Business News Highlights: Stock Market Closes Flat Amid Volatility
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world
Best Agrolife Ltd, an agrochemical firm, announced on Tuesday that its shares will be listed on the National Stock Exchange (NSE) starting April 10. The company stated in a release that its equity shares will be listed and available for trading on the Exchange as of April 10, 2024.
Musashi Auto Parts India Pvt Ltd said on Tuesday that they have decided to appoint Naoya Nishimura as its CEO. This company, a wholly owned subsidiary of Musashi Seimitsu Industries, Japan, specialises in manufacturing transmission components for two-wheelers and four-wheelers in India. In his new position, Nishimura will focus on expanding the presence of Musashi's electric vehicle (EV) products in both the Indian and African markets, according to a statement from the company.
The $8.5 billion merger between Reliance and Disney significantly contributed to the overall deal activity in the March quarter of 2024, reaching a nearly two-year high, according to a report released on Tuesday by consultancy firm Grant Thornton Bharat. The total number of transactions, encompassing mergers, acquisitions, and private equity investments, rose marginally from 422 to 427 compared to the previous quarter. However, the total value surged by 43 per cent to $20.416 billion. The report highlighted that this performance marks the highest deal activity since the June quarter of 2022.
Think and Learn, the parent company of the edtech firm Byju's has reportedly started paying March salaries to its employees, albeit nine days later than usual. The company anticipates completing the payout process within the next ten days, according to a report by the news agency PTI citing sources. In a communication to employees, the company attributed the delay to a group of four investors. The message assured employees that salary disbursement has started and will be finalised over ten days.
Indian benchmark indices struggled to maintain their record highs and concluded the volatile session with slight losses on Tuesday. At the time of closing, the Sensex declined by 58.80 points or 0.08 per cent to reach 74,683.70, while the Nifty decreased by 24.50 points or 0.11 per cent to 22,641.80. Among the stocks, 1,434 shares advanced, 2,269 shares declined, and 100 shares remained unchanged.
JTL Industries announced the acquisition of a controlling interest in Nabha Steels and Metals for an undisclosed sum on Tuesday. The plant, located in Mandi Gobindgarh, Punjab, possesses an annual production capacity of 200,000 tonnes and specialises in manufacturing steel products like coils and billets, as stated by JTL Industries in a regulatory filing. The company further revealed that it has acquired a 67 per cent stake in Nabha Steels and Metals.
Merck India announced on Tuesday that Dhananjay Singh has assumed the role of Managing Director of Merck Life Science in India, in addition to his current position as Head of Science & Lab Solutions Commercial, India. This transition became effective on April 1, 2024, following the retirement of Sreenath NS, who served Merck in India for 36 years.
According to a statement by the company, in his new role, Singh will lead the Life Science strategy in India, oversee governance and compliance, and collaborate with other leaders across Merck's businesses in the country.
The IPEF, a group of 14 countries, including India and the US, is planning an investor forum in Singapore on June 5-6. This event will offer an opportunity for domestic climate technology entrepreneurs and companies to present and pitch their products to international investors. The commerce ministry stated that the government has called for applications from domestic climate technology entrepreneurs and companies to take part in this meeting.
Maruti Suzuki India announced on Tuesday an increase in production capacity at its Manesar facility by one lakh units per year. The automotive giant has introduced a new vehicle assembly line to Plant-A, one of the three manufacturing plants in operation at Manesar, Haryana. According to a statement by Maruti Suzuki India (MSI), this new assembly line can produce up to one lakh units annually. With this addition, the total manufacturing capacity at the Manesar facility now reaches 9 lakh vehicles per year.
Maruti Suzuki India on Tuesday said it has expanded the production capacity of its Manesar facility by one lakh units per annum. The auto major has added a vehicle assembly line to the existing Plant-A of the three manufacturing plants functioning at Manesar, in Haryana.
"The new vehicle assembly line has the capability to manufacture 1 lakh units per annum," Maruti Suzuki India (MSI) said in a statement. With the additional assembly line, the total manufacturing capability at Manesar stands at 9 lakh vehicles per annum, it added. "We aim to nearly double our capacity to 4 million vehicles per annum over the next 7-8 years and this capacity addition of 1 lakh vehicles per year is a step towards this goal," MSI Managing Director & CEO Hisashi Takeuchi said.
