Business News Highlights: Stock Market Closes, Sensex Gains 336 Points, Nifty At 22,151
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The two primary equity indices, Sensex and Nifty, are experiencing stability amidst fluctuations driven by foreign fund outflows and mixed global cues on Thursday. At 10 am, the BSE Sensex saw a slight uptick of 69 points, reaching 72,831, while the NSE Nifty50 stood at 22,022, up by 25 points.
In the previous trading session on Wednesday, the BSE Sensex plummeted by 906 points, closing at 72,762, while the NSE Nifty50 dropped 338 points to 21,998. Across Asian markets, Seoul and Shanghai recorded gains, whereas Tokyo and Hong Kong reported losses. The US markets displayed a mixed performance on Wednesday.
Furthermost, the German sportswear giant Adidas announced its first annual loss in more than 30 years on Wednesday. The company also warned of anticipated sales declines in North America, citing challenges among sportswear retailers in the US struggling with high inventories. The termination of its partnership with Kanye West in October 2022, resulting in the suspension of sales for the lucrative Yeezy sneaker line, has further compounded Adidas' efforts to recover.
In addition, on Wednesday, Industries Minister T R B Rajaa revealed a substantial agreement between Tata Motors and the Tamil Nadu government, pledging an investment of Rs 9,000 crore to establish an advanced manufacturing facility. The proposed site, located in Ranipet district, is expected to generate 5,000 new job opportunities, as per an official statement.
"In an exciting development, #TataMotors and the Government of Tamil Nadu are set to embark on a transformative journey! Today, in the esteemed presence of our Honorable @CMOTamilNadu Thiru. @MKStalin avargal, @TataMotors has inked an MoU with the Government of Tamil Nadu, pledging an investment of Rs 9000 crore and promising over 5000 new #JobsForTN," Rajaa wrote in a social media post.
Rajaa Further expressed, "For the FIRST time EVER, TN has attracted TWO BIG Automobile Manufacturing #Investments within a span of just 2 months."
JM Financial Private Equity Funds Rs 45 Crore Investment In Energy Beverages
Study Finds Over 40% Of Real-Money Gamers In India Hail From Non-Metro Areas
Six out of ten smartphone users engage in gaming daily, while nearly 90 per cent of real-money gamers participate in such activities at least once a week, according to a recent study released on Thursday. The Meta-GWI study highlights that nearly half of casual gamers and 43 per cent of real-money gamers hail from non-metro regions. Additionally, the study identifies Reels, Meta's video ads, and influencer content as primary drivers for gamers to explore and purchase new games. Gaming emerges as one of the top three verticals for Meta globally, with the company's Advantage+ suite of automated ads notably propelling growth for gaming brands.
95% CIOs In India Believes AI Is Critical For Business In 2024: Report
Approximately 95 per cent of Indian Chief Information Officers (CIOs) consider the integration of Artificial Intelligence (AI) crucial for business operations in 2024, according to a report released on Thursday conducted by the International Data Corporation and commissioned by Lenovo. The report further highlights that organisations in the Asia-Pacific region are projected to augment their AI expenditure by 45 per cent in 2024 compared to the previous year.
Stock Market: Sensex Jumps 336 Points, Nifty Above 22,100
The benchmark indices concluded positively on Thursday, rebounding from previous losses, with the Nifty reaching around 22,150 amidst widespread buying across sectors. The market reversed its opening losses and traded higher throughout the session, with the Nifty surpassing 22,200 intraday and the Sensex comfortably closing above the 73,000 mark. At the close, the Sensex rose by 335.39 points or 0.46 per cent to 73,097.28, while the Nifty gained 149 points or 0.68 per cent to 22,146.70.
Tata Technologies Names Sukanya Sadasivan As COO
Tata Technologies Ltd announced on Thursday the appointment of Sukanya Sadasivan as its Chief Operating Officer. In her new capacity, Sadasivan will concentrate on enhancing delivery and practice operations, as well as internal digital and IT systems, to position the company for an ambitious expansion phase, as stated by the firm.
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