Business News Highlights: Stock Market Closes In Green, Sensex Settles Above 74K, Nifty Up Almost 150 Points
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
NTPC announced on Monday that it won renewable energy projects of 3,445 MW in the 2023-24 fiscal year. "NTPC wins 3,445 MW RE bids in FY 2023-24. This records 58 per cent of total RE tenders the company participated during the financial year which is the highest since it started participating in the bids," the firm said in an official statement.
Telegram launched its business account feature for premium subscribers. The offerings of the product include customisable opening hours, quick replies, automated messages, and other features helped to enhance interactions for businesses.
Read More | Telegram Business Becomes Available For All Premium Subscribers
Mahindra Aerostructures announced on Monday that it entered into a multi-year contract with Airbus Atlantic for $100 million nearly to manufacture and delivery metallic components for the entire Airbus commercial aircraft family. As per the contract, the firm will supply about 2,300 varieties of metallic components to Airbus Atlantic in France. The manufacturing base of the firm is located in India.
Axis Bank's investment banking wing, Axis Capital, announced on Monday that it has selected Atul Mehra as the MD and CEO of the firm, subject to requisite approvals. Mehra will be replacing Salil Pitale, who served at the head of the firm for five years.
Tata Motors on Monday reported a 2 per cent increase in overall domestic wholesales in March at 90,822 units, against 89,351 units sold in the year-ago period. The domestic sale of passenger vehicles, including electric vehicles, stood at 50,297 units in the reporting month, up by 14 per cent against 44,225 units sold in the corresponding month a year earlier.
The stock market ended trading on the first day of the new 2024-25 fiscal year in green. After reaching fresh highs in early trade, the indices continued to trade in the green, however, erased some of their gains from the morning. The BSE Sensex closed at 74,014.55, climbing 363 points, while the NSE Nifty50 settled at 22,475.55, about 150 points higher.
'One Vehicle, One FASTag' norm came into effect from April 1, 2024. The program under the National Highways Authority of India aims to discourage the use of a single FASTag for more than one vehicle or linking more than one FASTag to any particular vehicle, reported PTI. The state-owned NHAI earlier extended the compliance deadline for the program to March end.
The Steel Authority of India Ltd (SAIL) announced on Monday that its crude steel production increased 5 per cent to 19.2 million tonne in the 2023-24 fiscal year, while the saleable steel output of the firm climbed 7 per cent to 18.4 MT, both on a year-on-year (YoY) basis.
Hyundai Motor India on Monday logged a 7 per cent gain in total sales at 65,601 units in March, against 61,500 units sold in March 2023. The firm announced that its domestic dispatches to dealers increased 5 per cent to 53,001 units in the period under review, against 50,600 units in the same period a year earlier. The auto major also clocked its best-ever sales at 7,77,876 units in the 2023-24 fiscal year, marking a gain of 8 per cent over 7,20,565 units in the preceding 2022-23 fiscal year.
Mahindra & Mahindra announced on Monday that its overall wholesales gained 4 per cent to 68,413 units in March, against 66,041 units dispatched in March 2023. The passenger vehicle sales of the firm in the domestic market climbed 13 per cent to 40,631 units in March 2024, against 35,997 units in the same period a year earlier. The overall exports of the automaker fell 26 per cent to 1,573 last month, against 2,115 units in the corresponding month a year ago.
Veejay Nakra, President, M&M Automotive Division, said, "We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest-ever for any commercial vehicle in the load segment in India."
MG Motor India said on Monday that it clocked a 23 per cent fall in retail sales in March at 4,648 units, against 6,051 units sold in the same month a year earlier. It logged a growth of 14 per cent in sales in the 2023-24 fiscal year, in comparison to the preceding fiscal.
Prime Minister Narendra Modi said on Monday that India needs to achieve economic self-reliance in the next decade to shield the coutnry from global factors. Speaking at the occasion of the 90th anniversary of the Reserve Bank of India (RBI), the PM said that the banking sector has become profitable and the country has witnessed a rise in credit growth due to the efforts of his government and the central bank.
Tata International announced on Monday that it is appointing Rajeev Singhal as the Managing Director (MD) of the firm. The appointment is effective from April 1, 2024, the global trading and distribution arm of the Tata Group said. Singhal follows Anand Sen, wo superannuated on March 31, 2024.
The Ministry of Finance issued a clarification on Monday asserting that there will be no changes to the new tax regime for the 2024-25 fiscal year, that began April 1, 2024. The official statement came after rumours started floating around on social media regarding the new regime.
Read More | New Tax Regime: No New Change Coming In From April 1, Finance Ministry Clarifies
Oil marketing companies (OMCs) in India announced a price cut in both 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders on Monday, with immediate effect. The firms said that the price of a 19 kg commercial cylinder has been reduced by Rs 30.50, making the effective price in New Delhi at Rs 1,764.50. The cost of the 5 kg FTL cylinder has been decreased by Rs 7.50.
Read More | LPG Price Cut: OMCs Slash Prices of Commercial Cylinders; 5kg FTL Cylinders Cost Less. Check New Rates
The stock market rallied forward on Monday morning and exhibited the bullish sentiment in the market. As of 10:41 AM, the S&P BSE Sensex traded at 74,132.05, climbing 480 points, while the NSE Nifty50 stood at 22,494.35, gaining 167.45 points.
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 market entered the new fiscal year on a bullish note and carried forward the sentiment from the last trading week of the 2023-24 fiscal year. In early trade, the BSE Sensex climbed more than 550 points and hit 74,208.33, while the NSE Nifty50 traded at 22,519, at a gain of almost 200 points.
As the session progressed, the key equity benchmark indices continued to trade positively, but inched lower slightly. As of 10:25 AM, the Sensex stood at 74,159.02, at a gain of over 500 points, while the Nifty traded at 22,511.45, jumping 184.55 points.
The markets this week will monitor the upcoming meeting of the Monetary Policy Committee (MPC) of the RBI scheduled from April 3-5, 2024. The Reserve Bank of India’s committee, chaired by Governor Shaktikanta Das, will deliberate on the interest rate policy ahead.
This will mark the first bi-monthly fiscal policy meeting of the 2024-25 financial year. About 6 meetings are scheduled for the current fiscal, starting April 1, 2024. The last time the regulator increased the repo rate was in February 2023 when it was hiked to 6.5 per cent. Since then, the central bank has maintained the status quo on the repo rates.
Notably, Switzerland recently became the first major economy to slash interest rates, while Japan increased its rates, marking an end to the eight-year-long period of negative interest rates for the economy.
Further, the United States will also release its PMI numbers for March in the week, along with unemployment rates, and total vehicle sales for the month. US Fed Chair Jerome Powell is also scheduled to deliver his speech on Wednesday, which should help provide an insight into the fiscal policy and a guideline for the RBI to follow in its MPC meeting.
- - - - - - - - - Advertisement - - - - - - - - -