Business News Highlights: Stock Markets Close Lower, Sensex Under 73,700, Nifty Settles At 22,356
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
The Cellular Operators Association of India (COAL) announced on Tuesday that major technology firms have no apprehension in evicting non-paying small businesses from their app store even though these large traffic generators (LTG) prefer to have a free ride over telecom service providers' networks for themselves.
These remarks were made by the industry body in response to internet giant Google's proposal to impose a fee ranging from 11 per cent to 26 per cent on in-app payments.
The Reserve Bank of India (RBI) implemented a restriction on JM Financial Products Ltd on Tuesday, prohibiting it from offering any financing services related to shares and debentures. This includes the sanction and disbursal of loans against initial public offerings, effective immediately. Nonetheless, the company is permitted to carry on servicing its existing loan accounts through regular collection and recovery procedures, as stated by the central bank in an official statement.
The initial public offering (IPO) of JG Chemicals on Tuesday witnessed a subscription of 2.46 times on its first day of subscription. According to NSE data, the Rs 251.2 crore IPO of the zinc oxide manufacturer received bids for 2,00,55,244 shares against 81,68,714 shares on offer. The portion allocated for Retail Individual Investors (RIIs) was subscribed 3.62 times, while the quota for non-institutional investors garnered a subscription of 2.90 times.
Tripura Chief Minister Manik Saha announced a 5 per cent increase in dearness allowance (DA) for state government employees and pensioners on Tuesday. This adjustment, effective from January 1, will benefit 106,932 employees and 82,000 pensioners, according to Saha's statement in the assembly. With this raise, both employees and pensioners will receive a total DA of 25 per cent.
BYD, the Chinese electric vehicle manufacturer, aims to capture 90 per cent of the Indian electric vehicle market by the year's end, particularly focusing on the EV segment priced above Rs 30 lakh. A senior company official revealed this plan on Tuesday, as per a PTI report. BYD India, having introduced its electric sedan SEAL priced between Rs 41 lakh and Rs 53 lakh, is actively pursuing homologation certification from ARAI for its electric SUV, Atto 3.
The Ministry of Heavy Industries is reportedly reviewing proposals to lower the GST on flexible fuel vehicles (FFVs) from the existing 28 per cent. The ministry is engaging with different stakeholders and government departments for consultations. Upon concluding these consultations, the ministry plans to forward a recommendation to the finance ministry, according to a news agency PTI report quoting sources.
The Securities and Exchange Board of India (SEBI) has issued a show-cause notice to PC Jeweller for alleged non-compliance with listing and disclosure requirements. The notice pertains to certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), and a SEBI circular dated November 21, 2019, concerning disclosures related to the company's accounts being classified as NPA, legal cases, and resolution plans.
The stock markets attempted to recover the losses of the morning trade throughout the session today, however, still ended trading in red. The BSE Sensex closed almost 200 points lower at 73,677.13, while the NSE Nifty50 settled down by almost 50 points and stood at 22,356.85 as the session ended.
Swiggy will now provide food delivery services to passengers at Bengaluru, Bhubaneswar, Visakhapatnam, and Vijayawada railway stations, starting March 12, 2024. The services will then be expanded to 59 more railway stations soon, the food delivery firm said via a statement.
Elaborating on the MoU signed between Swiggy Food Marketplace and IRCTC, Sanjay Kumar Jain, chairman and MD, IRCTC, said, "Passengers can avail pre-ordered food services via Swiggy once they input the PNR on the IRCTC app and select the preferred station for food delivery. This partnership with Swiggy will bring more convenience and food options to our passengers, making their journeys more memorable."
Justice Ashok Bhushan, the Chairperson of the appellate tribunal NCLAT underlining the criticality of business integrity in fostering economic growth, emphasised that companies bear the primary responsibility of ensuring the reliability of their financial accounts. He stressed the necessity of maintaining constant vigilance to ensure that every aspect of transparency and governance functions effectively and optimally while speaking at an event on Tuesday, reported PTI.
