Business News Highlights: Stock Market Closes In Green; Sensex Up 333 Points, Nifty At 19,820
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NSE on Friday said that it has received approval from SEBI to introduce options trading on NYMEX WTI crude oil and natural gas futures contracts within its commodity derivatives segment. Notably, WTI (West Texas Intermediate) will serve as the underlying commodity for the oil futures contract offered by the New York Mercantile Exchange (NYMEX).
“The addition of Options on Futures contracts will further boost NSE’s product offering in the overall commodity segment. These contracts are designed to provide the market participants particularly Corporates, Value chain participants and Foreign Portfolio Investors (including all categories of FPIs such as Individuals, Corporates & Family Offices) with a more efficient way to manage their commodity risk," NSE said in the press release.
Bank of Baroda (BoB) has introduced UPI ATM functionality at over 6,000 ATMs nationwide. In collaboration with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB has become the first PSB to launch UPI ATMs, BoB said in a statement.
The UPI ATM allows customers, as well as customers of all participating issuer banks, to use any UPI-enabled mobile application, to withdraw cash from Bank of Baroda UPI ATMs without needing their debit cards, it said.
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The market capitalisation (Mcap) of BSE-listed companies reached a fresh record high of Rs 320.94 lakh crore on Friday. The S&P BSE Sensex rose by 333.35 points or 0.50 per cent to close at 66,598.91, after Friday's session. Since August 31, the benchmark index has seen a remarkable increase of 1,767.5 points, equivalent to 2.72 percent, reported PTI.
This robust performance in domestic equities has pushed the market capitalisation of BSE-listed firms to a new all-time high of Rs 3,20,94,202.12 crore.
IDBI Trusteeship Services has filed an insolvency proceeding application against Cafe Coffee Day for alleged default of Rs 228 crore. The
Coffee Day Enterprises Ltd, the operator of Cafe Coffee Day outlets, is facing an insolvency application under Section 7 of the Insolvency and Bankruptcy Code.
"An application has been filed against the Company under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2019 by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru for alleged default of Rs 228,45,74,180," said the company in a stock exchange filing.
"The Company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter," it added.
Gold prices in the national capital on Friday rose by Rs 100, reaching Rs 60,150 per 10 grams. According to HDFC Securities, this rise is due to robust indicators from international markets, reported PTI. In the previous trading session, gold had concluded at Rs 60,050 per 10 grams.
Meanwhile, the price of silver remained unchanged at Rs 74,100 per kilogram on Thursday
In the global markets, as per the report, the price of gold was on the upswing, trading at $1,923 per ounce, while the price of silver remained steady at $23.02 per ounce.
In the financial year 2022-23 (FY23), the real estate sector contributed an estimated Rs 2 lakh crore in revenue to various states and UTs through various means, including stamp duties, according to a report by Naredco-Knight Frank India, reported PTI. This amount accounts for 5.4 per cent of the total revenue collected by all states and UTs in India during the 2022-23 fiscal year.
The report estimated that all states and UTs in India collected approximately Rs 2 trillion from sources such as stamp duties, registration fees, and land revenue.
Naredco, a realtors' body, and property consultant Knight Frank India jointly published a report titled 'India Real Estate: Vision 2047.' According to the projections in this report, the Indian real estate sector's size is expected to grow more than 12-fold, reaching $5.8 trillion by 2047, up from $477 billion in the previous year. This sector is anticipated to contribute over 15 per cent to the total economic output of the country in 2047, compared to its current share of 7.3 per cent.
The two benchmark indices, Sensex and Nifty, extended their winning streak for the sixth consecutive session. At 3.30 PM, the Sensex stelled up 333.35 points at 66,598.91, on the other hand, the Nifty gained 93 points or 0.47 per cent to close at 19,820.
Gainers on the Nifty included Coal India, NTPC, BPCL, Tata Motors, and Larsen and Toubro. On the flip side, UPL, Eicher Motors, Apollo Hospitals, ITC, and Wipro were among the losers.
Market At 2.20 PM: The BSE S&P Sensex is up 469 points or 0.71 per cent at 66,735. On the other hand, Nifty gains 128 points or 0.65 per cent and trading at 19,855. On the 30-Sensex platform, NTPC, Bajaj Finserv, L&T, Tata Motors, and Bharti Airtel were top gainers. On the flip side, ITC, Tech Mahinda, Wipro, TCS and JSW Steel were among the losers.
Battery manufacturer Exide Industries Ltd announced on Thursday that it has invested more than Rs 100 crore in its wholly-owned subsidiary, Exide Energy Solutions Ltd, which produces chemistry battery cells. According to the company's regulatory filing, Exide Industries made this investment through a subscription to the equity share capital of Exide Energy Solutions Ltd (EESL) based on rights.
The company clarified that this investment does not alter its shareholding percentage in EESL. As of the acquisition, EESL has a paid-up equity share capital of Rs 374.40 crore, a net worth of Rs 655.20 crore as of March 31, 2023, and reported a net loss of Rs 59.81 crore for the fiscal year ending March 31.
