Business News Highlights: Stock Market Closes, Sensex Settles 526 Points Up, Nifty Above 22,120

Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world

27/03/2024 18:04:37

Infosys To Provide AI Tools To German Media Giant For Advanced Storytelling

Infosys, an IT company, announced on Wednesday that it has entered into a strategic agreement with Germany's Handelsblatt Media Group to provide artificial intelligence (AI) technology. Under this deal, Infosys will assist Handelsblatt Media Group in storytelling and compiling reports on global economic and financial subjects.

In the inaugural year of this collaboration, Infosys will collaborate with Handelsblatt Research Institute (HRI), an independent economic research institution affiliated with the Handelsblatt Media Group. Utilising its AI-based platform, Infosys Topaz, the company aims to enhance the accessibility and readability of HRI's reports on global economic and financial matters for the public, as stated in a release by Infosys.

27/03/2024 17:46:12

Maruti Suzuki Reveals Changes In Senior Management Restructuring

Maruti Suzuki India announced on Wednesday that its board appointed Partho Banerjee as the new head of the marketing and sales function, effective April 1, 2024. Banerjee, currently serving as the Head of Service, will succeed Shashank Srivastava, who is being transferred from the position of Head of Marketing & Sales to Member of the Executive Committee, as per a regulatory filing by the automotive giant. Similarly, Tarun Aggarwal has been designated as the new Head of Engineering, effective April 1, 2024.

27/03/2024 17:21:32

DLF Announces Proposal To Raise Rs 600 Crore Via Debenture Issuance

The real estate company DLF Ltd is securing Rs 600 crore through the issuance of non-convertible debentures (NCDs) to investors, aimed at refinancing its current debts. According to a regulatory filing on Wednesday, DLF revealed that its wholly-owned subsidiary, DLF Home Developers Ltd, has successfully raised this capital.

The Securities Allotment Committee of DHDL's Board of Directors has sanctioned the allocation of 60,000 NCDs, each with a face value of Rs 1 lakh, totalling an aggregate principal amount of Rs 600 crore, through a private placement to eligible investors.

27/03/2024 16:44:26

HPCL Collaborates With Tata Motors To Set Up EV Charging Stations

The electric mobility division of Tata Motors Ltd and Hindustan Petroleum Corp inked a memorandum of understandingto establishg EV charging stations nationwide in India. The partnership plans to utilise HPCL's extensive network of 21,500 fuel outlets across the country to deploy public charging stations strategically, catering to the 1.2 lakh Tata Motors electric vehicles already in operation on Indian roads, as stated in a joint release by both entities, the company said on Wednesday.

27/03/2024 15:56:43

Stock Market Close: Sensex Gains 526 Points, Nifty Over 22,120

The market rebounded, buoyed by purchases in leading companies and sectors like automobiles, real estate, power, and capital goods, erasing losses from the previous session on Wednesday. By the day's end, the Sensex surged by 526.01 points, or 0.73 per cent, reaching 72,996.31, while the Nifty climbed 119 points, or 0.54 per cent, to settle at 22,123.70.

27/03/2024 14:57:18

Housing Sales Up 14 Per Cent In Q1

Housing sales have increased by 14 per cent during the January-March period of this year across seven major cities, accompanied by average price hikes ranging from 10 per cent to 32 per cent, as per a report by Anarock. The surge in demand remains robust. Specifically, residential property sales have surged in Mumbai Metropolitan Region (MMR), Pune, Bengaluru, and Hyderabad, whereas they have declined in Delhi-NCR, Chennai, and Kolkata.

27/03/2024 14:24:24

SuperK Secures $6 Million In Funding For Grocery Retail Expansion

SuperK, a franchised grocery retail chain catering to small towns, announced on Wednesday that it has secured $6 million (approximately Rs 49 crore) in a funding round led by Blume Ventures. Other participants in the Series A funding round include Silver Needle Ventures, Veltis Capital, Atrium Angels, and various angel investors and syndicates, as per the company statement.

The funding infusion will be allocated towards bolstering the technology infrastructure, recruitment efforts, and expanding the platform to facilitate the integration of digital native brands with SuperK's customer base.

27/03/2024 13:40:51

Gold Prices Dips By Rs 44 To Rs 66,070 Per 10 grams

Gold prices experienced a decline of Rs 44 to reach Rs 66,070 per 10 grams as speculators opted to decrease their positions in Wednesday's futures trading. On the Multi Commodity Exchange, gold contracts for April delivery were observed trading lower by Rs 44 or 0.07 per cent, settling at Rs 66,070 per 10 grams with a business turnover of 5,253 lots. Analysts associated the dip in gold prices with subdued global cues. Internationally, gold was noted trading marginally higher by 0.05 per cent, reaching USD 2,200.30 per ounce in New York.

