Business News Highlights: Stock Market Closes In Green, Sensex Settles 191 Points Up, Nifty Above 22,000
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Uno Minda, an auto components manufacturer, announced its partnership with Starcharge Energy on Friday to produce and distribute electric vehicle supply equipment within the country. Under the agreement, the company has engaged in a technical license agreement with Starcharge Energy Pte to manufacture wall-mounted AC chargers tailored for home charging purposes.
Nirmal K Minda, CMD of Uno Minda Group, said in a statement that this collaboration further underscores their commitment to 'Make in India' and expedites the nation's transition towards a sustainable and electrified future.
India's foreign exchange reserves experienced a notable surge, increasing by $6.4 billion to reach a substantial $642.5 billion for the week ended March 15, according to the latest data released by the RBI on Friday. This marks the third consecutive week of significant growth in the country’s forex reserves. In the preceding week, ending on March 8, foreign exchange reserves had surged by an impressive $10.47 billion, reaching a two-year high of $636.1 billion.
Elara Securities, a brokerage firm, has noted a reduction in foreign liquidity within the small and mid-cap sector, which could potentially decelerate price momentum. The brokerage firm emphasised the importance of monitoring the evolution of domestic liquidity moving forward. In 2023, India experienced robust liquidity from foreign and domestic investors, fueling excitement within the small and mid-cap segment. However, there are now indications of an initial slowdown in domestic flows.
Bajaj Auto is in the process of creating a range of environmentally friendly CNG motorcycles, with the inaugural model set to debut in June, said Bajaj Auto's Managing Director, Rajiv Bajaj, during a statement made on Friday. Emphasising the company's dedication to Corporate Social Responsibility (CSR), he also announced Bajaj Group's pledge of Rs 5,000 crore towards CSR initiatives over the forthcoming five years. Additionally, he mentioned that the bike will be fueled by CNG and is scheduled to be released onto the streets in June.
Indian benchmark indices concluded on a positive trajectory for the third consecutive session on Friday. By the close of trading, the Sensex had risen by 190.75 points or 0.26 per cent to reach 72,831.94, while the Nifty had surged by 84.80 points or 0.39 per cent, closing at 22,096.80. Among the listed shares, 2,434 saw gains, 1,209 experienced losses, and 119 remained unchanged.
India's focus is now turning towards Africa in its pursuit of minerals, including cobalt and other critical minerals, as Mines Secretary V L Kantha Rao revealed on Friday. Rao also mentioned ongoing discussions with Australia concerning lithium blocks during interactions with journalists at an event.
According to PTI, the secretary said, "In Africa, we are looking at Zambia, Namibia, Congo, Ghana and Mozambique for critical minerals. These minerals, such as lithium and cobalt, play pivotal roles in various industries, including technology and manufacturing."
The Japanese government on Friday concluded its support measures for regions impacted by liquefaction triggered by the New Year's Day earthquake in Japan. According to Xinhua news agency, the 2024 Noto Peninsula Earthquake resulted in liquefaction in Ishikawa, Toyama, and Niigata prefectures. This phenomenon, characterized by the earthquake weakening the soil's strength, is impeding reconstruction efforts in the affected areas.
Gensol Engineering announced on Friday its successful acquisition of an order valued at Rs 520 crore for the installation of a solar power project in Maharashtra. According to an exchange filing by Gensol, the order was obtained from a prominent power generation utility within the state. The project entails the establishment of a 100 MW AC/135 MWp ground-mounted solar PV power project spanning 500 acres in Maharashtra, with a cumulative order value of Rs 520 crore, the company stated.
The Misinformation Combat Alliance (MCA) announced on Friday that its Deepfakes Analysis Unit (DAU), in collaboration with Meta, the parent company of Facebook, will launch a WhatsApp hotline on March 25. This hotline is specifically designed to identify and combat artificial intelligence (AI)-generated synthetic media in India. The introduction of this WhatsApp hotline aligns with Meta's strategy to partner with various industry stakeholders within the fact-checking ecosystem. Through this collaboration, the goal is to develop effective tools to combat the spread of AI-generated misinformation.
Sensex and Nifty, which tanked in early trade on Friday, pared their losses and are trading in the green amid volatility. The 30-share BSE Sensex gained 75 points to 72,715, while the NSE Nifty50 was trading at 22,042, up 30 points.
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 primary equity indicators, Sensex and Nifty, began trading with losses on Friday, tracking subdued Asian cues. By 9:55 am, the BSE Sensex fell by 193 points to 72,448, while the NSE Nifty50 traded at 21,961, marking a decrease of 51 points.
In the previous trading session on Thursday, the two primary equity indices, Sensex and Nifty, concluded the session in positive territory, spurred by a surge on D-Street subsequent to the US Federal Reserve's decision to retain interest rates unchanged. The S&P BSE Sensex surged by 540 points, closing at 72,641, while the NSE Nifty50 surpassed the 22,000 mark, finishing at 22,012, up by 173 points.
Furthermost, India's business activity ended the fiscal year 2023-24 on an upbeat note, recording its most rapid expansion in eight months in March, as per a recent business survey. This growth indicates the country's potential to sustain its position as the fastest-growing major economy. The latest HSBC flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month, up from February's final reading of 60.6. This extends the streak of expanding activity to 32 consecutive months, according to a report by Reuters.
"Led by the strongest manufacturing output in nearly three-and-a-half years, the composite output index rose quickly. New orders rose at a faster pace than in the previous month, and within that, both domestic and export orders showed improved vigour,” said Pranjul Bhandari, chief India economist at HSBC.
In addition, India withdraws its recently implemented laptop licensing policy, citing the necessity for additional scrutiny. This reversal comes after apparent behind-the-scenes lobbying by US officials, as disclosed by US trade officials and government emails obtained by the news agency Reuters. While this decision brings relief to prominent tech companies such as Apple, Dell, and HP, apprehensions persist regarding India's adherence to WTO commitments and potential forthcoming regulations.
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