Business News Highlights: Stock Market Closes Higher, Sensex Closes Over 75K, Nifty Above 22,750
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
LIVE
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 enjoyed a major bull run on Tuesday, before snapping their gains and reversing the trend. Both the key equity benchmarks hit fresh peaks during the trading session, when the S&P BSE Sensex reached 75,124.28, while the NSE Nifty50 touched 22,768. However, the indices turned the momentum around and ended the session on a flat note amidst profit booking in index heavyweights. The BSE Sensex closed trading at 74,684, over 50 points lower, while the NSE Nifty50 ended the day at 22,643, slipping 24 points.
Paytm Payments Bank Limited (PPBL) revealed in a stock filing that MD and CEO, Surinder Chawla submitted his resignation papers to the firm on April 8, 2024. The executive cited personal reasons and a wish to look out for better career prospects as his reasoning behind the move. Chawla will be officially moving out of the firm on June 26, 2024.
Notably, recently Paytm’s parent company, One97 Communications Ltd, stressed its commitment to its banking partners. The firm said while the majority of the agreements between the firm and PPBL were terminated, ‘this does not affect our commitment to our partners’.
Media reports on Tuesday stated that Ola cabs has decided to cease its international operations ‘in its current form’ as the firm remains focused on increasing its electric fleet in India.
TechCrunch quoted an Ola spokesperson and reported that the cab-sharing aggregator plans to focus on its business in the domestic market to prepare for an initial public offering (IPO).
The company will be shutting down its operations in the UK, Australia, and New Zealand, about six years after going global with its venture. The spokesperson in an official statement added, “The future of mobility is electric -- not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India.”
Utkarsh SFB Settles Sebi Disclosure Violation Case, Pays Rs 1.24 Crore
Utkarsh Small Finance Bank resolved a case with the capital markets regulator Sebi on Wednesday regarding disclosure norms by paying Rs 1.24 crore as settlement charges. The settlement came after Utkarsh Small Finance Bank proposed to resolve the proceedings initiated against it without admitting or denying the findings and conclusions through a settlement order.
Wipro Names Malay Joshi As CEO Of Americas 1 Strategic Market Unit
Wipro announced on Wednesday the appointment of Malay Joshi as the CEO of its Americas 1 Strategic Market Unit, effective immediately. Joshi will also become a member of the company's executive board. He takes over from Srini Pallia, who has been appointed as the CEO and Managing Director of Wipro. Pallia stated, “Joshi has been leading one of the largest business units at Wipro and has delivered the highest CAGR over a decade across multiple global businesses."
Swiggy Celebrates Ramzan With Nearly 60 Lakh Biryani Orders
Swiggy, the online food delivery platform, said on Wednesday that it has received nearly 60 lakh Biryani orders throughout the sacred month of Ramzan. These orders marked a 15 per cent increase compared to regular months, from March 12 to April 8. Hyderabad emerged as the leading city, with over a million plates of biryani and 5.3 lakh plates of Haleem ordered.
NCLAT Affirms Insolvency Proceedings Against Tulip Hotels For Defaulted Guarantees
The National Company Law Appellate Tribunal (NCLAT) has confirmed the insolvency proceedings against Tulip Hotels. This decision comes after Tulip Hotels failed to fulfil corporate guarantees totalling Rs 450 crore each for Cox & Kings and EzeeGo One Travel & Tours. The Mumbai bench of the National Company Law Tribunal (NCLT) had ordered the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels on May 16, 2023. This action was taken in response to a petition filed by Yes Bank, alleging a default of Rs 900 crore for two corporate guarantees provided by Tulip Hotels.
Tech Mahindra, Microsoft Partner To Develop User-Friendly Workbench
Tech Mahindra announced on Wednesday that it is entering a partnership with Microsoft to develop a user-friendly unified workbench on Microsoft Fabric. The new system will facilitate ogranisations in accelerating the adoptiong of the analytics platform, Microsoft Fabric, and allow them to create complex data workflows.
Top Headlines
Trending News
