Business News Highlights: Stock Market Closes In Green, Sensex Settles 539 Points Up, Nifty Above 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

21/03/2024 18:14:40

PE, VC Investments Dip To $2.2 Billion In Feb Amid Decline In Major Deals: Report

Private Equity and venture capital investments in February dropped to USD 2.2 billion, marking a 39 per cent decrease compared to the USD 3.7 billion recorded during the same period last year, according to a report released on Thursday. Month-on-month, these investments experienced a significant decline of 67 per cent.

Despite this decline, the number of deals surged to 120 transactions in February, surpassing the 86 deals in January and the 57 deals reported in February 2023, as per the report published by industry lobby group IVCA and consultancy firm EY.

21/03/2024 17:30:50

Nissan Motor India Appoints Saurabh Vatsa As MD

Nissan Motor India announced the appointment of Saurabh Vatsa as Managing Director, effective from April 1, 2024. Vatsa, who assumed the role of Deputy Managing Director on January 15 of this year, will now report to Frank Torres, President of Nissan India Operations and Region Divisional Vice President of Business Transformation (AMIEO), according to a statement by the automaker on Thursday. Vatsa succeeds Rakesh Srivastava, who is set to retire on March 31, 2024.

21/03/2024 16:41:07

Central Bank's M V Rao Elected Chairman Of Indian Banks' Association

MV Rao, the Managing Director and Chief Executive Officer of the Central Bank of India, was elected the Chairman of The Indian Banks' Association (IBA) on Thursday. During the managing committee meeting held on the same day, Dinesh Kumar Khara, the Chairman of State Bank of India, along with S L Jain, Managing Director and Chief Executive of Indian Bank, and N Kamakodi, Managing Director and Chief Executive of City Union Bank, were chosen as vice-chairmen of the association.

Additionally, Madhav Nair, the Country Head and Chief Executive of the Bank of Bahrain and Kuwait, was elected as the honorary secretary, as stated by the association.

21/03/2024 16:29:08

Rupee Surges 6 Paise To Against US Dollar

The Indian rupee gained 6 paise to close at 83.13 (provisional) against the US dollar on Thursday. This uptick was supported by a strong performance in domestic equities and a weakening greenback amid increased risk appetite for higher-yielding assets. Starting the day at 83.07 against the dollar in the interbank foreign exchange market, the rupee reached an intraday high of 83.04 and a low of 83.16. Finally, it settled at 83.13 (provisional), marking a 6-paise increase from its previous close of 83.19.

21/03/2024 15:48:35

Stock Market: Sensex Settles 539.50 Points Up, Nifty At 22,012

The Sensex surged by 539.50 points or 0.75 per cent, reaching 72,641.19, while the Nifty climbed by 172.90 points or 0.79 per cent, closing at 22,012.00. Of the total shares traded, 2,591 witnessed gains, 766 declined, and 88 remained unchanged. In a bullish market, all sectors concluded with gains, with smallcaps and midcaps surpassing their large-cap counterparts. The Nifty PSE index emerged as the top sectoral performer, soaring by 3.5 per cent.

21/03/2024 14:54:32

CBI Files A Case Against 5 Individuals After Union Bank Of India's Complain: Report

The Central Bureau of Investigation (CBI) has reportedly initiated a case against five individuals, including directors of a Jaipur-based private company, along with unidentified others based on a complaint filed by Union Bank of India. The complaint alleges that these parties orchestrated a fraud amounting to approximately Rs 48.06 crores against the bank. The company in question reportedly operates in the sector of manufacturing and repairing power distribution transformers.

21/03/2024 14:03:48

M&M Collaborates With Adani Total Energies To Establish EV Charging Infra

Mahindra & Mahindra announced a partnership with Adani Total Gas' subsidiary, Adani Total Energies E-Mobility Ltd (ATEL), to develop electric vehicle (EV) charging infrastructure nationwide on Thursday. This collaboration entails signing a memorandum of understanding (MoU) between the auto giant and ATEL, outlining a strategic roadmap for establishing a widespread network of EV charging stations across India.

21/03/2024 13:28:13

NMDC Slashes Iron Ore Lump Price By Rs 200 Per Tonne

NMDC, a state-owned entity, announced a reduction in the prices of iron ore and fines by Rs 200 per tonne and Rs 250 per tonne, respectively, on Thursday. As per an exchange filing, the revised rates for lump ore stand at Rs 5,800 per tonne and for fines at Rs 5,060 per tonne. These adjustments are effective immediately and do not include additional charges such as royalty, District Mineral Fund (DMF), National Mineral Exploration Trust (DMET), cess, forest permit fee, and other taxes, clarified the company.

