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
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 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, 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.
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 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.
The rupee appreciated 12 paise to settle at 83.19 (provisional) against the US dollar on Wednesday, as domestic equities touched fresh peaks and investor sentiment got boosted by a weaker American currency overseas. The domestic unit opened at 83.23 and hit an intraday high of 83.15, before finally closing at 83.19 (provisional) against the American dollar. In the last trading session on Monday, the Indian currency settled flat at 83.31 against the greenback.
Maruti Suzuki India announced on Wednesday a hike in the price of its hatchback Swift and a particular variant of the SUV Grand Vitara. The auto major said that Swift prices have been increased by up to Rs 25,000, while the Sigma variant of Grand Vitara will now be costlier By Rs 19,000.
The stock market ended Wednesday on a positive note after rallying ahead in the entire session. The BSE Sensex closed the session at 75,038.15, gaining more than 350 points, while the NSE Nifty50 stood at 22,753.80, up by over 100 points.
Jaguar Land Rover (JLR) on Wednesday reported an increase of 81 per cent in retail sales in India at 4,436 units in the 2023-24 fiscal year (FY24), on a year-on-year (YoY) basis.
Vivo announced that its latest smartphone in the T3 series, the T3X, will be releasing in India on April 17.
Read More: Vivo T3X India Launch Confirmed For April 17. Here's The Expected Price, Specifications, More
Muthoot FinCorp announced on Wednesday that it will raise up to Rs 360 crore via the debentures issue. The issue will open on April 10 and close for bidding on April 25. The firm said that its XVI Tranche IV series of secured, redeemable, non-convertible debentures (NCDs) to raise funds worth Rs 360 crore under a limit of Rs 1,100 crore.
Recent media reports cited a senior government official and said that Maruti Suzuki applied for Bharat New Car Assessment Programme (Bharat-NCAP) safety ratings for some of the auto major's vehicles. The official also noted that the government is planning to change highway construction measurement method to 'lane km' from 'road km' in the current fiscal year, to focus on building more expressways, reported PTI.
Zetwerk announced on Wednesday that it set aside an investment worth Rs 1,000 crore for increasing its electronic manufacturing capacity across the IT hardware, television, mobile phones, hearable, and wearable product segment.
Hartek Power announced on Wednesday that it has received an order for developing a 300 MW solar project in Rajasthan for Rs 474 crore. The project includes setting up a 300 MW ground-mount solar PV power plant across 1,209 acres in the state.
The rupee appreciated 15 paise to touch 83.16 against the US dollar in early trade on Wednesday, helped by a strong sentiment in the domestic equities. Forex traders noted that crude oil prices dampened slightly, in turn, boosting investor sentiments. In the last trading session on Monday, the domestic unit closed at 83.31 against the greenback.
DTDC Express announced on Tuesday that it has promoted Abhishek Chakraborty as the CEO of the logistics services provider. The new appointment came into effect from April 3, 2024. Chakraborty was working at the firm as ED for 15 years before moving on to the new role.
The stock market opened on Wednesday in a positive trajectory and attempted a rally. As of 9:32 AM, the BSE Sensex climbed more than 250 points to touch 74,949.28, while the NSE Nifty50 gained 75 points to trade at 22,718.45.
IndusInd International Holdings (IIHL) announced on Tuesday that it will be entering a partnership with Invesco and acquiring a 60 per cent stake in Invesco Asset Management India (IAMI). Both the entities will make a joint venture, under which Invesco will hold a stake of 40 per cent in the new entity and both firms will enjoy sponsor status.
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.”
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