Business News Highlights: Stock Market Closes In Red, Sensex Plunges 454 Points, Nifty Settles Around 22,000
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
Indian Railways has surpassed the milestone of 1,500 million tonnes of freight loading and has earned a record total revenue of Rs 2.4 lakh crore during the current financial year ending on March 31, according to official data released on Friday. As of March 15, in FY24, Indian Railways' total revenue stands at Rs 2.40 lakh crore, marking an increase of Rs 17,000 crore compared to the corresponding figure of Rs 2.23 lakh crore for the same period in 2022-23.
The Supreme Court (SC) on Friday directed the State Bank of India (SBI) to reveal essential information regarding political contributions to the Election Commission of India (ECI) by 5 PM on Saturday, March 16. This notable decision by the apex court permits the retrieval of documents previously submitted by the ECI in sealed covers, facilitating their disclosure and subsequent upload onto the ECI website by March 17.
upGrad, led by Ronnie Screwvala, announced on Friday the appointment of Shailesh Mahale (formerly with Zepto) as Corporate HR Head and Kumar Anshu (formerly with OLX Group) as Head of Human Resources for Working Professionals, Study Abroad, and the Offline segment. Additionally, Vandana Kaushik Goel has been promoted to the Head of Human Resources for upGrad's Enterprise arm. Saurabh Deep Singla, CHRO at upGrad, emphasised that these strategic appointments go beyond traditional HR functions and will play a pivotal role in shaping the future of skilling and workforce development.
The shares of Oil Marketing Companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) witnessed a significant decline on Friday following the reduction of petrol and diesel prices by Rs 2 per litre each. HPCL's stock plunged 8.10 per cent to Rs 459.60 on the BSE. Similarly, IOC shares fell by 6.80 per cent to Rs 158.40, while BPCL's shares dropped by 6.37 per cent to Rs 570.20.
Shares of One97 Communications Ltd, the parent company of the Paytm brand, surged by 5 per cent, hitting their upper circuit limit on Friday. This rise came after the National Payments Corporation of India (NPCI) permitted the digital payments company to continue UPI transactions through four banks: SBI, Axis Bank, HDFC Bank, and YES Bank. The stock soared by 5 per cent to Rs 370.90, reaching its upper circuit limit on the BSE. Similarly, on the NSE, shares of the fintech firm also surged by 5 per cent, reaching the highest trading permissible limit for the day at Rs 370.70.
Petrol and diesel prices were reduced by Rs 2 per litre each on Friday, hours before the commencement of the general election's model code of conduct. This marks the first adjustment in rates in nearly two years. According to a notification from state-owned fuel retailers, petrol in the national capital will now be priced at Rs 94.72 per litre, down from the previous rate of Rs 96.72. At the same time, diesel will cost Rs 87.62 per litre, compared to the earlier price of Rs 89.62.
In early trade on Friday, the Indian rupee weakened by 12 paise to reach 82.96 against the US dollar. The currency was influenced by the strength of the American dollar and a downward trend in domestic equities. Forex traders attributed this depreciation to foreign fund outflows and elevated crude oil prices in the global market, which negatively impacted investor sentiment.
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.
Indian indices commenced trading on a negative note on Friday, with the Nifty hovering around 22,000 points amidst subdued global cues. At 10 am, the Sensex experienced a decline of 470.22 points or 0.64 per cent, closing at 72,627.06, while the Nifty decreased by 161.50 points or 0.73 per cent, ending at 21,985.20. Among the stocks traded, 1343 shares advanced, 1695 shares declined, and 90 shares remained unchanged.
In the previous trading session on Thursday, the two primary equity indices, Sensex and Nifty, rebounded, driven by increases in index heavyweights Bharti Airtel, Larsen & Toubro, and IT stocks. The BSE Sensex surged by 335 points to conclude at 73,097, while the NSE Nifty50 settled at 22,151, marking a gain of 153 points.
On Thursday, the National Payments Corporation of India (NPCI) announced the issuance of a third-party application provider (TPAP) license to One97 Communications Limited (OCL), Paytm's parent company. This development follows the impending closure of Paytm's banking unit, necessitating alternative solutions for payment facilitation.
With the TPAP license, Paytm is authorised to continue offering payment services through its application, leveraging India's widely-used Unified Payment Interface (UPI). Paytm Payments Bank is scheduled to cease operations by March 15 due to regulatory actions stemming from non-compliance with certain norms.
Furthermost, Financial Services Secretary Vivek Joshi stated on Thursday that five public sector lenders, including Bank of Maharashtra, IOB, and UCO Bank, are strategising to decrease government stake to below 75 per cent to adhere to Sebi's minimum public shareholding (MPS) regulations. As of March 31, 2023, only four out of 12 public sector banks (PSBs) were compliant with MPS norms.
"As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told the news agency PTI.
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