Tata Motors shares witnessed a significant surge on Tuesday, jumping nearly 8 per cent following the announcement of the demerger of its commercial and passenger vehicle segments into two separate listed entities. The stock climbed 7.94 per cent to reach its 52-week high level of Rs 1,065.60 on both the BSE and NSE.
Punjab Finance Minister Harpal Singh Cheema tabled the State Budget for the upcoming 2024-25 fiscal year and set an outlay of more than Rs 2 lakh crore for the fiscal. The minister said that health and education remained the main focus of the Bhagwant Mann-led Aam Aadmi Party (AAP) government. Further, Cheema informed that Rs 13,784 crore was allocated for the agriculture sector, while Rs 16,987 crore was set aside for the education sector in the Budget.
India's unemployment rate improved to 3.1 per cent in 2023, against 3.6 per cent a year earlier, a report by the National Statistical Office (NSO) revealed. This decline in unemployment was attributed to a consistent improvement in the labour market. The unemployment rate in rural areas also improved to 2.4 per cent in 2023 from 2.8 per cent in 2022, while urban unemployment rate decreased to 5.2 per cent in 2023, from 5.9 per cent a year earlier.
India clocked an expansion in services activity in February, as the HSBC Purchasing Managers' Index (PMI) for the service sector, compiled by S&P Global, came at 60.6, data revealed on Tuesday. While the figure represented a growth in activity in the sector, it remained below the flash estimate of 62.0 released earlier last month, indicating a slowdown in the pace of expansion.
The Indian rupee slipped 2 paise to touch 82.92 against the US dollar in early trade on Tuesday. Forex traders noted that reduced crude oil prices helped provide support to the Indian currency, however, the unit remained weighed down by the dampened sentiment in the equity market. At the interbank foreign exchange, the domestic unit opened at 82.90 and depreciated to 82.92 against the greenback. In the last trading session on Monday, the rupee settled at 82.90 against the American dollar, marking a depreciation of 1 paisa.
The stock markets broke their green streak and slipped in red on Tuesday. As of 10:25 AM, the BSE Sensex traded below the 73,500 mark at 73,460.93, more than 400 points lower, while the NSE Nifty50 stood under 22,300 at 22,290.25, down by 115 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 stock markets began Tuesday morning in red, as both the benchmark indices, Sensex and Nifty, went back on the gains made a day earlier. The Sensex fell about 300 points to touch 73,574.32 in early trade, while the Nifty slipped 86 points to 22,319.55 in early trade.
As of 10:07 AM, the markets managed to recover some losses, however, continued trading in red. The BSE Sensex stood about 250 points lower and traded at 73,620.94, while the NSE Nifty50 touched 22,341.30, down by 64.30 points.
In the last trading session on Monday, the stock markets traded back and forth amidst volatility, eventually closing slightly higher. The Sensex settled just under the 73,900 mark at 73,872, up by 66 points, while the Nifty closed at 22,406, climbing 27 points.
Delhi government released its Budget for the upcoming 2024-25 fiscal year on Monday. The Arvind Kejriwal-led AAP government launched a scheme titled, ‘Mukhya Mantri Mahila Samman Yojana’, which aimed to provide a monthly allowance of Rs 1,000 to women above the age of 18 years, to help them with their expenses. Further, Finance Minister Atishi said that the budget outlay for FY25 was Rs 76,000 crore, with Rs 16,396 crore allocated towards the education sector, Rs 8,685 crore for healthcare, Rs 500 crore for the development of Delhi Metro, Rs 902 crore towards the unauthorised settlements, and Rs 15 crore for helping young entrepreneurs via Business Blasters scheme.
The global rating agency, Moody’s, also revised upwards its growth forecast for India for the 2024 calendar year from the earlier estimate of 6.1 per cent to 6.8 per cent. The agency credited this boost in confidence to the strong GDP number of 8.4 per cent reported by the Indian economy for the third quarter of the current fiscal year.
Giving an overview of the Indian economy in its Global Macroeconomic Outlook for 2024 report, the agency said, “India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent. India is likely to remain the fastest growing among G-20 economies over our forecast horizon.”
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