Business News Highlights: Stock Market Closes, Sensex Gains 336 Points, Nifty At 22,151
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and corporate world
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.
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.
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 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.
Over 235 million active users in India engage with trending content and experiences on their mobile lock screens, according to a recent report by Glance, a Smart Lock Screen platform. In addition, 55 per cent of users accessing content on their mobile lock screens hailed from tier 1 cities, while tier 2 and 3 cities are swiftly catching up, contributing to 45 per cent of the user base.
DHL Express, a global express services provider, revealed on Thursday the inauguration of its inaugural automated shipment sorting hub in the national capital. Spanning across 34,256 square feet, this state-of-the-art facility hosts automatic sorting machines capable of handling 2,000 pieces per hour, resulting in a 30 per cent increase in productivity, as announced by DHL Express.
IRB Infrastructure Developers Ltd announced on Thursday that Cintra, a subsidiary of Ferrovial, has purchased a 24 per cent stake in IRB Infrastructure Trust from GIC Affiliates. The completion of this acquisition is contingent upon meeting conditions precedent, including obtaining necessary regulatory and third-party approvals, as stated by IRB Infrastructure Developers in a release. Additionally, it added that IRB will leverage the expanding EPC and O&M order book as the exclusive project manager for the trust.
SpiceJet announced on Thursday that it has concluded lease agreements for 10 aircraft as the airline aims to increase its capacity. Additionally, the airline has acquired three airframes through recent settlement agreements. An official told the news agency PTI that SpiceJet is currently engaged in discussions with lessors regarding eight aircraft whose leases are due to expire this month.
Gopal Snacks Ltd entered the market with a discount of nearly 13% compared to its issue price of Rs 401. On Thursday, the stock debuted at Rs 350 on the BSE, marking a decrease of 12.71% from the issue price, and later dropped to Rs 342, reflecting a decline of 14.71%. At the NSE, the company's shares commenced trading at Rs 351, representing a discount of 12.46%. The company was valued at Rs 4,791.66 crore in the market.
Reliance Industries witnessed a surge of over 1 per cent in its stock price on Thursday after reports emerged that Paramount Global had finalised the sale of its 13 per cent stake in its Indian TV business to the company for Rs 4,286 crore. Shares of India's top-valued firm rose by 1.13 per cent to reach Rs 2,897.35 on the BSE, while on the NSE, they climbed 1.14 per cent to Rs 2,897.05. The company's market valuation stood at Rs 19,52,171.94 crore during early trading hours.
In early Thursday trading, the rupee weakened by 5 paise to 82.86 against the US dollar, mirroring a downward trend in domestic stocks. According to forex traders, factors such as the robustness of the US dollar, foreign capital outflows, and higher crude oil prices on the global stage contributed to dampened investor confidence.
In the interbank foreign exchange market, the rupee commenced trading at 82.84 against the dollar, reaching an early low of 82.86, marking a 5 paise decline from its previous closing rate.
Chief Minister of Assam Himanta Biswa Sarma announced on Wednesday that the government will be increasing the DA of government employees by 4 per cent. "Assam Government has announced 4 per cent DA for the government employees. DA has now increased up to 50 per cent. Assam Government has decided that the 4th grade post recruitment will be from the local locality in LP, ME, High School on a merit basis. Under PM Suryaghar Muft Bijli Scheme, Rs 75,000 crore has been sanctioned by the central government. 3000 houses have solar panels in the state. The Assam Government will give 1 per cent bank loan interest for state and electricity board employees.DIPR will also give the additional cost of Rs 5,000 for a 1 kW solar panel for a journalist," Sarma said, according to an ANI report.
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, 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."
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