Business News Highlights: Stock Market Closes In Red, Sensex Slips 111 Points, Nifty Below 22,500

Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world

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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 on Tuesday exhibited volatility and started trading on a muted note. The key equity benchmark indices traded in red and reversed on the gains made in the last trading session on Monday. As of 10:28 AM, the S&P BSE Sensex traded at 73,8872.46, at a loss of over 140 points, while the NSE Nifty50 stood at 22,425.50, down by 37 points. 

In the trading session on Monday, the indices hit fresh peaks during intra-day trade, before paring their gains a bit and settling in green. The BSE Sensex closed at 74,014, climbing over 350 points, while the NSE Nifty50 settled the session at 22,462, up by 135 points. 

The oil marketing companies (OMCs) slashes the prices of both 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders on Monday. This move saw the commercial cylinders becoming dearer by Rs 30.50, while the price of the FTL cylinders was brought down by Rs 7.50. The new prices came into immediate effect from April 1,2024. 

The new effective price of the 19 kg cylinders in New Delhi stood at Rs 1,764.50 after the change. This change was prompted by the rise in commercial liquified petroleum gas (LPG) cylinder prices announced earlier by the companies on March 1, owing to the current fluctuations in market environment and fuel costs. 

The RBI is all set to begin its first Monetary Policy Committee (MPC) meeting for the 2024-25 fiscal year on Wednesday. The central bank’s committee will take a decision on interest rates and the fiscal policy ahead. The final decision of the committee will be revealed on April 5, 2024. The last time the repo rate was hiked was in February 2023 when it was increased to 6.5 per cent. Experts believe that the bank will maintain the status quo on the rates.

19:33 PM (IST)  •  02 Apr 2024

Ashok Leyland Records 7% Decline In March Sales

Ashok Leyland has witnessed a 7 per cent decrease in its vehicle sales for March, with 21,317 units sold. This figure represents a decline from the 22,885 units sold during the same month last year. In March 2024, the company sold 14,517 units of medium and heavy commercial vehicles, along with 6,800 units of light commercial vehicles, totalling 21,317 units.

19:02 PM (IST)  •  02 Apr 2024

About 15 Pilots Quit Vistara Amid Ongoing Protest: Report

Amidst ongoing protests by some Vistara pilots over pay revision, at least 15 senior first officers have reportedly recently resigned from the airline. Vistara operates approximately 300 flights daily and maintains a fleet of 70 planes, including A320-family aircraft and Boeing 787s. In recent weeks, the Tata Group-owned airline has been dealing with mounting discontent among pilots, leading to numerous first officers of its A320 fleet calling in sick. 

According to a PTI report citing sources, at least 15 senior first officers have resigned from Vistara and transitioned to a domestic budget carrier.

18:45 PM (IST)  •  02 Apr 2024

ICICI Securities Receives GST Demand Order Worth Rs 66.70 Lakh

ICICI Securities announced on Tuesday the receipt of a tax demand totalling approximately Rs 66.70 lakh from the Gujarat State Goods and Services Tax (GST) department. This demand comprises a GST demand of Rs 31.78 lakh, interest amounting to Rs 31.72 lakh, and a penalty of Rs 3.20 lakh, the firm said in a regulatory Filing. Allegedly, the Gujarat GST authority has asserted this demand, including interest and penalty, citing an excess claim of GST credit. ICICI Securities intends to contest the matter before appellate authorities and plans to appeal against the order with the Commissioner (Appeals).

The closing price of ICICI Securities shares stood at Rs 719.85 each, marking a decrease of 0.54 per cent compared to the previous closing price on the Bombay Stock Exchange (BSE).

18:27 PM (IST)  •  02 Apr 2024

United Spirits Faces Tax Demand Worth Rs 5.51 Crore

United Spirits Ltd announced in a regulatory filing on Tuesday that it has been issued a tax demand amounting to Rs 5.51 crore, including interest. The demand pertains to the non-submission of specific statutory declaration forms and delivery proofs. The Deputy Commissioner of State Tax in Nanded has imposed this demand in relation to Pioneer Distilleries Ltd, which was amalgamated with United Spirits Ltd effective from December 30, 2023.

17:59 PM (IST)  •  02 Apr 2024

Vedanta Faces GST Demand Notices Amounting Rs 1.86 Crore

Vedanta Ltd, a prominent player in the mining sector, has been served with GST demand notices amounting to Rs 1.86 crore for using input tax credit deemed ineligible by the tax authority. In response, the company has announced its intention to contest these orders through an appeal process.

According to a regulatory filing made on Tuesday, Vedanta revealed that the GST demand notices were issued by the Office of the Assistant Commissioner in Tirunelveli, Tamil Nadu. The orders pertain to the period from FY 2017-18 to FY 2021-22 and confirm the demand of GST linked to the Input Tax Credit availed by the company, which the tax authority has deemed ineligible.