Business News Highlights: Inflation Data, Interest Rate Decisions, PMI Numbers To Drive Markets Ahead
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
The Consumer Disputes Redressal Commission found Flipkart guilty of engaging in unfair trade practices and instructed it to pay a customer Rs 10,000 for the mental distress he endured following the cancellation of his iPhone order. The District Consumer Disputes Redressal Commission in Central Mumbai confirmed that the cancellation was done to make additional profit, which amounts to a deficiency in service and unfair and restrictive trade practices adopted by the online platform, PTI reported.
Google Meet recently introduced a new feature to enhance presentation quality for meetings across the web version of the app. The feature, titled 'portrait touch-up' allows users to subtly make changes and achieve their desired appearance.
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French sports retailer Decathlon is planning to increase its investment to enhance production and expand its retail presence in India, Global CEO, Barbara Martin Coppola, said. "Decathlon expects to continue its high growth rate from the Indian market, which is also emerging as an important manufacturing hub for the sports retailer, from where it currently exports around 65 per cent of production to global markets. For Decathlon, India is currently among the top ten global markets, growing twice the rate of others, where it entered in 2009 and now operates a network of 129 stores," the executive shared, reported PTI.
Job seeking and professional networking platform, LinkedIn, is planning to venture into gaming by introducing puzzle games to increase user engagement. App researcher, Nima Owji, discovered code snippets and shared that these indicated that the platform is looking into a unique feature including associating player scores with workplaces. However, a LinkedIn spokesperson issued a clarification and said that the images shared don't reflect the most recent versions.
Read More : LinkedIn To Bring Games On Platform To End Boring Old Job Hunting
Regional airline FLY91 is set to commence commercial flights on March 18 and expects to employ approximately 350 staff by the end of its inaugural year of operations and aims to achieve profitability within two years, Manoj Chacko, MD and CEO, said in an interview with PTI. The Goa-based airline presently operates with two ATR 72-600 planes and plans to augment its fleet with four aircraft in its first operational year. Chacko affirmed that there is currently no requirement to raise funds, as the airline is set to receive Viability Gap Funding (VGF) under the regional air connectivity scheme UDAN.
Foreign Portfolio Investors (FPIs) maintained a bullish attitude towards the Indian equity markets and invested Rs 40,710 crore in the first half of March, while the influx in debt market stood at Rs 10,383 crore in the period, official data revealed.
Read More : FPIs Remain Bullish On Indian Equities, Invest Rs 40,710 Crore In March So Far
Finance Minister Nirmala Sitharaman on Saturday said that India needs to attain economic freedom to achieve developed nation status by 2047. She assured that the nation will soon rise from its present fifth-place ranking in the global economy to the third spot. "India should attain self-sufficiency in economic matters. It should become an economic power. The country has come from 10th position to 5th in global rankings and a few years down the line we will achieve the third spot", Sitharaman stated after unveiling a bust of Mahatma Gandhi at Shrimati Indira Gandhi College, PTI reported.
Amidst a general downward trajectory in stocks, five of the top ten valued companies saw a cumulative loss of Rs 2,23,660 crore off their market valuation last week. Reliance Industries and Life Insurance Corporation of India suffered the most severe blows. The BSE benchmark Sensex experienced a decline of 1,475.96 points or 1.99 percent during the week.
Amongst the top 10, Reliance Industries, ICICI Bank, State Bank of India, Life Insurance Corporation of India (LIC), and Hindustan Unilever clocked an erosion in their market capitalisation (mcap), while Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, Infosys, and ITC emerged as gainers, PTI reported.
IDBI Capital Markets & Securities paid Rs 13 lakh in settlement charges to markets regulator, SEBI, regarding alleged violations of stock broker norms. The firm opted to settle the instant proceedings started against it, without admitting or denying the findings in the matter. Notably, SEBI began a probe into the trading activities of Kajal Ilesh Savla in the securities market and conducted an investigation during January 2019 to July 2022, reported PTI.
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 experienced a difficult trading week as the indices closed trading in the red after erasing the gains from the week. The BSE Sensex closed the last trading session at 72,485, down by over 450 points, while the NSE Nifty50 stood 123 points lower at 22,023.
In the week ahead, investors will keenly be on the lookout for foreign fund flows, rupee-dollar movements, the outcome of the US Fed policy rate meeting, along global trends. The US Federal Reserve will hold its monetary policy meeting, starting on March 19, 2024, and will announce the interest rate decision after the two-day meeting on March 20, 2024.
Experts believe that the US Fed will maintain the status quo on the interest rates. The Bank of Japan (BoJ) is also set to reveal its interest rate decision on Tuesday, followed by the Bank of England (BoE) coming out with its rate call on Thursday.
Further, more economic data from major nations is expected to be released in the coming weeks. The UK and the US are set to reveal their S&P Global Manufacturing and Services PMI data. Other important macroeconomic data expected ahead includes industrial production, unemployment figures from China, along with inflation data from the Eurozone, trade balance, and inflation figures from the UK and Japan. Domestically, the HSBC Manufacturing, Services, and Composite PMI data for India is scheduled to be released on Thursday.
The trading activity of foreign portfolio investors (FPIs) will also remain under watch as the investors lately started becoming consistent with their influx in the Indian market. The official data from the depositories revealed that FPIs poured Rs 40,710 crore into Indian equities and the overall influx stood at Rs 50,471 crore, as of March 15, 2024.
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