Business News Highlights: Trading Week Ahead Shortened By Festivals, Markets To Observe Global Cues
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
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.
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
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.
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 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.
The Indian government will be maintaining its ban on onion exports until further notice, a notification from the commerce ministry revealed. Originally, the export ban was scheduled to expire on March 31, 2024.
Read More : Govt Extends Onion Exports Ban Till Further Notice Ahead Of General Election
OnePlus launched the wireless earbuds, OnePlus Buds V, in China on Thursday. The company also launched the OnePlus Ace 3V.
To Read More, Click HERE
Tata Power announced a collaboration with the Ayodhya Development Authority (ADA) to install charging points within the city and its vicinity along key routes, aiming to accelerate the adoption of Electric Vehicles (EVs). This initiative strategically connects Ayodhya with neighbouring major cities by establishing EV charging stations. These points are strategically placed along routes such as Ayodhya to Lucknow via National Highway (NH) 27, Ayodhya to Raebareli via NH 330, Ayodhya to Prayagraj via NH 330, and Ayodhya to Gorakhpur via NH 27, as per the company's statement.
Apple stopped the plans to develop a MicroLED display for the Apple Watches, a report by Bloomberg said. The decision came amidst concerns regarding the display being costly and the technical difficulties related to the development of the technology associated with the product.
To Read More, Click HERE
Viki Industries plans to reach a revenue target of Rs 2,000 crore, CEO G Gautam Reddy said on Friday. The firm manufactures conventional TMT bars and is looking at widening its product portfolio, reported PTI.
Pakistan Finance Minister, Muhammad Aurangzeb, said that the nation will be issuing bonds in the Chinese market this year. Radio Pakistan reported that the minister, in an interview with Bloomberg, revealed that Pakistan will issue Panda Bonds worth $300 million to tap into the Chinese market and the volume of the bonds will be increased later.
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 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.
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