Business News Highlights: Core Sector Growth In January At 3.6% Versus 4.9% In December
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
India's economy experienced an 8.4 per cent surge in GDP growth during the third quarter (October-December) of the financial year 2023-24, according to the figures released by the National Statistics Office on Thursday. As a result, the country's economic growth rate for FY24 is now estimated at a robust 7.6 per cent.
The fiscal deficit of the Central government for the ten-month period from April 2023 to January 2024 in the current financial year was recorded at Rs 11.03 lakh crore, according to data released by the Controller General of Accounts on Thursday. This translates to 63.6 per cent of the revised estimate of Rs 17.35 lakh crore for the entire year, suggesting that government expenditure remained within the aimed range of fiscal prudence.
On the first day of bidding, Thursday, the initial public offering (IPO) of Mukka Proteins, a manufacturer of fish meal, fish oil, and fish soluble paste, was subscribed 2.47 times. According to NSE data, the Rs 224 crore initial share sale garnered bids for 13,81,99,060 shares against the 5,60,00,435 shares on offer.
Shares of GPT Healthcare Ltd, the company behind the ILS Hospitals brand, closed with a premium of almost 8 per cent on Thursday compared to its issue price of Rs 186. The stock debuted at Rs 216.15, marking a 16.20 per cent increase on the BSE. Throughout the day, the company's shares surged by 18.11 per cent, reaching Rs 219.70.
Barely a month after divesting a 2 per cent stake in Paytm, SoftBank Group revealed on Thursday that it has further reduced its ownership in the struggling payments company by 2.17 per cent. Consequently, its stake in Paytm has diminished from 5.01 per cent to 2.83 per cent.
In September 2022, the Japanese conglomerate possessed a 17.5 per cent stake in Paytm. Since then, it has gradually reduced its ownership through various open market transactions.
Double-digit year-on-year growth is expected in February 2024 for wholesale volumes of two-wheelers, driven by solid demand, a 10 per cent increase in retail sales, and favourable comparative figures, According to Anand Rathi Research forecasts.
The research also suggests that passenger vehicle volumes are expected to have increased at a healthy rate, supported by positive retail trends showing a 4 per cent rise and inventory buildup.
Kamala Vardhana Rao, CEO of the Food Safety and Standards Authority of India (FSSAI), remarked that India's nutraceutical industry, currently valued at $4 billion, is experiencing unexpected and rapid growth while speaking at an event hosted by industry body Assocham on Thursday. Rao emphasised that the industry is not only expanding but thriving at an accelerated pace, exceeding all previous projections.
JG Chemicals, a zinc oxide manufacturer, announced a price band of Rs 210-221 per share for its Initial Public Offering (IPO) worth Rs 251 crore on Thursday. The IPO is set to open for public subscription from March 5 to 7, with bidding for anchor investors scheduled for March 4.
The IPO, totalling Rs 251.2 crore, includes a fresh issue of equity shares valued at up to Rs 165 crore and an Offer For Sale (OFS) of 39 lakh equity shares, amounting to Rs 86.2 crore at the upper end of the price band, by the promoter group.
Shares of Reliance Industries surged by nearly 2 per cent on Thursday following the announcement of binding agreements between Walt Disney Co. and the company to merge their media operations in India, aiming to establish a Rs 70,000 crore behemoth. The stock of India's most valued firm, based on market valuation, rose by 1.68 per cent to Rs 2,958 on the BSE and by 1.60 per cent to Rs 2,957.95 on the NSE.
GPT Healthcare Ltd, the company managing mid-sized multi-speciality hospitals under the ILS Hospitals brand, saw its shares listed at a premium of more than 16 per cent on Thursday compared to the issue price of Rs 186. The stock debuted at Rs 216.15, marking a 16.20 per cent increase on the BSE. Subsequently, the company's shares surged 18.11 per cent to Rs 219.70. On the NSE, it debuted at Rs 215, registering a gain of 15.59 per cent.
Bill Gates, renowned as a global philanthropist, co-founder of Microsoft, and co-chair of the Bill & Melinda Gates Foundation, was awarded the KISS Humanitarian Award 2023 in recognition of his outstanding philanthropic efforts.
The ceremony was held on February 28, 2024, in Bhubaneswar, Odisha. Gates was honored for his exceptional contributions to advancing global health, education, and combating climate change through innovative technological solutions to reduce inequality.
The rupee strengthened by 2 paise to 82.89 against the US dollar in early trade on Thursday, following a decline in the American currency and a downward trajectory in crude oil prices. Despite this, forex traders noted that the domestic unit was hindered by a volatile equity market and continued outflow of foreign funds.
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 surged by 290.74 points or 0.40 per cent to reach 72,595.62, while the Nifty rose by 60.30 points or 0.27 per cent to stand at 22,011.50. Among the stocks, 1381 witnessed an uptrend, 1606 experienced a downturn, and 105 remained unchanged.
On Wednesday, Indian equity benchmarks faced a decline exceeding one per cent, fueled by selling pressure across diverse sectors, notably impacting small and midcap stocks. The Sensex wrapped up the day at 72,304.88, registering a decrease of 790.34 points or 1.08 per cent, having touched a low of 72,222.29. Similarly, the Nifty fell to 21,918.85 during the session before settling at 21,951.20, down by 247.10 points or 1.11 per cent compared to the previous close.
Reliance Capital Limited (RCL) announced on Wednesday the possibility of delisting its shares from the stock exchanges in accordance with the approved resolution plan. Trading in the stock has been suspended, with its latest recorded decline of 4.46 per cent, reaching Rs 11.79 on Friday.
"The equity shares of RCL will stand delisted from the stock exchanges in accordance with the order of the NCLT read with SEBI (Delisting of Equity Shares) Regulations, 2021. The liquidation value of the equity shareholder of RCL is NIL, and hence, equity shareholders will not be entitled to receive any payment, and no offer will be made to any shareholder of RCL," RCL said.
"The entire existing share capital of RCL is proposed to be cancelled and extinguished for NIL consideration by virtue of the NCLT Approval Order such that IIHL and/or the Implementing Entity, and its nominees, are the only shareholders of the Corporate Debtor. The stock exchanges shall take all necessary actions to delist the equity shares of RCL; in accordance with the Approved Resolution Plan read with applicable law, including, but not limited to, the SEBI (Delisting of Equity Shares) Regulations, 2021, as amended and shall pass necessary orders/directions to this effect," the firm added.
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