21/03/2024 12:29:54

Bonatrans India Bought By Jupiter Wagons In Rs 271 Crore Deal

Jupiter Wagons Ltd announced the Bonatrans India Pvt Ltd (BIPL) acquisition for Rs 271 crore. This strategic move, as announced in a statement on Wednesday, establishes JWL as the pioneer rolling stock manufacturing company to possess its own wheel plant. Located in Aurangabad, Maharashtra, BIPL specialises in the production of rolling stock wheelsets.

21/03/2024 11:48:36

Indian Climate-Tech Sector Secures $2.8 Billion Investment

The Indian climate-tech sector received a substantial investment of $2.8 billion by November 30, 2023, marking a remarkable 57 per cent increase from the previous year's total, according to a report released on Thursday. This surge in investment has been primarily fueled by significant funding in the "mobility" and "energy" sub-sectors, which collectively accounted for over 94 per cent of the total climate-tech investments in India between 2019 and November 2023.

The report, conducted by consulting firm FSG, underscores the crucial emphasis on these areas within the broader climate technology landscape.

21/03/2024 11:26:52

Gold prices Surged To A Record High Of Rs 66,778 Per 10 Grams

Gold prices on the MCX soared to a historic high of Rs 66,778 per 10 grams in morning trade on Thursday. This surge followed the US Federal Reserve's decision to maintain its outlook for a soft money policy, indicating at least three rate cuts this year. The precious metal's prices rose by Rs 1,028 compared to the previous day's closing, marking a nearly 1.5 per cent increase.

21/03/2024 11:02:26

South Korea Eyes $120 Billion Chip Export Amid India's Semiconductor Venture

Industry Minister Ahn Duk-Geun announced South Korea's proactive commitment to bolstering the semiconductor industry on Thursday. He emphasised the acceleration of high-bandwidth memory and artificial intelligence chip development as pivotal strategies in reaching the annual export goal of $120 billion.

“The government will support the timely establishment of related infrastructure, secure competitive technologies, promote exports, and strengthen the ecosystem of materials, parts, equipment and fabless sectors," he said during his visit to SK Hynix's semiconductor cluster construction site, according to a report by Yonhap news agency.

21/03/2024 10:26:41

Rupee Bounces Back, Gains 14 Paise To Reach 83.05 Against US Dollar

In early trading on Thursday, the rupee strengthened by 14 paise to reach 83.05 against the US dollar as the greenback retreated from its recent highs in global markets following indications from the US Federal Reserve suggesting three rate cuts this year. At the interbank foreign exchange market, the rupee commenced trading on a positive note at 83.07 against the US dollar, an improvement from the previous day's close of 83.19. During the initial trading sessions, the local currency fluctuated within the range of 83.08 to 83.04.

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 two primary equity indices, Sensex and Nifty, began the trading session on a higher note on Thursday, following optimistic global sentiments that were subsequent to the US Federal Reserve's decision to maintain its current interest rates. At 10 am, the Sensex surged by 542.27 points or 0.75 per cent to reach 72,643.96, while the Nifty climbed by 168.20 points or 0.77 per cent to reach 22,007.30. During the session, 2510 shares advanced, 461 shares declined, and 93 shares remained unchanged.

In the previous trading session on Wednesday, amid volatility preceding the US Fed policy decision, both the Sensex and Nifty concluded Wednesday's session with gains. The S&P BSE Sensex closed 90 points higher at 72,102, while the NSE Nifty50 settled at 21,839, up by 22 points.

On Wednesday, Reserve Bank of India (RBI) Governor Shaktikanta Das engaged in a non-agenda courtesy meeting with Union Finance Minister Nirmala Sitharaman. This meeting took place around two weeks ahead of the central bank's scheduled session to discuss the benchmark policy rate. The Monetary Policy Committee (MPC), presided over by Das, is set to convene from April 3 to April 5, marking its first session for the fiscal year 2024-25.

Furthermost, during his address at the Startup Mahakumbh event on Wednesday, Prime Minister Narendra Modi asserted India's forthcoming leadership in artificial intelligence (AI) capabilities. He passionately encouraged young entrepreneurs and startups to spearhead 'Indian solutions for global applications,' underscoring the significant role these innovations would have in tackling global challenges.

"We are witnessing the dawn of a new era in AI technology, and the world recognises India's potential to lead in this domain. It is imperative that we seize this opportunity and ensure our continued dominance," asserted Modi.