Loan Disbursal App ZeroPe
The government fixed a production target of 170 million tonne (MT) for coal from captive and commercial coal blocks in India during the 2024-25 fiscal year (FY25). Notably, India's coal production in FY24 stood at 147.12 MT.
Revolut India announced on Friday that it got the in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) such as prepaid cards and wallets in the country. This decision will allow the global fintech firm to work as a domestic player in the country. Revolut is a fintech based out of London and has been looking into entering the Indian market.
Background
Business News Live: 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.
The stock market ended trading this week in red amidst geopolitical turmoil and the uncertainty surrounding the rate cut by the US Fed. The key equity benchmarks started the week with a strong rally, however reversed mid-week and ended on Friday in red. The S&P BSE Sensex settled the trading session at 74,245, plunging almost 800 points, while the NSE Nifty50 closed at 22,519, dropping more than 200 points. The Sensex hit a fresh low of 74,189 during the day, while Nifty reached a record low of 22,504.
Official data released by the Ministry of Statistics and Programme Implementation on Friday revealed that the retail inflation in India relaxed to a nine-month low in March 2024. The country logged an inflation rate of 4.85 per cent in March, down from 5.09 per cent in February. The National Statistical Office (NSO) informed that the inflation in the food basket touched 8.52 per cent in March, relaxing from 8.66 per cent in the preceding month.
Notably, the Reserve Bank of India lately projected an inflation rate of 4.5 per cent of the 2024-25 fiscal year (FY25). Governor Shaktikanta Das revealed the estimates during the announcements made after the last Monetary Policy Committee (MPC) meeting that took place in April.
The data further revealed that the industrial production figures for February clocked a growth of 5.7 per cent, helped by the robust performance of the mining sector. The production growth remained tepid relative to the 6 per cent growth logged in February 2023. The manufacturing sector’s output grew by 5 per cent in February 2024, against 5.9 per cent growth seen in the same month a year earlier.
IT giant Tata Consultancy Services (TCS) also announced its financial results for the fourth quarter of the 2023-24 financial year. The firm clocked a net profit of Rs 12,434 crore in the January-March quarter in FY24, marking a jump of 9.15 per cent against Rs 11,392 crore logged in the same quarter a year earlier.
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