Business News Highlights: Investors To Observe Global And Domestic Macroeconomic Data Next Week
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
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.
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.
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.
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 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.
French spirits manufacturer Pernod Ricard has announced a 4 per cent increase in sales in the Indian market during the first half of the current financial year. The company, which operates on a fiscal year from July to June, has observed robust market demand for spirits in India, as per the latest earnings statement from the company.
India's fresh fruit exports climbed 29 per cent during the first nine months of the current fiscal year on a year-on-year (YoY) basis, official data from the Agricultural and Processed Food Products Export Development Authority (APEDA) revealed. During the period under review, fresh fruits from the country expanded their presence to 111 countries, from 102 nations a year earlier, reported PTI
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Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu announced on Saturday that the government is hiking the Minimum Support Price (MSP) for cow and buffalo milk in the state. Presenting the state Budget, the minister said that the MSP for cow milk was hiked from Rs 38 to Rs 45 per litre and from Rs 38 to Rs 55 per litre for buffalo milk, reported PTI.
The surge in US bond yields triggered by higher-than-expected consumer price inflation resulted in sustained selling by Foreign Portfolio Investors (FPIs) in the cash market, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. As of 2024, total FPI selling for the year stands at Rs 29,519 crores, reported IANS.
Twenty big technology companies, including Microsoft, Meta, Google, X, Amazon, and OpenAI, committed to preventing deceptive AI content, commonly known as deepfakes, from influencing global elections this year, including those in India. The firms signed a technology accord at the Munich Security Conference (MSC), with an aim to combating the deceptive use of AI during the 2024 elections, reported IANS.
Bandhan Bank said on Saturday that it has been permitted by the West Bengal government to garner tax and non-tax receipts on its behalf. The private lender will now collect revenues via the Government Receipt Portal System (GRIPS), where the public can choose to pay several taxes like property, motor vehicle, and professional tax.
In a setback for OpenAI, which is backed by Microsoft, the US Patent and Trademark Office (PTO) has declined to grant approval for the registration of the term "GPT" (generative pre-trained transformer) as a trademark.
The Reserve Bank of India confirmed on Friday that Paytm's merchant services will continue to operate uninterrupted beyond March 15, 2024. The regulator said that businesses accepting payments via a QR code, soundbox or POS terminal associated with fintech major can keep using it if their receipt and transfer of funds is linked to any other bank apart from Paytm Payments Bank.
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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.
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