Business News Highlights: Markets To Observe Global Trends, Foreign Fund Flows, Economic Indicators

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

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 stock markets ended trading on Friday in red, after seeing some highs and lows during the week. The key equity benchmarks, Sensex and Nifty, closed lower amidst the uncertainty regarding the rate cut timing from the US Fed. The BSE Sensex settled more than 450 points lower at 72,485, while the NSE Nifty50 closed the session hanging above the 22K mark at 22,023, slipping 123 points. 

The Indian currency also depreciated 4 paise to settle at 82.88 (provisional) against the American dollar on Friday, slipping further from 82.84 closing on Thursday. The fall was attributed to the current foreign fund outflows and a downward trajectory of the stock market. 

The former Chief Economic Adviser (CEA) Arvind Subramanian also expressed confusion regarding the latest GDP figures of the Indian economy, stating that the numbers remained difficult to understand. Notably, the Indian economy logged a growth rate of 8.4 per cent in the October-December period of 2023, surpassing expectations. 

The economist stated that the GDP figures implied an inflation rate of 1 to 1.5 per cent, while the actual inflation in the country remained between 3 to 5 per cent. “I say that with genuine respect and things. They are absolutely mystifying. They don't add up. I don't know what they mean,” Subramanian shared speaking at the India Today conclave on Friday.

The Indian government also said on Friday that it will lower import taxes on certain electric vehicles for firms investing a minimum of $500 million in manufacturing facilities in the country within a period of three years. This decision indicated a major win for Tesla, which has been trying to enter the Indian market. 

According to the new norms, firms committing to the investment and manufacturing criteria will be eligible for a 15 per cent reduction in the import tax rate on electric vehicles priced at $35,000 and above. The current taxation laws charge anywhere between 70 per cent to 100 per cent tax on imported cars and EVs, on the basis of their value.

19:53 PM (IST)  •  16 Mar 2024

Lowe Lintas' Fali Vakeel Passes Away

Fali Vakeel, a prominent figure in the advertising industry and former vice chairman of Lowe Lintas, passed away on Saturday morning at the age of 71. Throughout his extensive career spanning several decades, Vakeel made significant contributions to the Indian advertising landscape, leaving an indelible mark on the industry.

18:39 PM (IST)  •  16 Mar 2024

redBus CEO Credits Digitisation For Surge In Bus Bookings Beyond Metros

redBus CEO Prakash Sangam stated on Saturday that digitisation has significantly contributed to the increase in bus bookings from non-metro regions, as the bus market is gaining traction and evolving in India. Sangam noted that non-metro areas now account for two of every three bookings made through their platform.

17:18 PM (IST)  •  16 Mar 2024

Petrol, Diesel Prices In Lakshadweep Islands Dip By Up To Rs 15.3

Petrol and diesel prices in the Lakshadweep islands have seen a significant reduction, with the Indian Oil Corporation (IOC) eliminating a surcharge intended to cover costs related to special infrastructure for fuel transportation to these remote areas. According to information from IOC cited in an oil ministry post on X, the price cuts amount to Rs 15.3 per litre for both petrol and diesel in Andrott and Kalpeni islands, while Kavaratti and Minicoy islands witness a decrease of Rs 5.2 per litre.

16:25 PM (IST)  •  16 Mar 2024

India Anticipates Elon Musk's Response As Govt Clears Path For Tesla's Entry

Tesla enthusiasts across India eagerly await Elon Musk's initial response following the government's approval of a new electric vehicle (EV) policy. Crafted to entice investments in the EV sector, the policy aims to attract global manufacturers, including Elon Musk's renowned electric car company. The anticipation stems from Prime Minister Narendra Modi's 2015 visit to Tesla headquarters in Palo Alto, California, where he met with the billionaire entrepreneur. During the visit, Musk provided the Prime Minister with an insightful tour of Tesla's electric car plant, marking a pivotal moment in India's journey toward embracing electric mobility.

15:45 PM (IST)  •  16 Mar 2024

KSRTC Releases Rs 84 Crore For Clearing DA Dues, Gratuity, Leave Encashment For Staff

The Karnataka State Road Transport Corporation on Saturday said that it released Rs 84 crore towards staff dearness allowance arrears, leave encashment, and gratuity. The authorities via a statement that they released funds worth Rs 24 crore towards leave encashments for 2022-23 for employees, including those who retired during the period, and Rs 54 crore for dearness allowance dues from July-Nov 2022, Jan-July 2023, and July-Oct 2023, reported PTI.