Shares of Tata Power hit a 52-week high at Rs 276.50 on Friday following a block deal. Tata Powers 0.2 per cent equity stocks changed hands on the bourse in a trade deal worth Rs 155 crore. Nearly, 52.5 lakh shares of Tata Power were sold at a price of Rs 270 per share on the NSE, the report said. The information about buyers and sellers was not made public yet.
At 12.55 PM on the BSE, the Tata Power stock was trading at Rs 273.80, up Rs 10.20, or 3.87 per cent.
Market regulator SEBI on Thursday disposed of adjudication proceedings against state insurer LIC. The case pertains to LIC allegedly violating mutual fund norms while holding shares in IDBI Mutual Fund. In its order, SEBI said that the alleged violation on the part of LIC is to be viewed in the context of the efforts taken by it to complete the merger of IDBI Mutual Fund with LIC Mutual Fund.
India needs to grow at 8-9 per cent for the next 20 years to become a developed nation by 2047 as envisioned by Prime Minister Narendra Modi, Deloitte South Asia CEO Romal Shetty said. He said India can benefit from the 'China plus one' strategy as no other country can offer the scale and size of operations as is available here.
Zepto, the Quick grocery delivery start-up, has elevated Ankit Agarwal, the Special Vice President (SVP) for Products, to the position of Chief Product Officer, the company said on Friday, reported PTI. The Mumbai-headquartered start-up became the first Unicorn in 2023 after raising $200 million (around Rs 1,653 crore) last month.
Agarwal as per the report has previously worked at companies like Adobe, Flipkart, and Delhivery. He joined Zepto in August 2022.
The appointment of Dipak Gupta as the interim managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank for two months has been approved by the RBI. Kotak Mahindra Bank last week informed the stock exchanges that Uday Kotak, the managing director and CEO, has resigned from the role ahead of his term coming to an end by the end of 2023.
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Market At 12 PM: The BSE S&P Sensex is up 323.96 points or 0.49 per cent at 66,589.52. On the other hand, Nifty gains 92.80 points or 0.47 per cent and trading at 19,819.80.
The rupee recovered from its all-time low levels and appreciated by 10 paise to 83.13 against the US dollar in early trade on Friday, tracking a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as firm crude oil prices and the strength of the American currency in the overseas market dented investor sentiments, while positive domestic equities cushioned the downside. At the interbank foreign exchange, the domestic unit opened at 83.13, registering a rise of 10 paise over its last close. On Thursday, the rupee depreciated 10 paise to its lifetime low of 83.23 against the US dollar. Forex traders expect the rupee to trade with a negative bias on a strong dollar and elevated crude oil prices. Disappointing European data may further support the dollar.
Sensex and Nifty on Friday were trading in the green amid weak global trends. The BSE Sensex was up 156 points to 66,422. On the other hand, the NSE Nifty50 was trdaing at 19,764, up 37 points. On the 30-share Sensex platform, L&T, NPTC, Bajaj Finserv, Airtel, Bajaj Finance, Maruti were among the early gainers. On the downside, TCS, Axis Bank, IndusInd Bank, Wipro, ICICI Bank, JSW Steel emerged losers. Sectorwise, the Nifty Realty index added 0.7 per cent, the Nifty PSU Bank and Metal indices gained 0.5 per cent each, while the Nifty Auto index advanced 0.23 per cent, hitting a new all-time high. The Nifty IT index fell 0.26 per cent.
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.
On Thursday, the two key equity benchmarks extended their winning run into the fifth straight session. At Close, the S&P BSE Sensex rose 385.04 points or 0.58 per cent to 66,265.56. On the other hand, the Nifty was up 116.00 points or 0.59 per cent at 19,727. According to PTI, over the past five sessions, the benchmark index has risen by 1,434.15 points or 2.21 per cent, adding Rs 9.50 lakh crore in the Investors' wealth. The market capitalisation of companies listed on the BSE surged to a fresh all-time high of Rs 319.10 lakh crore on Thursday.
On the other hand, the rupee fell 9 paise to register a new closing low of 83.22 (provisional) against the US dollar on Thursday, marking the fourth consecutive day of decline of the rupee. According to analysts, this decline is credited to the firm American dollar and increased crude oil prices.
According to analysts, crude oil prices are likely to stay elevated. Factors such as supply constraints, potential production cuts, OPEC's extended efforts, positive manufacturing PMI data from China, and economic stimulus measures have fueled this recent price surge. Additionally, a significant reduction of 10.6 million barrels in US crude oil inventories for the week ending August 25 has contributed to the strength in oil prices.
G20 Summit
New Delhi is set to host the 18th G20 Summit from September 8 to 10, welcoming over 25 world leaders and various delegates at the Pragati Maidan venue. To ensure security, entry and exit points around the newly constructed Bharat Mandapam Convention Center will be closely managed. Additionally, all establishments in New Delhi, including schools, offices, restaurants, malls, and markets, will remain closed during the event dates.
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