Business News Highlights: Stock Market Close, Sensex Up 165 Points, Nifty Ends 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

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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 on Tuesday, Sensex and Nifty, are experiencing upward movement driven by purchasing activity in TCS, HDFC Bank, Infosys, HCL Tech, and Reliance Industries stocks. At 10 am, the Sensex recorded a gain of 441.93 points, or 0.60 per cent, reaching 73,944.57, while the Nifty rose by 96.30 points, or 0.43 per cent, reaching 22,429. Among the listed stocks, 804 showed an increase in value, 2,290 experienced a decline, and 76 remained unchanged.

In the previous session on Monday, the two primary equity benchmarks, Sensex and Nifty, concluded trading with disappointing performances, anticipating the release of CPI inflation data scheduled for Tuesday. The BSE Sensex plummeted by 617 points to 73,503. Meanwhile, the NSE Nifty50 ended the day at 22,333, marking a decline of 161 points.

On Monday, JM Financial witnessed a significant decline in its stock value in the stock market. The company's shares plummeted by 9 per cent during the mid-session trade, marking a notable drop on the first trading day of the week, following regulatory restrictions imposed by the Securities and Exchange Board of India (SEBI) due to violations.

The company's stock saw a decrease of 8.72 per cent, reaching Rs 80.27 per share on the BSE, while it experienced a decline of 8.64 per cent, touching Rs 80.35 apiece on the NSE. The market regulator has restricted the firm from accepting new mandates to serve as a lead manager for public debt securities issuances after identifying regulatory breaches.

Further, market regulator SEBI announced an amendment in the regulations for real estate investment trusts on Monday, allowing investors to gain fractional ownership of rent-yielding real estate assets by investing a minimum of Rs 10 lakh. In response to increasing demand for high-value realty assets, SEBI has introduced the framework for Small and Medium Real Estate Investment Trusts (SM REITs). Experts believe that this move will profoundly benefit the burgeoning fractional ownership sector in the country.

18:55 PM (IST)  •  12 Mar 2024

Industrial Production In India Sees 3.8% Growth In January

India's industrial production rose by 3.8 per cent in January, as per official data released on Tuesday. The growth, measured by the Index of Industrial Production (IIP), compares to a 5.8 per cent increase in January 2023. "India's Index of Industrial Production experiences a 3.8 per cent growth in January 2024," according to an official statement.

18:35 PM (IST)  •  12 Mar 2024

Bank's Credit Off-Take Continues To Increase: CARE

The credit uptake from banks persisted in its upward trajectory, surging by 20.5 per cent year-on-year (y-o-y) to reach Rs 162.1 lakh crore by the fortnight ending February 23, 2024, according to a report by CARE Ratings. This increase is attributed to the ongoing effects of HDFC's merger with HDFC Bank, coupled with the expansion in personal loan offerings.

18:04 PM (IST)  •  12 Mar 2024

Retail Inflation in India Drops to 5.09% in Feb

Retail inflation in India slightly eased to 5.09 per cent in February from 5.10 per cent in January, remaining well within the Reserve Bank of India's (RBI) tolerance range of 2-6 per cent for the sixth consecutive month. Rural inflation held steady at 5.34 per cent, matching January's figure and slightly below December's 5.93 per cent. Urban inflation marginally decreased to 4.78 per cent in February compared to 4.92 per cent recorded in January.

17:45 PM (IST)  •  12 Mar 2024

Servotech EV Infra Raises Rs 12 Crore

Servotech EV Infra, a subsidiary of Servotech Power Systems, announced on Tuesday that it has raised Rs 12 crore by diluting 6 per cent of its equity at a pre-money valuation of Rs 200 crore. This funding will support the initial phase of Servotech EV Infra's growth strategy, as stated by the company in a press release. The company confirmed a strategic equity dilution of 6% and the raising of Rs 12 crore at a pre-money valuation of Rs 200 crore.

16:40 PM (IST)  •  12 Mar 2024

Karnataka Govt Hikes Employee DA To 42.5%

The Karnataka government sanctioned the increase of Dearness Allowance (DA) for state government employees from the current 38.75 per cent to 42.5 per cent on Tuesday. This announcement precedes the upcoming Lok Sabha elections. Additionally, the DA for employees receiving central pay scales will be raised from 46 per cent to 50 per cent, according to an official statement.