Business News Highlights: Geopolitical Instability, Macro Announcements, Global Trends To Impact Markets In The Week
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
Affordable homes priced up to Rs 45 lakh became less popular as their share in overall housing sales dropped by more than half to 22 per cent in January-March across top eight cities, housing brokerage firm PropTiger revealed. Relatively, affordable housing units made up 48 per cent of the overall home sales in the cities in same quarter in 2023 calendar year. Housing sales clocked a jump of 41 per cent in the period under review to 1,20,640 units, against 85,840 units sold in the corresponding quarter a year earlier.
Wise Travel India Ltd announced that it aims to expand its electric vehicles fleet by 1,000 units in the year. CEO Ashok Vashist revealed that the firm plans to increase its presence in India's tier-II cities like Chandigarh, Jaipur, Coimbatore, and Indore, and also expand globally in Saudi Arabia and far east firms.
Wise Travel India Ltd announced that it aims to expand its electric vehicles fleet by 1,000 units in the year. CEO Ashok Vashist revealed that the firm plans to increase its presence in India's tier-II cities like Chandigarh, Jaipur, Coimbatore, and Indore, and also expand globally in Saudi Arabia and far east firms.
Life Insurance of India (LIC) clocked a jump of 59 per cent in its investments in Adani group firms on a value basis in 2023-24 fiscal year (FY24). The value of the investments in seven Adani group firms climbed from Rs 38,471 crore as of March end 2023 to Rs 61,210 crore on March end 2024, official exchange data revealed.
India clocked a fall of 5.5 per cent in automobile exports in the 2023-24 fiscal year (FY24) owing to the monetary crisis in several global markets, the official data shared by industry body SIAM revealed. The exports stood at 45,00,492 units in FY24, against 47,61,299 units exported in the preceding 2022-23 fiscal year (FY23).
The collective market capitalisation of seven out of the top 10 most valued companies on the BSE Sensex jumped Rs 59,404.85 crore last week. The gainers on the index included Bharti Airtel, ICICI Bank, Reliance Industries, TCS, Infosys, and SBI, while HDFC Bank, LIC, and Hindustan Unilever saw their valuations erode.
Foreign portfolio investors (FPIs) infused more than Rs 13,300 crore in Indian equities in April so far, while the Indian debt market saw an addition of Rs 1,522 crore in the month till April 12.
Route Mobile announced that its public shareholders have tendered their shares worth Rs 2,500 crore approximately at current price for the firm’s present open offer.
Hindustan Construction Company (HCC) announced on Saturday that it has received panel approval for raising Rs 350 crore via a rights issue. The rights issue committee authorised the allotment of 166,666,666 equity shares priced at Rs 21 apiece, the firm said via an official filing.
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 markets exhibited major volatility last week. After rallying in the first half of the week to hit fresh peaks, the two key equity benchmarks reversed the trend and ended the week in red. The indices traded in reaction to the rising geopolitical turmoil and uncertainty surrounding the interest rate decision by the US Federal Reserve.
The S&P BSE Sensex ended the trading session on Friday at 74,245, nosediving nearly 800 points, after reaching a fresh low of 74,189 during the session. The NSE Nifty50 settled at a loss of over 200 points at 22,519, after hitting a new record low of 22,504.
Moody’s Analytics shared a fresh prediction for the Indian economy on Friday and downgraded its growth rate for 2024. The ratings agency projected a growth rate of 6.1 per cent for India in 2024, down from a growth of 7.7 per cent clocked in 2023. The report attributed this slowdown to a fall in India’s output levels which remained 4 per cent below the potential level, without the impact of the COVID-19 pandemic and any other disruptions like supply chain woes and global conflicts.
The agency in its report noted, “Economies in South and Southeast Asia will see some of the strongest output gains this year, but their performance is flattered by a delayed post-pandemic rebound. We expect India’s GDP to grow 6.1 per cent in 2024 after 7.7 per cent last year.”
Last week, Vistara announced that it is reducing flight capacity by 10 per cent until May 24, 2024, to help stablise the firm’s operations. This reduction followed mass flight cancellations seen by Vistara due to a lack of staff availability, stemming from pilots calling in sick in protest with the roster system and the new salary structure.
CEO Vinod Kannan assured that the carrier has got things under control now. “It has been a challenging start to the new financial year. As you are no doubt aware, we faced significant operational disruption from March 31 to April 2,” he said in an official communication to employees.
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