Business News Highlights: Stock Market Closes In Green, Govt Slashes LPG Cylinder Price By Rs 200
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
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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 corporate. Here are some important events will be keeping an eye on August 29.
US And India’s Economic Data
Markets closed in green on Monday after a two-day losing run. Investors will keep a keen eye on whether the markets can build an upward trend on Tuesday and add to the Monday gains. Economic data for India is expected to be released on the last day of August. An anticipation about macroeconomic indicators like GDP for the first quarter, fiscal deficit and infrastructure sector output for July is expected to impact the markets.
The United States will release the GDP data for it’s second quarter on Tuesday. The data is expected to show an impact on global markets.
Additionally, Manufacturing Purchasing Managers' Indices (PMI) data, which serve as indicators of economic trends, will be disclosed for August from major economies including the US, the UK, Japan, China, and the Eurozone.
During the Jackson Hole Economic Policy Symposium the US Fed Chair Jerome Powell's comments, where he expressed contentment with policy progress and a commitment to managing inflation within target limits, were as per analysts' expectations, various reports suggest.
Upcoming IPOs
Nashik-based Rishabh Instruments will be open for subscription on August 30. The energy efficiency solutions provider will offer an initial public offering (IPO) including a fresh issue that comes up to Rs 75 crore and offer for sale (OFS) for 94.28 lakh shares. The IPO will be in the price range of Rs 418-441 per share and investors will be allowed to bid for a lot of minimum 34 shares and multiple lots thereafter.
Another IPO of textile company CPS Shapers will open for subscription on August 29. The SME IPO will intend to raise Rs 11.1 crore via the issue. The issue will be a fixed price issue for an offer price of Rs 185 per share.
SEBI Issues Stricter Guidelines To Enhance Cyber Security Framework For Exchanges
The Securities and Exchange Board of India (SEBI) introduced guidelines to strengthen the existing cyber security framework for stock exchanges and other market infrastructure institutions (MIIs). The guidelines will be implemented immediately, the market regulator informed in a circular on Tuesday. The new guidelines will require MIIs to maintain offline, encrypted backups of data and timely test these backups at least every quarter to ensure their integrity.
Additionally, the guidelines urge the MIIs to retain spare hardware in an isolated environment to be able to rebuild systems, if it is not possible to start operations from both the Primary Data Centre (PDC) and Disaster Recovery Site (DRS). The regulator called on the MIIs to conduct consistent vulnerability scanning, employ multi-factor authentication for all services, and secure dark web monitoring services to keep a check on brand abuse.
SEBI Calls For Relaxed Fundraising Process for NPOs
The Securities and Exchange Board of India (SEBI) proposed a relaxed fundraising process for not-for-profit organisations (NPOs) on Tuesday. The market regulator suggested reducing the limit of the minimum issue size along with the application size for NPOs. Further, SEBI suggested removing the need for no pending notice or ongoing scrutiny by the Income Tax department against NPOs for registering on the social stock exchanges (SSEs) and replacing the term social auditor with social impact assessor. The proposed changes are aimed at helping NPOs in their fundraising process.
DGCA Orders Temporary Suspension of Boeing Simulator Training Facility Of Air India
The Directorate General of Civil Aviation (DGCA) has temporarily suspended the Boeing simulator training facility of Air India, sources claimed. The DGCA is currently ‘verifying’ some of the documents regarding the matter and will decide about restoring the facility after it completes the process, the sources stated. While a senior Air India official did say that DGCA conducts routine inspections, the official refused to give any other details, reported PTI. The DGCA inspection team allegedly uncovered lapses in Air India’s internal safety audit reporting and took the decision, the sources revealed.
Govt Reduces Price Of LPG Cylinders By Rs 200
The government has announced a price reduction in gas cylinders from Wednesday. The decision has been taken to provide some relief to the consumers and the government has reduced the price of LPG gas cylinders by Rs 200 for all consumers. Prime Minister Narendra Modi made the announcement as a Raksha Bandhan gift for the women in the country. In addition to the Rs 200 subsidy provided under the government’s Pradhan Mantri Ujjwala Yojana, the recipients of the scheme will get an additional Rs 200 subsidy as per the announcement.
Stock Market Closing Bell: Indices End Volatile Session With Gains, Jio Financial Surges 5%
Despite showing modest gains throughout the trading session, the key S&P BSE Sensex closed unchanged on Tuesday at 65,076 levels, edging up by 79 points or 0.12 per cent. On the other hand, the Nifty50 managed to hold the 19,300 level, concluding at 19,343, with an increase of 37 points or 0.19 per cent.
Leading the gainers on Nifty were Jio Financial Services (up 5 per cent), Hindalco, UPL, Adani Ports, Hero MotoCorp, Tata Steel, Bajaj Auto, and Adani Enterprises. On the other hand, Bharti Airtel, HUL, Axis Bank, Reliance Industries, IndusInd Bank, Dr. Reddy's Laboratories, Sun Pharma, and Tata Consumer Products were the major losers, facing declines of up to 2 per cent.
In the broader market, the BSE MidCap and SmallCap indices maintained solid gains, closing 0.45 per cent and 0.69 per cent higher, respectively. Notably, the SmallCap index reached a new intraday peak of 36,563.
Among sectors, the Nifty Pharma, FMCG, and PSU Bank indices ended with losses of up to 0.5 per cent. Conversely, the Nifty Realty index surged by 1.69 percent, while the Nifty Metal index rose by 1.28 percent.
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