Business News Highlights: Stock Market Closed Today, US Inflation Jumps 0.4% In March
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
FMCG and dairy firms selling cola-based fizz drinks, juices, mineral water, ice creams, and milk-based beverages expect a spike in sales and have ramped up their production and stocks to meet the anticipated consumer demand with a gradual rise in temperature and the start of heatwave. The makers are launching new products while keeping in mind the evolving consumer preferences and investing substantially in promotions and expansion of the channels this season, company executives of beverage and ice cream makers said.
Digi Yatra is expected to be implemented in an additional 14 airports by the end of this month, with efforts underway to enhance user-friendliness through architectural adjustments, as per a senior executive, reported PTI. Utilising Facial Recognition Technology (FRT), Digi Yatra enables contactless passenger movement at airport checkpoints. It boasts nearly 5 million users and is operational at 14 airports for domestic travellers.
Damson Technologies, a lifestyle and mobile accessories manufacturer intends to relocate 50 per cent of its manufacturing operations from China to India. Ritesh Goenka, the Managing Director of Damson Technologies, told the news agency PTI that the company plans to initiate this transition with an initial investment of Rs 150 crore in the ongoing fiscal year. Previously centred in Beijing, the company's electronics manufacturing services will now be divided between China and India.
The telecom industry is expected to experience a 15-17 per cent tariff increase following the general elections, with Airtel positioned as the primary beneficiary, according to an analyst report. The elections, scheduled in seven phases between April 19 and June 1 in the world's largest democracy, will announce results on June 4. "We anticipate a 15-17 per cent tariff hike in the industry post-elections," stated a report from Antique Stock Broking.
Vistara CEO Vinod Kannan assured the airline staff on Thursday that the worst is now behind them, emphasising that operations have successfully stabilised following recent flight disruptions. Pilot challenges compelled the Tata Group airline to temporarily reduce capacity by 10 per cent, equivalent to 25-30 flights daily. Though acknowledging the need for better planning, Kannan framed the ordeal as a valuable learning opportunity.
The government has decided to extend the deadline for the enforcement of a special registration process and monthly return submission for manufacturers of pan masala, gutkha, and analogous tobacco items until May 15. In January, the Central Board of Indirect Taxes and Customs (CBIC) had previously disclosed the launch of a fresh registration mechanism and monthly return submission, slated to start on April 1, 2024.
Indian markets could face a period of earnings contraction alongside valuations exceeding the norm, according to Analysts' suggestions. According to Vinod Nair, Head of Research at Geojit Financial Services, earnings growth in India is displaying indications of contraction. He anticipates that earnings per share (EPS) growth will likely decelerate to 5-10 per cent in the fourth quarter compared to the robust 25 per cent seen between April and December 2023.
The Ministry of Education announced in a recent notification the appointment of Ashish Kumar Chauhan, the MD and CEO of the National Stock Exchange (NSE), and Sridhar Vembu, the CEO of Zoho Corporation, as members of the University Grants Commission (UGC) for a three-year tenure. Additionally, the ministry said that the appointment of two other members for the same duration: Professor (Retd) Sachidananda Mohanty, former VC of the Central University of Odisha, and Professor Shashikala Gulabrao Wanjari, VC of the National Institute of Educational Planning and Administration (NIEPA), New Delhi.
Naver Cloud, the cloud computing division of South Korea's technology frim Naver, announced on Thursday its collaboration with US chipmaker Intel to establish an artificial intelligence (AI) chip software ecosystem. As part of this alliance, the companies will furnish IT infrastructure utilising Intel's AI accelerator, Gaudi, facilitating AI research projects and software development for South Korean startups and universities, as disclosed by Naver Cloud.
Airfares on significant domestic routes like Kolkata-Bagdogra, Delhi-Bengaluru, and Delhi-Mumbai have seen a year-on-year increase of up to 12.7 per cent in May this year, according to data from Thomas Cook (India) and SOTC Travel. Industry experts attribute the recent surge in airfares to the rise in aviation turbine fuel prices, depreciation of the rupee, reduced flight schedules by significant players, and the grounding of planes due to engine supply issues.
Tesla CEO Elon Musk officially announced in the late hours of Wednesday his upcoming visit to India, affirming his scheduled meeting with Prime Minister Narendra Modi. Taking to X, Musk expressed his anticipation, stating, "Looking forward to meeting with Prime Minister @NarendraModi in India."
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 will remain closed on Thursday on account of Gudi Padwa, which means trading activities will remain suspended.
In the previous trading session on Wednesday, both the primary equity indices, Sensex and Nifty, ended the day in positive territory, with the stock market mainly trading within a narrow range. The S&P BSE Sensex surged by 345 points to reach 75,038. Similarly, the NSE Nifty50 concluded the session at 22,754, marking a gain of 111 points.
The unexpected increase in US retail inflation for March has pushed back predictions for Federal Reserve interest rate cuts until after June, causing turmoil in equity markets and leading to a surge in bond yields. Experts suggest that a rate cut in June now looks difficult.
In March, the US consumer price index (CPI) saw a 0.4 per cent month-on-month increase, mirroring February's growth rate. Year-on-year, CPI inflation for March stood at 3.5 per cent, up from February's 3.2 per cent. These figures exceeded expectations from the news agency Reuters polls, both in the monthly and yearly comparisons.
Furthermost, equity mutual funds concluded the 2023-24 financial year positively, experiencing a net inflow of Rs 22,633 crore in March. This was driven by significant interest in thematic funds and the introduction of new fund offerings (NFOs). However, this latest inflow was 16 per cent lower than the infusion of Rs 26,866 crore observed in the previous month, as per data from the Association of Mutual Funds in India (AMFI) released on Wednesday.
In March, the monthly inflow from Systematic Investment Plans (SIP) reached a new peak of Rs 19,270 crore, up from Rs 19,187 crore in February. The total SIP contribution amounted to Rs 2 lakh crore, reflecting a 28 per cent increase from the previous year.
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