Business News Highlights: Stock Market Closes, Sensex Settles Over 350 Points Lower, Nifty At 22,005
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
Global shipments of Extended Reality (XR) headsets witnessed a 19 per cent year-on-year decline in 2023, with Meta securing 59 per cent of the market share, according to a new report released on Tuesday. The decrease was attributed to the absence of innovative XR headset releases and a shortage of captivating applications beyond gaming, as per findings from the Counterpoint report. Nevertheless, the introduction of highly anticipated products like the Sony PlayStation VR2 (PSVR2) and Meta Quest 3 during the year alleviated a more significant decline in 2023.
JustDeliveries, a company specialising in logistics solutions for perishables, announced the successful completion of a funding round, raising $1 million (approximately Rs 8.33 crore) from various investors, the firm said in a statement released on Tuesday. NABVENTURES Fund spearheaded the pre-Series A funding, with participation from prominent investors such as FAAD Network, Anay Ventures, Caret Capital, and Mahansaria Family Office.
Yamini Aiyar, the Chief Executive of the premier think-tank Centre for Policy Research India (CPR), will be stepping down from her current position to dedicate more time to her research pursuits, as per an announcement from CPR. This transition follows the cancellation of CPR's license under the Foreign Contribution (Regulation) Act (FCRA) several months ago.
Dr Srinivas Chokkakula, a Senior Fellow at CPR and the Ministry of Jal Shakti Research Chair is slated to assume the role of President and Chief Executive of the think-tank starting April 1st.
Apple CEO Tim Cook revealed plans for the debut of the Apple Vision Pro in the mainland China market this year during the China Development Forum in Beijing on Sunday, reported Chinese state media. Cook disclosed the launch strategy for the headset during a press briefing, mentioning that the tech giant intends to boost its research and development investments in China. CCTV Finance shared this information on its Weibo social account, as reported by the media.
The Cotton Corporation of India (CCI) announced on Tuesday that it has acquired 32.81 lakh bales of cotton thus far in the ongoing 2023-24 season, with the highest quantity originating from Telangana, Andhra Pradesh, and Maharashtra. Acting as the government's primary agency for cotton procurement at minimum support price (MSP), the CCI steps in when prices dip below the MSP threshold. The cotton season spans from October 2023 to September 2024. Notably, CCI did not engage in cotton procurement last year due to prices being above the MSP.
The stock market closed in red on Tuesday after starting the trading week on a dampened note. The BSE Sensex settled the session at 72,470.30, plunging over 360 points, while the NSE Nifty50 ended almost 100 points lower at 22,004.70.
Dell Technologies announced on Monday that it has implemented a reduction in its workforce as part of the firm's strategy to limit expenses. According to a Reuters report, the firm's employee count stood around 120,000, as of February 2, 2024, down by 6,000 jobs from a year earlier.
Read More | Dell Layoffs: Tech Firm Reduces Global Workforce By About 6,000 Employees
Avanse Financial Services, a non-banking financial company (NBFC) focused on education, said on Tuesday that it has secured Rs 1,000 crore in primary capital to fuel its business expansion. According to a statement by the NBFC, Mubadala Investment Company, an Abu Dhabi-based investment company, led this round of funding. Additionally, Avendus PE Investment Advisors Private Ltd, through its fund Avendus Future Leaders Fund II, also participated in the funding.
The consumer sentiment in India in March increased by 2.8 percentage points, the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) revealed. The index tracks consumer sentiments across 29 nations,
Read More | Consumer Sentiment Among Urban Indians Continues to Rise In March, Setting Global Benchmark: Survey
The Indian tech startup ecosystem garnered a total of $1.6 billion in funding during the first quarter of this year, up until March 15, according to a recent report released on Tuesday. This places India as the fourth-highest nation globally regarding funding raised during this period.
The report released by Tracxn, a prominent market intelligence platform, highlights that retail, fintech, and enterprise applications emerged as the top-performing sectors. Fintech, in particular, experienced a notable 48 per cent growth from the previous quarter, attributed to the rapid adoption of smartphones and favourable regulatory policies.
Federal Bank opened its 600th branch of Kerala in Tanur. The inauguration was done by Tanur Block Panchayat President K Salmath and saw ED Shalini Warrier in attendance.
Axis Bank announced on Tuesday that it is launching the digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. The lender issued a statement and said, "With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits. NRI customers of the bank can now open US dollar fixed deposits at GIFT City through 'Open by Axis Bank'."
Bharti Hexacom announced on Tuesday that it has set a price band of Rs 542 to Rs 570 per share for its initial public offering, opening for subscription on April 3. The Bharti Airtel's subsidiary will be opening the bidding for anchor investors for a day on April 2. The issue worth Rs 4,275 crore will mark the first issue in the upcoming fiscal year.
The rupee appreciated 29 paise to reach 83.32 against the US dollar in early trade on Tuesday. The domestic unit recovered from an all-time low level of 83.61 from Friday.
The stock market traded in red as the session progressed on Tuesday. As of 10:32 AM, the BSE Sensex stood 232 points lower and traded at 72,599.74, while the NSE Nifty50 slipped over 50 points and reached 22,045.60.
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 markets reversed their gains from the last trading day and started this week on a lower note. The key equity benchmarks, Sensex and Nifty, declined in the early trade on Tuesday. The BSE Sensex plunged almost 469 points to hit 72,363.03 in the morning hours, while the NSE Nifty50 slipped about 150 points to touch 21,947.55.
As the session progressed, the indices attempted to pare their losses, however, failed to make a full recovery. As of 10:06 AM, the Sensex traded at 72,518.43, down by more than 300 points, while the Nifty stood at 22,016.65, at a loss of almost 100 points.
Boeing Co announced on Monday that it is implementing changes in its leadership to tackle the concerns surrounding its controversial, but flagship product, the 737 MAX aircraft. The firm said that CEO Dave Calhoun, Chairman Larry Kellner, and Head of the Commercial Airplanes division, Stan Deal, are being replaced. It informed that Calhoun will exit the firm by 2024 end, and Kellner will not be seeking a re-election. Deal will be retiring immediately and COO Stephanie Pope will take care of his responsibilities.
The Employees’ Provident Fund Organisation (EPFO) also said that it added a net 16.02 lakh subscribers in January 2024, citing the official payroll data released on Sunday. The labour ministry in a statement revealed that for the first time, about 8.08 lakh members were enrolled in January.
The data highlighted that the majority of the new members in the organised workforce belonged to the 18-25 years age group, indicating that they are primarily freshers.
The data also showed that female employees accounted for a good part of the new members, indicating a positive shift in the workforce. About 2.05 lakh new members were female, while the net female member addition during January stood at nearly 3.03 lakh.
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