Deepak Mehrotra, managing director and CEO of Byju's Aakash Education Services, has expressed concerns that investor funding in the edtech sector is encouraging problematic behaviours that could harm the industry. In an interview with news agency PTI, Mehrotra also emphasised that relying solely on digital platforms may not suffice for medical and engineering students aspiring to join prestigious institutions. He stressed the importance of effectively addressing the needs of new learners.
The MSCI India Standard Index rebalancing announcement, set for May 14, is anticipated to feature a significant addition of 18 stocks, potentially attracting a total inflow of $2.7 billion. JM Financial Institutional Securities highlighted that the price cut-off date for the rebalancing falls within any of the last 10 business days of April.
“Based on the current price, we expect the following inclusions and exclusions. However, the list is subject to change, depending on the stock price prevailing during the cut-off period. Interestingly, the index is expected to see one of the largest inclusions. Based on the current price, an inclusion of 18 stocks cannot be ruled out, totalling an inflow of $2.7 billion,” the brokerage said.
Strides Pharma Science announced on Tuesday that its subsidiary received approval from the USFDA to market a generic antidepressant medicine. Strides Pharma Global Pte Ltd, the firm's wholly-owned subsidiary based out of Singapore, got approval for Fluoxetine Tabs (10 and 20 mg), the pharma company said in an official filing.
Godrej Properties announced on Tuesday that it clocked a record-high quarterly and annual sales number in the January to March quarter of the 2023-24 fiscal year and for the whole of FY24 as well. The realty firm said sales bookings climbed 84 per cent to Rs 22,500 in FY24, while the sales in Q4 crossed Rs 9,500 crore, increasing over double, both on a year-on-year (YoY) basis.
The company issued an exchange filing and said, "This is the highest-ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million square feet."
Forex and money markets will remain closed on Tuesday to mark the festival of Gudhipadwa.
The stock market opened on a positive note on Tuesday, continuing the trend from the previous trading session. The BSE Sensex rallied ahead by 181 points and traded at 74,924.01, as of 9:33 AM, while the NSE Nifty50 climbed by 46 points to 22,712.25.
The stock market gave positive signs on Tuesday morning and continued to rally ahead in the pre-open session. As of 9:18 AM, the BSE Sensex stood about 150 points higher at 74,887.41, while the NSE Nifty50 reached 22,711.65, gaining about 50 points.
US-based Citigroup on Monday bought a stake in two private banks, RBL Bank and South Indian Bank, for Rs 222 crore via open market transactions. The firm purchased RBI Bank's shares at an average price of Rs 255.40 apiece, amounting up to a 1.11 per cent stake in the lender, while the average buying price for South Indian Bank stood at Rs 28.78 per share, leading to a share of 0.7 per cent in the bank. The purchases were conducted by Citigroup Global Markets Mauritius, an affiliate, data from the exchanges revealed.
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 entered the trading week on a bullish note on Monday. The key equity benchmarks soared in a major bull run and hit fresh highs during the last trading day. The market valuation on all the firms listed on the BSE climbed to touch the record milestone of Rs 401-lakh crore during the session.
The S&P BSE Sensex closed trading at 74,743, climbing about 500 points, while the NSE Nifty50 gained more than 150 points and ended the session at 22,666. Both Sensex and Nifty hit fresh peaks of 74,869 and 22,697 during the day respectively.
Further, it was revealed on Monday by the Federation of Automobile Dealers Association (FADA) that the retail sales in the Indian auto sector increased majorly by double digits during the 2023-24 fiscal year. Retail sales across segments gained 10 per cent to touch 2,45,30,334 units in FY24, against 2,22,41,361 units sold in the preceding fiscal year. This growth was attributed to an unprecedented robust demand for passenger vehicles, three-wheelers, and tractors, the association said.
Backed by Blackstone, Aadhar Housing Finance Ltd, announced that it has received approval from SEBI to raise Rs 5,000 crore via an initial public offering (IPO). The company’s IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore along with an offer-for-sale (OFS) worth Rs 4,000 crore by promoter BCP Topco VII Pte Ltd. The promoter is an affiliate of the Blackstone Group and controls a share of 98.72 per cent in the finance firm.
The stock markets this week will observe a holiday on Thursday to celebrate the festival of Eid-Ul-Fitr. The United States will also reveal its inflation rate in the week and several officials from the Fed will deliver their addresses, providing an insight into the country’s economic policy ahead.
- - - - - - - - - Advertisement - - - - - - - - -