Business News Highlights: Investors Keen On Macroeconomic Announcements, Q3 Results

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.

In the last trading session on Friday, the two key equity benchmarks, Sensex and Nifty, closed in the green after lacklustre trade amid volatility. The S&P BSE Sensex advanced 167 points to end at 71,595. On the other hand, the NSE Nifty50 settled at 21,783, up 65 points.

The Reserve Bank of India (RBI) concluded its Monetary Policy Committee (MPC) meeting this week, chaired by Governor Shaktikanta Das. The Governor announced on Thursday that the banking regulator has opted to maintain the status duo on policy rates. The decision remianed in line with market experts’ anticipations. 

As such, the repo rate remained unchanged at 6.5 per cent for the sixth consecutive time. Das revealed that the standing deposit facility (SDF) stood at 6.25 per cent. The regulator estimated the GDP for the upcoming 2024-25 fiscal year at 7 per cent, marginally lower than the 7.3 per cent growth seen in the current fiscal year. The estimate for average retail inflation stood at 5.4 per cent for FY24, while the projection for the FY25 was at 4.5 per cent. The next meeting of the MPC is set from April 3-5, 2024. 

On Friday, Airtel Payments Bank announced that the bank registered a massive rise in new customer volume, availing bank account opening services and opting for facilities like FASTag recently. It didn’t clearly specify if the increase in customer base could be attributed to the latest ban imposed on the Paytm Payments Bank by the RBI.

Among the major earnings for the third quarter expected today include Reliance Communications, TVS Electronics, Updater Services, and Yatharth Hospital and Trauma Care Services Ltd, among others.

Further, in the coming week, Coal India, GE Power India, NHPC, Steel Authority of India, Zee Media Corporation, Bosch, Coffee Day Enterprises, Hindalco Industries, and Senco Gold are scheduled to release their earnings in the week.

17:53 PM (IST)  •  10 Feb 2024

Indian Overseas Bank To Open 88 New Branches This Year

Indian Overseas Bank plans to expand and open 88 new branches during the year to mark the 88th Foundation Day celebrations, the lender's MD, Ajay Kumar Srivastava, said on Saturday, reported PTI.

17:10 PM (IST)  •  10 Feb 2024

GroMo Distributes Payouts Worth Rs 100 Crore To Partner Agents

GroMo informed on Saturday that it disbursed Rs 100 crore in payouts to partner agents to commemorate the completion of its five-year milestone. The fintech platform issued a statement and said that the firm plans to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, reported PTI.

16:14 PM (IST)  •  10 Feb 2024

Paytm Establishes Advisory Committee To Strengthen Governance Issues

One97 Communications Ltd (OCL) informed on Friday that the fintech is looking into setting up a three-member group advisory committee to help work on the corporate governance issues in the firm, headed by former SEBI chairman, M Damodaran. 

To read more, click here

15:43 PM (IST)  •  10 Feb 2024

Unemployment Rate In Graduates Improved To 13.4% In 2023, Says FM

Finance Minister Nirmala Sitharaman addressed the Rajya Sabha today and said, "A White Paper on economy earlier would have affected confidence of institutions, investors, and the people." The Union Minister stated that the unemployment rate for graduates fell from 17.3 per cent in 2017 to 13.4 per cent in 2023. 

#WATCH | White Paper | In Rajya Sabha, FM Nirmala Sitharaman says, "...Repeatedly there are figures thrown at us - inflation is this, inflation is that. I just want to highlight, inflation in the last year of Atal Bihari Vajpayee's NDA Government was below 4%...They have mastery… pic.twitter.com/OLDCnqPPPr

— ANI (@ANI) February 10, 2024

15:30 PM (IST)  •  10 Feb 2024

Matrimony.com Q3: Net Profit Flat At Rs 11.10 Crore

Matrimony.com reported a flat consolidated net profit at Rs 11.10 crore for the third quarter financial results in the 2023-24 fiscal year, against a profit of Rs 11.10 crore in the same quarter a year earlier. The matrimony services provider's total consolidated income for Q3FY24 stood at Rs 37.80 crore, as compared to Rs 35.26 crore logged in the October-December quarter in the preceding fiscal year.