27/03/2024 12:41:16

Morgan Stanley Ups India's GDP Growth Forecast To 6.8% For 2025

India's GDP growth projection for 2025 has been revised upward to 6.8 per cent, up from the previous estimate of 6.5 per cent, driven by sustained momentum in industrial and capital expenditure activities, according to global brokerage firm Morgan Stanley. The firm stated, “We raise GDP growth to 6.8 per cent YoY in F2025, a rise of 30bps from our earlier estimate of 6.5 per cent, on continued traction in industrial and capex activity. On a CY basis, we expect growth at 6.8 per cent YoY for 2024, from 6.4 per cent earlier."

27/03/2024 12:05:29

RPower's Subsidiaries Resolve Rs 1,023 Crore Debt Settlement

Reliance Power announced on Wednesday that two of its subsidiaries have successfully resolved a debt totalling Rs 1,023 crore with Reliance Commercial Finance, an arm of Authum Investment. According to a regulatory filing, Reliance Power Ltd's subsidiaries, Kalai Power Pvt Ltd and Reliance Cleangen Ltd, have entered into a debt settlement and discharge agreement with Reliance Commercial Finance Ltd (RCFL), a wholly-owned subsidiary of Authum Investment & Infrastructure Limited.

27/03/2024 11:22:42

RBI Authorises Innoviti Technologies To Operate As An Online Payment Aggregator

Innoviti Technologies Pvt. Ltd., a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, said today that it has obtained the final authorisation from the Reserve Bank of India (RBI) to function as an online payment aggregator under the Payments and Settlements Act, 2007. The company operates this venture under the brand 'Innoviti Link.'

27/03/2024 11:02:30

Popcorn & Company Snags Rs 75 Lakh Funding On Shark Tank India

In the latest episode of Shark Tank India 3, currently available for streaming on the OTT platform Sony LIV, gourmet popcorn brand Popcorn & Company secured a noteworthy investment of Rs. 75 lakh. This substantial backing comes from Namita Thapar, Executive Director of Emcure Pharmaceuticals, one of the prominent sharks on the show. 

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.

The trading session on Wednesday began on a positive note as both primary equity indices, Sensex and Nifty, opened in the green. By 10 am, the Sensex had surged by 432.33 points or 0.60 per cent, reaching 72,902.63, while the Nifty climbed by 130.20 points or 0.59 per cent, settling at 22,134.90. Among the listed stocks, 1,897 showed gains, 1,141 experienced declines, and 104 remained unchanged.

In the early hours of Wednesday's trading session, the rupee remained relatively stable against the US dollar, with support from positive domestic equities offset by the strength of the American currency. Forex traders noted that heightened crude oil prices in the global market weighed on investor sentiment. Opening at 83.33 against the dollar at the interbank foreign exchange, the rupee initially dipped to an early low of 83.34, marking a decline of 5 paise from its previous close. However, it subsequently rebounded and was trading at 83.31 against the US dollar.

In the preceding session on Tuesday, the Sensex and Nifty broke their three-day winning streak, closing in the red due to persistent selling pressure on specific major index heavyweights. The S&P BSE Sensex, after hitting a low of 72,363, ended the session 362 points lower at 72,470. Similarly, the NSE Nifty 50 saw a decline to a low of 21,948 before settling at 22,005, marking a decrease of 92 points.

Furthermost, urban India experienced a notable increase in consumer sentiment in March, registering a rise of 2.8 percentage points, according to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) report released on Tuesday. This index, monitoring consumer sentiment across 29 countries, reaffirms India's top position, boasting the highest National Index score of 72.2. Indonesia closely follows with a score of 63.4, emerging as the sole other nation with a score exceeding 60.

Only nine of the countries surveyed have achieved a National Index score surpassing 50. These countries comprise Mexico (58.6), Brazil (56.8), Thailand (55.5), the Netherlands (55.1), Singapore (53.3), the US (53.1), Sweden (50.9), Poland (50.8), and Australia (50.8).

In Addition, on Tuesday, SpiceJet Ltd said that it has reached a settlement with Export Development Canada (EDC) to resolve liabilities amounting to Rs 755 crore. The airline hailed this agreement as the 'most significant milestone in SpiceJet's financial restructuring endeavours.