Business News Highlights: Trading Week Ahead Shortened By Festivals, Markets To Observe Global Cues
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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 market closed the trading week with gains after registering losses in early trade during the last trading session on Friday. After declining more than 200 points in the morning, the S&P BSE Sensex ended the trading day at 72,832, climbing nearly 200 points. On the other hand, the NSE Nifty50 breached the 22k mark in early trade, but recovered and settled almost 100 points higher at 22,097.
The markets maintained the trading pattern earlier in the week as well. Further, on Friday, the Directorate General of Civil Aviation (DGCA) imposed a fine of Rs 80 lakh on Air India for flouting flight duty and fatigue management norms. This indicated at least the third time that the carrier received penalties from the aviation regulator in a span of less than two months. The airline didn’t adhere to the rest provisions mentioned for the flight crew before and after ultra-long-haul flights, among other violations, the regulator informed.
The trading week ahead will remain shortened on account of the upcoming festivals of Holi and Good Friday. On Monday, March 25, the country will be celebrating Holi, the festival of colours, and on Friday, March 29, the Christian festival of Good Friday will be celebrated. The markets will observe a holiday to mark both festivals. The markets earlier observed a holiday at the beginning of the month on March 8 to celebrate the festival of Maha Shivratri.
According to a report by Reuters, Indian IT firm, Wipro, promoted six of its employees to senior vice president roles and 25 others to vice president roles in order to manage senior-level attrition and strengthen its internal leadership. The news agency saw two internal memos and reported the strategic hiring.
FPIs Witness Consistent Rise In Debt Investments
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted on Saturday that foreign portfolio investment (FPI) in India during this fiscal year has shown consistent growth, particularly in debt investments, contrasting with the fluctuating nature of equity investments. He noted that this upward trajectory in debt investment has persisted into March as well, with inflows totalling Rs 13,223 crore in debt by the end of March 2022.
Indeed Introduces Specialist Media Networks For Tech Talent Acquisition In India
The employment platform Indeed unveiled its latest initiative, Specialist Media Networks, in India on Friday. Geared towards aiding employers in the recruitment process for demanding and competitive job positions, this innovative platform focuses on filling challenging roles that are often difficult to staff.
Read More: Here
Commerce Ministry Affirms India's Strong Regulatory and Safety Framework For Seafood Industry
The commerce ministry on Saturday emphasised that India maintains a strong regulatory framework for its 548 seafood units, ensuring stringent oversight through regular inspections conducted by various government agencies. This affirmation follows recent reports raising concerns about food safety and labour conditions within the Indian shrimp industry.
Samsung CEO Unveils Latest AI Features At BKC Store
Jong-Hee (JH) Han, Vice Chairman, CEO, and Head of the Device Experience division at Samsung Electronics, recently visited the Samsung BKC store at Jio World Plaza in Mumbai. During this visit, he underscored Samsung's commitment to the Indian market by unveiling AI and hyper-connectivity features tailored to its tech-savvy clientele. Han extended a warm invitation to consumers to delve into Samsung's latest AI innovations spanning its diverse product lineup, encompassing televisions, digital appliances, and smartphones.
Maruti Ventures Into Healthcare, Acquires Over 6% Stake In Amlgo Labs
Maruti Suzuki India announced on Saturday its acquisition of a stake exceeding 6 per cent in the technology startup Amlgo Labs. Amlgo Labs specialises in data analytics, cloud engineering, machine learning (ML), and artificial intelligence (AI), aiding companies in data-centric decision-making processes. The automotive major stated in a press release that this investment is facilitated through the Maruti Suzuki Innovation Fund, an initiative aimed at strategically investing in startups that demonstrate significant technological innovation.
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