Business News Highlights: Investors To Observe Global And Domestic Macroeconomic Data Next Week
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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 the corporate world.
The stock markets exhibited volatility throughout the week. After starting the week with losses, the markets rallied through and ended the last trading session on Friday in green. Both the key equity benchmarks settled higher, with the BSE Sensex closing at 72,427, a gain of 376 points, and the NSE Nifty50 finishing higher by 130 points to 22,041.
In the last trading session on Friday, the Indian currency appreciated 4 paise to close at 83.01 against the US dollar, supported by the positive movement in the domestic equity markets and moderating crude oil prices.
Paytm received a fresh lifeline on Friday after the Reserve Bank of India (RBI) extended the deadline for its banking business, Paytm Payments Bank Ltd (PPBL) to put a stop to deposits, cash top-ups, and other transactions in customer accounts, FASTags, wallets, and other instruments linked with the bank.
The regulator allowed the fintech major more time by increasing the deadline from February 29, 2024 to March 15, 2024, for stopping the services. The central bank said that these relaxations were given keeping in mind customer interests, specially merchants. In addition to the extension, the RBI also issued a list of Frequently Asked Questions (FAQs) targeted at helping the customers linked with the bank and the overall public.
However, the central bank has noted that further supervisory measures are required to handle the non-compliance issues and transparency concerns related to PPBL.
Further in the week, macroeconomic data on the global front is expected to be released. The US is scheduled to release jobless claims, S&P PMI data for manufacturing and service sector, existing home sales, etc. On the domestic front, HSBC Services PMI and Composite PMI numbers will be announced for the country in the week.
Industrial Units Must Get Uninterrupted Power Supply: MSEDCL official
Sanjay Taksande, director of Maharashtra State Electricity Distribution Company Limited (MSEDCL), emphasised the importance of providing uninterrupted power supply to industrial units, considering their significant contribution to the revenue stream of the state-run power distribution firm.
Finance Ministry Holds High-level Meeting To Expedite Debt Recovery
A high-level meeting chaired by Vivek Joshi, the Secretary of the Finance Ministry’s Department of Financial Services, deliberated on measures to accelerate debt recovery and improve the effectiveness of debt recovery tribunals. The meeting was held on Saturday, and Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) attended it along with others.
Himachal's Public Sector Firms' Loss Reaches Rs 5,143 Crore In FY23
The cumulative losses of public sector enterprises in Himachal Pradesh, as of March 31, 2023, amounted to Rs 5,143.46 crore, with 14 out of 23 such units operating in the red, as per a state government report. The report on public sector units was presented in the state assembly on Saturday alongside unveiling the annual budget for the upcoming financial year.
Govt Collaborates With ONDC To Provide Fishermen With An E-market Platform
The Department of Fisheries is set to sign a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) on February 19 to provide fishermen with an e-market platform. Officials stated that the MoU will be signed in the presence of Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala and Minister of State for Fisheries, Animal Husbandry and Dairying L Murugan at Krishi Bhawan in the national capital, reported IANS.
Himachal CM Sukhu Presents Rs 58,444 Crore Budget For FY25
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Saturday Presented the annual budget of Rs 58,444 crore for 2024-25, with a particular emphasis on the agriculture sector. In his second state budget presentation, Sukhu, who also serves as the finance minister, announced an increase in the Minimum Support Price (MSP) for milk.
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